Binder1monday, march17, 2014

Sanctity of Truth Facebook.com/newtelegraph

Monday, March 17, 2014 Vol. 1 No. 27

twitter.com/newtelegraph1

www.newtelegraphonline.com

Nigeria’s most authoritative newspaper in politics and business

Sanusi: I saw FRCN queries only when I was suspended lSays Council got N280m lNational Security Adviser N3.2bn Ayodele Aminu and Abdulwahab Isa

S

uspended Governor of the Central Bank of

Nigeria (CBN), Mallam Sanusi Lamido Sanusi, yesterday formally reacted to the allegations levelled against him, say-

ing that he only got to know about the Financial Reporting Council of Nigeria’s (FRCN) queries on the very day he was sus-

pended from office.

Sanusi, whose response was contained in a 32-page document, punched all the allegations levelled

against him by both the FRCN and the embattled former Managing Director of the defunct InterCONTINUED ON PAGE 50

N150

Police promotions: Cries over South-East marginalisation Pages } 21-24

Nigeria’s future in the balance as confab begins The Thorny Issues } Resource control } State police } Political structure } State creation } Power sharing } Fiscal federalism

lYakasai, Falae, Ezeife, Braithwaite, Adebanjo, Okurounmu, Osoba, Agbakoba, Dara, Braimoh, Igariwey, Sani, Ikedife, Adams, Ladoja: Our expectations

12 pages of Special Report Inside

2015: Atiku, Tinubu, Kwankwaso woo Kalu to APC lI’m still in PDP, says ex-Abia governor Suleiman Bisalla Abuja

L

eaders of the All Progressives Congress

(APC) are holding talks with former Abia State governor, Dr. Orji Uzor Kalu, with a view to getting him on board the

opposition party which is poised to give the ruling Peoples Democratic Party (PDP) a good run for its money in the 2015

elections.

New Telegraph learnt that former Vice President Atiku Abubakar, former Lagos State governor, Asiwaju Bola Ahmed Tinubu and Kano State

governor, Rabiu Musa Kwankwaso, have held separate meetings with the former Abia State governor in the effort to woo him to the APC. At the weekend, Atiku

visited the Abuja home of the former governor where the duo met behind closed doors for close to three hours.

Our correspondent CONTINUED ON PAGE 50

2

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS

Nigeria’s long road to confab A

t independence from colonial rule in 1960, Nigeria, Africa’s most populous nation, held the hope of black renaissance. With a citizenry fired by the zeal to make a mark in the world space within the shortest possible time, the country looked forward to a future with prospect as the British Union Jack was lowered and the green-white-green hoisted at the Tafawa Balewa Square, Lagos.

The belief that the nation would stamp its feet in the comity of nations in a record time was never in doubt, given the zeal with which nationalists like Herbert Macaulay, Nnamdi Azikiwe, Obafemi Awolowo, Ahmadu Bello and Abubakar Tafawa-Balewa fought the departing colonialists, as well as the nation’s abundant human and natural resources.

However, five decades after, the country remains a land of poverty and violence despite her huge potential. This, many believe, was made possible by several factors including inefficient leadership, which has in turn, forced the over 350 ethnic nationalities that make up the country to continue to lose interest in the union.

The lack of bond among the people was responsible for the persistent calls for a Sovereign National Conference (SNC) to restructure the country and save the Nigerian state, which is gradually drifting towards disintegration.

Advocates of the SNC argued that the unitary constitution/system of government presently in place under the guise of a federal system have not guaranteed political stability needed for development, and therefore there is the need for

A new chapter opens in the country’s polity today, as Nigerians, represented by 492 delegates, converge on the Federal Capital Territory, Abuja for the inauguration of the National Conference aimed at cementing the nation’s fragmentation, reports FELIX NWANERI a platform for the diverse interest groups to examine the possibility of sustaining the country’s present composition.

Besides the agitation for true federalism, the rising state of insecurity, systemic corruption, poverty and infrastructural deficiencies, lack of credible electoral process, clueless leadership of state institutions and processes across board are other salient issues, which advocates of the national discourse predicated their clamour on.

There were also agitations for autonomy for the federating units (states) against a too powerful centre; fiscal federalism to pave the way for resource control by the states; equality of states and local governments among the six geo-political zones; state police and the indigeneship question, among several others.

But sound as the argument of this political school of thought was, some other stakeholders maintained that the

This sense of discontentment and alienation has fuelled extremism, apathy and even predictions of catastrophe for our dear nation

National Assembly was the best forum to channel all issues for deliberation. They expressed the fear that any unusual avenue could threaten the country’s unity.

The position of members of the latter political school, partly explained why past and even the present administration foreclosed the idea of a conference before President Goodluck Jonathan in his Independence Day broadcast on October 1, 2013, informed Nigerians that he had set up a 13-member Presidential Advisory Committee on National Dialogue under Senator Femi Okurounmu.

That decision opens a new chapter in Nigeria’s polity today, as 492 citizens selected from across the various strata of the society converge on the Federal Capital Territory, Abuja for the inauguration of the National Conference.

Senate as harbinger The journey to today’s event commenced with the acceptance by the Senate in September last year that the call for a national conference was in order in view of the discontent in the polity.

Senate President David Mark, who spoke then, said every matter about the union of ethnic groups that make up the country, should be opened to discussion though with the proviso that the dismemberment of the country should be a no-go area.

He said the country cannot continue to shy away from discussing national issues in view of the discontent in the polity and

present global realities.

His words then: “We live in very precarious times, and in a world increasingly made fluid and toxic by strange ideologies and violent tendencies, all of which presently conspire to question the very idea of the nation state.

“But that is not to say that the nation should, like the proverbial ostrich, continue to bury its head in the sand and refuse to confront the perceived or alleged structural distortions which have bred discontentment and alienation in some quarters.

“This sense of discontentment and alienation has fuelled extremism, apathy and even predictions of catastrophe for our dear nation. A conference of Nigeria’s ethnic nationalities, called to foster frank and open discussions of the national question, can certainly find accommodation in the extant provisions of the 1999 Constitution which guarantee freedom of expression, and of association.”

Presidential seal Shortly after the Senate’s “green light,” for the conference came the President’s endorsement. In his Independence Anniversary broadcast on October 1, 2013, President Jonathan announced the setting up of an Advisory Committee on National Dialogue that will establish modalities for a national conference.

A statement later by the Secretary to C O N T I N U E D O N PA G E 4 8

Sanctity of Truth

Monday, March 17, 2014

3

4

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS

After 10 conferences, Nigeria still counting ETAGHENE EDIRIN traces the history of conferences, political and constitutional, since the nationhood

London Constitutional Conference. The members were: Sir Henry Willink, Q.C. (Chairman), a former British Minister of Health; Sir Gordon Hadow, the former deputy Governor of the Gold Coast; Mr. Philip Mason, an expert on race relations; and Mr. J.B. Shearer, a financial expert who was formerly financial Secretary of Pakistan.

S

ince independence, successive administrations in the country have made several attempts at creating a supreme body of laws, or constitutions, for the easy administration of the polity. While the colonialists sought such laws for the easy administration of the colonies, the indigenous political leaders sought laws that will reflect the aspirations of the Nigerian people while at the same time, creating a united, indivisible entity called Nigeria.

Prior to such attempts at constitutional developments, there have been needs to constitute different bodies to examine the modalities for the execution of the assignments. Hence, Nigerians have witnessed different political and constitutional conferences, aimed at developing laws, or constitutions, to meet the need and aspirations of the numerous ethnic groups within the geographical entity called Nigeria.

1913 Order in Council For Nigeria, the journey to create a supreme body of laws to guide the people started as early as 1913 when the first constitution was created by Order in Council.

An Order in Council is a legislative process carried out in the Commonwealth Realm in the name of the Queen. The first constitution enacted in that year came into effect on January 1, 1914, the same year the north and southern parts of the country were amalgamated. This was the constitution that was in operation till 1946.

The 1950 experience

By March 1949, a Select Committee of Legislative Council was set up to make recommendations on the proposed new constitution of Nigeria. Having examined the problems that emanated from Richard Constitution, a wide consultation was made even to village level. This was followed by an all Nigerian Constitutional Conference in January 1950. Among other things, the conference agreed to federal system and transformation of the three regions from administrative to political regions. The new constitution came into effect in 1951.

1953 and 1954 conferences The demand for greater autonomy and participation by Nigerians in the government of the country led to a constitutional conference in London in 1953 and another in Lagos in 1954. This conference gave the Federal Government exclusive jurisdiction on aviation, census, police, custom, defence, money, immigration, menials, shipping, transport, trade and commerce, communication, etc. while residual mat-

Abacha

Obasanjo

ters that are not included in the exclusive or concurrent list were left for the regional legislature.

By 1954, it became obvious that the Macpherson Constitution could not work any longer, stimulating the London Conference where the decision to review Macpherson Constitution was made. After protracted deliberations in London and Lagos, the conference granted selfgovernment to the regions (the west and the east) which desired it. The position of Lagos which had hitherto been controversial was solved. Lagos became a Federal Territory with direct representation in the Central legislature.

1957 London experience The 1957 conference which held in London, agreed with the arrangement for any region that wanted self rule to go ahead, the eastern and western regions attained self rule leaving the northern region that was not ready as at the time. This conference also produced the appointment of the prime minister on August 1957, and created a bi-cameral legislative house for the eastern region (the northern and western house were already bi-cameral).

It also saw the dissolution of the federal House of Representatives in 1959 and proposed a bi-cameral legislative house for the Federal Government with 312 elected members of the House of Representatives and 44 nominated members of the Senate.

The Constitutional Conference of London met from May 23 till June 1957, under the chairmanship of the Colonial Secretary. Membership of the Conference was made up of 10 delegates and five advisers from each of the regions and five delegates and three advisers from the Southern Cameroons.

The Federal Government was represented by the Governor-General, the Regional Governors, the Commissioner of the Cameroons, two Federal Ministers and the leader of the opposition in the House of Representatives. Two delegates represented the Federal Capital.

Tobi

The United Kingdom Government was represented by 10 delegates, nine experts and a legal adviser.

The Raisman’s Fiscal Commission was appointed on October 10, 1957 on the recommendation of the London Constitutional Conference to examine revenue allocation and problems of taxation. It had two members appointed by Mr. Alan Lennox-Boyd, the Colonial Secretary.

They were Sir Jeremy Raisman, chairman, and Prof. R.C. Tress.

There was also the Merthyr’s Constitution Delimitation Commission set up in September 23, 1957 - May 16, 1958. Lord Merthyr, a Deputy Speaker of the House of Lords who had served as the chairman of the Federation of Malayan Constituency Commission in 1954, was appointed chairman of the Commission. The other two were Mr. T. Farley Smith, who was formerly the Administrative Secretary in Nigeria and Mr. J. F. A. Lees, the Principal Surveyor in the Nigerian Federal Survey Department.

On September 25, 1957, the Minorities Commission was set up by the Colonial Secretary on the recommendation of the

1958 London Constitutional Conference In 1958, there was another constitutional conference in London where it was also stated that if the federal house passed a resolution for independence, the British government would recognise it and grant Nigeria independence. The Federation of Nigeria was granted full independence on October 1, 1960 under a constitution that provided for a parliamentary government and a substantial measure of self-government for the country’s three regions.

Nigeria’s independence was announced at the conclusion of the 1958 Constitutional Conference in London by Mr. Alan Lennox-Boyd who, as Colonial Secretary, presided over the Conference.

The historic Resumed Conference, which began on September 29 and ended on October 27, was mainly concerned with the consideration of the reports of the Fiscal and Minorities Commissions, which the 1957 Conference had appointed and other “outstanding” matters. It was also to discuss the request for independence which Nigerian delegates had made to the United Kingdom government at the 1957 Conference.

Shortly after independence, the military took over the realms of power from the politicians. Many contend that they did so without serious considerations for the country’s constitutional development, and as such ruled with decrees.

1975 CDC On October 18, 1975, a Constitution Drafting Committee (CDC) was inaugurated by the regime of the late General Murtala Muhammed. He charged the Committee to devise a constitution that would eliminate cut-throat competition, discourage institutional opposition to the government, establish the principle of accountability and remove over-centralisation of power in a few hands, among others.

There were, at different times, Presidential Constitutional Review Committees and National Assembly Constitutional Review Panels that ended either as attempts at self-perpetuation or mere exercises whose recommendations have been dumped in the trashcan of history.

Abacha’s 1994 conference The regime of the late General Sani Abacha also constituted a National Constitutional Conference, which sat for June 26, 1994 to June 26, 1995 to discuss and ponder over many thorny issues that concerned the Nigerian polity. The outC O N T I N U E D O N PA G E 4 7

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

5

NATIONAL CONFERENCE BEGINS

Contentious issues before delegates Several contentious issues will be tabled at the three-month national conference kicking off today in Abuja, writes GEOFFREY EKENNA

A

s the delegates gather today for the beginning of the National Conference, they will be confronted with some thorny issues affecting the federation. The issues are as varied as the people that make up the entity called Nigeria. They are also as varied as the colours of the dresses worn by the delegates.

Since independence in 1960, the country has trudged on with a plethora of problems and questions begging for answers from the country itself.

Such issues that have troubled the nation include the structure of the federation itself, the rotational presidency, revenue allocation or resource control, state creation, border delimitation and type of governance to be adopted.

Political structure Currently, Nigeria is divided into 36 states and the Federal Capital Territory Abuja.

The country has 774 local government areas. The states and local governments are split into the six geo-political zones, a creation of the military administration of the late Gen. Sani Abacha. While many have argued that the country would be better under the six zones, others insist that the zones would be better off if they constitute the federating units of the country.

The six zones currently include the South-East, South-West, South-South, North Central, North West and North East zones.

One of the jobs of the delegates would be to determine if the six zones will just be in name as presently constituted or to form federating units for the country, with the intention of reducing power concentration at the centre or the presidency.

Of course, the quest to control the centre has always been at the heart of Nigeria’s troubles. From the days of former Head of State, Gen. Yakubu Gowon, leading to the Civil war of 1967-1970 till date, the question of structure of the Nigerian Federation has always been an issue. In Aburi, Ghana, just before the war broke out, the late Igbo leader, Dim Chukwuemeka Odumegwu-Ojukwu, had pushed for a federation. But that was not accepted by the Nigerian government. Opponents of federation argue that it would be an easy exit way for zones that are disenchanted to leave the Nigerian state. Of course, there is the usual suspicion that the South-East, for instance, is always willing to break up Nigeria, after the failed attempt of the civil war. Thus, antagonists of the loosened system always suspect the motive of the protagonists of the Federation theory. But it is an issue that has to be sorted out in the interest of Nigeria, even though there is almost a consensus that the country is

Kutigi

The Thorny Issues Political Structure Resource Control True Federalism State Police Creation of States Power Sharing Model of Government Delimination of Borders better off as a united one.

State Creation Closely tied to the issue of structure is that of state creation. Again, the SouthEast of the country is the weeping baby in the equation. With just five states, leaders of the zone (at least on the surface) have been weeping about the imbalance in the number of states per zone. With only 95 local governments in the five states of Imo, Anambra, Abia, Ebonyi and Enugu states, the zone will be pushing to, at least, equal the number of states in the South-West, South-South, North-Central and NorthEast, which have six each. North-West, with Kaduna, Kano, Katsina, Zamfara, Sokoto, Kebbi and Jigawa states, enjoys the lion share of states. But the creation of states has over time proven to be a business of the military boys. No civilian administration has ever created any state in Nigeria except the Abubakar TafawaBalewa administration which created the Mid-West Region in 1963. While Gowon gave Nigeria 12 states, his successor, Gen. Murtala Muhammed increased it to 19.

More were created by the Gen. Ibrahim Babangida administration, while Abacha took it to 36. Efforts to create more since the return of democracy in 1999 have fallen flat on the face. No dime! Will the conference do anything?

Power sharing Whether called rotation or power sharing, it is a big issue in the Nigerian Federation. Who gets the presidency? Where will

Akinyemi

Is there any need to maintain a bi-cameral legislature? Are legislators to work full-time or part-time?

What should be on the concurrent and legislative lists of the Constitution? the next president come from? Which zone will produce the next president? Is power rotation between the North and the South or among the six zones? After the tragic annulment of the June 12, 1993 presidential election, won by the late Chief MKO Abiola, by the Babangida regime, the North “conceded” power to the South by the emergence of former President Olusegun Obasanjo in 1999. The arrangement then as assumed by many was that the Peoples Democratic Party (PDP), the vehicle, through which Obasanjo emerged, had agreed a power sharing formula of rotation between the North and the South. Thus, when Obasanjo’s tenure finished in 2007 and the late President Musa Yar’Adua emerged to succeed him, it was taken as given that the efforts of the likes of Dr. Alex Ekwueme at the Constitutional Conference of the Abacha days have yielded fruits. But with the death of Yar’Adua in 2010 and the election of President Goodluck Jonathan in 2011, the problem rose again. On the record, in the run-up to the presidential election in 2011, Obasanjo had ruffled feathers when he said there was no zoning arrangement in the PDP. That was in the heat of the opposition to the election of Jonathan by certain sections of the North, who felt that it was their turn to rule.

Since power sharing has been a major headache for Nigeria, with accusations that the North has dominated the leadership of the country for long, the delegates have a duty to decide how the president of the country will emerge. Is it through rotation or free-for-all?

Resource Control Revenue sharing and allocation, otherwise called resource control is another

contentious issue in Nigeria. Currently, oil bearing states take 13 per cent derivation from the collective purse. That situation has given states such as Delta, Akwa Ibom, Rivers, Bayelsa super-states status.

Yet, one of the main agitations of the Niger Delta states in the struggle was the allocation of more resources. They want at least, a 50 per cent share. Incidentally, even the 13 per cent is considered very high by some northern leaders, who do not see why Bayelsa, with eight local governments and probably less population will receive more money than states such as Kaduna, Jigawa and even Kano. There is also the issue of the amount of money domiciled with the Federal Government from the monthly revenue allocation. The Federal Government takes 52 per cent, states-26 and local government-20 per cent.

Many have argued that there is the need to reduce the volume to the government at the centre, while the states can take more money and more responsibilities.

Model of government Is Nigeria better of with presidential system of governance being practised now or the parliamentary system used in the First Republic? Is there any need to maintain a bi-cameral legislature?

Are legislators to work full-time or parttime? What should be on the concurrent and legislative lists of the Constitution?

Is the Federal Government not saddled with so many responsibilities that can be handled by the states and even local governments? These are issues that are expected to be answered by the conference.

For one, many Nigerians believe that the current presidential system is bogus and very expensive. Many have also argued that Nigeria does not need a two-chamber National Assembly because of the cost and wastage of resources.

Delimitation of borders If no other persons should ask, the Okun in Kogi and the Yoruba in Kwara would want to return to their roots- join their kits and kin in the South Western part of the country. While they are not regarded as pure northerners, they are not regarded as full south-westerners too. It’s the same case with some parts of Abia, Imo, Enugu and Ebonyi states, who have been carved into neighbouring states. The battle for oil wells between Anambra and Kogi states is one of such examples.

There are also other issues such as indigeneship, citizenship, settlers, which has caused a lot of violence in some parts of the country. It is one issue that is at the heart of the crises in Plateau State. Who is an indigene of a state? What qualifies one as a citizen of a state and who is a settler? For how long does one stay in any part of Nigeria and be regarded as a citizen of the state? The questions are many and waiting for answers. The issue of state police, fiscal federalism and true federation are some of the contentious issues to be addressed during the threemonth conference.

6

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS The national conference that you midwifed is about taking off; do you feel fulfilled?

Yes, I feel happy and fulfilled. I feel fulfilled because when the President first mooted the idea in his October 1, 2013 broadcast, a lot of Nigerians were sceptical and in fact hostile to the idea.

All along, the North has never liked the idea of a national conference. If we in the South-West have been agitating for it, the North has always exhibited a lukewarm attitude.

To make matters worse, when the President announced the idea, the first opposition to it came from the same South-West. That meant that the governors in the South-West and the North were against it. So, my committee had an uphill task to make the country accept the fact we need a national conference.

That is why today, I feel gratified that everybody is clamouring to be a delegate.

Even our governors, who under Tinubu called it all sorts of bad names and swore not to have anything to do with it, are the ones now struggling to take over the nomination of delegates.

On confab outcome The position of the majority of the people including myself is that the outcome of the conference be subjected to a referendum. On the other hand, the position of some others, who are also critical in Nigeria, is that the outcome should go to the National Assembly. Now, not only that we have to take care of the sensitiv-

I feel fulfilled –Okurounmu Chairman of the Presidential Advisory Committee on National Conference, Senator Femi Okurounmu, who is a delegate, speaks on the take-off of the confab. Excerpts: the conference itself after its decisions, to decide if it wants a referendum. That would be a more effective thing that will not pitch the President against the National Assembly.

So, Nigerians at the conference will decide whether they want the outcome to go for a referendum or to the National Assembly. Whatever Nigerians decide, that is their choice. That was the position of my committee and I think that is the most reasonable position. Rather than decide for them, let the conference itself take that decision.

Okurounmu

ity of these people, we must also take care of the sensitivity of the relationship between the executive and the National Assembly. Right now, the relationship between the executive and the National Assembly is not so cordial.

The National Assembly definitely does not want the outcome to go for a referendum; they want it to come to them. So, we have to balance all these considerations and say look, you want this thing to go for a referendum, but it is better you allow

On main focus of the conference The structure of Nigeria is very critical. The political structure of Nigeria is critical. The kind of federalism that we are going to have is also critical; what power will the Federal Government and the federating units have is also very important. What form of government should we have; should we continue with this executive presidential system or should we go back to the parliamentary system? There are arguments for and against, but these are the things that

should be argued out on the floor of the conference. Then the issue of fiscal federalism, what some people call resource control is also very critical. Also, the issue of immunity for some political office holders is going to come up. Do we give our governors and president immunity from criminal prosecution and they continue to cause havoc in the system? These are the issues that must be resolved.

Past conferences, hidden agenda The 2005 National Political Reforms Conference cannot be compared with this one. The 2005 conference was set up primarily for the third term agenda of the sitting President, Obasanjo. That was mostly what he was interested in and he told us that we could not discuss anything about the change of government or structure of the federation. So, if some of the things that are very critical issues, which I have mentioned before as important issues were taken out of the agenda, then there is no need for conference.

I think this administration, in all fairness, has tried to show that it has no hidden agenda and I can say, as the chairman of the Presidential Advisory Committee on National Conference, that if the government has a hidden agenda, I would be privy to it.

Nigeria must return to parliamentary govt – Falae Former Secretary to the Government of the Federation and Minister of Finance, Chief Olu Falae, is a delegate who believes Yoruba will pursue a certain agenda at the conference

I

have no personal agenda but the Yoruba has an agenda which was adopted in Ibadan some days ago. So, the Yoruba agenda to the conference is that we want our own regional government with the states remaining and then the regional government to be a federal regional government.

Two, we want to return to parliamentary government because presidential is too expensive. In my opinion, it mandates corruption, it doesn’t make corruption an option; it makes it compulsory because if you want to be governor of any state today, you have to look for a minimum of N2-3 billion and your salary as a governor for four years is not up to N50 million so how do you source for the money? You steal it or borrow it from people which you need to repay them later with road contracts. That is what I mean when I say it mandates corruption.

But in the parliamentary system, if you want to be governor, you win election

in the constituent and by the time you spend N5 million, you win, if you are a respected person. And if your party has a majority in the House of Assembly and you are the leader of that party, it is going to be easy to be a governor. So, with N5 million, you can become a governor under the parliamentary system of government but in the presidential system, you need up to N5 billion. So, you can see the difference. This is why we are asking for a return to the parliamentary system.

Apart from the expensiveness of the presidential system, the parliamentary system rests executive authority not in one person but the cabinet in collective; the governor, his ministers and those in executive capacity.

This is the position of the Yoruba people that we are going there to canvass at the national conference.

I expect that the preparation for this conference has been far better than what I’ve had for any other conferences since independence. The Abacha and Obasanjo conferences were hoaxes but this one, you will recall that first of all, a committee was set up under Okurounmu to sensitise the nation and find out from the people what they want it to discuss and what type of outcome do they expect. Most people now know what most Nigerians want.

So, we’ll go there and discuss these things and hope most people will see the need to dissolve to parliamentary system and we’ll

Falae

have more money to develop the country.

Second, power will be more evenly spread, the minister in the parliamentary system is a leader in his own right; he has won election into the legislator before he is picked as a minister or a commissioner so that is why we call the prime minister first among equal.

They are equal members of the legislature because the governor won his election, the ministers won theirs so they are colleagues. It is not so in the presidential. First the governor is the dictator. So, I think the parliamentary is more relevant to our system; if we try both presidential and parlia-

mentary, I hope Nigerians will go with parliamentary and that is my greatest expectation.

On whether Nigerians won’t be disappointed with the outcome of the confab; well, I am not a prophet and I have no prophetic pretension. You know it is not easy to please any nation. Many Nigerians are already sceptical about the conference; they don’t think it will achieve anything, they think it’s a complete waste of time and money that many of the people going there have gone before that what have they achieved before so that has been going on and on so to please such a sceptical publics is not going to be easy.

However, if we succeed in agreeing on the parliamentary form of government and return to regional government and confining the Federal Government to those functions that are best performed centrally leaving other matters to the region and the states, to me that is a huge achievement and a huge success.

To me, I’ll propose that the Federal Government should handle things such as foreign policy, currency, banking, communications, defence etc. but leave agriculture, education, health and chieftaincy to the regions.

Subjecting the outcome to National Assembly for ratification doesn’t make any sense at all. Ratification should be by referendum. Once the people approve the referendum, it becomes a constitution for Nigeria.

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

7

NATIONAL CONFERENCE BEGINS South-South Top on the list of the agenda of the people of the South-South, the country’s oil-rich region, is resource control, which has always been an emotional and vexed political issue since independence.

The people of the zone insist they should have a greater share from the proceeds of oil sales for the development of the region, as the area has had no tangible benefit from their endowment, even as pollution and environmental degradation has completely destroyed their environment.

The issue had caused the zone’s delegates to stage a walkout in 2005 at the Niki Tobi-led National Political Reforms Conference put together by the administration of President Olusegun Obasanjo.

They would not have anything less than 25 per cent, but the North insisted on the 13 per cent agreed by the Elders Committee and adopted by the plenary session.

Other issues on the zone’s agenda is a new charter of relationship between the country’s ethnic nationalities predicated on the domination of smaller ethnic groups by the majority and bigger tribes and devolution of powers.

Regional interests top agenda The various geo-political zones have come up with positions they would be canvassing at the confab.

FELIX NWANERI x-rays the issues that top their respective agenda South-South Resource control Devolution of powers True federalism

Jonathan

South-East The South-East has met under the auspices of the apex Igbo organisation, Ohanaeze Ndigbo to harmonise issues that the zone would canvass at the proposed national conference.

At the meeting were the governors of the five states that make up the zone, representatives of major Igbo organisations such as the Concerned Igbo Leaders of Thought; South-East Peoples Assembly; South-East Peoples Development Association; Ndigbo Lagos; Elders of Ndigbo and Aka Ikenga, among others.

The agenda the zone would be canvassing at the confab is not different from that it campaigned for in the 1994 and in 2005 conferences.

President of Ohanaeze Ndigbo, Chief Gary Igariwey, who revealed the Igbo agenda, said the zone would be re-presenting its agenda at the 1994 and in 2005 conferences, as the circumstances that led to those positions have not changed and the issues yet to be addressed.

The issues include demand for an additional state to bring the number of states in the South-East at par with other geo-political zones of the country.

Presently, there are five states in the South-East, while the other four zones – South-West, South-South, North-East and North Central have six states each, while the North-West has seven states.

Other issues on the Igbo agenda for the conference, include: clamour for a peoples constitution; structure of government; fiscal federalism, devolution of powers; resource control; citizenship right; security of lives and property and reparation over the continuous killing of Ndigbo and destruction of their property in other parts of the country, especially the North.

the North are not left out in ensuring that the interest of their zone is well protected.

Against this backdrop, the region has come up with a 30-point agenda, which it would table for debate at the conference.

The agenda is said to have been debated and agreed upon by the 19 governors in the region, who assured that the position will not in any way tamper with the unity and development of the country.

New Telegraph gathered that on the agenda is the Onshore/Offshore Dichotomy law, which according to the region is starving it of needed funds for development to the advantage of the oil producing states of the Niger Delta.

The North is of the view that disregard of the onshore/offshore dichotomy in deciding oil revenue upon which derivation is paid to littoral states has created an imbalance and worsened poverty in the region.

Other issues to be canvassed by the region include structure of government, state police, social security, creation of more states and local governments, transformation of the agricultural sector as the mainstay of the Northern region, tenure of president, governors and devolution of powers.

There are also the issues of uniformity or otherwise of wages and salaries; electoral law; system of government to operate, whether to uphold the present presidential system of government or not; electricity as a major weapon for economic growth, especially on whether states should be allowed to generate power independently; immunity clause as it presently affects the governors and president; the independence of the legislature and the judiciary; gender and special groups like the handicapped.

North Like other zones, political leaders in

Middle Belt Apart from all the 19 Northern states

pursuing a common agenda, the Middle Belt, which is comprised of some parts of the North-Central, is bent on presenting a separate agenda that would be beneficial to the people of the area.

Some of the major issues the MiddleBelt intend to pursue at the national conference are fiscal federalism; creation of more states and local governments; legislative powers; citizenship; citizenship rights and social safety nets for minorities, electoral systems and political party systems, among others.

South-West Top on the 15-page draft agenda of the Yoruba people of the South-West for the conference is regional integration premised on a new Nigeria, consisting of a central union/federal government and six regional governments based on the current six geo-political zones including all Yoruba-speaking people of Edo, Delta, Kogi and Kwara separated from their kith and kin.

The position of the South-West was presented recently at the Oyo State House of Chiefs, Ibadan by a committee led by former Secretary to the Government of the Federation, Chief Olu Falae and Gen. Alani Akinrinade.

Others issues on the agenda are negotiated legislative, exclusive, concurrent and residual list; the Westminster model of parliamentary government, which will provide for the post of a ceremonial president and prime minister as the head of government business; the right to self determination on and up to the right to secede.

Also to be canvassed by the South-West is a new peoples’ constitution; true federalism, regionalism with fiscal federalism/resource control that will allow the regions keep substantial part of the proceeds accruable them; status of Lagos and Federal Capital Territory, among others.

South-East Additional state People’s constitution Structure of government Fiscal federalism Devolution of powers Resource control Citizenship right Security Reparation North Onshore/Offshore Dichotomy law Structure of government State police Social security Creation states LGs Tenure Devolution of powers Immunity clause Fiscal federalism Creation of more states, LGs Legislative powers Citizenship Safety nets for minorities Electoral systems South-West Regional government Parliamentary government New peoples’ constitution True federalism Fiscal federalism/resource control Special status for Lagos Devolution of powers Electoral Bodies A new constitution Immunity clause Equal representation

8

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS As 492 delegates gather today to begin deliberation on the future of Nigeria, a cross section of the personalities attending the National Conference speak with New Telegraph on the agenda they will be pushing at the confab and their expectations.

AYODELE OJO, TEMITOPE OGUNBANKE and WALE ELEGBEDE report

We’ll pursue Igbo agenda –Wabara Former Senate President Adolphus Wabara is a delegate from Abia State.

My expectations starting from Monday and could be on for about three months. My guess is that there could be an extension because my expectations are high and I believe three months will be too short to tackle the problems of Nigeria and come up with solutions.

I am convinced that the conference was genuinely convoked without any hidden agenda. It is for us to go there and bare our mind on one note; that we are happy that Nigeria remains indivisible. So, that area we will not go there at all, so we will go in there and bare our mind and my expectations are high.

You see, the Senate for instance, you are there on a platform of a political party and you reflect the manifesto and objectives of that particular party in the National Assembly. Here we are non-partisan Nigerians; we are here to look at the problems bedevilling our nation. We have lived together as a nation, so how do we improve on what went wrong in the past? So, that is what we are going there for, it is not a matter of politics; it is a matter of strict talk and finding solution to our unity.

We will be going there as an Ibo man, projecting the Ibo agenda to the confab for consideration by the Yorubas and the Northerners. Of course, they also have their own agenda. We will look at all these things and find an amicable solution.

But our own agenda will be the consideration of geo-political zones as the federating units; from there we look at fiscal federation, true federalism and stuffs like that. We will look at all those things and then come up with a solution for consideration by the National Assembly.

We won’t disappoint Nigerians. Like I told you before, there is no hidden agenda from the Presidency as far as I am concerned. If I knew of any, I would be the first to expose it or at least to mention it. But I see, like I said earlier, that the conference was genuinely convoked to address the issues that will come up at the conference.

Our baseline for confab –Igariwey Chief Garry Enwo-Igariwey is the President-General of Ohanaeze and a delegate representing ethnic nationality group.

We expect positive results; we intend that we should meet to take steps toward strengthening Nigeria as a nation. We want restructuring of the nation; we want devolution of powers, we want designation of the zones as federating units. That is the baseline.

I feel that the conference has the capacity to get this done. If I do not think so, I would not be going there.

Former governor of Ogun State, Chief Segun Osoba, is leading the Former Governors Forum to the confab.

You can see that a lot of the delegates are matured people. I therefore expect that they should handle major issues with maturity because as Former Governors Forum, we are going to act as statesmen who at critical time must come in and make sure that things don’t fall apart We don’t want to do a public show of our programme as a conference. We decided that w e should not go on the media blitz like others are doing; we decided to keep our programmes to our chest. We will support what will make us a better country.

Our hope is that at the end of the day, we will reach consensus on some issues. There will be many contentious issues that the conference will be able to reach consensus and bring out some major changes to governance in Nigeria.

I do not think this confab will not go the way of others. In conjunction with the National Assembly, which has already reached certain consensus on changes to the constitution, we will achieve much.

Well, under the circumstances that we are now, I will prefer that we go straight to a referendum. Whichever way, we will still need the National Assembly.

I cannot be categorical whether Nigerians won’t be disappointed, I can only hope and pray.

state or community must retain 50 per cent of the generated revenue from there. Those two major issues, the South-South is fully resolved to canvass them as a body; no question about that.

For me personally, I am very passionate about a few issues as we start this conference on Monday. Coming from the minority and minority of the minorities too; coming from Edo State, I feel very strongly about protection of minority’s rights and ensure equal opportunity for everybody.

To also push for protection of all minority’s rights at all levels and also to ensure that the new constitution, if we have one, will guarantee equal opportunities for every Nigerian, no matter where you come from.

I am also very strong to ensure this time around we introduce independent candidature into the Electoral Act to allow for real true democracy as we go into post-2015 election period.

I think very strongly that the present system of government, the presidential system, as it is being practised now is too wasteful. I am a senator, I have been in the Senate, I testify to the fact that the amount of resources spending on the legislature is too much.

So, I am going to push for part-time legislature at all tiers of government; whether we are going to retain a modified presidential system or revert to a parliamentary system, but this legislation must be part-time.

I think with the calibre of delegates for the confab, they will do Nigeria proud and I think the President is committed to ensuring the success of this national conference. I think it will go down memory lane having being the only one who would be able to achieve either recreating or amending the constitution of this country since post-independent in 1963 which is quite remarkable for me. The attempt that were made in 1994 and 2005 actually failed for so many reasons as we know, but this time, I think the calibre and structure of people who are in this confab will do Nigerians and the nation a proud; and I thank God that I have the opportunity to serve in this team.

South-South’ll push for 50 per cent derivation –Braimoh

Confab may calm nerves, break barriers and build bridges –Sani

Senator Yisa Braimoh, a former Vice Chairman of the Senate Committee on Culture, Tourism and National Orientation, is a delegate from South-South.

From the South-South, we have resolved that we have to revisit federalism and try to ensure that we come out with it in a very acceptable manner in the new dispensation; that is, through federalism. We believe we must come out with a very weak centre and very strong integrating unit. There is no doubt about that and we believe that the integrating units should tend towards regionalism rather than the existing state that we have at the moment. We are also resolved about fiscal federalism, in terms of resource control, that the minimum acceptable to the SouthSouth; when we look into the issues of resource control, cannot be less than 50 per cent to the host communities from which any resources emanates from.

That is not even debatable, anything less than 50 per cent; it does not matter whether it is mineral resources, oil resources or whatever, the generating

Mr. Anthony Sani, former National Publicity Secretary of the Arewa Consultative Forum (ACF), is a delegate from North-Central zone.

Some of us have never believed that the solution to our problems lie in convocation of another National Conference. But since some Nigerians believe in it, there is no harm in giving it a try.

My expectation in the conference is that delegates will be allowed to raise issues of real concern to their constituencies for deliberations in the hope of arriving at resolution for effect.

Such approach may help to bring about calming of nerves, break barriers and build bridges across constituencies for common good. This is nec-

Nigerians should expect that we will fine-tune the bond that binds them for growth and stability. And we pray that there would not be any disappointment, because any disappointment would not augur well for Nigeria as a nation.

We think that the calibre of people and expectation of Nigerians is that a referendum, if it comes, will be good or otherwise. But the National Assembly should respect the views of the generality of Nigerians.

We’ll act as statesmen –Osoba

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

9

NATIONAL CONFERENCE BEGINS essary because there is mistrust and suspicion among groups in the polity already.

Sending the outcome of the conference to the National Assembly may be necessary, considering the legislators are elected while the delegates have not been elected but appointed.

lives of their people. Thirdly, people must go to the conference with the purpose of ensuring smooth process of government and to ensure that money is allocated to each organ of government according to necessity.

Threats to Nigeria’s permanence to be addressed –Ezeife

Dr. Dozie Ikedife, former President-General of Ohaneze Ndigbo, is an ethnic nationality delegate from SouthEast.

The expectation is that we would work toward agenda that would make Nigeria stable and ensure that majority of Nigerians are satisfied with the arrangement on ground. We shall deliberate frankly, seriously and come up with good ideas from people; from various sources, ideas that would give us a working constitution that would make more citizens happy, satisfied, cooperative and accommodate one another.

The idea of the conference is to address many of the problems in the country. It is expected that at the conference, we would come out with suggestions about how to run the country to satisfy greater percentage of the populace.

I believe that most of the delegates to the national conference that I know are credible people that can chart a new Nigeria. There are also many of them that I have never seen or heard about their names before but I cannot talk for them. But for most of the people that I know that are going are all credible.

They are patriotic Nigerians; they are all concerned about the welfare of the populace, good governance, reduction of corruption.

Dr. Chukwuemeka Ezeife, a former governor of Anambra State, is leading the state delegates to the confab.

My expectation is that after the conference, we will have the permanence of all Nigerians; that is when Nigeria will come to stay. After the conference, we will have a country in peace and unity. After the conference, no Nigerian again will be taken for granted, and never again will our country be on the precipice.

My agenda to the conference is to look into all the threats to the permanence of one Nigeria, all the elements of structure, federalism system, federating units, all the elements that conspire against the permanence of oneness.

This is the position of Ibo man.

I think that by the time we come up with the outcome, people will understand that the only way to deal with the outcome is to subject it to the larger Nigerian people in referendum; and when Nigerians speak, it is the end of the show. Nigerians will not speak against any particular people, those who are holding office now, nothing will be done to threaten their offices, nothing will be done to reduce their powers; but when new constitution comes in, certain provisions will be made that people who have extended stay in the office may not qualify for an extension.

The issues of state creation and state police will also be considered. The issue where you have seven states in one zone and others have less will be addressed. All these are causes of threat in Nigeria.

I think at the end of the conference, the delegates in unison will say “we came, we saw and we conquered” and that we ambushed all enemies of the permanence of one Nigeria.

I’m concerned about a united Nigeria –Adefuye Senator Anthony Adefuye, Secretary of Yoruba Unity Forum, is a delegate representing South-West.

As a delegate to the national conference, Nigerians should expect me to contribute my quota to anything that will make Nigeria one united. I will contribute to things that will improve the living standard of every Nigerian and that will bring peace and harmony among all Nigerians. Those are the things they should expect from me.

I think everybody should g o to the national conference and state their mind. The indivisibility of Nigeria should be number one in their mind. Number two is to improve lives of their people. Everybody must go to the national conference with the purpose of improving

We’ll chart a new Nigeria – Ikedife

Confab’ll save the soul of Nigeria –Braithwaite Dr. Tunji Braithwaite is one of the elder statesmen attending the national conference.

With the national conference, a new dawn has come over Nigeria. First and foremost, nobody can stop the national conference; it’s simply unstoppable and I thank God because progressive patriots of Nigeria have been struggling to bring about this conference.

This conference is necessary to save the soul of Nigeria. If the conference decides that there would be a referendum, there has to be one because no one can override the conference decision on that.

Those who think like that the confab is a jamboree are in serious error. This conference is not going to confer any advantage on anybody. The conference is for the rescue of the country. The conference is for the people of this country to consider the basis for their continued union in what is called Nigeria.

The basis for the continued co-existence in what is called Nigeria, so how can that confer a particular advantage on anybody? The people of this country are going to be the beneficiaries of the advantage

that conference would produce.

I won’t betray Yoruba –Adams Otunba Gani Adams, National Coordinator of Oodua Peoples Congress (OPC), represents South-West.

I believe I am going to the conference to represent Nigerians.

I am going to the conference as a truthful and genuine Nigerian. I am going there to make sure that Nigeria is being run or governed on the basis of justice and equity. I am going there to defend what will be proper and suit the interest of the geo-political zones. I will never betray my people.

I believe Nigerians should be expecting a new constitution for the country, a new structure, a new system of government, a new derivation formula. Nigerians should be expecting a document that would be highly accepted by the generality of Nigerians.

Yoruba want a parliamentary system of government. Yoruba want to operate based on two structures; the federal and the regional government. The regional government should determine how they would run their own structure in the region. They should run their own region based on peculiarity of that region. We also want a situation whereby derivation principle should be inclusive to everything that brings revenue to Nigeria, not only oil. Taxes from ports, port duties and everything that brings money to Nigeria should be inclusive and should be shared on certain percentage agreed on through the states that the money come from.

I won’t disappoint Nigerians – Agbakoba Chief Olisa Agbakoba (SAN) is representing the civil society as a delegate to the confab.

The agenda of the conference is to try and give Nigerians a constitution that is acceptable to it. People think that President Goodluck Jonathan will use the confab for political advantage, I do not think. So, it is important to deal with the issue of credibility because both Abacha and Obasanjo constitution conferences were seen to have hidden agenda.

So, the first big problem I think the conference will be faced with is to be sure that it is going to be independently driven and I just pray to God that it will be so; because if there is any attempt from the part of the government to control it, then that is the end of it, it will just die.

So, if we are able to surmount this major challenge, then the next big thing is whether the diverse people must have been gathered to convene sufficient unity of purpose, to forge an alliance to create a new political system. As you know the views are so diverse; but you begin to wonder, is it possible in three months that we can come out with something that every Nigerian will say yes we agree on.

The question again is whether we are really keen on the marriage.

Because if you are married to someone and the person is not keen on the marriage, nothing you will do

10 SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS will make it work. So, that is the challenge on ground we will be faced with.

Nigerians should expect the conference to rebalance the federation, in the sense that the federation is imbalance to the point where the Federal Government is too powerful and keeps all the resources. So, we need to give the state and local governments more work to do so that the Federal Government can concentrate on areas that are truly more common to all.

There is no point in Federal Government doing what is not common to all! So, that is what we call devolution of powers. I hope to see massive devolution of federal power to the states.

I know there will be some tricky areas that we will be confronted with; one will be the question of state police. The second question will be the National Judicial Council (NJC); should the NJC be allowed to appoint judges for the state? Some governors say they do not see why that should be the case. Then there will be talk on whether the Federal Government should have exclusive power to create the Independent National Electoral Commission (INEC). Should not we have state INEC? So those are the challenges that I see.

But I think we come to the table with this clarity of visions and a genuineness to make it succeed. While there would be many difficult issues to talk about, but I feel that we will be able to give Nigerians something that they can say yes, this is workable.

Personally, I will not disappoint Nigerians, but I cannot speak for other delegates.

We’ll negotiate, make compromises –Olajide Dr. Kunle Olajide, Secretary of the Yoruba Agenda Committee.

I am going to make my contribution toward redesigning this country, reworking it for productivity, reorganising and restructuring Nigeria and modified the governmental system to be less expensive and more people-oriented. That is the goal.

As the Secretary of the Yoruba Agenda Committee, I am going to take Yoruba agenda to the conference.

My expectation about the national conference is that all the delegates are going there like members of one big family. They want to reappraise the positions of their country, look at the state of the nation and then begin to make compromises here and there in such a way that each ethnic group or each zone will retain its identity, cultural beliefs and will be able to develop on its own at its own space.

We are coming to the national conference as members of one nice family. We are not coming with cutlasses, guns and bones. We are coming to negotiate and make compromises here and there. At the same time, ensure that we produce the best structure that would make this country work.

Nigerian youths deserve sustainable economy –Abdulmajeed Alhaji Abdullahi Abdulmajeed, National Youth Councils of Nigeria.

The National Conference would give us an opportunity to chat a new course for the country. It would give us a new social order. It should be able to lay to rest all the problems that are militating against our progress as a country.

I am going to the conference basically as the repre-

sentative of Nigerian youths. My generation has been the most deprived, marginalised, most under empowered and we, of course, must use the opportunity to present our issues on the front burners.

Our problems are not unknown to everybody. We are not interested in majority of the issues people are branding about. What we want is a sustainable economy, a standard of quality educational system, abundant of good jobs, a system where young person can graduate from university or someone who do not even go up to the level of university can be able to make end means. We want a country with equal opportunity for everyone.

These are basically what we are going to the conference to ask for.

I am sure that Nigerian youths have a lot of confidence in my ability and it is that confidence that made them to give me their mandate to represent them at the national conference. This is not the first time that I am getting the mandate of my generation.

Nigerian youths can expect that we would be there to speak for them and we would be there to protect their interest at all times.

Peace, unity will top agenda – Adebanjo Chief Ayo Adebanjo is a delegate in the category of elder statesmen.

Nigerians should expect a solid Nigeria after the national conference; a contended and coordinated Nigeria where all the ethnic groups will agree on how to live together. We shall promote agenda of peace and unity for everybody to live together without any rancour. The agenda of the conference is agenda of peace and unity of the country.

The conference will address majority of the problems facing the country.

The conference will address the system of government that we are going to agree upon, whether unitary or federal; parliamentary or presidential. We are going to discuss the issue of resource control and all the areas that have been causing dissatisfaction in the country and look at how to settle them. The conference will touch all areas for a better and united Nigerians.

We are going to discuss about a better Nigeria at the conference and we will not disappoint Nigerians.

Something good’ll come out – Yakasai Alhaji Tanko Yakasai, former Presidential Adviser on National Assembly Matters is a delegate and one of the elder statesmen.

As the chairman of the National Summit Group that advocated for national conference, I believe something better would come out of it, given the nature and the quality of people who are likely to populate the conference. No nation ever addressed its problem once; it is a gradual process.

The unity of Nigeria should not be discussed. It

would be diversionary. What we should discuss is development of Nigeria. Disunity of Nigeria is not what Nigerians want to discuss. I was a member of the 1994/95 constitutional conference organised by Sani Abacha’s regime and before the conference, Abacha appointed a commission to go round the country to hear public opinion and there was no single memorandum submitted to them asking for disintegration of Nigeria.

This time around when Jonathan appointed the Presidential Advisory Committee on National Conference, they went round to seek public opinion and no single Nigerian out of about 180 million wrote to them asking for the dissolution of Nigeria.

Therefore, on the basis of their recommendation, the President decides that Nigerian unity is not an issue. What the people want is not dissolution, all they want is development.

I think the articulated agenda when we go there should be related to development; economic and other aspects of development and I believe that people who go there would address their mind.

I don’t believe in regional govt – George Commodore Olabode George (rtd) is representing the Peoples Democratic Party (PDP) as a delegate.

The conference will enable us to discuss objectively.

It is a complete x-ray of where we are coming from, or where we are, and where we want to go. The confab will enable Nigerians to see and examine all the problems we have as a country because we are yet to be a nation.

Having spent 100 years together as a country, are we really a nation yet? Definitely no. Those are issues that will be addressed. Because I expect that in nationhood when you leave Lagos to go and live in Maiduguri, you should be at home there. If someone comes from Maiduguri to Calabar, and decides it’s where he wants to stay, he should be at home there.

We’ve not achieved that. So, let us find out why we’ve not been able to achieve it and what should we do to achieve that.

And for me, all the things that the Peoples Democratic Party (PDP) has done with our constitution; recognising the six geo-political zones and zoning the most important positions in the country, have sustained democracy till today.

Everybody coming, were selected to come, some are now talking about going to do a referendum. For what? It will be good to see what people have been thinking about what we are as a country. Those are the things we’ll be taking away for our development.

One major thing that I have looked at is the party constitution, this idea of zoning. In other words, we have recognised the fact that all the ethnic groupings in this country must be recognised, and must have access to the highest office. And this zoning thing we’ve been practising since 1998 has sustained democracy, so we will be selling that idea to the rest of the country and see how we can put that into our constitution.

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

11

NATIONAL CONFERENCE BEGINS Because in Nigeria, it seems like it is near impossible to attain this nationhood where no matter where you are, you’re home and dry. This issue of state of origin, where you cannot do some things, even to get full employment in the civil service of some states must be addressed.

All these stories about true federalism that they keep talking about, that they want to go back to 1960; how feasible is that? True federalism in what sense?

You want to start up with regions, or how?

There are certain powers that can be devolved into some of these seats, but definitely not security, because we have not reached the stage for that. Look at the behaviour of some of the governors; look at what they did to me in Lagos. They have a set of judges under their band.

I don’t believe in going back to the regional system again. Because to me, why should we be rolling back the 1960 Constitution. So, that we’ll sit back here and somebody in Ibadan will be controlling Lagos and Ondo states; people will resent it. Let us improve on the things we are doing now where justice and fairness will be the tenets.

Nigeria needs social emancipation –Rafsanjani Auwal Musa Rafsanjani is of the Civil Society Legislative Advocacy Centre.

As an activist who believes in one strong formidable, united, economically, socially, politically and equitable sound Nigeria, my desire during this conference is to frankly and honestly discuss issues that would unite us and lead to positive constitutional development in order to realise our aspiration for national liberation, social emancipation through participatory democratic process.

Therefore, my expectations of this conference outcome are issues that can address and improving governance that would lead to more accountability and transparent leadership in Nigeria response to poverty, insecurity and job creation as well as access to justice.

The agenda of this conference should be: A comprehensive Bill of Rights spanning and including all known civil, political, socio-cultural and economic rights; and which shall be consolidated into a single justiceable and enforceable chapter of the Nigeria Constitution.

The adoption of a socio-economic framework aimed at guaranteeing the basic minimum to every citizen, and prioritising an inclusive economic revival plan that will eradicate poverty, hunger, homelessness and joblessness in the society.

A regime of fiscal federalism that encourages healthy competition amongst constituent units of the federation while also ensuring that no section of the federation shall be left uncatered for.

A genuinely mass participatory democratic polity that ensures the full involvement of citizens in decision making and implementation at all levels of government.

A single citizenship of the Nigerian Federation for all citizens, with the only qualifying criteria for representation being agreed minimum residency status.

Consensus on enforceable guiding principles for a comprehensive reform of the justice and law enforcement system; including a determination to expose and severely punish corruption.

Finally if the government is serious and wants Nigerians to believe in them, they must allow democratic process to guide the conference and its outcomes. The outcome must be subjected to a referendum to validate what the delegates discussed and legitimise it.

I don’t expect much -Ladoja Former governor of Oyo State, Senator Rashidi Ladoja, represents Accord Party at the confab.

The only thing I think this would do is to put paid to the agitation on the conference, whether sovereign or non-sovereign. There would be some agitations and the impression that leads to the demand, they are having it. Personally, I do not expect much from the conference because the timing also is the fact that the election is going to be next year so, lots of people will be mindful of what they are going to say so that they do not offend the electorate who are going to vote for them.

But apart from that, what are the major issues? The major issues are: who are the federating units? Is it the state or the region? Who and who? And again the issue of revenue allocation, derivation formula, what constitute offshore and onshore. Those are the things that will come up here. Who own the offshore?

So, those are some of the issues that will come up at the meeting and we believe we will come to a conclusion that should be acceptable to all Nigerians; it is an opportunity to talk.

I do not see any reason why the delegates would disappoint Nigerians.

This confab is ill-timed –Yadudu Prof. Awalu Yadudu, a former Special Adviser on Legal Matters to Gen. Sani Abacha, is a delegate from Kano State.

I am a part of a group and we will unfold our agenda when the group is ready. But for my expectation, I have made myself very clear that this is a conference that is ill-timed, ill-conceived, ill-motivated, and it will go nowhere.

Well, I have been nominated and I believe in dialogue and discussion. I do not believe that because of this reservation that I have, I cannot be part of a discussion that I have been nominated by my own people. So, I will go with own reservation.

To be honest with you, absolutely I am very pessimistic; I do not think there is anything good that would come out of the confab.

To begin with, this is a confab that will be conducted under a very emotive atmosphere and delivery will be dictated by emotive consideration and it will be convened by half-hearted chief executive who did not believe in it in the first place and who has a track record of not implementing one single report of a committee that he has established.

It established Lemu, Belgore and Turaki commit-

tees; he did nothing about them. I do not think he is going to do anything with confab report or whatever the report may be.

I’m passionate about corporate Nigeria –Ahamba Chief Mike Ahamba (SAN) is one of the elder statesmen attending the conference.

I am going to the conference to defend the corporate existence of Nigeria with a sincere discussion on how a citizen can stay together in mutuality of peace. I believe the proper definition of citizenship must be on the front burner so that patriotism or benefits should come from the nation and not from the states.

I believe Nigerians should sit down and discuss why those who serve them with their youth are left to suffer. This is part of what is encouraging corruption in the country; people are trying to make money for themselves. I expect those who say that the present constitution is fraudulent to point out those fraudulent areas so that we know what to do with them. There is no point talking about general fraud, let somebody tell us which area appears to be fraudulent.

The national conference will create opportunity for tension to be doused, bad feelings to be ease off and for people to come out and discuss whatever is worrying them so that we can talk as brothers and sisters; disagree and agree for a better corporate existence of Nigeria.

I believe the Nigeria public should expect much from the confab, and I hope those who come there will not come with clench fist; if they open hands, they will handle a proper hand shake.

Will it end like previous ones? No, I believe that after the discussion, and then the appropriate bodies that will implement them will take off. Look at it with the National Assembly.

The outcome of the confab will not be for National Assembly ratification, but application so that what we discuss there or what appears to be the consensus of the people will come to the National Assembly so that they can then apply it when they are amending the constitution.

We’ll protect ethnic minorities – Dara John Dara, a former presidential candidate, is a delegate to the confab representing middle belt ethnic nationalities.

In the 2005 conference, I was one of the two people that represented the Middle Belt Forum and this time around, it is through that platform that I was also selected. We are going to the conference to protect the interest of the ethnic minority groups especially in the northern Nigeria. We also hope that we will go there to make the fundamental human rights of the Nigerian citizens including freedom of religion, freedom of speech to become enforceable We hope that we will be able to promote general mutual respect and mutual understanding in order to promote peace for national development.

CONTINUED ON PAGE 46

metr

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

MONday,March 17, 2014

0802 393 8212

Mowe-Ofada: Compensate us now, landlords tell Amosun DISAGREEMENT The residents of Mowe and the Ogun State Government trade words over compensation for structures demolished for the reconstruction of Mowe – Ofada Road

Camillus Nnaji and Kunle Olayeni

C

ontroversy has continued to dog the extension to dual carriageway of the Mowe – Ofada Road by the Ogun State Government.

While the people whose house were demolished in the area have cried out over alleged refusal of the government to pay them compensation, the administration of Governor Ibikunle Amosun said about 75 per cent of the landlords had been compensated.

One of the landlords, Chief Wahab Semiu, said the government should fulfil its promise which it made about a year ago.

He said: “I have 12 shops along this road which were demolished. The shops represented my means of livelihood, but the payment of compensation has started to drag.”

Semiu said he had personally gone to the Department of Town Planning in Oke Mosan, Abeokuta where they told him to drop his contact number, promising to contact him.

“But up till now, no information has reached me,” he added.

Another landlord, Mr Sunday Okafor, said the government ought to have compensated the landlords with the same speed it demolished their structures.

He said: “There has been slow pace of work and we are suffering here. If somebody has been removed from his house or shop where he was getting rent, how can he cope again? The governor assured us he will compensate us but those are the words of a politician.”

Mr Ebube Chibuike, a boutique owner, said he paid many years’ rent for his shop but after the demolition he was left with nothing.

But while reacting to the landlords’ claims, the Special Adviser/Director General of the state Bureau of Lands and Survey, Mr Adewale Oshinowo, said no fewer than 75 per cent of individuals and corporate bodies whose properties were

zWe’ve z paid 75% of house owners – Govt demolished as a result of the on-going road reconstruction and expansion, especially the residents of Mowe-Ibafo axis, had been duly compensated.

Oshinowo told our correspondent that the compensation was being paid to different categories of property owners after valuation had been carried out by relevant government agencies.

He assured that other property owners would soon be paid.

The DG said the victims of the demolition in areas like Mowe, Ibafo, Alagbole and Akute were still receiving their compensation at the Bureau of Lands and Survey in Oke-Ilewo, Abeokuta.

Oshinowo stressed the need for people of Mowe-Ibafo axis to come forward to receive their compensation, saying that their cheques were available and awaiting collection.

He urged the people to stop speculating wrong impression about the state, adding that the Amosun-led administration wanted rapid development for the state.

Elijah Samuel

I

t has always served as a shortcut route linking the residents of 6th Avenue Estate not only to the main FESTAC, but also to their places of business and their children’s schools in different parts of Lagos metropolis.

But last week, the seeming benevolent shortcut, which had served the residents of the estate, an extension of FESTAC, became a shortcut to death.

The residents could not have configured in their mind the accident which claimed over a dozen lives in the estate.

When NT Metro visited 6th Avenue over the weekend, palpable grief pervaded the area. With forlorn countenance, the residents bemoaned the tragedy which had visited their domain. They also appealed to the state government to provide them with a pedestrian bridge which would bring a lasting succour to them.

A female resident of the estate, who preferred anonymity, recalled how the people had made use of a wooden footbridge in the past.

The road under construction. Inset: Some of the demolished structures

PHOTOS: CAMILIUS NNAJI

Boat mishap: Give us a br She said: “There has been a bridge here before 2008 when I moved into this estate. It was at different times destroyed by some irate youths who were protesting the killing of a young man who was short by one of the local security men guarding the bridge, as a result of disagreement over a toll fee.

“The local government rebuilt the wooden bridge but it didn’t take long before it collapsed. One of the churches around here also came to rebuild the bridge. It was after yet another one collapsed that the business of using canoe to move people to and fro started.

“There has never occurred any incident like what just happened. Let the government come and help us to construct a link bridge, even if it is for pedestrians so that we and our children can be saved the stress of long distance of trekking because what the okada (motorcycles) and keke (tricycle) operators are charging is exorbitant.”

Another resident, Augustine Em-

The spot where the boat capsized. Inset: The boat burnt by an angry

manuel Udoh, said: “There are many schools in FESTAC Town which children in 6th Avenue attend. So, students, right from nursery to secondary school, did take this route to and from school. It is also easy for older residents

Controversy trails Mimiko’s performance / PAGE 18

POLITICS Monday, March 17, 2014

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

Kutigi lacks integrity to preside over national conference –Mohammed

p-14, 15

North, South rekindle onshore/ offshore dichotomy rivalry A decade after the contentious issue of onshore/offshore dichotomy was settled by an act of parliament, some Northern political leaders have reawakened it on the grounds that it is starving their region of needed funds for development to the advantage of the oil producing states of the Niger Delta, but FELIX NWANERI reports that the renewed agitation may not be unconnected to the 2015 presidency.

Dokubo-Asari

Bugaje

T

he quest for the 2015 presidency between the North and South-South keeps assuming different dimensions by the day ahead of the general elections with both camps deploying all kinds of strategies to gain an upper hand.

The struggle which started as normal political manoeuvrings before degenerat-

ing to war of words had moved to a level that it is now threatening the corporate existence of Nigeria, as both sides are not only sticking to their guns, but threatening fire and brimstone should their respective regions not win the number one seat.

While the North hinges its clamour on the zoning arrangement of the ruling Peo-

CROSSFIRE

The truth is that with the elections approaching, PDPled government is desperately seeking all possible avenues to raise funds for its usual electoral shenanigans, and increasing fuel prices has always been an attractive option –Lai Mohammed

There was also some strange rumour that the Ministry of Petroleum Resources was going to announce an increase in the pump price of petrol....I have said that we have no plans to increase the pump price of petrol anytime in the near future -Dieziani AlisonMadueke

ples Democratic Party (PDP) and alleged one-term pact entered into by President Goodluck Jonathan in 2011, the SouthSouth, where the incumbent hails from, is insisting on having a second term as enjoyed by the South-West through former President Olusegun Obasanjo.

However, this clash of interest has transcended politics and rekindled an old rivalry over the ownership and control of the country’s major revenue earner – crude oil domiciled majorly in the Niger Delta region, and is coming a decade after the contentious issue of onshore/offshore dichotomy was settled by an act of parliament.

Most Northern leaders have over the years argued that the disregard of the onshore/offshore dichotomy in deciding oil revenue upon which derivation is paid to CONTINUED ON PAGE 16

POLITICAL NOTES Confab: Delegates make history

T

oday history will be made as President Goodluck Jonathan inaugurates the much-talked about National Conference, which will bring together Nigerians from different ethnic, political and professional groups to discuss the way forward for the country as a nation.

For many years now, Nigerians from different regions of the country have continued to cry out over perceived ills within the policy which they contend draw us back as a people Basically, what these agitations had in common was the call for a new constitution which could be truly said to have been created by Nigerians, for Nigeria. Today, and for the next three months, 492 Nigerians will sit to restore hope to a nation, and people that have for long held inhibitions, and mutual suspicion of one another.

History is replete with several conferences that have held before and after independence, also geared towards creating a body of laws that will to some extent satisfy the yearnings of citizens.

The present confab is holding because basically, the democratic institutions saddled with the promulgation of laws have failed in its responsibilities to amend the present constitution, or provide laws that will address the grievances outlined by citizens.

It is therefore hoped that government, in putting together this confab is doing it with a sincerity of purpose, to truly address, and resolve frictional national issues. Its outcome should not be another white paper that gathers dust on government’s book shelves.

Delegates should also understand the charge they bear, and deliberate on how they want providence to judge them.

The confab should not be another jamboree to fulfill all righteousness, or calm nerves, for some time.

14 POLITICS | MONDAY DIALOGUE

Sanctity of Truth

Monday, March 17, 2014

Kutigi lacks integrity to preside over One is surprised to see your name as one of the delegates from Kano State to the National Conference. Why the change of mind despite your opposition to the confab?

I did not appoint myself as a delegate nor did I apply for the job. I was requested by the Governor of Kano State, Rabiu Kwankwaso, who I respect profoundly to represent Kano State. The nomination came from him in the name of the good people of Kano State. If I had been nominated by any other body; the Presidency or the President himself, if I had been asked to represent one of the two chambers of the National Assembly which I had belonged to in the Second Republic, or if I had been asked by all these civil society organisations most of which are fronts, I wouldn’t have agreed. I was asked to do a job by a man I respected, for people I belong to and I also respect the good people of Kano State whose judgement I have always respected. I believe I could not say no to the elected governor of Kano State who has done so much in my own political career.

What are you taking to the confab?

First and foremost, I am taking an open-mind; I want to go and listen. I want to make positive contribution to this country. I love this country. And I believe it is in our interest to solve our problems even though I don’t believe that this conference, which is about the 11th in our history, would offer any solution to the problems of Nigeria. But as I said, I will listen.

Second, I am convinced already that there is a sinister agenda to the conference and I believe that is not good enough for the country. If the cabal around the president are thinking people, they would know that it is also not in the best interest of the President they claimed to be serving. Because when you look at the number of the nominees, you will see clearly that the nomination is highly skewed.

For example, certain ethnic groups and zonal areas were deliberately put down and marginalised. If you are talking of a representative democracy, whatever you do in the name of that democracy must be representative enough. There is nothing absolute representative about this national conference. People picked their friends, core loyalists, their tribesmen, even in the case of civil society organisations, people were nominated from their own tribes and religious groups.

From the word go, the issue has become sectarian, tribalistic and unashamedly political. I think this is a bad omen for the national conference. In addition, I certainly believe that there is no moral justification or reasons for Justice Legbo Kutigi, who played such a sinister role in the judgement which made Goodluck Jonathan the presidency is now enjoying. It was Kutigi’s decisive, single vote which made Jonathan the president. Given the role he played in that judgement and the role played by another person from the Niger Delta called Justice Niki Tobi, it should have been morally impossible for him to pretend to be neutral in an issue in which the main and only beneficiary politically will be the president who he put into power.

I believe Kutigi has done himself and the Nigerian judiciary a great disservice by either coming forward to serve or agreeing to serve when he was offered the opportunity. Thirdly, Kutigi has a relationship with General Ibrahim Babangida because he was Babangida’s school prefect. Clearly, from the composition of characters in the leadership position of the conference, you can see in no unmistakable terms the influence of General Babangida. And you and I know what Babangida’s name stands for as far as the current political situation in Nigeria is concerned. From the time he has been playing games with our destiny when he wanted to extend his tenure to what Obasanjo and others did.

Now we have a situation whereby the chairman of the conference is a nominee of Babangida. The secretary of the conference is also a nominee of Babangida.

Convener, Concerned Northern Politicians, Academics, Professionals and Business, Dr. Junaid Muhammed, is one of the delegates from Kano State at the National Conference kicking off today. The former member of the House of Representatives and national chairman of the defunct Peoples Salvation Party (PSP) speaks with AYODELE OJO on the confab and decried the attitude of northern elders in the polity. Excerpts: Also, Bolaji Akinyemi was Babangida’s Foreign Affairs Minister, the man who nearly caused a civil war in this country over the completely unimportant issue of regularisation of the admission of Nigeria into Organisation of Islamic Countries (OIC).

If these are the kinds of characters that we put as numbers one, two and three, you can see clearly that there is no hope to a fair representative national confab and everything is being pre- determined.

What informed your conclusion that there is a sinister agenda about the conference?

First of all, you should realise that I am a democrat and anything undemocratic to me is sinister. Any attempt to impose the President who ab initio did not win the 2011 election, he was an impostor and whose presidency was a violation of a gentlemanly agreement within his own party and a violation of his party’s constitution, in my view is something very sinister because there cannot be democracy without the Rule of Law. Any violation of the Rule of Law in an attempt to advance the political fortunes of an Mohammed individual or group, in my view is sinister because it is clearly counter-productive to the practice of democracy in the world.

Were you expecting Kutigi not to accept the appointment?

Exactly. Kutigi shouldn’t have accepted to serve. Go and confirm from any senior lawyer whether given the role Kutigi played as the Chief Justice of Nigeria in making Jonathan the president of Nigeria in this current term, he should accept to come and serve the President in another political assignment shortly after his retirement. Is he the only retired Supreme Court

I believe Kutigi has done himself and the Nigerian judiciary a great disservice by either coming forward to serve or agreeing to serve when he was offered the opportunity

Justice? Is he one of the best, certainly not. So, why him? That is the question that Nigerians must ask. There are enough retired Supreme Court justices in good

health and of sound mind. If you want a judge to do a dirty political job, you look at his antecedents and decide whether he is going to be for you or against you.

Clearly, the choice of Kutigi was done because first, he is a Northerner and he speaks like a typical Hausa man, even though he is a Nupe man. If he does something, a counter-argument can be flouted that after all he is your own. So, if he is representing the North, the North does not associate and recognise him, and I don’t think he is recognised by the people of Niger State where he comes from, and where his ethnic group is a major tribe.

Don’t you think that his decision to accept the job may have been because of pressure mounted on him, just like you also reluctantly accepted to be a delegate?

First and foremost, don’t place me in the same position with Justice Kutigi. Far from it. Kutigi had participated in a very disgraceful judgement delivered by the Supreme Court and he was the presiding officer of that court as the

POLITICS Sanctity of Truth

Monday, March 17, 2014

POLITICS | MONDAY DIALOGUE

15

national conference –Mohammed CJN. Anyone who knows anything about law, morality and democracy, knows that the election was rigged.

Second, in the conferences, that is the meeting of judges, which preceded the sitting of the judgement, we know who among the judges had told them the way it was trending based on the judgement, but who on arrival gave a different judgement. Besides, there was so much about the judgement and the way it was drafted that was so controversial that any judge with any modicum of honour would have said no, that is too early and that the wound has not healed and that he is not the suitable person.

In my own case, my opposition to the national conference is clear and I still oppose it. But I was asked to go and participate even though I have my own objection. The fact that I participate in something does not necessarily mean that it would turn out good because I am capable of making mistakes like anybody else. I have nothing to do with Kutigi’s decision. I believe it is a matter of honour; if he has any, it is not too late, he should resign and let other Supreme Court Justice who are available and better judges than him take over.

Moreover, it was he who was Babangida’s prefect and head boy at school, and not vice-versa. Babangida is in no position to impose him on an assignment that is clearly detrimental to his own judiciary history and circumstance. So, your senior can impose something on you and not the reverse.

But Kutigi won’t determine the view and outcome of the conference.

Ayodele, have you watched the proceedings of these national conferences in the last 20 years?

Yes sir. I watched the 1994 and 2005 proceedings.

Let me tell you; whether you respect the Nigerian judiciary or you don’t, the fact remains that if you are the presiding officer in this kind of situation, you hold enormous powers. I have known Supreme Court Justices who have disgraced themselves by being openly partisan in this type of gathering. You remember the case of Karibi Whyte and how he presided over the Abacha’s constitutional conference.

Integrity is integrity. And it has to be absolute. If you are presiding over this kind of sensitive assignment, your integrity must be clean.

Critics of the confab have questioned sending the outcome of the conference to National Assembly for ratification instead of a referendum.

The impression I have about the National Assembly is that everybody is for sale. And at the conference too, everybody will be for sale unless you resist the temptation. Has the National Assembly served the people of this country on anything that is vital and fundamental?

No they haven’t. Most of them are my friends. The truth is that an average Nigerian does not have much hope

I don’t want to dignify what Maitama Sule says by commenting about it because I have nothing but contempt for him. He uses some of these conferences to go and get money from government. This last one he held in Kano was sponsored by one of the state governors

The fact that I participate in something does not necessarily mean that it would turn out good because I am capable of making mistakes like anybody else. I have nothing to do with Kutigi’s decision in the National Assembly and even the judiciary. So, stop deceiving yourself.

So, subjecting the outcome to National Assembly is a waste of time?

Yes, it is a waste of time. The whole exercise, the conference and subjecting it to the National Assembly is a bloody waste of time and public money. It is only done simply because the President wants to continue to be President forever. He wants to be there for another four years, then to another six years when the constitution is changed to suit his purpose in accordance with the submission made by legal draftsman-in-chief, Prof.

Ben Nwabueze.

But Nwabueze is not going to the conference?

Don’t deceive yourself; the whole thing is being masterminded by him. He said he wasn’t going but he has gotten Solomon Asemota there as a delegate.

As a delegate from the North, what should be the agenda of the confab?

We should first identify the problems of this country.

This is not difficult. You don’t need to be a genius to know that poverty is a major problem, illiteracy is a major problem. The collapse of our educational system and health services are major issues. Insecurity is a very serious problem and lack of social harmony. We can identify 10 solid points which are the bane of Nigeria from 1914 till date. If we can do that and come out with a position that is sincere, I believe that Nigerian people would accept the position. It doesn’t have to be a Northern elder statesman, anyway many of those you call elder statesmen are people I don’t respect. Don’t tell me that Tanko Yakasai can be an elder statesman in the North; he is not. He has never won any election here. I challenge him to come back to Kano and contest election.

If you want to talk about the problem of this country, do it through people that have been elected. I know I speak for people here in the North and in the rest of Nigeria. If we want to have an honest national conference, go through the elected representatives of the people. If you are satisfied with what we have now, go ahead and have them.

Some Northern leaders led by Maitama Sule recently met and said that the National Conference is aimed at weakening the North. Do you share that sentiment?

I don’t want to dignify what Maitama Sule says by commenting about it because I have nothing but contempt for him. He uses some of these conferences to go and get money from government. This last one he held in Kano was sponsored by one of the state governors. Anytime you see him doing something, he is being sponsored by somebody. To him, that is how he eats. Find out how many people attended.

The first time he won an election was in 1954 and he was alleged to have defeated the late Aminu Kano.

Nobody in Kano, alive or dead believe that kind of story.

In 1959, they moved him out of Kano into a place called Dawakin Tofa, because they knew he would never retain the seat he was said to have got in 1954. Maitama Sule is a fake elder. I don’t agree with him and I have nothing but contempt for him. These are the old men

who have messed up Nigeria and that is why we are in this kind of shit. That is why they have to go round begging to eat and collecting money from governors under false pretences. That is not my idea of statesmanship. If your own so-called elder statesmen are the Maitama Sule and Tanko Yakasai, good luck to you. I challenge each of them to come and contest election, then we will talk.

How do you see the emergence of several Northern elders’ groups?

Most of them are being sponsored by the government. It’s a divide and rule tactics. The Northern Elders’ Council (NEC) was just formed last month. Tanko Yakasai is being sponsored by the Presidency through Edwin Clark. Maitama Sule is being sponsored by some governors and some other people who are bent on causing confusion. Among those sponsoring Maitama Sule was the mother of Diezani Alison-Madueke; she used to call her mother a northerner. She was prepared to commit sacrilege by saying that her mother was a Fulani and a direct descent of Usman Dan Fodio. In the caliphate, it is a sacrilege.

The issue of state creation, resource control, federalism and others are in the front burners. What are the critical things that the delegates should discuss at the conference?

First and foremost, most of the things you mentioned are not issues, they are empty slogans. When people use the media generally to speak some type of scant language which nobody understands but only themselves, I won’t be part of such discussion. You talked about resource control, why don’t you say this oil found under our soil belongs to us 100 per cent. You cannot pretend that what you have not planted there belongs to you 100 per cent. Nigeria is part of the international law and the international law system makes Nigeria territorial waters not more than 12 nautical miles. Anything beyond those nautical miles after 200 nautical miles is what we call exclusive economic zone.

It doesn’t belong to anybody.

We are saying that we have Boko Haram, a terrorist group, at the same time we have another group of terrorists in the Niger Delta who are being paid billions every year, about N400 billion, for being terrorists. So, we are saying that other people are terrorists but these people are beneficiaries of an amnesty programme, we must be kidding. The same thing applies to many of the issues you raised.

What about the issue of state creation and state police?

As far as I am concerned, if the state police would C O N T I N U E D O N PA G E 1 7

16 POLITICS

Sanctity of Truth

Monday, March 17, 2014

North, South rekindle onshore/offshore CO N T I N U E D F R O M PA G E 1 3

littoral states has worsened poverty in their region.

But, Dr. Usman Bugaje, a former Political Adviser to Vice President Atiku Abubakar and a member of the Northern Elders Forum (NEF), who re-opened the debate last week, took it to another level when he claimed that Nigeria’s crude oil belongs to the North.

Speaking at the Northern Leaders’ Conference held in Kano to discuss the National Conference, the one-time National Secretary of the defunct Action Congress of Nigeria (ACN), maintained that it was wrong for any state to claim that it is oil producing, because 72 per cent of the country’s total landmass belongs to the North, and that by the United Nations’ law; it is only the North that actually has the right to claim ownership.

His words: “There are no oil producing states. The only oil producing state is the Nigerian state itself. Whatever mileage you get in the sea, according to the United Nations Law of the Sea, is a measure of the landmass that you have; that is what gives you the mileage into the sea and the landmass of this country, that gives that long 200 nautical miles or more into the ocean, is because of that 72 per cent of the landmass of this country, which is the North’s.

“The investment came from the Nigerian state and the territory belongs to the Nigerian state. What they claim is the offshore oil is actually the oil of the North. We should stop using these terms that have no sense at all.”

A recurring decimal The Onshore/Offshore Dichotomy Act has remained a contentious one and the North has never hesitated to seize any opportunity to clamour for its abrogation. At the wake of the yet to be completed constitution amendment by the National Assembly, the issue came up with the region insisting that revenue from oil wells within 200 kilometres of the continental shelf ought to be for the whole country, and not to a few states.

It was first raised by the chairman of the Northern Governors’ Forum, Babangida Aliyu of Niger State, but became a national issue when his Kano State counterpart, Rabiu Kwankwanso declared that the North would push for the law’s abrogation, so that the littoral states of the Niger Delta, comprising of Rivers, Bayelsa, Cross River, Akwa Ibom and Delta receive derivation funds only on crude oil found within their land borders.

Unlike the agitation for resource control by the South-South, which dates back to the pre-independence era with the discovery of oil in commercial quantity in 1958 in the Niger Delta, the onshore/offshore dichotomy row began when the administration of former President Olusegun Obasanjo went to the Supreme Court and sought to restrict coastal states to onshore oil revenue, and to establish exclusive control over offshore income from oil and other natural resources.

the net onshore revenue before the application of the 13 per cent derivation.

Obasanjo

Attah

The investment came from the Nigerian state and the territory belongs to the Nigerian state. What they claim is the offshore oil is actually the oil of the North. We should stop using these terms that have no sense at all He (Obasanjo) had on coming to power in 1999, refused to apply the derivation principle to offshore oil revenue. Rather, he approached the apex court to decide whether the principle is applicable to offshore oil revenue in accordance with the 1999 Constitution.

But the apex court in a judgement delivered on April 5, 2002, ruled that the derivation principle should not be applied to offshore oil revenue. It also ruled that the deduction of some “first line items” (funding of the judiciary, oil joint venture operations and NNPC priority projects; servicing of external debt and allocation to the Federal Capital Territory) from onshore oil revenue before the application of the derivation principle was illegal, and thereby ordered that the 13 per cent derivation should be applied to onshore gas production which had hitherto been excluded from derivation.

The court held that “the seaward boundary of a littoral state within the Federal Republic of Nigeria, for the purpose of calculating the amount of revenue accruing to the federation account directly from any natural resources derived from that state pursuant to section 162(2) of the Constitution of the Federal Republic of Nigeria 1999, is the low water mark of the land surface thereof or (if the case so requires as in the Cross River State with an archipelago of islands) the seaward limits of inland waters within the state.”

The decision was derived from ancient common law, international law, landmark cases in the United States and even indigenous claims in Canada, and according to the Supreme Court, “the overriding legal precept gleaned from the exercise is that the national government has greater authority as the sovereign does over offshore land and natural resources. This has been

established through the evolution of national admiralty and marines laws, progressively enshrined in the controlling international rules and guidelines called the UN Convention on the Law of the Sea.” The apex court further held: “The Law of the Sea has fundamentally established the powers of the coastal nation over three key levels of offshore land and resources: Territorial Sea, Exclusive Economic Zone, and Continental Shelf. The Law recognises the sovereignty of the coastal nation over the water, subsoil and airspace of the immediate outlying portion of the ocean called the territorial sea. This area, which may not exceed 12 nautical miles offshore, begins with a baseline that must be clearly identified, starting with the low-water mark of the land territory.

“The Exclusive Economic Zone begins with the territorial sea baseline, but goes beyond to 200 nautical miles. It is called economic zone because it is internationally agreed that the coastal nation regulate, in its interest with due regards to other nations, mineral resource, fishing and scientific activities, among others, within that stretch of water.

“The Continental Shelf is described as the submerged prolongation of the landmass of the coastal nation, including the seabed and subsoil of the shelf, as well as the slope and rise. But it does not extend to the subsoil of the deep ocean floor. Sixty miles from the slope of the shelf is the mark the deep ocean floor begins.”

Thus, while the littoral states lost some revenue due to re-introduction of the offshore/onshore by the court, they nonetheless gained some revenue due to the application of 13 per cent derivation to onshore gas production and the exclusion of some “first line item” from

Pre-military era There was no such dichotomy under the 1960 and 1963 constitutions. In fact, section 146 (6) of 1963 Constitution stated that: “For the purposes of exploitation of minerals, including mineral oil, the continental shelf of a region was deemed to be a part of that region.”

This meant that the 50 per cent derivation on natural resources under both constitutions also applied to offshore natural resources. Unfortunately, the takeover of government by the military in 1966 led to the centralisation of fiscal power and the relegation of the federal system of government to the background. The negation reached its climax when the military promulgated the Petroleum Decree (No. 51) in 1969 which vested ownership and control of all petroleum resources in, under or upon any lands on the Federal Military Government.

This was followed by the Offshore Oil Revenue Decree No. 9 of 1971 which abrogated the rights and entitlements of the littoral regions/states in the minerals (and revenue thereof) found offshore.

The latter decree vested the territorial waters, continental shelf as well as royalties, rents and other revenues derived from or relating to the exploration, prospecting, or searching for, winning or working of petroleum from seaward appurtenances (offshore) on the Federal Government only.

This decree found its way into the 1979 and 1999 constitutions promulgated by the military for in-coming civilian governments then. Section 40(3) of the 1979 constitution (repeated as section 44(3) of the 1999 Constitution) stated: “Notwithstanding the foregoing provisions of this section, the entire property in and control of all minerals, mineral oils and natural gas, under or upon the territorial waters and the exclusive economic zone of Nigeria shall vest in the Government of the Federation and shall be managed in such manner as may be prescribed by the National Assembly.”

However, given both the fact that section 2(2) of both constitutions stipulates that “Nigeria shall be a Federation consisting of States and a Federal Capital Territory” and the powers granted the National Assembly to prescribe how offshore resources (and revenue thereof) should be managed, an act or a policy that allows for the application of the derivation principle to offshore resources is not inconsistent with section 44(3) of the constitution because the derivation principle does not impinge on the power or control vested in the Federal Government over offshore (and indeed onshore) resources.

The application of the derivation principle to offshore resources only ensures that the littoral states that are impacted negatively by offshore activities – oil spills, ocean surges, floods

POLITICS 17

Sanctity of Truth

Monday, March 17, 2014

dichotomy rivalry and quakes get more revenue from the offshore natural resources than nonlittoral states.

But the Supreme Court’s decision which abrogated the claims of the littoral states to revenues generated from offshore petroleum operations flung open, doors of political conflicts and intense agitation from the states affected.

The trouble was particularly evident in Akwa Ibom State, which at the time stood to lose nearly all of its oil revenue as a result of having no onshore production. The governor of the state then, Obong Victor Attah, accused Obasanjo of introducing the onshore/offshore dichotomy to particularly deny the state of its right.

Political solution To address the challenges posed by the dichotomy law, the Federal Government sought for a political solution. To this end, the National Assembly passed a bill, supported by Obasanjo, which in effect gave up some of the offshore areas to the littoral states. The bill was in accordance with court’s recommendation that the legislature should follow the constitutional provision to work out a formula for the implementation of the 13 per cent natural resource revenue allocation to the states.

However, some Northern leaders argued that the bill went to the extreme by providing that “the continental shelf and the exclusive economic zone contiguous to a state of the federation shall be deemed to be a part of that state for the purposes of computing the revenue.”

To them, sharing of revenue from the continental shelf between the Federal Government and the littoral states will only reduce the money left for the rest of the country.

This prompted Obasanjo to initially refuse to sign the bill into law, though he officially cited foreign affairs implications as his reasons. He said states involvement in offshore activities will mean “doomsday regional conflict,” apparently referring to the proximity of adjacent countries. But after two years of legislative and political intrigues, the bill was signed into law in February 2004.

Claim irks South-South Bugaje’s claim has not only triggered fresh controversy, but irked political leaders in the South-South. A group in the zone, Ijaw Youths Council (IYC), in its reaction, described it as not only false, unfounded, irrational but misleading.

In a statement by its spokesperson, Eric Omare, IYC said the claim is part of a calculated attempt to drown the argument for resource control, which is top on the list of the agenda of the people of the South-South at the National Conference.

The group said: “Dr. Usman Bugaje’s statement is reckless, provocative, baseless, misleading and displays the highest level of ignorance. To the IYC, such a misleading statement coming from an elite such as Dr. Bugaje brings to the

Aliyu

Kwankwaso

fore the reason behind most of the barbaric acts coming from that part of the country.”

IYC maintained that there is no United Nations law, which states that the maritime boundary of a country is determined by its landmass, saying: “For the records, there is nowhere in Articles 3, 5, 57 and 76 of the 1982 United Nations Convention on the Law of the Sea (UNCLOS) where it is stated that the landmass of a coastal state determines its mileage into the sea or its maritime boundary.

“The United Nations Law of the Sea which is the primary law, which determines the maritime boundary of coastal states defines the Exclusive Economic Zone and the Continental Shelf to be up to 200 nautical lines measured from its baseline which is the low water mark along the coast. Hence, the landmass of a country is not a consideration in determining its maritime boundary.”

On his part, leader of the Niger Delta Peoples Volunteer Force (NDPVF), Alhaji Mujahid Dokubo-Asari, described the claim as a prelude to genocide, warning of imminent war between Northern and the Southern parts of the country.

He added that since the North is planning against the people of Nigeria, it is up to southern ethnic nationalities in the Middle Belt, Niger Delta and South-

I am calling on the Igbo people, the Niger Delta people, the Middle Belt; we must rise up to put a wall of defence and prepare ourselves for whatever they are planning East to brace up.

“I am calling on the Igbo people, the Niger Delta people and the Middle Belt; we must rise up to put a wall of defence and prepare ourselves for whatever they are planning. What they are planning will not be different from what Boko Haram is doing. The killings in Benue, Jos are part of their plan, this we must understand,” Dokubo-Asari said.

Dokubo-Asari also cautioned against sweeping the matter under the carpet, saying that Bugaje was speaking for the entire North. According to him, “the intention and implication of Bugaje’s statement is that the North is planning genocide against our people, the same way they’re sponsoring Boko Haram.

That is the import of what Bugaje has said, people might not see it, and they will say Asari is an alarmist.”

On Bugaje’s claim of Nigeria’s investment in oil exploration in the Niger Delta, the NDPVF leaders said: “This is the lie they keep telling people. Go and check; Shell and other oil companies spent all the money exploring and getting oil in the Niger Delta. In fact, northern leaders and their southern collaborators who were appointed into ministries took bribe from foreign multinational companies that came to explore oil in the Niger Delta, these companies paid through their nose.”

Founder of the Oodua Peoples Congress (OPC), Dr. Frederick Fasehun, who warned against comments capable of instigating one section of the country against the other, however told New Telegraph that he was not surprised by Bugaje’s claim, as there are people who are irreconcilable with norms.

His words: “In a country of the size of ours, you will find the normal, abnormal and maniacs. You will also find some people who are irreconcilable with norms. Why doesn’t the North claim the oil in Libya? They have more positive access to Libya or Egypt, so let them claim their oil because there is continuous expanse of land up to that area. Also, Niger and Chad have oil, so they should first annex them before causing crisis here.”

The debate on the issue is sure to take the centre stage at the National Conference, as the North has persistently argued that it would be herculean to build the nation on a system where the 19 Northern states get less than what a state in the South-South receives from the federation account. It is also an established fact that the current 13 per cent derivation currently paid to the oil producing states is hardly commensurate to the environmental hazards and degradation being suffered by their people.

‘I’ve no faith in Jonathan’s confab’ CO N T I N U E D F R O M PA G E 1 5

improve our security situation, I have no problem with that, provided the governors are respectful of the constitution. At the moment, I can only imagine what would happen if the governor of Plateau State, Jonah Jang, has the state police because he would use it to commit a genocide against the Hausa-Fulani who have been living in the state for many years. The governors in Nigeria are mostly irresponsible. They are political thugs who graduated to be governors and think they can take laws into their hands. We have to be very careful unless we want to commit suicide. I am an advocate of one police force.

As far as I am concerned, I have no problem with devolution of powers .We have done it and it never worked but because we are hypocrites and opportunistic by the way we do things, we are now using new slogans to glorify what has failed. For example, under the old system of education, primary education is the responsibility of both local and state governments, but we have a situation where both of them have failed to manage this lower cadre of education system. Look, if there is true federalism, there would be no room for Primary Health Care Commission, no room for UBEC and others.

So, you are not expecting anything from this conference?

No, I am not expecting anything except additional overheating of the polity and the President has done more than enough in a lifetime in this regard.

Why would you be at a conference you don’t believe in for three months?

I don’t know because I am unpredictable. I have resigned from national assignments in the past. I don’t play to the gallery but if I see that my time is not useful there, I will pack my bag and come back to Kano because I am very comfortable staying in my house.

Mohammed

18 POLITICS

Sanctity of Truth

Monday, March 17, 2014

Controversy trails Mimiko’s performance

I

n the political history of Ondo State, Dr. Olusegun Mimiko is perhaps the only governor that has broken the jinx of winning a second term since the creation of the state.

During the Second Republic, late Chief Adekunle Ajasin had a tough time retrieving his mandate after a bloody uprising that consumed many prominent indigenes of the state, and which eventually led to the truncation of that republic, three months after his second term inauguration.

The Bamidele Olumilua’s administration could not even complete its tenure due to the military putsch that shortened the life of the rigmarole that the Babangida’s transition programme had become.

In 2003, late Chief Adebayo Adefarati could not secure a second term in office having been defeated by Dr. Olusegun Agagu of the Peoples Democratic Party (PDP) in that year’s governorship election.

Although Agagu ‘secured’ a second term, he could not sleep with eyes closed until the mandate was retrieved from him via a judgement of the Appeal Court 22 months after the second term inauguration.

But as the governor marks the first year of his second term, a lot of controversies has continued to trail his fiveyear administration with the opposition saying the state has not gained anything while the government is claiming to have put the state on an irretrievable path of progress.

To the All Progressives Congress (APC), the government has nothing to show for the huge amount of money that had accrued to the state both from the Federation Account and the Internally Generated Revenue (IGR).

Hon. Bola Ilori who spoke on behalf of the opposition APC, said: “Mimiko administration has turned out to be a major disappointment to the people of the state. The projects on ground cannot justify the fund that had accrued to the state. There is nothing wrong in accumulating debt, but having something to do with it.”

Ilori said there was no major road project that was flagged off by the administration that has been successfully completed. He cited the dualisation of Arakale road, Fiwasaye/Oba-Ile road, the asphalt overlay of Oyemekun/ObaAdesida road and the coastal roads in riverine area of the state.

He said the Dome project which was to be completed since 2010 was still ongoing while the education sector was nothing to write home about. Although he said some mega primary schools had been delivered, the number was not commensurate with students’ population.

His words: “Few things have been done, but what is the quantum? Ondo State earns more than many states in the federation and yet there is no landmark project to celebrate. The disenchantment with the government is so heavy that APC’s registration in Ondo town came

To the Labour Party (LP) led administration in Ondo State, it has performed creditably and has justified the mandate given to it by the people of the state. But the opposition Peoples Democratic Party (PDP) and All Progressives Congress (APC) believe otherwise, saying the government has destroyed the goodwill it enjoyed in its first tenure. BABATOPE OKEOWO reports the controversies that have dogged the five years administration of LP in the state.

Mimiko

second after Owo. There is a disconnect between the government and the people.

“I gained nothing with his non-performance. He still has time to amend his ways. He should complete all the on-going projects and initiate new ones so that his name will be written in good book of the people.”

Similarly, the PDP in its reaction expressed disappointment with the Mimiko administration, saying the government has squandered the goodwill of the people which was evident in the first year of the administration.

The Director of Publicity of the party, Mr. Ayo Fadaka in his reaction said: “Dr. Mimiko assumed office chanting profusely and repeatedly the mantra that ‘I will work for you’ in his inauguration speech. One would have expected that such a governor came to office most prepared and armed with a blueprint that will on implementation turn the state into an eldorado overnight, having prepared his programmes carefully while chasing the office of the governor. But to our chagrin the man came most unprepared and almost uninformed about the tedious responsibilities his office demands of him.

To our chagrin, the man came most unprepared and almost uninformed about the tedious responsibilities his office demands of him

“However, one fact that was not lost on us was the fact that he came prepared with his insidious plan for the finances of the state. His first official action was to freeze the accounts of the state and this action was quickly followed by a state broadcast where Governor Mimiko alleged that his administration inherited a debt of N150 billion, a wild claim that he could not substantiate when confronted with superior argument. The fact, however, is that he inherited the sum of N38 billion in the state’s main account, N4 billion in treasury bills and another N20 billion in the accounts of Ministries, Parastatals and Agencies.

“Curiously, Mimiko initially denied this fact, an action that prompted us to release to the public details of these accounts, an action that later made him to belatedly admit that he actually met money in the coffers of the state, but still disputed that what he inherited was N34 billion, an action that made us to conclude that he had his agenda as to what he desired to do with our finances.

Another step he took was to disband the Public Accounts Committee that the administration of Dr. Olusegun Agagu set up to manage the accounts of the State.

“He continued till date to superintend on our finances as if they are his personal fund, not once has his government told the people of the state how much money we have and to what application they were put to.

“His next attention was the award of contracts of different hues and shades.

Many of these contracts he awarded were abandoned after mobilization fees were paid and examples include the Fi-

wasaiye/Oba Ile road in Akure and Ademulegun road in Ondo among others.”

“His education policy is as curious as his other policies. Infrastructure in a good number of public schools both primary and secondary continue to depreciate while he continues to pursue his ill-conceived mega school project at the usual snail speed that attests to his project execution. Performance of the pupils in WAEC examination too in recent years has been depreciating.

Fadaka described Mimiko’s years as a season of the locust.

But the government in its reaction said the Mimiko-led administration had impacted positively on the lives of the people, saying the achievements recorded in the five years of the administration surpasses that of his predecessors joined together.

The government through the Commissioner for Information, Mr. Kayode Akinmade said: “The Mimiko administration has made a statement that everybody irrespective of social or economic status has a right to quality education.

It is not only the monstrous structures that are mind-boggling; the standard of teaching is also high, there is quality control while the service is literally free. It is not for nothing that even the well-to-do in the society are said to be withdrawing their children from the socalled high profile private schools and putting them in public schools.

“With about 44 of the schools already built across the state and more in the pipeline, every community is soon to have one. Oda Cocoa Plantation symbolises the silent revolution that is on-going in Ondo State. This should surprise no one going by the background of the state as a top cocoa producing one. The revolution is premised on the bid by the administration to retain Ondo State in the number one spot in cocoa production in the country.”

On the infrastructural development, the government spokesperson said: “While old roads are being reconstructed to make the communities accessible, new ones are constructed to open new areas to promote commerce and agriculture. The testimony of a former administrator of the state who missed his way during a visit several years after his tenure to Akure lends credence to the gargantuan network of roads that stand to the credit of Governor Mimiko. One feature of the roads that is difficult to miss is that they are well asphalted, fitted with durable street lights, walkways, roundabouts and fountain where necessary and state-of -the-art bus stop sheds.

While the opposition believes that Mimiko has performed poorly, the government believe that it has done well.

19

EDITORIAL

Sanctity of Truth

Monday, March 17, 2014

Our VISION To build a newspaper organisation anchored on the sanctity of truth.

Our MISSION

Sanctity of Truth

To publish a newspaper of superior value, upholding the fundamental ethics of journalism: balanced reporting, fairness, accuracy and objectivity.

w w w.newtelegraphonli ne.com

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

MONday, MARCH 17, 2014

Making the business environment investment friendly

N

igeria aspires to emerge among the 20 topmost economies by the year 2020 but the country’s harsh business environment has become a limiting factor to this aspiration.

Indeed, there is a generally poor perception of Nigeria’s business and investment climate out there.

And this negative perception is regrettably reinforced by the country’s failure to address issues such as huge infrastructural deficit, weak institutional capacities, corruption, poor access to finance, insecurity, administrative and regulatory hitches, among many other factors. These factors have been identified as major constraints to economic growth and development because of their debilitating impact on productivity, investments in-flow, competitiveness, cost of doing business and overall confidence in the economy and governance.

The knock-on effect of this state of affairs is that Nigeria has continued to post miserable ranking on the annual Global Competitive Report (GCR) emanating from the Geneva, Switzerland-based World Economic Forum (WEF).

For instance, Nigeria ranked 102 out of 133 countries on ‘Institutions’, behind Botswana, Ghana, India, Morocco, South Africa and Thailand. It also ranked 127 out of

133 on ‘Infrastructure’ and remained far below these countries on other vital variables in the 2009 GCR. While the country still ranks among factor-driven countries which are still at the lowest of the five stages of development, Singapore, which gained independence five years after Nigeria made bold statements with its emergence as the second-most competitive economy in the world, overtaking Sweden in the 2011-2012 GCR. Surprisingly, Nigeria’s ranking was still 127 out of 142 on the Global Competitiveness Index (GCI) over this period, despite the indices of growth flaunted daily by the country’s economic managers.

With this matrix of poor ranking, the country could not have fared much better on the generally adopted 12 pillars of competitiveness represented by institutions, infrastructure, macroeconomic environment, higher education and training, goods and market efficiency, labour market efficiency, financial market development, technological readiness, market size, business sophistication and innovation.

Besides external risks, downturns from domestic challenges have remained daunting, what with constant disruptions to productive activity from unrests (political, terrorism, civil and labour) which constitute critical potential

downside risks, with devastating impact on such important growth drivers as investment, trade and tourism.

From May 7-9, this year, players and decision makers in global business and economy, especially those with interest in Africa, are expected in Nigeria’s federal capital, Abuja, for the World Economic Forum (WEF) on Africa. This is the first time Nigeria would host the annual global event.In a deliberate effort to soften the ground for the important event, the Nigerian Economic Summit Group (NESG), the WEF’s institutional partner in the country has scheduled the 20th edition of its equally important annual Nigerian Economic Summit (NES #20) for March 18- 20 that is Tuesday to Thursday, this week.

NES #20 comes with ‘Transforming Education through Partnerships for Competitiveness’ as theme.

We believe that these are desirable events that should position the country as a beautiful bride before the global financial, business and economic community. At the same time, we ask the question: where is the competitive environment to enable the country to optimise the benefits of such events?

As part of the effort at breaking the deadlock, the World Economic Forum in partnership with the Nigerian Economic Summit Group commenced the conduct of Execu-

tive Opinion Survey since February 10, 2014. The exercise tagged ‘The Voice of the Business Community is a major component of the WEF’s GCR and key ingredient that turns the report into a representative annual measure of the country’s economic environment and its ability to achieve sustained growth. The survey which gathers vital information from more than 15, 000 business leaders across 140 economies on a range of variables for which hard data sources are scarce or non-existent has been programmed to run till April.

More than ever before, we now need to use the ambience of the survey to promote evidence-based reforms of the business environment, with focus on national and sub-national jurisdictions. The country should also use this opportunity to provide benchmark tools for business managers, investors and policymakers to identify specific competitiveness obstacles and stimulate critical thinking about how to overcome them, according to the African Institute for Applied Economics (AIAE) in its 2010 Business Environment Competitiveness Across Nigerian States (BECANS) Report. The survey must be made to count. Whatever is to be done must not be delayed since other competitors are running and will not wait for Nigeria.

BOLAJI TUNJI Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALA Managing Editor, North GABRIEL AKINADEWO Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board BIODUN DUROJAIYE News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

20

Sanctity of Truth

Monday, March 17, 2014

OPINION ‘Religionalisation’ of presidential politics (1) Senator Olubunmi Adetunmbi

I

n the past few months, Nigerian President, Goodluck Jonathan has embarked on a Church visitation exercise some have now humorously christened ‘Church tourism.’ It started with a trip to Jerusalem, the Holy Land. Nineteen governors, as well as some serving ministers and key government functionaries including the ever voluble President of the Christian Association of Nigeria, CAN, Pastor Ayo Oritsejafor accompanied the Nigerian President on a pilgrimage of sorts to Israel on what could be termed a spiritual sojourn of discovery. At the end of the spiritual odyssey, hands were laid on the President and prayers offered for his success.

Perhaps still energized by the spiritual rebirth he experienced after the trip bankrolled by public funds, the president embarked on a church voyage with the usual array of top government functionaries and spiritual leaders in tow. In the last few months, the president has visited over six churches and still counting. The Dunamis church has played host to the new found love of the number one citizen who worshipped there a few weeks ago.

The Redeemed Christian Church of God, RCCG, Living Faith Church and the Apostolic Church, Utako including some notable churches in Lagos have also opened their doors to the President who has more or less used their hallowed pulpit to advocate what many have tagged, ‘the political patronage of the average church goer.’

The Nigerian Constitution clearly grants the President freedom of association, religious affiliation and worship.

But it must be noted firmly that he also holds a unique position as an embodiment of the ethno-religious diversities of over 160 million Nigerians. Therefore President Jonathan should pursue his religious belief mindful of his status so that he’s not seen as politicizing religion or religionizing politics or further polarizing an already

fractured nation dangerously along ethno-religious cleavages.

The President has been criticized severely in the past for being a master at playing the ethnic and religious card whenever it suits him best politically. His recent visits to churches filled with Nigerians who more or less share his religious beliefs, while harmless on the surface, undoubtedly gives credence to this school of thought. Given the vehement defense by the President’s handlers, Nigerians are to expect more of such visits in coming weeks as Jonathan has vowed to worship at least once every month at churches outside the presidential chapel. By using the intimidating paraphernalia of office to sway a religious segment of the society to his side, President Jonathan has taken the manipulative exploitation of religion for partisan political gains to a level unbecoming of a statesman. This desperate deployment of faith as a tool for political eligibility or qualification for election or reelection into office is a dangerous precedent.

In retrospect, the President, must be urged by well meaning Nigerians to learn to separate the pulpit from politics even if he banks on the voting strength of the Church in his mission to succeed himself in the face of mounting opposition within and outside his party.

History has shown that when politics is brought into the church, or the church into politics, society is worse off in the end. The suppression and manipulation of the society by the state, through the Church and religion, dates back to medieval Britain and 20th century prerevolution Russia where some of the worst atrocities mankind has experienced took place. A multi-ethnic and multi-religious society like ours is certainly not immune to the dangers awaiting a nation which allows power and politics to lie comfortably on the shoulders of its religious institutions. The fragility of Nigeria will be further exacerbated by heightened religious and ethnic tension which is indirectly being stirred

by the President’s ‘church tourism.’ Many across religious and even political divides agree that these politicized church visits are harmful on the long run to the president’s score card which is dismal at best and his warped political calculations. The question must be asked: why has GEJ allowed religion to take the center stage of his campaign rather than corruption, jobs, security, defense spending, education etc?

As a political analyst puts it succinctly, church or not, issues of performance with measurable indices are what would define the next elections. Therefore the President should refrain from using the pulpit to make policy statements of government.

Like every other Nigerian, the President is free to worship in churches or mosques if he so chooses, but pulpits and sacred alters should not be platforms for partisan political statements by presidential aspirants.

The president’s speeches from the pulpits of prominent churches have begun to attract disparagement from a large segment of society and sadly are perceived as a subtle campaign for votes from the altar. Many say that this is not the first time the President would play the religious card in his political voyage. In 2010, before the 2011 presidential election, he visited the RCCG to secure the votes of Christians. Two years after that presidential electioneering, he paid another widely publicized visit to Redeemed camp to give thanks to God and asked for prayers to enable him rule the country. The President has the freedom to decide his religious leaning and worship in any Christian denomination of his preference. However Nigerians, including those of other faiths, also own the inalienable liberty to express their dissatisfaction at a situation where the nation’s Chief Security Officer and number one citizen makes sensitive political pronouncements in Churches.

• Senator Olubunmi Adetunmbi is Senator representing Ekiti North and also the Vice Chairman Senate Committee on Interior

As Governor Peter Obi exits (2) Mike Udah

H

is reason for taking this all-important action is two-fold: one, as the bastion of morality, the missions are the only institutions which can arrest the current drift to immorality in all its ramifications, and of course, it was wrong for Government to have seized or “hijacked” what did not belong to it in the first place.

In spite of his action, Obi continued to pay the salaries and allowances of all teachers in the State, including those in these schools returned to their original Christian Missions. In addition, he provided computers, generating sets, built science laboratories and undertook several other projects in all schools, the return of some to their original owners notwithstanding.

As a matter of fact, it was the running of these schools- the instilling of discipline in pupils, students as well as teachers – that Obi handed over to the Mission-owners.

It is interesting to note that with Obi’s intervention in the Education sector – the

provision of buses and other facilities/ equipment – Anambra State has emerged as the State to beat in West African School Certificate examination (WASCE), the examinations conducted by National Examination Council (NECO) and the General Certificate of Education (GCE).

But Peter Obi’s accomplishments are by no means restricted to the facets of life mentioned above. Because of space and other constraints, one would simply compress this piece as much as one can.

In the area of roads, Obi has asphalted over one thousand and twenty kilometers of roads spread across the entire Anambra State – from Omor-Igbakwu-Anaku-Umueje road in Ayamelum Local Government Area through Lilu, Amorka and Okija in Ihiala Locdal Government Area to Amansea, Amanuke, Awba-Ofemili in Awka North Local Government Area, and from Umueze Anam – Mmiata road in Anambra West Council Area to Ogwukpele road in Ogbaru.

The restoration of sanity and civility is without doubt Governor Obi’s greatest accomplishment. Through his non-violent and humble disposition, this out-going governor literally ‘disarmed’ all those persons

whose siren blared louder than the Central Bank’s.

His relationship with International Donor Agencies – United Nations, Department For International Development (DFID), World Bank, etc has been commended. Not only did he provide the Anambra State’s own counterpart funds timeously, he also ensured that the funds were judiciously utilized.

Also worth-mentioning is Mr. Peter Obi’s knack for hardwork and prudence in the management of resources. These two qualities made a lot of difference, and no doubt contributed immensely to the successes which he recorded while in office.

It remains for us now to imagine what the scenario will look like without a Peter Obi. However, the Governor–Elect, Dr. Willie Maduabuchi Obiano shares many qualities with Mr. Peter Obi. Both have a banking background and know how to handle that rare and scarce resource – money; both are widely read and travelled and have garnered a lot of experiences; both are driven by a patriotic zeal to turn things around, and so on and so forth.

Obiano’s tenure is therefore likely to be a continuation (in all senses of the word)

of the Obi years. It cannot be otherwise, after all both of them are also of one political party, the All Progressives Grand Alliance (APGA).

Their party’s ideology will guide Obiano the same way it did Obi. As one concludes, it is necessary to state here that it is practically impossible to put down in just one piece all that Mr. Peter Obi hasdoneinAnambra. Thatiswhyonehasnot, for instance, discussed his accomplishments in attracting industries – SAB-Miller (Intafact Beverages), Distell, etc to Anambra State – a movewhichhasbroughtForeignDirectInvestment and created jobs for the teeming army of unemployed persons. Unemployment is one factor which accounts for the high wave of crime. But with the provision of jobs, insecurity is naturally in retreat in our dear State.

While one congratulates Mr. Peter Obi for having acquitted himself creditably, one equally thanks the Omnipotent God for ushering in Governor Willie Obiano.

Obi has laid a good foundation upon which Obiano will naturally build to the glory of the Summum Bonum and happiness of Ndi Anambra!

• Mike Udah, Chief Press Secretary to Governor Peter Obi, wrote from Awka

INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

GEOFFREY EKENNA Editor, INVESTIGATION

geoffrey.ekenna@newtelegraphonline.com

Monday, MARCH 17, 2014

Nigeria Police Force: Promotions of discord, marginalisation

A detachment of policemen getting ready for the day’s business

DISCONTENT Skewed promotions in the Police draw anger of people from the affected areas, report GEOFFREY EKENNA and JULIANA FRANCIS

“W

e’re sad, really sad, and very sad about this systemic exclusion. It means in the next three or four appointments of the Inspector General of Police, the South East will have no chance. As it is now, we have no AIG, one DIG or any senior police officer. That’s the way it is. Even those we have there now are old, due for retirement soon. It is the delayed promotion that is responsible for the whole thing. Our people are not promoted until they are old” With those words, Chief Goddy Uwazuruike, the President of Aka Ikenga, a socio-cultural Igbo group in Lagos, summarised what has been angry murmurs of the South East in the past few months.

Since the current Inspector General of Police, Mohammed Abubakar assumed office in January 2012, there have been

allegations of a deliberate scheming out of the zone in the affairs of the Nigerian Police Force. But in reality, the Police Service Commission, PSC, currently headed by former IGP Mike Okiro, is the body charged with the responsibility of promoting police officers.

Section 6, Part II, of the Police Service Commission Act, 2001, listed the functions of the PSC to include: (a) be responsible for the appointment and promotion of persons to offices (other than the office of the Inspector-General of Police) in the Nigeria Police Force; (b) dismiss and exercise disciplinary control over persons (other than the Inspector-General of Police) in the Nigeria Police Force; (c) formulate policies and guidelines for the appointment, promotion, discipline and dismissal of officers of the Nigeria Police Force; (d) identify factors inhibiting or undermining discipline in the Nigeria

Police Force (e) Formulate and implement policies aimed at the efficiency and discipline to the Nigeria Police Force.

But those blaming Abubakar point at the situation in the Police currently, where the South-East has no AIG of Police, one DIG(a political position) currently held by DIG Katchy Udorji and eight Commissioners of Police. Agitators from the east believe that the zone has not been treated well in the promotions of officers from the zone against their counterparts from other parts of the country.

Recently, Intersociety, a non-governmental organisation based in Onitsha, Anambra State, accused the PSC and IGP of deliberately scheming out the zone during promotions.

In a letter sent to the Presidency, a copy of which was given to the New Telegraph, the group stressed that there was a conspiracy theory to wipe out officers of the South East extraction from the Nigerian Police hierarchy.

The letter insisted that there is a deliberate suppression of the south east in promotions and posting of key officers in the force. Although both the IGP and the PSC claim innocence over the devel-

opment, New Telegraph gathered that the present situation was a function of manipulations of promotion exercises in the past. Past IGPs were said to have used their positions to promote people from their ethnic stock to the detriment of others. Since Nigeria achieved Independence, Ogbonna Onovo is the only south-easterner to have become IGP. Many believe that he used his office as a “good boy”, without rocking any boat.

But before him was IGP Mike Okiro. Although, regarded as a South-Southerner, he is also Igbo. Like Onovo, he is believed not to have done much. That is where the problem lies. For instance, the Intersociety said that of the about 21 serving Assistant Inspectors Generals of Police (AIG) in NPF, including one specialist, none of them comes from the “Southeast geopolitical zone- an important Nigeria’s federating partner populated by one of the three largest ethnic groups in Nigeria (Igbo). That has made this important federating partner endangered species in the country, including being prone to ethno-religious violence and next door enemy to other federating partners.

CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, March 17, 2014

Angry murmurs over NPF’s promotions

IGP Abubakar CONTINUEDFR O M PAGE 21

The letter said, “Out of the 21 serving AIGs under reference, Northwest geopolitical zone is given 11, North-central five, South-south two, Southwest two, Northeast one and Southeast zero.”

Buttressing their arguments, the group went on to list all the serving AIGs, their birth, enlistment, promotion and retirement dates.

Those from the North West include: Suleiman A. Abba (Jigawa State), birth: 22/03/59, enlistment: 31/12/84, promotion: 22/02/2012, retirement: 22/03/2019, Mamman Ibrahim Tsafe (Zamfara State), birth: 19/02/57, enlistment: 31/12/84, promotion: 22/02/2012, retirement: 19/02/2017. Saliu Argungu Hashimu (Kebbi State), birth: 10/07/57, enlistment: 11/12/84, promotion: 22/02/2012, retirement: 10/07/2017. Bala A. Hassan (Kano State), birth: 25/08/59, enlistment: 08/12/82, promotion: 01/08/2012, retirement: 08/12/2017. Mohammed Jingiri Abubakar (Kano State), birth: 20/08/58, enlistment: 01/01/84, promotion: 01/08/2012, retirement: 20/08/2018. Tambari Y. Mohammed (Sokoto State), birth: 01/10/56, enlistment: 31/12/84, promotion: 01/08/2012, retirement: 01/10/2016.

Sule Mamman (Katsina State), birth: 10/08/55, enlistment: 08/12/82, promotion: 30/01/2013, retirement: 10/08/2015.

Ballah Magaji Nasarawa (Kebbi State), birth: 26/07/61, enlistment: 31/12/84, promotion: 24/09/2013, retirement: 31/12/2019. Sabo Ringim Ibrahim (Jigawa State), birth: 02/04/57, enlistment: 31/12/84, promotion: 24/09/2013, retirement: 02/04/2017. Fana Abdullahi Salisu (Kebbi State), birth: 01/06/56, enlistment: 30/07/79, promotion: 16/01/2014, retirement: 30/07/2014 and Musa Abdul Salam Daura (Katsina State), birth: 02/10/57, enlistment: 31/12/84, promotion: 16/01/2014, retirement: 02/10/2017.

Those from the North-Central geopolitical zone are: Dan’Azumi Job Doma (Niger State), birth: 22/10/59, enlistment: 01/01/84, promotion: 22/02/2012, retirement: 01/01/2019. Christopher Terhem

Onovo

Dega (Benue State), birth: 11/03/55, enlistment: 01/12/81, promotion: 01/08/2012, retirement: 11/03/2015. Mark Adamu Idakwo (Kogi State), birth: 23/04/55, enlistment: 15/07/80, promotion: 30/01/2013, retirement: 23/04/2015. Adisa Baba Bolanta (Kwara State), birth: 14/07/56, enlistment: 01/12/81, promotion: 30/01/2013, retirement: 14/07/2016 and Mohammed J. Gana (Niger State), birth: 31/12/57, enlistment: 01/01/84, promotion: 24/09/2013, retirement: 31/12/2017.

The two AIGs representing Southsouth zone are; Edgar Tam. Nanakumo (Bayelsa State), birth: 31/08/57, enlistment: 01/12/81, promotion: 24/09/2013, retirement: 01/12/2016 and SolomonA. Arase (Edo State), birth: 21/06/56, enlistment: 01/12/81, promotion: 22/02/2012, retirement: 20/06/2016.

The two AIGs from Southwest zone are; Samuel Ilesanmi Aguda of Police Communications Air wing (specialist) from Ekiti State, birth: 28/09/54, enlistment: 15/03/82, promotion: 23/02/2012, retirement: 28/09/2014 and David O. Omojola (Ekiti State), birth: 10/01/55, enlistment: 01/12/81, promotion: 22/02/2012, retirement: 10/01/2015.

The only AIG from North East zone is Kakwe Christopher Katso (Taraba State), birth: 29/09/59, enlistment: 31/12/84, promotion: 16/01/2014, retirement: 29/09/2019.

The group further said: “Another shocking discovery from the list of the 21 serving AIGs in the present NPF, apart from the inexcusable and despicable exclusion of the Southeast zone from the list, is that no woman is among the 21 AIGs. This is despite the fact that women first enrolled into the NPF as far back as 1955. Further fact is that one of the oldest serving police officers/CPs in the present NPF is a woman. She is Mrs. Chintua Amajor-Onu (Abia State, Southeast). She was enlisted on 01/12/81 and has been a Commissioner of Police since 20/12/2010.”

It added that the geopolitical lopsidedness is also manifested in the 88 serving CP in the NPF, including four specialists.

Ringim

Tafa Balogun

“In the list, the Southeast geopolitical zone has the least number of serving CPs with eight. Out of the said 88 CPs, the Northwest geopolitical zone, the zone of the present IGP, Mr. Mohammed D. Abubakar; has 21CPs, followed by Northcentral with 18 CPs, Southwest 17 CPs, Northeast 13 CPs, South-south 11 CPs and Southeast with only 8 CPs.” “An aspect of the promotions that was worrisome, is that all the eight Southeast CPs have between this year (2014) and 2016 to retire either by clocking mandatory retirement age of 60 or mandatory retirement service age of 35 years.

According to the group, the trio of Godfrey E. Okeke(16/09/2014), Ikechukwu Aduba (09/07/2014) and Sylvester A. Umeh(10/11/2014) will retire this year (2014), while Felix Osita Uyanna (15/01/2015), Ikemefuna R. Okoye (15/06/2015) and Hilary Opara (17/07/2015) will go in 2015. The other two, Mrs. Chintua Amajor-Onu and Dr. Mrs. Grace Chita Okudo will retire in 2016.

“This is because of the deliberate long delays in promoting them alongside their counterparts from other parts of the country. They are victims of “promotion dormancy policy” in the NPF inflicted on the police officers of Southeast geopoliti-

cal zone,” the letter states.

“The duo of CPs Hilary Opara and Felix Osita Uyanna had their last promotions as CPs on 18/12/2006 and 16/10/2007 respectively, a period of almost eight and seven years respectively.”

The group listed the eight serving Commissioners of Police from Southeast and their birth, enlistment, promotion and retirement dates as follows; Hilary Opara (Imo State), birth: 31/07/55, enlistment: 17/07/80, promotion: 18/12/2006, retirement: 17/07/2015. 2. Felix Osita Uyanna (Anambra State), birth: 01/05/55, enlistment: 18/07/80, promotion: 06/10/2007, retirement: 05/01/2015. 3. Godfrey E. Okeke( Anambra State), birth: 16/09/54, enlistment: 01/12/81, promotion: 20/12/2010, retirement: 16/09/2014. 4. Chintua Amajor-Onu(Mrs.)( Abia State), birth: 12/07/56, enlistment: 01/12/81, promotion: 20/12/2010, retirement: 12/07/2016.

5. Ikechukwu Aduba (Anambra State), birth: 09/07/54, enlistment: 01/12/81, promotion: 20/12/2010, retirement: 09/07/2014. 6. Sylvester A. Umeh(Enugu State), birth: 10/11/54, enlistment: 01/12/81, promotion: 20/12/2010, retirement: 10/11/2014. 7. Ikemefuna R. Okoye (Anambra State), birth: 15/06/55, enlistment: 01/12/81, promotion: 20/12/2010, retirement: 15/06/2015. 8. Mrs. Grace Chita Okudo (medical doctor), from Ebonyi State. She was born on 09/02/56, enlistment: 13/06/83, promotion: 20/12/2012 and retirement: 09/02/2016.

The 21 CPs from Northwest zone and their birth, enlistment, promotion and retirement dates are as follows: Ibrahim M. Maishanu (Sokoto State), birth: 11/10/59, enlistment: 01/01/84, promotion: 01/01/2009, retirement: 01/01/2019. Lawal Tanko (Kaduna State), birth: 14/03/57, enlistment: 01/01/84, promotion: 20/12/2010, retirement: 14/03/2017. Buhari Tanko (Kano State), birth: 03/02/56, enlistment: 01/01/84, promotion: 20/12/2010, retirement: 03/02/2016. Mohammed A. Indabawa( Kano State), birth:12/04/56, enlistment: 30/07/79, promotion: 20/12/2010, CO NTINUED O N PAGE 24

INVESTIGATION

Sanctity of Truth

Monday, March 17, 2014

23

Blame federal character for set back –Obi, member, PSC Dame Comfort Obi, Journalist and a Commissioner in the Police Service Commission says the wrong application of Federal Character in the Police and promotions is responsible for the disparity in ranks. GEOFFREY EKENNA met her How would you react to the insinuation that no South-East officer stands the chance of being promoted Inspector-General of Police in the near future?

That is not true. I don’t know why people wouldn’t make their researches well before talking. The Igbo have DIG Katchy Udorji, who is in charge of works. So, the insinuation is unfounded.

The recent promotions , how has it favoured the South East?

That is what I am explaining to you.

Every zone has a DIG because the post of the DIG is more of a political appointment. It doesn’t matter whether you have an AIG or not. If you have a Commissioner of Police and don’t have a DIG, the Commissioner will automatically skip the AIG position to become a DIG . but that is the only position that is political. Those that are talking now,

they quickly forget that just in the recent past, the South East had two DIGs. I am talking of DIG Ivy Okoronkwo, who was the Second in Command to the IGP and DIG Azubuike Udah. At that time, the South East was the only region that had two DIGs. How would you react to the present situation where there is no single AIG from the South-East?

What has happened in the position of AIG now is saddening. It is not something that started with President Goodluck Jonathan, or the current IGP or the present Police Service Commission. This is a product of decades of bad police policies. There was this Federal Character principle. It was so bad that you can still see the mates of the current IGP that are still Deputy Commissioners of Police. They so did the Federal Character that when it is your turn to be promoted, they will start looking at this zone or that zone. It affected so many zones, not just the South East.

How is the promotion done now?

During the last PSC headed by Parry Osayande, we made it as a matter of Policy that during recruitment, Federal Character will be observed seriously. But after that, you are on your own. You must pass your exams and be of good behaiviour before you can be promoted. Unfortunately, a lot of harm had been done to the police over the decades, particularly

Obi

to the South-East, South West and some other zones. So, there’s no way we can take anybody from the South East ad make him an AIG because the zone has none. We promote based on Merit. As I said, as a South Easterner myself, it is sad but it is because of the background I have given you. So, you have to get to the position of Commissioner of Police and we use merit. When they talk about the IGP marginalising the South-East, it is not true. The IG does not promote, he does not discipline or recruit. These are the jobs of the PSC. What is the primary function of IGP? The IGP is in charge of operation.

Even in the operation, when he wants to transfer, he brings the list to the PSC and we check. There have been instances where the PSC has said no, this Commissioner cannot go here or there. It is not also the problem of Jonathan or the present Police Service Commission or the last one. It is a product of the use of the Federal Character wrongly. But it will stop. Udorji is the highest ranking officer from the South East; he’s retiring this year. Next to him is Opara, the Commissioner of Police in Bayelsa State. He’s coming up. If he does not become an AIG and Udorji retires, it follows that Opara will become a DIG, so long as he has character, he’s good and he is worthy of that post.

Scheming South-East out of the Police Emeka Obasi

T

he Nigeria Police Force (NPF) has gone through transformation since independence. Though, some horrible things have also happened, even if they sound unbelievable. For those of them from the South-East zone of the country, it has been a mixed blessing.

For instance, Ogbonnaya Onovo, still smarting from being the first and only man from the zone to occupy the top job, would count himself lucky as it seemed he was destined to head the Force. Not many of his kinsmen, though, qualified for the position, was that fortunate.

As a cop, Onovo’s job entailed dealing with gangsters. What he did not bargain for, was the gang up when it was his turn to become Inspector-General of Police (IGP).

However, by the time Sunday Ehindero departed with the Olusegun Obasanjo’s administration on May 29, 2007, Onovo was the most senior police officer left. Ordinarily, it would have been his turn to head the Force. But, that was not to be, as intrigues were to set him and the then President, Umaru Yar’Adua, was caught off guard on the issue. For the very first time, it would

Okiro

have been the turn of an Igbo to call the shot; yet, some powerful forces prevented that as they felt uncomfortable with such arrangement.

Though, Onovo, from Enugu State, was allowed to act. He did that for just three days; it turned out to be three long nights of conspiracy, from May 29, to June 1, 2007. Incidentally, the next in seniority, Mike Okiro, was not part of the plot.

Okiro sounded Edo or Delta. As Commissioner of Police in Lagos, many did

not know his true background. But when the Abuja “plotters” stumbled on his state of origin, Rivers, they shouted Eureka! That did not stop Okiro from assuming office on June 1, 2007, as the 12th IGP of Nigerian blood. As it turned out, they could not throw away Onovo, the Igbo man. He was retained as the most senior Deputy Inspector General (DIG).

Somehow, the schemers got to know that they had misfired. Okiro’s middle name is Mbama. When translated, it sounds like “outsiders do not understand”. The Mamman Nasir boundary adjustment Commission really stole the heart of the Igbo. A town called Obigbo was taken from Imo, and handed over to Rivers in 1976. Okiro is not an Obigbo man. But he knows his roots.

Onovo and Okiro enjoyed cordial ties. No treachery. And that was against the scheme of things. On July 24, 2009, Okiro was dropped. At last, it was Onovo’s time. It did not come easy. Detractors said he skipped the National Youth Service Corps (NYSC). Some argued that he only served briefly as a state Police commissioner in Ogun State.

At the end, reason, maybe luck, prevailed. He was confirmed as IGP; the

very first from the South-East. And that was also the beginning of more sinister moves. On September 8, 2010, Onovo was replaced by Hafiz Ringim.

That is a record. Onovo, the former Enugu Vasco da Gama footballer and lawyer, had, against all odds, become an IGP. He was the shortest serving acting IGP and had the shortest tenure as well; one year and two months. That seemed to be the lot of the South-East.

After Onovo, the next two in the chain of command as DIGs, Ivy Okoronkwo and Azubuko Udah, were also from his geo-political zone. Government chose Ringim above his seniors. The Igbo screamed blue murder. A middle way was worked out. Instead of retiring two more Igbo top officers with Onovo, they were asked to stay as DIGs. That shaky deal was in place until Mohammed Abubakar came. Okoronkwo and Udah were swept away. Ever since, the police broom is still sweeping. The South-East is out of the Kam Salem big pie.

As it stands today, it does appear that the South-East and, indeed, the Igbo are gradually being systemically eased out of the Police Force.

24 INVESTIGATION

Sanctity of Truth

Monday, March 17, 2014

A conspiracy against South-East?

CONTINUEDFR OM PAGE 22

retirement: 30/07/2014. Mohammed Ibrahim Sumaila(Kano State), birth: 30/11/55, enlistment: 30/07/79, promotion: 01/08/2012, retirement: 30/07/2014.

Mohammed Ladan(Kano State), birth: 05/05/54, enlistment: 30/07/79, promotion: 01/08/2012, retirement: 30/07/2014. Umar Gwadabe(Kano State), birth: 20/02/56, enlistment: 30/07/79, promotion: 01/08/2012, retirement: 30/07/2014. Sanusi A. Rufai (Katsina State), birth: 27/08/57, enlistment: 01/08/80, promotion: 01/08/2012, retirement: 01/08/2015. Musa Katsina Mohammed (Katsina State), birth: 1959, enlistment: 01/02/86, promotion: 01/08/2012, retirement: 01/02/2019.

Others are; Usman Twili Abubakar ( Kebbi State), birth: 15/10/59, enlistment: 01/02/86, promotion: 01/08/2012, retirement: 15/10/2019. Ahmed Ibrahim (Kano State), birth: 06/05/57, enlistment: 01/08/80, promotion: 30/01/2013, retirement: 01/08/2015. Maigari Abbati Dikko (Katsina State), birth: 16/03/61, enlistment: 01/02/86, promotion: 03/04/2013, retirement: 01/02/2021. Umaru U. Shehu (Kebbi State), birth: 18/06/58, enlistment: 01/02/86, promotion: 03/04/2013, retirement: 18/06/2018. Saidu Madawaki ( Kebbi State), birth: 05/05/58, enlistment: 30/07/79, promotion: 03/04/2013, retirement: 30/07/2014. Ibrahim Adamu (Zamfara State), birth: 20/11/58, enlistment: 01/02/86, promotion: 24/09/2013, retirement: 20/11/2018. Abdul Dahiru Danwawu (Kano State), birth: 20/10/60, enlistment: 01/02/86, promotion: 24/09/2013, retirement: 26/10/2020. Salisu Fagge Abdullahi (Kano State), birth: 01/07/58, enlistment: 01/02/86, promotion: 24/09/2013, retirement: 01/02/2018. Lawal Shehu (Katsina State), birth: 24/12/60, enlistment: 15/03/88, promotion: 24/09/2013, retirement: 24/12/2020. Nyats Nyehsu Jatau (Kaduna State), birth: 15/12/56, enlistment: 01/08/80, promotion: 04/10/2013, retirement: 01/08/2015. Mohammed K. Mohammed (Katsina State), birth: 02/06/57, enlistment: 01/08/81, promotion: 21/01/2014, retirement: 01/08/2016. Hurdi D. Abubakar Mohammed (Jigawa State), birth: 05/02/62, enlistment: 15/03/88, promotion: 21/01/2014, retirement: 05/02/2022.

The 18 CPs from the North-central zone are; Umaru Abubakar Manko (Niger State), Joel Kayode Theophilus (Kogi State), Wilfred Eje Obute (Benue State), James Olorundare Aronito (Kogi State), Ibrahim K. Idris (Niger State), Shuaibu L. Gambo ( Niger State), John A.B. Opadokun (Kwara State), Waheed Olayinka Salau( Kwara State), Dorothy A. Gimba (Plateau State), Salihu Garba (Niger State), Kudu Nma (Niger State), Usman Yakubu (Niger State), Abdulmajid Ali (Niger State), Abubakar Adamu Mohammed (Nasarawa State), Abdul Salami Iyaji ( Kogi State), Yakubu O. Jibrin ( Nasarawa State), Abimbola Macaulay (Kwara State), Usman Isa Baba (Nasarawa State).

But while the protest and complains go on, New Telegraph investigation revealed that the problem of the South East in the Police is not a new development. Rather,

Mba

Tsav

Past Inspector General of the Police Name Louis Edet Kam Salem Muhammadu Dikko Yusufu Adamu Suleiman Sunday Adewusi Etim Inyang Muhammadu Gambo-Jimeta Aliyu Atta Ibrahim Coomassie Musiliu Smith Mustafa Adebayo Balogun Sunday Ehindero Mike Mbama Okiro Ogbonna Okechukwu Onovo Hafiz Ringim

Period of office 1964–1966 1966–1975 1975–1979 1979–1981 1981–1983 1985–1986 1986–1990 1990–1993 1993–1999 1999–2002 2002 – 2005 2005–2007 2007–2009 2009 - 2010 2010 - Jan 2012

Source: http://www.npf.gov.ng/past-igs/ it appears structured in the scheme of the Force. Since the independence of Nigeria in 1960, only Onovo has made it to the top from the South-East. Okiro, the other Igbo that has made it is regarded as a south- southerner. Sources said even if every IGP and Police Service Commission Chiefs were to favour their zones, the South East would still have had the short end of the stick.

That, according to a former member of the PSC was a result of the long policy of delayed promotions for South Easterners.

According to him, “while northerners and others make their promotions in due time, the South easterners in the police have the misfortune of delayed promotion. Thus, when they even rise to a level of reason,

If some senior police officers in the next batch for promotion are not from the South East, those who are junior would not be promoted along with the senior just because they are Igbo

they are old and cannot even be useful within the short period left for them.”

But the spokesman of the Nigerian Police Force, Frank Mba, reacting to the alleged marginalization, said the Abubakar has nothing to do with promotions with respect to senior police officers.

He urged Nigerians to check the Constitution of the country, adding that the third schedule of the constitution, part M, Section 29, establishes the Police Service Commission (PSC) and Section 30 of the schedule states: “.the commission shall have power to (a) appoint persons to office,(other than the IGP), in the Nigerian Police Force and (B) dismissed and exercise disciplinary control over persons holding any office in sub paragraph…”

He added: “The implication above showed that the power to appoint and promote and discipline officers is squarely vested on the PSC and not the IGP. “The current arrangement in the police today, is that the IGP can only exercise delegated authority to promote persons between the ranks of constable to Inspector. All promotion from Assistant Superintendent of Police (ASP) to Deputy Inspectors General of Police

(DIG) is squarely within the confines of the authority of the PSC. Therefore, the allegation against the IGP is most uncharitable.”

But the PSC spokesman, Ferdinand Ekpe, while confirming that he had heard about the allegations about the South East in Nigerian Police Force, not having equal promotion as their counterparts, said that a press conference was already scheduled for Thursday this week, to address the issue.

A retired DIG, who was instrumental in the production of the blueprint that led to Niger Delta militants being offered amnesty and now runs a law chamber of his own, said he had no comment on the issue. A retired Commissioner of police, Abubakar Tsav, said that promotion in the Nigerian Police Force is based on merit and seniority.

“Promotion in the force is based on seniority and merit. There was a time in the police, when most of the senior police officers, especially in the rank of commissioners of police, were Igbo.

“It means they were in a particular batch. After that batch, comes another batch. If some senior police officers in the next batch for promotion are not from the South East, those who are junior would not be promoted along with the senior just because they are Igbo. You can’t pick from lower rank, to promote with senior rank. It would create disaffection.

“We should however not try to introduce tribalism and ethnicity into the force. It will not be good for the force.

There was time all CPs were Igbo and the next batch, there was no single Igbo.

“But again, people who are due for retirement should be retired, so that others would be promoted to the next rank!”

Another retired Commissioner of Police, Frank Odita, said that promotion in the police was not a right, but a privilege.

“Promotion is by seniority, federal character and merit. Merit had however been played down in the police, while federal character had been played high. If you have more tribe in the batch of promotion, they’ll suffer, because it’s likely only one person would be picked.

But if you are, many are likely to be picked. Until that federal character is reversed, there’s nothing anybody can do about it.”

Comfort Obi, a journalist and Commissioner in the PSC, holds the same view.

She said that it was Federal Character that destroyed the police until the PSC headed by Parry Osarinde came into being. She pointed out that it was that PSC that reduced Federal Character influence on the promotion of Police officers, save for the position of the DIGs, which are considered political. According to her, every zone must have a DIG. Obi did not find the criticisms funny. She said it was partly due to ignorance, even though she acknowledged that the activities of past IGPs before the PSC was set up contributed to the problem. For now though, it appears the anger will go on for a while.

BUSINESS Sanctity of Truth

Monday, March 17, 2014

Monday, March 17, 2014

What's news Nigeria exports N1.87tr goods to US in one year

Nigeria exported goods worth $11.7 billion (N1.87 trillion) to the United States of America in 2013. Crude oil export alone was $11.6 billion from the figure.

Nigeria must diversify 25 its BUSINESS | BRANDS & ADVERTISING economy now –NSC boss

NEW TELEGRAPH

www.newtelegraphonline.com/business

ayodele aminu, Deputy Editor, business

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

Underwriters battle financial losses amid delayed AGMs

}p-26

Analysts forecast 7.95% February inflation As stakeholders look up to the National Bureau of Statistics (NBS), to release headline inflation data for February 2014 in a few days, analysts have projected a marginally decline to 7.95 per cent from 8.0 per cent last January.

}p-26

Same day cheque clearance: CBN sets Sept deadline

Chief Executive Officer/Managing Director, Airtel Nigeria, Segun Ogunsanya (left) and the Chief Operating Officer/ Executive Director, Deepak Srivastava, during a media talk show of the company in Lagos.

The Central Bank of Nigeria (CBN) has given banks a deadline of September 4 to ensure that same day (T+1) value to banks' customers is fully operational.

DECLINE

Market makers ineffective, say shareholders

Sunday Ojeme

All is not well as insurance operators report dismal financial performance.

}p-31

The market making process introduced in the stock market has not boosted liquidity in the trading activities, key operators of the Nigerian Capital market have concluded.

}p-36

BUSINESS CREW AYODELE AMINU, Deputy Editor (Business) Simeon Ogoegbulem, Dep. Business Editor BAYO AKOMOLAFE, Asst. Editor (Maritime) SUNDAY OJEME, Asst. Editor (Insurance) SIAKA MOMOH, Asst. Editor (Industry) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

T

he battle by underwriters in Nigeria to raise stakes in the insurance sector has again been dealt some blows as operational results emanating from the delayed 2012 annual general meetings have failed to meet shareholders’ expectation.

The 2012 annual general meetings, which were supposed to be conducted in 2013, were delayed till 2014 due to the operators’ inability to comply on time with the International Financial Reporting Standard as recommended by the National Insurance Commission (NAICOM).

Unlike in the past when results turned out positive in all

WOLE SHADARE, Aviation Editor

Abdulwahab Isa, Finance Editor Chuks Onuanyin, Energy Nnamdi Amadi, Reporter

the financial indicators, the 2012 annual accounts have been fraught with one form of decline or another. As at two months ago, only one company out of the 58 registered insurance firms had been able to turn in its 2012 accounts to NAI-

COM for scrutiny and approval.

According to details of the reports , African Alliance posted a loss of 84.2 per cent for the audited period ended December 31, with the company’s pre-tax profit recording a loss of N152.405 million as against

N970.088 million declared in 2011.

Standard Alliance also recorded a loss before tax of N1.9 billion which largely arose from a comprehensive impairment review of its trade receivables.

It rose to N2.8 billion in 2012 against N.783 billion in 2011.

For Lasaco, the company’s post-tax profit in 2012 recorded a decline of 185.1 per cent from N299.711 million in 2011 to N255.024 million. Similarly, the pre-tax profit also dropped by -136 per cent to N180.090 million when compared to N500.310 million recorded in 2011.

Mutual Benefits also experienced losses in both profit before tax as well as profit after tax as they depreciated by 222 per cent and 737 per cent in 2012 respectively.

In its profit after tax, it recorded a loss of N609.261 million compared to N72.814 million reported in 2011 while the profit before tax was N290.607 CONTINUED ON PAGE 26

Mobile peak period tariff falls 21% in four years –NCC Jonah Iboma

E

fforts to drive down the cost of making calls on mobile phones have been yielding effective results according to data released by the Nigerian Communications Commission (NCC), with offnet calls down by as much 20.8 per cent within the period of 2007 to 2011. Off-net calls are calls made from one network

to another.

The data released recently on the website of the telecommunications industry regulatory body showed that as at 2007, off-net calls was at average of N41.10 per minute, but between that time and 2011, it had fallen down to N32.55 per minute., It will be recalled that off-net calls was at a peak cost of N50 per minute when digital mobile services began in 2001. Howev-

er, with the entry of Globacom, as the second national operator to compete with the two more active networks, MTN and Econet Wireless, the cost and come to around N42 per minute. Globacom’s introduction of per second billing in 2003,also helped drive down tariff during this period.

The period under review, acCONTINUED ON PAGE 26

Rates Dashboard

DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor

}p-28-29

INFLATION RATE January 2014 ...........................8.00% December 2013.......................8.00% November 2013..........................7.90%

LENDING RATE InterBank Rate. . . . . . . . . . . 10.75% Prime Lending Rate. . . . . . 17.01% Maximum Lending Rate. .24.90%

EXCHANGE RATE

(Parellel As at Mar. 14)

USD. . . . . . . . . . . . . . . . . . . . . . . N172 Pounds. . . . . . . . . . . . . . . . . . . . N282 Euro. . . . . . . . . . . . . . . . . . . . . . . N240

EXCHANGE RATE

(Official As at Mar. 14)

USD. . . . . . . . . . . . . . . . . . . . N157.74 Pounds. . . . . . . . . . . . . . . . . N262.27 Euro. . . . . . . . . . . . . . . . . . . . N180.76

26 business | NEWS skewed trade Nigeria imports more than its exports.

Bayo Akomolafe

N

igeria exported goods worth $11.7 billion (N1.87 trillion) to the United States of America in 2013. Crude oil export alone was $11.6 billion from the figure.

Sanctity of Truth

Monday, March 17, 2014

Nigeria exports N1.87tr goods to US in one year Some of the exports are leather, prepared vegetables, beans, cocoa paste, spices and cassava. The country is planning to import 19,000 metric tons of wheat from the United States this year.

America exported 277,300 metric tons of wheat to Brazil, Nigeria, South Korea and Mexico last month. Wheat sales volumes also fell last week as grain prices jumped to their highest levels of 2014.

Wheat exports by the country decreased 36 per cent from the prior 10-week average. Apart from wheat, exports to Nigeria

by US were valued at $6.5 billion in 2013. Major US exports to Nigeria, according to United States Trade Relations, include mineral fuels, vehicles, machinery and plastics.

It was revealed that the country’s foreign direct investment in Nigeria totaled $8.1 billion in

2012 up 53.6 per cent from 2011.

The Trade report by Maersk Line also indicated that agricultural products including cocoa, cashew nuts, sesame and cotton dominated the list of containerised commodities exported from Nigeria.

It said that since 2007, the import and export ratio had remained at around 92 per cent import versus eight per cent export.

Underwriters battle financial losses amid delayed AGMs C O N T I N U ED F R O M PA G E 2 5

L-R:Minister of Communication Technology, Omobola Johnson; Director, Planning Research and Statistics of the Ministry of Communication Technology, Mr Wole Edun and the Principal of Federal Government Girls College, Bwari during the launch of the Digital Girls ICT Club in Bwari, Abuja.

Analysts forecast 7.95% February inflation WEAK NAIRA Analysts at FDC expect depreciation of the Naira and a decline in inflation.

Ayodele Aminu

A

s stakeholders look up to the National Bureau of Statistics (NBS), to release headline inflation data for February 2014 in a few days, analysts have projected a marginally decline to 7.95 per cent from 8.0 per cent last January.

Analysts at the Financial Derivatives Company (FDC), after taking into account various developments in the economy observed a decline in food prices, which it noted, is expected to be reflected in February inflation numbers due to be released in a few days.

"Our forecast is that the headline Consumer Price Index (CPI) will decline margin-

lSay Naira band trading may expand by N5 ally to 7.95 per cent from 8.0 per cent in January. " This shows a moderation in the headline inflation rate after remaining flat in December and January. The reduction in price level is partly due to the post-festivities drop in purchasing power of consumers," noted FDC analysts in their March 14, economic bulletin.

The company noted with surprise that even after the redemption of the Asset Management Corporation of Nigeria’s (AMCON) bonds of N1trillion in December, the transmission effect on prices is relatively mute as both the food and non-food basket prices are expected to slide.

FDC’s urban inflation survey in February showed that urban inflation moderated by 0.94 per cent to 8.63 per cent.

Both baskets of the food and non-food items moved in the same direction with the food basket declining by 0.87 per cent to 8.12 per cent and the non-food basket by 0.97 per cent to 8.89 per cent.

FDC said this shows that the movement in inflation was influenced mainly by seasonality rather than cost-push or demand pull effects.

On expected impact, the company noted that market response to the inflation announcement is likely to be in two phases. The initial impact will be neutral and nerve soothing. This is because of the belief that the MPC is unlikely to take hard decisions in a declining inflation environment.

Also, the analysts believe CONTINUED ON PAGE 27

million in 2012 compared to N238.931 million recorded in the corresponding period of 2011.

In the case of Niger Insurance, although gross premiums written rose to N10.330 billion from N7.809 billion, its profit before tax dropped N1.788 billion or 71.76 per cent to N703.499 million, from N2.492 billion in the corresponding period of 2011. Profit after tax stood at N776.293 million from N2.295 billion, representing a 66 per cent decline.

The company’s shareholders’ fund, however, rose to N7.350 billion from N5.224 billion, just as total assets grew from N19.960 billion to N22.289 billion. Capital Express Assurance Limited also experienced a decline in gross premium put

at N2.82 billion, a 15.17 per cent shortfall from the N3.36 billion it made in 2011. Its gross premium income for the previous year also fell short of the figure for 2011, falling from N4.06 billion to N2.87 billion.

Net premium earned by the firm in the same period peaked at N2.79 billion, representing a 7.0 per cent decrease in value compared to the N3.04 billion recorded in 2011.

In 2012, fees and commissions earned by the firm rose significantly to the tune of 83.16 per cent, going up from N45.25 million in 2011 to N82.88 million in 2012.

Gross claims expenses incurred by the firm totaled N1.88 billion, a 75.70 per cent increase over the figure for 2011 which was N1.07 billion.

Mobile peak period tariff falls 21% in 4 yrs –NCC C O N T I N U ED F R O M PA G E 2 5

cording to NCC, also saw on-net calls fall from N34.20 to N31.35.

Surprisingly, however, the figure showed that on-net calls increased in 2008 toN36.48, showing that operators charged their subscribers more for calls within their networks.

Analysts generally say that the fall in cost of making calls is due to competition and the growth in subscriber levels.

In 2012 and part of 2013, telecommunication operators introduced a high discount rates for subscribers that allowed them to make calls at rates 50% lower than the normal rates and also introduced free weekends on net

calls as well.

The Chief Corporate Executive MTN, Mr. Wale Goodluck, while presenting the firm’s performance for 2012, noted that such promotions impacted the bottom line of operators.

However, as the cost of making calls have been dropping, the quality of service has also suffered a decline, a situation that experts have blamed partly on the limited investment that operators have made on their network.

According to the Chief Executive Office, PNN Limited, Chief AbdulRahman Abiola-Odunowo, networks will see improved services once their capacity is increased to cope with the reality on ground in Nigeria.

BUSINESS | NEWS

Sanctity of Truth

Monday, March 17, 2014

FORWARD LOOKING The new owner of the Benin Electricity Distribution Company has set growth targets .

Adeola Yusuf

T

he Benin Electricity Distribution Company (BEDC) would invest over N45 billion to fix power distribution challenges in order the improve the network and increase meter availability.

Managing Director of the company, Mrs. Funke Osibodu, who said this in a presentation, maintained that this massive investment is required over a sus-

27

Benin power company plans N45bn investments tained period of several years before positive results can be visible in states ( Edo, Delta, Ekiti and Ondo) covered by the company.

Located in transmission network hob of Edo, Delta, Ondo and Ekiti states, the BEDC, Osibodu said, is allocated 9 per cent but sometimes gets up to 12 per cent power availability, which is the highest in the country.

She said: “Massive investment of over N 45billion is required over a sustained period

of several years before positive results can start to be visible.

BEDC management focus is to address the rot in infrastructure and to reposition the company in the path of providing good service to the customers and ensuring operational viability.”

Others, according to the BEDC Chief executive Officer, are “ensuring financial viability, meeting the requirements of the regulators, especially Nigerian electricity regulating

commission (NERC) and having well trained, motivated and highly competent workforce.

“We are in the largest gas producing terrain - key source of cheapest power- Delta State and the company has largest number of power plants around it. .

These investments are important, according to the Managing Director, because the company’s network condition, which was inherited was aged, undersized and over extended

high tension/low tension lines.

She said: “The customers are also required to pay their bills promptly to avoid disconnection. Currently, majority is not paying and owes the company whilst several are bypassing (stealing power through illegal connection).

She enjoined those paying to monitor their neighbors as diversion and illegal consumption of power results in high tariff, which are indirectly paid for by those paying their bills.

Analysts forecast 7.95% February inflation C O N T I N U E D F R O M PA G E 2 6

the interbank market will be relatively tentative, but that as the date of the Monetary Policy Committee (MPC) meeting draws near and the external reserves deplete towards $37billion, "the market jitters will increase again with most players shorting the naira and treasurers locking in at the long end of the tenor curve."

However, the company noted that the threat to price stability is still very potent, especially in view of the potential for exchange rate transmission on imported finished goods.

It listed other risks to include 50 per cent hike in gas prices for power generation and the implementation of the new automotive policy remain.

FDC expects the MPC to be very aggressive in its mopping up and push the Cash Reserve Ratio (CRR) to the maximum level. This according to the company will be complemented by tweaking the private sector CRR from 12 to 15 per cent.

It observed that the allowable band for naira trading may be shifted from the current $(N150 —160) to a $(N155— 165), which in effect means a N5 crawling peg to the downside (naira depreciation).

FDC analysts further observed that all other markets will react in line with their interest rate sensitivity or convexity and that most bond traders and other fixed income securities holders have already priced in an interest rate increase into their sentiments and portfolios.

L-R: Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. John Isemede; Head, Nigerian-Belgian Commercial Information and Documentation Centre, Paulette Van Trier; Ambassador of the Kingdom of Belgium to Nigeria, Dirk Verheyen and Deputy Director General, NACCIMA, Dr. Mike Ojo during the visit of the Ambassador to NACCIMA in Lagos.

GTB to reward shareholders with N1.70 per share HARVEST Guaranty Trust Bank is set to reward its shareholders with more dividends.

Chris Ugwu

G

uaranty Trust Bank plc has proposed dividend pay-out of ₦1.70 per share to its shareholders for the financial year ended December 31, 2013.

The dividend pay-out is an increase of 10 per cent over the ₦1.55 paid in the comparable period of 2012 and a share price appreciation of 17 per cent in 2013.

This was contained in the bank’s audited financial results for the year ended December 31, 2013 presented to the Nigerian and London Stock Exchanges.

A review of the results shows a strong and considerable performance across all financial indices and also affirms the Bank’s position as one of the most profitable financial services provider in Nigeria.

In terms of value creation, GTBank maintained its top position in the industry with pretax Return of Equity (ROE) of 34.9 per cent and pre-tax Return on Asset (ROA) of 5.6 per cent.

A cursory look through the numbers showed a 28.6 per cent growth in loan book from ₦783.91billion in 2012 to ₦1.01 trillion in 2013, while customer’s deposits grew by 24.3 per cent from ₦1.15 trillion in 2012 to ₦1.43tn in 2013.

Consequently, the group closed the 2013 financial year with a balance sheet size in excess of ₦2 trillion while shareholders’ equity increased by

17.9 per cent from ₦281.83 billion in 2012 to ₦332.35 billion in the period under review.

Risk management framework in the bank remains significant as Non-Performing Loans (NPL) ratio decreased to 3.58 per cent in 2013 from 3.75 per cent in the comparative period of 2012.

Commenting on the results, Mr. Segun Agbaje, Managing Director and CEO of Guaranty Trust Bank plc stated : “As a growing franchise and in spite of the regulatory headwinds, our Bank has posted respectable results that reaffirm our reputation as a market leader and a highly ethical financial institution. We have maintained our cost-leadership position as typified by the cost-toincome ratio (2013: 43.5 per cent; 2012:43.1 per cent) among peers year-on-year.

He added: “with this performance, we will maintain our commitment to maximizing shareholder value with a proposed dividend pay-out of ₦1.70 per share, an increase of 10 per cent over the ₦1.55 paid in 2012 and a share price appreciation of 17 per cent in 2013.

Our acquisition of Fina Bank Limited, a Kenyan bank with significant business footprint in Rwanda and Uganda gives us the opportunity to commence business in three East African countries via the acquisition of one bank.

“This will give us great mileage and an opportunity to leverage our brand equity. We hope to further tap into the growth potentials of emerging African economies thus bringing us closer to our philosophy of being ‘A proudly African and truly international’ financial brand.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ma

Nigeria must diversify its Landlocked countries of Niger Republic and Chad are waiting for the commencement of the Inland Container Depot or dry ports in Nigeria. But they have to tarry until the dry ports are declared ports of origin and destination. Executive Secretary and Chief Executive Officer, Nigerian Shippers’ Council (NSC), Mr. Hassan Bello, in this interview with BAYO AKOMOLAFE, explains the role of the council and its status as economic regulator of Nigerian seaports among other sundry issues.

Bello

What is your assessment of port development in Nigeria?

Port development has come a long way since the colonial era. There have been some fundamental changes over the years.

We are having more private sector participation in the industry unlike before when it was government alone. This is good for the industry because government believes that the private sector will make more meaningful contributions to the maritime industry and this will spur the potentials of the industry which will in turn boost the country’s economy.

What are your council’s efforts to regulate the ports?

In the last 27 years, Nigerian Shippers Council has been making efforts to create enabling environment for the interest of the various stakeholders in the maritime industry. The shipping industry is populated by various stakeholders and you need a fair play field. There should equilibrium for the sector to thrive and Nigerian Shippers’ Council is the umpire that overseas the operations of the maritime industry and advises government on investments in that sector.

What are the challenges as the commercial regulator of the port sector?

The council has been performing the role of economic regulator for a very long time.

What we have now is just a confirmation from the Federal Government. This new

development will enable us to have some interaction and communication with various stakeholders because we have to develop that synergy. We have to provide a conducive atmosphere for everybody. As an economic regulator, we must encourage competition and stop monopoly. It is also our role to eliminate corruption in the transport sector so that consumers will have choices in the marketplace.

What is the state of the Inland Container Depots?

The Inland Container Depots (ICDs) or dry ports are ports of origin and ports of destination. The Federal Government is very serious about declaring them as such.

The ICDs are being concessioned to private operators and the people are ready to run the dry ports. Dry ports are conceived to solve the problem of perennial port congestion. They are ports in all aspects. It is just that you do not see water. But cargo can be consigned from anywhere to these ports.

They are in six locations for now: Abia, Ibadan, Kano, Funtua, Maiduguri and others. We are also trying to bring up one each in Kaduna and Gombe. The essence is to have the ports brought to the doorstep of the shipper. What they will be doing is to clear cargo from the ports to the inland.

However, unless they are declared as ports of origin and destination, cargo may not be consigned to the ICD stations. This is the hurdle we are trying to clear now.

There is a legal framework, because these

ports have to be designated and declared as ports of origin and ports of destination before they could operate. That has to be gazetted. But the minister for transport has already set up a committee and the committee has submitted its report, and in a very short time they will be declared as ports of origin and ports of destination. People can consign cargo or export cargo from the dry ports. This is what we are waiting for.

Immediately this is done, we will start the construction and this will become a reality.

The ICDs are very significant because they are ports like the Tincan Island Port. They are ports in all ramifications in the sense that you will have the presence of Nigeria Customs Service, Nigerian Ports Authority, terminal operators, clearing agents and other shippers. With this, the economy will get a boost and there will be industrial clusters around them like warehouses, haulage businesses and other ancillary industries.

It is also a centre of international trade for Nigeria because cargo will be examined there. So, our landlocked neighbours will surely use them for the transportation of their cargo. As a matter of fact, Niger Republic is actually waiting for the commencement of these dry ports so that they can consign their cargo to them. This will be easy because it will make transportation cheap. It will bring shipping to the door steps of inland shippers. Aside these, ICDs will have employment content as many people would be employed. Also, the objective of the council is to establish truck transit

parks at Lokoja, Onitsha, Ogere, Mararaba and Ore. The purpose is to promote road transport security in transportation and cargo of vehicles, to reduce theft and pilferage in transit and to help other landlocked countries. These, of course, will be done on Public Private Participation (PPP). It will also grow industry and create employment for people.

What are the obstacles to the council’s dry ports project?

There are delays in the take-off of the ICDs due to policy somersault at the early period of operation, given that the building of infrastructure was vested in government before the advent of Public Private Partnership. The Nigerian Shippers’ Council’s role was initially that of the policy formulation and in opening up communication with state governments and development partners. The state governments are to provide land free from the encumbrances for concessionaires. There is a timeline for completion of these projects. But, unfortunately, when the PPP was being introduced, there were some serious gaps because the legal framework for the ICDs was lacking.

Thirdly, the formation of these projects at the time was not put through proper scrutiny. So, the inland container ports were the guinea pigs of the PPP and they suffered from pioneering challenges. However, with co-operation from the Federal Ministry of Transport, concessionaires and invigoration of the council, the ICDs are back on

MONDAY| INTERVIEW 29

of Truth

arch 17, 2014

economy now –NSC boss the Shippers’ Council Act.

BIODATA

Shipping activities have suffered some setbacks in Nigeria. What is your council doing to address this?

The council is backed by law to ensure that local shipping charges, import charges and shipping company charges are moderate. We have had negotiations with the shipping companies and we had negotiations with carriers, that is, the shipping lines, about the freight. We also had negotiations and meetings with the NPA and terminal operators so that prices of these charges are moderately decided. We are not a price-fixing entity or organisation.

We know that the dynamics is for prices to fluctuate. Prices are supposed to even come down with the port reforms. In the past, we had 17 different charges in the Nigerian ports, but the Nigeria Shippers Council has now cut them down to only seven. We have curtailed the arbitrariness of shipping companies and shipping lines. We are striving to even get more involved, because the essence of the port reforms was to bring down the cost of doing port business in Nigeria.

Previous jobs: Ministry of Justice, Sokoto State.

Sokoto Investment Company Limited as acting Managing Director/ Chief Executive Officer.

Schools attended: Ahmadu Bello University, Zaria University of Southampton for a Maritime Law Summer Course; Lloyds Maritime Academy on Time and Voyage Charter Parties; Lloyds Maritime Academy in various courses on Carriage, Contract of Afreightment, Shipping and many other professional maritime courses and seminars.

Degrees: Bachelor of Law, LLB and Masters of Law, LLM

track. As of now, the committee on legal framework has completed its assignment and awaiting submission to the minister.

Kindly explain the positions of state governments on the projects?

We have been talking with Gombe State government on the project. I met the Director-General, Infrastructural Concession, Regulatory Commission and we have got a transaction adviser for Gombe. Very soon, something will materialise. Let me commend the Gombe, Katsina, Kano and Oyo State governments. They have provided lands free from encumbrance. This is what they are supposed to do. Some have even taken equity. Others like Kaduna, Abia, Borno should also show enthusiasm and interest, just like those other ones.

Do you have any partnership arrangement with the National Inland Waterways Authority on cargo movement to the inland?

The Nigerian Shippers Council is the superintendent of transport facilities. We have encouraged the diversification of carriage and goods through different mode of transport. We advocated the revamping of the rails. We have advocated the carriage of goods through the inland waterways. It is very strategic. It relieves the roads from pressure and it is also cheap. We have partnered with the National Inland Waterways Authority to see this. There are also going to be river ports developed along some towns by the river bank like Onitsha and the rest of them. It is very important that we have such developments, because that was why the River Niger was dredged.

Bello

depots. We are also saddled with the provision of truck transport parks. These two important infrastructures will go a long way in the long run. The second priority is to bring shipping to the door steps of shippers in the vast hinterland, thereby reducing the cost of shipping. Thirdly, to make these ICDs or dry ports the consolidation points for exports, because Nigeria has to diversify its economy now or never.

What are your priorities in moving the industry forward?

Nigeria has a large infrastructure deficit, especially in the transport sector. We are saddled with providing this infrastructure, especially with the dry ports and container

We have to earn foreign exchange from our farm produce and mineral resources which are competitive and where these are obtained is not at the sea ports…

Bello

We have to earn foreign exchange from our farm produce and mineral resources which are competitive. Incidentally, where these are obtained is not at the sea ports but in the hinterland and we need these ICDs to be the centre for exports. It is also important that they are recognised as ports of destination for imports and origin, so you can consign cargo to these ICDs. We intend to be an economic regulator as contained in

What kind of synergy exists between you and Nigerian Railway Corporation?

The railway corporation is an agency of the Federal Ministry of Transport. It is a very specialised place. We have a ‘Level Service Agreement’ with the Nigerian Railways.

These ICDs are deliberately built to be near the rail lines. Railway is aware of the placement of these ICDs at strategic locations and will surely patronise them. We are also in agreement with port operators so that they will assign specific areas to cargoes destined for ICDs. Trains are moving everywhere now but we are concerned seeing cargo move on wagons from the port to ICDs. Dry port is an important investment that involves Public Private Participation (PPP). We don’t want to have trailers parked everywhere. Nigeria must bring transport infrastructure up to world standard. If anybody sees trailers parked everywhere and cargo being delayed, that is a problem. We must have modern parking place. The Truck Transit Park (TTP) we initiated is a modern park.

What is your vision for the council?

My vision is a collective vision of the council. It is a vision anchored on our ability and capacity to translate vision into reality.

I believe that our vision also has to be economically relevant and therefore has to relate with the economy of the country. Having been mandated to carry out certain economic functions like advising the Federal Government on key policy issues on shipping, transportation and availability of transport infrastructure, NSC therefore has an onerous responsibility. Our vision is, therefore, in tandem with the on-going transformation agenda of the Federal Government by ensuring that our maritime infrastructures are improved upon at least to make Nigeria one of the most powerful economic nations by the turn of the century.

30 business | NEWS

Sanctity of Truth

Monday, March 17, 2014

Stakeholders warn against substandard blocks CAUTION Low quality sandcrete blocks will lead to building collapse

Dayo Ayeyemi

A

s dealers of cement jacked up prices from N1,650 to N2,000 in many locations in Lagos and Ogun states, homebuilders have continued to warn against the production of sub-standard sandcrete blocks and houses in the country.

They fear that since the major increase of about 25 per cent in cement prices, manufacturers of sandcrete blocks have been reducing the cement content in their production line in order to stay in business.

This, stakeholders said, might lead to more buildings collapse, appealing to block producers to be honest with Nigerians and homebuilders.

When New Telegraph visited some locations such as Ibafo, Mowe, Berger, Akute and Lagos Island where some of the local block molders are

L-R: Manager, Integrated Marketing Communication, Nutricima, Mr. Funso Joseph; Market leader, Irepodun market, Ikotun, Chief Ambali Shakiru; winner, one million naira cash prize, Mr. Uzochukwu Chidi Hyginus, and Regional Sales Manager, Lagos, Nutricima, Mr. Oluseun Adegoke, during the prize presentation to winners of Nutricima mega cash promo, held at Ikotun market, Lagos….yesterday.

located, some of them have also increased the prices of their products.

A nine inches block that hitherto sold between N140.00 and N150.00 in February now sells for N160.00- 170.00 depending on location. Also, the price of six inches block has been increased to N155.00 from N 135.00.

Some of the block moulders blamed the recent cement price

increase for their action, complaining that they are still unable to meet profit target despite the increase in products’ prices.

“We are barely surviving,” one of them who identified himself as Baba Ijesha said, adding that dealers of cement should be blamed for the hardship inflicted on homebuilders.

Former President of the Nigerian Institution of Structural Engineers, Victor Oyenuga,

Nigeria’s polling firm NOIPolls joins international body recognition NOIPolls gets foreign accolade.

N

igeria’s leading survey and opinion polling organisation, NOIPolls Limited, which recently celebrated its seventh year of operation in Nigeria, has been admitted as a member of the prestigious International Well Being Group (IWbG).

The IWbG is a consortium of over 150 researchers in over 50 countries which aims to develop the Personal Wellbeing Index into a valid crosscultural measure of subjective wellbeing.

A statement by NOIPolls Ltd in Abuja noted that the admission of the company into the global body was due to the recently introduced NOIPolls Personal Well-Being Index (PWBI) as part of our portfolio of indices which was released to the public on February 11,

2014.

The NOIPolls Personal Well-Being Index measures factors impacting on the lives of everyday Nigerians, thereby producing a holistic view of the average individual’s personal well-being.

It explained that from November 2001, an international collaborative network gradually assembled with the aim of developing a brief, standard Index to measure population subjective wellbeing. The International Wellbeing Group currently involves researchers from some countries. Each researcher intends to try the index in their own country.

The IWbG has the aim of developing the PWI into a standard, cross-cultural scale to measure the subjective wellbeing of populations.

The group comprises three kinds of members. There are Primary Researchers who have the aim of generating normative population data in their own country, the Project

Researchers, who are using the scale for some specific purposes and the Expert Discussants, who share all correspondence and also advise on the development of the instrument.

“NOIPolls, having made history by being the first organisation in Nigeria to officially release a Personal Wellbeing Index which measures factors impacting on the lives of ordinary Nigerians, was nominated as a Primary Researcher for Nigeria.

“Having accepted the invitation to join the group as a Primary Researcher, we are proud to announce that our nomination and membership has been confirmed and NOIPolls officially represents Nigeria on the International Well Being Group (IWbG).

“The organisation is also pleased to announce that the Primary Researcher to represent Nigeria at the International Wellbeing Group (IWbG) is Dr. Bell Ihua, Director of Research at NOIPolls,” it added.

pointed out that the quality cement in Nigeria was not in doubt, but the way users of the products engage in sharp practices and cut corners have always being the problem leading to building collapse.

He said: “The mixture of cement in concreting is the problem. So emphasis should be on

the way cement is being mixed with sand, water and granite on site. This has nothing to do with the quality of cement.”

Another engineer, Mr. Olatunde Jaiyesimi, said many things have gone wrong in the country, blaming professionals for not making enough noise about them. He urged the Standards Organisation of Nigeria (SON) to pick samples of these products, check and correct them.

He said: “SON should pick samples of these products and correct them. SON is not doing enough because you do not need to toy with the issue of standard. We are only lucky in this country because we don’t over design.”

Chairman of the Nigerian Institution of Estate Surveyors and Valuers (NIESV),Mr. Stephen Jagun, said it was disappointing that prices of cement have gone up again after much promised by the manufacturers three years ago that prices would come down as they now have maximum installed capacity.

Entrepreneurs among happiest people –GEM report Siaka Momoh

E

ntrepreneurs are among the happiest individuals across the globe when it comes to individual well-being and satisfaction with their work conditions, according to the global entrepreneurship monitor 2013 global report.

The GEM report’s special topic, Entrepreneurship and Well-Being, also found that women entrepreneurs from innovation-driven economies showed, on average, higher degrees of personal well-being than their male counterparts.

Entrepreneurs worldwide – at both the established and earlystage phases – exhibited higher ratings on subjective well-being compared to populations not involved in entrepreneurship activities, suggesting that entrepreneurship could be a good career choice for most, the report said.

“Our idea,” said José Ernesto Amorós, report coauthor, “is to contribute to a better understanding about what influences a population’s perceptions about well-being and how that consequently shapes entrepreneurship

indicators. One interesting finding is that in all regions, entrepreneurs exhibit relatively higher rates of subjective well-being in comparison to individuals who are not involved in the process of starting a business or owningmanaging a business.

Another relevant result is that female entrepreneurs in innovation-driven economies exhibit on average a higher degree of subjective wellbeing than males. This initial assessment opens up possibilities for exploring the role of women and men entrepreneurs beyond the traditional notion of development generally associated with economic indicators,” Amorós said.

The report, unveiled at the GEM annual meeting in Santiago, Chile, is the 15th annual survey of entrepreneurship worldwide and is the largest single study of its kind. It is co-authored by José Ernesto Amorós, Universidad del Desarrollo in Chile and Global Entrepreneurship Research Association (GERA); and Niels Bosma, Utrecht University in the Netherlands.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, March 17, 2014

Same day cheque clearance: CBN sets Sept deadline

SERVICE Banks set to improve the turnaround time for cheque clearance.

T

for same day cheque clearance was introduced 10 years ago.

The banking watchdog also warned that banks that failed to install risk mitigating devices to reduce cases of fraud before June 1, 2014, will be sanctioned.

he Central Bank of Nigeria (CBN) has given banks a deadline of September 4 to ensure that same day (T+1) value to banks' customers is fully operational.

Cheque truncation platform

Enterprise Bank offers weekend customer care services

E

nterprise Bank Limited has increased the work hours at its Contact Centre on weekdays from 8a.m. to 8p.m., thus giving the public longer time to enjoy its services.

This, according to a statement from the bank, is in fulfillment of its promise to continually seek new ways of delivering the best of customer service to all stakeholders in the current financial year and beyond, The statement said customers as well as the general public can also reach the bank on weekends between the hours of 8a.m. to 2p.m.

During these periods, the bank added that customers

can also call in for all their requests/enquiries including card hot listing, card re-issue requests, Automated Teller Machines (ATMs) dispense errors, cheque book requests and stop cheque requests among other transactional issues.

Aside from these, the bank also stated that customers will also have the opportunity of getting their problems solved by well-trained personnel through live chat, e-mail, phone call and facebook, just to mention a few.

According to the statement, the latest development is part of the efforts of the bank to continually regenerate its service delivery options.

Currently, cheques presented in the automated clearing house in day T+1 earns value for the beneficiary on day T+2 (transaction day plus two days), whereas the beneficiary bank is settled in T+1.

In a circular with reference number: CBN/BPS/ CIR/02/2014 addressed to all banks, the apex bank on its website said : "All deposit money banks are hereby directed to

CSR Sterling Bank is building leaders of tomorrow

S

terling Bank Plc is set to give project-based grants to three entrepreneurs expected to emerge from its on-going Meet The Executive campaign.

The winners will also be introduced to local and international investors.

Sterling Bank Plc’s Managing Director, Yemi Adeola, said these during a meeting with

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

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

FX

31

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

configure their systems to give value to their customers on Day T+1 (same day the DMBs are given value for the presentment) "However, as we envisaged that these changes to the process may affect your internal control practices, as well as your systems, T+1 value to banks' customers is expected to be fully operational by 4th September 2014."

The CBN said this is as a

result of developments in the processing of cheques and the need to enhance the effectiveness of the Cheque Truncation procedures.

Consequently, the apex bank has directed the Nigeria Interbank Settlement System (NIBSS), to close the first session at 8.am prompt daily, and open the 9-10 am Special Session for late transmissions of clearing instruments.

Sterling Bank promotes entrepreneurship the up-and-coming entrepreneurs participating in the programme.

Noting that entrepreneurs as the backbone of any economy, he said the initiative is driven by the lender’s passion for helping budding entrepreneurs attain great heights.

“We plan to choose three out of the whole people, and workout the modalities or logistics of the fund with them, but it is easy money. The fund will be project-based,” he said.

The topflight bank advised participants to persevere in the face of daunting challenges facing the subsector, adding that it is one’s ability to rise above limitations that determine the level of success.

“Any economy anywhere in the world is driven by Small and Medium Enterprises (SMEs).

And unless we encourage

them, create conducive atmosphere for them to operate, we will continue to struggle as an economy,” he said.

Adeola said over 700 entries were received from entrepreneurs who also submitted proposals to the bank. “We then pruned the number. We are now about selecting the final list, and by the end of the day, whatever project they are putting on the table, we are going to partner with them, and give them grants in the first instance, to assist them,” he said.

Besides, he said the bank will also introduce the eventual winners to investors and mentors to ensure that they grow into conglomerates, adding that the programme is not going to be a one-off thing as “Sterling Bank will continue to build and create more entrepreneurs in the country.”

Keystone Bank MD lauds CBN's financial inclusion initiative

K

eystone Bank, last Thursday, joined the global community in celebrating the global money week.

The Managing Director and Chief Executive Officer, Mr. Philip Ikeazor, lauded the Central Bank of Nigeria (CBN) on the programme specifically targeted at school children to raise awareness on finances.

The CBN, in conjunction with other stakeholders in the financial literacy steering committee and the Ministry of Education, is developing the financial literacy curriculum to be included in the Nigerian school system from 2015.

According to Ikeazor, who was represented by Dr. Shehu K. Muhammad, Executive Di-

rector, Corporate, Investment and International Banking, the Global Money Week was designed to raise awareness in finances amongst children and youths in primary and postprimary schools saying that financial literacy constituted an integral part of developing tomorrow’s leaders.

“Children can begin to build a culture of saving from an early age”, he enthused, adding that the bank’s participation in the Global Money Week was also “in fulfulment of one of the pillars of the bank’s Corporate Social Responsibility (CSR) thrust, geared towards taking education to young Nigerians and encouraging financial literacy amongst the youths.”

32

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, March 17, 2014

Zenith Bank: Investors take position on proposed dividend investment Investors getting ready to cull dividend.

Chris Ugwu

D

espite the decline in bottom line, market sentiment for the shares of Zenith Bank Plc, one of Nigeria’s leading customer’s centric banks, has remained upbeat as bargain hunters take position on the back of proposed dividend payout.

Stockbrokers attributed investors’ sustained confidence in the stock to recent release of the company’s audited report for the period ended December 31, 2013, which showed a 9.4 per cent increase in dividend payout to its shareholders.

The share price which closed at N19.40 per share on January 2, 2013, when the stock market opened for the year, remained firm as number two in the banking sub-sector and the fifth most capitalised stocks in the equities market after GTB Plc. When the closing bell rang on Friday, the bank’s share price stood at N21.38, an increase of N1.98 or 9.26 per cent year to date.

According to market pundits, investors’ appetite for the stocks was also strengthened as Zenith Bank became the first in the industry to announce its 2013 results.

The bank had proposed to pay N1.75 for the 2013 audited year end as against N1.60 paid in the comparable period of 2012 year end, an increase of 9.4 per cent.

Zenith Bank in its corporate action to the Nigerian Stock Exchange (NSE) said that qualification date is March 21, 2014 and closure date is March 24-March 28, 2014.

A review of the 2013 audited report showed that one of Nigeria’s biggest lender recorded a post-tax profit decreased from N100.681 billion in the audited period of 2012 to N95.318 billion in the review period of 2013, a decrease of 5.3 per cent.

However, pre-tax profit increased from N102.100 billion in 2012 end to N110.597 billion in the review period of 2013, an increase of 8.3 per cent.

Similarly, gross earnings

Emefiele

According to market pundits, investors’ appetite for the stocks was also strengthened as Zenith Bank became the first in the industry to announce its 2013 results grew by 14.45 per cent from N307.082 billion in the audited period of 2012 to N351.470 billion in the review period of 2013.

Commenting on the results, Mr. Godwin Emefiele, Group Managing Director/Chief Executive Officer of Zenith Bank said that the 2013 results testified to the company’s consistency in delivering superior performance and returns, driven by its innovative processes, cutting-edge technology and committed staff.

Emefiele noted that despite the increase in the cash reserve requirement for public sector funds, Zenith Bank’s total revenue grew to an unprecedented level of N351 billion, boosted by a 21 per cent increase in interest income.

“Profit before tax (PBT) witnessed an impressive growth of 8.3 per cent to N110.59 billion while total assets increased by 21 per cent to N3.1 trillion. Expectedly, Profit after tax (PAT) declined by 5.33 per cent as a result of the increase in income

tax charged in the current year compared to FY2012, arising from the commencement of tax waivers granted by the Federal Government on income from Bonds and Treasury bills in 2012.

Our focus on creation of competitively priced high quality risk assets is evident in the year on year growth of loans and advances to N1.2 trillion (25.7 per cent growth) with a marginal increase in cost of risk from 0.94 per cent to 0.97. The growth in risk assets (priced to maximise returns) was effectively matched by a corresponding increase in low priced deposits with a view to maximising net interest margin,” he said.

He noted that the bank maintained its high capacity to absorb shocks occasioned by various industry risks, adding that the group’s liquidity ratio of 64 per cent and capital adequacy ratio of 26 per cent stands it in good stead within the industry and the ratios are far above the regulatory limits of 30 per cent

and 15 per cent respectively.

Emefiele said that year 2014 has high prospects of increased economic growth across different sectors of the economy. This, according to him, would present the group with an ample opportunity to grow its clientele and business volumes.

“We therefore anticipate improved returns on investment and value addition to our stakeholders in the years ahead,” he said.

Analysts at Investment One Research said that recording of 14.45 per cent increase in gross earnings to N351.47 billion relative to the same period last year, the bank delivered a rather impressive result regardless of the tight regulations in the banking sector.

However, the decline in the bank’s post-tax profit, though marginal, might not be far from the forecast by analysts that the significant earnings growth recorded by Nigerian banks in 2012 may be challenged during the year under review following an anticipated lower yield outlook for fixed income securities as well as increasing cost in the industry.

Afrinvest Securities Limited made the prediction in its report titled: “Nigerian Banking Sector Report - Standing on

Share price movement of Zenith Bank Plc 2013 April 30

N20.90

May 31

N22.80

June 30

N19.80

July 31

N19.75

Aug 31

N19.71

Sept. 30

N19.99

Oct 31

N21.70

Nov 31

N21.30

Dec 31

N27.40 2014

Jan 31

N23.90

Feb 28

N20.50

Mar 14

N21.38

the fourth pillar,” which focused on the 2012 financial reports on banks.

In addition to this, the latest decision by the Central Bank of Nigeria (CBN) to indirectly tighten monetary conditions by raising the cash reserve requirement (CRR) for all public sector funds to 75 per cent from 12 per cent, is also affecting the banks’ earnings as the financial institutions now have to scramble for deposits to maintain their level of liquidity.

According to the Afrinvest report, the era of “real banking” appears to be gradually reemerging as traditional sources of high income and profitability continues to come under threat from competition and regulation.

It stated that banks were currently confronted with the need to restructure their cost bases, improve risk and pricing as well as manage customer relationships more efficiently.

It advised banks to develop and grow the depth of their core retail banking businesses to retain and amplify cheap deposits, expand their geographic footprint and scope as urbanisation gradually remodels cities and sub-urban areas, even as the firm urged mid-tier banks to consolidate and integrate vertically in order to compete with tier 1 banks as economies of scale and scope becomes differentiating success factors.

“We expect most bank ratios (particularly liquidity and capital adequacy) to remain in line with 2012 numbers. The outlook for treasury yields in 2013 should downplay profitability for banks that have reduction and risk assets. We forecast industry earnings growth declining by more than half compared to the remarkable 128 per cent in 2012.

“Our 2013 model forecasts a decline in yields to about 12 per cent, which suggests that banks will strategically reallocate assets in favour of risk asset creation. Additionally, we are projecting a decline in the contribution of non-interest income to profits (from 27 per cent industry average in 2012 to sub 15 per cent in 2013, based on our estimates) as the financial inclusion strategy of the CBN takes effect and indirectly reduces potential fees and commission income to banks,” it noted.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, March 17, 2014

Bears triumph as profit taking persists Market downturn Bearish sentiments continued to dominate transactions in the local bourse.

Chris Ugwu

T

he respite investors enjoyed during the first two days of trading activities on the Nigerian stock market was thwarted at the mid week as equities depreciated on resumed bear activity to halt a twoconsecutive-day bullish run.

After recording an improved performance, the market tempo lowered as market speculators culled profits.

Following signs of market recovery the previous weekend, the market on Monday staged a positive trajectory as transactions on the floor of the Nigerian Stock Exchange (NSE) closed in the green following gains recorded by some highly capitalised stocks.

The mood in the equities market at the close of trading last Friday signaled a return of bullish tendencies as the market capitalization increased marginally by N2 billion.

Market pundits have attributed the loss to market forces and other incidental occurrences that usually affects a market, which is information driven.

They however, predicted that the most likely thing that will happen this week was that prices will again be on the upbeat for a while. Consequently, the All-Share Index climbed by 220.29 basis point or 0.56 per cent to close at 39,172.76 as against 380,952.47 recorded the previous day, while the market capitalisation appreciated by N71 billion or 0.56 per cent to close the day at N12,582 trillion in contrast to N12.511 trillion recorded on Friday.

A further review of transaction in the day showed that 30 companies pitched their tent on the gainers’ table while 23 others were listed on the laggard for want of poor patronage in the days trading.

Skye Bank led the gainers’ chart after appreciating by 5. 90 per cent each to close at N3.77.

Royal Exchange followed with

a gain of 5.00 per cent to close at 63 kobo while Vitafoam added 4.59 per cent to close at N4,79 per share among other gainers.

Conversely, Eterna Oil depreciated by 5.61 per cent to close the day at N3.87. Portland Paints followed with a loss of 5.00 per cent to close at N5.13 while Custodian Insurance fell by 4.98 per cent to close N2.10.

On the sub-sectorial level, Insurance sub-sector of the financial service sector strengthened by the activities on the shares of NEM Insurance and Wapic Insurance led in volume terms with 177.5 million shares worth N138.5 million in 201 deals while the banking sub sector, also of the financial service sector was boosted by the shares of Access Bank and GTB had 103.9 million ordinary shares worth N1.12 billion done in 1,581 deals.

On the whole, a total of 383.2 million ordinary shares valued at N2.7 billion were transacted by investors in 4,625 deals.

The market on Tuesday sustained a bullish trend as the principal indicators, the NSE ASI and market capitalisation, rose by 0. 25 per cent.

Blue chip companies such as Guinness and Dangote Cement, lifted the market capitalisation

by N31 billion. Consequently, at the close of transactions yesterday, market capitalisation increased by 0.25 per cent or N31 billion from N12.582 trillion traded on Monday to N12.613 trillion on Tuesday.

Also, the NSE All Share Index (ASI) appreciated by 96.64 basis points to 39269.40 points from 39172.76 points recorded in the previous day.

Further review of yesterday's trading showed that investors bought 347.699 million shares worth N3.701 billion in 4782 deals against 383.275 million shares valued at N2.727 billion traded by investors in 4625 deals.

On the price movement chart, Guinness Nigeria Plc led gainers’ table, appreciating by N8.27 kobo to close at N180.00 per share, Dangote Cement followed with a gain of N3.14 kobo to close at N240.00 per share.

Conoil Nigeria Plc, Larfarge WAPCPO and Union Bank of Nigeria (UBN) improved by N2.00, N0.89 kobo and N0.48 kobo respectively to close at N50.00, N111.00 and 10.18 kobo.

Zenith bank added 0.39 kobo to closer at N21.99 per share.

Nigerian Aviation Handling Company garnered 0.24 kobo to close at N5.84 per share.

On the other hand, Total Nigeria Plc topped losers chart, shedding N3.95 kobo to close at N166.05 kobo, Mobil Nigeria Plc trailed with a loss of N2.98 kobo to close at N123.00.

Further analysis showed that the financial service sector led daily trading activities for the day, exchanging 276.941 million shares valued at N2.349 billion in 2792 deals. Banking subsector was the toast of investors in that sector as it recorded 194.801 million shares worth N1.887 billion traded in 1712 deals.

Conglomerates sector followed in trading activities having accounted for 31.499 million shares valued at N157.984 million in 352 deals.

Transnational Corporation of Nigeria (Transcorp) was investors delight in the subsector with a total of 30.821 million shares worth N124.681 million in 291 deals.

Profit-taking dominated market activities on Wednesday as both performance indicators declined on resumed bear activity that halted a two-day bullish rally.

Leading the 14 gainers, fizzled drinks marketer, Seven Up Nigeria, appreciated by N4.13 to N86.77 a share. Also, major marketer of refined petroleum products, Conoil, rose by N1.90 to N51.90; maker of building materials, Lafarge Cement Wapco, strengthened by N1.50 to N112.50; while Zenith Bank, gained N0.58 to close at N22.57.

On the flip side, major

Five most capitalized stocks as at March 14, 2013 Dangote Cement Plc

N3.9 tn

Nigeria Brewery Plc

N1.1 tn

Nestle Nig Plc N813.5bn

GTB Plc

N697.5bn

Zenith Bank Plc

N671.2bn

DG, NSE, Oscar Onyema

brewers of beer and nonalcoholic malted drinks, Guinness Nigeria and Nigerian Breweries, shed N6.85 and N0.45 to close at N173.15 and N148.05 respectively. Shares of flour miller - Flour Mills of Nigeria depreciated by N2.00 to close at N76.00 apiece, while manufacturer of white goods and household care products, P.Z. Cussons Nigeria, slid by N1.00 to N34.00 a share.

On Thursday, stock market degenerated from continued sell offs as the bears overshadowed the bulls - leading to share decline in most blue chip companies.

By close of business the twin overall market performance measures, the NSE ASI and market capitalisation, sank lower by 1.68 per cent.

Market operators had predicted that the bullish trend that was recorded during the first two days of trading in the week would trigger profit-taking and impact negatively on the stock market when market speculators slow down to pick profits. Specifically, the NSE All-Share Index depreciated by 646.65 basis points or 1.68 per cent to close yesterday at 38,503.65 as against 39,150.30 recorded the previous day.

The market capitalisation of equities equally plummet

by N208 billion or 1.68 per cent to close at N12.367 trillion from N12.575 trillion recorded the previous day.

At the close of trading, seven stocks appreciated in price during the day as against 48 others that depreciated in value.

AG Leventis advanced by 5 per cent to close at N1.47 per share. Similarly, Eterna Oil

Company added 4.25 per cent to close at N3.70. Reversing previous day's gains, shares of Cutix Nigeria Plc depreciated by 9.23 per cent to close at N1.77 a share. UBN followed with 5.90 per cent to close at N10.05 per share.

Further analysis of the trading showed that the Insurance subsector of the Financial Services sector was the most active during the week (measured by turnover volume); with 171.9 million shares worth N87.3 million exchanged by investors in 139 deals.

Volume in the insurance subsector was largely driven by activity in the shares of African Insurance Plc and Law Union Insurance.

The banking sub-sector also of financial services sector, boosted by activity in the shares of UBA Plc and Access Plc, followed on the day's activity chart with a subsector turnover of 64.9 million shares valued at N599.4 million traded in 1,356 deals.

On the whole, investors exchanged a total of 281.6 million shares valued at N3.1 billion in 4,506 transactions.

The bearish sentiments continued to dominate transactions in the local bourse, which produced 35 losers as against only nine gainers.

Consequently, the overall market performance measures, the NSE ASI and market capitalisation, dropped 0. 86 per cent. Topping the gainers list were shares of brewery giant, Guinness Nigeria firmed

by N2.25 to close at N169.00 per share, while conversely building materials manufacturer, Lafarge Cement Wapco, weakened by N1.50 to N111.00 per share.

34

business | INSURANCE

penetration Experts demand more insurance presence in muslim communities

O

perators of businesses and individuals in northern part of Nigeria have been advised to take full advantage of the consolidated Islamic Insurance (Takaful) as part of measures to filling the yawning insurance gap in that region.

The Managing Director/ Chief Executive Officer, Goldlink Insurance Plc, Mr. Gbolahan Olutayo, while giving the advice, also tasked insurance operators on the need to do more in creating awareness in the region where insurance penetration is currently put at 0.1 per cent.

According to him, “the north is a closed society where women are subject to men. The place needs to be opened up. That region is yearning for cover and there are a lot of potential there.

There is need for them to be enlightened, there is the need to remove them from ignorance especially as it concerns insurance.”

Speaking on the best strategy to worm into the hearts of the indigenes, Olutayo reminded insurers of the need to design products that would appeal to the region, bearing in mind the people’s religious orientation.

He added that the release of the Takaful guidelines was a clarion call for insurance operators to boost grassroots penetration.

Takaful: The North is yearning for cover –Goldlink boss It would be recalled that Takaful guidelines were released last year by the National Insurance Commission (NAICOM).

Takaful is one of the fastest growing segments in insurance at around 20 per cent per annum on average. World Takaful contributions are conservatively estimated at around $3 billion, comprising 60 per cent General Takaful, and 40 per cent Family Takaful.

Islamic faithful in Nigeria

F

had waited patiently for the birth of Takaful. They believe the underwriting plan will enhance insurance penetration especially in the core Muslims areas where penetration had, hitherto, been dismal.

In a chat with New Telegraph, the Chief Executive Officer, Metropolitan Skills, a capacity building institution, Hajiya Ummuhani Amin, said the north had looked forward to Takaful because the prevalence of unbanked population

in that part of the country was because there were no institutions to meet their investment belief.

She said: “In the north everybody is looking forward to a financial institution where you can invest funds otherwise they would not take it to any bank or insurance company because the conventional financial institutions have elements of uncertainty, which is against Islamic principles.

“It is only Takaful that can

L-R: Group Managing Director, Mutual Benefits Assurance Plc, Mr. Akin Ogunbiyi; Publisher/Editor-in-Chief, Business Journal, Mr. Prince Cookey; and Managing Director, Goldlink Insurance Plc, Mr. Gbolahan Olutayo, during the first Business Journal Insurance Summit and Exhibition in Lagos.

Sovereign Trust Insurance pays N1.7bn claims ollowing the losses suffered by policy holders under its cover, Sovereign Trust Insurance Plc paid out an estimated N1.7 billion as claims in 2013. The claims covered various categories ranging from energy, motor to general accident.

According to the breakdown, Energy Insurance claims recorded the highest figure of over N645 million, followed by Motor Insurance, which accounted for over N417 million. General Accident losses gulped over N235 million.

Further details revealed that while Fire and Allied Perils claimed over N186 million, Marine and Engineering gulped another N186.04 million and N45.61 million respectively.

Commenting on the prompt

Sanctity of Truth

Monday, March 17, 2014

claims payments by the company, the Managing Director, STI, Mr. Wale Onaolapo, said that the company’s resolve to prompt claims settlement had helped to strengthen the relationship with its customers.

He said: “We do not allow them to go through distasteful experience in the process of getting their claims settled.

Our processes are hinged on professionalism, speed, ethics and promptness.”

The Divisional Head, Technical, Olaotan Soyinka, also pointed out that STI was totally committed to settling all genuine claims within agreeable periods, adding that there was no compromise to claims settlement in the organisation, which is the best way to keep the customers always coming back.

meet the expectations of the people. It will be excellent for us. For example, I am from Maiduguri. Over there, nobody is willing to insure what he has with conventional insurer, but when you say it is Islamic and Sharia compliant they will key into it. I believe Takaful will mop up funds from the grassroots.

The Chairman, Kaduna State Chamber of Commerce, Industries, Mines and Agriculture, Alhaji Ahmed Rabiu, also advised people to embrace Islamic insurance, saying it was the way out.

He said: “What we have suffered over the years is as a result of building all our institutions on weak foundations.

That is why they are collapsing. If Takaful takes off today, it is not only the Muslims or northerners that will invest in it. In Malaysia, it is not only Muslims that are involved in it, Christians also believe in it and they are all enjoying it.”

While blaming the low penetration of insurance in the country on poor awareness campaign by operators and their inability to create insurance products to meet the peculiarity of the environment, he pointed out that insurers have not been able to convince people why they needed to insure.

NIMN tackles insurers on transparency marketing Underwwriters should market insurance policies with sincerity.

T

he President/Chairman of Council, National Institute of Marketing of Nigeria, Mr. Abdul Koledoye, has taken a swipe at insurance practitioners in Nigeria over their attitude towards policyholders.

He called on the underwriters to be more transparent in their dealings with members of the public, saying that the growing apathy towards the industry was the handiwork of the insurers themselves.

Koledoye, who made this declaration in Lagos during the first Business Journal In-

surance Summit and Exhibition, also affirmed that in-depth knowledge of marketing was very instrumental to the success of any business.

He said: “Insurance and businesses are worst enemies of self. They muddle things together without knowing what marketing is. How do you expect people to react when you make promises and fail to fulfill them?

The customer has no choice other than to avoid you. This is one of the reasons penetration has failed to improve in the sector.”

The NIMN boss, whose paper bordered on the theme, “Marketing Blueprint for Sustainable Growth,” advised the underwriters to shun the application of ‘small prints’ in their transactions with policyholders.

According to him, “you should allow your customer know from the beginning what the policy he is taking is all about. There is no need to hide things from him only to come up with them whenever it is time to pay claims. If your business must grow then paying claims must also be prompt. Your ability to pay claims promptly is the best marketing tool to grow your business.”

Besides prompt payment of claims and transparency, the topnotch marketer also advised the underwriters to cultivate the habit of having a personal relationship with their clients by sending them good wishes during festivities and birthdays, saying that such gestures go a long way in retaining customers in any organisation.

BUSINESS | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, March 17, 2014

FMDQ Daily Quotations List

35

14-Mar-14

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

Bonds

FGN Bonds Issuer

Rating/Agency

NA

FGN

Description

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

18-Mar-11 31-Mar-07 29-Jun-07 28-Sep-07 23-Apr-10 16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 27-Jan-12 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

10.50 10.75 9.20 9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 15.00 12.49 8.50 10.00

320.00 35.00 45.00 100.00 535.00 327.47 452.80 20.00 100.00 300.00 351.30 233.90 600.00 75.00 150.00 200.00 591.57

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

0.01 0.05 0.29 0.54 1.11 2.43 3.12 3.37 3.47 4.21 5.29 5.61 7.87 14.71 15.19 15.69 16.36

13.87 13.87 13.98 14.43 14.19 14.52 14.39 14.29 14.29 14.27 14.33 14.21 14.13 13.73 13.71 13.69 13.71

0.95 10.79 13.45 14.13 14.03 14.44 14.26 14.16 14.16 14.16 14.25 14.12 14.07 13.69 13.66 13.62 13.65

99.95 99.82 98.58 97.39 89.85 97.05 101.70 88.41 86.87 88.94 106.00 72.72 110.50 107.86 92.24 66.83 76.00

100.10 99.97 98.73 97.54 90.00 97.20 102.00 88.71 87.17 89.24 106.30 73.02 110.80 108.16 92.54 67.13 76.30

10.50 18-MAR-2014 10.75 31-MAR-2014 9.20 29-JUN-2014 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

TOTAL OUTSTANDING VALUE Rating/Agency

4,437.04 Issuer

Agency Bonds AMCON FMBN

NA

Price

***LCRM

Description

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

TOTAL OUTSTANDING VALUE

#

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

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

978.35 24.56 6.00 112.22 116.70 66.49

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

0.63 1.19 1.56 2.74 3.10 3.31

1.00 2.63 2.27 2.00 1.49 1.00

15.54 17.48 16.88 16.30 15.78 15.29

91.00 81.84 100.58 88.63 85.60 84.05

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

0.39 0.59 1.47 0.84 1.37 1.37 3.10 1.93 3.80 2.57 4.56 2.78 2.77 3.36 3.24 5.69 3.39 4.10 6.71 4.11 4.14

4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

19.13 20.48 19.11 18.02 19.20 18.21 19.88 21.96 16.07 16.10 15.26 15.30 15.51 15.29 16.75 16.15 17.03 17.01 15.15 15.71 16.22

98.00 96.52 91.88 95.67 94.22 97.15 77.88 87.97 94.22 95.71 95.94 98.46 104.13 98.07 97.07 93.95 94.52 93.71 93.16 101.27 100.92

1,304.32

Sub-National Bonds Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

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

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

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb+/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR BBB-/GCR BBB+/DataPro; BB+/GCR A-/DataPro; BB-/GCR AAA/DataPro; A+/GCR

LAFARGE WAPCO GTB µ NGC

A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BB+/DataPro; BB+/GCR A+/Agusto; A-/GCR

UBA *LA CASERA *CHELLARAMS#

*UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# # *TOWER

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019

NAHCO

15.25 NAHCO II 14-NOV-2020

IFC

10.20 IFC 11-FEB-2018

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

11.50 13.50 17.00 10.00 12.00 14.00 13.00 14.25 13.00 18.00 16.00 18.00 16.00

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00

07-Oct-14 18-Dec-14 31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18

0.57 0.76 0.80 0.95 1.03 1.11 2.55 2.62 3.55 2.17 2.07 2.49 2.49

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 4.52 1.88 3.48 5.20 5.06

15.46 19.91 23.45 19.80 15.96 17.54 15.30 15.64 18.80 16.19 17.79 19.50 19.36

97.90 95.58 95.42 92.04 96.53 96.88 95.28 97.06 85.43 104.30 97.06 97.31 101.77

22-Sep-11 18-Oct-13 17-Feb-12 14-Nov-13

14.00 15.75 17.00 15.25

35.00 3.00 0.54 2.05

22-Sep-18 18-Oct-18 17-Feb-19 14-Nov-20

4.53 2.35 2.68 6.67

3.06 2.29 6.11 2.76

17.32 16.59 20.41 16.91

89.86 98.56 93.67 93.45

11-Feb-18

3.92

1.00

15.27

85.42

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.73

5.58

105.69

106.58

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.85

4.65

101.06

101.83

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

6.14

6.01

101.66

102.55

FGN Eurobonds

Prices & Yields

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

FGN

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.92

3.33

113.50

114.67

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.22

4.70

104.61

105.70

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.36

6.06

98.56

99.75

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.34

6.85

99.74

101.16

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.44

8.03

94.63

96.00

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.26

4.68

114.19

115.43

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.40

6.85

103.14

105.20

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.58

6.32

100.16

101.21

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

TOTAL OUTSTANDING VALUE

2,960.00

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

FIXINGS Maturity 27-Mar-14 3-Apr-14 10-Apr-14 17-Apr-14 24-Apr-14 8-May-14 15-May-14

Bid Discount (%) 13.00 13.30 13.35 13.35 13.35 13.15 13.25

Offer Discount (%) 12.75 13.05 13.10 13.10 13.10 12.90 13.00

Bid Yield (%) 13.06 13.40 13.48 13.52 13.55 13.42 13.56

Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS

NIBOR

Money Market Rate (%) 17.7500 17.9167 18.2917 18.5417 18.7917 19.0417

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

16.92

Tenor

Bid ($/N)

Offer ($/N)

17.50

Spot 7D 14D 1M 2M

164.80 165.13 165.39 166.01 166.89

164.90 165.40 165.77 166.77 168.52

O/N Tenor Call

REPO

Rate (%) 17.33

NA

FGN

15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

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

15.10 9.85 9.35 10.70 16.00 7.00 16.39 15.00 12.49 8.50 10.00

TOTAL OUTSTANDING VALUE

36 business | FINANCIAL MARKET NEWS

Rating/Agency

Description

Issuer

Issue Date

452.80 20.00 100.00 300.00 351.30 233.90 600.00 75.00 150.00 200.00 591.57

27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 27-Jan-22 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

3.12 3.37 3.47 4.21 5.29 5.61 7.87 14.71 15.19 15.69 16.36

14.39 14.29 14.29 14.27 14.33 14.21 14.13 13.73 13.71 13.69 13.71

Maturity Date

Avg. Life/TTM (Yrs)

14.26 14.16 14.16 14.16 14.25 14.12 14.07 13.69 13.66 13.62 13.65

101.70 88.41 86.87 88.94 106.00 72.72 110.50 107.86 92.24 66.83 76.00

102.00 88.71 87.17 89.24 106.30 73.02 110.80 108.16 92.54 67.13 76.30

4,437.04 Coupon (%)

Issue Value (N'bn)

Sanctity of Truth

#

Risk Premium (%)

Monday, March 17, 2014 Valuation Indicative Yield (%) Price

Market makers ineffective, say shareholders Agency Bonds

AMCON FMBN

NA

***LCRM

Fruitless

TOTAL OUTSTANDING VALUE

The much talked about KWARA market making isNIGER not KADUNA making the desired *EBONYI *BENUE impact. *IMO

Sub-National Bonds Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS *EKITI *NASARAWA

Stories by Chris Ugwu Lagos

T

he market making process introduced in the stock market has not boosted liquidity in the trading activities, key operators of the TOTAL OUTSTANDING VALUE Nigerian Capital market have Corporate Bonds concluded.

A+/Agusto; AA/GCR

LAFARGE WAPCO

Aa/Agusto

GTB µ NGC

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

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

Some shareholders group, speaking exclusively to New Telegraph at the weekend, 14.00 KWARA 5-AUG-2014 against the backdrop of bearish 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 trend in equities, said the pro13.00 EBONYI 30-SEP-2015 14.00 introduced BENUE 30-JUN-2016 cess to stabilise the 15.50 IMO 30-JUN-2016 market, has not impacted on the 10.00 LAGOS 19-APR-2017 13.75 BAYELSApositively 30-JUN-2017 . market 14.00 EDO 31-DEC-2017 A market maker is a dealing 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 firm, who maintains firms’ bid 14.50 EKITI 09-DEC-2018 and prices in a given secu14.00offer NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 rity by standing ready to buy or 15.50 GOMBE 02-OCT-2019 14.50that LAGOS 22-NOV-2019 sell security .

14.75 OSUN 12-DEC-2019 All over the world, market 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 makers play a very important 14.50 EKITI II 31-DEC-2020 role both the equity and bond 15.00in NASARAWA 06-JAN-2021 markets. They stabilise the market by standing ready to inter11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014

*FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER#

14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019

NAHCO

15.25 NAHCO II 14-NOV-2020

IFC

10.20 IFC 11-FEB-2018

TOTAL OUTSTANDING VALUE Supranational Bond AAA/S&P

TOTAL OUTSTANDING VALUE Rating/Agency

Description

Issuer

FGN Eurobonds

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

6.75 JAN 28, 2021

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

FGN

vene at moments of scarcity or excess supply of securities. It is naïve, unrealistic and detrimen05-Aug-09 14.00 14.00 tal to15-Oct-09 investors to operate an 31-Aug-10 12.50 automated stock market with30-Sep-10 13.00 30-Jun-11 14.00 out the active participation of 30-Jun-09 15.50 market makers.

19-Apr-10 10.00 30-Jun-10 Sir Sunny Nwosu,13.75 President 30-Dec-10 14.00 Independent Shareholders As30-Sep-11 14.00 04-Oct-11 14.00 sociation of Nigeria, said the 09-Dec-11 14.50 12-Dec-13 14.00 impact of market making has 14-Feb-12 15.50 not been felt in the equity mar02-Oct-12 15.50 22-Nov-12 14.50 ket. He said if the market mak12-Dec-12 30-Sep-13 27-Nov-13 31-Dec-13 06-Jan-14

14.75 14.75 13.50 14.50 15.00

5.13 JUL 12, 2018 6.38 JUL 12, 2023

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

0.63 1.19 1.56 2.74 3.10 3.31

12-Dec-19 30-Sep-20 27-Nov-20 31-Dec-20 06-Jan-21

3.39 4.10 6.71 4.11 4.14

ing was effective, the bear run that has characterised the trading activities recently, would 17.00 05-Aug-14 0.39 6.00 15-Oct-14 0.59 have been averted.

8.50 31-Aug-15 1.47 Nwosu noted that there was 16.50 30-Sep-15 0.84 13.00 30-Jun-16 1.37 still lot of gap in the equities 18.50 30-Jun-16 1.37 market that investors are yet 57.00 19-Apr-17 3.10 to 50.00 30-Jun-17 take advantage of. He noted1.93 that 25.00 31-Dec-17 3.80 many stocks in the market have 50.00 30-Sep-18 2.57 9.00 04-Oct-18 very good net asset value,4.56 but 20.00 09-Dec-18 2.78 12.00 their current12-Dec-18 price on the 2.77 floor 27.00 14-Feb-19 3.36 of the Exchange is selling far 20.00 02-Oct-19 3.24 80.00 22-Nov-19 5.69 below their net value.

1,304.32

30.00 11.40 87.00 5.00 5.00

567.90

1.00 2.63 2.27 2.00 1.49 1.00

15.54 17.48 16.88 16.30 15.78 15.29

91.00 81.84 100.58 88.63 85.60 84.05

2.74 2.74 1.00 1.44 1.95

17.03 17.01 15.15 15.71 16.22

94.52 93.71 93.16 101.27 100.92

Speaking in the same vein, Chairman, Progressive Shareholders Association of Nigeria 4.88 19.13 98.00 5.99 20.48there is little 96.52 or also agreed that 4.44 19.11 91.88 no3.23 impact on18.02 the market since 95.67 19.20 94.22 the4.46appointment of market 3.48 18.21 97.15 makers.

5.59 19.88 77.88 7.60 21.96 87.97 "Market makers have not 1.79 16.07 94.22 impacted positively in the 1.80 16.10 95.71 ac1.00 15.26 95.94 tivities of trading in the local 1.00 15.30 98.46 1.21 bourse; we all15.51 can see the104.13 rate at 1.00 15.29 98.07 which activities are dwindling 2.46 16.75 97.07 16.15 93.95 in 1.94 the stock market. our stand on the issue.”

Oteh assured capital market stakeholders that the guidelines on the demutuali1.00 sation of the15.46 Exchange97.90 would 5.21 19.91 95.58 23.45 reviewed 95.42 by be8.71 thoroughly 4.88 19.80 92.04 the1.00Ministry of Finance in 15.96 96.53 2.63 that the 17.54 such interest 96.88 of the 1.00 15.30 95.28 public is not15.64 affected. 97.06 1.34 4.52 18.80 85.43 She expressed optimism 1.88 16.19 104.30 that the exercise would 3.48 17.79 97.06 be 5.20 in a transparent 19.50 97.31 done manner 5.06 19.36 101.77 to 3.06 ensure that the owners 17.32 89.86 of 16.59get real98.56 the2.29Exchange value 6.11 20.41 93.67 on2.76 investments at the end 16.91 93.45 of the exercise.

Oteh disclosed that the 1.00 85.42 ministry of 15.27 the finance was already reviewing the guidelines Offer Yield on (%) the Biddemutualisation Price Offer Price of NSE, developed by the inPrices & Yields dustry committee and demu5.58 105.69 106.58 tualisation board.

07-Oct-11

11.50

11.80

07-Oct-14

0.57

18-Dec-09

13.50

13.17

18-Dec-14

0.76

18-Dec-09

5.13

500.00

12-Jul-18

4.85

4.65

101.06

101.83

01-Apr-10

6.38

500.00

12-Jul-23

6.14

6.01

101.66

102.55

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

978.35 24.56 6.00 112.22 116.70 66.49

SEC defends N300m minimum capital for brokers

D

10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015

MPR+5.25 TOWER 9-SEP-2018

UBA *LA CASERA # *CHELLARAMS

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

01-Apr-10 17.00 of 31-Dec-14 0.80 irector-General the 2.00 the proceeds of the shares.

17-Aug-10 10.00 15.00 17-Aug-15 0.95 Securities and Exchange She explained that the aim 09-Dec-10 12.00 37.50 09-Dec-15 1.03 06-Jan-11 14.00 06-Jan-16 1.11 Commission (SEC), Ms 1.50 was to build a world-class 29-Sep-11 13.00 15.00 29-Sep-16 2.55 Arunma defended 5.53 market capable of protecting 25-Oct-13Oteh, has 14.25 25-Oct-16 2.62 30-Sep-17 3.55 investors fund with all incluwhy30-Sep-10 the minimum13.00 capitalisa- 20.00 30-Nov-12 18.00 0.94 30-Nov-17 2.17 sive market09-Apr-18 participation. tion09-Apr-11 requirement16.00 for stock- 8.01 2.07 09-Sep-11 18.00to N300 3.63 On whether 09-Sep-18 2.49 brokers was raised the commis09-Sep-11 16.00 1.00 09-Sep-18 2.49 million. sion will rescind its decision, 22-Sep-11 14.00 35.00 22-Sep-18 4.53 18-Oct-13 18-Oct-18 2.35 Speaking at the15.75 Women in 3.00 the Director general said: 17-Feb-12 17.00 0.54 17-Feb-19 2.68 Management, Business &Pub"The board has made the de14-Nov-13 15.25 2.05 14-Nov-20 6.67 lic Service (WIMBIZ) forum, 175.67 cision and submitted to the she said the decision to come ministry of finance and by 10.20 11-Feb-18 3.92 up 11-Feb-13 with the N300 million 12.00 virtue of law, when a board 12.00 minimum capital was made makes a dueIssue to accusations that and Date Coupon (%) some Issue Value decision ($'mm) Maturity Date submit Bid Yield to (%) stock brokers sell customers the ministry of finance and shares without authorisation, if there is no feedback, it is 07-Oct-11 6.75 500.00 28-Jan-21 5.73 after which they hold on to considered done and that is

17.00 NGC 31-DEC-2014

*UPDC

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

1,500.00

14-Mar-14

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

11.50 FEB 01, 2016 01-Feb-11 11.50 450.00 01-Feb-16 Afren PLC I 3.92 3.33 113.50 114.67

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

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

B/S&P; B/Fitch

Fidelity Bank PLC

B/Fitch

Afren PLC II

B+/S&P; B+/Fitch

FGN Bonds

Rating/Agency

Issuer

B/S&P; B-/Fitch

First Bank PLC

B+/S&P; B+/Fitch

Afren PLC III

TOTAL OUTSTANDING VALUE **Treasury Bills DTM 13 20 27 NA 34 41 55 62 69 76 83 97 104 111 118 125 TOTAL OUTSTANDING 146 174 265 300 Rating/Agency 314 328 342 Agency Bonds 356

Maturity 27-Mar-14 3-Apr-14 10-Apr-14 FGN 17-Apr-14 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 VALUE 7-Aug-14 4-Sep-14 4-Dec-14 8-Jan-15 Issuer 22-Jan-15 5-Feb-15 19-Feb-15 5-Mar-15

AMCON

Description

6.88 MAY 09, 2018

Issue 10.25 APR 08, 2019

Date

8.25 AUG 07, 2020

10.50 18-MAR-2014 18-Mar-11 6.63 DEC 09, 2020 10.75 31-MAR-2014 31-Mar-07 9.20 29-JUN-2014 29-Jun-07 9.25 28-SEP-2014 28-Sep-07 4.00 23-APR-2015 23-Apr-10 Bid16-AUG-2016 Discount (%) Offer 16-Aug-13 Discount (%) 13.05 13.00 12.75 15.10 27-APR-2017 27-Apr-12 13.30 13.05 9.85 27-JUL-2017 27-Jul-07 13.35 13.10 9.35 31-AUG-2017 31-Aug-07 13.35 13.10 13.35 13.10 10.70 30-MAY-2018 30-May-08 13.15 12.90 16.00 29-JUN-2019 29-Jun-12 13.25 13.00 7.00 23-OCT-2019 23-Oct-09 13.20 12.95 16.39 27-JAN-2022 27-Jan-12 13.20 12.95 13.20 12.95 15.00 28-NOV-2028 28-Nov-08 13.20 12.95 12.49 22-MAY-2029 22-May-09 13.40 13.15 8.50 20-NOV-2029 20-Nov-09 13.45 13.20 10.00 23-JUL-2030 23-Jul-10 13.45 13.20 13.45 13.20 13.55 13.30 13.40 13.15 13.10 12.85 13.45 Description 13.20 13.45 13.20 13.50 13.25 13.45 13.20 13.65 13.40 0.00 AMCON 31-OCT-2014 (SR.5 TR.1)

0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 NA 0.00/16.00 LCRM 09-DEC-2016 *from the Amortising bonds, the average life is calculated and not the duration ***LCRM 0.00/16.50 LCRM II 20-APR-2017 # Risk Premium is a combination of credit risk and liquidity risk premiums 0.00/16.50 LCRM III 06-JUL-2017 **Exclusive of non-trading t.bills FMBN

TOTAL OUTSTANDING VALUE Sub-National Bonds

Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

KWARA NIGER KADUNA Modified Duration *EBONYI Buckets *BENUE *IMO <3 LAGOS 3<5 *BAYELSA>5 EDO Market *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS *EKITI *NASARAWA

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 Total Outstanding Porfolio Market 13.00 EBONYI 30-SEP-2015 Value(Bn) Volume(Bn) 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 1,259.01 1,315.27 10.00 LAGOS 1,035.38 19-APR-2017 951.30 13.75 BAYELSA449.59 30-JUN-2017 591.57 14.00 EDO 31-DEC-2017 2,743.98 2,858.14 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

09-May-13

Coupon (%) 08-Apr-12 07-Aug-13

10.50 10.75 9.20 9.25 4.00 Bid Yield 13.05(%) 13.06 15.10 13.40 9.85 13.48 9.35 13.52 13.55 10.70 13.42 16.00 13.56 7.00 13.54 16.39 13.57 13.61 15.00 13.68 12.49 13.93 8.50 14.02 10.00 14.06 09-Dec-13

14.10 14.33 14.31 14.48 15.12 Issue Date 15.21 15.36 15.39 15.75

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

Bonds

7.50

500.00

19-May-16

5.22

4.70

104.61

6.00

400.00

08-Nov-18

6.36

6.06

98.56

7.25

350.00

25-Jul-17

7.34

6.85

99.74

300.00

02-May-18

6.88 Value Outstanding 10.25 (N'bn)

Maturity Date 300.00

8.25

300.00

320.00 18-Mar-14 6.63 360.00 35.00 31-Mar-14 2,960.00 45.00 29-Jun-14 100.00 28-Sep-14 FIXINGS 535.00 23-Apr-15 NIBOR 327.47 16-Aug-16 Tenor Rate (%) 452.80 27-Apr-17 CALL 17.7500 20.00 27-Jul-17 7 DAYS 17.9167 31-Aug-17 30100.00 DAYS 18.2917 60300.00 DAYS 18.5417 30-May-18 90351.30 DAYS 18.7917 29-Jun-19 180 DAYS 19.0417 233.90 23-Oct-19 365 DAYS 19.2917 600.00 27-Jan-22 75.00 28-Nov-28 NITTY 150.00 22-May-29 Tenor Rate (%) 200.00 20-Nov-29 1M 13.5556 591.57 23-Jul-30 2M 13.6123 3M 4,437.04 6M 9M 12M

Coupon (%)

13.7158 14.4693 14.5952 15.7973

Issue Value (N'bn) NIFEX

Current Price ($/N) 978.35 164.8275 24.56 164.9275

0.00 BID($/N) 0.00 OFFER ($/N) 17.25 0.00/16.00 0.00/16.50 0.00/16.50

6.00 112.22 116.70 66.49

TTM (Yrs) 08-Apr-19

07-Aug-20

8.44

Bid 5.26 Yield (%) 7.40

0.01 13.87 6.58 0.05 13.87 0.29 13.98 0.54 14.43 Money Market 1.11 14.19 Tenor Rate (%) 2.43 14.52 OBB 16.92 3.12 14.39 3.37 14.29 O/N 17.50 3.47 14.29 REPO 4.21 14.27 Tenor Rate (%) 5.29 14.33 Call 17.33 5.61 14.21 1M 18.83 7.87 14.13 3M 19.83 6M 20.42 14.71 13.73 15.19 13.71 NOTE: 15.69 13.69 16.36 13.71 :Benchmarks 09-Dec-20

8.03 Offer Yield 4.68 (%) 6.85

2.74 3.10 3.31

99.75

94.63

Bid Price 114.19

101.16 96.00

Offer Price 115.43

103.14

105.20

0.95 99.95 100.10 100.16 101.21 10.79 99.82 99.97 13.45 98.58 98.73 14.13 97.39 97.54 Foreign (Spot & Forwards) 14.03 Exchange 89.85 90.00 14.44 97.05 97.20 Tenor Bid ($/N) Offer ($/N) 14.26 101.70 102.00 14.16 88.41 88.71 Spot 164.80 164.90 14.16 86.87 87.17 7D 165.13 165.40 14D 165.39 165.77 14.16 88.94 89.24 1M 166.01 166.77 14.25 106.00 106.30 2M 166.89 168.52 14.12 72.72 73.02 3M 168.74 171.44 14.07 110.50 110.80 6M 172.31 176.55 1Y 179.28 188.53 13.69 107.86 108.16 13.66 92.24 92.54 13.62 66.83 67.13 13.65 76.30 NA :Not76.00 Applicable 6.32

* :Amortising Bond µ :Convertible Bond AMCON: Asset Management Corporation of Nigeria # FGN: Federal Government of Nigeria Risk Avg. Life/TTM FMBN: FederalDate Mortgage Bank of Nigeria Premium Maturity (Yrs) IFC: International Finance Corporation (%) LCRM: Local Contractors Receivables Management NAHCO: Nigerian Aviation Handling Company NGC: Nigeria-German Company 31-Oct-14 0.63 1.00 UBA: United Bank for Africa 1.19 Company 2.63 UPDC:24-May-15 UAC Property Development 03-Apr-17 2.27 WAPCO:West Africa Portland 1.56 Cement Company

09-Dec-16 20-Apr-17 06-Jul-17

105.70

Price

2.00 1.49 1.00

# :Floating Rate Bond ***: Deferred coupon bonds †: Bond rating expired

Valuation Yield (%)

Indicative Price

15.54 17.48 16.88 16.30 15.78 15.29

91.00 81.84 100.58 88.63 85.60 84.05

1,304.32 05-Aug-09 FMDQ FGN 14.00 BOND INDEX 17.00 15-Oct-09 14.00 6.00 31-Aug-10 12.50 8.50 Weighting by Weighting by Mkt Bucket 16.50 Weighting 30-Sep-10 13.00 Outstanding Vol Value 30-Jun-11 14.00 13.00 30-Jun-09 15.5045.88 18.50 0.46 46.02 19-Apr-10 10.0037.73 57.00 0.33 33.28 30-Jun-10 13.75 50.00 20.70 16.38 0.21 30-Dec-10 14.00 25.00 100.00 100.00 1.00 30-Sep-11 14.00 50.00 04-Oct-11 14.00 9.00 09-Dec-11 14.50 20.00 12-Dec-13 14.00 12.00 14-Feb-12 15.50 27.00 02-Oct-12 15.50 20.00 22-Nov-12 14.50 80.00 12-Dec-12 14.75 30.00 30-Sep-13 14.75 11.40 27-Nov-13 13.50 87.00 31-Dec-13 14.50 5.00 06-Jan-14 15.00 5.00

05-Aug-14 15-Oct-14 31-Aug-15 % Exposure_ 30-Sep-15 Mod_Duration 30-Jun-16 30-Jun-16 22.45 19-Apr-17 38.41 30-Jun-17 39.14 31-Dec-17 100.00 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 30-Sep-20 27-Nov-20 31-Dec-20 06-Jan-21

0.39 0.59 1.47 Implied Yield 0.84 1.37 1.37 14.38 3.10 14.19 1.93 13.71 3.80 14.04 2.57 4.56 2.78 2.77 3.36 3.24 5.69 3.39 4.10 6.71 4.11 4.14

4.88 5.99 4.44 Implied 3.23Price Portfolio 4.46 3.48 100.1966 5.59 116.5966 7.60 82.4409 1.79 101.9802 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

19.13 20.48 19.11 INDEX 18.02 19.20 18.21 1,013.54 19.88 987.30 21.96 998.01 16.07 992.41 16.10 15.26 15.30 15.51 15.29 16.75 16.15 17.03 17.01 15.15 15.71 16.22

98.00 96.52 91.88 YTD Return 95.67 (%) 94.22 97.15 1.3537 77.88 1.2704 87.97 0.1987 94.22 0.7592 95.71 95.94 98.46 104.13 98.07 97.07 93.95 94.52 93.71 93.16 101.27 100.92

Daily Summary as of 14/03/2014 Printed 14/03/2014 16:41:13.013

Daily Summary (Equities) Activity Summary on Board EQTY FINANCIAL SERVICES Micro-Finance Banks Micro-Finance Banks Totals

No. of Deals 2

Current Price

Quantity Traded 86,000

Value Traded 67,080.00

BUSINESS | CAPITAL MARKET 37

Daily Summary as of 14/03/2014

Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Sanctity of Truth Printed 14/03/2014 16:41:13.013

Monday, March 17, 2014

Symbol ABBEYBDS UNHOMES

No. of Deals 1 2 3

Current Price 1.35 0.50

Quantity Traded 500 109,000 109,500

Value Traded 645.00 54,500.00 55,145.00

The Nigerian Stock Market Exchange as at March 14, 2014

Daily Summary as of 14/03/2014

Daily Summary (Bonds)

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FBN HOLDINGS PLC FCMB GROUP PLC. NIGERIA ENERYGY SECTOR FUND ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC Daily Summary asCAPITAL of 14/03/2014 UBA PLC Printed 14/03/2014 16:41:13.013 Other Financial Institutions Totals

Printed 14/03/2014 16:41:13.013

Activity Summary on Board DEBT Federal

Symbol

Bond Name 15.10% FGN APR 2017

Federal Totals Activity Summary on Board DEBT

DEBT Board Totals Federal Name Bond Bond Activity Totals

15.10% FGN APR 2017 Federal Totals

DEBT Board Totals

DailySymbol Summary (Bonds)No. of Deals Current Price

103.00

Quantity Traded 226 226

Value Traded 246,092.89 246,092.89

No. of Deals2 Current Price 2 103.00 2 (Equities)

Quantity Traded 226 226 226

Value Traded 246,092.89 246,092.89 246,092.89

FG9B2017S2

2 2

2

Daily Summary

2

Activity Summary Bond Activity Totalson Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLCon Board EQTY Activity Summary Crop Production Totals AGRICULTURE Daily Summary as of 14/03/2014 Livestock/Animal Crop Production Specialties Printed 14/03/2014 16:41:13.013 LIVESTOCK FEEDSPLC. PLC. OKOMU OIL PALM Livestock/Animal PRESCO PLC Specialties Totals Crop Production Totals AGRICULTURE Totals

Livestock/Animal Specialties CONGLOMERATES LIVESTOCK FEEDS PLC. Diversified Industries Activity Summary onSpecialties Board EQTY Livestock/Animal Totals A.G. LEVENTIS NIGERIA PLC. CONGLOMERATES AGRICULTURE Totals Industries Published Diversified

by The Nigerian Stock Exchange © CONGLOMERATES TRANSNATIONAL CORPORATION OF NIGERIA PLC Diversified Industries U A C N PLC. A.G. LEVENTIS NIGERIA Diversified Industries TotalsPLC.

2

226

246,092.89

246,092.89

Quantity Traded 78,609 38,300 116,909

Value Traded 3,162,777.20 1,591,534.00 4,754,311.20

No. of of Deals Deals Current Current Price Price No. 11 3.69 23 42.00 11 7 43.00 30 41

Quantity Traded Traded Quantity 210,000 78,609 210,000 38,300 116,909 326,909

Value Traded Traded Value 756,798.80 3,162,777.20 756,798.80 1,591,534.00

Symbol LIVESTOCK Symbol AGLEVENT

No. of Deals Current Price 11 3.69 No. of Deals Current Price 11 3 1.47

Quantity Traded 210,000 Quantity Traded 210,000 28,315

Value Traded 756,798.80 Value Traded 756,798.80 42,293.05

Symbol TRANSCORP Symbol UACN AGLEVENT

41 No. of Deals Current Price 186 4.00 No. of Deals Price 44 Current 65.00 1.47 2333

326,909 Quantity Traded Page 17,176,903 Quantity272,241 Traded 28,315 17,477,459

5,511,110.00 1Value Traded of 13 68,408,808.20 Value Traded 17,618,010.94 42,293.05 86,069,112.19

17,477,459 Page

186,069,112.19 of 13

Symbol Symbol LIVESTOCK OKOMUOIL PRESCO

23 7 30

Daily Summary (Equities)

233 No. of Deals 7 7

Current Price 1.52

Quantity Traded 601,612 601,612

Value Traded 917,170.24 917,170.24

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

Symbol JBERGER ROADS

No. of Deals 3 5 8

Current Price 75.00 8.46

Quantity Traded 7,291 125,934 133,225

Value Traded 519,483.75 1,118,293.92 1,637,777.67

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Daily Summary as of 14/03/2014 Real Estate Development Totals Printed 14/03/2014 16:41:13.013

Symbol UAC-PROP

No. of Deals 6 6

Current Price 20.10

Quantity Traded 76,662 76,662

Value Traded 1,491,482.22 1,491,482.22

811,499

4,046,430.13

Quantity Traded 55,561 555,548

Value Traded 9,381,163.90 14,595,011.92

CONSTRUCTION/REAL ESTATE Totals

21

Daily Summary (Equities) Symbol No. of Deals Current Price 47 27

169.00 25.71

Symbol NB

No. of Deals 122 196

Current Price 145.50

Quantity Traded 780,572 1,391,681

Value Traded 113,651,325.95 137,627,501.77

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

Symbol 7UP

No. of Deals 12 12

Current Price 86.77

Quantity Traded 13,196 13,196

Value Traded 1,202,155.60 1,202,155.60

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON NNFM UTC

No. of Deals 40 146 35 30 2 17 2 3 275

Current Price 9.50 9.44 76.00 3.80 0.50 12.35 22.01 0.54

Quantity Traded 150,724 5,588,268 100,800 1,491,623 53,816 192,008 2,000 55,048 7,634,287

Value Traded 1,403,509.57 53,792,746.30 7,373,390.83 5,743,523.84 26,908.00 2,371,737.05 41,820.00 29,724.96 70,783,360.55

No. of Deals 38 55 93

Current Price 85.40 1,026.35

Quantity Traded 186,235 78,943 265,178

Value Traded 15,671,599.29 78,791,490.25 94,463,089.54

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

Quantity Traded 145,520

Value Traded 607,339.40

Published

by The Nigerian Stock Exchange © CONSUMER GOODS Beverages--Brewers/Distillers NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

Foodas Products--Diversified Daily Summary of 14/03/2014 CADBURY NIGERIA PLC. Printed 14/03/2014 16:41:13.013 NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC.

GUINNESS INTBREW

Page

Symbol CADBURY NESTLE

VITAFOAM

15

4.28

Activity Summary on Board EQTY

Page

Published by The Nigerian Stock Exchange © CONSUMER GOODS Household Durables VONO PRODUCTS PLC. Household Durables Totals

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC Daily Summary as of 14/03/2014 STERLING BANK PLC. Printed 14/03/2014 16:41:13.013 UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY PLC Daily Summary as ofBANK 14/03/2014 WEMA BANK PLC. Printed 14/03/2014 16:41:13.013 ZENITH INTERNATIONAL BANK PLC

2

3

of

of

Symbol VONO

No. of Deals 2 17

Current Price 1.66

Quantity Traded 11,000 156,520

Value Traded 17,380.00 624,719.40

Symbol PZ UNILEVER

No. of Deals 34 32 66

Current Price 34.00 47.00

Quantity Traded 158,058 85,818 243,876

Value Traded 5,112,944.90 3,879,030.18 8,991,975.08

CONSUMER GOODS Totals

659

HEALTHCARE Published by The Nigerian Stock Exchange © Pharmaceuticals GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. PHARMA-DEKO PLC. Pharmaceuticals Totals

9,704,738

313,692,801.94 Value Traded 107,902,694.27 42,815,773.72 2,496,468.84 8,417,960.91 504,260,291.84 5,508,567.26 22,568,112.80 167,219,741.61 15,218,924.47 19,873,015.00 1,326,490.49 324,163,048.89

INDUSTRIAL GOODS Building Materials Published by The Nigerian Stock (NIGERIA) Exchange © AFRICAN PAINTS PLC.

13

Electronic and Electrical Products

Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

NATURAL RESOURCES Services Published byMining The Nigerian Stock Exchange © MULTIVERSE PLC Mining Services Totals

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals 13

Current Price

Page Quantity Traded 139,882,194

No. of Deals

Current Price

Quantity Traded

Value Traded

FINANCIAL SERVICES Insurance Carriers, Brokers and Services Symbol No. of Deals AIICO INSURANCE PLC. AIICO 35 CONTINENTAL REINSURANCE PLC CONTINSURE 7 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 6 EQUITY ASSURANCE PLC. EQUITYASUR 2 GREAT NIGERIAN INSURANCE PLC GNI 1 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 1 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 9 MANSARD INSURANCE PLC MANSARD 2 MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 1 N.E.M INSURANCE CO (NIG) PLC. NEM 34 NIGER INSURANCE CO. PLC. NIGERINS 1 OASIS INSURANCE PLC OASISINS 21 PRESTIGE ASSURANCE CO. PLC. PRESTIGE 10 SOVEREIGN TRUST INSURANCE PLC SOVRENINS 1 STANDARD TRUST ASSURANCE PLC STACO 1 STANDARD ALLIANCE INSURANCE PLC. STDINSURE 2 Daily Summary as of 14/03/2014 UNIC INSURANCE PLC. UNIC 1 Printed 14/03/2014 16:41:13.013 Published

by The Nigerian Stock Exchange © UNITY KAPITAL ASSURANCE PLC UNITYKAP 2 UNIVERSAL INSURANCE COMPANY PLC UNIVINSURE 1 WAPIC INSURANCE PLC WAPIC 33 Insurance Carriers, Brokers and Services Totals Daily Summary (Equities) 171

Current Price 0.76 1.05 0.54 0.50 0.50 0.50 0.57 2.25 0.50 0.75 0.50 0.58 0.58 0.50 0.50 0.50 0.50 0.50 0.50 0.80

Quantity Traded 1,084,918 5,121,978 26,000 1,500 2,750 30,000 534,937 3,000 1,000 5,964,810 10,000 4,628,960 1,010,051 1,000 1,000 3,000 1,000 Page 1,500 10,000 1,064,273 19,501,677

Value Traded 813,666.01 5,226,802.98 13,530.00 750.00 1,375.00 15,000.00 305,068.46 6,650.00 500.00 4,499,695.60 5,000.00 2,508,878.40 575,648.56 500.00 500.00 1,500.00 500.00 5 of 13 750.00 5,000.00 852,168.40 14,833,483.41

Banking Totals

Micro-Finance Banks

1,269

Symbol

4Value Traded of 13

1,221,771,090.10

Symbol NPFMCRFBK

No. of Deals 2

Current Price 0.78

Quantity Traded 86,000

Value Traded 67,080.00

Symbol

No. of Deals 2

Current Price

Page Quantity Traded 86,000

6Value Traded of 13 67,080.00

Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Symbol ABBEYBDS UNHOMES

No. of Deals 1 2 3

Current Price 1.35 0.50

Quantity Traded 500 109,000 109,500

Value Traded 645.00 54,500.00 55,145.00

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FBN HOLDINGS PLC FCMB GROUP PLC. NIGERIA ENERYGY SECTOR FUND ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB NESF ROYALEX STANBIC UBCAP

No. of Deals 115 25 1 651 48 1 4 28 93 966

Current Price 3.57 2.01 0.99 11.67 3.28 552.20 0.59 19.50 2.40

Quantity Traded 4,783,163 2,638,260 500 64,052,564 3,543,300 250 212,000 1,451,612 291,474,979 368,156,628

Value Traded 17,261,147.95 5,287,498.00 475.00 755,984,702.79 11,641,675.73 131,147.50 123,555.85 28,295,911.73 705,296,842.71 1,524,022,957.26

527,735,999

2,760,749,755.77

Quantity Traded 200,000 1,599,582

Value Traded 490,000.00 4,953,980.55

Activity Summary on Board EQTY NPF MICROFINANCE BANK PLC FINANCIAL SERVICES Published byMicro-Finance The Nigerian Stock Exchange © Banks Micro-Finance Banks Totals

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC

2,411 Symbol EVANSMED FIDSON

No. of Deals 1 31

Current Price 2.45 3.15

Petroleum and Petroleum Products Distributors

CONOIL PLC Daily Summary as of 14/03/2014 ETERNA PLC. Printed 14/03/2014 16:41:13.013 FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

527,735,999

2,760,749,755.77

Current Price 2.45 3.15

Quantity Traded 200,000 1,599,582

Value Traded 490,000.00 4,953,980.55

Symbol GLAXOSMITH MAYBAKER PHARMDEKO

No. of Deals 11 8 1 52

Current Price 70.00 2.04 1.57

Page Quantity Traded 69,634 16,439 354 1,886,009

7Value Traded of 13 4,874,391.40 33,536.46 555.78 10,352,464.19

52

1,886,009

10,352,464.19

Symbol COURTVILLE

No. of Deals 3 3

Current Price 0.71

Quantity Traded 118,000 118,000

Value Traded 83,280.00 83,280.00

Symbol CWG

No. of Deals 1 1

Current Price 5.85

Quantity Traded 100 100

Value Traded 556.00 556.00

Symbol CHAMS

No. of Deals 15 15

Current Price 0.50

Quantity Traded 2,706,100 2,706,100

Value Traded 1,354,493.51 1,354,493.51

2,824,200

1,438,329.51 Value Traded

Daily Summary (Equities)

19

Symbol

No. of Deals

Current Price

Quantity Traded

Symbol AFRPAINTS ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER IPWA PAINTCOM PORTPAINT PREMPAINTS WAPCO

No. of Deals 1 39 18 12 33 42 3 3 1 2 1 49 204

Current Price 2.72 16.16 9.48 45.00 8.76 234.70 1.34 0.61 1.90 5.13 10.93 111.00

Quantity Traded Page 2,000

Symbol CUTIX NIWICABLE

No. of Deals 5 1 6

Current Price 1.83 0.50

Quantity Traded 360,800 10,000 370,800

Value Traded 619,360.00 5,000.00 624,360.00

Symbol

No. of Deals 1 1

Current Price 19.02

Quantity Traded 500 500

Value Traded 9,275.00 9,275.00

5,926,440

445,216,938.30

BETAGLAS Daily Summary (Equities)

Symbol MULTIVERSE

No. of Deals 1 1

Current Price 0.50

Value Traded 8 of 13 5,180.00 4,353,149.53 6,696,583.62 1,097,472.56 7,999,327.60 64,137,138.50 84,678.56 34,608.02 18,100.00 35,550.00 207.80 360,121,307.11 444,583,303.30

274,963 734,014 25,453 908,570 278,205 62,984 59,669 10,000 7,110 20 3,192,152 5,555,140

211

Quantity Traded Page 33,333,333 33,333,333

1

9Value Traded of 13 16,666,666.50 16,666,666.50

33,333,333

16,666,666.50

Symbol JAPAULOIL

No. of Deals 19 19

Current Price 0.50

Quantity Traded 1,266,350 1,266,350

Value Traded 633,175.00 633,175.00

Symbol OANDO

No. of Deals 216 216

Current Price 16.15

Quantity Traded 4,602,633 4,602,633

Value Traded 74,405,688.16 74,405,688.16

Symbol No. of Deals CONOIL 10 ETERNA 25 FO 2 MOBIL 20 MRS 1 Daily Summary (Equities) TOTAL 15 73

Current Price 51.90 3.80 104.00 120.90 54.44 166.05

Quantity Traded 33,738 581,452 1,488 18,837 100 22,810 658,425

Value Traded 1,663,620.78 2,134,447.20 147,014.40 2,237,860.10 5,172.00 3,792,351.51 9,980,465.99

6,527,408

85,019,329.15

Activity Summary on Board EQTY OIL AND GAS Totals

SERVICES Advertising AFROMEDIA PLC Exchange © Published by The Nigerian Stock Advertising Totals

Value Traded 17,261,147.95 5,287,498.00 475.00 755,984,702.79 11,641,675.73 131,147.50 123,555.85 28,295,911.73 705,296,842.71 1,524,022,957.26

No. of Deals 1 31

NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

Quantity Traded 4,783,163 2,638,260 500 64,052,564 3,543,300 250 212,000 1,451,612 291,474,979 368,156,628

Symbol EVANSMED FIDSON

Activity Summary onTotals Board EQTY INDUSTRIAL GOODS

Daily Summary (Equities) Symbol No. of Deals

Activity Summary on Board EQTY Insurance Carriers, Brokers and Services

ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC PREMIER PAINTS PLC. LAFARGE WAPCO PLC. Building Materials Totals

CUTIX PLC. Daily Summary as of 14/03/2014 NIGERIAN WIRE AND CABLE PLC. Printed 14/03/2014 16:41:13.013 Electronic and Electrical Products Totals

Quantity Traded 14,367,944 6,655,042 178,804 3,856,112 21,473,688 1,463,804 10,359,778 23,917,848 1,514,968 39,746,030 1,299,333 15,048,843

FINANCIAL SERVICES

Daily Summary as of 14/03/2014 Processing Systems Printed 14/03/2014 16:41:13.013 CHAMS PLC Processing Systems Totals

INDUSTRIAL GOODS Building Materials Activity Summary on Board EQTY

Current Price 7.51 6.50 13.96 2.18 23.70 3.76 2.20 7.02 10.19 0.50 1.02 21.38

Activity Summary on Board EQTY

IT Services COMPUTER WAREHOUSE GROUP PLC IT Services Totals

ICT Totals

Symbol No. of Deals ACCESS 123 DIAMONDBNK 90 ETI 16 FIDELITYBK 59 GUARANTY 239 SKYEBANK 43 STERLNBANK 40 UBA 254 UBN 76 UNITYBNK 8 Daily Summary (Equities) WEMABANK 21 ZENITHBANK 300

Published by The Nigerian Stock Exchange © Banking

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

Current Price 3.57 2.01 0.99 11.67 3.28 552.20 0.59 19.50 2.40

2,411

Daily Summary (Equities)

HEALTHCARE Totals

4,754,311.20 5,511,110.00

Symbol COSTAIN

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES Activity Summary on Board EQTYPLC.

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. Activity Summary on Board EQTY FIDSON HEALTHCARE PLC

42.00 43.00

OKOMUOIL PRESCO

No. of Deals 115 25 1 651 48 1 4 28 93 966

FINANCIAL SERVICES Totals

246,092.89

226

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

CONGLOMERATES Totals Published by The Nigerian Stock Exchange © CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

226

Symbol FG9B2017S2

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB NESF ROYALEX STANBIC UBCAP

308 Symbol AFROMEDIA

No. of Deals 1 1

Current Price 0.50

Quantity Traded 30 Page 30

Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Symbol RTBRISCOE

No. of Deals 4 4

Current Price 1.35

Quantity Traded 8,272 8,272

Value Traded 10,670.88 10,670.88

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Symbol REDSTAREX TRANSEXPR

No. of Deals 10 2 12

Current Price 4.40 2.75

Quantity Traded 264,000 1,250 265,250

Value Traded 1,166,220.00 3,275.00 1,169,495.00

Symbol CILEASING

No. of Deals 1 1

Current Price 0.50

Quantity Traded 9,000 9,000

Value Traded 4,500.00 4,500.00

Symbol TANTALIZER

No. of Deals 1 1

Current Price 0.50

Quantity Traded 10,000 10,000

Value Traded 5,000.00 5,000.00

Quantity Traded 654,700 654,700

Value Traded 436,527.00 436,527.00

Employment Solutions C & I LEASING PLC. Employment Solutions Totals Daily Summary as of 14/03/2014 Printed 14/03/2014 16:41:13.013 Hospitality Daily Summary as of 14/03/2014 TANTALIZERS PLC Printed 14/03/2014 16:41:13.013 Hospitality Totals Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Activity Summary Totals on Board EQTY Printing/Publishing SERVICES LEARN AFRICA PLC Printing/Publishing

Activity Summary on Board EQTY UNIVERSITY PRESS PLC. SERVICES Published by The Nigerian Stock Exchange © Printing/Publishing Totals Printing/Publishing

UNIVERSITY PRESS PLC. Road Transportation Printing/Publishing Totals ASSOCIATED BUS COMPANY PLC RoadTransportation Transportation Totals Road

ASSOCIATED BUS COMPANY PLC Transport-Related Services Road Transportation Totals NIGERIAN AVIATION HANDLING COMPANY PLC Transport-RelatedServices Services Totals Transport-Related

NIGERIAN AVIATION HANDLING COMPANY PLC SERVICES Totals Transport-Related Services Totals SERVICES Totals EQTY Board Totals Daily Summary as of 14/03/2014 PrintedEQTY 14/03/2014 Board16:41:13.013 Totals

Daily Summary as of 14/03/2014 Summary on Board ASeM PrintedActivity 14/03/2014 16:41:13.013 OIL AND GAS Activity Summary on Board ASeM Petroleum and Petroleum Products Distributors Activity Summary on Board ASeM CAPITAL OIL AND GAS OIL PLC Petroleumand andPetroleum PetroleumProducts ProductsDistributors Distributors Totals Petroleum ASeM Board Totals

CAPITAL OIL PLC Activity Summary on Board ASeM OIL AND GAS Totals

Petroleum Petroleum Products Distributors Totals Equity Activity and Totals

ASeM Board Totals OILby AND GAS Totals Published The Nigerian Stock Exchange © Equity Activity Totals Exchange Traded Fund Published by The Nigerian Stock Exchange ©

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

Exchange Traded Fund

ETFName Board Totals

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

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

Daily Summary (Equities) Symbol LEARNAFRCA Symbol UPL Symbol UPL Symbol ABCTRANS Symbol ABCTRANS Symbol NAHCO Symbol NAHCO

5 5

0.69

Value Traded of15.00 13 15.00

10

No. of Deals Current Price Quantity Traded 1 Current Price 1.72 Quantity Traded 8,000 No. of Deals 16 3.88 489,461 Page 17 Current Price Quantity Traded 497,461 No. of Deals 16 3.88 489,461 No. of Deals Current Price Quantity Traded 17 497,461 4 0.91 1,025,000 No. of Deals4 Current Price Quantity1,025,000 Traded

Value Traded 13,120.00 Value Traded

1,905,277.12 11 of 13 1,918,397.12 Value Traded 1,905,277.12 Value Traded 1,918,397.12 932,750.00 932,750.00 Value Traded

4 0.91 1,025,000 No. of Deals Current Price Quantity Traded 4 1,025,000 31 5.14 550,389 31 Current Price Quantity Traded 550,389 No. of Deals 31 5.14 550,389 76 3,020,102 31 550,389

Daily Summary (Equities) Daily Summary (Equities)

76 4,032

932,750.00 Value Traded 932,750.00 2,865,122.52 2,865,122.52 Value Traded 2,865,122.52 7,342,477.52 2,865,122.52

3,020,102 609,574,096

609,574,096

4,032

7,342,477.52 3,736,105,415.20

3,736,105,415.20

Daily Summary (Equities) Symbol

No. of Deals 1

CAPOIL Daily Summary (Equities) Symbol CAPOIL

Daily Summary (ETP) Symbol NEWGOLD VETGRIF30 Daily Summary

Symbol NEWGOLD VETGRIF30

Current Price 0.50

No. of Deals1 Current Price 1 1 0.50 1 1 4,033

(ETP)

Quantity Traded 5,000

5,000 Quantity Traded 5,000 5,000 5,000 5,000 609,579,096

5,000 5,000Page

11

4,033

609,579,096

Page

No. of Deals 1 94 95

Current Price 2,189.00 17.09

Quantity Traded 150 4,281,101 4,281,251

95 No. of Deals 1 95 94 95

Current Price 2,189.00 17.09

4,281,251 Quantity Traded 150 4,281,251 4,281,101 4,281,251

Value Traded 2,500.00

Value 2,500.00 Traded 2,500.00 2,500.00 2,500.00 2,500.00 3,736,107,915.20 12

2,500.00 2,500.00 of 13

3,736,107,915.20 12

of

13

Value Traded 328,350.00 78,913,790.05 79,242,140.05

79,242,140.05 Value Traded

328,350.00

79,242,140.05 78,913,790.05

79,242,140.05

ETF Board Totals

95

4,281,251

79,242,140.05

ETP Activity Totals

95

4,281,251

79,242,140.05

Published by The Nigerian Stock Exchange ©

Page

13

of

13

38 business | MANAGEMENT AND APPOINTMENTS

Sanctity of Truth

Monday, March 17, 2014

Honeywell Flour Mills effects board changes moving up Honeywell Flour Mills is rewarding hardwork.

Stories Jonah Iboma

H

oneywell Flour Mills Plc, a leading player in the flour milling, noodles and pasta industry, has announced major changes in its hierarchy in a move the firm said is aimed at taking the company to greater heights.

A major aspect of the changes is the retirement of Mr Folaranmi Babatunde Odunayo as Executive Vice Chairman, and Chief Executive Officer of Honeywell Flour Mills Plc. He is to be replaced by Mr Olanrewaju Jaiyeola, Odunayo, the pioneer CEO of Honeywell, has served for 17 years in the firm having commenced his career in the position of Group Managing Director and will formally retire with effect from April 1st, 2014.

In a statement on Friday, the firm said during his tenure as

Mr Olanrewaju

Dr Albert.

Mr Benson

the Chief Executive Officer of the Honeywell Flour Mills, Odunayo exhibited exemplary leadership, commitment and drive in building an enterprise that is very well known for its superior quality consumer brands and sustained corporate performance.

“His investment in developing leaders and a high performing team has been confirmed by a rigorous selection process which led to the following new appointments,” the statement added.

Mr Olanrewaju Jaiyeola, Managing Director (Designate)

will assume the role of Managing Director on 1st April 2014.

He was formerly the commercial director at the company’s Ikeja factory. He has been in the service of the company for more than 20 years. His career and business management experience in the firm, spans finance, sales and manufacturing management.

Jaiyeola holds a Bachelors degree in Mathematics and Statistics from the then University of Ife, Ile-Ife (now Obafemi Awolowo University), and an MBA degree in Finance from the University of Lagos. He is also an Associate of the Institute of Chartered Accountants of Nigeria and a Fellow of the

Institute of Credit Administration of Nigeria.

Other appointments include that of Dr Albert Ozara, who has been named to the position of the Divisional Managing Director (Designate) for one of the company’s major divisions.

He is currently responsible for managing the Honeywells’ Ikeja factory where he has responsibility for its overall performance.

Albert joined the Company in 1998 from the Federal University of Technology, Owerri where he had risen to the position of Head of the Crop Production Department. He holds a First Class degree in Soil Science from the University of

Kogi varsity unveils devt programme manpower Kogi varsity moves to enhance productivity.

T

he Kogi State University Consultancy Services unit has restated its goal to continuously impact positively on productivity and performance improvement of its clients, just as it rolled out its manpower development programme for the year.

According to Director, Consultancy Services, Kogi State University, Dr. Odiba Abdul, unit is the human resources development and training arm of the Kogi State University.

He stated that the unit offers qualitative and impactful training for high calibre manpower in tertiary institutions, ministries, parastatals and corporate organisations.

Abdul said further that the consultancy boasts of seasoned and highly qualified professionals who are experts in their own fields. He added that the efficiency and effectiveness of the resources available in a given macro-

economic, institutional, social and natural environment are reflected in productivity.

This, according to him, explains the choice of course titles for the year, which he listed to include application of lean budgeting techniques in public sector; international public sector accounting standards; current account and bank reconciliation; store accounting and reconciliation; IPSAS application in effective auditing; effective budgeting with national charts of accounts; and information and communication technology for secretaries and HR Officers.

He listed others to include corporate financial management; cash management techniques; team building and change management; management appreciation course for nurses and midwives; e-library management; proposal writing; accessing and utilizing TETFUND grants for projects, training, research and conference attendants as well as Local government finance and administration.

Ibadan, and a doctorate degree also in Soil Science from the Cranfield Institute of Technology, United Kingdom.

Also, Mr Rotimi Gbenga Fadipe, has been elevated to the Board in the position of Executive Director, Supply Chain.

Fadipe joined the Company 20 years ago as a Management Trainee. He has acquired a robust business management experience in the areas of finance, audit and supply chain management. He was the pioneer manager for the supply and logistics function of the firm..

Rotimi holds an accounting degree from the University of Lagos, and is a Fellow of the Institute of Chartered Accounts of Nigeria. He is a member of the Chartered Institute of Purchasing and Supply, UK and of the Chartered Institute of Logistics and Transport, UK. Mr. Benson Evbuomwan, has also been appointed to the company’s board as Executive Director, Marketing. Benson joined Honeywell Flour Mills in 2006 as General Manager, Marketing after holding senior marketing positions at Procter & Gamble Nigeria and Guinness Nigeria Plc respectively.

Mohammed Uba Kari Joins NAICOM

T

he National Insurance Commission (NAICOM) has announced the appointment of Alhaji Mohammed Uba Kari as Deputy Commissioner (Technical) of the Commission, following an approval by President Goodluck Ebele Jonathan Kari was until 2012, the Managing Director/Chief Executive Officer of UnityKapital Assurance Plc. He holds Diploma in Insurance, (1979) from the Ahmadu Bello University Zaria and an Associate of the Chartered In-

surance Institute London, from Caledonian University, Glasgow, United Kingdom (1984).

KARI holds a Masters Degree in Business Administration (Information Technology) from University of Central England Birmingham, UK (2002) and IT Management Certified Professional from learning Tree Management Institute, London, UK 2004).

He started his working career with Royal Exchange Assurance Plc in 1979. Between 1984 and 1989 he worked in Yankari Insurance Company

Ltd as Assistant General Manager (Technical).

Kari joined Niger Insurance Plc in 1989 as Executive Director (Technical) and worked for about three (3) years. He became the Managing Director/ CEO in January 1992, a position he held up to March 1993.

Having distinguished himself in several earlier positions, he was appointed Managing Director/CEO of National Insurance Corporation (NICON) in March 1993 where he served up to January 2000.

Steve Wozniak challenges young Nigerians

S

ilicon Valley veteran and co-founder of Apple Computers, Steve Wozniak, has charged Nigerian youths to develop a mentality of building new things as a way of innovating and accelerating the country’s technological growth.

Wozniak gave the advice while speaking at the 2014 edition of the annual leadership seminar organized by Nigeria’s leading telecommunications company, MTN. Wozniak

addressed a select and diverse group of chief executive officers and enterprising young people drawn from both the public and private sectors in Lagos and Port Harcourt.

“Companies tend to want to hire people who already have a lot of experience on the exact products they are working on.

But I say it is much better to find very smart people that are able to look at a new thing they have never worked with before

and write the book themselves rather than reading the book on how it is done,” said Wozniak, who has been credited with revolutionizing the personal computing space.

Wozniak, described as one of "Silicon Valley's most creative engineers," advised the government to find the formulae to getting rid of poverty and engender equality for the citizenry whilst getting rid of corruption.

BUSINESS | GLOBAL NEWS 39

Sanctity of Truth

Monday, March 17, 2014

T

he Federal Deposit Insurance Corporation sued 16 of the world’s largest banks on Friday, accusing them of colluding to suppress interest rates.

News monitored on Reuters says the lawsuit, filed in the federal district court in New York, was the latest to accuse financial institutions of conspiring to manipulate Libor, or the London Interbank Offered Rate.

The FDIC said the defendants’ conduct caused substantial losses to 38 banks that the United States regulator had taken into receivership since 2008, including Washington Mutual Bank and IndyMac Bank.

“The closed banks’ losses flowed directly from, among other things, the harm to competition caused by the fraud and collusion alleged in the complaint,” the FDIC said in the lawsuit.

The banks named as defendants include Bank of America Corp, Barclays PLC, Citigroup Inc, Credit Suisse Group AG,

US regulator sues 16 banks for rigging interest rate Deutsche Bank AG, HSBC Holdings PLC, JPMorgan Chase & Co, the Royal Bank of Scotland Group PLC and UBS AG. The lawsuit also named the British Bankers' Association, the United Kingdom trade organisation that during the period at issue administered Libor.

Greg Hernandez, a spokesman for the FDIC, declined comment. Representatives for the some of the banks either declined comment or did not immediately respond to requests for comment.

Regulators in the United States, Europe and Asia have been probing many banks for manipulating Libor and other rate benchmarks.

Libor, which is the average rate that a panel of banks say

they can borrow unsecured funds, has become a key rate globally, underpinning more than $550 trillion in financial products, from home loans to The Libor and related Euribor investigations have so far seen US and European regulators fine 10 banks and brokerages for $6 billion and bring charges against 13 individuals.

The FDIC lawsuit joins an

array of civil actions filed in the wake of the scandal.

The complaint asserts claims against the banks including breach of contract, unjust enrichment, fraud, conspiracy and negligent misrepresentation.

It seeks unspecified damages in order to recover for losses sustained by the closed banks that the regulator seized.

Other defendants in the lawsuit include Rabobank, Lloyds Banking Group plc, Societe Generale, Norinchukin Bank, Royal Bank of Canada, Bank of Tokyo-Mitsubishi UFJ and WestLB AG. The case is Federal Deposit Insurance Corporation, et al, v.

Bank of America Corp, et al, US District Court, Southern District of New York, No. 14-1757.

303 deaths linked to recalled GM cars –US watchdog

T

he United States safety regulators have recorded 303 deaths when airbags failed to deploy in 1.6 million compact cars recalled last month by General Motors Co, according to a study released Thursday night by a safety watchdog group.

The new report and higher death toll ratchet up the pressure on GM, which has said it has reports of 12 deaths in 34 crashes in the recalled cars, according to Reuters report on Friday.

GM did not recall the cars until February, despite learning of problems with the ignition switch in 2001 and issuing related service bulletins to dealers with suggested remedies in 2005.

The auto maker is facing increasing pressure to compensate victims and create a $1 billion fund, even if some would-be plaintiffs are barred from suing under the terms of GM's emergence from bankruptcy in The Center for Auto Safety said it referenced crash and fatality data from the National Highway Traffic Safety Administration's (NHTSA) Fatal Analysis Reporting System (FARS).

GM said late Thursday that the new report was based on "raw data" and "without rigorous analysis, it is pure speculation to attempt to draw any meaningful conclusions."

Clarence Ditlow, the center's

executive director, said, "NHTSA could and should have initiated a defect investigation to determine why airbags were not deploying in Cobalts and Ions in increasing numbers."

GM recalled the cars because when the ignition switch is jostled, a key could turn off the car's engine and disable airbags, sometimes while traveling at high speed.

The safety agency has been criticized for not pressing GM to recall the cars with defective switches, despite receiving hundreds of consumer complaints in the past 10 years and implementing its own investigations of two fatalities related to the faulty ignition switches.

US Transportation Secretary Anthony Foxx on Thursday promised an "aggressive investigation" into whether GM was slow to report to the federal government problems with ignition switches on the 2005-2007 Chevrolet Cobalt and 2003-2007 Saturn Ion. The US attorney in Manhattan has opened a criminal probe, and House and Senate committees have pledged to hold hearings about GM and NHTSA's behavior.

Ditlow said the center's study, conducted by Friedman Research Corp of Austin, Texas, also cross-referenced fatality data supplied by GM to NHTSA's Early Warning Reporting (EWR) database.

A man walks past automated teller machines (ATMs) outside a HSBC bank in London.

Microsoft costs may hit banks for running outdated ATMs

B

anks around the world, consumed with meeting more stringent capital regulations, will miss a deadline to upgrade outdated software for automated teller machines (ATMs) and face additional costs to Microsoft to keep them secure.

Reuters reported on Friday that the United States software company first warned that it was planning to end support for Windows XP in 2007, but only one-third of the world's 2.2 million ATMs which use the system will have been upgraded to a new platform, such as Windows 7 by the April deadline, according to NCR, one of the biggest ATM makers.

To ensure the machines are protected against viruses and hackers, many banks have agreed deals with Microsoft to continue supporting their ATMs until they are upgraded, extra costs and negotiations were avoidable but are now likely to be a distraction for

bank executives.

“There are certainly large enterprise customers who haven't finished their migrations yet and are purchasing custom support,” a spokesman for Microsoft said, declining to name those customers or to quantify the extra revenue it is earning.

“The cost will depend on both the specific needs of the customer and what support they already have in place, so it’s different for every customer.”

Britain’s five biggest banks - Lloyds Banking Group, Royal Bank of Scotland, HSBC, Barclays and Santander UK - either have, or are in the process of negotiating, extended support contracts.

The cost of extending support and upgrading to a new platform for each of Britain's main banks would be in the region of 50 to 60 million pounds ($100 million), according to Sridhar Athreya, London-based head of financial services ad-

visory at technology firm SunGard Consulting, an estimate corroborated by a source at one of the banks.

Athreya said banks have left it late to upgrade systems after being overwhelmed by new regulatory demands in the wake of the 2007-08 financial crisis.

“They were probably not very serious about the directive that came in from Microsoft.

There's a lot of change going on at these banks at this moment in time and they would have seen Windows XP as one more change,” he said.

About 440,000 - or one-fifth of the world’s ATMs - are located in the United States and many of the banks operating them will still be running their ATMs with Windows XP for a while after the April 8 deadline, said Doug Johnson.

“One thing in our favor is that XP is battle-hardened," Johnson said. “People will benefit from years of fine-tuning of XP...It has been through wars.”

40 business | GLOBAL NEWS

Sanctity of Truth

Monday, March 17, 2014

Ukraine: Wall Street set for weekly loss on concerns

U

nited States stocks were little changed in a volatile session on Friday, setting all three indexes up for a weekly decline, as concerns over tensions between Ukraine and Russia escalated ahead of a referendum in Crimea this weekend.

Reports by Reuters the S&P 500 was below a key technical support level of 1,850 for the second day.

Curbing investors' enthusiasm for equities, Russia's navy said fighter jets had started training exercises over the Mediterranean Sea, an announcement likely to raise tensions in the standoff with Ukraine.

Global equity markets were pressured, while gold and the yen strengthened as traders flocked into the safe-haven assets.

The CBOE Volatility index VIX .VIX, Wall Street's socalled fear gauge, rose 5.2 per cent to 17.07. A key emerging market exchange-traded fund,

the iShares MSCI Emerging Markets ETF (EEM.P), gained 0.6 per cent to $38.40 after falling nearly two per cent in the previous session.

Following the recent selloff in emerging markets, some market participants believe now is the time to get into emerging market equities, but analysts are wary.

“The numbers, certainly on the face of it, look compelling," said Jade Fu, investment manager at Heartwood Investment Management. The MSCI emerging markets index is trading at 1.5 times price-to-book value and poor sentiment has already resulted in outflows of over $30 billion from emerging market equities this year, Fu said.

But “it is difficult to hold a very optimistic view of emerging market assets at this time, even if lower valuations have made them appear more attractive.”

Merkel’s Green push sinks German coal profits

G

erman Chancellor, Angela Merkel’s campaign to limit climate change with an energy system based on renewable sources is cutting into profits of companies that still provide 57 per cent of the power that keeps Europe’s biggest economy humming according to Bloomberg on Friday.

The continent’s fivefold increase in solar and wind power in the past decade flooded electricity grids, displacing fossil fuels so fast that coal- and gas-dependent utility RWE AG lost money in 2013 for the first time since 1949. Earnings at European coal-fired plants fell 23 per cent last year, the biggest drop since 2010. Margins may vanish in the next two years, according to Kepler Cheuvreux SA, a Paris-based Wind and solar may account for about half of Germany’s generation capacity by 2020, from 37 per cent in 2013, according to data from Bryan, Garnier & Co. Losses would threaten electricity supplies, Bernhard Guenther, RWE’s chief financial officer, said March 4.

“The situation is clear: power plants that can no longer operate economically and that are not needed to maintain system stability will be withdrawn,” EON SE’s Chief

Executive Officer Johannes Teyssen told reporters in Dusseldorf, Germany, on March 12. “If this trend continues unabated, we will very soon see serious capacity shortages. And in that case absolute security of supply would no longer be axiomatic.”

Coal plant profitability dropped 11 per cent in February and was at 6.02 euros ($8.38) a megawatt-hour today. The so-called clean-dark spread, a calculation based on year-ahead power, fuel and emissions prices, reached a low of 1.22 euros a megawatthour in December 2010, according to data compiled by Bloomberg since October 2009.

Margins at gas-plants have been negative since 2012.

Losses widened 62 percent to 20.34 euros a megawatt-hour last year.

Utilities from RWE in Essen, Germany, to GDF Suez SA in Paris are losing money at conventional plants as wind turbines and solar panels, which get priority access to the grid, cut into the running hours.

The average operating margin, a measurement of profitability, of 15 European electricity generators declined to 11 percent in 2013, from 18 percent in 2006, according to data compiled by Bloomberg.

Iran's President Hassan Rouhani speaks during a session at the annual meeting of the World Economic Forum

Caterpillar urges multilateral action over Ukraine

C

aterpillar Inc. (CAT), the largest maker of construction and mining equipment with more than 1,000 workers in Russia, called for a “multilateral and not unilateral” approach toward the country as the standoff over Ukraine escalates.

“History indicates that doing otherwise could be counterproductive to United States economic and foreign policy objectives,” Rachel Potts, a spokeswoman for Peoria, Illi-

B

rent crude rebounded from a one-month low as the International Energy Agency boosted its demand forecast and as tensions grew in Ukraine.

West Texas Intermediate climbed for a second day.

Brent rose for the first time in three days. The IEA increased its forecast for 2014 global consumption by 95,000 barrels a day, citing economic growth. The United States and the European Union are threatening sanctions against Russia if it doesn’t back down from annexing Crimea, which is holding a referendum this weekend on whether to join

nois-based Caterpillar, said on Thursday in an e-mailed statement, according to Bloomberg.

The US and European Union are threatening sanctions against Russia if it doesn’t back down from annexing Crimea, the disputed southern region of Ukraine which is due to hold a referendum on its future this weekend.

Caterpillar Chairman and Chief Executive Officer Doug Oberhelman attended the sign-

ing of legislation at the White House to establish permanent normal trade relations with Russia in December 2012. The company has two main bases in Russia, a manufacturing plant in Tosno near St. Petersburg and an office “Caterpillar urges Congress and the administration to support efforts to help the people of Ukraine and strengthen the International Monetary Fund so it can be more helpful,” Potts said in the statement.

Brent advances with WTI as IEA foresees rising demand Russia.

“The IEA report certainly helps the market,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “It makes people more comfortable about demand. People are worried about the situation in Crimea.”

Brent for April settlement, which expires on Friday, rose $1.18, or 1.1 per cent, to end at $108.57 a barrel on the

London-based ICE Futures Europe exchange. The more active May contract was up $1.29 at $108.21. Volume was 1.1 per cent below the 100-day average. Brent was down 0.4 per cent this WTI for April delivery gained 69 cents, or 0.7 per cent, to $98.89 a barrel on the New YorkMercantile Exchange. The volume of all futures traded was 3.1 per cent above the 100-day average.

Prices are down 3.6 per cent this week.

Copper price must decline further to threaten mines -Zambia

Z

ambia’s copper mines would be threatened should the price of the metal extend its decline to $5,000 a metric ton, according to the country’s mines minister, Christopher Yaluma.

Copper has dropped 13 per cent this year to the lowest levels since 2010. The metal, which last traded below $5,000 a ton in

July 2009, was down 1.4 per cent to $6,415 as of 12:36 p.m. on the London Metals “When it starts getting to $5,000 and below,” that would threaten mines in Zambia, Yaluma told reporters on the sidelines of a mining conference in Lusaka, the southern African nation’s capital. “I don’t think

this is going to carry on; it will still bounce back.”

The slump in the price of copper, which accounts for about 70 percent of Zambia’s export earnings, has seen the kwacha weaken 8.3 percent this year, the worst performer among the African currencies tracked by Bloomberg.

ENTREPRENEUR STO R I ES O F BU S I N ES S S U CC ES S ES

NEW TELEGRAPH

41

newtelegraphonline.com/entrepreneur

MONDAY, MARCH 17, 2014

Accessing capital:

Ideas for funding your business Emenne Ifeanyi is the Senior Vice President, Strategy and Development, Corporate Kanselor.

Phone: +234 802 632 2171 Email: emenneifeanyi@yahoo.com www.richnigerianpharmacists. com www.facebook.com/richnigerian pharmacists Emenne Ifeanyi

H

ere are two will very simple but profound secrets that drive wealth the way of anyone that practices them. Let’s say you have a problem of 10 Million Naira, do you have anyone who would gladly give you 10 Million Naira without waking you up every morning to make sure you are still alive?

I had gone to share a business idea I had with Professor Pat Utomi. After I shared my idea with him, he asked me some questions and further asked

30 SECONDS LECTURE

me to go and write a business plan for the idea. He gave me some strong assurance that he will link me to a group of investors who woulod likely be willing to fund the project. Though it was very simple to execute, it was obvious the project will cost millions of Naira to put in place. I had to go back to work on the business plan and while I was working on it, the tricks to drawing mega wealth just hit me. They were so simple that most average people including you would likely miss them but they are also so effective that almost all very rich people use them.

Before I show them to you, see if you can find it in Aliko Dangote. Any time Dangote

wants to start a factory, the headlines would read “Aliko Dangote Invests One Billion Naira in Mullti-billion Naira Factory” Did you get the secret? I am very sure you missed it. Another clue? Whose houses did Jesus visit the most in the Bible?

Well, let me cut the suspense.

Here are the secrets: 1. HAVE A PLAN FOR EVERY BUSINESS YOU UNDER TAKE – The first thing Professor Pat Utomi asked me to put together was a plan. It you want to be truly wealthy, you must have a plan. You must have a plan that takes into consideration all the likely challenges that may come up and what you will do when they arise. I have

more than enough evidence to show that a business with a well structured and written business plan has a more than 90% chance of succeeding and outliving the owner. When a young man sees a girl he likes, what does he do first? He starts by mapping out an action plan in his head. Things may not go the way he planned them but an action plan gets him started.

So my first assignment to you, if you have a business, is to sit down and write a business plan for your business.

I am planning on establishing a private university which will focus majorly on training and developing business leaders. I have started to put a plan together for it. Without a plan,

it looks so big but with the plan, I am beginnning to see that there is not much difference between starting a secondary school and starting a university.

Even for your life, have a plan. If you have a written plan for your life, you will be amazed at what you will achieve. I have personally added my life’s plan to one of the books I have written to make it plain on a book so that I can run with it as I read it.

2. FRY A VERY BIG CAKE AND INVITE OTHERS TO SHARE WITH YOU – Why people remain poor is that they want to own everything but that goes against the rule of making more money. Dangote, in a Multi-billion Naira project,

MENTOR’S

MENTOR’S

MENTOR’S

MENTOR’S

Success is liking yourself, liking what you do, and liking how you do it

Although no one can go back and make a brand new start, anyone can start from now and make a brand new ending

When you feel like quitting, think about why you started

A goal without a plan is just a wish

– Anonymous

- Anonymous

– Maya Angelou

– Carl Bard

QUOTE

If you are not controversial, you will not be successful.

Give me 10 people that are not controversial and let me see whether they are successful or not.

- Jimoh Ibrahim, Chairman, Global Fleet

QUOTE

QUOTE

C O N T I N U E D O N PA G E 4 2

QUOTE

42 BUSINESS | ENTREPRENEUR

B UT HSOIUNG HET SS S

Sanctity of Truth

Monday, March 17, 2014

Business: Understanding Mentor-Protégé Relationship

Leslie George, a business capacity developer, is the Lead Strategist at ORIZON BOON. Email: lesliegeorge@orizonboon.com, Linkedin: Leslie George, Facebook: Facebook. com/LeslieGeorge

Leslie George

S

how me a successful entrepreneur and I’ll show you a man or woman who has brought himself or herself under the tutelage of a mentor or mentors. Aliko Dangote, Femi Otedola, Jim Ovia are just some of the entrepreneurs who have made their mark not just in Nigeria but also outside the country. I bet if we allow them tell their story, there’ll always be a part of the story where a mentor is mentioned. It is also not a surprise today that many of them have strings of protégé who are ever ready to drink from their spring of knowledge and experience.

The term mentor has been used, misused and overused

Beware of mentors who want to teach you the tricks of the trade. Learn the tricks of the trade, but while you are doing that, learn the trade itself

C O N T I N U E D F R O M PA G E 4 1

will invest only One Billion while other investors will get the other amount. Jesus visited mostly the houses of the tax collectors. There, a lot of other tax collectors gathered to listen to him. The moment he started to speak and they were touched, they secretly began the process of becoming better people, even if they did not openly follow him. Did it ever occur to you that you that the two men that funded his burial where part of those top shots?Prof Utomi did not ask me to come so that we would run the project together.

He wanted to invite other investors. If you are looking at mak-

in the past decade as if it is a recent social construct. While I do not wish to go into a prolonged definition of the whole mentor concept, I do have to lay a foundation.

The term mentor can be defined as: An experienced adviser and supporter. Somebody, usually older and more experienced, who advises and guides a younger, less experienced person on a particular course or endeavour . The word, as a lot of us have come to know, comes from Greek mythology. It is the name of the best friend whom Odysseus left in charge of his household while he was at Troy, and who was the teacher and protector of Telemachus, Odysseus’s son. Protégé, on the other hand, simply means one who enjoys the guidance and protection of a more experienced and older individual.

For a person to be considered a mentor, that person has to have a personal relationship with the protégé. Personal in the sense that he, the mentor, has to have genuine concern

for the protégé and a perceived stake in his endeavour. If that is the case, it is understandable why he would need to protect his protégé and guide him on the best path he knows.

There are three stages to the Mentor-Protégé Relationship: Initiation: This relationship is set off by realising that a prospective protégé and a prospective mentor have shared interests and wish to explore those interests through the perspectives of one another.

The mentor must see the interests shared and must be convinced that the individual has the resolve and passion to walk down the path ahead.

Most times, mentors tend to see themselves in the protégé and tend to be fascinated by this person who wishes to follow in their footsteps.

Mutual Growth: It is not just a protégé that grows, the mentor also is growing in the relationship. As he sees the development of his protégé, he tends to become more invested in the relationship. The

development of the protégé is an incentive for the mentor to commit more resources to the mentor-protégé dynamics. In this, they grow together.

If the protégé displays a lack of passion or resolve to push and develop, the relationship never goes past this stage. A lot of mentor-protégé relationships die at this phase.

In the same light, the mentor who sees his protégé as a “pet project”, or a way to garner attention, or is trying to replicate himself in a protégé who has a mind of his own will bring the relationship to its abrupt end, as growth is never a one-sided event. If the mentor is not genuinely interested, this is where it stops.

The Separation: There comes a time in the relationship that the mentor has to remove the training wheels from the protégé’s bicycle. At this point, the mentor realizes that the protégé is ready to ride on his own. The protégé has learnt everything he needs to stand on his own feet, and must set out by himself.

This does not end the relationship, as we realize that it is not possible to teach anyone everything we know. While it is true that every once in a while we see that the student has surpassed his master, there is still the factor of experience, which the master has as an edge over the student.

Caveat Emptor As a protégé, you must come to the mentor-protégé relationship with a big sieve. Separate what is useful from what you do not need.

Beware of mentors who want to teach you the tricks of the trade. Learn the tricks of the trade, but while you are doing that, learn the trade itself.

People can only advise you as far as their experiences will allow. If a person has a negative experience in a particular endeavor, they cannot advise you beyond that negative experience. Beware. Listen well, think well and sample other opinions while you are at it.

Do not put all your eggs in one basket.

Enjoy!

Accessing capital: Ideas for funding your business ing a profit of at least 10 million from a project, increase it to 110 million and get other people to actively fund it.

ACTIVELY DEVELOP A NETWORK OF FINANCIALLY SHREWD BUSINESS MEN AND WOMEN: The final trick is to actively develop a network of financially shrewd business men and women.

When I decided to make more money, I started associating with the top players in Nigeria’s business industry. These group are not bothered about losing money. All they want to know is that a well grounded

business plan is in place and that they know the person pitching the deal or someone who can vouch for that person.

I would never have been able to meet the group of investors I am talking about if Professor Utomi was not ready to stand behind me. Many investors invest in ideas not because they are great ideas but because they can trust the key man standing behind the man with the idea.

I will strongly suggest that if you are planning to run a business that will take at least 10 Million Naira to start, start

building a network of business people to whom Five Million does not mean much. You can never grow beyond the netwoth of your close associates. This is why our friends who we all agree are currently doing well seem to forget us.

They have moved into a circle of people who understand the business of value. Don’t get me wrong, they still love you it is just that you can’t add the kind of value they would have loved to see you add to their business. Time is money, so they move further and higher.

I have more than enough evidence to show that a business with a well structured and written business plan has a more than 90% chance of succeeding and outliving the owner.

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, March 17, 2014

ENTREPRENEUR OF THE WEEK

Aruosa Osemwegie

Aruosa Osemwegie, Human Resource Expert: I never knew I’ll be an entrepreneur REMEMBER: Be clear about your value proposition. Seek for ways to bring innovation. Don’t exclude partnerships. Work with technology and not against it.

Tell us about yourself?

Aruosa Osemwegie is my name.

I like to see myself as a Human Resource Consultant, Performance Improvement Trainer, Workplace Readiness Coach, Life and Career Coach, Job Search Strategist, Service Excellence Activist, Business Innovation Coach, and a Youth Instigator.

I am the author of the impact makingbooks, “Getting a Job is a Job: A No-Nonsense Practical Guide to Getting Your Desired Job” and “Nothing Succeeds like Excess: A New Code for Maximised Living”. My formal roles are as the Lead Consultant, Enable Africa; The Coordinator, The HR School; and Executive Director, Sponsor a Child through School (NGO). I am privileged to be the convener of Workplace & Enterprise Readiness Programme (WeReady) – a workplace readiness boot camp for fresh graduates, youth corp members, job seekers, and job changers. As a Life &

Career Coach, my particular passion is for getting people to ‘extend themselves beyond themselves’. A certain resolve runs through my life’s work and that is to ‘enable exceptional expressions’ in and through African individuals, organisations and nations.

What informed your need to go into your line of business?

My business is a coalescence of Human Resource consulting, Workplace Readiness, Publishing, and Performance Improvement training.

Well, all I do is from work experience, passion and a desire to impact lives and to transform Africa. You may therefore say that I stumbled into it one day after another, starting with one or two books that I read before I left university. In addition, I am spurred on by the vast number of people, companies and institutions that need various aspects of our

work. People need courage, inspiration and ideas to move their lives and businesses forward. Businesses and institutions are limited by the supervisory strength that they have or lack. On the average, the talent pool in Nigeria cannot compete with that overseas due to the decadence that has hit our school system. Someone needs to provide solutions to some of these ills.

How does your job serve other industries and the economy in general?

Oh, in several ways. All organisations, from Startups to Medium sized firms, have the challenge of attracting, developing, maximizing and retaining people. We help with that. They also have a challenge with designing the people architecture that would help them deliver their strategic objectives. We help there too. For individuals? Through pub-

The highest benefits of entrepreneurship, which are the ones I enjoy most, is the opportunity to birth, the opportunity to change, the opportunity to impart and impact people, society and a generation.

43

lishing, speaking and training, we help to equip them to maximize their lives and careers. In this same vein, we are helping to create a talent pool for Nigeria – since most employers claim that our graduates aren’t fit for work. Many companies have refused to expand because they cannot find competent people to grow their businesses on. So in the business creation value chain, we play the critical part of helping to develop the people businesses need; the structures that businesses would use to maximize these people and the leadership thinking that makes businesses successful.

Did you always know you’ll be an entrepreneur from the onset?

Not at all.

What would you say are the benefits of entrepreneurship and what benefit do you enjoy best?

The highest benefits of entrepreneurship, which are the ones I enjoy most, is the opportunity to birth, the opportunity to change, the opportunity to impart and impact people, society and a generation.

What is your turning point in business?

I am within my turning point now.

And this is because I am clearer about the value of our work and the platforms through which we would be adding this value to people, organisations and institutions. At this point, I am also extending our influence and impact. For example, I just published a new book, called “Nothing Succeeds like Excess: A New Code for Maximised Living”. It’s a recommend read for young and young-at-heart entrepreneurs and career people.

Where do you see the industry in the next 5, 10 years?

Regarding Human Resource consulting or solutions, there would always be a need to partner with people and organisations to grow skilled people and fitted people structures – so I see more growth in the industry. I think the barrier to entry is low so I see more people getting into the business. I see more outsourcing of people functions. I see technology playing a more prominent role as well. In the aspect of the publishing industry, I see a lot of growth potentials and challenges, due in large part to the fact that we don’t have a reading culture. Another challenge would be the pervasiveness of an online-mobile life.

What is your advice to an aspiring entrepreneur planning to come into your line of business?

My advice? Get into another business! Just kidding. Be clear about your value proposition. Seek for ways to bring innovation. Don’t exclude partnerships. Work with technology and not against it.Avoid all the wrong reasons for entrepreneurship such as: “I want to be my own boss” or “I don’t want to say ‘yes sir’ ‘yes sir’ to anyone one anymore” or “I want to be rich”. Be willing to start small but be armed with a big dream.

44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, March 17, 2014

Customer Service: Six kinds of customers you must face (part 2) George Essien is designated Peak Performance Consultant(PPC) and Chief Inspirational Officer Of Powerminds Community Contact: powermindscommunity@ yahoo.com, essien_success@ yahoo.com, drgeorgeessien@ gmail.com.. Twitter: @ GeorgeEssienPPC. Facebook@George Essien Tel: 08187133153

George Essien

CONTINUED FROM LAST EDITION

W

e have looked at the first two customers an entrepreneur faces in the market place. The first is the RELATOR, the easy going, opinion driven customer. The second is the ANALYSER, the critical, detailed, meticulous customer.

We have also learnt how to elicit their buying strategy and how we can sell to them.

Remember? To sell to the first, you slow down your pace and sales pitch and show them how their buying decision will benefit the people they are connected with. To sell to the second kind of customers, you show them details; from statistics and recommendations, to registration details and endorsements, to letters of referrals and detailed business plans. Fast talking entrepreneurs will never be able to easily sway these people. Now, let us consider the remaining

customers you must face as an entrepreneur.

SOCIALIZERS: As their name implies, they are peoplefriendly customers. They will welcome you and be literally excited about your products initially. You must, however, realize that they have mood swings and are very emotional. They can tell you to come back with your products the following day and forget ever discussing any of such things with you the following day. If you go to their offices, you will notice plagues and awards. They are the egotistical ones. They are fast talkers and can easily make a buying decision in the heat of their emotions, at the spur of the moment. As a business man, you must be prepared to meet these socializers. Whether you are the one taking your product to them or they are the ones coming to your shop for

your products, they are easy to recognize. If you understand the sanguine fellow in the temperament theory then you can spot them. To sell to them, you must talk fast, literally hit the nail. You should appeal to their emotions and talk about their achievement s. Doing this gives you leverage and serves as anchor to their buying strategy.

DIRECTORS: The directors are bossy, choleric customers. They are task oriented and practical. They are almost not very emotional. It is easy to observe them. They ooze and permeate an ambience that is intimidating. If they ever buy, it would be by their prerogative. They want to feel that they are doing you a favour or they are having mercy on you. To sell to them, you must allow them express this. ‘Yes sir’, ‘thank you sir’ should be constant in your

words.

APATHETIC CUSTOMER: No entrepreneur ever prays to come across these fellows.

They are apathetic towards you and your industry. They already have a wrong notion and are so negative about your industry no matter what you say or how you say it. Don’t waste your time on them.

SELF ACTUALIZERS: They are customers you would want to meet. They are customers you pray come to your shop. They know exactly what they want and when they walked in, you had better have the product they are looking for. On many occasions, you never have to do a sales presentation.

It is important that you take what I have shared particularly seriously. You will quadruple your sales and profits if you become more deliberate, strategic and cus-

tomer specific. It is true that many businesses achieve some measure of success without knowing or following these rules, but they will surely increase their sales and make larger profits if they did. They will develop a powerful rapport with customers and increase their customer and brand loyalty via this specific customer categorizing and addressing strategy.

It is true that many businesses achieve some measure of success without knowing or following these rules, but they will surely increase their sales and make larger profits if they did

B ULSI BIRNA REY S S What are you reading this week?

Entrepreneurs who lead, read. Here is one book you should read this week.

Rework

By Jason Fried, David Heinemeier Hansson

If you lack the guts or courage to go out there and live your business dreams, 37signals’ new book REWORK is a fast, inspiring read for anyone who’s thought about starting a business but froze at the idea of quitting their job, getting investment, and working 24-hour days.

For feedback and Information Please contact the Project Coordinator: ENTREPRENEUR Phone: +234 803 721 9064 | +234 809 551 0411 | Email: mailyourthoughts@gmail.com | www.book-brands.com

METRO 45

Monday, March 17, 2014

My son beats, makes Motorists bemoan persistent fuel scarcity me go blind, says man Camillus Nnaji

RESPECT YOUR FATHER A refuses to abide by the biblical injunction, beats up his father, almost rendering him blind Taiwo Jimoh

A

69-year-old driver with the Lagos State Ministry of Economic Planning and Budget, Alausa, Ikeja, Mr Musibau Aremu, said he had lost the use of one of his eyes after his son beat him to a pulp.

The man told our correspondent that he cried ‘like a baby’ the day his 29-year-old son, Sodiq, beat him mercilessly.

He said: “I have visited Agege Local Government Health Centre for the treatment of my eyes because I can no longer see objects clearly.

Now, an object represents two before me.

“Since the day my son, Sodiq, beat me, I have not been able to see clearly with the left eye, the more I tried to open it by force, the more it became difficult for me.”

It was learnt that trouble started between father and son when the junior Aremu heard that his father had relocated to his younger sister’s place at Lagun area of Ogun State.

He said: “When he heard

about my relocation to my sister’s place at Lagun, he pounced on me and started beating me mercilessly, while I started crying like a baby.

“I don’t believe Sodiq is my son. Although, his mother is late, I am suspecting he is not my real son. The boy is a bastard, because I never did such to my father while he was alive.

“I used to give him N200 as pocket money every day and provide his daily meals at home.

“When the beaten was becoming unbearable for me I decided to report Sodiq to one Adekunle Adegoke an Oodua People’s Congress (OPC) leader in our area, who later took him to Elere Police Divisional Headquarters for interrogation.”

Sodiq reportedly said he wanted his father to die to allow him live his life peacefully.

A source at the Elere Police Divisional Headquarters, Agege, told our correspondent that the suspect was brought to the station on Thursday.

“The boy was brought to our station for allegedly beating his father to a pulp and threatening to kill him, so as to allow him to enjoy his life.

“The boy has been arraigned at Agege Magistrates’ Court for assault and attempted murder on his father,” the source said.

M

otorists in Lagos State continue to groan over persistent shortage of Premium Motor Spirit (PMS) otherwise called petrol.

Queues which almost disappeared in the metropolis last week, resurfaced at the weekend as many vehicle owners spent several hours at filling stations.

At Ojota bus stop, the two Total filling stations on either side of the road did not sell fuel while anxious motorists A filling station yesterday waited under the scotching sun. the official pump price. But we do not However, the MSR filling sell in cans to any customer.” station was dispensing fuel At MRS Filling station, Ikeja but there was a huge crowd under bridge, the situation was the same as many motorists were struggling to buy.

Yesterday, a taxi driver, who stranded.

A Director at the Lagos State Wagave his name as Mr A. C. Okebugu, said he had been at the ter Corporation, Ijora, Mr. Leo Onaystation since morning. emi said, “today (Saturday) it is too Okebugu said the situation hard to get fuel. at Ojota was even better than “I came from Mile 2 to Ikeja to other parts of Lagos like Ikoyi, look for fuel, I have been here since Victoria Island and Lekki- 10am and now they said the fuel has Ajah, among others. finished.

The driver said this situation was affecting his business because he did not get fuel to convey his customers to their destinations on time.

Muritala Ayinla At Oando filling station in Maryland, the Manager, orried by the flagrant violation Azuka Chinmuanya, said the of the Lagos Traffic Law 2012 by station had been selling fuel commercial motorcyclists popualthough the demand was too larly called Okada riders, the state govhigh. ernment has procured 200 power bikes He said: “Three trucks have to monitor the highways and offenders.

This was even as the officials of the offloaded here and we have been selling fuel nonstop at Lagos State Task Force on Environmen-

Abubakar

resident

PHOTOS: Elijah Samuel Udoh

to get to their businesses through Agboju and Alakija which are close to this route.

“Since this ugly incident, many people have been in-

“The Minister of Petroleum Resources, Mrs Dieziani Alison-Madueke, said she has paid the marketers yet we are experiencing this shortage.

If some people are sabotaging the Nigerian National Petroleum Corporation (NNPC), then they should fish them out.

“Another option is to privatize the petroleum sector which we think will be successful as the communication sector.”

The minister had blamed the fuel scarcity on diversion of the product.

Lagos procures 200 power bikes to arrest Okada riders

W

ridge, FESTAC residents cry out capacitated. Many people cannot go out because they don’t have money and cannot trek through the only linkage route.

Let government come and construct a foot bridge for us here.”

Amina Abubakar, a middle-aged woman who resides at B Close, 6th Avenue, is a survivor of the ill-fated canoe.

Abubakar gave a vivid account of what actually happened.

She said: “I was in the canoe that night.

We were 20 in number. It was not strange because we have always taken the canoe.

But that night as we were getting close to the bank of the canal where we normally disembark, we realised that water was rushing into the canoe. At this point, people were gripped with fear and they started shouting Allah while some were calling Jesus. In the midst of the confusion, we found ourselves struggling inside water.

“Although I was lucky to have escaped with three others, I am sad because 13 people were brought out dead while others

PHOTO: CAMILIUS NNAJI

are still missing.

“I just plead with the government in the name of God to forestall a repetition of this kind by coming to erect a pedestrian bridge here because all our children attend school outside this estate.”

Yet, another resident, Bukky Muhammed, a neighbour of the women who lost her first three children, called for the rapid intervention of the government.

She said: “Let the government just come to our aid now so that the suffering of the people of this area can end.”

But the Chairman of Amuwo Odofin Local Government, Ayodele Adewale, said there was nothing the local government could do because there was a master plan for FESTAC Town.

He said: “It is the Federal Housing Authority that is in better position to tell what the master plan is really like. I don’t have the plan, so there is no assurance that a bridge will be constructed, whether for pedestrian or not.”

tal and Special Offences (Enforcement) Unit said they had impounded 50 200CC motorcycles used for commercial purposes on prohibited routes.

The state had prohibited use of commercial motorcycles on 475 major highways in the Lagos metropolis.

The motorcycles were impounded on some prohibited highways and major roads such as Awolowo Way, Ikeja, Mile 2, WEMPCO Road, Victoria Island and Ikoyi. Although 200CC motorcycles are allowed to ply some of the 475 prohibited routes, but operators are not allowed to use the motorcycles to carry passengers for commercial purposes.

The task force Chairman, CSP Bayo Sulaiman, said the 200 power bikes were procured for the police to chase riders who flouted the law.

He added that the bikes had been distributed to the various police formations and to the task force.

Sulaiman also said the 50 200CC motorcycles were impounded for contravening the law, because, according to him, the Lagos Traffic Law 2012 prohibits the use of any motorcycle to carry passengers for commercial purposes.

He said: “The law does not say you have to replace other motorcycles with 200CC for business. This is not the intention of the state government. They are not for commercial purposes; they are for courier and private use.

“Anybody caught will be charged to court and the bike will be forfeited to the state government. We have arrested some and arraigned them in court and were convicted and made to pay fine.”

46 SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

NATIONAL CONFERENCE BEGINS

NJI under tight security Tunde Oyesina Abuja

A

head of the National Conference which is billed to commence today, the National Judicial Institute (NJI), Abuja, venue of the conference has been put under heavy security.

When New Telegraph visited the venue, stern looking security men were seen in front of the premises with about three patrol vans stationed outside the gate.

Movement of people into the premises was restricted as nobody could enter the centre without a prior submission of such

person’s name with the security.

When our correspondent visited the venue, he was denied access into the premises as all efforts to get across to the conference media officer proved abortive.

However, a gaze from outside revealed that the institute is wearing a new look, with the flowers moderately trimmed.

Some of the buildings to be used have also been repainted and with a light decoration.

In a telephone chat with the Media Officer of the Institute, Madu Mezie, he disclosed that the institute had put all facilities in place for the

conference.

The facilities put in place ranged from a generating set, public address system among others.

He added that all departments that would be needed for the smooth running of the conference have also been effectively put in place.

He explained that clinic of the institute is fully ready to entertain any emergency and that the fire station too has been properly equipped for the conference.

On security, he stated that a combined team of Police, Road Safety, Civil Defence an Traffic wardens have been deployed to the venue.

On the parking lot,

Madu disclosed that the internal security of the institute has been properly trained to cope with the traffic situation within the premises.

On the movement of delegates from the venue to their hotels, Madu said he could not say anything on that as he was not part of the planning and so he does not have a prior information on it.

He, however, added that the main hall where the plenary session will hold is in order and ready for the commencement of the conference.

He further stated that the committee rooms have been properly arranged for the committee meetings.

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

Well, at a personal level, I am very passionate about the issue of fiscal federalism. I believe that if we practise federalism, we will have less of the problems we are having in the country. In the federal system, the federating units should be able to develop at their own pace and there should be opportunity for them to achieve some measure of autonomy and self-reliance economically. The federal system where all the executives go cap in hand to Abuja to collect money, that is not federalism. We believe that each federating unit should be self-sufficient, self-reliant and then contribute to the centre whereas the present arrangement undermines federalism.

Nigeria must have spirit, soul –Nwajiuba

Prof. Chinedum Nwajiuba, Dean, School of postgraduate studies, Imo State University, Owerri is Imo State delegate.

My expectations are a better Nigeria and a better future for our children.The conference will be able to make it an offence or legally binding, that no Nigerian shall be discriminated against.

A lot of things that we complain about are actually the symptoms, not the problems in Nigeria. We need to have a better understanding of Nigeria Nigerians are hardworking people, gifted people doing very well all over the world, so we deserve a better country. We now have the opportunity to do something to have a better country; a country with soul, spirit and philosophy. An idea of Nigeria; what does Nigeria mean, it is something beyond the mere geography idea of it.

Fiscal federalism, structure of government and devolution of powers are all critical issues which must be discussed.

I have a very positive approach to life, I am optimistic and I think that our country should be better than it is. I am quite optimistic that this conference will bring about change, that our country should be better than this. I come with an open mind

We’ll explore mechanism to reduce tension –Okunniyi National Judicial Institute (NJI), Abuja... venue of the conference.

Minister unleashes task force on prostitutes, beggars Yekeen Nurudeen Abuja

A

uthorities of the Federal Capital Territory (FCT) have deployed a special task force to rid the nation’s capital of criminal elements as well as beggars, street hawkers and prostitutes who were visible all over Abuja.

The 19-member task force headed by the new FCT Commissioner of Police, Joseph Mbu which was inaugurated on Thursday by the FCT minister, Senator Bala Mohammed, swung into

action on Friday morning.

Mohammed had charged the task force to execute 11-point terms of reference that include carrying out sting operations on hideouts occupied by suspected criminals with a view to forestalling nefarious activities in the territory.

It was also mandated to remove all shanties and unplanned developments in the city centre; put in place necessary strategies to reduce gridlock and ease traffic flow in the metropolis; arrest and prosecute prostitutes

who constitute social menace within Abuja metropolis and arrest, detain and prosecute road traffic offenders.

The members were equally urged to identify all flash points for street hawking and other untoward activities in Abuja metropolis for effective pin-down operations as well as arrest, detain and prosecute environmental sanitation defaulters, street hawkers and their sponsors among others.

As early as 7a.m. Friday, a combined task force of Policemen and men of the Nigeria Se-

curity and Civil Defense Corps (NSDC) stormed the Nyanya axis of Abuja arresting street hawkers and chasing away commercial motorcycle operators also known as okada riders.

The task force set many wooden stands of street traders ablaze while it also cleared the road barge of all illegal motor parks.

As part of the measures to ensure that the city is secured while the confab lasts, many parts of the city have also witnessed new security checkpoints.

Olawale Okunniyi, a civil society delegate to the National Conference, is the spokesperson for the Pro National Conference Organisation (PRONACO).

My main focus is how to ensure that the conference is explored as a conflict management mechanism to reduce political tension, insurgency and militancy in the land as well as ensuring that the confab becomes an avenue for giving birth to new peoples constitution for the country.

I would canvass for due process at the conference for proper federalism, resource ownership of the federating units, restructuring of the present political and governance architecture of the country, devolution of powers to federating units, new people’s constitution at the centre and the adoption of PRONACO’s draft constitution.

SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

47

NATIONAL CONFERENCE BEGINS

We’re privileged to be part of history –Odumakins Yinka Odumakin, National Publicity Secretary of Afenifere Out of the 492 delegates for the national conference, you and your wife are the only couple among the delegates. How do you feel about this?

I feel nothing about it. With all sense of modesty, we earned our respective slots not because of favour done to us. I am representing the SouthWest ethnic nationality and she is representing civil society from South-South. Before we met, we both made our marks and became what we are in terms of our place in the change project in Nigeria.

So, I believed that if we had not married, she would still have been at the conference and I would still have been at the conference. I am a Christian and the Bible states that; “See thou a man who is diligent in his work; he will stand before kings and not mere men.”

So you believe that your individual activities really made the two of you to be nominated as delegates to the confab?

There is no other thing than that. It is our contributions to the nation building project that has made us to be delegates to the national conference. It is not that we wrote application that we want to be part of it. Stakeholders were supposed to nominate their delegates and we were both nominated from our different areas of influence.

Out of the 492 delegates participating at the National Conference, only a couple will be present for the three-month deliberation. They are Mr. Yinka Odumakin and Dr. Joe Okei-Odumakin. Both are human rights activists representing two platforms – ethnic nationality and civil society. The couple-delegates speak with TEMITOPE OGUNBANKE that gives all stakeholders from all the parts of the country a sense of belonging and a Nigeria where justice, equity and fair play prevailed; a Nigeria that is founded on the foundation of equity. That is why one has been a bit uncomfortable with some statements coming from some leaders of a section of the country, telling their people to walk out of the conference if the issue they don’t expect are being discussed; threatening and blackmailing the rest of the country.

This is what has brought us to where we are, where some sections will feel that we are lords and masters and the rest are slaves.

So, I think we should go to this conference as country of equal nations and stakeholders who are coming to find solutions to the problems that threaten our collective existence. Nigeria is going down the drain; Nigeria is under siege. There is a festival of blood going on everyday and now. We cannot continue, we must stop it and we must look for what works. And for some of us, we need to run Nigeria as a true federation and on the basis of federalism to resolve many of these problems and that is why good sense must prevail at the conference.

Dr. Joe Okei-Odumakin, President of Women Arise for Initiative and Campaign for Democracy How do you feel being a delegate to the national conference?

It is an honour and a privilege for me to be invited to participate in the forthcoming National Conference.

You and your husband are the only couple among the 492 delegates going for the conference, how do you feel about this?

We are honoured to be invited to participate at the National Conference.

What can you ascribe as the main reason two of you emerged respectively from different zones for the national conference?

We not only emerged from different zones; we also emerged from two different platforms. I

What effect with the presence of both of you at the national conference had on your family, especially your children considering that both of you will be in Abuja for about 90 days?

We have learnt to manage our home and affairs in a way that what we do outside does not affect the home front. We have always lived our lives to suit what we are doing and in a way to maintain necessary balance. So, there won’t be any vacuum.

What are your expectations about the conference?

I expect Nigerians from different walks of life, different parts of the country to come together at this conference and discuss in a frank manner but with truthful give and take.

We should go to this conference to negotiate a new Nigeria; a Nigeria that works, a Nigeria CO N T I N U E D F R O M PA G E 4

come however did not see light of day as Abacha died before the deliberations of that confab could be implemented into a new constitution for the nation.

With the death of Abacha, the 1995 Constitution was not promulgated. Thereafter, the Justice Niki Tobi-led Constitutional Debate Co-ordinating Committee set up by the General Abdulsalami Abubakar government to propose a constitution for the incoming 1999 civilian administration.

Obasanjo’s 2005 political conference The National Political Reforms Conference (NPRC), which was put together by the administration of Chief Olusegun Obasanjo lasted between February and July 2005. The chairman of the confab was

emerged as representative of civil society organisation from South-South while he emerged as representative of ethnic nationalities from South-West. To us, it means that our contributions were valuable enough for us to be nominated.

Will the presence of two of you at the national conference not affect your family?

It will not because we have put adequate arrangements in place to ensure the family does not suffer during our time at the national conference.

How do you intend to fill the vacuum your presence in Abuja for about three months as delegates will have on your family?

As an African wife and mother, I have ensured that adequate arrangements have been put in place.

What should Nigerians be expecting from you at the national conference?

They should expect informed contributions based on the will of the people.

Do you think the conference will meet the yearning and aspirations of many Nigerians?

I believe that the National Conference is the beginning of many more conversations we must have to ensure the progress and development of Nigeria.

L-R: Yinka Odumakin, Pastor Tunde Bakare, an activist and Joe Okei-Odumakin at a rally.

After 10 conferences, Nigeria still counting Justice Nike Tobi and the Secretary, Rev. Fr. Matthew Kukah. About 398 delegates attended Obasanjo’s NPRC. The then president Obasanjo highlighted the eight-point objectives of the conference to include constitutional reforms, political party reforms, electoral reforms, and judicial/legal reforms.

Other objectives were civil society reforms, consultation and consensus building, police/prison reforms, and reforms of the structure of governance.

This was prior to the inauguration in December 7, 2004, of an eight-member Presidential Committee on the background paper for political reforms, which was mandated to “identify the requisite

steps for enriching Nigeria’s political process so as to widen, deepen and entrench democratic principles and practice”.

The committee had Alhaji Ahmed Mohammed Makarfi, former Governor of Kaduna State, as chairman, and according to him, “The overall objective is to facilitate good governance, meaningful development; and ensuring social justice for the people of Nigeria.”

Enter the Jonathan’s 2014 confab As time went on Nigerians grew more dissatisfied with the body of laws in the country, and there have been agitations for the convocation of a forum for Nigerians from different ethnic backgrounds

to meet and discuss the way forward. This no doubt prompted President Goodluck Jonathan to put together the latest national conference. It is only hoped that the exercise will meet the yearnings and aspirations of majority of Nigerians, and its outcome will be accepted, and fully implemented by the government.

This becomes more pertinent as most students of political history contend that successive governments have never given Nigerians a truly people’s constitution, as the outcome of most constitutional conferences, especially since independence have never been reflected in the country’s constitution, despite the huge resources and time that have been invested in such conferences.

48 SPECIAL REPORT

Sanctity of Truth

Monday, March 17, 2014

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

the Government of the Federation, Senator Anyim Pius Anyim, announced the approval of the membership and terms of reference of the 13-member committee.

Besides Okurounmu, other members were Prof. George Obiozor, Prof. Ben Nwabueze, Senator Khairat Gwadabe, Senator Timothy Adudu, Col. Tony Nyiam (rtd), Prof. Funke Adebayo, Dr. (Mrs) Mairo Ahmed Amshi, Dr. Abubakar Sadiq, Alhaji Dauda Birma, Mallam Buhari Bello, Mr. Tony Uranta and Dr. Akilu Indabawa (secretary).

Inaugurated on October 7, 2013, the committee’s terms of reference were: To consult expeditiously with all relevant stakeholders with a view to drawing up a feasible agenda for the proposed national dialogue/conference; make recommendations to government on structure and modalities for the proposed national dialogue/conference; and make recommendations on how representation of various interest groups at the national dialogue/ conference will be determined.

It was also charged to advise the government on a time frame for the national dialogue/conference; its legal framework, legal procedures and options for integrating decisions and outcomes of the national conference into the constitution; and advise the government on other matters that may be related or incidental to the conference.

Initial opposition The euphoria that greeted the President’s approval of the confab was quickly to be clouded by opposition by some stakeholders, who reasoned that it was a decoy by the Jonathan administration.

A leader of the All Progressives Congress (APC) and former Lagos State governor, Asiwaju Bola Tinubu, dismissed it as a diversionary step taken by a sinking ship.

“It’s a diversionary tactic. How long have we been talking about this? Why suddenly?...I see a diversion here, I see deception here, I see lack of honesty and integrity here, I see a state of a sinking ship that needs no raft any longer; allow it to sink, build a new life, move the nation forward,” he then said.

Kano State governor, Rabi’u Musa Kwankwaso, who had not dumped the ruling Peoples Democratic Party (PDP) then for the APC, equally condemned it, saying the conference will be a Pandora’s Box that will create disunity among Nigerians.

“In my opinion, the national conference is a colossal waste of resources that ought to be utilised to solve the socio-economic problems clogging the progress of our country. If properly utilised, this resources that would have been spent in organising the conference would be useful if channelled to other human development areas,” he averred.

The leader of Northern Civil Society Coalition, Mallam Shehu Sani, said: “The national conference idea of President Jonathan’s government is nothing but a fraudulent exercise mischievously conceived to rubbish and bastardise the

Nigeria’s long road to confab

Members of the Advisory Committee on National Conference in a group photograph with President Jonathan and Vice President Namadi Sambo.

genuine idea of a Sovereign National Conference as propagated by other progressive Nigerians over the years.”

Credibility question Amidst the opposition arose a credibility question over the membership of the Advisory Committee. It was argued that given the partisanship of some personalities appointed as members, the committee would end up doing the bidding of the Presidency.

It was further argued that besides the likes of Nwabueze and Okurounmu, who were known ardent advocates of national conference, others were well-known Jonathan’s supporters and members of the PDP. An example was cited of former Minister of Education and presidential aspirant, Birma, who had earlier led his group – North, South New Nigeria Forum, to endorse the President’s second term bid.

In the same category were Uranta, Indabawa and Sadiq. Uranta (a rights activist) is known for his support for the President, while Indabawa was the presidential aide in the storm over the donation of N500 million each to the Jonathan/Sambo Campaign Organisation, by some governors in the 2011 elections.

Sadiq on his part was appointed Minister of Tourism, Culture and National Orientation by Jonathan in 2010.

Senators Gwadabe and Adudu are cardcarrying members of the PDP. The former represented the Federal Capital Territory (Abuja), on the platform of the Peoples Democratic Party, PDP, between 1999 and 2003, while the latter represented Plateau North Senatorial District of Plateau State between 2003 and 2007 on the platform of the defunct All Nigeria People’s Party (ANPP), but later defected to the PDP. Committee’s recommendations In compliance with the government’s directive, the Okurounmu committee held interactive sessions in 13 major cities – two in each of the six geo-political

It’s a diversionary tactic.

How long have we been talking about this?

Why suddenly?...I see a diversion here, I see deception here, I see lack of honesty and integrity here zones and one in Abuja. It also interacted with governors and traditional rulers of the 12 states it visited, as well as with the Minister of the FCT. A total of 6,650 Nigerians participated in the sessions; 421 presentations were made and 607 memoranda received, while 57 memoranda were received online and 47 by direct submission to the committee’s secretariat.

The committee recommended that the national dialogue be called “National Conference” and should have no no-go areas; the setting up of a 13-member Conference Management Secretariat under an Executive Secretary with two members from each geo-political zone; that majority of the delegates to the conference be elected directly on the principles of universal adult suffrage, and that the size and structure of the conference should be in accordance with the 360 constituencies of the House of Representatives.

Other recommendations were: That every state government shall nominate a delegate and the President, through the Minister of the FCT, shall nominate a delegate for the Federal Capital Territory, and in the event that any state fails to nominate a delegate, the President shall nominate a delegate for the said state; that the conference shall have a chairperson and a deputy chairperson, who should be persons of high impeccable integrity; that the President should nominate rep-

resentatives from among the key interest groups in active consultation with them and that the total number of nominated delegates should not exceed one-third of the total number of delegates.

On the duration of the conference, the committee recommended that it should hold for a period of not less than three months and not more than six months.

Modalities The Federal Government, on January 30 set the ball rolling for the National Conference with the announcement of the modalities for the discourse.

Anyim, who announced the modalities, reiterate government’s position that the conference would discuss any subject matter, except the indivisibility and indissolubility of Nigeria as a nation.

He added that the decisions reached by the delegates would be by consensus.

Where consensus was not achievable, he explained that it would be by 75 per cent majority, while the conference will advise the government on the legal framework, procedures and options for integrating its decisions and outcomes into the 1999 Constitution and other laws of the country.

On the composition of the conference, the SGF said that all socio-political and nationality groups in the country were given 15 slots from each geo-political zone, while five political parties will get two slots each.

The slots for the parties were limited to those that have representation in the National Assembly. They are the PDP, APC, All Progressives Grand Alliance (APGA), Accord Party (AP) and Labour Party (LP).

While the conference is holding despite the various platforms of discourse provided by the present democratic dispensation, most Nigerians hope that it will come up with a suitable new constitution to avoid ending as a mere talkshop, as did the 2005 National Political Reform Conference.

NEWS 49

Monday, March 17, 2014

Ekiti 2014: APC levies senators, reps, others for Fayemi Julius Toba Abuja

A

s the first leg of its fundraising for June 21st gubernatorial election in Ekiti State, the All Progressives Congress, APC has directed categories of political office holders in the state to support the incumbent governor, Dr Kayode Fayemi with huge sums of money.

First in this category, New Telegraph learnt, were the three APC senators in Ekiti who were told to cough out N20 million each, following

a directive by the party's national secretariat.

Also learnt was that all the five members of the House of Representatives are to pay N10 million each before end of March, as speculations were rife that INEC could allow commencement of active political campaign from March 23rd.

This category excludes Opeyemi Bamidele, a member of the House of Representatives, now contesting for Ekiti gubernatorial on the platform of Labour Party, LP. It was also gathered

that each of Fayemi's 19 Commissioners appointed in February 2013 was expected to pay N4 million, while same amount was requested from the 16 local government sole administrators who doubled as APC chieftains.

While Special Advisers were levied N2 million each, the Special Assistants were asked for N1 million as gathered

by New Telegraph.

Unconfirmed sources also revealed that several contractors handling jobs in the state have been told to raise N100 million each for Fayemi's re-election bid.

TUC tackles commissioners Forum on subsidy removal

T

he Trade Union Congress of Nigeria (TUC) has faulted the Forum of States Finance Commissioners, on its call for the removal of oil subsidy,describing it as “selfish” and showing “the share-and-grab-themoney-and-run approach of the political elites.”

Noting that the call came only a few days after the minister of petroleum, Dieziani Allison Madueke, stated publicly that government has no plan for subsidy removal, the union said any

removal of subsidy now will amount to a breach of the trust of Nigerians and further impoverishment of the people.

A statement by the TUC president, Comrade Bobboi Bala Kaigama declared: “It is sad that such pronouncement has come only a few days after the minister of petroleum, Dieziani Allison Madueke, stated publicly that government has no plan for subsidy removal. Indeed we would consider any

attempt by the government to withdraw fuel subsidy any time soon as an act in bad faith and a breach of trust of the Nigerian people, especially workers. As far as we are concerned, the government exists for the people and their welfare and security should be of paramount concern to it. Fuel subsidy removal at this time and without considering the potential adverse effects on the masses is wrong and would amount to a betrayal.”

LG polls: Al-Makura relocates to save party from defeat Muhammad Ahmad Lafia

G

overnor Umaru Tanko Al-Makura of Nasarawa State has relocated from Government House, Lafia to Keffi Local Government Area of the state to avoid a political calamity that might befall his party All progressive Congress (APC) in the forthcoming local government elections scheduled for March 22 most expecially with weekly defection of (APC) members to People's Democratic Party (PDP).

New Telegraph reliably

gathered that Almakura will spent three days out side government house except they are serious matters seeking urgent attention before he returns.

The governor who is expected back to government house Tuesday evening will also use the opportunity to launch the APC campaign for the forth coming local government elections scheduled for 22nd March and strategies on how best to ensure victory for his party at the polls.

It was also gathered that Almakura’s reloca-

tion to Keffi was necessitated by recent calamity that befell the All progressive Congress ( APC party as several thousand of its members defected to Peoples Democratic Party as results of the fall-out of party primaries in the state which was characterized by serious protest by aspirants.

Al-Makura was said to be highly disturbed over the development expecially in Keffi, believed to be one of the stronghold of the party in the state that supported him during the 2011 general elections.

Bayelsa State Governor, Seriake Dickson (left), exchanging pleasantries with the General Superintendent of the Deeper Christian Life Ministry, Pastor William Kumuyi, during a three-day revival service at the Deeper Life Camp Ground at Okutukutu in Yenagoa…at the weekend.

Sanusi files fresh suit, seeks nullification of suspension Foluso Ogunmodede

S

uspended Central Bank of Nigeria (CBN) Governor, Mallam Sanusi Lamido Sanusi, has filed a fresh suit against his suspension at the Federal High Court sitting in Lagos. He is asking the court to nullify his suspension and restore him to his position.

Sanusi was on February 19, fired by the Federal Government over allegations of professional misconduct and financial recklessness.

Although, Sanusi is in court to challenge the

11

government's power to sack him, this new suit was initiated at the weekend by Mr. Godwin Okoli, who asked the court to compel President Goodluck Jonathan's administration to reverse Sanusi's suspension as it had no requisite powers to so do.

Already, the suit which has the nation's Justice Minister and Attorney-General, Mohammed Adoke, SAN, as the sole defendant, may upturn the government's position on the erstwhile governor should the Attorney-General fail to

The number of the Nobel peace prize winners of the United Kingdom Source: Mirror.co.uk

enter appearance within 30 days from today.

“If the defendant(s) does not respond within the time and at the place above mentioned, such orders will be made and proceedings may be taken as the judge may think just and expedient,” says the court process.

Specifically, Okoli who plies his law trade in Lagos, asked the court to determine whether the government could suspend Sanusi without recourse to Sections 7, 8 and 11 of the CBN Act 2007 as “the word suspension,” was not contained in the Act.

56.3

The total number of parliament seats occupied by female in Rwanda (the world’s highest) Source: Mirror.co.uk

PDP demands forensic audit of CBN under Sanusi Onyekachi Eze ABUJA

B

arely one month after the suspension of the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, the Peoples Democratic Party (PDP) has demanded for a detailed forensic audit of the accounts and financial activities of the apex bank from 2009 till date.

The audit, according to the party, will establish movement of mon-

ies from the CBN accounts such as contract sums, donations and other extra-budgetary spending under Sanusi.

Sanusi was suspened on February 20, 2014 by President Goodluck Jonathan over his alleged indictment by the Financial Reporting Council of Nigeria barely four months to the end of his tenure. He was appointed the CBN governor in 2009.

The PDP in a statement by its National Publicity Secretary, Chief

Olisa Metuh, on Sunday noted that facts available to it show that within the period, the apex bank engaged in reckless award of inflated contracts through which over N680 billion CBN money was frittered away.

The party said the audit will reveal all contracts awarded by the apex bank within the period, the beneficiary companies and persons behind them as well as the value of the contracts and their status of execution.

50 NEWS

Sanctity of Truth

Monday, March 17, 2014

Sanusi: I saw FRCN queries only when I was suspended CONTINUED FROM PAGE 1

continental Bank, Chief Erastus Akingbola.

“Let me also state that I saw the FRCN “Briefing Note” for the first time when it was attached to the suspension letter. At no time was this report sent to the CBN either by the President or the FRCN for comments or explanations.

“As for the Akingbola petition, it is a rehash of baseless allegations he has been making since 2010 which apparently he must have been asked to reproduce on February 9, 10 days before the suspension. It is indeed strange that the CBN Governor can be suspended based on allegations written by a man who ran his bank into the ground and against whom judgement has been obtained in a London court, and who

furthermore is facing criminal prosecution at home for offences including criminal theft,” Sanusi said yesterday.

Consequently, he described offences listed against him by the FRCN and a petition by Akingbola, both which President Goodlcuk Jonathan acted upon to affect his suspension as misleading, false and mis-presentation of facts.

The suspended CBN governor insisted that contrary to erroneous belief that he ignored query raised against him by the FRCN , Sanusi explained that his response was a reaction to the recent press briefing by Special Adviser on Media to the President, Dr. Reuben Abati.

He said the FRCN allegations could easily have been resolved by a simple

request for clarification. ”There is no doubt that if the CBN had received the Briefing Note, which was prepared in June 2013, all the misconceptions, misrepresentations and erroneous inferences contained therein would have been cleared”, the suspended apex bank governor further stated.

On the issue of weak corporate governance cited in FRCN report, Sanusi declared that the allegation ignores the global best practice where Governor of the Central Bank is the Chairman of the Board of Directors of the Central Bank. He mentioned 55 countries to back up his claim.

On perpetuation of fraud using Nigerian Security Printing and Minting Company, on which he allegedly spent N38.233 billion in 2011 for printing

of banknotes, whereas the entire turnover of NSPMP was N 29.370 billion, he listed expenses items of N38.233 billion paid to Mint to include a. N28.738 billion payment to NSPMP in 2011; b. N6.587 billion accrued liability in 2011 but paid in 2012 when deliveries were received; and c. N2.829 billion audit adjustment journal entry into the account at the end of 2011.

He also countered the allegation contained in FRCN report that CBN under his leadership paid several chartered airliners including Emirate Airlines N0.511 billion, which does not fly local charter in Nigeria and Wing Airline N0.425 as charter fees.

In his response, he said: “The CBN neither engaged, paid nor claimed to have paid Emirates

Airlines. Rather, the CBN engaged and entered into an Air Charter Services Agreement with Emirate Touch Aviation Services Limited, which is a local Nigerian charter service company. A simple enquiry by FRCN would have clarified and avoided this misrepresentation.

“With respect to Wings Aviation Limited, the CBN contracted Wings Aviation Limited, which changed its name to Jeddah Air Limited on 21 August 2009 but only notified the CBN of the change on 28 February 2012. With respect to Associated Air Limited, the CBN did in fact pay a total of N1.025 billion to Associated Airline Limited. It is worth stating that the CBN is not responsible for how the company reports its turnover.”

On the use of interven-

tion funds, which he insisted the FRCN was also a major beneficiary with N280 million for its International Financial Reporting Standard academy, he listed other beneficiaries of the Funds to include office of the National Security Adviser – N3.2 billion for new counter terrorism centre; N19.7 billion to the Ministry of Police Affairs for the purchase of armoured helicopters and other security equipment: N2.1 billion for the automation and renovation of the Federal Executive Council Chamber.

Having clarified and provided document to back up his response, Sanusi urged the President to “apply the same rationale and rigour to other agencies of the Federal Government that have had serious allegations and queries levelled against them, and prevailed upon them to provide responses and explanations with the same level of clarity and transparency.”

TODAY’S WEATHER FORECAST LAGOS

32o 25o Thunder Torm

PORT HARCOURT

33o 23o Thunder Torm

ABUJA

38o 25o Very Cloudy

KANO

40o 18o Partially Cloudy

Former governor of Abia State, Dr. Orji Uzor Kalu (right) presenting a copy of New Telegraph to former Vice President Atiku Abubakar while Senator Emmanuel Onwe (left) looks on during a courtesy visit to the Abuja residence of Kalu...at the weekend

2015: Atiku, Tinubu, Kwankwaso woo Kalu to APC also gathered that Tinubu and Kwankwaso held similar meetings with Kalu in Lagos and Abuja respectively.

There were no official words from any of the meetings.

When contacted, the former Abia State governor failed to give details of his discussions with the APC leaders but said he was still a member of

the PDP, noting, however, that his meeting with the APC leaders was part of his normal consultation with his political associates across all the political parties.

“It is politics. I am still in PDP but I have associates across all the political parties in the country; in PDP, APC, APGA, PDM and the others, and I am holding talks with them

to see how we can pull our experiences together to move this country forward, “ the former governor said.

Kalu, a founding member of the PDP, left the party ahead of the 2007 general elections after the failure of former President Olusegun Obasanjo’s third term bid and formed the Progressive Peoples Alliance (PPA) on

the platform of which he contested the presidential election.

He later returned to the PDP but like many other founding fathers, Kalu, who has a wide network of political associates across the country, accorded more time to his businesses and community development issues against the background of issues relating to lack

of internal democracy in the party.

Atiku and five PDP governors - Rabiu Kwankwaso, Murtala Nyako, Aliyu Wamakko, Rotimi Amaechi and Abdulfatah Ahmed - dumped the party and pitched tent with the APC, an amalgamation of four opposition political parties that merged in August last year.

ENUGU

36o 26o Partially Cloudy

IBADAN

34o 25o Partially Cloudy

CALABAR

33o 23o Thunder Storm

MAIDUGURI

42o 23o Partially Cloudy

ONITSHA

34o 24o Isolated Storm

NEWS 51

Sanctity of Truth

Monday, March 17, 2014

Outrage trails Immigration test tragedy Julius Toba and Philip Nyam Abuja

E

ven as the Minister of Interior, Mr Abba Moro, yesterday described Saturdays stampede at some Nigeria Immigration Service (NIS) recruitment centres, that claimed the lives of some Nigerians, as `` unfortunate and a national tragedy,’’ outrage has continued to trail the deaths.

Speaker of the House of Representatives, Aminu Waziri Tambuwal, described the deaths as sorrowful and regrettable.

In a statement issued by his Special Adviser on Media and Public Affairs, Malam Imam Imam, Tambuwal asked the authorities concerned to investigate the remote and immediate causes of the tragedy, and map out strategies to prevent future occurrence.

He urged governments at all levels to work closely with the Organised Private Sector to tackle the unemployment crisis facing the nation.

The All Progressives Congress (APC) called for

a comprehensive probe of Moro over the deaths.

The party said the death of the 19 job seekers at various venues of the Nigerian Immigration Service (NIS) job test was a direct consequence of PDP’s years of misrule where Moro is a member.

APC spoke in a statement signed by its interim National Publicity Secretary,Lai Mohammed, yesterday, where it raised other pertinent questions on the development--- including whether the intent to make money was behind the tragic exercise..

APC said the minister must bear direct responsibility for what it called “the needless deaths” of the youths; demanding his immediate step-down from his office.

The party demanded that in the event that Moro refuses to leave office, he must be sacked by President Jonathan.

It went further to lament how the federal government, under President Jonathan had failed to provide jobs, despite billions of naira annually appropriated for that purpose in the budget.

Part of the questions

Osun PDP leader shot dead Adeolu Adeyemo Osogbo

A

chieftain of the Peoples Democratic Party (PDP) in Osun state,Pa Taiwo Ogundele was at the weekend assissinated in his country home in Ile-Ife by unknown gun men believed to be political thugs.

Ogundele who was said to be in his 80s before being shot by the evil- perpetrators, was a leader of the PDP in Ife East Local Government Area of the state.

The political thugs, who reportedly shot the deceased in the stomach at about 11:30pm on Saturday, were said to have also injured four other people at the registration center in the early hours of the day.

Though the reason why the late politician

was killed remained unknown, one of his children, Adeleke Ogundele, said his late father “was lured out of his residence at 11.30 pm by some politicians who had threatened him earlier in the day while the voters’ registration exercise was going on at his Okerewe ward 02.

“After luring him out of his house, he was driven to a hidden location at the back of his house by these callous politicians and shot him in the stomarch repeatedly until he gave up the ghost”.

Reacting to the development, the chairman of the PDP in the council area, Mr Omololu Olusegun said “some politicians in the area that are APC members had threatened to kill him for his loyalty to a chieftain of the PDP in the state, Senator Iyiola Omisore.”

APC wants the probe to answer is whether it is true that the minister conducted the recruitment exercise with intent to make money.

It also wants to know whether the exercise was another form of fundraising by PDP ahead of 2015, and demanded why the test could not be done in batches to avoid the tragedy.

‘’Despite huge yearly budgets rolled out since 1999, the PDP-led federal government has failed to create jobs for our teeming youth and the number of those who are jobless has now reached such an alarming rate that a job emergency may have to be declared to avert an impending cataclysm. ‘’Massive mindless looting of the public

treasury has seen funds that could have been used to create millions of jobs end up in the deep pockets of corrupt government and PDP officials, without any consequence for the thieves, while the incompetent federal government led by a clueless President continues to deceive the public with cooked (up) figures showing job cre-

ation where indeed there have been job losses,” it declared.

Speaking in a similar vein, the Rivers State chapter of the APC, also called on President Jonathan to relieve Moro of his appointment without further delay.

The party declared that the minister has showed that he is not fit to continue in that capacity.

Osun Peoples Democratic Party (PDP) governorship aspirant, Senator Iyiola Omisore (right) with widows of Pa Ogundele in Ile-Ife... yesterday

1.564bn

The total population of Eastern Asia Source: Blatantworld.com

0.84%

The population percentage of Southern Africa to the world’s population Source: Blatantworld.com

13,721,625 The total population of Lagos metropolitan areas Source: Blatantworld.com

Fresh crisis in Kwara PDP, southern elders protest marginalisation Biodun Oyeleye Ilorin

W

hile still making efforts to contain the mutual suspicion that has been generated among its leaders over the race to win nomination for the vacant ministerial slot from Kwara state, another crisis of confidence is again brewing within the Peoples Democratic Party (PDP) in the northcentral state.

Findings by our reporter indicated that the latest crisis is linked with fears by party leaders in the southern senatorial district that a powerful group within the party from the central district might have hijacked the

party to the detriment of other stakeholders.

Leaders of the party from the south met at the weekend at Isapa in Ekiti local government area of the State to deliberate on the matter and came out with a resolution to visit President Goodluck Jonathan to ask for his intervention. Our reporter independently confirmed that the meeting held and came out with some strong resolutions against the alleged marginalisation of the zone.

However, one of those who attended the meeting told our reporter last night there was no resolution to ‘go and complain’ to the President but confirmed that “all PDP in

Kwara state” will be going to visit Jonathan. He did not explain for what purpose.

“Don’t let anyone misinform you, it is true there was a meeting but there is nothing like complain”, the source who did not give permission to be identified in public said before adding “what will happen is that we are going to see the president but it is not Kwara south alone, it is the whole of Kwara”.

However, another source confirmed that the meeting did indeed discussed what he termed the growing favouritism being given to party members from the central district through the group

under the control of a businesswoman with very close contact with Dame Patience Jonathan. He too asked not to be identified in print because of the sensitive nature of the story.

“It is true the meeting held and our local government of Oyun sent representatives there, at least we had the party chairman from the local government, another person from Ipee and the former council chairman from here were there on our behalf ”, the source said on the phone last night.

It was gathered that the meeting ended up with a resolution to stage a protest to Jonathan over the development.

52 NEWS | WORLD

Crimeans vote in referendum

Sylva Okereke

with Agency Reports

R

esidents of Ukraine's Crimea region headed to the polls on Sunday to vote in a disputed referendum on whether to join Russia or become an effectively independent state connected to Ukraine.

A child casts her mother's ballot while holding a Russian flag at a polling station in Simferopol. The head of Crimean

Election Commission said the turnout stands at nearly 64 percent.

Ukrainian Prime Minister, Arseniy Yatsenyuk said the voting is unlawful, even as he cited irregularities "I want us to join Russia, and live like Russians," says one voter in Crimea. Many Crimean Tatars and ethnic Ukrainians are boycotting the vote”, he said.

Beyond the question of Crimea's future status, the vote

will likely influence future international relations in the region and beyond, having put the United States and Russia on collision course, not seen since the end of the cold war.

Preliminary results could come as soon as Sunday night local time. The United States, which says the vote is illegal, has already said it expects the Black Sea peninsula's majority ethnic Russian population to vote in favour of joining Russia. Moscow has strongly

backed the referendum.

Kicking off the polling in a pre-recorded statement, Crimean Prime Minister Sergey Aksyonov called on the residents of Crimea to cast their votes "independent of nationalism and disintegration."

Aksyonov acknowledged that the "eyes of the entire world are on us today." He asked Crimeans to show their aspiration to "leave free in the world with friendly relations with all."

Cameroon battling anti-homosexuals apartheid – Lawyer

C

ameroon is suffering under an "anti-homosexuals apartheid", says lawyer Alice Nkom, who has spent a decade defending gays and lesbians in the west African country, where same-sex relations carry a jail term.

"When a country uses weapons, the police and all available legal and prison means against a section of its population, while it has a commitment to protect," it is apartheid, Nkom told AFP in an interview in Berlin.

The 69-year-old prominent Cameroonian lawyer will receive a human rights prize from the German branch of Amnesty International in Berlin on Tuesday.

"Currently in Cameroon, it's an anti-homosexuals apartheid," she said, also drawing a comparison between their situation and that of slavery in the United States until the 19th century.

Homosexuality is banned in Cameroon, where it has carried a prison term of five years since 1972.

In a society that remains hostile to gays and lesbians, a mere suspicion is often enough to trigger someone being hauled in front of a court for homosexuality or to be sentenced, according to Amnesty.

- 'All humanity' affected Dressed in a vivid yellow African robe known as a boubou, Nkom, her eyes sparkling behind tortoiseshell spectacles, described the situation for gays in Cameroon more widely as "a human rights problem".

Paraphrasing UN Secretary General, Ban Ki-Moon's comments, she said: "Every time a homosexual is negatively affected, it's a negative effect on all of humanity."

This handout photo released by the African Union-United Nations Information Support Team (AU-UN IST) on March 16, 2014, shows a Djiboutian soldier of the African Union mission in Somalia (AMISOM) leads men suspected of belonging to the Somali insurgent group Al Shabab to a holding area in the town of Buula Burde, Somalia.

Missing plane: 25 countries join search team

A

bout 25 countries have been involved in the search for the missing Malaysian aircraft, Malaysian officials have said.

From central Asia to southern Indian ocean and down to large tracks of land and sea, the search has been on.

An already complex search operation has become even more difficult, Malaysia's transport minister has said.

Crew, passengers as well as ground staff are being investigated, after it was confirmed the jet was commandeered.

A former Boeing 777 pilot has noted how easy, it is to switch-off most of the systems that track an aircraft.

Most pilots would know how to do it, though traditional radar would still pick up the presence of a plane.

“Firstly, most systems, like the transponder, the radio, the ACARS among others have what is effectively an "off"switch”, he stated.

Continuing, he said, “every electrical system also has a

circuit-breaker, a bit like the fuse box in your house. The pilot has a panel of hundreds of buttons above his or her head; if they pull the right one, then the system switches off. The breakers are essential to isolate electrical systems if they overheat or catch fire” But if you switch anything off, an orange warning light appears on a screen in front of the crew. So, it is highly unlikely one could do it without the other noticing.

And the pilot may still not know about every system the aircraft has that talks to satellites, which could explain how this aircraft was sending out pings, despite everything else being switched off.

The idea of hacking into an aircraft's systems has also been mooted, but I am told this is far less likely on an aeroplane such as this and also that the manufacturers have put in a lot of work to stop this happening.

One final thing, if this aircraft flew low over land and

people on board knew there was a problem, why did noone try to make a phone call?

Investigators are trying to obtain more radar and satellite data from any of the countries that Malaysia Airlines flight MH370 may have passed over, with its 239 crew and passengers.

The leaders of several Asian countries have been briefed by the Malaysia government in what Transport Minister, Hishammuddin Hussein has described as a new phase of the search.

"From focusing mainly on shallow seas, we are now looking at large tracts of land, crossing 11 countries, as well as deep and remote oceans," he said at a news conference.

Malaysian officials are contacting countries including Kazakhstan, Uzbekistan, Kyrgyzstan, Turkmenistan, Pakistan, Bangladesh, India, China, Myanmar, Laos, Vietnam, Thailand, Indonesia, Australia and France.

Monday, March 17, 2014

Kerry pressuring the wrong side – Israeli Minister

A

n Israeli minister on Sunday said Washington's top diplomat was "wrong" for pressuring Israel in peace talks, a day before Palestinian leader, Mahmud Abbas visits the White House.

His remarks came two days after US Secretary of State, John Kerry criticised Israeli Prime Minister, Benjamin Netanyahu's repeated demands that the Palestinians recognise Israel as a Jewish state.

"John Kerry is wrong because he is putting pressure on the wrong side," said Environment Minister Gilad Erdan, who is considered close to Netanyahu.

"Kerry should be asking Abu Mazen (Abbas) why he is stubbornly refusing to recognise Israel as the Jewish state," he told public radio.

The demand, which was only placed on the table several months ago by Netanyahu, has been consistently rejected by the Palestinians and is now threatening to derail the peace talks ahead of an April 29 deadline.

Kerry waded into the debate on Friday, saying he believed it was a "mistake" to raise the issue over and over again -- in what was taken as open criticism of Netanyahu.

"I think it's a mistake for some people to be raising it again and again as the critical decider of their attitude toward the possibility of a state and peace," Kerry told a congressional hearing.

He said such recognition was clear in UN resolutions and was also confirmed by the late Palestinian leader Yasser Arafat in 1988 and in 2004.

The Palestinians, who recognised Israel as a state in the early 1990s, have said that accepting its religious character would ignore its Arab minority and amount to giving up on the "right of return" of Palestinian refugees.

Israel has not formally responded to Kerry's remarks.

Kerry is facing an uphill battle to get the two sides, which have reportedly failed to agree on anything, to clinch a framework proposal, which would extend the talks beyond the April deadline until the end of the year.

On Saturday, another senior member of Netanyahu's cabinet poured cold water on Kerry's efforts by saying Abbas was not a partner for peace.

Blame the system not athletes for poor run - Ngerem Adekunle Salami

A

former President of the Athletic Federation of Nigeria, Dan Ngerem, has said Nigeria ‘s poor run in

athletics can only be blamed on the system and not the athletes.

Ngerem stressed that the country is blessed with so many talented athletes but there are

no plans to properly capitalise of the raw skills in Nigeria.

He stressed that athletes were no longer engaged in many events where they could showcase their skills.

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

53

Ngerem said, “The sponsors are no longer there maybe due to trust and the sports commission is doing nothing to woo them back.

CONTINUED ON PAGE 54

Did you know?

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

That Argentina made 24 consecutive passes before midfielder, Esteban Cambiasso, scored against Serbia and Montenegro during the first round of the 2006 World Cup in Germany

Monday, march 17, 2014

Yes! Balotelli took after me –Okorowanta Mercy Jacob

A

former Nigeria International Tarila Okorowata has gone memory lane to remember his days in Super Eagles and confessed that he lived a life of indiscipline just like the Italian Baloteli.

Baloteli is an African born Italian who has played for various clubs in Europe such as Man City and AC Mi-

RESULTS EPL Man United 0 – 3 Liverpool Hull 0 – 2 Man City Everton 2 – 1 Cardiff Fulham 1 – 0 Newcastle S’ampton 4 – 2 Norwich Stoke 3 – 1 West Ham Sunderland 0 – 0 C/Palace Swansea 1 – 2 West Brom Aston Villa 1 – 0 Chelsea

lan .He is noted for his unruly behavior both on and off the pitch for his club and country.

Okorowata who is currently an assistant coach with Bayelsa Queens revealed to New Telegraph that he is regretting his past life and wish he can turn back the clock.

“I and Baloteli have so many things in common, Okorowata began, “He is a striker like me and he scores

La Liga Elche 0 – 0 Betis Levante 0 – 1 Celta Vigo Vallecano 3 – 1 Almeria Malaga 0 – 1 Real Madrid Atl. Madrid 1 – 0 Espanyol Getafe 3 – 3 Granada

CONTINUED ON PAGE 54

Bundesliga

Hamburg 2 – 1 Nurnberg B’schweig 1 – 1 Wolfsburg Bremen 1 – 1 Stuttgart Dortmund 1 – 2 Gladbach Hertha 0 – 3 Hannover Hoffenheim 2 – 4 Mainz Bayern 2 – 1 Leverkusen Augsburg 1 – 2 Schalke

World T’Tennis meet: Nigeria draws Czech, Belgium

N

igeria’s male team has been handed a tough draw for the 2014 World Table Tennis Team Championships, as the SegunToriola-captained side will tackle top playing nations like Czech Republic and Belgium in division two of the tournament.

Aside Czech Republic and Belgium, the team will confront Canada, Indonesia and Bosni-Herzegovina in Group E of the competition holding next month in Tokyo, Japan.

For the women draw, the Funke Oshonaikeled side has been pitched against India as Italy, Turkey, Portugal and Bulgaria in Group G.

Nigeria’s men team first group match will be against Indonesia on April 28, while on April 29 the team will face Belgium and Czech Republic.

On April 30, the team will take on BosniaHerzegovina while its last group match on May 1 is against Canada.

For the women team, their first group encounter will be against India on April 28, while on April 29, the team will battle Bulgaria and Italy.

On April 30, Nigeria will clash against Portugal, while its last group match is against Turkey on May 1.

Osaze on fire for Stoke

Liverpool sink sorry Man Utd

}p-54

}p-54

Nigeria Premier League

Sharks 1-0 Lobi Pillars 2-2 Sunshine Stars Nasarawa 1-1 Akwa Utd Gombe 0-0 Bayelsa Utd Crown 1-0 Heartland Enyimba 2-1 Rangers

Emenike in search of Okwaraji’s family }p-55

54 SPORT | EURO FOOTBALL

Osaze on fire for Stoke

Sanctity of Truth

Monday, March 17, 2014

Olaitan wins Greek title with Olympiacos N

igerian midfieldc o u l d Kenneth Omeruo has been encollapsing into another 4-2 defeat er, Michael Ajibade Olusesan not repjoying a rave reviews in England to Southampton.

Olaitan uper Eagles outcast, Osaze since moving Middlebtrough in Still in England, Mikel Obi, was licate his collected Odemwingie, continued his winter. He was again at him im- an unused substitute for Chelsea goal scorhis first impressive run of form for perious best when Boro secured as they lost 1-0 to Aston Villa. ing form of Greek Stoke City as he scored a a goalless draw with AFC BourIn Turkey, Godfrey Oboabona last week champihis brace to help the Potters to a 3-1 win nemouth in the English Champi- saw action for the entire dura- when onship Olaitan medal over West Ham United on Saturday. onship. tion for Rizespor in a 2-2 draw club, Schalke The former West Brom forward Joseph Yobo remain a constant with Besiktas. He returned to the won 2-1 at Augsburg. Ahmed with Olympiacos on scored in the 32nd and 79th minutes figure in the Norwich defence, squad after missing three games Musa played full match for CSKA Saturday as Thrylos to hand his club the victory. He has though he played another 90 min- in a row.

Moscow in their 1-0 win over Zenit wrapped up the title now scored three goals since mov- utes of football at the weekend but Chinedu Obasi who St.Petersburg in the Russian with five games to ing to his new outfit in January. he could not stop his team from played for 44 minutes League. spare.

Olympiacos defeated Panthrakikos 2-0 at Stadio Georgios Karaiskáki after goals from Nelson Valdéz and David Fuster sealed the win eal Madrid boss Carlo Ancelotti teven Gerrard scored two yellow card for felling Danbelieves his side are fully prepenalties as Liverpool iel Sturridge, but it was to on a memorable night. pared for “el clasico” next week closed to within four points prove anecdotal.

Olaitan was not listLiverpool retain a game after they maintained their threeof Premier League leaders ed in the game but his Chelsea with a 3-0 win at in hand on Chelsea, who lost point lead atop the Primera Division. efforts earlier in the beleaguered rivals Man- 1-0 at Aston Villa on Saturseason and contribuCristiano Ronaldo’s first-half chester United on Sunday. day, and while Brendan goal gave Real a narrow 1-0 win tion to the cause will Gerrard found the net Rodgers’s side look more in Malaga on Saturday night as be greatly appreciated Barca’s Pedro battling from 12 yards either side like potential champions they extended their unbeaten run in by the club’s supportwith Madrid’s Ronaldo of half-time before Luis Su- with each display, United’s all competitions to 30 matches, but ers, his teammates and manager, Jose arez added a third goal in season continues to unravel. sterner tests lie ahead this week.

While only a miracle would deny champions the 84th minute to give LivThis was the defending “Michel” Campo. became the last erpool their first victory at champions’ fifth home de- the Spanish giants qualification to The 25-yearteam to beat Real Old Trafford in five years. old s c o re d feat of the campaign and the quarterfinals of the Champions eight goals in after recording a 2-1 Gerrard should have having started the day 11 League, as they currently lead 6-1 in had a hat-trick of spot- points below the Champi- their last-16 clash with Schalke after victory at the Camp Nou on Oct. 26, but 16 league appearances kicks, with a third penalty ons League places, their the first leg, their next assignment in Ancelotti is confident his side can earn for the club until he hitting the post after Unit- hopes of a top-four finish the league is against fierce rivals Bar- revenge next Sunday at the Bernabeu was involved in a scary after seeing them go on a magnificent incident that saw him ed captain Nemanja Vidic have been all but extin- celona.

In the reverse fixture, the Spanish streak since then. had been shown a second guished. sidelined from action.

Osaze

l Omeruo in fine run, Oboabona returns

S

Title-chasing Liverpool Ancelotti: Madrid ready for Barca sink sorry Man Utd

R

S

‘Yes! Balotelli took after me’ Blame the system - Ngerem C O N T I N U E D F R O M PA G E 5 1

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

with ease and was loved by his people.

Each time I watch Baloteli display his attitude on the screen, or read some of the things that have been written about him in the media I remember my past life I see him as somebody who took after me.

Unfortunately, I cannot be able to revise it back. I believe Baloteli would still change, what is disturbing him is youthful exuberance just like it happened to me. My prayer for him is that he should not realise it late.

“To be candid, this problem of indiscipline made me not to be successful in the national team, I did better on the club level, reason is that in the Eagles there is a law that guide the players especially when we are in camp, and I hate such laws so most times I always fall victim in camp. You are not permitted to leave the camp without permission but then I leave anytime I want to leave without permission. And anything you do in the National team then the whole world will know it because the press will carry the news.

“But it was not like that at the club no-

“No matter how hard the AFN tries, we still need to stage not less than ten event in the age limit categories to show we are really keen on identifying hidden talents in all parts of the country.

“This is not a fresh challenge but why we have failed to tackle this over the years beats my imagination” The administrator argued that get-

ting results requires hard work at all levels and so he was not surprised that the country failed to win a medal at the recently held Indoor Games in Poland.

“We always like to record good results even without working for it. There is no magic in sports. We have to start all over from the schools to get to the level we should be based on the talents around us,” Ngerem stated.

Okpekpe targets IAAF’s gold label status O Balotelli

body try to cage me as they were doing in the national team so for me then I prefer to play in the club where I will have my freedom. In fact, there are so many things I did then that most times when I am been confronted with some questions on why do I have to behave the way I did, I will be confused even to the extent that I doubt if it was true.”

rganisers of the Okpekpe 10km Road Race are confident that the race which enters its second edition this year will soon be accorded the IAAF Gold Label Status.

Mike Itemuagbor, one of the initiators of the Race, says plans are in top gear to host a top-class event and fulfil the conditions spelt out by the IAAF to have the Okpekpe event recognised as a Gold Label Road Race.

He said, “We have commenced series of planning and restructuring to ensure that the Okpekpe Road Race this year is not just better than last

year, which was the first edition, but also up to standard internationally.

“The IAAF have spelt out the conditions for us if we want the event to be accorded the Gold Label Status after this edition and we will do well to meet up these conditions.

“This year, we are not going to make it an all comers affair especially for the international athletes. We will be inviting only athletes who are not running above 28 minutes for the 10km race from a minimum of five countries as stipulated by the IAAF since the World Record is around 27 minutes.”

SPORT 55

Sanctity of Truth

Monday, March 17, 2014

Emenike in search of Okwaraji’s family

Sport Trending

TWITTER |@NTelegraphSport

EMMANUEL EMENIKE Can someone please get me Sam Okwaraji’s family’s contact? I have a gift for them. Please, if you do, let me know by sending a message to my inbox. @E29EMENIKE

Ifeanyi Ibeh

S

uper Eagles forward, Emmanuel Emenike, has set his sights on locating the family of late Nigerian footballer, Samuel Okwaraji.

Okwaraji died of heart failure on August 12 1989 at the age of 25 after passing out on the field of play in a World Cup qualifier between the Super Eagles and Angola at the National Stadium, Lagos.

A bust of the former VFB Stuttgart of Germany midfielder adorns the entrance to the National Stadium, but numerous promises from the government, at both state and federal levels, to members of his family remain unfulfilled to this day.

Emenike, it appears, is hoping to tackle the issue head-on as he has emEmenike (middle) struggling past two Ethiopian players at the 2013 AFCON barked on a campaign on the social media platform, Twitter, aimed at locating the family of the late Nigeria international.

The Fenerbahce of Turkey star, in Charles Ogundiya minutes into the second stanza with the early hours of Sunday, posted: “Can with Agency reports a shocking defensive mix-up between someone please get me Sam Okwaraji’s central defender Pak Sin Jong and family’s contact? I have a gift for them. ne of African representatives at goalkeeper Kim Myong Sun allowing the ongoing FIFA U-17 Women’s striker Sandra Ansah to steal the ball Please, if you do, let me know by sending a message to my inbox.”

World Cup in Costa Rica recorded and tap into an empty net.

Okwaraji, a qualified lawyer who had an upset in their first game in Group B, The Koreans created several a master’s degree in international law defeating 2012 edition finalists, Korea nervous moments around Ghana’s from the University of Rome, made his DPR, 2-0. penalty area, but few clear chances. debut for Nigeria in an Olympic Games The pace and fluency went out of Korea DPR dominated early possesqualifier against Algeria in Enugu and sion but it was the Africans who netted the game in the latter stages as both went on to feature in all of the Super Ea- with their first real attack. teams visibly tired and the physigles’ three games at the Seoul ’88 OlymLaadiIssaka made a great run down cally stronger Ghana always looked pics, as well as the 1988 African Cup of the left, and her low cross found Jane likely to hold their lead.

Nations tournament in Morocco, where Ayieyam who slotted home for her The other Africa team in the he scored one of the fastest goals in the fifth goal in her sixth U-17 World Cup opening day fixture, Zambia failed tournament’s history against Cameroon match. to sparkle against Italy, losing their Ghana doubled their advantage six opening game 2-0. in a 1-1 draw in Rabat.

U-17 World Cup: Ghana in good start

O

F/ Eagles: Manu Garba picks 35 from open trials

T

he Flying Eagles have picked 35 players after an intensive two-week open screening in Abuja, which attracted over 1,500 hopefuls.

The second phase of the Nigeria U-20 team’s training camp will commence in Abuja on Monday, when the 35 players from the open trials are joined by 20 other players who were involved with the country’s U17 team last year.

“We expect a much fiercer competition in the second phase and players need to be more consistent to survive then,” said Flying Eagles coach Manu Garba.

Onaolapo, Sunshine win NTTF pilot league

I

n readiness for the World Championship in Japan next month, Ojom Onaolapo single-handedly claimed the singles title as well as aided Sunshine to win the club title at the Nigeria Table Tennis Federation pilot league.

The seven-day tournament ended at the weekend with Onaolapo amassing 100points to be crowned the overall winner as well as the highest earning player in the competition.

Oshodi

To beat Nigeria Civil Defence Service Corps team one to the title, Sunshine also garnered 157 points to

emerge as the club champion.

According to President, NTTF, Wahid Oshodi, “We are excited with the pilot league and this has shown to use that there is hope in the country as are also plan to give more players the opportunity to be part of the championship. We are happy with the performance of the players and we hope to see more of this in October when we start the league proper.”

Home form delights Kwara United coach S amson Unuanel, the Technical Adviser, Kwara United FC of Ilorin, on Sunday expressed delight at the current home form of his players and also demanded same away.

Unuanel told the News Agency of Nigeria in Ilorin that his duty was to ensure that the team regained promotion to the

premiership at the end of the current season.

The former assistant coach of the Super Falcons said that his team was relatively new and that they needed some times to jell together to form a formidable team. ``By the time these guys are ready, they will form a team Kwarans will be proud of.

Dennis Bergkamp My thoughts are with my friend @papilokanu during his recovery. #GetWellSoonKanu. @DB_Official_10 Peter Odemwingie Thanks for the congratulations on the goals guys.

Thank God for his grace. Will keep focused so the good run continues. @OdemwingieP Leon Balogun Can’t seem to find the right words of appreciation for the love you showed me. THANK YOU #Nigeria #SuperEagles #F95. God bless YOU. @LeonBalogun Luis Suarez Very happy with this great victory! We continue fighting up there! @ luis16suarez Wayne Rooney It’s a nightmare. It’s one of the worst days I’ve ever had in football. @WayneRooney yaya toure This was not an easy one with 10 men for 80 mins. But we got our 3 points and big thanks to the fans. @Toure_yaya42 David Silva After a difficult week and today playing with 10 most of the match the team showed character, we will fight til the end. @21LVA Mo Farah Hi guys..I’m doing ok..thanks for the concern.. disappointed with today.. I gave 110%.. couldn’t do any more... sorry guys.... lBritish athlete, Mo Farah, after finishing second at the New York half-marathon. @Mo_Farah Daniel Sturridge Honoured, blessed and humbled to win the Barclays player of the month award twice in 1 season. @D_Sturridge

Gambo denies Sunshine famous victory Charles Ogundiya

G

ambo Mohammed preserved Kano Pillars 11-year unbeaten home record after Sunshine Stars threatened to end the record, leading 2-1 in Kano before Gambo equaliser in the 92nd minute of one of the week two Glo league matches played inside the Sani Abacha Stadium, Kano.

Eduwo Kingsley got what looked like the winner for the Akure gunners, capitalising on a defensive error from Pillars defenders to slot home in the 81st minute of the game.

Super Eagles striker, Rabiu Ali, had earlier missed a penalty early in the second half, failing to hit the target after winning a contentious penalty for Pillars as Sunshine Stars goalkeeper Ezenwa saved his kick.

Ezekiel Mbah gave Pillars the lead in the 33 minutes, turning home Gambo Mohammed’s cross.

In Aba, Enyimba continues their impressive run, defeating Rangers 2-1 in an oriental derby to move to the top of the league table with four points from two matches. Sibi Gwar and Andrew Abalogu were the goal scorers for Enyimba. An own goal by Semiu Liadi in the 90 minutes off Ejike Uzoenyi’s shot proved a little late for Rangers.

On Marble If you talk to a man in a language he understands, that goes to his head.

If you talk to him in his language, that goes to his heart.

– Nelson Mandela

Sanctity of Truth

w w w. new tel eg rap ho nl i ne. co m

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, MARCH 17, 2014.

N150

GUEST COLUMNIST

ONE WORLD Bringing the globle together is one sure way to success in economic pursuits

Christine Lagarde

G

World Record

Kimberly Mink (USA) spun a loop around her, fed to a length of 23.21 m (76 ft 2 in), measured from the end of the extended hondo (the eye of the rope) to her marked hand position, at Jerome High School, Jerome, Idaho, USA on 25 January 2003.

ood afternoon. It is a great honour to come to Stanford University. Stanford, of course, is one of the world’s premier centers of higher learning, and it also has the good fortune of being linked to the world’s leading hub of modern technology and innovation.

So I am delighted to be here, and I would like to especially thank my hosts—John Shoven, director of the Stanford Institute for Economic Policy Research, and Tino Cuellar, director of the Freeman Spogli Institute for International Studies.

As I am just returning from Sydney’s G-20 meeting, I would like to share with you our views on the global economic situation. While unemployment is too high, public and private debt are too high, and global growth is too low relative to potential, we certainly see some economic momentum in the works— global economic growth of 3¾ percent this year, rising to 4 percent next year.

This latest pickup of growth is largely due to positive developments among the advanced countries—certainly in the US, but also in Japan and the Euro Area.

Ironically, the emerging markets that kept the global economy afloat during the crisis (together with the developing economies, accounting for three-quarters of global economic growth in recent years) are weakening, with their economic cycles turning and growth slowing. For some of them, a rising tide came with more choppy waves—strong growth opened up vulnerabilities that came into focus

Innovation, technology and the 21st century global economy as growth began to slow.

At the same time, because the economic situation was improving in the US, the US Federal Reserve started the process of dialing back its unconventional monetary policy. This mix created the conditions for some capital to flow out of a number of emerging markets, thus generating market volatility and currency variations.

In these circumstances, we on our part have cautioned (i) that monetary policy should remain accommodative in many advanced economies; (ii) that countries should continue to bring their houses in order by taking appropriate policy action, adopting credible policy frameworks, and implementing structural reforms; and (iii) that communication amongst policy makers should improve.

As I just returned from a meeting of the G20 in Sydney, let me tell you where we ended up. As you know, the G20— the group of the 20 largest economies in the world—has been instrumental in fighting the global financial crisis, and it remains a key forum for discussing global economic and financial issues.

For example, the G20 members have agreed to complete core financial reforms set out in response to the crisis by the end of 2014, making the financial sector safer and less likely to cause crises.

G20 governments and central banks have also agreed to clearly and consistently communicate their policy actions, and to continue cooperating on monitoring spillovers to other countries.

The discussions also rightly focused on a country-specific as well as a collective effort to restore medium-term economic growth that, if fully implemented, could raise the level of GDP by an extra 2 percent over the next 5 years, which would create significant additional jobs.

So, I left Australia with a sense that, despite many risks that could under-

If the previous revolutions were about using machines for brawn, this is about using machines for brains

mine the recovery, policy makers are broadly on the right track.

And yet, we also need to discuss what kind of growth this “right track” leads to. Will it be solid, sustainable, and balanced—or will it be fragile, erratic, and unbalanced?

To answer this question, we need to look at the patterns of economic activity in the years ahead, and especially the role of technology and innovation in driving us forward.

As Isaac Asimov—a master of science fiction literature—once said: “No sensible decision can be made any longer without taking into account not only the world as it is, but the world as it will be.”

This is what I want to address today, in the form of three questions: | First, what does this new technological era mean for the economy, especially for jobs? | Second, how does it relate to one of the scourges of our age—rising inequality? | Third, what about some solutions, including education and what I refer to as the “new multilateralism?”

Technology and the economy Let me begin with the inter-linkages between technology and the economy.

Innovation is pushing ahead at warp speed. You know this. You live it. You even drive it.

We are certainly living through one of the most exciting periods in human history. We can feel the air hum with virtual activity and reality transform before our very eyes. The pace of change is so fast that even the technology of five years ago seems prehistoric.

Those of you who are students probably do not even remember a time when phones were not smart, when cameras contained film, when texts meant school books, and when wireless referred to an old-fashioned radio!

This advance is centered on the rise of a global digital network—the “hyper-connected world”—combined with the rise of genuine machine intelligence. If the previous revolutions were about using machines for brawn, this is about using machines for brains.

And since technology is powering a giant leap in global interconnectivity, these are “connected” brains!

Just look at some of the trends. Today’s smart phones are more powerful than yesterday’s supercomputers. We see cars driving themselves, printers making complicated three-dimensional parts, and robots doing the most complex tasks.

“Science fiction” is rapidly becoming “science fact”. Indeed, we may just be getting started when it comes to the power and reach of machine intelligence.

Yes, machines can replace our muscles. Computers may even replace our intelligence. But they can never replace the capacities that make us truly human: Our creativity and innovation, our passion.

So, education must be the bridge between the present and future, the old and the new. But we must also build an enduring platform. By that I mean a new way of thinking about the global economy—the “new multilateralism”, where all stakeholders take joint responsibility for the global common good, breaking down the borders and barriers that are really relics of a bygone age.

This is really the only surefire way to bend the new age to our will, to manage the complex channels of a hyper-connected world, to get to grips with global problems that are no longer amenable to only national solutions, because they completely ignore borders.

Ms Lagarde is Managing Director of the International Monetary Fund (IMF)

OmoBaba

EDO TEACHERS’ TEST HOLDS MARCH 22 - News

- So, who will do the marking?

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos.

Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja.

Advert Hotline: 01-8541248, Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Editor: GABRIEL Akinadewo.