Binder1monday,march3,2014

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Monday, March 3, 2014 Vol. 1 No. 13

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Nigeria’s most authoritative newspaper in politics and business

Again, 39 killed in Borno

MASSACRE

Military begins aerial bombardment as Boko Haram kills 39

Kanu undergoes heart surgery in US

l 20 Boko Haram members killed, 25 injured as Air Force begins aerial bombardment l Northern governors condemn killings l It is difficult to fight terrorists, says Maku

G

unmen in military uniforms stormed Mainok, Borno State

Ibrahim Abdul and Dan Atori

at the weekend, killing 39 people.

As people were pre-

paring for prayers, the fundamentalists stormed the village, firing rocket-

propelled grenades.

Mainok is 50 kilome-

Page } 53

CONTINUED ON PAGE 2

BATTLE FOR SOUTH-WEST

PDP’ll march on blood to win – APC governors

lAregbesola, Fayemi talk tough lWe’ll win in Ekiti, Osun, says Bode George ELECTIONS

Governors Aregbesola and Fayemi say Peoples Democratic Party is embarking on a wild goose chase in the June and August elections in South-West Ayodele Ojo

T

he All Progressives Congress (APC) has vowed to resist any attempt by the Peoples Democratic Party (PDP) to take over governance in the South-West using the CONTINUED ON PAGE 2

R-L: Wife of the president, Dame Patience; President Goodluck Jonathan; Senate President David Mark; his wife, Helen; General Yakubu Gowon; Chief Ernest Shonekan and the FCT Minister of State, Oloye Jumoke Akinjide during the Centenary Celebration Interdenominational thanksgiving at the National Christian Centre, Abuja...yesterday

PHOTO: TIMOTHY IKUOMENISAN

Nationwide fuel scarcity may linger till Saturday lLitre sells for N120 in Lagos lPPPRA, DPR warn hoarders

Our correspondents

T

he acute shortage of Premium Motor Spirit

INSIDE

News. . . . . . . . . . . . . .

Metro . . . . . . . . . . . . .

Politics . . . . . . . . . . . .

Opinions. . . . . . . . . . .

Investigation . . . . . . .

Business . . . . . . . . . . .

Entrepreneur . . . . . . .

Sport. . . . . . . . . . . . . .

2 11 13 20 21 25 41 51

(PMS) popularly known as petrol rocking Nigeria may linger till Saturday, New Telegraph gathered

Lagos

Thunder Storm O O

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at the weekend.

Although the Petroleum Products Pricing and Regulating Agency

NEWS Robbers attack church, kill policemen Page 9

(PPPRA) had last Monday approved the first Quarter fuel imports allocation to marketers, majority of

them could not get their statutory imports permits from the Department of Petroleum Resources

AT A GLANCE

(DPR) until Wednesday.

Findings by New Telegraph showed that most of CONTINUED ON PAGE 3

POLITICS

BUSINESS

METRO

I was railroaded to prison, now I’m no more an ex-convict, says Bode George Page 14-15

Labour minister averts airspace shutdown, meets NAMA, aviation workers tomorrow Page 25

Enugu-Onitsha Expressway: A journey of nightmare, carnage Page 12 & 45

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Monday, March 3, 2014

20 killed as Air Force begins aerial bombardment CONTINUED FROM PAGE 1

tres from Maiduguri, the state capital. Maiduguri was the scene of another deadly attack on Saturday where scores were killed.

In Mainok, some of the residents, who did not die from the bomb attack, were killed when the attackers fired live bullets from their Automatic Kalashnikov (AK) 47 guns.

“They came in around 7 pm and opened fire indiscriminately with RPGs (rocket propelled grenades), explosives and AK-47 rifles,” said resident Yahaya Umar.

“They killed 39 people who were buried this morning and destroyed the whole town,” he said.

Another resident, Abdullahi Gana, gave a similar account of the incident.

“We were just lamenting the twin blasts in Maiduguri ... when the Boko Haram gunmen arrived and started firing volleys of RPGs and guns,” he said.

Because of incessant attacks from Boko Haram members, the military has started aerial bombard-

ment of suspected hideouts of Boko Haram members in the North-East.

The Public Relations Officer of the 23rd Brigade of the Nigerian Army, Yola, Captain Ja’afaru Nuhu, yesterday also declared that the curfew in place would be strictly monitored between 7pm and 5am “until further notice”.

Ja’afaru said: “Sequel to the prevailing security situation, a 7pm to 5am curfew has been imposed on Adamawa State.

“All law-abiding citizens are advised to abide by the curfew.”

It was learnt that during the air raid, about 20 members of the group were killed while 25 others were injured in a border village of Ndagu, Adamawa State.

Military fighter jets have been pounding targets in the North-East, following new strategy and change of tactics in fighting the Boko Haram insurgency in the attackprone North-East region, with a view to finally putting an end to the reign of terror.

Some residents have also been fleeing the area on the Borno State border in recent days, anticipating a full-scale military offensive, leaving homes, shops and villages behind and settling in safer areas, such as Gulak, another neighbouring town in

Adamawa State.

A community leader in the area, who did not want to be named, also confirmed the operation.

An unofficial military source, confided that: “The militants had captured a stretch between border areas towards

Sambista forest and had established training centres where they were also preparing suicide bombers, which was why we began this new campaign.”

Another security official said that some insurgents could have been killed in early airstrikes.

Ekiti and Osun governorship polls as springboard ahead of the 2015 general elections.

Already, President Goodluck Jonathan has directed the PDP leadership to reclaim the six states in the zone.

But Governors Rauf Aregbesola (Osun) and Kayode Fayemi (Ekiti) have described the directive as a tall order that is not achievable with the reality on ground.

The governors, in separate interviews with New Telegraph, said that PDP would have to march on blood to reclaim SouthWest.

Aregbesola waxed philosophically, using the lyrics of Jimmy Cliff: ‘The harder they come, the harder they fall, one and all’’.

“I tell people that the only way the PDP can win is to kill a lot of people.

They have to march on the blood of the people to displace us. Again, God is a God of justice not injustice.

You cannot reward good with bad and vice versa,” he declared.

Heeding the president’s directive, prominent figures in the Jonathan administration and PDP met at Chief Olabode George’s residence in Abuja last week where they plotted APC’s fall.

Governorship election comes up in Ekiti on June 21 while that of Osun takes place on August 9.

Aregbesola said the APC governors, since coming into office, have touched the lives of the people meaningfully, insisting that “for anybody to aim at disrupting that system, that person must be super-powerful.”

The governor declared that the PDP has no chance of taking over from him. “It cannot be those who have

C O N T I N U E D O N PA G E 4

Akwa Ibom State Commissioner for Information and Communications, Mr Aniekan Umanah, receiving the African Achievers Awards for Good Governance on behalf of Governor Godswill Akpabio, from Atsafo Atse Dzahene 111, while Ambassador Ashim Morton, watches on Friday night in Accra, Ghana.

122%

The percentage of Cuba’s enrolment in tertiary education of relevant age group.

Telegraph.co.uk

169

The world’s position of Nigeria’s unemployment rate (2011 est.).

Telegraph.co.uk

N37.6bn

The total import value of spelt, common wheat and meslin of Nigeria in the second quarter of 2013.

Telegraph.co.uk

TODAY’S WEATHER FORECAST

Aregbesola, Fayemi talk tough CONTINUED FROM PAGE 1

The latest airstrikes took place mainly in the remote Sambista forest, said to be sites of militant training facilities and compounds.

A farmer, Madu Dauda, said that he was scared for his family because of

had the opportunities for 90 months but failed to do anything for our people,” he stated.

Aregbesola was confident of winning his reelection because “I have the support of a majority of our people for my reelection.”

“We have served them with the way they have never been served in their history. If election is about recompense to the administration, I have won already. I told you that there is no household that we have not impacted positively in this state.”

Aregbesola stated that by his actions, he had started his re-election the very day he was sworn in. He said: “We started campaigning for this election since the day we were sworn in. I do community work with our people every month, through physical exercise -Work to Live.

You see how popular this

initiative is among our people; it’s a momentous carnival. I also engage them on a quarterly basis on ‘Ogbeni Till Daybreak’, close to 10 hours of critical engagement.

“Lately, we have introduced another one called ‘Gbangba Dekun’, where we are in each federal constituency to take questions, comments and opinions from people. If you add our people-oriented approach to governance, God be with us, I am looking at how they will do it.

Jimmy Cliff had a lyric, ‘The harder they come, the harder they fall, one and all’”.

On the criticisms trailing some of his actions and the negative impact, the governor declared that some of his critics are not honourable people, saying he carries no baggage.

“These people criticising my government are bad in governance, bad in

their relationship. They are not honourable.

“I tell people that I am yet to see a governor either before or now, I don’t know of tomorrow, who has made the people the centre of governance, as much as we are doing. I’m not saying this because I want to sound fulfilled. I am saying this because I want people to know the distinction between peopleoriented government and a government as usual,” he said with the air of fulfilment.

On his part, Fayemi declared that the people of South-West cannot go back to PDP’s slavery.

Fayemi said: “They have the people to confront. And the people will never subject themselves to slavery.

I doubt very much that Mr. President will drag himself into such dangerous and irresponsible mission.

Many of the PDP leaders C O N T I N U E D O N PA G E 3

PORT HARCOURT

30o 24o Storm

ABUJA

35o 25o Cloudy

KANO

34o 17o Partially Cloudy

ENUGU

32o 23o Partially Cloudy

IBADAN

36o 24o Partially Cloudy

CALABAR

31o 24o Storm

MAIDUGURI

32o 19o Cloudy

ONITSHA

34o 24o Thunder Storm

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Monday, March 3, 2014

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Bode George: PDP will reclaim South-West CONTINUED FROM PAGE 2

are just grandstanding to give credibility to their waterloo they are bound to meet in the South-West.

“We have always said that the elections in Osun and Ekiti are totally different elections; they are referendum on the performance the governors and the state of happiness of our people with the government they have. The elections are not referendum for presidential election in 2015. Whoever wants to turn it to that, they will meet us.

“I’m not given to boastful and empty rhetoric, but anyone who loves Nigeria and has seen the kind of development that the South-West has witnessed in the last four years, will definitely want this to be protected and deepened.”

The governor said he is not nursing any fear about his re-election. He said: “How would I nurse fear about them? The PDP is not popular here. Look, we have just completed the registration of our party, the APC. Over 300,000 Ekiti people registered for APC; I’m not talking about the registration of the Independent National Electoral Commission (INEC).

These are not fake people; these are people of known

addresses, telephone numbers and others.

“The total electorate in Ekiti is 669,000. Let us even assume that it is only our party members that are for Fayemi, let’s not talk about people who are not party members, with the figure that you have on the ground, how is it going to happen for the PDP to win Ekiti; unless the PDP is going to walk on the blood of our people and turn this place into a war zone.”

Fayemi cautioned Jonathan not to get entangled in South-West politics.

“The President already has a lot of challenges that he is confronting in other parts of the country. Why would he want to get himself into trouble with the people of the South-West?

What has he got to lose by his party not controlling government in the SouthWest?

“The West is a no-go area for rigging. In the short term, they may succeed in rigging; they succeeded in rigging me and Aregbesola out of our legitimate mandates, but what eventually happened?

Let me assure you, this is not going to happen this time around. The vote will surely count.

“So, whatever the marching order that they

have been given, it would be an exercise in futility.

Yet they are desperate, but even in their desperation, there is honour among thieves. They should not toy with the people of the West,” the Ekiti governor stated.

He advised INEC to use the governorship elections in Ekiti and Osun to restore confidence in the electoral process.

Also, the Interim National Publicity Secretary of APC, Alhaji Lai Mohammed, told New Telegraph that the PDP leadership is only exploiting Jonathan for monetary gains on the pretence of delivering the

zone for him in the 2015 elections.

“The truth of the matter is that the leadership of the rag tag army of the PDP in the South-West is simply exploiting Jonathan’s naïveté and ignorance of the political situation in the South-West part of Nigeria for monetary gains and to seek office, position and relevance.

“The PDP no longer exists in the consciousness of the people of the SouthWest. The pro-people projects and people-friendly policies of the APC governors in the South-West has finally buried PDP in that zone,” Mohammed said.

However, former Deputy National Chairman (South) of the PDP, Chief Olabode George, confirmed the readiness of the PDP to take over the control of governance from the APC in June and August.

In an interview with New Telegraph, he said the PDP is tired of misgovernance under APC in the South-West.

“It was an act of injustice that took government from us in Ekiti and Osun states. Now, we are ready to take what rightly belongs to us. The people are now ready. They have seen the difference between light

and darkness. Come this time, the people are not just going to allow them to run away with power and that is why Prof. Attahiru Jega has come up with a solution of one-man-onevote. By next election, we would not accept any nonsense. I am saying it now that whatever it takes, let the votes count.

“We would not just go and say we won’t bother.

When you go on competitive mission, you don’t take anything for granted. We are going to plan and we are going to fight like we had done before. We would not take them for granted,” George said.

Lagos State Deputy Governor, Adejoke Orelope-Adefulire (middle), immunising Master Okiki Salami, child of Mr. & Mrs. Salami during the flag-off of the first round National Immunisation Plus Days at the Agege Local Government Secretariat. With her are Special Adviser on Public Health Dr. Yewande Adesina (left) and Chairman, Agege Local Government, Hon. Jubreel Abdulkareem

Nationwide fuel scarcity may linger till Saturday CONTINUED FROM PAGE 1

the marketers, who were jolted by the scarcity, have rushed to buy the product from tanker vessels hovering the West African Coast instead of from refineries in Europe.

While purchase of PMS from Europe takes between 20 to 22 days for the product delivery, the transaction at the West African coast takes a minimum of between 10 to 12 days to deliver into jetties in Nigeria.

“Many of us have run out stock and this is the reason for the scarcity across the country. As businessmen, we have ordered purchase from West African Coast because this is the fastest option for us for now,” a marketer who craved anonymity told New Telegraph.

“The tanker vessels car-

rying these consignments will take a minimum of 10 of 12 days to berth and offload. We do not consider purchase from Italy and others because that will take at least 20 days to deliver.

“The scarcity will be subdued certainly but it would be after many depots have taken delivery of products between Friday and Sunday,” he said.

The fuel scarcity, which bite harder at the weekend, sky rocketed price of commodity to N150 per litre in Lagos and environs.

But the Management of the Nigerian National Petroleum Corporation (NNPC) at the weekend said it commenced fresh measures to halt what it described as artificially induced fuel scarcity noticeable in some parts of

the country particularly in Lagos and its environs.

Acting Group General Manager, Group Public Affairs Division of the Corporation, Dr. Omar Farouk Ibrahim, stated in a statement that the NNPC, in conjunction with the Department of Petroleum Resources (DPR) and the Petroleum Products Pricing Regulatory Agency (PPPRA) will commence detailed monitoring of fuel stations in Lagos and its environs as well as any other state to checkmate the incidence of hoarding and panic buying of fuel.

“We tried it in Abuja and its environs and today, the effective monitoring has decimated the hitherto long fuel queues in Abuja.

We are extending the extensive joint monitoring to Lagos,’’ Dr. Ibrahim said.

The NNPC spokesman stated that as the supplier of last resort, the Corporation is doing everything within its mandate to alleviate the avoidable hardship caused by the fuel situation while reiterating the fact that the Federal Government has no plan to increase the price of petrol as being speculated.

“It is pertinent to state, for the umpteenth time, that there is no plan by the Federal Government to increase the price of petrol. Once again, we appeal to marketers to refrain from hoarding and to members of the public not to engage in panic buying. We are convinced that in the days ahead, the fuel situation will normalise as there are enough petrol to go round,’’ he said.

Scarcity in Ondo In Ondo State, petrol has disappeared from most filling stations, forcing few ones to sell above the official price of N97 per litre.

Investigations by New Telegraph showed that both major and independent marketers did not have fuel in their stations while those who have witnessed long queue.

In Akure, the state capital, there was no filling station selling petrol along Ondo Road, despite the presence of over 15 filling stations.

The filling stations along the popular Ondo Road include Energy, Oando, Tunji and Tunji, Damilak, Conoil, NNPC, Mania and AP filling stations.

Along the popular Oyemekun/Oba-Adesida road, only Mobil petrol

station was selling fuel, despite the presence of over 20 filling stations. The ones in other parts of the town did not have the product to sell or have long queue in them.

Along the Ilesa/Benin road, only the NNPC Mega station was selling the product at pump price of N97 per litre while those who have the fuel were selling between N100 and N120 per litre.

Although vehicles were seen plying the road, the vehicle owners resulted into black market to put their vehicles on the road.

A marketer told New Telegraph that some filling stations deliberately hoard the product to sell to black marketers.

One of the operators of the NNPC stations in the C O N T I N U E D O N PA G E 4

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It is difficult to fight terrorists, says Labaran Maku CONTINUED FROM PAGE 2

earlier rumours that the army would soon launch a full-scale offensive and had thus fled.

“Every day, heavy patrol vans were seen and war planes were hovering our villages,” Dauda said by telephone from Mubi.

“We were hearing that the army would soon launch a big military operation in these border villages,” he added.

Another resident now in Hildi, Umar Faruk, 48, said that he had left his home behind in a village after it was mistakenly hit by fighter jets.

Meanwhile, Northern States Governors Forum on Sunday called on Nigerians, especially those living in the troubled NorthEast, not to despair over the persistence of attacks on them by members of Boko Haram.

Chairman of the forum and Governor of Niger State, Dr Mu’azu Babangida Aliyu, urged all stakeholders to continue to pray to God to end the scourge of what he described as senseless killing of defenceless citizens.

Aliyu made the call in

his reaction to Saturday’s explosions which killed several persons at the heavily-populated Ngomari-Bulumkutu area of Maiduguri, Borno State.

Aliyu, while reacting in a statement signed by his spokesman, Danladi Ndayebo, begged Nigerians not to despair over the incessant attacks by the Boko Haram sect.

He also urged the perpetrators of the dastardly act to lay down their arms and embrace dialogue.

The statement reads: “The Northern States Governors Forum (NSGF) condemns the murderous terrorist attack which killed several persons at the heavily populated Ngomari-Bulumkutu area of Maiduguri, Borno State.

“The Forum deeply regrets this utterly heinous descent to new depths of terror by the perpetrators at a time when security agencies are doing their best to put an end to the scourge of senseless killing of defenceless citizens”.

The Forum urged members of Boko Haram to embrace dialogue, saying the surest way to resolve grievances is through dia-

logue and not violence.

It also commiserated with the families of those killed or injured during the blast and called on all security agencies to redouble their efforts in the discharge of their responsibilities of protecting the lives and properties of the citizens.

Also, it was learnt yesterday that the death toll from the Saturday twin explosions had risen to 51.

Many more people are

believed buried in rubble from the Saturday night explosions that collapsed some buildings and set others aflame with smoke billowing for hours, said a Red Cross official who insisted on anonymity because he is not authorised to speak to the media.

Meanwhile, Minister of Information and Supervising Minister of Defence, Mr Labaran Maku, has called for more cooperation from the public in

the fight against terrorism.

Maku made the call in Lagos at the 30th Memorial of the founder of The Punch newspaper, Chief James Aboderin, at the Intercontinental Hotel, Victoria Island on Saturday night.

He said it had been very difficult to curtail the insurgents because they were not a regular army in uniform and that citizens needed to be

Queue at Total Filling Station along Lagos-Ibadan Expressway…yesterday.

50,700

The total number of asylum application of the US (the highest of any industrial nation) in 2007.

Telegraph.co.uk

90:100

The ratio of men to women in Latvia (the world’s lowest).

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proactive in order to assist the government to defeat them. ``To defeat insurgency is for every citizen to cooperate. For example, you ought to know the movement of people in your village and if you see suspicious movement you should communicate immediately to security agents. ``If you are in urban area and a stranger comes C O N T I N U E D O N PA G E 5

PHOTO: SULEIMAN HUSAINI

$103,040 The GDP per head of population of Luxembourg (the world’s highest).

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Commuters groan as petrol sells for N115 in Oyo CONTINUED FROM PAGE 3

state told New Telegraph that some of the filling stations were selling adulterated fuel.

In Delta, motorists, commuters groan Hike in pump price of petrol yesterday assumed a dangerous dimension in Delta State, inflicting another round of untold hardship on commuters and motorists.

The N97 per litre official price of the product jumped from N110 to N120, forcing many car owners to abandon their cars and trek to their churches.

The situation has also forced commercial motorists across the oil rich state to increase transport fare from what it used to be.

Trekable distances that ordinarily cost N30 suddenly jumped to N50.

Independent marketers, who have since capitalised on the scarcity, maintained

that the landing price of the product as at last week stands at N114 per litre.

Yesterday in Asaba, the state capital, the queue was endless in few stations that have the product, including the ones along Okpanam road.

Motorists spent not less than 40 minutes on queue, even as others have their cars dented in the process of hurrying, leading to fisticuff, before the product gets to them.

None of the eight independent filling stations along the popular Okpanam road and hundreds of others within Asaba metropolis sold the product less than N120 per litre.

The situation is worse in the suburb part of the state where NNPC sub-stations are not within reach.

The few individual marketers in those remote areas seize the opportunity of the scarcity to exploit

unsuspecting buyers by selling around N150 per litre.

The General-Manager of a popular station along Okpanam road, who pleaded anonymity, told New Telegraph that they are constrained to sell it that way, following the rigour they go through before getting the product.

“My brother, we have no choice that to sell it this way. The product we are selling now landed with N113 per litre, not counting other expenses we incurred along the line.

Initially, we were selling at N105, but the current situation forced us to jack it up”, he said.

While he said the situation get worse this week, he explained that the accumulated product in the few refineries around the South-South region and to the South-West axis of the country “may dry up

soon”.

Petrol still sells for N115 in Oyo SHORT supply of petrol, which started over a week ago, persisted until yesterday in many parts of Oyo State.

Many major distributors scarcely sell the product as they kept the gates to their stations shut most days, complaining that they had no supply.

On the few days some of them sold to motorists and other customers, they were selling a litre at the rate of N100.

The situation was worse with the independent marketers, many of who, as at Sunday afternoon, were selling a litre of petrol at N120, while some were selling for between N110 and N115.

Many of them, for the fear of raiding by the officials of the Department of Petroleum Resources

(DPR), were dispensing fuel to motorists in the evenings, night and very early mornings.

At some of the NNPC filling stations like Olopometa and General Gas areas in Ibadan, very long queues were noticed of vehicle owners who wanted to buy at the direct approved rate of N97 per litre.

The lingering development has, however, led to increase in many essential commodities in the markets, as well as slight hike in transport fares.

Cab drivers, who used to collect N80 from Iwo Road to Challenge in Ibadan, now charge between N90 and N100, just as inter state fare from Ibadan to Oyo, which used to cost N300 in the garages is now N400.

Those picking passengers by the road side, otherwise called ‘soole’, collect N350.

There would have been

much hike in the transport fares in the state, but for the operation of the mass transit service of Governor Abiola Ajimobi; the “Ajumose Shuttle”, which collects N50 for every route, however long the distance.

Apata to Dugbe or Dugbe to Sango, UI to Ojoo, or Challenge to Iwo Road and Ojoo, distances of several kilometres which ordinarily would have cost about N150, still attracts only N50 with Ajumose shuttle.

This subsidised facility has compelled many of the bus and cab drivers to maintain a reasonable increase for many who might not have the luxury of waiting for the government buses to pick them.

Asked what was really responsible for the scarcity and hike in price of petrol, one of the filling station attendants told New TeleC O N T I N U E D O N PA G E 5

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Monday, March 3, 2014

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Maku: Pakistan, Iraq still struggling with terror CONTINUED FROM PAGE 4

into your compound, maybe it’s a tenant, you need to find out what time he goes out and what time he comes in, who are those visiting him what he does for a living. ``All those questions have become very important today because if you keep quiet and do not cooperate, you will find out that everybody is the enemy of terrorists; nobody is immune. ``So, it is important for State Governments particularly to coordinate public information gathering. ``I believe for any state government to be able to help the Federal Government deal with terrorism, that state must be able to

organise its people at the village, ward, district and town levels ``You must make sure that you have a system of communication that will enable people to speak out.

Once that happens, it is possible for people to deal with terrorism. ``Cooperation between the people and the security services is the only way to deal with terror because we can’t just kill everybody we see on the streets’’, he said.

The minister said this had become necessary because the battlefield was not defined and the enemy is not defined because he hides among the people or he hides in the bushes.

He said even if their hideouts were known, it

was still difficult to attack them because they hide among the people and the army does not want to kill innocent people while trying to kill the insurgents.

He said that if it were a conventional war, the Nigerian armed forces would have finished up the terrorists in 30 minutes.

He said that ending insurgency needed a lot of care, citing Pakistan, Iraq and Afghanistan which had been struggling with insurgency for a long time.

Maku said terrorists were not too powerful or invisible but that government did not want to kill its own people while trying to kill the terrorists. ``The military has the capacity to finish these insurgents in 30 minutes

but it is because of the nature of this war where the insurgents live among the people, where they live in densely-populated areas. ``They live in small groups hiding their identities and when they have the slightest opportunity, they come out with weapons and kill the most vulnerable people. ``They are so cowardly that they hide among the people and every government is careful because we have to uphold the conventions or rule of war. ``We can’t go to Maiduguri and kill everybody there; we can’t go to Yobe and kill everybody there because terrorists are hiding among them; so it takes a lot of hard work, intelligence, to get them’’,

he said.

Maku added that the terrorists also operated from outside Nigerian borders and called for greater cooperation among African countries in this fight.

He said that President Jonathan had called on African leaders to come to terms with the fact that a terror strike in one nation is a strike against all people and that they must cooperate across boundaries.

Maku, however, pointed out that the Federal Government had done a lot of good job in dealing with the terrorists.

He assured that the government and the military would not rest until the country becomes completely safe from terrorists

and insurgents.

The minister said that some of the recent attacks were out of desperation and that pressure was on the insurgents. ``Some of the desperate attacks of the recent times is because they are under heavy attack from the military and they are getting desperate.

“That is why they just come out and kill anybody they see on the street whether they are children or women.

“The truth is that there’s a lot of pressure on them. We can’t say everything in the media but we want to call on the media to understand the nature of the war and also to appreciate the success that is taking place,’’ he said.

Fuel queue vanishes in Abuja CONTINUED FROM PAGE 4

graph that, “It is what we buy that we are selling.

We don’t get the product as easily as we used to; moreso, we now pay more to get the same supply. Since we can’t operate at a loss, we have to sell at reasonably commensurate prices to our customers.

“Our appeal is, therefore, to the government to plug all the loopholes through which the product is getting scarce”, the attendant, who simply identified himself as Jamiu at Iwo Road area, said.

Fuel queue vanishes in Abuja Vehicular queues that were noticed at petrol stations in Abuja last week has vanished, making it easy for Abuja residents to drive into filling stations and buy fuel with ease.

The pump prices also remains at N97.

Last week, queues were seen at the filling stations in the metropolis of the Federal Capital Territory (FCT).

Responding to the fuel scarcity, PPPRA issued a statement warning marketers against hoarding of products and increasing the pump price.

The statement signed by the Executive Secretary, Farouk Ahmed, stated: “The Petroleum Products Pricing Regula-

tory Agency, (PPPRA), hereby assures Nigerians that the official pump price of Premium Motor Spirit (PMS) remains N97 per litre, as the Agency has not approved any pump price increase and there are no plans to do so. This clarification becomes necessary following reports that some petroleum marketers are hoarding petroleum products in the vain anticipation of fuel price increase.

“PPPRA wishes to further assure the Nigerian public, that there are sufficient PMS in the country to guarantee uninterrupted fuel supply, and motorists are, therefore, advised to shun panic-buying, as loading of products has been uninterrupted in all NNPC depots across the country.

“PPPRA hereby directs all petroleum marketers to release for sale products in their tanks and depots and at the officially approved pump price. To ensure compliance, the PPPRA and the Department of Petroleum Resources (DPR), shall be working closely to monitor the situation at all retail outlets, and shall not hesitate to shut down any filling station found hoarding products or selling above the official price.

“PPPRA reassures Nigerians that it remains

Protesters holding flags from USA, Germany and Italy, arrive at Independence Square during a rally in Kiev Ukraine...yesterday

resolute to its mandate of ensuring adequate products supply and distribution nationwide”.

Reacting to continual scarcity and increased in pump prices in the South West, the spokesperson of the Department of Petroleum Resources, Mr. Mohammed Saidu, said the Agency was not aware that fuel was sold above the official pump price.

He said: “We are not aware and we need to know the petrol stations that sells beyond the pump price.”

Litre sells for N120 in Lagos Motorists and commuters in Lagos State yesterday groaned over fuel

scarcity as long queue of vehicles returned in most filling stations in the state.

They called on the Federal Government to address the lingering fuel scarcity in the state, to make life more meaningful for the people.

When New Telegraph went round the city, it was observed that most of the filling stations in Lagos and part of Ogun State hoarded fuel while some claimed that they had no fuel, leaving motorists stranded.

Some stations, who offered to sell the product, did so at exorbitant prices per litre.

Some of the filling stations sold the fuel between

N120 and N150 while many motorists had to bribe some of the filling station attendants before they could get fuel. Many of them even resorted to illegal fuel dealers, also known as ‘black marketers’.

It was also gathered that the situation has made some of the commercial passengers’ vehicle operators in the state to jack-up the transportation fares within the metropolis.

Motorists, who spoke with New Telegraph, complained bitterly about the development, wondering why citizens of an oilproducing nation like Nigeria have to suffer for

the petrol.

A motorist, Mr Femi Ogunusi, who claimed to have been to five filling stations for his vehicle and generator, lamented that he only got five litres of fuel after spending a whole day in search of the product.

He said: “This is a terrible experience. I can’t imagine an oil producing country where the citizens have to rely on generator to power their houses. No light at home for weeks now, there is no fuel to even drive my family to church today (Sunday). How many OPEC members country is facing this mess? This is terrible!”

6

NEWS

Monday, March 3, 2014

photo news

Chukwu David

P

Director General, Nigerian Civil Aviation Authority {NCAA}, Captain Fola Akinkuotu (left) and the General Manager, Public Affairs, Mr. Fan Ndubuoke during an interaction with the Airport correspondents on the activities of the authority in the aviation industry at the Murtala Muhammed Airport, Ikeja…yesterday.

PHOTO:TONY EGUAYE

resident of the Senate, Senator David Mark has renewed his call for draconian measures against kidnappers, submitting that the perpetrators do not deserve to live among normal human beings.

Senator Mark in apparent call for the application of ancient law of 'an eye for an eye, a tooth for a tooth' said "if that is the only way to stop kidnapping, we can as well apply it here."

Speaking at the funeral mass at St. Mark's Catholic Church, Abagana in Anambra state for late Chief James Emeka Iloenyosi who died in the hands of kidnappers,

Mark seeks stringent measures against kidnappers Senator Mark said, " the unabating cases of kidnapping is a big shame. If stringent measure is not adopted the perpetrators would not stop.

"It is a big challenge to all of us. Government is there to take responsibilities, but the community cannot absolve herself of basic responsibilities.

These kidnappers live among us. It is therefore incumbent on community leaders to fish them out. Today, it is Chief Iloenyosi , who knows the next victim tomorrow?

"If a traditional ruler like Chief Iloenyosi is kidnapped and died in the hands of his abductors, then who is safe in this community? That is why everybody must vow to say enough is enough and no more to kidnapping in Anambra state."

Anambra, Edo and Delta state governments have already sanctioned the law, prescribing death penalty for kidnappers including destruction of their homes forthwith.

Boko Haram: NLC plans protests against killings in North East Onwuka Nzeshi

Bauchi State Governor, Mallam Isa Yuguda (left), displaying the African Achievers' award, during the presentation of Awards to notable African achievers, at the Presidential Hall, State House in Accra, Ghana…at the weekend. With him is the Director, African Achievers' award, Mr. Timothy Felix,.

PHOTO: ADEYANJU OLOWOJOBA

Senior Manager Networks, Vodacom Business Nigeria, Mr. Olumide Idowu (left), speaking with the students of the Federal Science and Technical College, Yaba, during a one day ICT field trip to the company in Lagos…at the weekend.

T

he Nigeria Labour Congress (NLC) yesterday disclosed plans to mobilize its members on street protests against the seemingly unending massacre of innocent Nigerians by Boko Haram insurgents in Borno, Adamawa and Yobe States.

The three north-eastern states have been under emergency rule since last year, but the activities of the insurgents have escalated in recent days even with the heavy presence of security agencies in the troubled region.

President of the NLC, Comrade Abdulwahed Omar, in a statement, said

wasted on a daily basis.

Omar expressed disgust about reports of apparent complacency and sometimes conspiracy of some security agents which appear to have paved way for the insurgents to launch their attacks.

"In the attack on the students, the Boko Haram members were reported to have operated for hours unchallenged. The attacks on Michika, Madagali and Shua, in Adamawa and Borno States respectively, were more audacious as the terror elements were said to have moved in murderous convoys of Hilux, chanting war songs in broad day light, killing, pillaging and daring any one to challenge them.

PDP defends Jonathan’s visit, accuses APC of pretence Biodun Oyeleye Ilorin.

T L-R: L-R: Parent, Mr. Olalekan Lawal; Representative of the special Adviser to Lagos State Governor on Education, Mr. Olusola Ajilore, and Executive Director, Santa Maria Montessori School, Mrs. Ayopeju Njideaka, during the school’s Telematch 2014 in Lagos …

last week's attack on students of the Federal Government College, Buni Yadi, Yobe state and subsequent attacks on communities in Borno and Adamawa states, have brought to fore, the “gory reality” of the new phase of the war on terror.

Omar said the frequency of the attacks and the rather feeble response of the troops deployed to the crisis zone raises a lot of questions as to the preparedness of the Nigeria Army to stamp out terrorism from the country.

Although Omar did not disclose when the protest would commence, he said that the Congress cannot fold its arms while the lives of innocent Nigerians are

he Peoples Democratic Party (PDP) yesterday defended President Goodluck Jonathan’s decision to visit Kwara on a campaign trail, despite the spate of killings in the northern part of the country.

The party, through a statement by Bode Ojomu, a member of the committee coordinating

the presidential visit, denied claims by the All Progressive Congress (APC) that the visit was an exhibition of poor political judgment on the part of the presidency and the PDP. APC had, in a statement by its Interim Publicity Secretary, Alhaji Suleiman Buhari, asked Jonathan and the PDP to shelve the planned campaign visit, describing it as ‘insensitive,’ ‘ill-timed’

and ‘utterly inhumane’, saying the opposition party should allow the President sufficient time to mourn the monumental tragedies in Yobe, Maiduguri and Adamawa states.

The party thus called the President to turn down the request to visit the state, to further justify his well-known position that no individual ambition is worth the blood of a single Nigerian.

NEWS

Monday, March 3, 2014

7

EFCC, ICPC must probe Sanusi, says Kashamu APPEAL

Party chief advocates probe of ex-CBN governor for blackmail

Kunle Olayeni Abeokuta

A

Peoples Democratic Party (PDP) chieftain in Ogun State, Prince Buruji Kashamu, yesterday asked the Economic and Financial Crimes Com-

mission (EFCC) and Independent Corrupt Practices and other related offences Commission (ICPC) to probe the suspended Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi.

He said Sanusi's probe by the anti-graft agencies was imperative because the suspended CBN governor allegedly blackmailed many bank chiefs into silence while he held sway at the apex

NCAA sets up committee for U.S. audit of aviation sector Wole Shadare

T

he Director-General of the Nigeria Civil Aviation Authority (NCAA), Captain Folayele Akinkuotu, has said the country would do all it could to ensure that it retains the highest aviation category one aviation status.

To this effect, a Technical Committee has been inaugurated to provide fillip and drive all the preparation process. Membership of this committee is drawn from the Flight Safety Group (FSG) directorates.

These are Directorate of Airworthiness Standard (DAWS), Directorate of Licensing (DOL) and Directorate of Operations and Training (DOT).

Others are Directorate of Finance and Accounts (DFA), Directorate of Human Resources (DHR), Directorate of Administration (DOA) and the Legal department. The Chairman of the Technical committee is Capt Abdullahi Sidi, the Director of Operations and Training while the secretary is Dr. W.T.Haggai Ag. Head, Aeromedical Standards.

Four years after Nigeria was awarded United States highest safety status - Category One (Cat 1) by the Federal Aviation Administration (FAA), the North American country’s aviation regulatory body is expected in the country on March 31, 2014 to re-assess its aviation sector, especially on conformity profile.

Court upholds CPC’s powers on unwholesome products Dele Alao

A

Federal High Court in Abuja has upheld the powers of the Consumer Protection Council (CPC) over unwholesome products, as it dismissed a suit brought against it by a tobacco company.

The suit was filed by Creation Commercial Ventures Limited, the sole distributors of Superkings cigarette in Nigeria for Imperial Tobacco, United Kingdom.

The company, in an originating motion on notice, had approached the Court, pursuant to Sections 6, 36,

44 and 46 (3) of the Constitution of the Federal Republic of Nigeria, to declare as a gross violation of its fundamental right the seizure and detention of over 3000 cartons of Superkings cigarette by the Council.

In the application filed on its behalf by its lead counsel, Kemi Pinheiro (SAN), and three other lawyers, the company had sought an order of the Court for the immediate release of the seized cigarettes, an injunction restraining CPC from further seizing and detaining its products and damages in the sum of N300 million.

bank.

In an open letter to President Goodluck Jonathan titled, "Why Sanusi must be Probed," and made available to reporters in Abeokuta, the PDP chieftain also faulted the attempt by opposition elements to politicise Sanusi's suspension.

Kashamu, who is the chairman of the Organisation and Mobilisation Committee of PDP in the South West, said the sus-

821

pended CBN governor must face investigation to ascertain his innocence or otherwise over the infractions identified by the Financial Reporting Council of Nigeria.

He said, "There is a trend that I have found worrisome in the whole scenario, hence my intervention. I am worried by the attempt by the opposition to make it look as if they own Sanusi more than the gov-

ernment that appointed him, and thereby politicise the whole issue.

"From the comments of the opposition and some of its leading lights, especially those he favoured with questionable waivers and contracts, it is obvious that while he was appointed by the PDP-led Federal Government, Sanusi was acting their script. Now that he has been told to step aside for proper investiga-

176.5

The total number of phones owned per 100 citiThe total number of daily newspapers sold per 1,000 population in Iceland (the world’s highest). zens of United Arab Emirates (the world’s highest).

Telegraph.co.uk Telegraph.co.uk

tion into the allegations against him, all hell is let loose as if some people want him to sit in judgment over his own case.

Is it not said that he who comes to equity must come with clean hands?"

Kashamu noted that though there are issues to be resolved by the courts, the anti-graft agencies should probe Sanusi with a view to correcting the anomalies and sanctioning people where necessary.

23.9%

The rate of unemployment in Nigeria (2011 est.).

Telegraph.co.uk

Ogun State Governor, Senator Ibikunle Amosun (right) presenting a plaque to the US Counselor of the Department of State, Mr. Thomas Shannon Jr. during Shannon's visit to the Government House, Abeokuta…yesterday

ANNIVERSARY Governor promises more people-oriented projects for Ondo Babatope Okeowo Akure

G

overnor Olusegun Mimiko of Ondo State yesterday debunked insinuations that his second term in office is less productive just as re-assured the people of the state of rapid socioeconomic development before the end of his tenure.

Mimiko assured that his administration would be exceptional as many more people-oriented

Mimiko marks fifth year in office, denies lackluster performance in second term projects are now ready for commissioning in all parts of the state, in addition to numerous ones already commissioned.

Speaking during a thanksgiving service to commemorate the fifth anniversary of his administration, held at the Cathedral Church of Saint David in Akure yesterday, Mimiko noted that God had surprised the entire people of the State by ensuring peace and rapid socio-economic development in all facets of life, including quality

healthcare delivery, infrastructure transformation, educational development and empowerment system, among others.

He said that his administration had been tackling the challenge of unemployment, which he described as global even as he assured that the state government's power plant in Ore would soon be ready for commissioning to boost industrialisation and employment generation.

Mimiko maintained that work had commenced

on the Oba-Ile-Airport road as a gateway to the State capital, stressing further, that other road projects already completed across the state would soon be commissioned while the on-going ones would be completed soon.

He thanked God for the prevailing peace and development in the state, particularly the peaceful conduct of the last gubernatorial election which was adjudged the freest and most peaceful election ever conducted in the country.

8

ACROSS THE NATION

Monday, March 3, 2014

Abuja

Uyo

Abuja

Uyo

SURE-P paid N18m to beneficiaries in 2013 under CCT, says Alfa The Subsidy Reinvestment and Empowerment programme (SURE-P) paid N18 million to 15, 000 beneficiaries under the Conditional Cash Transfer (CCT) programme in 2013, Hajia Halima Alfa, has said.

Alfa, Convener, SUREP Maternal and Child Health Care programme, made this known in an Interview with the News

agency of Nigeria (NAN) in Abuja yesterday. ``We have nine pilot states for now, that is eight plus FCT, and currently we have 15,000 women beneficiaries registered in these states. ``We have paid in cash of about N18 million to beneficiaries and we want to scale up after the 2014 budget is passed. As soon as it is passed, we want to scale up to another nine states making it 18 in 2014.

ebonyi Abakaliki

Ebonyi confirms arrest of syndicate which allegedly produce illegal emblems The Ebonyi Police Command on Sunday confirmed the arrest of a syndicate which alle gedly produces forged emblems and seals of the Ebonyi Environmental Protection

Agency (EBSEPA).

This is contained in a statement signed by Mr Chris Anyanwu, the command’s Public Relations Officer in Abakaliki.

In the statement, the police said the syndicate also engaged in the distribution, sales and use of the forged emblems.

AkwaIbomadoptsstrategies toimprovepowersupply The Akwa Ibom Government says it has adopted strategies aimed at ensuring regular power supply in the State.

Dr Victor Udoh, the Special Assistant to Gov. Godswill Akpabio on Power, stated this in Uyo yesterday during interview with News Agency of Nigeria (NAN).

According to Udoh, the

strategies involved ensuring steady gas supply to the Ibom Power Plant in Ikot Abasi for sufficient electricity generation as well as transmission capacity enhancements.

He said the State Government took a bold step toward power generation by building the power plant, and had realized that steady gas supply to it was needed to ensure steady generation.

Abuja Abuja

Mark calls for an egalitarian society through fairness to one another President of the Senate, Senator David Mark, called on leaders and all Nigerians to work together as one people with a common destiny in an atmosphere of honesty, fairness and justice to one another.

Senator Mark, who

made the call at the funeral service in honour of Late Saleh Ankwa Oyihoma, father of House of Representatives' member Rep. Hassan Saleh in Otukpa, Benue State on Saturday stressed that leaders must follow the tenet of fairness, justice and equity in order to earn the respect of the people they are leading.

Ado-Ekiti

Sokoto

Ado-Ekiti

Sokoto

Ekiti 2014: Aluko warns INEC against shoddy poll Former Deputy Chief Whip of the Senate, Gbenga Aluko, has cautioned the Independent National Electoral Commission (INEC) against tarnishing its name by conducting a shoddy governorship poll come June 21 this year in Ekiti State.

He also advised the electoral body to find means of blocking any fraud that could mar the poll to avoid post-election crises as witnessed in the 2007 governorship and 2009 Rerun elections in the state.

He said this in Abuja on Friday after collecting his Expression of Interest and Nomination Forms at the PDP national secretariat n Abuja.

Aluko, who represented Ekiti South Senatorial District between 1999 and 2003 in the National Assembly, also advised the National Chairman of the party, Alhaji Adamu Mua'zu, to ensure that a candidate with unblemished records emerges in the PDP to confront the All Progressives Congress candidate in the poll.

Lagos Lagos

Cleric seeks divine intervention to insecurity

L-R: Mrs. Oyinlola Adebayo of the Legal Department, Asset Management Company of Nigeria (AMCON); Legal Counsel, Emzor Pharmaceutical Industries Limited, Mrs. Omowunmi Odejobi; Senior Magistrate, Abia State, Mr. Callistus Eluwa; Ms Temilola Olaseinde of Skye Bank and Lagos State Magistrate, Mrs Laitan Ajayi during the Re-Union dinner by UNILAG Law Class set 2000 held in Lagos ….yesterday.

lagos

edo

lagos

Benin

Corrupt, incompetent judges should be sacked – Lawyers

Oshiomhole to inaugurate road, 30 projects in April

Some prominent lawyers in Lagos yesterday urged the National Judicial Council (NJC) not to relent in its effort to sanitise the nation’s judiciary.

The lawyers spoke in interviews with the News Agency of Nigeria (NAN), while reacting to the recent sacking of two judges by the council.

Gov. Adams Oshomhole of Edo would be invited in April to inaugurate 30 projects, including ongoing 10-km road in Oduna ward”, Edo State Oil and Gas Producing Areas Development Commission (EDSOGPADEC), has promised.

Mr Vincent Uwadia,

Chair man, EDSOGPADEC, made this promise during interview with News Agency of Nigeria (NAN) in Benin. ``EDSOGPADEC has more than 30 projects in various stages of completion, including the 10-kilometre OdunaEwedu-Iboro-Ekenwan road in Ovia North East Local Government Area. ``Most of these proj-

ects have reached 75 per cent completion stage; but the failed portions of Ugbiyokho road have for long retarded progress in the oil producing areas. ``With the completion of the rehabilitation of Ugbiyokho road, the commission will in four weeks’ time, invite the governor to inaugurate 30 projects in Oduna ward”, he said.

The Secretary, Pentecostal Fellowship Association of Nigeria (PFAN), Mr Tolulope Taiwo, yesterday, called for national prayers

by Christian and Muslim clerics over the current security challenge facing the country.

Taiwo told the News Agency of Nigeria (NAN) in Abeokuta that the level of insecurity in the country required a divine intervention and not ‘machine guns.’ ``I believe that if all Nigerians can sincerely pray and cry to God for help, our problems will be solved. ``All religions preach peace and unity but still there is no peace in this country. It is so sad to see innocent people dying every day for no reason. ``It is becoming demonic in Nigeria because no human being has the right to take the life of another person.

Sokoto State Govt. to establish more microfinance banks The Sokoto State Government is to establish more micro-finance banks to promote economic empowerment of the masses.

Gov. Aliyu Wamakko announced this in Sokoto on Saturday night at the 2013 Bankers' Committee Dinner and Award Night.

According to the governor, micro-finance has proven to be a vibrant tool to improve the living standards of the people, especially those at the grassroots. ``The few ones operating in Gwadabawa, Yabo, Sokoto and Goronyo, among others, are really helping in revamping the rural economies’’, Wamakko said.

ondo Akure

Ondo State Govt. reawards contract for ObaIle-Airport road project The Ondo State Government has re-awarded the contract for the construction of the nine kilometres dual carriage Oba-Ile-Airport road in Akure North Local Government Area of the State.

The state Commissioner for Works, Mr Gboye Adegbenro, who disclosed this in an interview with News Agency of Nigeria (NAN) in Akure yesterday, said the road would cost N4billion.

Adegbenro explained that the state government re-awarded the contract to CGC Nig. Ltd. because the former contractor failed to deliver on schedule.

He expressed the belief that the road would be completed on schedule this time round, given the capacity and sophistication of the equipment being used by the new contractor.

The commissioner added that the contractor was working assiduously, in accordance with the directive from the state government, to ensure the completion of the project by November.

NEWS

Monday, March 3, 2014

ROBBERY

Police thwart hoodlums' attempt to steal church tithes and offering Sola Adeyemo Ibadan

D

ARE-DEVIL armed robbers turned the first Sunday in March black yesterday when they attacked the Vine Branch Church, Queen Elizabeth Road, Ibadan, killing two policemen.

Their intention was to cart away 'The Lord's offering and tithe', but the

9

Robbers attack church, kill two policemen in Ibadan ferocious response of the police thwarted them.

According to the police, one of the robbers was shot but his colleagues succeeded in carrying his body away.

New Telegraph reliably gathered that the robbers were suspected to have laid ambush in the church then swooped on the official of a second generation bank, who usually went to pick the church

offering and tithe.

While the robbers were struggling with the bank official in the church, two police officers who were in their vehicle outside were shot dead.

New Telegraph gathered from eyewitnesses that an attempt by one of the robbers to shoot the driver of the bank vehicle that was brought to convey the money, was prevented by another rob-

ber-colleague who argued that the driver was not a police officer.

There was pandemonium among the congregation as members scampered for safety, with many sustaining varying degrees of injury, in the process.

It was also gathered that the robbers attempted to disable the projector hung in the church auditorium and the monitor

room as they searched frantically, but unsuccessful to get at the cash.

The robbers were however said to have made away with all the police rifles before two vehicles of the state security outfit, 'Operation Burst' arrived the scene.

Confirming the inci-

dent, the Police Public Relations Officer (PPRO) Oyo State Police Command, Olabisi Ilobanafor (DSP), said, "the command lost two gallant officers in the unfortunate incident."

She however said one of the robbers was shot but was carried away by his colleagues.

Woman chops off step daughter’s head l for riding her bicycle Ewa Nnanna Abakaliki

T

Governor of Akwa Ibom State, Chief Godswill Akpabio (right); Deputy President of the Republic of Kenya, Ruto William Kipchirchir and Nigeria's Attorney General /Minister for Justice, Mohammed Adoke (SAN) during a courtesy visit to Governor Akpabio in Abuja …at the weekend.

Kwara gov, PDP trade words over workers’ welfare BICKERING

PDP tackles APC over workers' welfare in kwara BiodunOyeleye Ilorin

T

he political rivalry between the All Progressive Congress (APC) and the Peoples Democratic Party (PDP) in Kwara State entered another frontier yesterday with both parties taking different positions on the welfare of civil servants in the state.

While the PDP accused the APC-controlled state government of treating

workers’ issues with levity on the excuse that the state budget could not fund some of their demands, the state government not only refuted the claims but asked the PDP to stop politicising issues that concern the welfare of workers and Kwarans.

It advised the party to provide credible alternative to government programmes rather than playing to the gallery on weighty issues.

The PDP, which was first to raise the accusations in a statement by its Publicity Secretary, Alhaji Mohammed Alhassan, had warned the state government to embark on policies that will have direct bearing on the lives of

the citizenry rather than pursuing what it called shadow-like programmes.

The opposition party also advised Governor Abdulfatah Ahmed to ensure that he found solutions to the demands of the Joint Negotiation Council (JNC) of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) in the state as contained in their letter addressed to him dated 27th February 2014.

“We warn the governor not treat their demands with levity nor sweep the letter under the carpet just like every other request documents forwarded by the Labour Unions with the understanding that

any attempt to do so will definitely cripple the state and further subject the masses to hardship,” the statement added.

But responding, the state government, through Alhaji AbdulWahab Oba, the Chief Press Secretary to Ahmed, condemned the PDP statement, saying contrary to the opposition party’s claims, the state has remained labour- friendly.

Text of his statement reads:"We reject the PDP's attempt to politicise the ongoing dialogue between the state government and organized labour. Labour's dispute was due to a misunderstanding which both parties are currently resolving through dialogue.

ragedy struck at Nsuba Ettam Okpuitumo, Ikwo Local Government Area of Ebonyi State as a primary five pupil of Community Primary School, Nsuba EttamIkwo, Ogechi Utobo, was sent to her untimely death by her own step mother, Mrs Nwovu Mgbebu Nwandan for allegedly riding her bicycle without permission.

New Telegraph gathered that trouble started when Ogechi’s sister took her step mother’s bicycle and rode it out; when Nwovu came back, she got annoyed with Ogechi’s mother and a quarrel ensued.

It was further gath-

ered that Ogechi’s sister, sensing the consequences of her action, ran away.

But the angry Nwovu, wielding a cutlass, went straight to Ogechi who was sleeping on her reading table and chopped off her head.

According to New Telegraph source, Nwovu, also wounded Ogechi’s mother who had confronted her over the killing of her daughter.

The uproar, it was gathered, attracted the attention of the chairman of Ikwo Local Government Area, Mr. Moses Nwekoyo, who arranged for the deceased to be taken to the mortuary and also took her wounded mother to hospital for medical treatment.

‘Pro-conference APC governors disobey Tinubu’ Temitope Ogunbanke

T

he decision of the All Progressives Congress (APC) governors to participate in the proposed national conference may have violated the wishes former Governor of Lagos State and APC National Leader, Bola Tinubu.

A top APC chieftain told New Telegraph that some of the APC governors who made a U-turn to attend the conference did so without Tinubu’s consent.

It would be recalled that shortly after President Goodluck Jonathan

announced his intention to hold a national conference, Tinubu publicly condemned its timing, describing it as deceptive, diversionary and a waste of time. Apart from Tinubu, APC and some of its governors also condemned proposed conference.

But some of the governors who had early condemned the conference make a U-turn days later, indicating their intention to participate actively in the conference. Some of them have already announced the delegates that will represent their state at the conference.

10 NEWS

Monday, March 3, 2014

APC rates PDP low, rolls out Manifesto Thursday ROAD MAP

APC say PDP is leading Nigeria nowhere and proffers solution Julius Toba Abuja

T

he All Progressives Change (APC) has rated the Peoples Democratic Party (PDP) low in general performance, just as it

BPE hands over Iwopin Paper Mill to investor today

plans to roll out a manifesto tagged: 'Road map to a New Nigeria', come Thursday.

The party said this in a statement by Lai Mohammed, its interim National Publicity Secretary in Lagos on yesterday.

The party said PDP, under President Goodluck Jonathan, has performed below average in the areas of security, fight against corruption, job creation and poverty alleviation.

It said the manifesto to be unveiled this week at the party's national secretariat was in preparation

for 2015 general elections.

The statement said the document would detail the party's priorities in correcting the widespread failure of successive PDP governments since 1999 with the hope of bringing hope to ordinary Nigerians.

This road map package, APC said, came as after what it described as empirical and painstaking processes.

While assuring that the manifesto would mark a departure from the past, APC lamented that ''With conditions deteriorating

throughout Nigeria, with security never increasing concern, with the lack of jobs pushing families and young people further and further into poverty and with new stories of corruption within the PDP government appearing day after day, the APC decided to commission the largest-ever public opinion survey in Nigerian history to determine the current status of things in the nation directly from those who knew best --- the actual people of Nigeria."

It added: ''The results were even more reveal-

ing than the APC had anticipated: When asked, 'If the election were held today, would you vote for Goodluck Jonathan or the candidate of the All Progressives Congress,' the APC candidate held a ten-point lead over the President. By a margin of 44% to 34% (with 22% undecided), the APC candidate was the clear national choice." ''When asked, 'In general, do you think things in Nigeria are going in a good direction or bad direction', by a staggering more than two-to-one

Osun, firm sign 9 million Euro solar power contract Adeolu adeyemo osogbo

T

Kunle Olayeni Abeokuta

T

he Bureau of Public Enterprises (BPE) will today hand over the abandoned the Iwopin Pulp and Paper Company Limited located in Ogun Waterside Local Government Area of Ogun State to its core investor, Beulah Technical Company Limited (BETCO).The firm was abandoned 35 years ago.

This is after the successful completion of the privatisation process of the paper mill, established by the federal government in 1976.

The handing over will be done at the company's premises by 11.00am.

With prospects of producing about 86,000 air dry metric tonnes per annum of bleached market pulp for sale to other users in West Africa and other parts of the world, the multi-billion naira paper mill had grappled with litigation, among other issues over the years.

A member of the House of Representatives, Abiodun Abudu-Balogun, confirmed that the mill would be finally handed over after 35 years of abandonment.

In a statement yesterday, Abudu-Balogun, representing Ijebu North/Ijebu East/ Ogun Waterside Federal Constituency, commended the ingenuity of the Vice President, Namadi Sambo in ensuring the successful completion of the privatisation process of the mill.

margin (50%-24%), Nigerians responded that the country was going in a bad direction. When asked, 'What issue would you like the President and National Assembly to focus on most', an overwhelming majority (60%) said jobs was the dominant issue that the government should address.

L-R: Governor of Cross River State, Senator Liyel Imoke; Senator Udoma Udo Udoma; Mrs Myna Belo-Osagie and Governor of Akwa Ibom State, Chief Godswill Akpabio, during Senator Udoma Udo Udoma/Mrs Myna Belo-Osagie (founding Partners of Udo Udoma & BeloOsagie), 60th birthday celebration at the Oriental Hotel, Lagos….at the weekend. PHOTO:SULEIMAN HUSAINI

Obidigbo wants court to stop Obiano’s inauguration STOP

Obidigbo begs court to declare Obiano's inauguration illegal Leo Sobechi

I

ndications have emerged that the crisis within the All Progressives Grand Alliance, (APGA) may scuttle the swearing in of Mr. Willie Obiano as the next governor of Anambra State scheduled for March 17, 2014.

Hints to this effect arose last week when the rival APGA candidate in the November 2013 governorship election, Dr. Chike Obidigbo, ob-

tained an order of a Federal High Court Abuja, presided over by Justice A. Mohammed, to serve originating summons on Obiano and four others by substituted means.

The four other defendants include APGA National Chairman, Maxi Okwu; APGA; the Independent National Electoral Commission, (INEC) and the Chief Judge of Anambra State.

In the suit No FHC/ ABJ/CS/118/2014,filed by his counsel, Tairu Adebayo, Obidigbo is seeking the court’s declaration that by the dictates of Section 177 (c.) of the 1999 Constitution, the 1st defendant (Obiano) was not qualified to

participate and or take part in the Anambra State Governorship election as he was not sponsored by the 3rd defendant as the candidate of APGA for the election.

The plaintiff is also praying the Court to declare that by virtue of Section 177 (c.) of the Constitution, he is the candidate duly sponsored by the 3rd defendant to contest for the Anambra State Governorship election of November 16, 2013.

Others prayers contained in the plaintiff ’s writ of summon filed on February 17, 2014; include the following: *An order of mandatory injunction restrain-

ing the 1st defendant, Chief Willie Obiano, from parading himself and or representing or holding out himself as the sponsored candidate of the 3rd defendant in the Anambra State Governorship Election or otherwise representing that he was validly elected/chosen by the 4th defendant, as the candidate for APGA or presenting himself on March 17, 2014 or any other date for swearing-in as the Governor of Anambra State or taking the oath of allegiance and oath of office as Governor of Anambra State in the Anambra State Governorship Election of November 16, 2013.

he Osun State Government has signed a 29million Euro Memorandum Of Understanding (MOU) with Vergnet Group, a French company which specializes in sustainable and renewable energy for a 13 Megawatt Solar Power Plant in the state. The plant has an output of 16.5 Megawatt hour/ year.

The signing of the MOU, took place at the International Conference Centre in Abuja last Thursday according to a statement made available to newsmen yesterday in Osogbo by the Director Of Bureau of Publication, Mr. Semiu Okanlawon.

The statement said, “The ceremony was witnessed by President Goodluck Jonathan of Nigeria and the French President, Mr. François Hollande; the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala; Minister of Trade and Investments, Dr Segun Aganga, representatives of the State Government of Osun and the Vergnet Group and members of the diplomatic corps.”

Okanlawon stressed also that “Dr. Akinola who represented Governor Aregbesola held that the ceremony was another demonstration of the resolve of Ogbeni Rauf Aregbesola’s administration to utilize partnership initiatives to bring sustainable development to the State.”

metr

NEW TELEGRAPH

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

Monday, MARCH 3, 2014

BIZARRE

Man accused his wife of infidelity on lovers’ day and strangulated her. Three days later, he committed suicide, leaving four children behind

11

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0802 393 8212

Suicide note shows man killed wife, then hanged self

Sola Adeyemo Ibadan

A

n alleged suicide text message sent by 40-yearold Anthony Bankole to his elder brother seems to have resolved the mystery behind the death of his wife.

Bankole’s wife, Kemi (39), was reportedly murdered on February 14, the lovers’ day.

But a few days later, the man reportedly committed suicide at his uncompleted building site at Olodo area of Ibadan, the Oyo State capital.

The Ido Faborogun, Ijebu-Jesa-born former banker denied knowledge about the circumstance surrounding the death of his wife, whom he rushed to the University College Hospital (UCH).

The wife’s relations, however, became suspicious when the man objected to autopsy to be carried out on the body.

Bankole also unsuccessfully tried to remove the remains of his wife from the UCH morgue for burial.

But, his in-laws also threatened to carry out some rituals on the body and force the husband to drink a teaspoonful of bathwater from his wife’s body.

The day he reportedly committed suicide, the deceased left home about 6a.m, telling a neighbour from whom he borrowed N100 that he was going to make some withdrawal from an ATM. But later that morning, he sent a text message in Yoruba Language to his elder brother.

It reads: “Egbon mi tooto, modupe pupo fun atilehin yin atigba ewe mi wa titi di oni yii. Eri okan ja ju ogun lo mo ti pinu lati lo se bi omo kunrin ni site mi.

O digba kan na, o digbose. Anthony.

“Mo ro yin ki e tuju ka, ki e si yi ibi isa okuwa, emi ati kemi si Garaji Aba wole yen, emase sin oku mi si itagbanga ita o. Ki e bojuto awon omo mi. Ki won wa papo. O da bo.” (“My dear brother, I thank you very much for your care over me since my youthful days till today.

Conscience fights more than charms. I have decided to go and act like a valiant man in my building site.

Bye for now. Bye for ever. Anthony.

“I beseech you not to mourn. Bury me and my wife at the garage close to the entrance of my house.

Don’t bury me outside the building. And ensure that

Cajetan Mmuta Benin

R

esidents of Upper Adesuwa Road, Benin City, the Edo State capital, woke up yesterday morning to discover the body of a rape victim.

The victim, identified as Miss Deborah Bassey, was said to have been raped and murdered by yet-to-be-known assailants.

The rapists then dumped her body by the roadside near a welder’s shop.

The late Kemi

The late Bankole

The first born, who is 18 years old, is said to be studying at LAUTECH my children live together. Bye.”) When the elder brother got to the building site, Bankole’s body was dangling from the ceiling. It was deposited at the morgue at the Adeoyo State Hospital.

The couple had four children: two males and two females.

The first born, who is 18 years old, is said to be studying at the Ladoke Akintola University of Technology (LAUTECH).

Anthony and his Esa Oke-born wife started dating while in secondary school when they had their first son.

However, according to some of the residents of number 14, Olagoke Akano Street, Abayomi, where the couple lived until their death, the man was always accusing his wife of infidelity and was always beating her.

“There was a night when the man beat his wife and stripped her naked before dragging her to the staircase and locked her out.

“It was some members of the church she used to go and pray that came with clothes to cover her. No one in this com-

pound could help the woman because when someone did in the past, he reported them to the police, claiming that N1.2 million was stolen from his house.

“On that Saturday morning, we just learnt that he went to wake up a neighbour, asking for assistance to convey his wife to the UCH. He said the woman screamed from her sleep and clutched her neck, and later became unconscious,” one the resident, who craved anonymity, said.

Investigation by our correspondent at UCH, however, show that the autopsy on the deceased revealed a fracture on the neck, blood stains in the brain, and a bite on her nose.

Kemi was said to have called a doctor at UCH, where she ran a business centre, reporting that her husband had started again; accusing her of going out with a man to enjoy Valentine.

She was advised to leave the house, but she reportedly said she would be able to contain the trouble.

While Kemi’s relatives are preparing to bury her in the uncompleted building as dictated by Bankole in his suicide note, some members of the husband’s extended family have suggested that both be taken to their ancestral home for burial, while the building should be sold.

But for now, the couple’s remains still lie in different morgues.

Girl raped, killed on her way to vigil The deceased was said be on her way to a vigil at one of the Pentecostal churches (names withheld) when the rapists attacked her.

Members of her church and passers-by gathered at the scene yesterday morning as residents of the area and sympathisers discovered the body stripped naked.

A member of the church where

the late Bassey was going before her death, said an unidentified person alerted members of the church about the girl’s fate.

“Somebody ran to the church early in the morning to inform us that the body of one of our members was lying by a welder’s workshop in the neighbourhood and we immediately rushed to the scene only to discover

that it was Sister Deborah,” the man, who refused to give his name, said.

He described Bassey’s murder as “the most mindless act by a fellow human being” and wondered “how could they have raped her and killed her.”

The body was later taken away by policemen and deposited at the morgue.

12

METRO

Monday, Ma

Enugu-Onitsha Expressway: A ROAD TO HELL Travelling on the Enugu–Onitsha Expressway is like embarking on a suicide mission, because getting to one’s destination alive is uncertain Leo Sobechi

Bureau Chief, South East

W

hether it is from the Enugu or the Onitsha end that you begin a journey along the Enugu-Onitsha Expressway, the nightmare is the same.

It flows along the gallops; jumps from the creeping holes on the threadbare earthen tracks that used to be an asphalted road. Designed to be a free way with dual carriage for vehicles moving in either directions, the Enugu-Onitsha Expressway has become a trending pathway for ghosts and zombies. No day passes without as many as 20 vehicles breaking down along the way. Haulage vans and lorries are the worst hit. The failure of the road, which has been sustained over the years, has compounded its present state.

The road was built by the military, but when the civilian administration of Alhaji Shehu Shagari came on board, the design of the road was varied.

Two major construction companies, Lodigiani and Ronier Construction Company (RCC), handled the over 147 kilometres road. While Lodigiani handled the section running from Onitsha to Amansea, RCC handled the Enugu end of the contract. What was constructed as a big roundabout around the late Dr Nnamdi Azikiwe’s country home was originally designed to be a flyover, but Second Republic Vice-President, Dr. Alex Ekwueme, explained at that time that the flyover was removed to save cost. It is, however, not clear whether saving cost necessitated the absence of good drainages along that very important connecting road.

However, the lack of maintenance has helped to reduce the stability of the road. Between Onitsha and Umunya, motorists are forced to divert to one side, while the other carriageway has been washed out completely. Between Aroma junction and asphalt of UNIZIK Junc-

This is the manifest failure of the road network maintenance of the Federal Government.

A failed portion of the expressway

tion, some form of rehabilitation is going on, throwing up its own challenges. The road gets worse from Government House, Awka, to Enugu.

Most people have been forced to abandon the road for the narrow and winding old state roads connecting Enugu and Anambra states. One of the constant users of the road, Mr. Ifeanyichukwu Okonkwo, told New Telegraph that the decision to avoid the expressway has become popular, pointing out that apart from the heightened wear and tear on one’s vehicle, the danger of broken limbs or even death is real.

He said: “It is the old road we now use; the expressway has been abandoned. This is the manifest failure of the road network maintenance of the Federal Government.

If they have a comprehensive An accident scene on the road plan to maintain and manage road infrastructure, we can- ture for development”.

“When they neglected the road not be talking about patching up a road that was built some leading from Lagos to Ibadan, which is a major artery in Ni40 years ago.”

Okonkwo dismissed sugges- geria, what else do you need as tions by some commentators evidence of neglect?” he queried. that the deplorable state of Okonkwo said the poor state the road should be attributed of Enugu - Onitsha Expressway to the marginalisation of the should not be seen as targeted at South-East, maintaining that the people of the South-East but “it is all about manifest failure as evidence of lack of architecin addressing road infrastruc- ture of infrastructure for devel-

opment.

He regretted that politicians have less regard for such developmental issues.

Their concern, according to him, is campaign for public office.

The immediate past Chairman of the Manufacturing Association of Nigeria (MAN), Anambra/Enugu/Ebonyi chapter, Dr. Chike Obidigbo, bemoaned the

deplorable state of the road, noting that as a manufacturer, his company finds it hard to move its products to the market.

He said: “One of the principal things I find is that I think the Nigerian nation as a whole is not yet ready for the manufacturing process. Because for you to be in manufacturing; a lot of things must be put right. One is road infrastructure.

2015: Jonathan campaign train berths in Kwara / PAGE 16

POLITICS Monday, March 3, 2014

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

I was railroaded to prison, now I’m no more an ex-convict –George

p-14, 15

Confab: Yoruba set agenda Ahead of the take-off of the National Conference, prominent Yoruba leaders on Thursday February 27 converged on Ibadan to deliberate on the agenda for the confab. At the end of the four-hour deliberation, a 15-point Yoruba Agenda was endorsed for delegates to the conference, writes SOLA ADEYEMO

D

A

s the nation prepares for the take-off of the National Conference on March 10, Yoruba elders, governors and traditional rulers from the South-West, including Kwara and Kogi, met in Ibadan, the Oyo State capital on Thursday February 27, to brainstorm and present an agenda, which was eventually endorsed.

The meeting tagged: “Grand Yoruba summit for the formal presentation and ratification of the Yoruba agenda for the 2014 National Conference” was held at the House of Chiefs, Agodi Secretariat, Ibadan.

The three-man committee set up to organise and convene the meeting was led by former Secretary to the Government of the Federation (SGF), Chief Olu Falae, with General Alani Akinrinade (Rtd) as Vice Chairman, and Dr. Kunle Olajide as Secretary.

The 15-point Yoruba Agenda was presented and endorsed by many leaders and groups present, stressing that all Yoruba delegates going to Abuja for the conference must speak with one voice and marshal Yoruba resolution without any undue compromise.

Falae disclosed that what was being presented was not a new document, noting that the journey had started as far back as 1994 with series of meetings in some of the palaces of Yoruba Obas to produce a Yoruba Agenda, which was modified in 2005 and

L-R: Governor Abiola Ajimobi, Pa Reuben Fasoranti and Chief Olaniwun Ajayi at the Yoruba Assembly held at the House of Chiefs, Ibadan on Thursday.

The 15-point Agenda zz Political structure zz The scope and limits of the powers of the Central Government zz The form of government zz Taxation System/Fiscal federalism zz Public order and security zz Structure of courts zz Electoral bodies zz A new constitution zz Status of the federal capital zz Status of Lagos zz Composition of all national commissions zz Immunity from prosecution zz Pensions zz Equal representation zz Role of traditional rulers. revised in 2012.

Regional autonomy, parliamentary system of government, state police, new constitution, taxation system/fiscal feder-

CROSSFIRE

The suspension of Sanusi by Mr. President ... is aimed at diverting attention from the current national discourse on the allegations of corruption and questionable accountability - Governor Rotimi Amaechi

POLITICAL NOTES Jonathan: From shoeless to ordinary

Nigerians have grown weary of Governor Amaechi turning every issue even beyond his purview into a political opportunity. Nigerians want governors to perform their primary functions of running their states - Governor Jonah Jang

alism and status of Lagos topped the list of Yoruba Agenda for the forthcoming confab.

Others included limiting the powers of the central government and the federating units and immunity of certain public officers from prosecution.

Upon the presentation of the agenda to the general assembly by Akinrinade, representatives of the various states, groups and individuals rose one after the other to make comments, and later endorsed the document.

The gathering tagged “Pan Yoruba Assembly,” reviewed, discussed and adopted the agenda drafted by a pre-Confab Committee.

The conference will begin on March 10, in Abuja.

The highlights of the Yoruba agenda as presented by the Falae committee includes the following major proposals: “A new Nigeria consisting of a Central Union/ Federal Government and six regional governments (based on the current six geo-political zones- including all other Yoruba outside the imposed artificial boundaries, those in Edo, Delta, Kogi, and Kwara) operating federal and regional constitutions respectively.

Others were a negotiated legislative exclusive, concurrent and residual list; the Westminster model of parliamentary government; the right to self-determination on and up to the right to secede; a just and equitable taxation system that will make the federating units equal and coordinating at the federal level in order to eliminate the current rentier syndrome.

CONTINUED ON PAGE 17

uring the 2011 electioneering, President Goodluck Jonathan bought a lot of sympathy from the Nigerian electorate when he said that growing up in the riverine area of Otuoke, Bayelsa State was tough: he wore no shoes when going to school as a child.

During his centenary broadcast, last week, the president played up this emotion again by stating he is an ordinary child who rose to become one of the most powerful men on the African continent.

How many Nigerian past leaders were from privileged backgrounds? The act of steering up such emotions to attract sympathy and support for the president seems to be wearing thin, and may not hold much water for Nigerians anymore.

What makes President Jonathan’s case so extra-ordinary?

Virtually every Head of State since independence, with the exception of Ahmadu Bello, who was heir to the Sokoto Caliphate, Gen. Thomas Aguiyi-Ironsi, who grew up with his sister whose husband was a diplomat and the late Musa Yar’Adua who was born into an aristocratic Fulani family, every other leader was ordinary Nigerian who made it to the top of his chosen career.

Nothing in his history suggests that they were from a privileged family.

As for Chief Olusegun Obasanjo, anyone who has read the book, ‘Bitter-Sweet: My Life with Obasanjo’ written by one of his wives, Oluremi, will see how poor he was as a young man.

So, instead of President Jonathan’s humble background story, he should rather concentrate on recreating the same environment that enabled him and others achieve their potential.

It would be a better sell if Nigerians could know that corruption, the bane of our great country has been tackled, and the system now works, for any hardworking, law-abiding citizen to achieve greatness.

14 POLITICS | MONDAY DIALOGUE

Monday, March 3, 2014

I was railroaded to prison, now I’m How do you feel today as a free man?

I thank God Almighty that the albatross has finally been removed. I am a full human being again because my mind is much settled. I am now a happy man.

Was the victory expected?

I had a lot of doubt because at the High Court and Court of Appeal there was no justice in my case. So, I almost lost faith completely that you can never get justice in Nigerian judiciary. So, it was a rude shock when the Supreme Court ruled in my favour.

Each time you read newspapers and you were referred to as an ex-convict, how did you feel about that tag?

I knew it was intentional. You see when you have been to topmost mountain in this country, you have been exposed. I am a former governor and I have held several appointments and I got to the rank of a General in the Armed Forces of this country. My parents taught us the virtues of being honest; the virtue of being a straightforward person, not a conman.

So, I was really very angry but I knew that someday the truth will be told. There is nothing so annoying than for you to have been maligned when you did not commit any offence, but just because of politics.

My detractors led by Bola Tinubu don’t play politics; they played politricks. Why would you want to bring down your fellow man into this unnecessary odium when you know as a matter of fact he didn’t do anything? Why? Vengeance is not mine; vengeance belongs to God Almighty.

I have been to the mountain top; I have sat in the bedroom of whoever was president. I was a member of the top echelon of the Peoples Democratic Party (PDP) and former military governor. But without committing any crime, I was in the gulag.

In my cell, I looked at myself and said am I dreaming, Bode George a criminal? Me! I pray that God will forgive the conspirators.

You so much believe that Tinubu was behind your ordeal. Why the conclusion?

Oh yes. I have told him; let him take me to court. It was a convoluted conspiracy, started from some members of the Peoples Democratic Party (PDP) and he became the champion. In fact, some of his people were saying it before Justice Oyewole read the judgement that they are going to send Bode George to jail. They were lucky, but I pray to God Almighty that he will not have the same experience that I have had because he won’t survive it.

Do you see your perceived enemies having that experience?

I don’t know. But if the system is working properly, why would this kind of a character – Tinubu – still be walking the street a free man; still milking money from the treasury. Where in the world would you find any organisation or company representing the internal revenue organ of a government; taking a percentage of the revenue, that you are collecting money from the government and they legalise it in

“I have been to the mountain top; I have sat in the bedroom of whoever was president. I was a member of the top echelon of the Peoples Democratic Party (PDP) and former military governor. But without committing any crime, I was in the gulag. In my cell, I looked at myself and said am I dreaming, Bode George a criminal?” This is vintage Chief Olabode George. In this interview with AYODELE OJO, the former military governor of old Ondo State and one-time Deputy National Chairman of PDP speaks on his travails, freedom, conspiracy against him, Bola Tinubu, and his party. Excerpts:

George

With two years of our life wasted, God in His infinite mercy has given us more than compensation Lagos. They think they can get away with it. Would that happen in America? Would it happen in any civilised world? Alpha Beta, a company that belongs to Tinubu, has been responsible for collecting revenue for Lagos State from the time he was in office till date. That is one aspect of it.

What about all the companies that he is setting up here; Hi-tech. He sends them all now to the states he is controlling. So, when he gets to the Presidential Villa, he will now start to do that but I know that General Muhammadu Buhari doesn’t have that kind of attitude. So, how all of them would work together I don’t know.

Where has Tinubu gotten all the money that he is spreading around like cancer? Why is the Economic and Financial Crimes Commission (EFCC) not asking him questions? Where does he get the money? Where is the factory he is manufacturing all this money?

You see, Tinubu has two aircraft that

can fly from Lagos to New York non-stop.

Where is the factory he is manufacturing one product or the other? What happened to the Econet sales; the money from the Econet shares that was sold. Lagos State invested in it; when they sold it and invested the money, where did the money go? To his private pocket? There would be a day of reckoning.

That much I know. Someday, somehow,

somewhere, he won’t get away with it.

Let the British MI5, the equivalent of the FBI, do a thorough analysis and a check on him.

FACT FILE

So you mean he may still find himself in your position.

Somehow. You know he would defend himself, he won’t do it the way he characterised it. It won’t be the kangaroo thing that was done for me. He would have to be investigated, he would have a right of reply, go to court and the process would be late and it might take long to come out of it.

And you know you can do that in civilised world. If I was in civilised country, with this judgement from the highest court of the land, I don’t think I would work again in my life because compensation they would pay me, I will just go home and shut my doors, raise my legs up and relax.

zz zz zz zz

Born November 21, 1945 Attended University of Lagos Commodore in the Nigerian Navy, Military Governor of Ondo State (1988–1990) zz Principal Staff Officer to General Oladipo Diya between 1993 and 1997 zz Chairman, Nigerian Por ts Authority (NPA), 1999 - 2003 zz Director General, Yar’Adua-Jonathan Presidential Campaign Organisation, 2001 zz Deputy National Chairman, Peoples Democratic Party (PDP) zz Arrested August 7, 2008 by EFCC zz Sentenced to a 30 month jail term in October 2009 zz Released February 2011 zz Supreme Court quashed all charges against him on December 13, 2013

And if it is done, do you still see him walking free?

That would be the day. I have a very strong believe that he would never be.

And why are you not asking for compensation?

One, the charge sheet was Bode George Vs Federal Government. My party is the one controlling the Federal Government,

POLITICS POLITICS | MONDAY DIALOGUE

Monday, March 3, 2014

15

no more an ex-convict –George why would I take my party to court? I am saying this so that it would never happen to anybody else again.

They just wanted to railroad us into prison. Why I was more worried was that the Executive Director, Engineering who presented the memo, they used to prosecute us, at the Board meeting was not arrested. The Executive Director, Finance was not even arrested. The circular they said we used is still being used in the Nigerian Ports Authority (NPA) till today. So, where is this offence? But Bode George must be sent to jail. And I thank God that Bola’s wishes are God’s graces for me. He gave me a cup of vinegar to drink but the Almighty God translated and transformed it into a cup of honey.

Is that why you are not asking for compensation?

If it was in a civilised country, first of all what happened to me wouldn’t have happened. I don’t want to use the little money I have for litigation again. I know how much we paid to the lawyers. I haven’t discussed with the lawyers and I have not even thought about it. A lot of people have been telling me you can ask for compensation. With two years of our life wasted, God in His infinite mercy has given us more than compensation.

Have you also petitioned the EFCC or ICPC about the alleged corrupt practices you said Tinubu has perpetrated?

These things have been there. Didn’t you hear Nuhu Ribadu on the floor of the Senate saying that Tinubu’s corruption is of international dimension? They know who he is but what happened with Waziri Farida. Farida went to visit him, so what is happening? He is above the law. He is an Emperor that cannot be challenged. I believe we need to get international people to assist us; like the FBI, the MI5 and the equivalent in the G8. They would assist.

But what can you do?

I heard a story that you told Farida at the Presidential Villa that she wanted to send you to jail. How true is that?

That is not the story. What happened, I had never met her. Her husband and I were good sportsmen; we used to play Squash at the Police Mess. I know the husband very well. We all retired and he became an ambassador.

I was going upstairs to the President’s Office and she was coming down with Michael Aondoakaa, then Attorney General of the Federation and Minister of Justice. So, half way on the stair case we met. She greeted me and I greeted her and Aondoakaa was running. I didn’t know that they were cooking something. He ran and I was saying be careful, if you stumble on this thing, you are not a young man; if you break your leg, you won’t find it funny. What I am saying they know; the three of us were there. He was talking to this woman and I don’t know that both were from the same place. They were speaking vernacular and I didn’t know what they were speaking about but he was running away.

My detractors led by Bola Tinubu don’t play politics; they played politricks. Why would you want to bring down your fellow man into this unnecessary odium when you know as a matter of fact he didn’t do anything? Why President Yar’Adua sent for me to give some information on something. So, I met her and she stopped, she greeted me very well, nicely that I was her husband’s friend and that he knew me very well. Of course, who will not know Bode George? So, she greeted me very well and I greeted her nicely also. She removed her dark glasses and I said, Madam I don’t know you. Are you one of the new ministers or are you one of the President’s staff? I introduced myself as Bode George and she said of course I know you. And the conversation started somehow and she said of course I know your first wife, that is Feyi, she said this and that. We greeted passionately and she said she was Farida. I said ooo, the EFCC woman. At that time, nothing had happened. The case had not started. I said you are the new EFCC boss, and I said, I wish you the best of luck. She said Oga, ‘don’t mind those boys about the rubbish and the case; there is nothing about any case’ and I just laughed. That was my first and the last time I saw her.

And on the night they sent a contingent to arrest me in my house in Abuja, it was like a drama. I just came back from Europe and went for the National Executive Committee (NEC) meeting of the PDP. After the NEC meeting, I went to Aondoakaa’s office, who was the Attorney-General of the Federation, to intimate him about the rumour of my impending arrest. Immedi-

George

ately he saw me, he said, ‘Oga, we would find out. There is no problem. I don’t know anything about it.’ That was what he told me. So, I went home only for Farida to send for my arrest. That was the beginning of my travails.

While in prison, there was an issue that no uniform was able to size you…

Do you believe that nonsense? That was the handiwork of those evil minds who never meant well for me. The uniform story was a load of trash.

Also, some people even said you rarely slept in the prison while the term lasts.

God will forgive those who said that.

Where did I sleep? They should go to the prison and try. Since the day I was brought into the prison, I was never out of the prisons’ door except when going upstairs to meet visitors. Once it is 7p.m., you hear the door slamming against you until the following morning.

As a former military governor, did you ever think you would one day become a prisoner?

Not at all. Well, I wouldn’t be the first.

You needed to read Nelson Mandela’s history; what he went through in the prison breaking stone. As a governor, yes I have pardoned a lot. Even when I got to the prison, I was a fervent worshipper.

It was a lot of experience; something you cannot get in any classroom. My perception of life now is richer, better, deeper and gives me the mind to always know that there are some beings higher than all of us.

What really is the problem between you and Tinubu?

Political differences. It is normal; we can never be on the same ship. In fact, the greatest disservice to this country was the mistake the Afenifere people made, throwing Bola Tinubu up instead of Funsho Williams. That was the mistake.

Today, he is more or less the Yoruba leader.

By whose yardstick? By his own pro-

nouncement or by who? Who is making him Yoruba leader? Leader of which Yoruba? How can you arrogate that high office to his character? Ask him what is his real name? Which primary school did he attend? Is it Children Home School that he filled in the form? He said he went to Government College, Ibadan. Was he really at Government College, Ibadan? He claimed he has a CPA; that is the equivalent of ACCA. That he is a Chartered Accountant, America. Maybe now he has an APC instead of CPA. So, who is he? Who is his real mother? His siblings are there and I have been to his village in Iragbiji.

Why are you still living on lies? That is my problem. He said Iya Mogaji was his mother. What is Iya Mogaji’s name and his own name? Where is his father if he said Iya Mogaji is his mother?

How do you feel with criticisms of your victory at the Supreme Court, especially

by Femi Falana?

He is talking rubbish. I am not a lawyer, but his position shows that his knowledge of law is suspect. How can he say something was wrong with the judgement?

Which judgement and what was wrong with the judgement? Did they lie that there was no law at that time? Did they lie that this was an administrative instruction and that we did not commit any offence? Did they lie that we did not bring any of the contractors? Did they lie that the experts who prepared the papers were not interrogated and brought as witnesses? Is that a lie? He said abuse of power. He doesn’t know what he is talking about and I told him, he should shut up because he lies saying he is a human rights lawyer. Have my own rights not been infringed upon? Is he a genuine man for human rights issues?

He just wants to be heard; he just wants his name to be resounding all over the place.

Look at Gani Fawehinmi, he lived and died on the truth. Did he not fight Fawehinmi against Tinubu? When Fawehinmi passed on, he was the one in front shouting him.

These are opportunists; these are cheap people. Right now, he has gotten his silk; I don’t know who gave him the silk. Is he really a lawyer? I have told him, my young daughter who has a Master’s in Law would face him for any debate on legal matters.

Do you see Bamanga Tukur’s exit as solution to PDP crisis?

I think so. I served in his time and to me he did the best he could for the party.

In our party, we have robust debate, create room to discuss, to have a sound interaction, in-depth analysis and the better man would win. And because of the friction in the party, all the founding members, the Board of Trustees members, which is the conscience of the party rose up and said wait a minute, we can’t continue like this; what is the problem.

That is a real party. You cannot have an organisation that wouldn’t one time or the other have crisis. So, we have been tested; we have weathered the storm, we are the real iroko in the political arena of Nigeria.

C O N T I N U E D O N PA G E 1 8

16 POLITICS

SNIPPETS

Mu’azu refuses aspirants’ prayer on fees

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enultimate week, governorship aspirants in Ekiti State on the platform of the Peoples Democratic Party (PDP) and some leaders of the party met members of the National Working Committee (NWC) in Abuja over the impending governorship election in the state.

After discussing a number of issues, the aspirants felt the N1 million fees for the Expression of Interest Form and N10 million for Nomination Form were on the high side.

Even after the party had long chosen the sums as standard.

The aspirants therefore resolved to send a former Minister of Education, Prof. Tunde Adeniran, to the National Chairman, Alhaji Adamu Mu’azu, to beg for a reduction in the fees.

However, Mu’azu reportedly told Adeniran: “But your state is a land of professors. Are you going to produce a half governor? Is your state a half state? If we reduce it now, people from other states will make such demands in the future.”

Adeniran returned to Ekiti where he related the outcome of his failed mission to Mu’azu.

Guber aspirant begs for money

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till on the Ekiti issue, after the slamming of N11 million fees on governorship aspirants, some of them are already facing the reality of their financial situation.

One of the aspirants from Ekiti South Senatorial District, who is among those canvassing for the South Agenda, is cash strapped.

He has started sending text messages to people asking them to send donations to his account with a new generation bank. How he is going to meet the deadline for the collection and submission of form is still a headache for him.

Monday, March 3, 2014

Jonathan campaign train berths in Kwara

zzAims to crush Saraki dynasty

Just as he has been doing of late, President Gooduck Jonathan will today receive new defectors into the Peoples Democratic Party (PDP) in Ilorin, Kwara State. The visit is more of a campaign shuttle to drum support for the party in the forthcoming general elections. BIODUN OYELEYE reports

Jonathan

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resident Goodluck Jonathan will today visit Ilorin, the Kwara State capital. Already, signs of the visit are visible in the metropolis with different posters and billboards welcoming the president and his team.

When his party, the Peoples Democratic Party (PDP), held its ‘unity rally’ last week Sunday, it was an opportunity to sensitise supporters about the visit and solicit their presence. The President has made similar visits to other states including Imo and Sokoto and has even promised to extend his ‘visitations’ to churches by worshipping outside the Villa Chapel at least once a month. He was in Lagos recently where he attended a church service with Pastor E. A. Adeboye, the General Overseer of the Redeemed Christian Church of God (RCCG).

Perhaps more than any other state, the President’s interest in Kwara is critical, given the antecedent of some political stakeholders in the state. When he came on a similar visit in February 2011, it was to a glamorous reception supervised by his political friend turned enemy, Bukola Saraki, who was governor of the state then.

Saraki was one of those who fought for the PDP presidential ticket with Jonathan.

Hence, expectations were that the president might not come for the Ilorin event then. But when he came and saw the organisation and crowd that welcomed him, both at the airport and later at the Metropolitan Square, possible doubts about the commitment of Saraki to the Jonathan ticket as a PDP project must have vanished. A source close to the then governor

narrated how Jonathan put a call to his wife, Dame Patience, while still in Ilorin, on the need to cancel her own proposed campaign trip to the state, given that Bukola had won Kwara for the president.

But that will not be the scenario today.

Bukola, now a senator representing Kwara Central District, will be missing from action, having effectively parted ways with Jonathan and the PDP with his defection to the All Progressives Congress (APC).

With him in the saddle, the PDP won all electoral seats in the last general elections and delivered the state overwhelmingly to Jonathan. The question now is, without him, will Jonathan lose Kwara?

While the senator believes the answer is a ‘Yes’, those still working for Jonathan say the answer is a ‘No’. And the list of those saying ‘no’ comprise of men and women who have dined and wined with Saraki before the rift in the PDP forced him into the waiting arms of the APC. Many of them were at the ‘Unity Rally’ which was conveyed, according to sources, to prove to the Presidency that contrary to earlier postures by some leaders of the party in the state, they are willing to work together. That there existed a rift among them was evident by the absence of some of them at a similar rally earlier organised by Senator Gbemisola Saraki, Bukola’s younger sister and former gubernatorial candidate of the defunct Allied Congress Party of Nigeria (ACPN).

But at the last rally, they told the President, ‘we are now one’ as they intensified efforts at

organising a befitting welcome for the President. The pro-Jonathan leaders included Presidential Adviser on National Assembly, Senator Makanjuola Ajadi, Gbemisola Saraki, Senator Simeon Ajibola; Special Adviser to the President on Ethics and Value, Mrs Sarah Jubril, and former Minister of Transport, Alhaji Bio Ibrahim.

Others are the Chairman of the Federal Character Commission(FCC), Prof. Shuiab AbdulRaheem; Dr. Femi Ogunshola, a commissioner in the FCC; Mr. Dele Belgore, gubernatorial candidate of the defunct Action Congress of Nigeria (ACN) and Alhaji AbdulRahmam AbdulRazak, former gubernatorial candidate of the defunct Congress for Progressive Change (CPC).

The need to crush Bukola would stem from his role in the eventual defection of five governors from the PDP. He is also known as a close ally of Rivers State governor, Rotimi Amaechi, the chairman, Nigerian Governors’ Forum (NGF). When this is added to his role in the probe of the oil subsidy, then his political sins, according to his supporters, have become legendary too. The only way out is to silence him by winning the state over which he currently presides as the political leader.

But for his opponents, his sins are not in the manner highlighted above. They are just tired of the political domination of the state nurtured by his father and inherited by him. That hegemony, they would argue, has not brought them the expected dividends of democracy.

And even if they don’t say it out, most of the top notchers of the team have one common reason for fighting Bukola: he has denied them opportunities to be the governor of the state.

They all promised to liberate Kwara in 2015.

PDP Caretaker Committee Chairman in the state, Mr. Solomon Edoga, said: “We promise you we will not disappoint you. By the grace of God, the freedom you are seeking you will secure.” He thanked sons and daughters of Kwara, some of whom he noted have vowed not to sleep until PDP is back in government.

“We are the landlords of Kwara. PDP is Kwara, Kwara is PDP. We will not relinquish our right. We will not pack out of our house.

We are owners of Kwara and we are not going to get out of it. This occasion today would not have been possible without the leadership of the PDP in the state,” he said.

Ajadi also said every true Kwaran was tired of the political scenario in the state, adding that the party will bring about the liberation the people so much desire while Oba said once the PDP takes over the state government in 2015, it will restore the fortunes of the populace.

A win for the PDP in Kwara State will surely be a big blow to the political dynasty built by the late Dr. Olusola Saraki and now being run

by Bukola. Is it possible to crush this dynasty?

Maybe the President will speak on that as he mounts the rostrum today. But Bukola has said it would be a tall ambition for anyone outside of his party to win Kwara in the 2015 polls. The battle therefore will be determined at the polls, and surely not on the podium.

POLITICS 17

Monday, March 3, 2014

Yoruba set agenda for confab

CO N T I N U E D F R O M PA G E 1 3

According to the committee, the specific issues to be addressed at the proposed national conference subsumed under the sub-title of ‘New Peoples’ Constitution’ include: the structure of the federation; the scope and limits of the powers of the central government, vis-a-vis the federating units; the form of government; taxation system that conforms with fiscal federalism; Police/ Policing in Nigeria; the structure of the courts including the need to create a constitutional court; status of the federal capital; status of Lagos; composition of all National Commissions, Boards, Parastatals, Departments and Agencies.

Other proposals include immunity of certain public officers from prosecution; whether or not pensions should be in the executive or legislative list; and the role of traditional rulers.

The committee insisted that “The Yoruba position on the Nigerian project from the First Republic has been consistent. All our previous papers advocate true federalism, regionalism with fiscal federalism in varying degrees.”

On the political structure of the Federal Republic of Nigeria, the Yoruba agenda noted that “we conceive the Yoruba in the new Nigeria as a federation of six federating states including the Yoruba in Kwara, Kogi, Edo and Delta states (known and called Odua/Yoruba Federation of six federating states) in a Central Union Federal Republic of Nigeria.

“Any region may create states as allowed by the regional constitution without reference to any other regions or the centre. The other five geo-political zones may adopt this if they so desire.

However, any ethnic group or groups within a state wishing to align with any other state or to belong to a new region shall be allowed to do so if confirmed in a plebiscite by the affected people,” the agenda stated.

Participants from Kogi voiced their support to merge with Ekiti. Mr J.O. Yusuff, who represented the Yoruba in Kogi, said: “We want a joint state in Kogi. If not, we want to be joined with Ekiti State.

Okun people want to be excised from Kogi and merged with our people in Ekiti.”

On the preferred form of government recommended in relation to the Westmister model of parliamentary system, the Agenda proposed that: “At the federal level, there will be the position of ceremonial president and a Prime Minister, who shall be the head of government business. At the regional level, we also recommend a parliamentary system.

“There will be a government at the regional as prescribed by the regional constitution. At the state level, there will be the positions of the governor and the deputy governor. The governor will be the head of government business.

“We recommend a unicameral legislature at the centre. However, we believe the legislators shall function on parttime basis.”

On the taxation system, the Yoruba

L-R: former Governor Niyi Adebayo, Chief Olu Falae, former Governor Olusegun Osoba and Gen. Alani Akinrinade.

advocated for a resource management system reflective of a true federation bothering on “a system whereby a substantial part of the proceeds accruable from every region and an agreed percentage contributed to the centre by the federating regions for the responsibility of the Federal Government.”

On public order and security (law enforcement), the Yoruba recommended that regional forces, both military and police must consist largely of indigenes of that region. “It is illogical to have a state legislature that has the power to make laws but not the power to enforce such laws, as it exists in the current constitution,” the agenda stated.

Though the agenda did not tinker with the structure of the courts in the country as it is presently constituted, it recommended that “regional courts are to exercise prescribed jurisdiction over residual matters. The regional Supreme Court shall be the final court in the regions except in cases involving Federal and inter-state laws.”

In view of the race’s agitation for a new constitution for the country, the agenda submitted that “the resolutions and conclusions of the conference shall lead to an autonomous constitution, that is, a home-grown and all-inclusive draft that shall be submitted to the Nigerian electorate voting in a referendum.”

Though the agenda recognised Abuja as the Federal Capital Territory with all the accoutrements of federal institutions retained in the territory, it however recommended that Lagos should be rightly described “as mini Nigeria because of the roles it had played in the past and will continue to play in the future.”

“Consequently, in view of the enormous pressure on the infrastructure of Lagos and because of the fact that Lagos will continue to be the economic nerve centre of Nigeria, as well as the

We recommend a unicameral legislature at the centre. However, we believe the legislators shall function on parttime basis

West African sub-region, there shall be an appropriate budgetary provision that is part of the First Line Charge in the Federation Account.”

The issue of immunity clause for some public office holders as enshrined in the constitution had a slight change in the Yoruba agenda as it said that “should be circumscribed and made only to cover civil processes.” These public officers, the agenda noted, should be made amenable to court processes on charges bordering on commission of crimes.

“When a prima facie criminal case has been established against a holder of these offices by a court of competent jurisdiction, such officer shall vacate office until the proceedings is concluded.

His or her vice shall hold the position in acting capacity until the matter is concluded,” it submitted.

This particular section was however criticised by the representative of the Ondo State governor, Sola Ebiseni, who said, “the Federal Government could generate a case against a sitting governor who is not in the same camp with the president. This may not augur well for our democracy,” he said.

On the issue of pension being in the exclusive legislative list, the Yoruba Agenda recommended that it should be split between the Federal Government and the regions.

To the race, “representation in the Central Union Government shall be on equal zonal basis.”

On the role of traditional rulers, it recommended that, “the role of traditional rulers in politics remains informal. Each region, state and local government may by law establish their respective Traditional Rulers’ Council. The role of the Councils may be basically advisory to their respective authorities.”

Governor Abiola Ajimobi of Oyo State at the meeting called for a return to true federalism.

Falae, Chairman of the Agenda Drafting Committee, expressed hope that it would be a successful conference.

Reuben Fasoranti, Leader of Afenifere, said the Yoruba wished to correct the wrongs of the past.

Gbadebo Adedeji, former Chairman of Ekiti Council of Obas and Oba of Imesi-Oke, representing Governor Kayode Fayemi said “legislators should sit on

part-time basis.’’

Wale Osun, representing Afenifere Renewal Group, said there must be unity of the Yoruba at the conference, adding that, “nobody should oppose the agenda.”

Prof. Bunmi Ayoade, Oodua Foundation (Europe) said “the current position of Yoruba in Nigeria is lamentable. We are not happy with the plight of Yoruba,” he said.

Okunrounmu, said Yoruba should not go to the conference with different agenda.

Former Governor Olusegun Osoba of Ogun, who spoke on the evolution of the media in Nigeria, said the conference should consider the freedom of the press.

Prof. Daud Noibi, Secretary of Muslim Ummah, South-West, called on the delegates to act according to the will of God. Representative of the Itsekiri people, Chief Rita Lori Ogbebo, who greeted the assembly in Yoruba Language, but pleaded to deliver her address in English in order to be fluent, said: “The Yoruba race has never disappointed me. I believe them in their maturity, intelligence when it comes to politics. I come here with Mr. Fred Agbeyegbe. We come because we are your next of kin. Politics or no politics, Yoruba and Itsekiri are one. Yoruba has always given this country hope. They are the tribe that has never tried secession. We are your kith and kins. We are going to have similar thing next week, and we are going to invite you,” she said.

At the end of the four-hour deliberations, Sir Olaniwun Ajayi moved the general motion for the endorsement of the document, while Oba Elijah Oyelade (Salu of Edun Abon, Osun State, seconded it.

Present at the parley were the Ooni of Ife, Oba Okunade Sijuwade and the Olubadan of Ibadan, Oba Samuel Odulana who were represented. The Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi, was however absent and was not represented. He had also two weeks ago shunned the Wale Oshun-convened Afenifere Renewal Group constitutional conference.

Ooni of Ife was represented by Apetu of Ipetumodu, Oba James Adedokun Adegoke, while the Otun Olubadan, High Chief Omowale Kuye represented the Olubadan of Ibadan.

Others included Sir Olaniwun Ajayi, Senator Femi Okunrounmu (Chairman, Presidential Advisory Committee of the National Constitution Conference), Chief Ayo Adebanjo, Chief Ayo Opadokun, Mr. Felix Adenaike, Prince Bola Ajibola (former Judge, International Court of Justice), Pa Theophilus Akinyele, Alhaji Lateef Jakande (former Lagos State Governor), Otunba Gani Adams of the Odua Peoples Congress (OPC).

While the Ekiti State governor, Dr. Kayode Fayemi was represented by Dr. Akinola, his Ondo State counterpart Dr. Olusegun Mimiko was represented by Sola Ebiseni, and Governor Ibikunle Amosun of Ogun was represented by the Speaker Suraj Isola Adekunbi, Lagos State governor Babatunde Fashola and his Osun counterpart Ogbeni Rauf Aregbesola were not represented at the meeting.

18 POLITICS CO N T I N U E D F R O M PA G E 1 5

We have seen all kind of storms.

PDP has witnessed high turnover of national chairmen since its formation in 1998. Why? If we have a high turnover, it doesn’t matter. You see people are coming to terms gradually and as we go we would start to learn the tenets and the practises of democracy that you cannot just go there and think that now I am in charge. There is nobody in charge; you are in charge by the grace and support of those people who put you there. The same people who put you there can remove you. We have attributed so much importance to the chairman of the party. If we are going to run presidential system as it is being run in America, whoever is the President appoints whoever is the chairman of his party to just do the administrative things, manage the party.

They are not on the high pitch as we see here saying, I am the leader of the party and I am now in charge. We must go back to our drawing board. I have said this before that the President in America appoints the fellow to manage his party that put him there; that is the way it is done there. But in our own, we go through the selection of national chairman as another electoral big process. In the end, the occupant of the office sees himself as being powerful. So, when somebody emerges as the chairman, he thinks that he has been duly elected by all Nigerians. No, you are just a chairman; first among equals. All the members elected on the National Working Committee (NWC) of the party are equally important and have collective responsibilities.

You are just managing the day to day running of the party. If you have a company and you start watching and the returns on your investment are going down; what are you going to do? You will call the management. If the management cannot convince the owners, they will say please stand aside. That is what is happening.

Under Tukur, PDP was so deflated; five governors defected to APC, 37 Reps defected and 11 senators are in the process of defecting. I mean his tenure was quite turbulent...

It was turbulent and that is why the owners quickly intervened. We had a crisis and the ability to manage the crisis should be our strength. That is what Nigerians should look at. You cannot have a party as big as ours and say we all sleep and face the same direction; it is not possible. Baba is still a member of the party, he was hailed out, nobody disgraced him out and he is now made the chairman of the Nigerian Railway Corporation.

Is there any hope that some of the governors that have left the PDP would be coming back?

We will try and appeal to them. Each time I talk, I try and appeal to them before the ships leave the harbour because I can say confidently that APC has no semblance of democratic practice. Already you can see the blows that are flying over party leadership.

Like the Action Congress of Nigeria (ACN), they already have a norm; they have a character and that character is imperial.

You have one man who dictates, who should

Monday, March 3, 2014

‘Tinubu won’t get away with his atrocities’ What is your relationship with former President Obasanjo?

Nothing. He is back in Ogun and I am back in Lagos. There is no quarrel; no love lost, nothing. I am back on my saddle. What are we going to be seeing and talking about?

I am also rolling back, so there is nothing.

George

turn around, who should talk, who should sit, who should stand up. So, they don’t have a semblance of democratic practice at all. One man handpicks and he is a portfolio management fellow. He handpicks who should go to House, who should be Speaker, who should be governor. We don’t do that in our party. So, those who are leaving our party and heading to his party, be prepared. What they would meet there, they would find out that the best place to be is where democracy is practised. And they are already landlords there; they are not tenants in our party. But they are heading to where they would be tenants. They should please do a re-think; we are resolving the thing and we are getting back to normal, they should come back.

With the APC determination, are you not afraid that PDP might lose the 2015 elections?

We would not just go and say we won’t bother. When you go on competitive mission, you don’t take anything for granted.

We will not take anything for granted. We are going to plan and we are going to fight like we had done before. We would not take them for granted.

Yes, this nation needs an opposition, a formidable opposition, not a one-man management team who is the one behind the financial access, dolling the money.

Otherwise it would become a one-party state, which is not what is good for this country. Are Nigerians ready for experimentation?

And do you see APC taking over from PDP in 2015?

I don’t think so. Nigerians like I said are not looking for new experimentation.

Where has Tinubu gotten all the money that he is spreading around like cancer? Why is the Economic and Financial Crimes Commission (EFCC) not asking him questions? Where does he get the money?

Where is the factory he is manufacturing all this money?

APC is in control of South-West and in 2011, PDP won the Presidency in SouthWest. Now that the APC is more determined to take over the Presidency, what is the hope of PDP in South-West?

Even when we had the last election, they were in charge. In fact, they were in charge in Ekiti and it was Justice Ayo Salami’s judgement. Salami took the government from us and gave it to them and his co-travellers. The same thing he did in Osun, if you remembered. The in-fighting in Oyo caused us the governance and of course the total collapse and in-fighting in Ogun. In Lagos, it was manipulated as usual and the people are now ready. They have seen the difference between day and night. Come this time, the people are not just going to allow them to run away with power and that is why Prof. Attahiru Jega has come up with a solution of one-manone-vote. By next election, we would not accept any nonsense. I am saying it now that whatever it takes, let the votes count.

With your experience in public office and with the challenge you had, any regrets in serving Nigeria?

No. In fact, this judgement has rekindled my hope and believe that all would be well in this country. No matter how long the dark forces, the black cloud, the storm, if you remain steadfast, if you remain faithful and you trust your Creator, you won’t go wrong.

I should be a typical example. We went to prison, we didn’t refuse to serve, and we served. We asked them to give us appeal, we appealed to them to let us out on bail and all that, they said no bail. They sentenced us and said no option of fine. Then they went on again and refused the appeal, we served it and when I came out, it was time for politics.

I didn’t go and bury myself under my bed.

This is why I will always thank all the members of the party at the highest level because they did not shut their doors on me. When people are calling me ex-convict, they didn’t see me as an ex-convict. They still believe that I could still contribute to the party and I knew, some of them too didn’t want me back because of pettiness and jealousy and whatever it is called.

You would be shocked if I tell you that before our case, some people went to court calling themselves PDP, and said that because Chief Bode George is an ex-convict, he should be expunged and expelled from the Board of Trustees (BoT). The case is still in the Lagos High Court. So, you can see the inhumanity of man to man. They knew I was not even in the country and they pasted the thing in front of my house.

So, my guard brought the paper, sent it to me and I quickly called one of my lawyers to appear in court. You see the frivolities.

I have suffered but that would not deter me. As long as I live, I will serve my country. I have paid my dues. I cannot be on the front burner like before when we are rolling all over, but we must still give enough support to the party.

Some of my friends and family members are saying, ‘just lock the doors and come back home, don’t play this, don’t be part of that.’ If everybody shuts the door, what would happen? This country has been good to me. I was in the Navy and I was given a very sound training and so why should I just shut down that knowledge. We must put something back in the system that trained us. I went to the best of colleges both Naval and none military. So, if I have that opportunity, so let me reflect it; let me show it to the people and then share it with Nigerians.

Will Jonathan win in 2015?

I am very hopeful.

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

Monday, March 3, 2014

The impending naira devaluation conundrum

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f recent, financial analysts have shown concern on the likelihood of devaluing Nigeria’s currency, the naira. Speculations remain rife in local and international financial circles that this is bound to happen, although no one is betting on the exact time and exchange rate, despite some market pundits putting the peg at N170 per dollar.

Shocks triggered by the sudden suspension of the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi on February 20, and the almost 14 per cent depletion of the country’s stock of foreign reserves from its level one year ago (now below $41 billion) are being cited by economists and financial experts as inevitable pointers.

The comparative calm previously witnessed by the frontier asset class is gradually thinning out and being threatened by convulsions in Nigeria and other countries classified as frontier economies, with such frailties suggesting potential turbulence ahead, according to economists.

Not even the assurances by the Acting Governor of the apex bank, Dr Sarah Alade that the naira would not be devalued have stopped entrenched expectations and swirling speculations. The

apex bank claims Nigeria’s “economic fundamentals cannot be predicated on a single human being, and the person coming to succeed Sanusi is a strong player in the industry and knows what to do on monetary policy. There is no basis nursing fears of devaluation.”

The Presidency also publicly toes the same line. Yet the nominated Governor of the Central Bank of Nigeria, Godwin Emefiele, even if confirmed today by the National Assembly, cannot assume duty and assert his policy persuasions and pegs on the issue until Sanusi’s tenure effectively expires in June.

Bismarck Rewane, Chief Executive Officer of Financial Derivatives Company (FDC) Limited maintains that “the Central Bank of Nigeria will devalue the naira within the next 18 months.” At the company’s recent bi-monthly Business and Economic Update, he observed that the nation’s external reserves had “fallen below the psychological resistance level of $41billion because of the increased frequency and magnitude of the CBN intervention in support of the naira.”

Also, Jason Tuvey, an analyst at London-based Capital Economics believes that weakening oil prices and falling external reserves may force the Central Bank of Nigeria to devalue the naira, noting that the financial markets had started

anticipating this, according to the Financial Times. Further expectations that the currency would be devalued are strongly emphasised by analysts at Johannesburg-based Renaissance Capital (Rencap), JPMorgan Chase & Co, and Merrill Lynch Global Research.

Their position is that the naira which rose for the first time in six days on Monday, last week, posted its biggest five-day drop in eight months the week before, apparently in quick response to Sanusi’s unceremonious sack. The yield on Nigeria’s July 2023 dollar bond had its steepest one-day jump on record after the removal of the former CBN Governor, and has already lost 2.3 per cent this year, compared with a 0.6 per cent drop in the JPMorgan Chase & Co. index of African sovereign debt.

We share the view that the CBN’s fight to keep the naira within its targeted range of 3 percent above or below N155 at twice-weekly foreign-exchange auctions would be Herculean, given the prevailing loss of confidence and sentiment turning against the country.

Sadly, the envisaged peg of N170 per dollar could almost certainly bolster inflationary pressures and erode the single digit inflation rate which the country’s economic managers have always bragged about, and this is where we call for

caution in implementation. Discreet policy tweaking that would give the domestic economy a fresh and workable export orientation and leeway to break the economy’s monoculture that has for too long accommodated the dominance of oil and gas in the definition of the volume and value of the country’s international trade.

However, it must be emphasised that struggling against all odds to defend the value of the naira against other major currencies out of pride against present reality of wide disparities between the official and parallel market rates may not be in the overall interest of the economy, given the historical standpoint that exchange rate adjustments in Nigeria have nearly always been spurred by involuntary policy actions.

Devaluation in itself may not be harmful, depending on how policy is crafted, tilted and managed with built-in effective shock absorbers, automatic stabilisers and safety nets to strategically influence the outcome. Hence the urgent need to make policy choices between a strong naira that is a ‘good to have,’ and a realistically valued naira that is a ‘need to have’ in the overall interest of the larger economy, seeing that the currency has been under speculative attack in the past four months.

BOLAJI TUNJI Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director FELIX 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 NEWS

OPINION Bipartisan approach needed to fight Boko Haram

Monday, March 3, 2014

No evil can happen to a good man either in life or after death. – Socrates

Bukola Saraki

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nce again, Nigerians faced further attacks in the northern part of the country that has left over 43 school children dead. This is another great loss of innocent lives in the hands of Boko Haram at the Federal Government College in Buni Yadi.

This month alone, we have lost more than 300 lives to these militant attacks.

As a father, I feel every condolence message that is sent to grieving mothers, fathers or siblings on this wanton spate of killings personally.

As with all insurgencies, fighting Boko Haram is not just for the military to tackle. The success for Nigeria in fighting Boko Haram and terrorism in general is largely dependent upon two other key issues: leadership and political cooperation.

The first, leadership, lies squarely in the hands of the President. President Jonathan says the situation will improve but this isn’t instilling confidence in the rest of his countrymen.

He must now urgently provide all the

necessary resources allocated by our government to help ensure our nation's security. The President must also work together with the governors of the states in the most affected areas to ensure a unified approach to combatting this menace.

The second, political co-operation, is the responsibility of all politicians.

We all must understand our duties as elected representatives of our people and cooperate politically to bridge region and religion. We must also appeal to the governors of Adamawa, Borno and Yobe States, to all leaders from the region and to all opposition

leaders to cooperate with the federal government. We have to fully support the military and provide all funds required by the security agencies. This must be a priority for both the Senate and the House of Representatives.

I believe that with the continued attacks in northern Nigeria, the support from each and every Nigerian is vitally important for combating violent extremism.

Nigeria will soon be approaching a presidential election period but in my humble opinion, the fight to protect people should be prioritised over domestic politics. Disputes between the

As with all insurgencies, fighting Boko Haram is not just for the military to tackle. The success for Nigeria in fighting Boko Haram and terrorism in general is largely dependent upon two other key issues: leadership and political cooperation.

central government and state governors will not help the already desperate situation.

As the scale of the problem in northern Nigeria is only just being grasped, we should welcome the offers of support and expertise for outside of Nigeria. The United States and other international partners have pledged support and assistance, but this will only work if we are unified. For the sake of the innocent lives that are routinely cut short by these militants, our political resolve must be as strong as the military option.

The demands of Boko Haram can never be met because Nigeria is a multicultural, open and welcoming country. The military can fight them but defeating them will take more than guns and bombs. Success will only happen when every leader, governor, senator and the president sit together and combine their political will to put an end to these senseless killings. *Saraki, former governor of Kwara State, is the Chairman, Senate Committee on Environment.

The fall of Sanusi Lamido Sanusi Ejike Anyaduba

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hen Sanusi Lamido Sanusi became Nigeria’s number one banker on the 4th of June 2009, it was not because he was possessed of any special skills his competitors lacked. The wire-pullers who sprung him to that position were equally not deluded that he had come to effect some cutting edge reforms hitherto unseen in the annals of the Nigerian banking industry.

The appointment, just many others in the country, was expedient but it flew in the face of overall national interest.

Today, given the benefits of hindsight, Nigerians who acclaimed the appointment as well as others not enamoured of it, have come to the realization that the appointment was hasty. Sanusi has proved – like a bull in a china shop – that most of his words and actions as CBN governor, including the “whistle blowing” job on the NNPC – now a favourable pastime of the opposition party (the APC) – were neither altruistic nor thoughtful. They were, put simply, a determined effort to rock the applecart.

Even if, for the NNPC, there have been some gaps in public trust, over the decades, it is patently wrong and immoral to assume it is guilty of Sanusi’s charges until necessary and credible investigations have been carried out. This does not mean that Sanusi’s allegations should be thrown into the sea. It is a call for reason,

Some of the wasteful spending would show that the CBN was actually playing Santa Claus with the collective wealth of Nigerians Sanusi

a demand, in fact, for things to follow due procedures. It does not follow logic to execute a human being simply because a highly-placed official accused him or her of murder.

In the case of the NNPC, it is obvious that any hint of scam, any tinge of stain, automatically raises a media uproar from both the conscientious and the partisan politician out to score cheap political points.

First, Sanusi told the nation that the NNPC withheld $49 billion in revenue accruable to the federal government.

Shortly after, he reduced the figure to $10 billion and doubled his second figure to $20 billion. Which other country in the world will tolerate such shameful somersaults from its chief banker?

It is not my place to hold brief for the NNPC. But it amounts to folly and indis-

cretion for Sanusi, the so-called whistle blower, to get his arithmetic wrong. In matters of money, any banker, especially a banker at the apex of his nation’s banking industry, must be in tune with precision. But Sanusi has, since his headship of the Central Bank, often acted incongruously in matters crying for precision.

No doubt Sanusi had worked hard to come to some reckoning among Nigerians. Buoyed by his penchant for publicity, he was to spare nothing in the area of expenditure – just to grab and stay in the headlines. Evidences are in the public domain regarding the profligacy that marked his tenure. His CBN spent in excess of N160 billion in about 63 interventions on individuals and organizations.

Not even the boss of the US Federal Reserve approached this astonishing record of infamy.

A rehearse of some of the wasteful spending would show that the CBN

was actually playing Santa Claus with the collective wealth of Nigerians. The Financial Reporting Council of Nigeria (FRC) in its April 2013 would agree no less with this.

It is amazing how his suspension has suddenly become an issue even with the President not exceeding his constitutional powers. Surprisingly, some have suggested that Sanusi’s suspension and subsequent investigation were to sweep under the carpet the $20 billion he claimed to be “missing” at the NNPC. What Sanusi did was certainly unacceptable practice anywhere in the world.

Neither Mark Carney, the Governor of Bank of England, nor Haruhiko Kuroda, his Japanese counterpart, could have dreamt of Sanusi’s loquacity. Any public functionary that dons the opposition garb should have the courage, common sense and honour to hand in his letter of resignation.

Accusing the government of suspending him in order to forestall exposure of the NNPC deal is as risible as saying that Sanusi is the best CBN governor Nigeria has had. Already, a probe has been ordered in the NNPC with a view to unraveling the truth is Sanusi’s allegations.

Those who push for the probe must as well encourage the government to look into the Sanusi years in the CBN and find out how much of his powers he abused.

Ejike Anyaduba Mr. Anyaduba wrote via dumdile@yahoo.com

INVESTIGATION

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www.newtelegraphonline.com/investigation

GEOFFREY EKENNA Editor, INVESTIGATION

geoffrey.ekenna@newtelegraphonline.com

Monday, MARCH 3, 2014

SARS and disappearing suspects (2)

A detachment of policemen on parade

Why do men of the Special Anti-Robbery Squad, SARS, kill suspects in their custody? That is the big question that is left hanging in the air as more families recount their ordeal in the hands of policemen, over family members, who have vanished from the surface of the earth. JULIANA FRANCIS continues the story from last week Police wasted my son’s life – Mrs Catherine Ako hen Michael wanted to explain further, an ASP with them, named Samuel, told him that if he opened his mouth again, he would mow him down, right in front of his family. My son started crying like a baby.

“When Samuel asked for the key to my son’s room, I went to bring the key.

Before I could come with the key, Samuel had smashed the door with his leg.

He entered the room and started packing my son’s property. He packed the refridgerator, air conditioner, in fact, everything. Even the money I gave my son in the morning, which he promised he would go and pay in the afternoon, to Madam Beauty, was collected by Samuel.

I thought that since they would be going to the police station, that everything would be sorted out there.

“ASP Samuel also took boxers and

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sandals which my son just bought, which he had not worn. He took a perfume which one of my friends bought overseas and gave to me, which I gave to Michael. Michael looked at Samuel and asked, ‘brother, what crime did I commit that you’re taking all my property,’ and Samuel replied, ‘when we get to SARS, you’ll know.’

“As they were taking him away, my son said we should bring food to him.

He said that since yesterday that he was arrested, police had not given him any food. Immediately we dressed and rushed down to SARS. We were there from that morning until 11:30pm. Suddenly, I noticed the car that brought the policemen to my house. The car was driving towards a filling station. The filling station was opposite SARS, at Borokiri. When I saw the car, I said yes, that’s the car. I noticed that the car had just been washed. I walked towards the car and greeted the policemen. I told

Samuel that I came for Michael, whom he and some policemen brought to our home, that morning.

“Samuel asked me which Michael? He said he didn’t know what I was talking about. I was shocked. I tried to explain further. He said he would shoot me. I became afraid. I kept quite. A man who was walking towards SARS witnessed the altercation between me and Samuel.

I later learnt he is a retired policeman.

He called and asked me what was going on. I told him. He said I should hold onto Samuel, because the man had killed a lot of youngsters in Bayelsa State.

“He described Samuel as dangerous, saying he could kill anybody if you could just pay him N10, 000. He said that it was very likely that Samuel had killed my son since he was denying knowing or arresting him. I started shivering. I immediately had malaria. Michael’s friends started calling me, asking me what Michael did that warranted police killing him. I said no, he had not been killed.

“I stayed there until 4am, until I saw Samuel coming out from SARS office. He thought I had left. When I saw him, I told him to tell me where he kept Michael, so that I could go and pick him. He said I should go to SOS. I should go to the Commissioner of Police’s Office, and State Criminal Investigations Department (SCID). He said that by the time I go to

all those places, I would find my son. I breathed a sigh of relief. I thanked him.

I was much relieved.

“I immediately started going to all those places. I was on this journey until nightfall. I didn’t succeed. The following morning, I went back. Samuel saw me but was hiding. I noticed that one particular policeman, called Monday, was weeping bitterly. The weeping was too much. When I went to him, he said I should leave him alone. He said, ‘this police work don tire me. Police work don tire me. If I get money, I go leave am.’ I didn’t know why he was crying. I didn’t know it was because of the killing of my son and his friend.

“At a point, I started writing petitions to police top hierarchy, including the Inspector General of Police.

Samuel was finally invited to Calabar.

He was invited along with members of his team. While they were being questioned, they each had a different story to tell. In 2010, when we all appeared in front of the Assistant Inspector General of Police (AIG), every member of Samuel’s team confessed. Samuel’s team members told me, right in the presence of the AIG, that ‘madam, it was Samuel Chibu, who killed your son.’

One of them said he had asked Samuel C O N T I N U E D O N PA G E 2 2

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From SARS’ cells to unknown destination C O N T I N U E D F R O M PA G E 2 1

on that day when he wanted to kill my son, what offence the young man committed that warranted killing him.

“They confessed that Samuel told them that if anyone asked them about the offence Michael committed, they should say he was a robber. All the property he took from my son’s room were taken to his home. It was later I discovered that police were not aware that he confiscated those properties.

He killed two people on that day. He killed my son, Michael Akor and my son’s friend, Michael Igwe.

“Samuel came with some elders to beg me. I told them to find out from Samuel, who sent him to kill my son. Police know all the atrocities of Samuel, but still retained his The late Michael and his mother services in the Nigeria Police Force.

‘My son promised to always be there for me’ On July, 17, 2013, amidst a heavy downpour, New Telegraph met with Rosemary Ezeanochie, mother of a ‘missing’ youngman, in Onitsha. She initially refused to speak at the Tarzan Motor park, where she was met. She requested our correspondent to follow her home. She had been calling and speaking with the correspondent on the telephone all through her journey from Lagos, Port Harcourt, Abia and Imo states.

According to Rosemary, her eldest son, Ernest, disappeared while in SARS custody in 2013.

Rosemary is not just waiting for the return of her eldest son Ernest. She is also waiting for the return of her second son, Nonso.

The younger son, Nonso disappeared in 2007, while returning from a school, where he used to teach. His disappearance had been described as mysterious since the school where he taught adult education, was not far from the shanty where he lived with his brother and mother.

While the search for Nnoso was on, Rose- IGP Mohammed Abubakar mary took solace in Ernest, praying earnestly that God would make him great, so that he a northern state by armed robbers at Okene. would wipe away her tears and sufferings.

This incident happened in 2007. He didn’t But in 2013, Ernest had also disappeared know that most of the passengers in his bus while in the custody of SARS, Ikeja. were robbers.

“I became the bread winner of the family.

She said listlessly: “Ernest promised me.

He promised that he would always be there We were going through all these when Nonso for me. He told me not to worry. He bought got missing on July 2, 2007. “Then Ernest my me this television.” She stared at the televi- first son also disappeared. He is into business sion, shakes her head and intoned: “He said of dismantlingandsellingscrappedcarparts. to me, ‘mummy! This television will keep He was trading at Onitsha before he decided to go down to Lagos to continue his business. you occupied.”

She continued: “He said that I should stop But I never accepted his going down to Lagos thinking of Nonso. Police are now holding becauseLagosisaveryroughandtoughplace.

Ernest. Police should release him to me. I also did not accept because he was the only There was a time I was afraid that they had child I had left after the disappearance of his killed him, but people said it’s not possible. brother. But he insisted on going.

Even if somebody is a robber, which is a lie, I know my son is not a robber. They said even if someone is a robber, police can’t just kill the person. They said there’s law.”

On getting there, one of Investigation into Ernest’s case showed the SARS men chased me that he was in police detention. It was discovered that he was arrested for robbery and had out with a cutlass just since been killed. because I asked him if he Rosemary said, “The name of their father knew anyone being held is Damien Ezeanochie. We have just three bearing the name of my children; two boys and a girl. The girl is married.Myhusbandusedtobeacommercialbus son driver. He was bathed with acid on his way to

The late Michael Igwe

“This is the sixth month because it happened this year (2013). I told him to continue his business here but his Daddy said I should allow him to go, that he was no longer a baby.

Few months later, some people told me that they saw him in the newspapers, that he was paraded as an armed robber; I told them it couldnotbepossible.Ernestdoesn’tevenhave friends. So, how did he come across the gang they were talking about? I cried because he was the only one left for me.

“I left for Lagos immediately. They told me that he was at the Ikeja police command. On getting there, one of the SARS men chased me out with a cutlass just because I asked him if he knew anyone being held bearing the name of my son. The SARS man asked what my son did that they brought him here; I told him I had no idea. The man went into his office and came out with a machete. Some people at the command that day, who saw me while I was crying, advised me to go and see the Police Public Relations Officer, at Oduduwa. I met the PPRO, who asked me if I had any picture of my son. I told her that I only had the newspaper. So, she asked me to bring the newspaper. The PPRO asked me again if the case was charged to court. She said that it was not possible for them to charge the case to court without her knowledge.

She asked a certain man to go with us to look for Ernest in the SARS cells.

“But the officer there said they didn’t have anybody like that in their cells. The man that the PPRO asked me to go with argued with them but they kept saying my son was not there. We later went back to see the PPRO who pleaded with me to stop crying, especially after I narrated to her how Ernest’s kid brother Nonso went missing. The lady felt sorry for me. It’s not possible for me to give birth again at this age.

“I am now left without any child. After listening to me, she started crying. She asked me to go and come back the following day. The next day, she asked one of her officers to take me to SARS again, but Ernest was nowhere to be found.

“We were still looking for my son, when an officer called and told me that the man who chased me with a cutlass might have killed my son. That was how up till date, Ernest is nowhere to be found. I have been

to different offices there at the command.”

‘I don’t know what has become of my sonChief Titus Ibeku Another victim’s parent is Chief Titus Ibeku. New Telegraph met with Ibeku on July, 13, 2013, in Port Harcourt. Ibeku’s only son, Chika, 28, disappeared in July, 2009, while in police detention and till date, the man is still searching for his boy.

Ibeku recalled that Chika called him on the telephone at about 2.am that fateful July, 7 day. The number the young man used to call him was unknown, but the voice was that of his son.

Narrating how he last heard from Chika, Ibeku said: “He said I should come to Omoku town. He said he was arrested and detained at Omoku Township. I asked him what crime he had committed; he replied that he had committed no crime. On July 8, I left Port Harcourt, to Omoku Police Station. I saw him in the cell. He told me that he and three of his friends were returning to Port Harcourt from Omoku, when some policemen stopped them at a checkpoint. They asked for particulars of the car. He gave it to them. He was a student at University of Port Harcourt.

The car belonged to his friend. They asked for tinted glass permit; he said it was with the car owner. They searched them and took them to the station. After asking them some questions, they asked them to go. They left the station and were about to enter the car, when the DPO of the station suddenly called them back.

“That was how they were detained. I went to see the DPO. I introduced myself.

I told him that I wanted to know what my son did. He said my son, with his friends were parading the town before they were arrested. I asked him what I should do; he said I should wait. I didn’t know that the DPO had arranged to transfer them to Port Harcourt. I was waiting when my phone rang. It was my son again. He said they were taking them to Port Harcourt.

I said what? I saw policemen marching them towards a jeep. I heard they were taking them to SARS in Port Harcourt. I followed them to SARS. On July 9, I went to SOS; I traced the Investigating Police Officer (IPO), Inspector Solomon. The IPO C O N T I N U E D O N PA G E 2 3

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A ‘journey of no return’ to SARS

if they hand the corpse of my son to me, it would create problem for them.

Sounding very bitter, Chuks snarled: “We don’t have police anymore in Nigeria. What we have are thieves. Before they killed my son, I used to see them as hardworking people and give them lift along the road, but now, they don’t worth anything to me!”

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told me that they were still investigating.

I asked him how I could arrange for the boys’ food? He said I should deposit some money. On July 10, I went back. The IPO told me that their commander was just coming; I should come back the following day. On July 11, being Saturday, I called him on phone, he started embarrassing me, asking me why I gave people his phone number, that people had been calling him.

He said I should go and meet his commander, Supol Sonny.

“I told him that I wanted to see the boys, but I was not allowed to see them. When I asked again about their feeding, I was asked to go to the cafeteria and deposit money again. I did. Can you believe that until now, I have not been allowed to see them? We don’t know what had become of them. What offence did they commit that SARS couldn’t tell us?”

My son was tortured with an electric pressing iron- Fidelis Ejimonye The next story played out in Imo State.

It was nothing short of a horror movie for Chief Fidelis Ejimonye, who visited his son, Syracuse, at SARS office in Imo State, where he was detained and discovered that the young man had been tortured with an electric pressing iron.

He had not yet got over the shock of the horrifying lacerations, on his son’s body, when he went back for another visit and heard that the young man had simply disappeared from police’s custody.

Since then, Fidelis had had to go through hell emotionally and psychologically.

New Telegraph gathered from his lawyer, Barrister Danladi Roberts, that Fidelis’ son had been killed in detention. And sadly, even the lawyer had not been courageous enough to look into the old man’s hopeful eyes and tell him that his son was dead.

Thus, Fidelis is still praying and hoping that someday soon, Syracuse will come home.

Fidelis did not only lose a son, but his wife, also died while waiting fruitlessly for their son to come home.

Fidelis explained that his son, Syracuse Ejimonye, was arrested in his presence on April 6, 2008 at Etekwuru Egbema, their hometown, by a team of policemen, who came from Imo State CID, Owerri.

Following the arrest, he went to Imo State CID, Owerri on April 10 and upon inquiring at the SCID, was told by the police that his son’s name was not in their record.

Four days later, his daughter, Caroline Igwe, travelled to Owerri to further inquire about her brother at the SCID Owerri, whereupon she discovered that her brother, Syracuse was in the custody of the CID, Owerri.

On further inquiry, Caroline was told that her brother was arrested following a report lodged at the police by one Mr. Amadioha, their town’s man.

Amadioha had accused Syracuse of conspiring with other persons to kidnap his mother. However, the other persons were not in the custody of the CID. Fidelis went back to the State CID and

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Rosemary

The late Ernest

The late Chika Ibeku

The late Syracuse

We also discovered that police prosecutors used to collect money from robbery suspect’s family and doctor the case file was eventually allowed to see his son, but he could hardly recognize him, as he had been defaced with an electric iron in the course of interrogation.

The Police at CIB Owerri neither granted his son bail nor charged him to court up to November 10, 2010, when the father last visited the Police Station but was unable to see his son.

On that day (November 10, 2010), on inquiry, a female police officer told him that his son went out to purchase something. He waited all through that day until later, the IPO advised him to go with his people and plead with the complainant, Mr. Amadioha.

Till date, neither he nor any members of his family had set eyes on Syracuse again. Incidentally, Syracuse is the only male child of Fidelis. In Igbo land, a male child is very important.

Police are worth nothing to me anymoreEmenike Chucks On July, 14, 2013, New Telegraph met

with Mr. Nze Emenike Chuks at Mile 3 Motor Park, Port Harcourt. His son, Nnamdi, was killed in police detention.

Chuks refused to speak except his eldest son, Obinna was on ground.

We drove to Obinna’s home. Obinna saw no sense in raking up corpses. According to him, there was no justice in Nigeria and since the family did not have money, they had to allow the killing of Nnamdi to slide.

Chuks and Obinna explained how Nnamdi was arrested. Nnamdi was arrested after a suspected robber, whom SARS men arrested and tortured, mentioned his name. Chuks and Obinna believed that the suspect mentioned the name of Nnamdi because he was being tortured and he had to mention any name to save himself from further torture.

Immediately they heard a name, SARS men stormed Nnamdi’s home and arrested him with his girlfriend. The girlfriend was later granted bail after her parents paid N50, 000 but Nnamdi was not so lucky.

Obinna said that if they had been rich, from all what he saw and witnessed, Nnamdi would have been saved.

Chuks said: “Three days after they arrested him, I was refused access to him.

When I kept insisting that I wanted to see him, they told me they took him out for investigation and that he was shot. I asked them for his corpse, but they had not given it to me. A senior police officer told me that

Why we kill suspects- SARS Several reasons have been given by SARS detectives on why they kill suspected robbers. Policemen, who spoke with New Telegraph, did so under conditions of anonymity.

One shocking finds was the discovery that some state governors are agitating and supporting such killings. The only stipulation from such state governors is that “the suspect must be a confirmed armed robber!”

To the governors, eliminating them is reducing the menace they pose to the society.

There are no hard or fast rules on where such killings are supposed to take place.

Many killings, however, take place within the police stations. A good number are done far away from the stations.

Before, the corpses used to be rejected by state owned mortuaries, but since politicians and governors became involved in the fight against armed robbers and curtailing the number of armed robbers in the society, such mortuaries are now receiving such corpses without asking too many questions due to ‘instructions from above’.

The dead are later given a mass burial.

A Chief Superintendent of Police, (CSP), who has worked in SARS, in different states before his promotion, gave an insider’s information on why the men kill.

His words: “Most times, SARS men kill their suspects because of conversion of properties. Once they arrest these suspected robbers, they go to their homes and confiscate their properties. They share these properties, including suspects’ cars. I call such things blood money or property. But that’s the major reason. Another reason is what I prefer to call, ‘mistake.’ SARS men sometimes kill innocent people by mistake and to cover that mistake because it could land them in trouble, they kill another suspect who was an eye witness.”

Another policeman revealed that it was discovered that after they had charged these suspected robbers to court, courts would acquit them and soon those robbers would come after the policemen, threatening them and their family members and most times, killing the policemen or their family members.

The policeman added: “We also discovered that police prosecutors used to collect money from robbery suspect’s family and doctor the case file. They change the charges from robbery to something less serious, like stealing, thus making it easy for the suspect to be acquitted. Before you know it, he’s out, to continue with his reign of terror. Many of our men had been killed because a robber is allowed to walk. Once they walk, they would locate our homes C O N T I N U E D O N PA G E 2 4

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‘We only kill confirmed robbery suspects’

Suspects being paraded by the police C O N T I N U E D F R O M PA G E 2 3

and family members. They kill us or our family members. Sometimes, I don’t know how a robber who had been charged to court, from whom guns were discovered in his house, is allowed to go by our courts of law.

“This is why you see a robber whom you have arrested and charged to court, being re-arrested, even while his case is still in court. And when you ask the robber, he would tell you that his case was struck out and the judge or magistrate asked him to go. They go back into the society and the vicious circle begins all over again. They start robbing and killing people. Sometimes they even form new robbery gangs in the prisons.”

Another SARS operative reveals: “The reasons SARS kill suspects are many. But I want to add here that the only suspects killed are confirmed armed robbers. SARS cannot and had never killed anybody through torture. SARS kill confirmed armed robbers because if you take them to court, the court will give them less charges and grant them bail.

“These robbers would later begin to hunt for the Investigating Police Officer (IPO) and his family members. Take the case of Sergeant Sylvester. Sylvester was killed at Okeodo Abule-Egba, with his team members. They were five of them.

We later discovered that a robber, named Goke, wiped out the whole team. Before the killing of the policemen, Goke was arrested for robbery. Several guns were recovered from his home. He was charged to court but granted bail. The case was still in court when Goke went for another robbery at Okeodo. He was among the robbers that killed Sylvester and four other policemen.

“Goke was later arrested based on a tipoff from a police informant, who was among the gang of robbers that attacked and killed

When I kept insisting that I wanted to see him, they told me they took him out for investigation and that he was shot the policemen. What about Supol John? He was attached to Area F Police Command. A robber he once arrested, went to his home, killed him, his daughter, who was a serving corps member and his cousin.”

According to the SARS detective, another reason they kill suspected robbers was because the police needed to protect the lives of their informants. “These days, we use informants as witnesses. Also these days, once a robber is arrested, we allow our informants to confront the robbers face-to-face. Now, don’t you think that we would be putting our informants in danger if we charge the robbers to court and the court allowed such robbers to go?

“Let me tell you the story of Sergeant Nicholas. Nicholas arrested a robber through information. When the robber was detained, nothing was found on him.

The robber refused to open up. Police authories ordered that the suspect should be released since no guns were found on him.

If we take such suspect to court, nothing would be used as evidence against him.

The suspect’s name is Ganiu Ilesami.

He was released, asked to report to SARS. He reported for seven days before he was asked to stop reporting. Two weeks after he was allowed to go, the informant, who led to his arrest, was killed. Nicholas was sighted at Ekpoma and also killed by the

same Ilesami and gang. Ilesami was later arrested by SARS in Asaba, where he confessed.

“If you don’t kill them, the complainants also would be in danger, including members of the public. Robbers have strong connections, especially in the judiciary. Most times, robbers sent to prison, organize robbery operations from there.

We’ve arrested robbers who spoke with their gang leaders, who were in prison, but organized the robbery.

“Our informants are repentant robbers. We pay them and even rent houses for them. We spend a lot of money on them.

We spend such money to make sure they don’t go back to robbery. Some people believe that police are the ones releasing robbers, who come after them, after they had given police information. But it’s not true.

“Killing them now makes informants and members of the public to have confidence in giving information, since they know nobody would come back to hunt and kill them. Nobody will come out and boldly tell you or accept that his brother or son is a robber. SARS cannot kill an innocent person, who is not a robber. We torture them because that’s the only way to get information from them. Many of them are hardened. If you arrest a robber and torture him and you still didn’t find guns on him, the suspect is always allowed to go. I pity anybody that has sympathy for an armed robber. I pray that person never become a victim of an armed robber.”

“Some of these robbers are so rich that they would gather money to settle Directorate of Public Prosecution (DPP), which will then say such robbers should be charged for stealing or that the robber had no case to answer. DPP is also killing the police.”

An Assistant Superintendent of Police (ASP) had this to say: “If you don’t kill robbers, they’ll train more people to become

robbers. I’m a policeman but a cousin of mine was once arrested for robbery.

He spent years in prison. He was later released from prisons. He came out and trained youngsters in our community to become kidnappers. Today, these set of people are the greatest security threats we have in the community. One robber can train more than 100 robbers. Better to kill a robber before he trains others.

The prison is not a reformatory place.”

A Deputy Superintendent of Police (DSP), revealed: “Sometimes most of the detainees die from torture. We have overzealous SARS men. Men who want promotion at all cost and would do anything to get it. They want police authority to see them as working and getting result. I have also discovered that when most of these suspects are killed, SARS men will say he was an armed robber.

“They’ll claim that the robber was killed when he took the police to his gang’s hideout and was trying to escape during a shoot out between the gang members and Police. One begins to wonder how someone who is handcuffed and in leg chains would ever attempt an escape. SARS men go to any police station, to incident that they came to the area for investigation and that a robber was killed. They do this to ‘protect’ themselves. Killing people in SARS is like killing mosquitoes.”

Another SARS officer, who was asked about the killings of suspected robbers and detainees, snarled: “What’s wrong with you? Are you a friend to armed robbers? You’re asking these stupid questions because robbers had never attacked you. Wait until robbers attack you; then you’ll know. You better don’t write that story. The Commissioner of Police will be angry with you. I thought the Inspector General of Police is also your friend.

What will he say about this story?”

BUSINESS Sanctity of Truth

Monday, March 3, 2014

Monday, March 3, 2014

What's news Online battle over Sanusi, Boko Haram There is an ongoing battle on social media over the source of a report that attempted to link Sanusi Lamido Sanusi, the suspended Governor of the Central Bank of Nigeria (CBN), to the recent spike in Boko Haram violence in Borno, Yobe and Adamawa States.

CBN should unify official 25 BUSINESS | BRANDS & ADVERTISING market –MD, FMDQ OTC

NEW TELEGRAPH

www.newtelegraphonline.com/business

ayodele aminu, Deputy Editor, business

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

Labour minister averts airspace shutdown Meets NAMA, aviation workers tomorrow

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UK, Swiss interests boost insurance The reforms introduced by the National Insurance Commission (NAICOM) have raised investor confidence in Nigeria’s underwriting market. This is evident in the number and quality of foreign investors that have taken up equity holdings in the last five years.

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Foreign investors move out $2bn About $2 billion of the $9 billion in foreign cash invested in Nigerian bonds has been moved out of the country since the tumultuous exit of the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, on February 20th.

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New Capital: Brokers may opt for mergers An era of mergers and acquisition looms in the stock broking firms following refusal of the Securities and Exchange Commission to rescinds its decision on the recapitalisation exercise.

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

L-R Chief Chris Ezeh, Chairman Fidelity Bank Plc, Mr. Reginald Ihejiahi, outgoing Managing Director of Fidelity Bank, Mr. Nnamdi Okonkwo, new MD, and Nebolisa Arah, pioneer MD of the bank at a dinner in Lagos at the weekend to send forth Mr. Ihejiahi and receive Mr. Okonkwo.

CRISIS The labour minister has waded into the rift between aviation workers and Nigerian Airspace Management Agency (NAMA) to forestall shut down of the airspace.

Wole Shadare

T

o forestall the shutting down of the nation’s airspace by aviation workers following the face-off between them and the management of the Nigerian Airspace Management Agency (NAMA), the Minister of Labour and Productivity, Chief Emeka Nwaogwu, has invited the parties for talks in Abuja.

The meeting, which is expected to hold tomorrow in Abuja, is at the instance of

WOLE SHADARE, Aviation Editor

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

the minister, who is said to be concerned about the consequences of the actions of the workers. Majority of them are air traffic controllers and aviation tools engineers.

Their action, even for just three hours had in the past disrupted air travel and dislocated travel plans of millions of travellers.

A top official of NAMA, who spoke to New Telegraph on condition of anonymity, said the minister had requested to meet with all the parties involved in the face-off.

According to the source, “The Minister of Labour and Productivity requested to hold a meeting with us on Tuesday (tomorrow). The Managing Director of NAMA, Mr. Nnamdi Udoh and members of his team are also expected to be in attendance. We have told the NAMA boss that we will withdraw our services if he

refuses to do the needful by implementing the agreement reached in 2013 over workers right”.

The withdrawal of their

services could lead to grounding of airlines as the workers are mostly air traffic controllers, navigation tools maintenance engineers and service providers for airlines.

New Telegraph had last week exclusively reported that the National Union of Air Transport Employees (NUATE), Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the Amalgamated Union of Public Corporations Civil Service Technical and Recreational Employees (AUPCRE) had indicated their plans to down tools.

The three unions, in a letter to the Managing Director of NAMA, Mr. Nnamdi Udoh, dated February 17, 2014, titled, “For the urgent attention of Mr. Nnamdi Udoh”, and made available to New Telegraph, demanded for the full and immediate implementation of the communiqué entered between the three aviation unions and NAMA. The letter was jointly signed

by NUATE General Secretary, Abdulkareem Motajo, Captain N. Tarnongu, General Secretary, ATSSSAN and Isidore Opara, Secretary, AUPCRE. CONTINUED ON PAGE 26

RenCap warns regional banks against small markets Bayo Akomolafe

R

egional banks operating in smaller markets in the Sub-Saharan Africa (SSA), may have to rethink their business strategy judging by unimpressive performance of such economies that eventually affect lenders' profitability, R e n a i s s a n c e Capital(RenCap), a private equity and investment company has said in an emailed report to New Telegraph.

RenCap ranked these mar-

kets according to their profitability, and compared them on various metrics including economic Gross Domestic Product (GDP) and GDP/capita measures, bank assets, and bank assets to GDP, loans and advances to GDP and loans/deposits ratios.

The investment and Research Company stated: "We believe that regional banks operating in these markets should reassess the utility and potential for long-term profitability of a CONTINUED ON PAGE 26

Rates Dashboard

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

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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 Feb. 28)

USD. . . . . . . . . . . . . . . . . . . . . . . N172 Pounds. . . . . . . . . . . . . . . . . . . . N286 Euro. . . . . . . . . . . . . . . . . . . . . . . N236

EXCHANGE RATE

(Official As at Feb. 28)

USD. . . . . . . . . . . . . . . . . . . . N156.75 Pounds. . . . . . . . . . . . . . . . . N261.96 Euro. . . . . . . . . . . . . . . . . . . . . . . N234

26 business | NEWS

Sanctity of Truth

Monday, March 3, 2014

Online battle rages over Sanusi, Boko Haram FALSEHOOD Report purportedly linking suspended CBN boss with increased terrorists activities wasn't true afterall Jonah Iboma

T

here is an ongoing battle on social media over the source of a report that attempted to link Sanusi Lamido Sanusi, the suspended Governor of the Central Bank of Nigeria (CBN), to the recent spike in Boko Haram violence in Borno, Yobe and Adamawa States.

A number of online publications including SaharaReporters, OsunDefender and Mobility.ng, have reported that a recently circulated Microsoft Word document alleging that the suspension of the CBN governor was responsible for the increase in terrorists attacks was authored by Reno Omokri, the Special Assistant on Social Media to President Goodluck Jonathan.

They alleged that Omokri

had been posing as one “Wendell Simlin,”name with which the document was released to a number of media houses, adding that the ruse was uncovered as they traced the IP (Internet Protocol) address of the source document and it turned out that it had been authored and circulated by Omokri.

The details show that at about 11.54 a.m. (Nigerian time) certain media outlets and editors received an email from one Wendell Simlin (wendellsimlin@yahoo.com) with the headline “Increased Tempo of Boko Haram/Terrorist Activity in the Wake of the Sanusi Saga”.

The revelation has already led to heated dates and almost endless comments from Nigerians at home abroad since last Wednesday and comments by many who believe the claims by these online publications is that government should sack Omokri, claiming that his actions were embarrassing to government.

According to analysis of the Word document, it was revealed that Omokri’s alleged forgery sought to use spuri-

L-R: Head, Business Banking, Stanbic IBTC Bank, Lloyd Onaghinon; Principal, Lagos Progressive Senior Secondary School, Surulere, Mrs. Maria Obioha; President, Chosen Vessel Foundation, Mrs. Adebola Atoyebi and Assistant Director, Lagos State Ministry of Education, Mr. Muhammad Kassim, during an awareness campaign forum on cervical cancer sponsored by Stanbic IBTC Bank in Lagos .

ous circumstantial evidence laced with a heavy dose of innuendos to suggest that the renewed Boko Haram attacks in the Northeast were linked to Sanusi's recent suspension as CBN governor. Also, the document contained attacks on Alhaji Umaru Mutallab, the father of the jailed Christmas Day underwear bomber, Umar Farouk Mutallab.

In attempt to unravel the source of the document, investigations turned up the

UK, Swiss interests boost Nigerian insurance sector Sunday Ojeme

T

he reforms introduced by the National Insurance Commission (NAICOM) have raised investor confidence in Nigeria’s underwriting market. This is evident in the number and quality of foreign investors that have taken up equity holdings in the last five years.

According to New Telegraph findings, a minimum of 10 foreign interests from the United Kingdom, Switzerland and other parts of the world have gone into partnership with local insurance firms to carry out underwriting business in the country.

This much was attested to last week by the Chairman of the Board of NAICOM, Rt. Hon. Chibudom Nwuche. He affirmed that the sector had gained in the area of partnership with foreign investors even as more of them were making enquiries on how to be part of the Nigerian underwriting market.

Details of the partnership show that apart from Metropolitan Life of South Africa that owns 50 per cent equity in UBA Life, UK-based Old Mutual also boasts of 80 per cent stake in the life arm of Oceanic Insurance while another subsidiary of Old Mutual equally took 80 per cent share in the general arm of Oceanic Insurance.

Further breakdown also revealed that companies from Germany and other European countries have taken up 80 per cent stake in former Guaranty Trust Assurance that has been renamed Mansard. Not left out in the scramble for the booming local insurance market is a company from Ivory Coast that has taken 95 per cent equity holding in ADIC and subsequently changed the name to NISA. In the league are also Salam and another operator that took up 50 per cent shares each from FBN Insurance, which was changed to FBN Life and Prestige Assurance respectively while some American and Zimbabwean companies

bought 30 per cent stake in Continental Re. Byn Insurance from Switzerland also bought 30 per cent equity in Zenith Insurance.

The Deputy Director, Corporate Strategy, NAICOM, Mr. Babajide Oniwinde, confirmed to New Telegraph that more foreign firms were also on the lookout for more insurance companies to buy into.

following evidence: (a). Wendell Simlin Facebook account had only one photo. That photo had Mr. Reno Omokri in it. The photo had since been deleted (b). Further circumstantial evidence, such as friendships on Facebook, including ‘liked’ pages, strongly linked the account of Simlin to Omokri.

Some Internet investigators also discovered that there was a lot of interaction linking the

Labour minister averts airspace shutdown C O N T I N U E D F R O M PA G E 2 5

The groups noted that they notified the NAMA boss of an indefinite strike action in case of any further breach, just as they requested him to include the payment of the 12 months areas on the staff conditions of service, which they alleged was stopped since March, 2013.

According to the trio, “Failure on the part of your management to implement these agreements freely entered, we

RenCap warns regional banks against small markets C O N T I N U E D F R O M PA G E 2 5

continued presence.”

It said the bigger markets are well-known, and generally seen as attractive to banks.

"Our research shows that many of the smaller markets are simply not big or attractive enough to provide what we consider to be sustainable returns," the report added.

In the same vein, ReinCap observed that Nigerian banks are well capitalized, with sector Capital Adequacy Ratio (CAR) at 18 per cent as against regulatory

“shadowy” Mr. Simlin to Mr Omokri as far back as 2010. (c). A check of the IP address from which the email was sent indicated somewhere around the Kubwa area in Abuja with the IP address of 41.78.81.189.

But what was considered as the most damning evidence was that the Word document “Simlin” sent out as news, had the author's name as Reno Omokri.

minimum of 10 per cent and 15 per cent for banks with international banking operations.

However, it observed that balance sheet growth in Nigeria has dropped markedly from its precrisis heights, with credit growth only recovering in 2011 to 5 per cent, and 9 per cent in 2012.

"Asset quality trends have improved significantly, aided by the AMCON clean-up. The banks remain broadly compliant with the CBN’s 5 per cent maximum NonPerforming Loan ratio cap," it stated.

shall commence an indefinite strike action on March 10, 2014.

This letter serves as notice with effect from February 17, 2014.”

It would be recalled that after a meeting held at the instance of the Minister of Labour and Productivity, on November 26, 2013, it was resolved that all stakeholders follow-up meeting be reconvened under the chairmanship of the Permanent Secretary, Federal Ministry of Aviation and the resolutions of the meetings of NAMA management and the unions be presented for consideration.

Based on the above, the committee reconvened on December 11th 2013, and cautiously examined the contents of the communiqué presented at the sitting. There was unanimous agreement to the effect that the agreement as contained in the communiqué and the extract of the meetings between the management of NAMA and the unions held on August 7, 2013 be adopted and consequently ratified to pave the way for the subsequent adjustment of the consolidated salary structure of NAMA.

BUSINESS | MONEY LINE

Sanctity of Truth

Monday, March 3, 2014

Ecobank, UBA, others syndicate $260m loan for Côte d’Ivoire

INFRASTRUCTURE Nigerian banks are also showing the financial prowess beyond the shores of the country.

products, patents / licenses and car tax discs.

The facility includes a combination of short and mediumterm loans structured as follows: Tranche A (short-term loan), representing one third (1/3) of the facility, payable over two years at a rate of 7.00 per cent excluding taxes and, Tranche B (medium-term loan), representing two-thirds (2/3) of the Facility, repayable over five years at a rate of 8.00 per cent excluding taxes.

This combination of short and medium-term facilities, according to the statement, was tailored to fit the need to rebuild in a short-time the response capacity of the FER. According to the statement, seven banks participated in the syndication that was oversubscribed by 110 per cent and the spread of the loan is as follows: Ecobank Group for FCFA 45.6 billion (USD 91.2 million), the United Bank for Africa Group (UBA) for FCFA 19.2 billion (USD 38.3 million), Société Générale for FCFA 18.2 billion (USD 26.5 million), Attijariwafa

Siaka Momoh

R

oad infrastructure is to get a lift in Côte d’Ivoire soon with $260 million loan coming from a consortium of banks led by Ecobank Group, a statement from Ecobank headquarters in Togo has said.

Ecobank Capital, the investment banking arm of the Ecobank Group, said that it has successfully structured and raised, as Co- Arranger with the Ivorian investment Bank Africa Link Capital, a facility of FCFA 130 billion equivalent to $260 million (the "Facility”) to finance the Road Maintenance Programme 2013-2015 of the FER. This success was made official by a signing ceremony held last Thursday, in the presence of technical and financial supervisors of the FER and banks participating in the syndication.

The facility is a structured and innovative financing scheme based on a set of resources allocated to the FER, including the Unique Specific Tax (TSU) on the consumption of petroleum

Bank Group for FCFA 18.2 billion (USD 36.5 million), Group Bank of Africa (BOA) for FCFA 18.2 billion (36.5 million USD) BNP Paribas Group for FCFA 5.9 billion (USD 12 million) and finally BGFI Bank Group for 4.6 billion FCFA (9.1 million USD).

T

he Nigeria Inter-bank Offer Rates (NIBOR) at the money market last Friday, dropped by 19.92 per cent from 12.24 per cent the previous day to 11.0417 per cent for call money. This is due to maturing treasury bills worth N267.85 billion, which hit the financial system last week.

Similarly, at the end of trading, the naira at the Nigeria Interbank Foreign Exchange (NIFEX) closed at N165.31/$ compared with N165.15 on Thursday. Also, the local currency closed at N165.15/$ compared with N164.80 on Thursday, data from Financial Markets Dealers Quotations

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

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

FX

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

(FMDQ) indicated.

This means that naira, which has remained under pressure since four months ago, again lost 0.16kobo on Friday after it lost N0.35k or 0.2 percent to the US dollar at the inter-bank market due to increased demand by foreign exchange users, even after oil majors sold some undisclosed amount of dollars.

On Wednesday, naira lost 24 kobo to the dollar at the interbank market in spite of the Central Bank of Nigeria’s (CBN) $400 million foreign exchange intervention through the Retail Dutch Auction System.

Some multinational oil companies sold an undisclosed

I

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

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

thereby helping to assure their commercial viability. Building on the early success with SODECI in the water sector, private sector contracts for power generation, power distribution, and railways were signed in the 1990s.

amount of dollars, irrespective of this, demand continued to outweigh supply in the market, Sewa Wusu, head of research, Sterling Capital Markets Limited, said by e-mail.

The CBN on Wednesday offered a total of $400 million but sold a total of $398.7 million to 21 deposit money banks that participated in the bi-weekly Retail Dutch Auction System (RDAS) at the rate of N155.75/$.

Dealers believe CBN may move the mid-point of the currency rate higher at the next MPC coming up March 24-25 and further increase the Cash Reserve Ratio (CRR) to protect the reserves and possibly attract further FPI flows.

Sterling Bank initiates education scheme

As at 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

Côte d’Ivoire, according to the statement, was a pioneer with respect to private participation in infrastructure in Africa. This was possible, in part, because of the country’s commitment to charging cost-recovery prices for infrastructure services and

Interbank rates down 19.92% on N267bn maturing bills

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

27

Bid 163.4000

Offer 163.5000 Source: FMDQ

n a bid to further consolidate its strategic focus on education and youth empowerment, Sterling Bank Plc has initiated the “One Sterling Education!” initiative.

Through scheme, which is in line with the Financial Literacy Policy of the Central Bank of Nigeria (CBN), Sterling Bank, is adopting select schools and deploying teams comprising of staff trained under its Sterling Volunteers Programme (SVP) to educate and enlighten the children specifically on financial literacy, Global Money Week.

Sterling Bank according to a statement, is also sponsoring the 2014 edition of the “We are The Future of our Nation” (WATFON) programme, an initiative of Edumark Consult with more than 3,500 final year students from various secondary schools attending the annual event.

The WATFON programme, billed to hold at the ‘Ten Degrees Event Centre’ in Oregun, Lagos on Wednesday March 25, 2014, provides young Nigerians with the opportunity to meet

and interact with accomplished professionals as well as national leaders, who have excelled in their chosen endeavours in the society.

Commenting on these programmes, Sterling Bank’s Group Head, Strategy & Communications, Mr. Shina Atilola, said that the sponsorship of WATFON is based on the need to invest in “our collective future and enable society, particularly the children in accordance with the Bank’s Corporate Social Responsibility focus or objectives”.

He said the knowledge gathered from these interactions, will further inspire the children to greatness.

The Bank, he said had demonstrated its commitment to the younger generation through initiatives such as the “Raise A Child”, a fund-raising initiatives for child-related causes and its partnership with Audax on Computer Science Education Week’s (CSEdWeek) Hour of Code - a free Boot Camp for kids and adults to spread awareness of the need for computer science education among the youth.

28

Sanctity

Monday, Ma

CBN should unify official There have been various arguments on whether to allow the Naira, which has been under intense pressure in the last four months, to find its level or continue to be supported by the Central Bank of Nigeria (CBN) through the nation’s reserves that had been drawn down to $40.25billion, as at last Thursday.

But in this interview, the Managing Director/Chief Executive Officer of FMDQ OTC PLC, Mr Bola Onadele, states that unifying the official foreign exchange market is the right way to go. Onadele, known as Koko in the Nigerian financial markets, also spoke on the efforts of FMDQ to instil transparency in the market, integration of the capital and money market bond trading and other reforms that would bring credibility and integrity into the money market. He spoke with AYODELE AMINU Nigeria's capital market is not deep enough. What is the FMDQ doing to deepen it?

If you look at the capital market, we have the equities side, the bond side, the commodities and derivatives. I will leave the equities side because that is under the purview of the Nigerian Stock Exchange (NSE). The bond market has different sub-segments such as the Federal Government Bonds and the State Government Bonds. We also have Super National Bonds such as the International Finance Corporation’s (IFC) and the African Development Bank’s of this world. We also have agency bonds, corporate bonds and others. Indeed, the FGN dominates this segment. There are so many reasons why equity segment of the capital market is not developed, whereas the FGN bond is relatively developed and the most liquid. So, this is one of the reasons for setting up FMDQ, for us to see how we can develop the bond market.

The depreciating value of the Naira is major concern. The CBN has continue to defend the currency with the reserves, which is also decreasing. Don’t you think it is high time we devalue the Naira?

I don’t think so. However, we may allow the currency to float a bit more. But I don’t think devaluation is the answer to that problem. I think we should be looking at unifying the official market instead of having different markets. Those are the sort of things I feel we should do to give depth to the official market and reduce the bifurcation of the CBN window and the interbank window. That is the kind of thing the CBN should do. I do not think devaluation is the answer.

With the current exchange rate of the dollar, will you say that the naira is undervalued or overvalued?

The market is where we look at the value, especially a trading market. The market, today, has not pointed to an extreme overvaluation of the naira. What happens is typical for analysts to compare the values of other emerging market economies with that of Nigeria and then talk about the percentages that have been lost in the different countries and currencies as compared with Nigeria. But the management of the currencies is very different and the currencies are also very strategic in nature in the manage-

Onadele photos by: ayodele aminu

ment of the economy.

Can you give us an idea of the average value of funds that change hands in the financial market on daily basis?

From the market we inherited; the OTC market under the FMDQ, which is the money market; the currency market; the treasury bills and the FGN bond market, in 2012, it stood at N60 trillion a year. Assuming there are 250 business days in the year, then you can dimension how much it is per day.

What has been the response of foreign investors investing in the country despite the security challenges in Nigeria?

As you know, these are portfolio investors. They are not like those looking at establishing businesses. It is not that they do not look at the micro economic and other risks in the country. These are those buying securities. So, their focus will probably be more on the new levels and also the risks in the currency. But their interests, generally, are some of the issues FMDQ is addressing. Investors are interested in transparency to ensure that the traders are not short-changing them since they are not in the market.

It is also important to ensure that the market is credible.

If someone says the price was N98, it is for them to be sure they will see the best execution at that point in time. So those are some of the interests they have. They bother more on the monetary policy and the micro economic stability, not about some economic fundamentals.

What value has the FMDQ brought to the financial markets?

Financial Market Dealers Quotation Over-The-Counter Plc., (FMDQ), as you are aware, is an initiative of the Bankers’ Committee, which is the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), all the banks and discount houses in Nigeria. The value propositions of FMDQ are captured in our agenda, which is the gold agenda. What that means is that the financial market should be globally competitive, operationally excellent, should be liquid and diversified. In terms of value proposition, we are looking at market transparency, creditability to our Over-The-Counter (OTC) financial markets and also high level of integrity.

In the past, the market has been a bit opaque; so, we will ensure that we bring transparency to market to give comfort to all the stakeholders. Stakeholders in the OTC market are many and they all have diverse interests. It is important that throughout our activities, we bring credibility, integrity and transparency to that market.

What will be the specific focus of FMDQ this year?

The first is market transparency through technology.

We will like, as much as possible, to get all the transactions going on in the market on various systems to come under FMDQ. So, this way, there will be ease of execution of activities for the trading members and also market information and transparency to all stakeholders. At the moment, for instance, if you want to know what is going on in the bond market, you see the closing prices, which are

29

of Truth

arch 3, 2014

market –MD, FMDQ OTC

securities and prices at which transactions are taking place. They will see the high and low prices in the market. This is a level of transparency, which is ideal for any capital market structure. For those that are not on the FMDQ’s e-bond system, what we will ensure is that they will get information as well on the FMDQ website.

A major part of that transparency is surveillance. The regulators, comprising the Debt Management Office (DMO), CBN and the Securities and Exchange Commission (SEC) are training with our operations and technology people on the surveillance part.

The system is also bringing almost a 100 per cent online, real time monitoring of the market. So, transparency is not just about making information available, but also making it available on almost online, real-time basis for potential buyers, for institutional investors and for the traders themselves. Today, imagine if a trader wants to trade with another dealer, he has to call the system. It is the system that shows you where the calls are and allocate the site you are to deal with. That is the kind of transparency we are looking at in order to address the needs of various stakeholders.

BIODATA Previous Jobs: President, FDHL, a financial consulting firm; COO, Leadbank; MD/CEO, Trust Bank of Africa; Head of Treasury, FCMB and Chief Dealer, Citibank Nigeria Experience: 20 years Initiatives championed: The two-way quoting (2-WQ) system, screen-based dealing, NIBOR, Nigerian Inter-bank Foreign Exchange Fixing (NIFEX) and Nigerian Inter-bank Treasury Bills’True Yields (NITTY).

published in the newspapers. We will like to stream information about securities on the market for everybody to see at regular intervals during the day. So, that is one big initiative we will like to see this year.

Also, in terms of membership, we intend to integrate the traditional money market, which is the space in OTC market, with the Exchange. There are some securities dealers that are operating under the NSE and there are banks that are operating in the old interbank market. We will like to integrate these two sides such that the security and dealer of the Exchange can trade bonds in the same market with the banks. That is an initiative for that capital market integration, which is the space on FMDQ. On market development, we intend to look at the fixed income market again. You will remember NIBOR, which is the Nigeria Interbank Offer Rate and the Nigerian Inter-Bank Foreign Exchange Rate (NIFEX).

We will like to ensure that they meet international standards. We will be looking at those benchmarks to ensure that they are very credible. We will be also looking at the resuscitation of the commercial paper market and probably more amenable loans productivity in the market. These activities are going to be under market development and technology. We will also give some sense of governance by putting in rules in the market, and also ensuring that the rules are those that will be enforced through technology. Those are the three main pillars of our initiatives this year.

We are also looking at bringing liquidity to the corporate bond market. We will also be looking at advocacy and some reforms to the market as well. The issue of commercial papers, which is the short-end of the market, is one that we intend to address because that market is almost non-existent.

If we don’t get the corporates used to issuing short-term papers, it may be a challenge encouraging them to come along on the longer tenors. The issue of this bond market involves different stakeholders to do their bit. What we (FMDQ) can probably

OTC market under the FMDQ, which is the money market; the currency market; the treasury bills and the FGN bond market, in 2012, it stood at N60 trillion a year.

Onadele

do is to enhance this process and making it quicker, competitive in terms of cost and also provide liquidity. Those are the things that come under the purview of the FMDQ. For other areas, it would be through advocacy to encourage the stakeholders to contribute to the reforms that are necessary.

From what you have said so far, one word keeps recurring, and that is transparency.

So, how do you ensure transparency besides

the publication of the rates?

It is not just publication at the close of business. What we are bringing to the market starts from the needs of the users of the market, apart from other stakeholders. So, if you look at end user, that is the institutional investors, who are the predominant users of bonds and treasuries, they will see the indicative prices quoted by dealers or trading members. You will also see the market depth. I mean the volume traded and the

What has been your major constraints?

We are new, so you should expect that we will be faced with the usual teething problems. In addition, what we are bringing to the market is a bit of a change of how we organise the OTC market and also make it probably competitive. Earlier this morning, we had some international investors.

So, our challenge is to see that what we are doing is fully appreciated by everyone. But there are teething problems too in the major changes we are bringing. So, with the support of the CBN, SEC, and DMO, we are addressing these challenges.

If anybody is found wanting in terms of transparency, who enforces the rules against him?

It could be the CBN or SEC. Also, if there is an infraction, don’t forget the DMO as well is an agency of the Federal Government that manages debt and also licenses some members to operate as primary dealer market makers. So, all our reports will be going to agencies of government.

Onadele

Since inception, how many institutions have been found wanting in this regard?

As I said, we are implementing our system next month. So, it is really when you put this system in place that we will be able to monitor. It is not a market where people come together in one place to transact. So, people are remotely set up in their offices.

It is this technology that we are putting in place, which will make us see from our office here, the activities of people. But as I said, we have only just started. We have not done any examination of members. The rules have recently been approved by SEC and it has more amendments to the rules they are also looking at. In terms of supervision and examination of the market, that will start from next month.

30 business | FINANCIAL MARKET NEWS SUPPORTED The latest writeup from The Economist tallies with that of New Telegraph

W

hen President Goodluck Jonathan suspended Lamido Sanusi, the governor of Nigeria’s central bank, on February 20th, he succeeded in removing an opponent. But over the past week it has become clear that this small victory has come at a steep price.

Not only has Mr Jonathan signalled his unwillingness to tackle the rampant corruption that is eating away at his country—he has also scared foreign investors and presented an open goal to his political enemies.

The outspoken Mr Sanusi courted a stormy end to his tenure, due to finish in June, by accusing the state oil company, the Nigerian National Petroleum Corporation (NNPC), of failing to remit $20 billion in revenues to government accounts. The ministry of finance puts the figure at $10.8 billion. Mr Jonathan says he suspended Mr Sanusi because of “financial recklessness and misconduct” and “farreaching irregularities” at the bank. But the decision came just days after Mr Sanusi presented detailed evidence to a Senate committee investigating alleged fraud and mismanagement at the NNPC. Most concluded that the suspension was politically motivated.

Investors are spooked, interpreting the decision as a sign of the authorities’ lack of stomach for fighting corruption. Already, $2 billion of the $9 billion in foreign cash invested in Nigerian bonds has moved out; bankers predict more will follow. The naira plunged to an all-time

Sanctity of Truth

Monday, March 3, 2014

President's decision to get rid of CBN governor is bad news lTrouble in Nigeria: Now for the fallout

low of 169 to the dollar on February 20th. Sarah Alade, a highly regarded technocrat who will run the bank until June, has pledged to continue to support the currency. But the foreign-exchange reserves she needs to do so have fallen by almost 14% from 12 months ago.

The controversy has a strong political tinge. The Senate’s investigation was prompted by a leaked letter from Mr Sanusi to the president in which he accused the NNPC of violating the law.

This put him in conflict with Diezani Alison-Madueke, the petroleum minister and a close ally of Mr Jonathan’s. The NNPC has repeatedly denied the allegations. Ngozi OkonjoIweala, Nigeria’s finance minister, says an independent audit must establish the truth.

Many see her outspokenness as a sign she doubts that Mr Jonathan will hold a credible inquiry. “The key question we need answered is what the correct amount is,” she says.

Sanusi

Jonathan

“We need urgent action to bring this to the fore.”

Mr Sanusi’s treatment under mines confidence that this will happen. It is not the first time there has been scrutiny of the NNPC, part of a rotten oil industry whose leakages undermine Nigeria’s macroeconomic stability. Eighteen months ago the former anti-corruption tsar, Nuhu Ribadu, claimed tens of billions of dollars

in oil-and-gas revenue had been siphoned off in 200212. The president ordered three reports into it, but they never saw the light of day— if they exist at all—and no one was prosecuted. Months later the Nigerian Extractive Industries Transparency Initiative, part of a global lobby for transparency in natural-resource revenues, revealed a leakage of more than $9.8 billion in 1999-2008.

Mr Sanusi’s suspension has also provided ammunition for Mr Jonathan’s political opponents in the run-up to the elections in 2015. The All Progressives Congress, the main opposition party, described it as “the clearest indication yet that President Jonathan…is willing to silence any whistle-blower”.

Although acclaimed abroad,

“The Senate is due to confirm Mr Jonathan’s new choice of governor, Godwin Emefiele, who heads Zenith, a private bank. He is expected to keep quiet and stick to tight monetary policy. He is hardly seen nor heard—a typical attribute of the central banker the Nigerian establishment prefers”

Mr Sanusi has a mixed reputation at home. He tackled widespread financial fraud and overhauled Nigeria’s banks during a banking crash in 2009. He has stabilised inflation in single digits and cracked down on money-laundering. But his staff say he has dragged the bank into politics. His blunt outbursts criticising Nigeria’s governance propelled the legislature to propose a bill (which failed to pass) compromising the bank’s independence. Some accuse him of having political ambitions of his own The Senate is due to confirm Mr Jonathan’s new choice of governor, Godwin Emefiele, who heads Zenith, a private bank. He is expected to keep quiet and stick to tight monetary policy. “He is hardly seen nor heard—a typical attribute of the central banker the Nigerian establishment prefers,” says Oluseun Onigbinde, an economist at BudgIT, a start-up that publishes Nigerian economic data on social media.

Investors want the stability that came from Mr Sanusi’s policies and which Mr Emefiele supposedly seeks.

But they are losing faith in Mr Jonathan’s administration.

Thanks to its vast oil-andgas reserves and the vitality of its 170m people, Nigeria remains hugely attractive.

But Mr Sanusi’s tumultuous exit is another instance of the country’s squandered potential.  Culled from The Economist

Mainstreet Bank supports farmers at trade fair

M

ainstreet Bank Limited has pledged support to famers and agricultural entrepreneurs seeking opportunities in agricultural business at the on-going 35th Kaduna International Trade Fair.

Head, Agricultural Desk of Mainstreet Bank Mr. Kabir Usman made this pledge during a media interactive session news men at the lender’s stand, at the fair.

He commended the organisers of the fair for focusing on the theme, “Agricultural Transformation for Industrial Development: Public Private Partnership (PPP) Approach”.

Usman noted that through PPP, skills and resources of each sector (public and private) are shared to assist agro allied industries develop to their full potentials.

This, he said, clearly reveals

the important role the private sector is expected to play in ensuring the development/ industrialization of the agricultural sector in Nigeria.

Usman noted that Mainstreet Bank has over the years been a proud partner of the Kaduna Chamber of Commerce, Industry, Mines and Agriculture (KADCCIMA); organisers of the International Trade Fair.

He said that the bank

considers this year’s fair unique given its focus on promoting agricultural enterprise and by extension job creation and food security.

“Mainstreet Bank through its commitment to the Federal Government Agricultural Transfor mation Agenda and the GES initiative has successfully mobilised fertilizer ag ro-dealers, farmers, suppliers and seed companies to create

an effective distribution mechanism that eliminates middlemen and the attendant corruption, which existed in the input distribution chain.

He reminded the audience that following from the recent flag-off of the 2013/2014 dry season support programme, by President Goodluck Jonathan, the bank has committed to growing its lending portfolio from N10 billion in 2013 to 20billion in 2014.

BUSINESS | MONEY MARKET REPORT

Sanctity of Truth

Monday, March 3, 2014

31

Foreign investors move out $2bn outflow The likelihood of instability in Nigeria's monetary policy is chasing away foreign investors

Ayodele Aminu

A

bout $2 billion of the $9 billion in foreign cash invested in the Nigerian bonds has been moved out of the country since the tumultuous exit of the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, on February 20th. Experts also predict more funds would be moved out because investors want the stability that came from Sanusi’s policies.

Money Market And in a bid to further tighten liquidity, the banking watchdog issued a total of N90billion worth of OMO bills in two auctions but sold bills worth N132.22billion to mop up the excess cash in the system.

Analysts at Cordros Capital Limited believe that attractive yields (each offering yielded about 13.72 per cent) and uncertainties in the equities market drove the oversubscription at the auctions as investors seek clarity given recent developments in the monetary policy space.

The average inter-bank rate ended the week 13bps lower to 11.87 per cent as rates across all tenors were marginally down by an average of 0.1 per cent last Friday, compared with the preceding Friday.

This was attributed to matured treasury bills worth N267.85 that hit the system last Thursday, which helped to improve the liquidity position of the market.

According to the FMDQ OTC data, just as the Overnight tenor reduced to 11.04 per cent last Friday, from 11.08 per cent the preceding Friday, the 7-day tenor also fell to 11.37 per cent on Friday, from 11.45 per cent the preceding Friday.

Also, while the 30-day tenor reduced to 11.62 per cent, from 11.71 per cent, the 60-day tenor too dropped to 11.87 per cent, from 12.04 per cent.

The 90-day, 180-day and 365-day tenors all closed lower at 12.12 per cent, 12.37 per cent and 12.67 per cent respectively.

Similarly the Open Buy Back fell by 0.2 per cent to 10.54 per cent.

The money market opened last week with a credit balance of N366 billion and closed with a higher credit balance of N466 billion.

According to Afrinvest Securities Limited, the improved liquidity at the commencement of the week built momentum at the treasury bills market

but subsequently reversed to a bearish trend due to the implementation of the Central Bank of Nigeria (CBN) auction stop rate on July bills (13.10).

“Market confidence has been driven primarily by local players and a guarded system. We expect softer market liquidity this week as participation weakens,” Afrinvest added.

Treasury Bills The T-Bill market reversed the bearish move a fortnight ago (where yields rose by 44bps to 13.80 per cent) as local investors took advantage of elevated yields. The average T-Bill yield declined by 61bps to 13.19 per cent even as the CBN sold OMO bills at attractive rates. According to analysts, demand pressure from investors and limited yield divergence between T-Bills and OMO bills eliminated the often negative impact of attractive OMO offerings on the T-Bill market.

Bonds The bond market, which has been far more resilient in the face of recent shocks stemming from the emerging market rout and the shock suspension of the CBN governor, posted solid gains for the week. The average bond yield fell by 32bps to 13.06 per cent. The bond market was buoyed by increased interest from local investors, especially Pension Fund Administrators (PFAs) who are not constrained by negative exchange rate developments, which have dampened offshore investor's appetite for Nigerian fixed-income instruments.

Foreign Exchange The Naira rebounded from the weakness seen last week against the Dollar as continuous CBN interventions in the inter-bank market and offerings at the official window supported the local currency. The CBN offered US$800million and sold US$798.52million. Also supporting the Naira was the general weakness of the Dollar against major peers as the US Federal Reserve chairwoman Janet Yellen signalled a potential slowdown of tapering if US economic data

Acting CBN governor, Dr. Sarah Alade

soften during a senate banking committee meeting. The Naira appreciated by 37bps w/w to N164.95/US$. On the other hand, the Naira weakened by 0.23 per cent and 0.08 per cent against the Pound and Euro to N276.26/£ and N227.72/.

Global Equities Market Despite worries linked to United States economic data as well as the tensions in Ukraine and Russia, equities in advanced markets posted some gains last week. US stocks rose amid improving consumer confidence and Fed officials downplay worries over growth. The Dow Jones Industrial Average rose by 1.05 per cent, while the S&P 500 added 0.98 per cent. After the earning season-driven rally last week, equities momentum slowed in European markets, with the Euro Stoox up by only 0.1 per cent and the UK's FTSE 100 was down by 0.41 per cent.

The MSCI Emerging Market Index advanced by 0.41 per cent as gains in India, Brazil and other countries helped offset the fall in China's CSI 300 Index. Meanwhile, the frontier market index closed lower by 0.24 per cent.

Outlook Equities Market performance in the week just ended, according to Cordros Capital, showed that investors are gradu-

ally overcoming the emerging market concerns as well as the banking sectorled upset. Cordros Capital believes investors' resilience will persist into the new week, more so as prices of stocks are yet to recover from year-to-date low levels and earnings release period draws closer. A downside to our outlook lies in investors possibly booking profits on the gains recorded this week.

Currency: The dovish comments of the US Federal Reserve chairwoman Janet Yellen during the senate banking committee meeting on Thursday may act as support for the Naira in the week ahead. In addition, the promise of continued aggressive CBN interventions in the inter-bank market should also prevent a disorderly depreciation of the Naira. In light of these observations, Cordros Capital said its outlook is tilted towards a mild w/w Naira gain vis-a-vis the US Dollar.

Treasury Bills Given the sharp yield compression seen in the T-Bill market last week and the fact that there are still issues tied to the evolution of monetary policy from a liquidity management and exchange rate standpoint, Cordros Capital said it expects the T-Bill market to give up some of the gains seen this week as investors book profits and take a more cautious stance.

Bonds Similar to its outlook for the T-Bill market, Cordros Capital expect the bond market to come under selling pressure tied to profit taking activities. Bond valuations at current levels appear expensive given the positive rebound seen in recent time and the increased probability of an MPR hike.

Interbank: Cordros Capital said it does not expect much movement in the average inter-bank rate in the week ahead. “We see little in the way of liquidity withdrawals by the apex bank next week (this week) and this should see the average rate move within a tight range,” it said.

32

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, March 3, 2014

Stock market upbeat on liquidity inflow BULLISH The stock market recouped what it lost in the wake of the suspension of the CBN Governor, Sanusi Lamido Sanusi.

Chris Ugwu

T

he stock market staged a recovery last week, breaking the jinx of the lull that characterised the market the previous week following upset in the financial market.

This stemmed from the suspension of the CBN governor, Lamido Sanusi Lamido, over allegations of 'various acts of financial recklessness and misconduct."

Analysts had forecast that the uncertainty surrounding the market over the suspension of Sanusi will be over this week and stability returns.

The NSE All-Share Index and Market Capitalisation appreciated by 3.30 per cent to close on Friday at 39,558.89 and N12.707 trillion respectively.

Likewise, six of the NSE sector indices appreciated last week with the exception of two.

The NSE 30 index rose by 3.61 per cent to close at 1,777.82, NSE Consumer Goods chalked up 2.41per cent to close at 1,007.78, NSE Banking inched up by 6.99 per cent to close at 384.45.

The NSE Insurance index appreciated by 3.49 per cent to close at 146.67, NSE Lotus II index edged up by 1.02 per cent to close at 2,839.96 while NSE Industrial Goods index appreciated by 1.44 per cent to close at 2, 568.76. However, the NSE Oil/Gas index dropped 1.34 per cent to close at 301.49 while the NSE-ASeM index depreciated by 0.35 per cent to close at 959.63.Though the market suffered set back mid week, the stock market started on a good note on Monday, the first trading day of the week as investors resume bargain hunting activities after market weakened under sell pressure due mainly

to Sanusi's suspension.

Consequently, at the close of trading, 28 stocks recorded price appreciation, while 18 constituted the losers table.

The market twin market indicators, the All-Share Index and market capitalisation rose by 411.4 points or 1.06 per cent and N132 billion to close at 38,707.14 index points and N12.433 trillion from the previous 38,295.74 points and N12,301 trillion respectively.

Further analysis showed that UBA Plc topped the day’s gainers table with N8.66 per cent to close at N7.28.

Dangote Sugar went up by 7.91 per cent to close at N11.59 followed by FBNH Plc with 4.92 per cent increase to close at N12.58 per share respectively.

On the flip side, Wapic Plc led others on the losers table with 5.56 per cent to close at 86 kobo per share. AIICO Insurance followed, decreasing by 5 per cent to close at 76 kobo per share while Cadbury Nigeria shed 4,99 per cent to close at N86.25.

On the activity chart, the Banking sub-sector dominated in volume terms with 166.2 million shares worth N1.7 billion in 1,902 deals. Other financial institutions followed with 91.3 million units worth N546.5 million in 1,018 deals.

On Tuesday the market trudged on in the green zone as investors appetite increased bargain - resulting in 42 gainers as against 18 losers.

Notably, investors took preference for banks shares and other high net worth stocks, which helped lift the twin market performance indices, the NSE ASI and market capitalisation, higher by 1.15 per cent.

Three financial institutions – Skye Bank, FBNH and UBA led the gainers advancing by 10.14 percent, 9.70 per cent, and 6.46 per cent to close at N3.80, N13.80 and N7.75 respectively.

Redstar Express, ETI and Enterna Oil followed with a gain of 5 per cent each to close at N4.62, N14.91 and N3.99 per share.

However, major conglomer-

ate, Unilever Plc, weakened by 5 per cent, closing at N45.60 to lead the losers table. Beta glass, followed by a loss of 4.95 per cent to close at N19.38 and Evans Medicals slumped by 4.95 per cent to close at N2.33.

Consequently, the NSE AllShare Index appreciated by 452.96 basis points to close at 39,160.10 index points as against 38,707.14 recorded on Monday while the market capitalization of equities appreciated by N145 billion, from N12,433 trillion to N12,578 trillion.

However, the mid week saw the market point southwards following sell pressures on most blue chips as investors took profits.

At the close of trading, the twin overall market performance gauges, the NSE ASI and market capitalisation, weakened by 0.76 per cent.

Market operators had predicted that the bullish trend would trigger profit taking and impact negatively on the stock market.

Specifically, the NSE AllShare Index depreciated by 297 basis points or 0.76 per cent to last Friday at 38,862.87 as against 39,160.10 recorded the previous day.

The market capitalization of equities equally plummet

by N95 billion or 0.76 per cent to close at N12.483 trillion from N12.578 trillion recorded the previous day.

At the close of trading, 35 stocks appreciated in price during the day as against 25 that depreciated in value.

Cement Company of Northern Nigeria (CCNN) advanced by 10.16 per cent to close at N9.54 per share. Similarly, Wapic Insurance Company added 9.30 per cent to close at 94 kobo. Reversing Tuesday’s gains, shares of leading conglomerates UACN, depreciated by 8.60 per cent to close at N61.25 a share.

Further analysis of the trading showed that the Banking subsector of the Financial Services sector was the most active during the week (measured

DG, NSE, Oscar Onyema

by turnover volume); with 129.6 million shares worth N1.57 billion exchanged by investors in 2,030 deals.

On Thursday, the stock market got respite from the previous day’s loss following renewed bargain hunting - particularly on blue chips, Guinness Nigeria and Dangote Cement. Consequently, the overall market performance gauge, the NSE ASI, gained a marginal 0.06 per cent.

Major brewer of alcoholic and non-alcoholic beverages, Guinness Nigeria, extended its advance by N8.58 to N180.36 a share as did shares of largescale oil palm processor, Presco, which appreciated by N2.10 to N44.10 apiece. Manufacturers of building materials, Dangote Cement and Cement Company of Northern Nigeria, strengthened by N2.00 and N0.16 to N237.00 and N9.70 respectively while deposit money bank, Union Bank, rose by N0.34 to N9.20.

On the losers’ chart, leading manufacturer of flour and flour-based products, Flour Mills of Nigeria, sank by N4.12 to N78.38 a share. Also, shares

Five most capitalised firm as at 21/2/2014 Dangote Cement Plc

N4.8 trillion

Nigeria Brewery Plc

N1.4 trillion

Nestle Nig Plc N871.9 billion GTB Plc

N747.5 billion

Zenith Bank Plc

N646.6 billion

of integrated energy solutions provider, Oando, lost N0.82 to close at N19.18 each. Top tier commercial banks, Guaranty Trust Bank and Zenith Bank, retreated by N0.45 and N0.39 to N24.30 and N20.60 while leading processor of raw sugar, Dangote Sugar Refinery, shed N0.24 to close at N11.41.

The bulls maintained its stronghold on Friday as investors’ confidence on shares was enhanced; producing 36 gainers as against 22 losers. By business close, the twin market performance measures, the NSE ASI and market capitalisation, grew by 1.70 per cent amid increased investment levels.

Food and beverage multinational, Nestle Nigeria, appreciated the most by N28.69 to close at N197.90 a share. Similarly, brewery majors, Guinness Nigeria and Nigerian Breweries, climbed by N17.54 and N7.00 to N197.90 and N152.00 respectively.

On the flip side, maker of building materials, Cement Company of Northern Nigeria, regressed by N0.46 to N9.24 a share. Leading flour miller and pasta maker, Flour Mills of Nigeria, lost N0.38 to N78.00 a share.

Financial pundits believe reports of the growing attraction of the Nigerian market to foreign portfolio investors have seen the market oscillate as bargain-hunters and profit-takers jostle to take position.

At the current pace, the market is not doing badly and this modest show of recovery could be enhanced with the strengthening of the regulatory framework to ensure a more investorfriendly outlook.

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, March 3, 2014

DUMPING Investors are punishing Guinness Nigeria for posting a dismal performance.

Guinness Nigeria: Investors wary over dwindling returns

Chris Ugwu

I

nvestors’ appetite for Guinness Nigeria Plc, one of the Nigeria’s brewery giants, has continued to wane following steady dip in the company’s bottom-line.

Since the company released its audited results for the year ended June 2013, market sentiments for the shares, which opened the year in January 2013 at N275 and stood at N280.00 in early June, started to deplete.

As at Friday last week, the share value had lost about 28.03 per cent or N77.1 to close at N197.90 per share.

Stockbrokers attributed the decrease in the company'sshare price to wary investors that have seen a decline in level of dividend per share they received since 2011.

According to records, the dividend payout per share had reduced from N10 in 2011 to N8 in 2012 and further to N7 in 2013.

Financial pundits believe that the trend of dividend payout has made some discerning investors to lower their appetites for the blue chip company.

They said that the audited results for the year ended 2013 was not encouraging and the expectations was that the subsequent results will be brighter enough to erase the negatives in the accounts.

But unfortunately, the recent condensed Interim Financial Statements for the six months ended December 31, 2013 did not come rescue the company.

Brokers said that wary investors are still reacting and taking positions on the shares of the company based on the figures available to them.

The company’s result for the year ended June 30, 2013, showed a considerable dip in key profitability indices, though the revenue and net assets grew by 4 per cent and 19 per cent respectively to N131.4 billion and N46.03 billion compared with N126.3 billion and N38.6 billion respectively recorded same period in 2012. Profit before tax dropped by 17 per cent to N17.008 billion as against N20.383 billion recorded in 2012. Also, profit after tax declined by 17 per cent to N11.8 billion from N14.2 billion it

33

Adetu

Financial pundits believe that the trend of dividend payout has made some discerning investors to lower their appetites for the blue chip company. recorded in 2012.

Guinness condensed Interim Financial Statements for the six months ended December 31, 2013, further showed a drop of 32 per cent in profit before tax (PBT) from N9.44 billion recorded in 2012 to N6.41 in 2013. The company’s profit before tax slumped by 22 per cent to N4.99 billion from N6.41 billion.

The company posted a turnover of N52.7 billion, as against N60.87 recorded in the comparable period of 2012, representing a drop of 13 per cent while earning per share also recorded a loss of 22 per cent to 332 kobo in 2013 from 426 kobo in 2012.

The management said the company’s results for the period under review was impacted by continuing softness of the beer market in the country.

Speaking on the results, Mr.

Seni Adetu, Managing Director/Chief Executive Officer, Guinness Nigeria Plc, said that continuing decline in discretionary income, among other factors, have continued to affect the performance of the business in the year under review. “Our performance for the period ended December 31, 2013, has been impacted by the contraction of the beer market for most of the half and the shift towards the value segment mainly due to affordability and discretionary income trends.

“Contributions from strategic innovations have remained strong as we continue to invest in our sales organisation to drive increased distribution and to support long term growth. Our marketing investments behind our brands also continued as we launched a new campaign for Guinness

FES and Harp,” he said.

Mr. Babatunde Savage, Chairman, Guinness Nigeria Plc, said that the Board continues to support the management in its efforts to continue to grow the business and deliver shareholder value.

“We will continue to manage our cost base tightly to deliver moderate operating margins improvement. The Board is confident that our focus on our strategic priorities will return the business to growth and improved profitability.”

Analysts at Renaissance said that based on the management presentation, the demand remained soft, consumers continue to trade down to value brands, and the beer market declined at a mid-single-digit rate.

The analysts concluded that Guinness’ volume decline was compounded by market-share losses, due to an ill-timed price increase at the beginning of second quarter of the year and Guinness’ value brand, Dubic, was not rolled-out quickly enough to fully capture the volumes lost to down-trading.

“According to Diageo’s comments, its beer volumes in Nigeria declined 17% over 1H14.

Using Diageo’s results and comments, we have revised our forecasts, and we think Guinness’ revenue for first half of the year could show a decline of 15%. This would imply deteriorating performance during 2Q14, given that revenue slowed 5.4% over 1Q14.

“We highlight that in the comparable period (1H13), 2Q13 was significantly better than 1Q13. Therefore, our 2Q14 estimates are being compared with a higher base and the YoY decline is amplified,” they said.

In terms of profitability, the analysts expect negative mix, together with increased marketing spend (following the relaunch of Guinness), to result in weaker margins YoY. “We forecast EBIT could show a decline of 22 per cent YoY for 1H14. However, we think a lower effective tax rate will more than compensate for any margin decline. We forecast a 12% decline in earnings and EPS of N3.76.

We note that Guinness benefits from a tax credit on

its Malta Guinness Low Sugar brand. This was only awarded in 1Q14, therefore the 1Q14 results reflect a cumulative benefit for FY13. We expect the impact in future periods will be less significant.

We cut our FY14 forecasts.

Based on the limited data provided in the Diageo update, 1H14 was clearly more challenging than we had expected.

In light of our revised expectations for 1H14, we think our previous FY14 forecasts were too high. We have cut our revenue and earnings forecasts to reflect lower volumes and weaker margins,” they noted.

However, the analysts assumed a better 2H, and if volumes start to rebound, we think a 4% decline in revenue is possible (for FY14E).

They forecast earnings growth of 4% and EPS of NGN8.20 for the full year which, according to them, is based on the assumption of recovering margins in 2H, ongoing reductions in finance costs, and a lower effective tax rate.

Share price movement of Guinness Nigeria from Jan 31, 2013- February 28, 2014 2013 Jan 31

N293.00

Feb 28

N291.06

March 31

N265.00

April 30

N265.28

May 31

N276.00

June 30

N251.07

July 31

N245.01

Aug 31

N255.00

Sept 31

N266.70

Oct 31

N252.00

Nov 30

N260.00

Dec 31

N236.00 2014

Jan 31

N222.00

Feb 28

N197.90

34 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, March 3, 2014

FMDQ Daily Quotations List

28-Feb-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

Price

Rating/Agency

Issuer

NA

FGN

Description 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

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 45.00 100.00 535.00 292.47 452.80 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

0.05 0.08 0.33 0.58 1.15 2.46 3.16 3.41 3.50 4.25 5.33 5.65 7.91 14.75 15.23 15.73 16.40

12.37 12.60 13.47 13.24 14.38 13.86 13.97 13.84 13.84 13.83 13.90 13.83 13.88 13.62 13.61 13.59 13.63

2.75 6.94 11.91 12.30 14.22 13.78 13.85 13.71 13.72 13.73 13.83 13.73 13.82 13.58 13.56 13.53 13.57

99.88 99.80 98.58 97.83 89.35 98.35 102.75 89.42 87.88 90.13 107.65 73.80 111.80 108.61 92.84 67.23 76.40

100.38 100.30 99.08 98.33 89.50 98.50 103.05 89.72 88.18 90.43 107.95 74.10 112.10 108.91 93.14 67.53 76.70

TOTAL OUTSTANDING VALUE Rating/Agency

4,402.04 Description

Issuer

#

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

0.67 1.23 1.59 2.78 3.14 3.35

1.00 2.63 2.27 2.00 1.49 1.00

14.42 16.66 16.26 15.86 15.33 14.84

91.11 82.07 101.48 89.02 86.16 84.69

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

0.43 0.63 1.50 0.87 1.40 1.41 3.14 1.97 3.84 2.61 4.60 2.81 2.81 3.39 3.28 5.73 3.34 4.14 6.75 4.15 4.18

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

17.88 19.32 18.44 17.05 18.47 17.49 19.43 21.54 15.62 15.67 14.83 14.85 15.07 14.84 16.30 15.77 16.58 16.57 14.82 15.27 15.78

98.36 96.93 92.51 96.57 94.93 97.93 78.55 88.40 95.38 96.60 97.26 99.41 103.89 99.17 98.17 95.26 95.56 94.85 94.42 101.55 101.19

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 22-Sep-18 18-Oct-18 17-Feb-19 14-Nov-20

0.61 0.80 0.84 0.99 1.06 1.15 2.58 2.66 3.59 2.20 2.11 2.27 2.27 4.56 2.38 2.72 6.71

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 3.06 2.29 6.11 2.76

14.29 18.88 22.45 18.91 15.05 16.67 14.88 15.21 18.36 15.80 17.40 19.11 18.97 16.89 16.19 19.97 16.58

98.41 96.09 95.94 92.44 97.34 97.63 96.06 97.91 86.33 105.06 97.76 98.04 101.81 91.02 99.37 94.36 94.65

11-Feb-18

3.95

1.00

14.83

86.49

Bid Price

Offer Price

Agency Bonds AMCON FMBN

NA

***LCRM

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

TOTAL OUTSTANDING VALUE

1,304.32

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

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

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

A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

*OSUN LAGOS *EKITI *NASARAWA

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

567.90

TOTAL OUTSTANDING VALUE Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb+/Agusto A-/Agusto BBB-/GCR A+/Agusto; A-/GCR A-/Agusto A+/GCR BBB-/GCR BBB+/DataPro; BB+/GCR A-/DataPro; A-/GCR AAA/DataPro; A-/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro; BBB-/GCR A+/Agusto; A-/GCR

LAFARGE WAPCO GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# NAHCO

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 15.25 NAHCO II 14-NOV-2020

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 22-Sep-11 18-Oct-13 17-Feb-12 14-Nov-13

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 14.00 15.75 17.00 15.25

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 35.00 3.00 0.54 2.05

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

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

5.75

5.61

105.60

106.46

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.88

4.68

100.94

101.74

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

6.24

6.12

100.91

101.76

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.91

3.47

113.81

114.68

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.24

4.56

104.63

106.10

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.40

6.13

98.41

99.48

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.26

6.89

99.95

101.08

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.35

7.98

94.88

96.13

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.28

4.62

114.32

115.75

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.25

6.81

103.71

105.40

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.61

6.36

100.06

101.05

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

TOTAL OUTSTANDING VALUE

2,960.00

**Treasury Bills DTM 13 20 27 34 41 48 55 69

Money Market

FIXINGS Maturities 13-Mar-14 20-Mar-14 27-Mar-14 3-Apr-14 10-Apr-14 17-Apr-14 24-Apr-14 8-May-14

Bid 12.10 12.10 12.10 12.10 12.80 12.05 12.85 12.65

Offer 11.85 11.85 11.85 11.85 12.55 11.80 12.60 12.40

^Yield (%) 12.15 12.18 12.21 12.24 12.99 12.24 13.10 12.96

Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS 365 DAYS

NIBOR

Rate (%) 11.0417 11.3750 11.6250 11.8750 12.1250 12.3750 12.6667

Tenor

Rate (%)

OBB

10.54

O/N

10.88

Tenor Call 1M

REPO

Rate (%) 10.58 11.58

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

164.73 165.25 165.51 166.07 167.29 168.93

164.83 165.52 165.90 166.77 168.58 171.55

NA

FGN

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

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

9.35 10.70 16.00 7.00 16.39 15.00 12.49 8.50 10.00

100.00 300.00 351.30 233.90 600.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Monday, March 3, 2014

Description

Coupon (%)

New capital: Brokers may T opt for mergers AMCON FMBN

NA

***LCRM

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

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

13.72 13.73 13.83 13.73 13.82 13.58 13.56 13.53 13.57

87.88 90.13 107.65 73.80 111.80 108.61 92.84 67.23 76.40

88.18 90.43 107.95 74.10 112.10 108.91 93.14 67.53 76.70

14.00 KWARA 5-AUG-2014

05-Aug-09

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

TOTAL OUTSTANDING VALUE

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

Issue Value (N'bn)

Maturity Date

14.00 NIGER 15-OCT-2014 , 15-Oct-09 who pleaded anonymity move, suggesting that the 12.50 KADUNA 31-AUG-2015 31-Aug-10 FINANCE said except for merger or stock broking firms’ min13.00 EBONYI 30-SEP-2015 30-Sep-10 14.00 BENUE 30-JUN-2016 30-Jun-11 be Stockbrokers now outright purchase, most imum capital should 15.50 IMO 30-JUN-2016 30-Jun-09 of the stockbroking firms determined by the level of 10.00 LAGOS 19-APR-2017 19-Apr-10 have to look for 13.75 BAYELSA 30-JUN-2017 30-Jun-10 will not survive the recapbusiness they want to do. merging partners to 14.00 EDO 31-DEC-2017 30-Dec-10 14.00 exercise.

DELTA 30-SEP-2018 30-Sep-11 of italization Coming together meet the new capital 14.00 NIGER II 4-OCT-2018 04-Oct-11 the doWith14.50 the new direc- dealing firms in EKITI 09-DEC-2018 09-Dec-11 requirement.

14.00 NIGER III 12-DEC-2018 12-Dec-13 tives, according to him, mestic economy, like 15.50 ONDO 14-FEB-2019 14-Feb-12 what was obtainable several 15.50 owners of stockGOMBE 02-OCT-2019 02-Oct-12 in 14.50 LAGOS 22-NOV-2019 22-Nov-12 brokerage firms have be- the banking industry has 14.75 OSUN 12-DEC-2019 12-Dec-12 Stories: Chris Ugwu become germane considgan to find other house 30-Sep-13 A/Agusto *OSUN 14.75 OSUN II 30-SEP-2020 27-Nov-13 Aa-/Agusto; AA-/GCR LAGOS 13.50 LAGOS IV 27-NOV-2020 that will want to merge ering the fact that most of 31-Dec-13 A/Agusto *EKITI 14.50 EKITI II 31-DEC-2020 06-Jan-14 A-/GCRnless the Securi*NASARAWA with them, 15.00 NASARAWA 06-JAN-2021 because as them cannot stand alone TOTAL OUTSTANDING VALUE ties and Exchange things are in the economy due to increase in capital Corporate Bonds Commission (SEC) today, if they don’t merge, requirement.

11.50 LAFARGE WAPCO 7-OCT 2014 07-Oct-11 A+/Agusto; AA/GCR LAFARGE WAPCO rescinds its deci- they should be ready to SEC, according to find13.50 GUARANTY TRUST 18-DEC-2014 18-Dec-09 Aa/Agusto GTB 17.00 NGC 31-DEC-2014 NGC Nil sion on recapitalisation, lose their licences. ings, had earlier01-Apr-10 planned 10.00 UPDC 17-AUG-2015 17-Aug-10 Bbb+/Agusto *UPDC an era of mergers*FLOURMILLS and He 12.00 expressed fear to prune the number FLOURMILLS 9-DEC-2015 A-/Agusto 09-Dec-10 of CHELLARAMS 06-JAN-2016 BBB-/GCR 06-Jan-11 *CHELLARAMS acquisitions among ex- that the14.00 issue of recapi- stockbroking firms to 50, 13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR 29-Sep-11 NAHCO from the current a 250 isting firms to produce talisation may impact 14.25 FSDH 25-OCT-2016 A-/Agusto 25-Oct-13 acFSDH 13.00 UBA 30-SEP-2017 A+/GCR 30-Sep-10 UBA is stronger institutions negatively on the market tive firms, but had to take 18.00 C&I LEASING 30-NOV-2017 BBB-/GCR 30-Nov-12 *C & I LEASING imminent. as the first crash that a slow pace owning to sevMPR+7.00 DANA 9-APR-2018 BBB+/DataPro; BB+/GCR 09-Apr-11 *DANA MPR+7.00 TOWER 9-SEP-2018 A-/DataPro; A-/GCR 09-Sep-11 *TOWER was experienced in the The meeting of SEC eral bottleneck and conMPR+5.25 TOWER 9-SEP-2018 AAA/DataPro; A-/GCR 09-Sep-11 *TOWER with the capital market market came when SEC cerns expressed by some 14.00 UBA II 22-SEP-2018 A/Agusto; A/GCR 22-Sep-11 UBA 15.75 LA CASERA 18-OCT-2018 Bbb+/Agusto; BBB+/GCR 18-Oct-13 *LA CASERA operators on the new market stakeholders. introduced the issue of MPR+5.00 CHELLARAMS II 17-FEB-2019 BBB-/DataPro; BBB-/GCR 17-Feb-12 *CHELLARAMS 15.25 NAHCO II 14-NOV-2020 A+/Agusto;requirement A-/GCR 14-Nov-13 capital had recapitalization.

NAHCO TOTAL OUTSTANDING on Thursday endedVALUE in a “It left a run on the Supranational deadlock as Bond the commis- market, shareholders and 10.20 IFC 11-FEB-2018 AAA/S&P IFC 11-Feb-13 sion refused to accommoinvestors were dumping oneywell Flour Mills TOTAL OUTSTANDING VALUE date some suggestions of their shares for fear of Plc (HFMP), one Rating/Agency Issue Date the operators on the new Issuer of the leading Fast company’s not beingDescription able minimum requirements. to survive.

The market Moving Consumer Goods FGN Eurobonds Investigation by New went down because6.75there (FMCG) players and manJAN 28, 2021 BB-/Fitch; B+/S&P 07-Oct-11 Telegraph show that about was excess supply withufacturer of shelf stable BB-/Fitch; FGN 5.13 JUL 12, 2018 18-Dec-09 50BB-/S&P per cent of stockbroker- out ready demand and the food products in the counBB-/Fitch; 12, 2023 age firms may not have market experienced6.38 a JUL lull, try has recorded01-Apr-10 a profit BB-/S&P TOTAL OUTSTANDING VALUE the financial muscle to so that is possibly going after tax of N2 billion meet the 329 per cent hike to occur again,” he said. during the nine months Corporate Eurobonds 11.50 FEB B/Fitch requirement Afren PLC I inB-/S&P; capital The new capital re-01, 2016 ended December01-Feb-11 31, 2013.

7.50 MAY 19, 2016 19-May-11 B+/S&P; B+/Fitch recently announcedGTBank SEC.PLC Iquirement had received The company’s unau6.00 NOV 08, 2018 GTBank PLC II 08-Nov-13 Speaking to New Telea public outcry as most dited results released 7.25 JUL 25, 2017 B+/S&P Access Bank PLC 25-Jul-12 to 6.88 MAY B/S&P; B/Fitch Fidelity Bank PLC 09-May-13Exgraph, a senior broker stock brokers faulted the09, 2018 the Nigerian Stock µ

#

#

#

#

978.35 24.56 6.00 112.22 116.70 66.49

he Nigerian Stock Exchange (NSE) has 1,304.32 placed the HIS Nigeria Plc14.00 on full suspension as 17.00 6.00 the14.00 first step towards its 12.50 8.50 delisting from the 13.00 16.50daily 14.00 official list of 13.00 the Ex15.50 18.50 change.

This means 10.00 57.00 that 50.00 no 13.75 trading will occur in 14.00 25.00 50.00 the14.00 shares of henceforth.

14.00 9.00 The company 20.00 in a no14.50 12.00 tice14.00 to the Nigerian bourse 15.50 27.00 through its stockbroker 15.50 20.00 14.50 -Atlas Portfolios 80.00 Limited 14.75 30.00 said14.75 that it had obtained a 11.40 13.50 87.00 court sanction in respect of 14.50 5.00 15.00 5.00 its scheme of arrangement.

IHS said as 567.90 a result of the court sanction, 11.50 11.80 its 13.50 share price has 13.17 been 17.00 on full suspension 2.00 placed 10.00 15.00 with effect from Febru12.00 37.50 1.50 ary14.00 27, 2014 to enable it 13.00 15.00 complete the scheme of 14.25 5.53 13.00 20.00 arrangement, which will 18.00 0.94 result in the delisting of 16.00 8.01 18.00 3.63 its 16.00 shares from the daily 1.00 official at the 14.00 list (DOL) 35.00 15.75 3.00 Exchange.

17.00 0.54

H

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

15.25

Valuation Yield (%)

35

Indicative Price

2.05

09-Dec-13

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

0.67 1.23 1.59 2.78 3.14 3.35

1.00 2.63 2.27 2.00 1.49 1.00

14-Nov-20

6.71

2.76

14.42 16.66 16.26 15.86 15.33 14.84

91.11 82.07 101.48 89.02 86.16 84.69

16.58

94.65

a letter distributed at the meeting, it probably won’t pay dividends for at least five years as it focuses on 17.88 98.36 96.93 growth.19.32 18.44 92.51 IHS Holdings signed 17.05 96.57 an 18.47 on December, 94.93 agreement 17.49 97.93 20 to buy MTN Group 19.43 78.55Lim21.54 88.40 ited’s towers in Rwanda 15.62 95.38 15.67 a total96.60 and Zambia, of 1,228 14.83 97.26 sites. The company said in 14.85 99.41 15.07 July it raised $522103.89 million 14.84 99.17 in new capital, $28098.17 million 16.30 95.26 in debt15.77 and $242 million 16.58 95.56 in equity in the preceding 16.57 94.85 94.42 year to 14.82 fund its expansion 15.27 101.55 15.78 101.19 across Africa.

The group plans to own or manage 20,000 towers 14.29 98.41 by 201618.88 from the current 96.09 22.45 95.94 8,500 towers in Nigeria, 18.91 92.44 Cameroon and 97.34 Ivory 15.05 97.63 Coast, 16.67 Chief Executive 14.88 96.06 Officer15.21 Issam Darwish, 97.91 said in 18.36 an August 86.33 5 inter15.80 105.06 view. The company rents 17.40 97.76 19.11 98.04 out its 18.97 towers to 101.81 several mobile operators at91.02 a time, 16.89 16.19 99.37 cutting19.97 their capital costs.

94.36

175.67

10.20 change (NSE) 12.00 showed 12.00 that the company grew its Coupon (%) Issueby Value ($'mm) profit after tax 18 per cent from N1.7 billion in the 6.75 corresponding period 500.00 of last year to N2 billion 5.13 500.00 in the period under re6.38 500.00 view.

1,500.00revIt also recorded enue of N41.03 billion 11.50 between April 450.00 and De7.50 500.00 cember 2013, which rep6.00 400.00 resents a 24 per cent in7.25 350.00 6.88 crease from the300.00 N33.04

11-Feb-18 3.95 14.83 86.49 billion, from billion recorded in the1.00 od was N7.76 corresponding period of the N5.48 billion reported Maturity Date Bid Yield (%) Offer Yieldfor (%) Bid Price Offer Price the previous year. the corresponding nine-month period endThe increase in rev- Prices & Yields enue according to the ed December 2012.

This 28-Jan-21 5.75 5.61 105.60 106.46 company, was driven, was primarily attributed 12-Jul-18 4.88 4.68 100.94 101.74 largely, by the increased to the company’s ability 12-Jul-23 6.24 100.91 101.76 production capacity of 6.12 to manage input costs the company having re- that resulted in a slower cently added 1,000MT/ increase (relative to rev01-Feb-16 3.91mills.

3.47 enue growth) 113.81 114.68cost day via two new in the 19-May-16 104.63 106.10 The income 5.24 statement4.56 of sales, which grew by 21 08-Nov-18 6.40 6.13 98.41 99.48 also showed that gross per cent; to N33.27 billion 25-Jul-17 7.26 6.89 99.95 101.08 02-May-18for the same 8.35 94.88 96.13 billion. profit peri-7.98 from N27.56

10.25

300.00

08-Apr-19

5.28

4.62

114.32

115.75

8.25

300.00

07-Aug-20

7.25

6.81

103.71

105.40

360.00

09-Dec-20

6.61

6.36

100.06

101.05

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

# Risk Premium (%)

Last month, the phone tower company said it had won shareholders’ approval to go private4.88 05-Aug-14 0.43 15-Oct-14 0.63 million5.99 and will pay $118 31-Aug-15 1.50 4.44 to30-Sep-15 buy out equity 0.87holders.3.23 30-Jun-16 IHS Nigeria1.40 owns and4.46 30-Jun-16 1.41 3.48 manages base stations and5.59 19-Apr-17 3.14 30-Jun-17 1.97 towers that transmit mo-7.60 31-Dec-17 3.84 1.79 30-Sep-18 2.61 for tele-1.80 bile phone signals 04-Oct-18 4.60 1.00 com operators in Africa. 1.00 09-Dec-18 2.81 12-Dec-18 Chairman of2.81the com-1.21 14-Feb-19 3.39 1.00 pany Mr. Bashir 02-Oct-19 3.28 Ahmad2.46 22-Nov-19 5.73 El-Rufai, had said that the1.94 12-Dec-19 3.34 2.74 company agreed 30-Sep-20 4.14 to pay2.74 27-Nov-20 N4.35 a share at6.75 a meeting1.00 31-Dec-20 4.15 1.44 4.18 in06-Jan-21 Lagos last month.

The1.95 initial offer was N3.70.

According to an agency 07-Oct-14 0.61 1.00 reports, withdraw-5.21 18-Dec-14 IHS is 0.80 31-Dec-14 0.84 second-8.71 ing from Africa’s 17-Aug-15 0.99 4.88 biggest exchange 09-Dec-15 1.06 after it1.00 06-Jan-16$1 billion 1.15 raised last year2.63 29-Sep-16 2.58 1.00 to25-Oct-16 more than double its as-1.34 2.66 30-Sep-17 3.59 sets.

The company is also4.52 30-Nov-17 2.20 1.88 giving investors the 09-Apr-18 2.11 option3.48 09-Sep-18 2.27 5.20 of09-Sep-18 remaining sharehold2.27 5.06 ers in closely held parent, 22-Sep-18 4.56 3.06 18-Oct-18 2.38 2.29 IHS Holdings, and said in 17-Feb-19 2.72 6.11

Honeywell Posts N2b profit

B/Fitch

Avg. Life/TTM (Yrs)

NSE places IHS Nigeria on full suspension

Sub-National Bonds

U

13.84 13.83 13.90 13.83 13.88 13.62 13.61 13.59 13.63

business | FINANCIAL MARKET NEWS

Issue Date

Agency 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

3.50 4.25 5.33 5.65 7.91 14.75 15.23 15.73 16.40

4,402.04 Issuer

Sanctity of Truth

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

6.63

2,960.00

28-Feb-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 FIXINGS Money Market Foreign Exchange (Spot & Forwards) to the FMDQ OTC PLC TermsMaturities of Use and DisclaimerBid Statement.

NIBOR DTM Offer ^Yield (%) Tenor Rate (%)

**Treasury Bills

FGN

13 20 Bonds27 34 41 48 Rating/Agency 55 69 76 83 90 97 111 118 160 188 279 NA 314 328 342 356

13-Mar-14 20-Mar-14 27-Mar-14 3-Apr-14 10-Apr-14 17-Apr-14 Issuer 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 7-Aug-14 4-Sep-14 4-Dec-14 FGN 8-Jan-15 22-Jan-15 5-Feb-15 19-Feb-15

12.10 12.10 12.10 12.10 12.80 12.05 Description 12.85 12.65 10.50 18-MAR-2014 12.80 10.75 31-MAR-2014 12.80 9.20 29-JUN-2014 13.00 9.25 28-SEP-2014 12.60 13.00 4.00 23-APR-2015 13.10 13.05 16-AUG-2016 12.75 15.10 27-APR-2017 12.25 9.85 27-JUL-2017 12.00 9.35 31-AUG-2017 12.60 12.60 10.70 30-MAY-2018 12.60 16.00 29-JUN-2019 12.70

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 23-JUL-2030 *from the Amortising bonds, the average life is calculated10.00 and not the duration

11.85 11.85 11.85 11.85 12.55 11.80 Issue Date 12.60 12.40 18-Mar-11 12.55 31-Mar-07 12.55 29-Jun-07 12.75 28-Sep-07 12.35 12.75 23-Apr-10 12.85 16-Aug-13 12.50 27-Apr-12 12.00 27-Jul-07 11.75 31-Aug-07 12.35 12.35 30-May-08 12.35 29-Jun-12 12.45

23-Oct-09 27-Jan-12 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

12.15 12.18 12.21 12.24 12.99 12.24 (%) Coupon 13.10 12.96 10.50 13.15 10.75 13.18 9.20 13.43 9.25 13.04 13.54 4.00 13.68 13.05 13.50 15.10 13.07 9.85 13.21 9.35 14.13 14.21 10.70 14.29 16.00 14.50

Bonds Tenor CALL

7 DAYS 30 DAYS 60 DAYS Outstanding Value 90 DAYS (N'bn) 180 DAYS 365 DAYS

320.00 18-Mar-14 35.00 31-Mar-14 45.00 29-Jun-14 NITTY 100.00 28-Sep-14 Tenor Rate (%) 1M 12.2046 535.00 23-Apr-15 2M 12.9949 292.47 16-Aug-16 3M 13.1550 452.80 27-Apr-17 6M 13.3410 20.00 27-Jul-17 9M 13.8072 100.00 31-Aug-17 12M 14.5576 300.00 30-May-18 351.30 29-Jun-19 233.90 23-Oct-19 NIFEX 600.00 27-Jan-22 Current Price ($/N) 28-Nov-28 BID($/N) 75.00 165.2175 150.00 22-May-29 OFFER ($/N) 165.3175 200.00 20-Nov-29 591.57 23-Jul-30

7.00 16.39 15.00 12.49 8.50 10.00

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

Rating/Agency

Description

AMCON

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 Total Outstanding 17.25 FMB II 03-APR-2017 Porfolio Market Value(Bn) Volume(Bn) 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM1,230.92 III 06-JUL-2017 1,280.27

Issue Date

Agency Bonds

NA

Modified Duration Buckets

***LCRM

<3

TOTAL OUTSTANDING VALUE 3<5 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

>5 Market

KWARA NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI

OBB

10.54

O/N

10.88

REPO Tenor (%)(%) TTM (Yrs) BidRate Yield

Tenor Spot 7D 14D Offer Yield 1M (%) 2M 3M 2.75 6M 6.94 1Y

Call 1M 0.05 3M 0.08 6M

10.58 11.58 12.37 12.17 12.60 12.58

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

31-Oct-14 24-May-15 % 03-Apr-17 Exposure_ Mod_Duration 09-Dec-16 20-Apr-17 06-Jul-1722.17

0.67 1.23 1.59Yield Implied 2.78 3.14 3.3514.03

1.00 2.63 Implied 2.27 Portfolio 2.00Price 1.49 1.00 100.1466

38.64 39.19 100.00 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

13.89 13.63 13.82 0.43 0.63 1.50 0.87 1.40 1.41 3.14 1.97 3.84 2.61 4.60 2.81

0.33 13.47 11.91 0.58 13.24 12.30 1.15 14.38 14.22 :Benchmarks 2.46 13.86 13.78 * :Amortising Bond 3.16 13.97 13.85 µ :Convertible Bond 3.41 Management 13.84 13.71 AMCON: Asset Corporation of Nigeria 3.50 Government of13.84 13.72 FGN: Federal Nigeria FMBN: Federal of Nigeria 4.25 Mortgage Bank 13.83 13.73 IFC: International Finance Corporation 5.33 13.90 13.83 LCRM: Local Contractors Receivables Management 5.65 13.83 13.73 NAHCO: Nigerian Aviation Handling Company 7.91 13.88 13.82 NGC: Nigeria-German Company 14.75Bank for Africa 13.62 13.58 UBA: United 15.23 13.61 Company 13.56 UPDC: UAC Property Development WAPCO:West Cement Company 15.73 Africa Portland13.59 13.53 16.40 13.63 13.57

NOTE:

Bid ($/N)

Offer ($/N)

164.73 Price 164.83 165.25 165.52 165.51 165.90 166.07 166.77 Bid Price Offer Price 167.29 168.58 168.93 171.55 99.88 100.38 172.55 176.61 99.80 100.30 180.28 188.75

98.58 99.08 97.83 98.33 89.35 89.50 NA :Not Applicable 98.35 98.50 # :Floating Rate Bond 102.75 103.05 ***: Deferred coupon bonds 89.42 89.72 87.88 88.18 90.13 90.43 107.65 107.95 73.80 74.10 111.80 112.10 108.61 108.91 92.84 93.14 67.23 67.53 76.40 76.70

4,402.04

Issuer

FMBN

Rate (%) 11.0417 11.3750 11.6250 11.8750 12.1250 Maturity Date 12.3750 12.6667

1,048.97 451.96 2,731.85 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

951.30 591.57 2,823.14

Coupon (%)

Issue Value (N'bn)

FMDQ FGN BOND INDEX

28-Dec-11 24-May-10 Weighting 03-Apr-12by Outstanding 09-Dec-11Vol 20-Apr-12 06-Jul-1245.35

0.00 0.00 Weighting 17.25by Mkt Value 0.00/16.00 0.00/16.50 0.00/16.5045.06

978.35 24.56 Bucket 6.00 Weighting 112.22 116.70 66.49 0.45

33.70 20.95 100.00 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

38.40 16.54 100.00

0.21 1.00

14.00 14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

1,304.32 0.34 17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00

#

117.3805 82.4364 102.2428 4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00

Valuation Yield (%) 14.42 16.66 16.26 INDEX 15.86 15.33 14.84 1,013.03

993.93 997.96 994.96 17.88 19.32 18.44 17.05 18.47 17.49 19.43 21.54 15.62 15.67 14.83 14.85

Indicative Price 91.11 82.07 YTD Return 101.48 (%) 89.02 86.16 84.69 1.3031

0.6067 0.2041 0.5037 98.36 96.93 92.51 96.57 94.93 97.93 78.55 88.40 95.38 96.60 97.26 99.41

36

business | CAPITAL MARKET

Sanctity of Truth

Printed 28/02/2014 17:50:08.008

Monday, March 3, 2014

Daily Summary as of 28/02/2014 Printed 28/02/2014 17:50:08.008

Daily Summary as of 28/02/2014

The Nigerian Stock Market Exchange as at February 28, 2014 Daily Summary (Equities)

Daily Summary (Bonds)

No Debt Trading Activity

Activity Summary on Board EQTY

Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol OKOMUOIL PRESCO

No. of Deals 59 28 87

Current Price 41.00 46.00

Quantity Traded 825,230 409,048 1,234,278

Value Traded 34,064,583.24 18,715,690.19 52,780,273.43

Symbol LIVESTOCK

No. of Deals 27 27

Current Price 3.92

Quantity Traded 552,267 552,267

Value Traded 2,183,506.73 2,183,506.73

1,786,545

54,963,780.16

Quantity Traded 3,041 7,622,078 1,013,214 8,638,333

Value Traded 5,017.65 30,523,251.30 65,800,032.36 96,328,301.31

8,638,333

96,328,301.31

AGRICULTURE Totals CONGLOMERATES Diversified Industries Daily Summary as of 28/02/2014 A.G. LEVENTIS NIGERIA PLC. Printed 28/02/2014 17:50:08.008 TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals

114 Symbol AGLEVENT TRANSCORP UACN

No. of Deals 1 147 61 209

Daily Summary (Equities)

Current Price 1.67 4.00 65.22

209

Activity Summary on Board EQTY CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Symbol COSTAIN

No. of Deals 17 17

Current Price 1.57

Quantity TradedPage 414,172 414,172

Value Traded 1 of 12 645,469.72 645,469.72

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

Symbol JBERGER

No. of Deals 12 12

Current Price 75.00

Quantity Traded 19,085 19,085

Value Traded 1,359,999.00 1,359,999.00

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

Symbol UAC-PROP

No. of Deals 4 4

Current Price 19.99

Quantity Traded 8,915 8,915

Value Traded 183,736.00 183,736.00

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

Symbol UPDCREIT

No. of Deals 2 2

Current Price 10.00

Quantity Traded 20,010 20,010

Value Traded 190,095.00 190,095.00

462,182

2,379,299.72

Published by The Nigerian Stock Exchange ©

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Daily Summary as of 28/02/2014 Automobiles/Auto Parts DN TYRE & RUBBER PLC Printed 28/02/2014 17:50:08.008 Automobiles/Auto Parts Totals Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC.

Activity Summary on Board EQTY

35 Symbol DUNLOP

No. of Deals 2 2

Current Price 0.50

Quantity Traded 50,000 50,000

Value Traded 25,000.00 25,000.00

Symbol

No. of Deals 149 25 173

Current Price 197.90 29.40 152.00

Quantity Traded 627,256 75,172 57,220,312

Value Traded 124,236,556.75 2,130,796.33 8,156,364,789.66

DailyGUINNESS Summary (Equities) INTBREW NB

Page

Published by The Nigerian Stock Exchange ©

CONSUMER GOODS Beverages--Brewers/Distillers Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC P S MANDRIDES & CO PLC. NATIONAL SALT CO. NIG. PLC U T C NIG. PLC. Food as Products Totals Daily Summary of 28/02/2014

Printed 28/02/2014 17:50:08.008 Food Products--Diversified

CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Household Durables VITAFOAM NIG PLC. Activity Summary on Board Household Durables TotalsEQTY

CONSUMER GOODS

Personal/Household Products © Published by The Nigerian Stock Exchange

P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE COMPANY PLC

Value Traded 8,282,732,142.74

Symbol 7UP

No. of Deals 2 2

Current Price 82.64

Quantity Traded 6,750 6,750

Value Traded 585,260.00 585,260.00

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MANDRID NASCON UTC

No. of Deals 33 42 65 30 1 21 3 195

Current Price 9.50 11.30 78.00 3.91 5.35 13.20 0.56

Quantity Traded 52,156 627,726 552,277 814,456 20 159,446 2,084 2,208,165

Value Traded 497,652.17 7,088,793.35 43,171,964.62 3,206,788.33 101.80 2,095,652.74 1,207.72 56,062,160.73

Symbol CADBURY NESTLE

No. of Deals 32 118 150

Current Price 86.25 1,100.00

Quantity Traded 36,778 486,236 523,014

Value Traded 3,095,447.62 528,733,963.69 531,829,411.31

Symbol VITAFOAM

No. of Deals 8 8

Current Price 4.28

Quantity Traded 92,640 92,640

Value Traded 391,848.20 391,848.20

Symbol PZ UNILEVER

No. of Deals 36 55 91

Current Price 38.00 47.05

Quantity Traded Page 146,746 1,784,848 1,931,594

3Value Traded of 12

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

795 Symbol ACCESS DIAMONDBNK ETI FIDELITYBK GUARANTY SKYEBANK STERLNBANK UBA UBN UNITYBNK WEMABANK ZENITHBANK

Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

Published by The Nigerian Stock Exchange ©

62,734,903

8,958,840,191.32

Current Price 7.70 6.62 14.76 2.27 25.40 3.70 2.27 7.84 9.20 0.50 1.15 20.50

Quantity Traded 21,639,823 45,737,768 606,413 5,677,836 33,406,416 2,208,644 1,486,352 22,945,820 255,167 121,575 4,838,211 76,266,897 215,190,922

Value Traded 167,563,331.47 301,889,624.43 8,946,856.21 12,492,043.19 819,859,354.65 8,203,374.71 3,333,318.57 175,852,434.53 2,352,375.45 60,787.50 5,477,306.86 1,559,710,051.76 3,065,740,859.33

Symbol No. of Deals AFRINSURE 1 Daily Summary (Equities)

Current Price 0.50

Quantity Traded 500

Value Traded 250.00

ICT Processing Systems CHAMS PLC E-TRANZACT INTERNATIONAL PLC Processing Systems Totals

Symbol ASOSAVINGS UNHOMES Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

Current Price 0.87 1.14 0.50 0.50 0.60 0.50 0.50 0.67 0.50 0.50 2.30 0.81 0.50 0.55 0.56 0.50 0.50 0.50 0.50 0.50 0.95

Quantity Traded 1,245,645 650,000 46,250 1,010 71,700 37,000 60 173,565 500 151,500 15,970 2,804,591 104,500 360,000 241,010 500 1,500 50,130 14,100 80,100 516,300 6,566,431

4

of

INDUSTRIAL GOODS Published by The Nigerian Stock Exchange © Packaging/Containers

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors Daily Summary as of 28/02/2014 CONOIL PLC Printed 28/02/2014 17:50:08.008 ETERNA PLC.

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

Current Price 0.50 0.50

No. of Deals 138 11 474 48 3 34 110 818

Current Price 4.04 2.20 13.24 3.58 0.60 20.50 2.84

2,577

Quantity Traded Page 185,447 168,750 354,197

SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

410,701,643

4,180,382,236.66

Symbol EKOCORP

No. of Deals 1 1

Current Price 3.72

Quantity Traded 168 168

Value Traded 594.72 594.72

Symbol MORISON

No. of Deals 1 1

Current Price 1.91

Quantity Traded 10 10

Value Traded 18.20 18.20

Page

6

of

Value Traded 527,426.52 527,426.52

Symbol OMATEK

No. of Deals 1 1

Current Price 0.50

Quantity Traded 32,500 32,500

Value Traded 16,250.00 16,250.00

Symbol

No. of Deals

Current Price

Quantity Traded

Value Traded

Symbol CHAMS ETRANZACT

No. of Deals 16 1 17

Current Price 0.50 2.32

Quantity Traded 7,360,191 2,000 7,362,191 Page

Value Traded 3,680,095.50 4,420.00 7 3,684,515.50 of 12

Daily Summary (Equities)

36

8,096,757

4,228,192.02

Current Price 18.20 9.87 46.55 9.24 240.00 1.48 0.50 0.52 1.90 5.49 105.54

Quantity Traded 366,799 40,933 41,865 569,110 653,438 62,385 20,000 610,000 100,000 50,020 677,748 3,192,298

Value Traded 6,613,477.05 383,951.54 1,860,750.56 5,283,923.90 155,880,313.54 87,999.25 10,000.00 317,300.00 190,000.00 274,610.00 71,778,517.84 242,680,843.68

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

Quantity Traded 104,000 104,000

Value Traded 213,700.00 213,700.00

Page Quantity Traded 4,316 47,455 10 51,781

8 of 12 Value Traded

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER FIRSTALUM IPWA PAINTCOM PORTPAINT WAPCO

No. of Deals 26 5 20 23 72 6 1 5 1 2 50 211

CUTIX

3 3

2.00

Symbol AVONCROWN BETAGLAS VANLEER

No. of Deals 2 2 1 5

Current Price 1.63 19.38 12.68

219

7,035.08 919,677.90 121.00 926,833.98

3,348,079

243,821,377.66

Symbol JAPAULOIL

No. of Deals 30 30

Current Price 0.51

Quantity Traded 2,561,675 2,561,675

Value Traded 1,313,624.52 1,313,624.52

Symbol OANDO

No. of Deals 133 133

Current Price 19.40

Quantity Traded 1,691,935 1,691,935

Value Traded 32,730,186.61 32,730,186.61

Symbol No. of Deals CONOIL 12 ETERNA 7 FO 9 MOBIL 10 MRS 3 Daily Summary (Equities) TOTAL 11 52

Current Price 51.70 3.99 88.40 124.85 54.44 173.00

Quantity Traded 27,300 260,200 27,255 3,830 1,980 3,218 323,783

Value Traded 1,312,101.00 1,038,240.00 2,350,654.95 466,527.37 102,405.60 551,451.62 5,821,380.54

215

4,577,393 Page

939,865,191.67 of 12

No. of Deals 14 14

Current Price 1.30

Quantity Traded 731,395 731,395

Value Traded 943,229.18 943,229.18

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Symbol REDSTAREX TRANSEXPR

No. of Deals 8 9 17

Current Price 4.40 2.68

Quantity Traded 430,500 251,592 682,092

Value Traded 1,898,143.56 669,854.80 2,567,998.36

Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Symbol CILEASING

No. of Deals 9 9

Current Price 0.53

Quantity Traded 534,927 534,927

Value Traded 283,511.31 283,511.31

Hotels/Lodging IKEJA HOTEL PLC

Symbol IKEJAHOTEL TOURIST

No. of Deals 1 1 2

Current Price 0.66 4.08

Quantity Traded 28,800 2,500 31,300

Value Traded 19,008.00 9,700.00 28,708.00

Symbol ACADEMY

No. of Deals 12 3 1 1

Current Price 1.99 1.90 2.40 4.10

Quantity Traded 310,296 40,734 30 622

Value Traded 618,490.04 75,357.90 68.40 2,550.20

Hotels/Lodging Totals

Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC.

Activity Summary on Board EQTY

LEARNAFRCA Daily Summary (Equities) STUDPRESS UPL

Page

10

of

Printing/Publishing Printing/Publishing Totals

Symbol

No. of Deals 17

Current Price

Quantity Traded 351,682

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 7 7

Current Price 0.94

Quantity Traded 26,700 26,700

Value Traded 25,006.80 25,006.80

Specialty INTERLINKED TECHNOLOGIES PLC SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals

Symbol INTERLINK NSLTECH

No. of Deals 1 7 8

Current Price 4.90 0.50

Quantity Traded 1,995 118,600 120,595

Value Traded 9,296.70 59,300.00 68,596.70

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

Symbol AIRSERVICE NAHCO

No. of Deals 5 37 42

Current Price 2.98 5.63

Quantity Traded 95,010 569,236 664,246

Value Traded 282,728.40 3,195,129.60 3,477,858.00

116

3,142,937

8,091,374.89

4,374

506,188,291

13,598,284,168.24

Daily Summary as of 28/02/2014 Printed SERVICES 28/02/2014 Totals 17:50:08.008

EQTY Board Totals

Daily Summary Summary (Equities) (Equities) Daily

Value Traded 696,466.54

12

Activity Summary on Board ASeM

Activity Summary on Board ASeM

Value Traded of 12 92,723.50 84,375.00 177,098.50

Value Traded 485,727,372.85 7,197,490.67 542,341,058.23 5,331,462.92 360,600.00 11,541,939.94 56,593,029.63 1,109,092,954.24

Quantity Traded 702,066 702,066

Symbol RTBRISCOE

Daily Summary as of 28/02/2014 TOURIST COMPANY OF NIGERIA PLC. Printed 28/02/2014 17:50:08.008

5

Quantity Traded 122,176,985 3,189,139 40,494,338 1,517,761 600,000 571,099 20,040,771 188,590,093

9,384,222.83

Current Price 0.74

OIL AND GAS OIL Totals Published byAND The GAS Nigerian Stock Exchange ©

CONSUMER GOODS

No. of Deals 1 8 9

2,699,519

No. of Deals 18 18

Activity Summary on Board EQTY

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

Value Traded 1,083,161.43 731,000.00 23,137.00 505.00 40,875.00 18,500.00 30.00 117,788.55 250.00 75,750.00 37,433.30 2,292,318.51 52,250.00 198,000.00 134,985.80 250.00 750.00 25,065.00 7,050.00 40,050.00 491,925.00 5,371,324.59

Value Traded 164,337.60 5,960,351.50 2,040,636.80 572,236.15 643,632.58 2,415.28 9,383,609.91

Symbol COURTVILLE

INDUSTRIAL GOODS Totals

12

Quantity Traded 61,320 1,986,664 28,979 259,191 361,598 1,589 2,699,341

58

Published by The Nigerian Stock Exchange ©

SERVICES Published

by The Nigerian Stock Exchange ©

Page

Current Price 2.68 3.05 69.00 2.17 1.85 1.52

Activity Summary on Board EQTY

AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. GREIF NIGERIA PLC Packaging/Containers Totals

5,566,097.67 81,648,270.67 87,214,368.34

No. of Deals 210 45 62 88 340 72 24 217 42 4 46 482 1,632

FINANCIAL SERVICES Totals HEALTHCARE Healthcare Providers EKOCORP PLC. Healthcare Providers Totals

Processing Systems

Activity Summary on Board EQTY

FINANCIAL SERVICES Insurance Carriers, Brokers and Services Symbol No. of Deals AIICO INSURANCE PLC. AIICO 24 CONTINENTAL REINSURANCE PLC CONTINSURE 8 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 4 EQUITY ASSURANCE PLC. EQUITYASUR 2 GREAT NIGERIAN INSURANCE PLC GNI 6 GUINEA INSURANCE PLC. GUINEAINS 2 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 2 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 6 LASACO ASSURANCE PLC. LASACO 1 LINKAGE ASSURANCE PLC LINKASSURE 4 MANSARD INSURANCE PLC MANSARD 4 N.E.M INSURANCE CO (NIG) PLC. NEM 18 NIGER INSURANCE CO. PLC. NIGERINS 2 OASIS INSURANCE PLC OASISINS 11 PRESTIGE ASSURANCE CO. PLC. PRESTIGE 5 SOVEREIGN TRUST INSURANCE PLC SOVRENINS 1 Daily Summary as of 28/02/2014 STANDARD TRUST ASSURANCE PLC STACO 1 Printed 28/02/2014 17:50:08.008 STANDARD ALLIANCE INSURANCE PLC. STDINSURE 1 UNITY KAPITAL ASSURANCE PLC UNITYKAP 2 UNIVERSAL INSURANCE COMPANY PLC UNIVINSURE 2 Daily Summary (Equities) WAPIC INSURANCE PLC WAPIC 11 Insurance Carriers, Brokers and Services Totals 118 Activity Summary on Board EQTY

UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

12

Quantity Traded 57,922,740

Activity Summary on Board EQTY

FINANCIAL SERVICES Mortgage Carriers, Brokers and Services

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Daily Summary as of Based 28/02/2014 Computer Systems Totals Printed 28/02/2014 17:50:08.008 Computers and Peripherals OMATEK VENTURES PLC Computers and Peripherals Totals

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

Current Price

Daily Summary (Equities)

No. of Deals 3 17 8 14 13 1 56

HEALTHCARE Totals

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC IPWA PLC Daily Summary as of AND 28/02/2014 PAINTS COATINGS MANUFACTURES PLC Printed 28/02/2014 17:50:08.008 PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

No. of Deals 347

Published by The Nigerian Stock Exchange ©

SAVINGS ANDExchange LOANS PLC Published by ASO The Nigerian Stock ©

of

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

ICT Totals

Symbol

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Daily Summary as ofINTERNATIONAL 28/02/2014 ZENITH BANK PLC Printed 28/02/2014 Banking 17:50:08.008 Totals

2

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

CONSUMER GOODS Food Products Food Products PLC MCNICHOLS

Food Products Totals

Symbol

Symbol MCNICHOLS

No. of Deals

Current Price

No. of Deals3 Current Price 1.43

Published by The Nigerian Stock Exchange © CONSUMER GOODS Totals

3

Quantity Traded

Value Traded

Quantity Traded 450

Value Traded 643.50

450

Page

3

11

450

643.50

of

12

643.50

ASeM Board Totals

3

450

643.50

Equity Activity Totals

4,377

506,188,741

13,598,284,811.74

Daily Summary (ETP) Exchange Traded Fund

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

Symbol NEWGOLD

No. of Deals 1 1

Current Price 2,125.00

Quantity Traded 151 151

Value Traded 320,875.00 320,875.00

ETF Board Totals

1

151

320,875.00

ETP Activity Totals

1

151

320,875.00

12

Published by The Nigerian Stock Exchange ©

Page

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BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, March 3, 2014

NAICOM clears air on alleged N3.54bn fraud settled Insurance regulator distances self from premium diversion.

Stories by Sunday Ojeme

F

ollowing allegations that the National Insurance Commission (NAICOM) ordered the diversion of N3.54 billion premium paid by the Federal Government for Nigeria Police Force to insurance companies that were not originally selected, the Commission has called on those behind the allegation to prove their case further by tendering the memo authorising the diversion.

Speaking with New Telegraph in Lagos on Friday, the Assistant Director/Head, Corporate Affairs of NAICOM, Mr. Rasaq Salami, said those peddling the rumour were being economical with the truth. He said there was no way the regulator could have written such a letter when the NPF had the powers to choose its own underwriter.

He said, “We didn’t write any letter to the Accountant-General of the Federation as alleged.

If they have any letter to that effect let them bring it forward, and it must have been forged.”

Some underwriters and brokers had petitioned the Minister of Finance, Dr. Ngozi OkonjoIweala, the Attorney-General/

Minister of Justice, Mohammed Adoke, Director-General, Bureau for Public Enterprises (BPE), Mr. Emeka Ezeh, and the Accountant-General of the Federation ( AGF), Mr. Jonas Otunla, seeking their intervention in the matter.

According to the Counsel to the aggrieved insurance firms, Alade Agbabiaka & Co., the Bureau of Public Procurement (BPP) had subjected over 40 insurance brokers who bided for the job to a screening and selection process in line with stipulated guidelines.

At the end of the screening, AIICO Insurance Plc and Standard Insurance Consultants Limited were appointed lead insurer and broker respectively to

L-R: Managing Director, Riskguard Africa Nigeria Limited, Mr. Yemi Soladoye; Head, Corporate Communications and Brand Management, Sovereign Trust Insurance Plc, Mr. Segun Bankole; Head, Risk and Compliance, Stanbic IBTC Pension Managers, Mrs. Idu Okwuosa; Managing Director, Sovereign Trust Insurance Plc, Mr. Wale Onaolapo; President Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Ayodapo Shoderu; and Director of Corporate Communications, Chartered Insurance Institute of Nigeria (CIIN), Mr. Joseph Obah during the Inspenonline 2013 Nigerian Insurance and Pension awards held last week in Lagos.

premium Underwriters make more money to recoup losses

O

ne year after the successful implementation of the ‘No Premium, No Cover’ package the Commissioner for Insurance, Mr. Fola Daniel, has declared that the insurance industry’s ability to pay claims has increased significantly.

He said within the last one year a few businesses were lost but in the balance the insurance companies had more money and could now pay. He added that the non-implementation of the Insurance Act 51 in the past led to poor cash flow in the industry.

According to him, “It is the duty of the commission to protect insurance companies and one of the ways to do this is to ensure that part of the Insur-

‘Our claims settlement ability has improved' ance Act that would enhance their performance are duly implemented. About 90 per cent of premiums reside in collectibles prior to No premium, no cover, resulting in inability to pay claims due to poor cash flow.

“In other climes, the underwriters are the lords and not the other way round where the brokers become the lord. That is why it became very important to implement the Act. It may also interest you to know that apart from the poor cash flow, some of the premiums were written off when they cannot be collected after one or two years.”

The commissioner, who also commended the Federal Government for showing leadership in the implementation of the

Act, said for the first time in the industry, the Nigerian National Petroleum Corporation (NNPC) paid its premium in full in 2013 because of the insistence of the commission on the new policy.

He said, “Federal Government did not oppose the implementation of the law but it showed leadership and complied fully. We now have tremendous improvement on the cash flow of companies. This is better for the industry.

“The policy is, however, not meant to scare companies or individuals without much money for premium. 'I would advise that those who can’t pay completely should take short term policy that whatever they have can cover.”

provide Group Life Assurance for employees of the Nigeria Police Force (NPF).

The deal was approved by the office of the Head of Civil Service of the Federation for the two firms to provide life cover for the police from January 1 to December 31, 2013.

They alleged that after their selection, the premium was eventually diverted and paid to other underwriters who were not successful during the bid.

However, some documents made available to New Telegraph revealed official correspondence among the stakeholders involved including the NPF, which appointed Hogg Robinson Nigeria Limited as the Lead Broker and Custodian Life Assurance Limited as Lead Underwriter. The memos, dated May 14, 2013 and May 17, 2013 respectively, were signed by the Deputy Inspector-General of Police, ‘A’ Department, Mr. Suleiman Fakai.

Salami further declared that it was even an error to smuggle the insurance for the NPF into the conventional scheme as the amendment to the Pencom Act had provided an opportunity for the NPF and the Armed Forces

to pull out and be on their own.

According to him, “By the amendment of the PenCom Act, the armed forces, police and the SSS were removed from the conventional insurance scheme.

They are to manage their own pension. If the Head of Service advertised and the insurers went ahead to bid, and the police on their own also advertised for insurers and brokers to take over their group life scheme, it is on that basis they got their insurers. Aiico didn’t have any contract with the NPF. “On February 22, 2013, the police advertised, inviting companies for contract. After the bidding, they gave out award letters to successful insurance companies and notified the relevant stakeholders including PenCom. So that makes whatever the agreement the HoS had on any agency not binding.

Also take note that in the budget, the allocation to the police and armed forces are done outside that of the HoS, who is in charge of other MDAs. “So as far as the commission is concerned, there is neither fraud nor diversion and even if there is, NAICOM has no business with it.”

Growth in power will heighten insurance demand –Oyekan

T

he Chairman, LASACO Assurance Plc, Engr.

Ashim Oyekan, has said the expected increased investment in power sector will impact positively in insurance industry.

Oyekan, in a statement, said the huge private investment in the power sector was expected to stimulate and expand appreciably the domestic economy.

He said, “The gains from this economic growth should trickle down to the common man, increasing his purchasing power and improving his standard of living.

“We expect that the healthy economic environment thus created will heighten awareness and demand for insurance. We will leverage our expertise to create insurance products that will meet all such needs.

“We expect that the retail segment of the insurance market that will be a blue ocean, will drive our growth

and open up the potentials of our company,” he added.

Speaking on the 2012 performance of LASACO, the chairman disclosed that the firm recorded a growth of 11 per cent in gross premium income over the previous year, adding that the group also paid N1.3 billion claims in the year under review, an increase of N448 million over what was paid in 2011.

The underwriting firm also grossed a premium income of N4.4 billion in 2012 as against N3.9 billion recorded in 2011.

The chairman noted that due to adjustments done in line with International Financial Reporting Standard (IFRS), the group recorded a loss before tax of N180 million in 2012.

Within the period, the group also grew its investment income by 34 per cent, stressing that this reflects the group strategic direction to leverage investment income as a key revenue source.

38 business | DEVELOPMENT

Sanctity of Truth

Monday, March 3, 2014

Chamber offers recipe for private sector development in West Africa plough-back An African-American plans an initiative that will ensure a judicious use of money sent home by Africans in the Diaspora

Marshall Comins

Washington D.C. Bureau Chief

F

rom an unassuming office in Washington, D.C., Francis Ikome, a half-Italian, half-Cameroonian, is diligently working to turn the West African world of private sector development on its head.

His Cameroonian-American Chamber of Commerce, which officially opened on February 22, is spearheading a series of innovative projects.

The chamber’s model is simple. As opposed to bringing foreign specialists who never set foot on the African continent to West Africa, as international aid organisations often do, Ikome said, the chamber designs and finances projects in cooperation with the Cameroonian diaspora. He sees potential regional ramifications of this model, which he believes will serve as an engine to boost the economy not just of Cameroon but of Nigeria as well.

Cameroon and Nigeria boast of extensive diaspora communities across the United States. According to the Migration Policy Institute, there were approximately 40,000 Cameroonian-born and 240,000 Nigerian-born individuals residing in the country in 2012. The diaspora populations are estimated to be considerably higher.

Yet these communities play marginal roles in development, the chamber’s president said, placing the fate of their nations in the hands of people who sometimes lack the contextual knowledge to bring about real change.

Among the most highly educated Diasporas in the United States, about 40 percent of the African diaspora have a university degree. Combined with their native grasp of local languages and cultures, these individuals have the ideal makeup to effectively participate in, guide, and execute local development and private sector projects.

But that is unfortunately not what is happening, according to Ikome. International aid organisations continue to exercise a perceptible monopoly over the development world, implementing a top-down system whereby they send outside experts to the countries of West Africa, offering cookie-cutter solutions to complex local problems.

At the same time, diaspora communities are sometimes complacent, Ikome said, avoiding direct engagement in private sector development while wrongly believing that remittances can solve all their nations’ economic woes.

“For instance, U.S.-based Nigerians are highly active remittance senders,” he stressed, “having sent over $20 billion to friends and relatives in 2012.

These contributions do have a considerable impact on Nigeria’s total output, but such efforts must be accompanied by more coordinated, efficient diaspora engagement initiatives.”

At the same time, according to the chamber’s president, U.S.-based Cameroonians send a proportionately much smaller amount than Nigerians, averaging about $115 million in 2012 – possibly as a result of confidence issues.

“This difference might be due to a lack of trust resulting from the continuing misuse of these funds by recipients in Cameroon,” Ikome noted. “We want

Francis Ikome, president of the Cameroonian-American Chamber of Commerce, at the inaugural ceremony

Chief Floret Ikome of Bossumbu, the in-country director of the Cameroonian-American Chamber of Commerce, at the inaugural ceremony

to create an environment of trust and work to shift the mindsets of those individuals who expect assistance and frequently do not put these funds to proper use. Alongside remittances, we must implement mechanisms to ensure the best-possible use of these assets. The diaspora has a key role to play.”

Ensuring remittance success As a first step to help resolve this problem, the chamber is preparing to launch the Medflex healthcare project in early 2014.

Under Medflex, members of the Cameroonian diaspora will be able to send money for their loved-ones to the chamber’s partner institutions in Cameroon for health-related purposes, which will ensure that the funds are spent correctly. Senders will have increased control over, for instance, money sent for medical operations.

“We will also launch educational programs and seminars to help diaspora Cameroonians better understand the importance of investing in private sector development and, specifically, entrepreneurship in Cameroon,” he said.

The project will be the latest in a series of microinitiatives that the chamber will later roll out na-

tionally.

West African Diasporas on the rise The chamber’s spin on development hinges on the idea that the Cameroonian and Nigerian diasporas are highly educated, worldly people with the knowhow to streamline the governance and economy in their homelands.

Ikome is cut from this same mold.

A former professional soccer player, Ikome was born in Italy and moved to Cameroon when he was two. His family lived there for seven years until he returned to Italy when he was nine. At 19, he traveled to the United States where he played college soccer on a scholarship. After going professional and winning a second division title with SC Beira Mar, Ikome worked in finance in Europe and then earned a master’s degree in international economics from the Johns Hopkins University’s School of Advanced International Studies in Washington, D.C. Upon graduating in 2013, he opened the chamber to put his education to use for the betterment of West Africa.

Although they are now focused on Cameroon, Ikome and Chief Floret Ikome of Bossumbu, the chamber’s in-country director, plan to collaborate with members of the Nigerian diaspora to develop similar organisations.

With a population eight times Cameroon’s, Nigeria is an economic powerhouse that has traditionally suffered from a lack of leadership, Ikome said. If members of the diaspora are provided with vehicles to encourage civil society participation, inspire youths in rural areas, and grow entrepreneurship, the opportunities will be endless.

“Our model can help Nigeria and other West African countries like Ghana to establish and maintain an extensive network of interested investors and diaspora members, so as to coordinate and facilitate economic development. Undeniably, Cameroon and Nigeria have the potential to reshape the global financial landscape,” Ikome said.

Our model can help Nigeria and other West African countries like Ghana to establish and maintain an extensive network of interested investors and diaspora members so as to coordinate and facilitate economic development.

Undeniably, Cameroon and Nigeria have the potential to reshape the global financial landscape

business | GLOBAL NEWS

Sanctity of Truth

Monday, March 3, 2014

39

China official PMI hits eight-month low

A

Guanajuato state Gov. Manuel Marquez, left, Mexico's President Enrique Pena, center, and Honda Motor and CEO Takanobu Ito watch Hondo's interactive robot Asimo during the inauguration of the new multibillion-dollar Honda car plant in Celaya, Mexican.

Acquisitions: Old Mutual eyes in Nigeria, others Siaka Momoh with agency reports

O

ld Mutual Plc (OML), Africa’s biggest insurer, said it plans to proceed with an initial public offering for its U.S. asset-management business this year, and it is looking for acquisitions in Nigeria, Ghana and Kenya, Bloomberg has reported.

“This offering will broaden U.S. asset management’s access to capital to pursue future growth initiatives across its business,” the London-based insurer said in a statement on Friday.

Old Mutual declined to comment on the timing of the IPO, saying it was subject to market conditions. The company’s shares rose the most in more than two years in London trading.

“We are growing in South Africa, with more than 750,000 new Old Mutual and Nedbank (NED) customers,” Roberts said in the statement.

“We have taken significant steps in our goal of becoming Africa’s financial-services champion, with new businesses in East and West Africa and nearly 600,000 new customers.”

The company is looking for more acquisitions in Ghana, Kenya and Nigeria this year, Roberts said.

Old Mutual has been considering an IPO since the U.S. unit reported outflows in the wake of the 2008 global financial crisis.

Chief Executive Officer Julian Roberts has said the IPO would only take place once the business was profitable and stable.

Profit at the unit climbed 22 percent to 111 million pounds ($186 million) last year.

“We expect the market to respond favorably to the planned minority IPO of the U.S. asset management business which, with funds under management of about $257 billion, could be valued at over $3 billion,” Eamonn Flanagan, a Liverpool, England-based analyst at Shore Capital Group Ltd., said in a research note today.

Old Mutual closed up 5.9 percent to 197.10 pence in London trading, the most since December 2011. The insurer will pay a final dividend of 6 pence.

Old Mutual profit from continuing operations, which strips out the effect of asset sales in 2012, increased 7.2 percent to 980 million pounds last year, the company said. Adjusted earnings a share rose to 18.4 pence, in line with the 18.5 pence median estimate of nine analysts surveyed by Bloomberg. Net income fell about 40 percent to 705 million pounds.

Old Mutual bought Intrinsic Financial Services Ltd., a U.K. firm that will give it access to 3,000 financial advisers, Roberts said on a conference call from London. The value of the deal wasn’t disclosed.

Less than a year after Old Mutual hired Schroders Plc’s Richard Buxton as head of U.K.

equities, the insurer said the Alpha fund he manages recorded inflows of almost 1 billion pounds. Gross inflows at the company’s wealth unit climbed 24 percent to 14.4 billion pounds in 2013.

“We have set a pretax adjusted operating target for the wealth business of 300 million pounds in 2015 and we are on track,” Roberts said.

Other targets for Old Mutual include increasing customers to more than 9 million by 2015 and keeping return on equity at 20 percent to 25 percent, he said.

The company wants to grow profit in the rest of Africa to 15 percent of South African earnings by 2015.

ctivity in China's factory sector slowed to an 8-month low in February, a government survey showed, reinforcing signs of a modest slowdown in the economy as demand weakens.

Reuters reports that the official Purchasing Managers' Index edged down to 50.2 in February from January's 50.5, the National Bureau of Statistics said on Saturday, just ahead of market expectations of 50.1.

A PMI reading above 50 indicates expanding activity while one below that level points to a contraction.

A preliminary survey released last week by HSBC and Markit Economics showed that the factory sector activity hit a seven-month low of 48.3 from 49.5 in January.

The index for new orders dropped below 50 and employment reached its lowest point since the global financial crisis.

The new orders sub-index in the official PMI China fell to a 8-month low of 50.5 in February from 50.9 in January and the sub-index for export orders fell to 48.2 last month, also a 8-month low, from 49.3 in January.

"Judging from market demand and production in some industries, we expect economic growth to remain steady in the future," said Zhang Liqun, an economist at the Development Research Centre, which helps compile the PMI. "We should fully consider possible risk factors and further improve macroeconomic policy reserves to help consolidate the steady trend in economy growth," he said.

The official PMI, which is weighted towards large and state-owned firms, has usually been rosier than the private survey, which covers more smaller and private companies. The official PMI has stayed above the 50-point level since October 2012.

The China report kicks off a round of monthly reports on the health of the global manufacturing industry, with similar surveys from the rest of Asia, Europe and the United States expected on Monday.

In recent weeks, investors have been more concerned that the Chinese and U.S. factory sectors are dragging on global activity, even as European manufacturers enjoyed a solid start to the year.

Although both the official and HSBC PMI surveys are seasonally adjusted, some analysts cautioned against reading too much into last month's data, given the possible impact from the long Lunar New Year holiday, which began on January 31 and covered early February.

Many plants and offices shut for extended periods during the festival.

To smooth out seasonal distortions, the statistics bureau is scheduled to release combined January-February growth figures on factory output, fixedasset investment and retail sales in March.

Despite signs of firmer global demand, a drive by Chinese regulators to rein in the shadow banking sector could hurt investment growth, while Beijing's continuing anti-corruption campaign could hurt consumption, analysts say.

Hulu sells international business to Nippon

N

ippon TV has acquired the international business of streaming and catch-up service Hulu.

The Japanese free-to-air broadcast group will take control of the SVOD service this spring assuming the necessary regulatory approvals are forthcoming.

The deal, according to Digital TV Europe, marks Hulu’s withdrawal from the international market. Amid several changes in its ownership structure Hulu will now focus on its domestic US business.

In the past it has touted international ambitions and has talked to content providers in the UK and other territories

although never managed to launch anywhere internationally aside from Japan where it rolled out as a subscription service in September 2011.

The Japanese Hulu has 13,000 episodes of content from about 50 different providers. The deal involves Nippon licensing the Hulu brand and technology and providing the necessary support to run the service in Japan. No financial terms were disclosed.

“In addition to terrestrial broadcasting and [satellite] broadcasting, Nippon TV is looking forward to succeeding Hulu’s business as a new path to deliver content through the Internet,” said Yoshio Okubo, president,

Nippon TV. “Hulu’s sophisticated brand, wide content line-up, and its outstanding technology are very attractive. We feel a big potential in the brand and service Hulu has created.”

In a blog post Hulu CEO Mike Hopkins said: “We have now reached a point in the growth of the business in Japan where we feel the best path forward is to sell the company to a strategic buyer.” He added: “I’m confident that the Hulu business in Japan is in very good hands, and Nippon TV will take the service to new heights, with the added benefit of allowing us to focus on our growing business here in the US.”

40

BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, March 3, 2014

Mexico becomes US top auto supplier

M

exico is on track to become the United States' number one source of imported cars by the end of next year, overtaking Japan and Canada in a manufacturing boom that's turning the auto industry into a bigger source of dollars than money sent home by migrants.

The boom according to Reuters is raising hopes that Mexico can create enough new jobs to pull millions out of poverty as northbound migration slows sharply, but critics caution that most of the new car jobs are low-skill and pay too little.

Mexico's low and stagnant wages have kept the poverty rate between 40 and 50 percent since the passage of the North American Free Trade Agreement two decades ago.

An $800 million Honda plant that opened in the central state of Guanajuato will produce more than 200,000 Fit hatchbacks and compact sportutility vehicles a year, helping push total Mexican car exports

to the U.S. to 1.7 million in 2014, roughly 200,000 more than Japan, consulting firm IHS Automotive says. And with another big plant starting this week, Mexico is expected to surpass Canada for the top spot by the end of 2015.

When NAFTA was signed two decades ago, Mexico produced 6 percent of the cars built in North America. It now provides 19 percent. Total Mexican car production has risen 39 percent from 2007, to nearly 3 million cars a year. The total value of Mexico's car exports surged from $40 billion to $70.6 billion over that span.

Manufacturing in Mexico is now cheaper than in many places in China, though the vast majority of the cars and trucks made in North America are still produced in the U.S. for domestic consumption and export to other countries.

Many of the vehicles built in Mexico are assembled with parts that are produced in the United States and Canada and

cross the border without tariffs under NAFTA. Mexico's government and the car industry say the automotive industry has become the primary source of foreign currency for Mexico, surpassing oil exports and remittances from immigrants in the United States. Migration to the U.S. has slowed dramatically in recent years, though experts attribute that mostly to tougher enforcement and a slower U.S. economy. Despite successes such as the car-making boom, Mexico still isn't creating nearly enough formal jobs for the hundreds of thousands of people entering the workforce each year.

While Mexico's official unemployment rate dropped to 4.62 percent in the last quarter of 2013, nearly 7 percent of working-age people work less than 15 hours a week and nearly 60 percent scrape by in offthe-books jobs such as street vendors or day laborers, whose benefits are virtually nonexis-

Employees at work in the new multibillion-dollar Honda car plant in Celaya, in the central Mexican state of Guanajuato.

tent and whose wages are often below the legal minimum.

The Mexican government announced that the economy grew a meager 1.1 percent in 2013, its worst performance since 2009. The government is hoping to see 3.5 percent growth this year. Mexico has roughly 580,000 auto workers, whose numbers have risen by 100,000 since 2008. They are paid about $16 a day, more than $4 less than what the average U.S. autoworker is paid

every hour. More than half of all Mexican workers earn less than $15 a day, according to Mexico's census agency.

When NAFTA was signed two decades ago, Mexico produced 6 percent of the cars built in North America. It now provides 19 percent. Total Mexican car production has risen 39 percent from 2007, to nearly 3 million cars a year. The total value of Mexico's car exports surged from $40 billion to $70.6 billion over that span.

EU reiterates readiness to sign Ukraine trade deal

T

op European Union officials said on Friday that the 28-nation bloc was still ready to sign a landmark trade agreement with Ukraine, insisting it wouldn't weaken ties between the country and its neighbor Russia.

The EU late last year according to AP offered Ukraine a free trade and association agreement. EU officials said they estimate the deal could yield 20 billion euros ($27.5 billion) in EU loans and grants for Kiev over seven years.

But Ukraine's now fugitive president, Viktor Yanukovych, at the last minute opted for a $15 billion bailout from Russia instead and refused to sign the deal that would have brought the country closer to Europe, sparking the protests that spiraled into a crisis that left dozens dead.

"If and when Ukraine is ready to sign the deal, then the European Union is ready to sign the deal," EU Trade Commissioner Karel De Gucht told reporters after a meeting of the bloc's trade

ministers in Athens.

Brussels says the agreement would open the EU, the world's biggest market, for Ukrainian exporters while shielding them from full competition for years. It would be "beneficial for all Ukrainians," De Gucht said.

"These association agreements ... are not directed toward Russia, or against Russia. It is not because Ukraine will have closer relations with Europe that they won't have economic relations with Russia," he said. "Not at all."

Ukraine's population is divided in its loyalties, with much of western Ukraine advocating closer ties with the EU while eastern and southern regions look to Russia for support.

While Ukraine's new government indicated it wants a swift conclusion of the deal with the EU, its more imminent worry is to avoid bankruptcy. It has said it needs $35 billion for this year and next to avoid default and appealed for an international bailout.

Japan, Turkey scrap talks on tank engine supply deal

M

itsubishi Heavy Industries has lost a potential deal to supply tank engines to Turkey because of restrictions that remain in place on Japan's military exports, officials in Turkey and Japan said.

The development, according to Yahoo Finance, shows the limits of Japan Prime Minister Shinzo Abe's effort to dismantle a near total ban on Japanese weapons exports that has shut the country's defense contractors out of overseas markets

since World War Two. Abe is pushing to ease the terms of Japan's self-imposed weapons export restrictions in part to lower Japan's defense procurement costs as part of a bid to build a more robust military to counter the rising regional power of China.

Mitsubishi Heavy had been under consideration to supply engines for the Altay tank being developed by Turkey's Otokar since last year.

But on Thursday Murad Bayar, Turkey's undersecre-

tary for state-run defense industries, told reporters that the potential deal had been quietly dropped in talks with Tokyo.

"We have agreed with Japanese authorities to leave this topic off the agenda and focus on other areas of co-operation," Bayar said.

Turkish Prime Minister Tayyip Erdogan had raised the issue of Japan's co-operation in supplying tank engines when Abe visited Ankara in May. The approach by Erdo-

gan sparked a round of talks between officials from the two countries and a visit to Turkey

by Japanese engineers, officials in Japan said.

A spokesman for Mitsubishi Heavy said the company had no comment because the discussions were a "government matter."

Yoshihide Suga, Japan's Chief Cabinet Secretary, said on Friday that he was not aware of the status of the talks with Turkey but said any agreements would be based on

the policies that limit Japan's military.

Japan, which renounced the right to wage war in its postwar constitution, effectively banned arms exports in 1967.

Under new guidelines being developed by Abe's coalition government, exports would be approved by the trade ministry if they were judged to serve peaceful missions or if joint development of a weapon was deemed to enhance national security, a person with knowledge of the review has told Reuters.

ENTREPRENEUR STO R I ES O F BU S I N ES S S U CC ES S ES

NEW TELEGRAPH

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newtelegraphonline.com/entrepreneur

Monday, March 3, 2014

Fast track: Increasing your customer base Dr. Chris Williams, the convener of the widely endorsed business boot camp - HEAD 2 HEAD WithGurus, is the President of a Lagos-based personal development and enterprise expansion institute - Headstone Academy.

Contact: www.facebook.com/HeadToHeadWithGurus Twitter: @HeadstoneNG Tel: +234 809 896 9266

By Dr. Chris Williams

N

o business can do without customers. As an entrepreneur, what actually keeps you in business are customers. The first thing you need and will always need in business are customers. Like I always advise, it is better to prospect for customers even before your product hits the market. The businesses that turn out to be market leaders are those that can pull more customers to them. The more empowered a customer is, the more empowered your businesses will be.

So, how do you secure customers?

I’ll give you some practical tips. Many of which I have tested in our business and proven to be very effective.

1. Advertise and publicize your business Don’t just sit down and hope buyers will find you. You need to seek creative ways to find them. You need to discover effective ways to tell people exactly what

IDEA PRENEURSHIP

you’re doing. “Hey, we are XYZ business, we are into this and we can help you do this and that.” Take advantage of whatever method of advert and publicity that is available and affordable to you; TV, radio, social media, handbills etc. To someone who doesn’t understand business, a look at the primetime on TV where advertisers spend millions on adverts, may look like a total waste of money. A wise entrepreneur however knows that such monies are not wasted. If it is effectively utilised, you can be sure whatever you sow, you’ll surely reap. Instead of using all your money to build products, use some for advert. If people know the product exist, then they will buy. Don’t neglect the power of wordof-mouth publicity. It works wonders. When people tell others about what you or your product can do, it sounds perhaps even more believable. I can’t forget the story an aspiring businessman once shared with me; he spotted a gap in the market – a huge number of well to do people were frustrated by their inability to read or write properly. He bought a 15-minute spot on radio and kept on speaking about the disadvantages of illiteracy. He hadn’t quite

these pens stop writing within the first 10 minutes you receive them. No matter how beautiful they are, they’ve only given you 10 minutes of publicity. Here’s the bad news; in a way you, you’ve just a told your customers how unreliable your businesses is. Many people don’t know this. Why put your brand on an object that doesn’t work. This little scenario we have just presented, in many ways, generally describe our attitude to business in this part of the world. Many of us claim to do business when in reality, we are just joking.

Promotional items help endear people to your business. Browse the internet for ideas your budget can carry. Don’t forget, there’s room for copying wisely. It must not always be your original idea.

Like someone once said, “It is not a sin to copy, it is however a sin not to copy right.”

Next week we shall delve into even more exciting ways to get and keep your customers. Till then, keep doing business the right way!

It is better to prospect for customers even before your product hits the market. The businesses that turn out to be market leaders are those that can pull more customers to them

Colour and packaging can affect profit 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/richnige rianpharmacists

By Ifeanyi Emenne

done 13 episodes when listeners began to demand a session with him. The sessions soon turned into a mini-academy and today, as we speak, the young man is in big business.

2. Employ the use of promotional items.

Look for small things that people use a lot and brand them with your business name. If possible, ensure you include the type of products and services you offer and how you can be contacted. Recently, in our businesses, we employed a promotional strategy that’s been very effective.

You need to discover what works for you and “work it”. I know of a particular brand that gives out very beautiful key holders to its customers. A key holder may look cheap and insignificant but if it is irresistibly attractive, you can be sure lots of customers would like to carry it around. I’m sure if you take a survey of 50 people who carry keys around, at least 25 of them would have a key holder. There are so many other innovative and affordable ideas that can help promote your business, what I’ve just done is to mention the ones you may have been taking for granted. Let me share another one you may be familiar with; it’s T-shirts. I dare say that most promotional T-shirts are not fit to be worn. So, the question remains; why waste your money on what you wouldn’t be caught wearing. Let me give you a dimension to another affordable gift item that’s been abused over time. These days, it’s not unusual to receive pens as a gift item. The problem is that most of

D

o you know that white coloured cars are cheaper than other cars? Do you know that insurance companies charge more to insure a red coloured vehicle than other colours of the same model? Experts say the red colour in a car makes drivers of such cars feel very energetic. They therefore want to fire up engines leading to more

accidents.

Have you noticed that most fast food restaurants paint their places one or a combination of the following colours. Red, lemon green, yellow, orange?

Think Mr Bigs, KFC, TASTY, SWEET SENSATION, MAMA CASS etc.

Now think of the colours.

It is no coincidence. A client of mine who is into the food business, came to

me with the new design of her soup bowl label. I took one look at the colour and told her that the soup will not sell. The colours she chose wasn’t tempting.

The colours red, lemon green, orange and yellow stimulate appetite.

Some other colours make a hungry person feel less hungry. She did further research and immediately CONTINUED ON PAGE 44

42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, March 3, 2014

Doing Business in Nigeria BUSINESS SCHOOL Remi Dairo is the President, School of Productivity and CEO , Solvere Word Consult.

He is a facilitator at Nigeria’s foremost entrepreneurship school, Fate Foundation.

C O N T I N U E D F R O M l a s t w ee k

Chidi came to Maiduguri broke. He tried so many things outside his strength and became so frustrated.

One day, he discovered that he found it easier to interact with people. The more he interacted, the more he discovered that people needed cold water because of the hot weather. Chidi thought about his empty freezer at home, went back home, cleaned it up, got some bowls of water in it and chilled it to freeze point. He brought his relational skills to the mix and today, my friend is a “cool business man” Open your arms Doing business in Nigeria entails you open your hands to work. This is a country you can’t afford to fold your arms; you need to put your hands to good use. Lazy people do not have a future in this nation.

We cannot have a green land and yet have people who will not roll their sleeves and get to work. Until you work, nothing works; it takes diligence to bring out the beauty of your idea. Business ideas are good but they are even better when you act on them. In Nigeria, when you see an opportunity, you must be ready to put your hands to work. Everyday opportunity abounds but there are few hands working. That is the major reason for the high level of poverty we experience.

I agree with our fathers of old who said “there is no food for a lazy man” When you find the problem, meet the need and sustain the business by hard work, then you’ll not only have food, you’ll have enough to take care of your responsibilities.

Abu found a need for a “Suya” joint around a popular club in Abuja. It was

+234 (0) 803 590 0175 info@schooofproductivity.org me@remidairo.com open and Abu accessed it.

He had a couple of meetings with the management of the club. They agreed to make him their “Suya” and local meal chef. This made Abu work even harder. He looked for the right kind of meat during the day and grilled it from night time till early hours of the next day. The business grew so much he had to hire other people to help. Today, Abu moves from location to location looking for great spots he can mount his business. His team of well trained chefs can’t wait to be posted to the new spots boss Abu spots all over the north.

Open your mouth Nigeria is a great nation filled with potential. We’ve got great people and we’ve also got a great market.

You’ll be doing yourself a great disservice if you don’t open your mouth and let people know the solution you provide. Opening your mouth here does not mean “opening your mouth physically.”

I’m talking about whatever you can do to project your solution to the world. Facebook, Twitter, LinkedIn and other social media platforms are some ways you can open your mouth to your friends, family and potential clients.

Nigerians love to talk; we like to gist, so what are you waiting for? Give us something to talk about. The more people “gossip” about your business, the wider the solutions you deliver will travel. Open your mouth and fill the space of the earth with the image of your solution. When you find yourself in a small group, tell them what you do, share your solution anywhere and every-

where you go. You don’t know where and who will call you for business. When anybody has a related problem you can solve, don’t be timid; tell them you can resolve it. Go full force, talk the talk and work the talk.

I will like to warn you as this juncture of the need to refrain from being an empty talker.

Don’t be the empty barrel that makes the loudest noise.

Prepare your content and with that content, match your talk because people judge your talk by your content.

There’s a young lady, perhaps you’ve heard about her; her name is Itoro EffiongBright, a Banking and Finance Graduate of University of Uyo. Even though she loves cooking, she decided to gain some experience working for a telecoms company after graduation. More than her job, Itoro enjoys spending time to delight her friends and family with her mouth-watering delicacies. Friends who visit her home would not only ask for “take-aways,” they also plead with her to help them prepare pots of soups for their homes.

It occurred to her she could turn it into a business. So she looked for every opportunity to tell anyone who cared to listen that she could cook pots of soups and also do door-step delivery for a budget fee. Not even the social media was spared; as she started to open her mouth, business began to pour in, gradually at first, then constantly. As we speak, this young lady not only cooks for celebrities, she also runs a soup school where she teaches single, courting and married-

Ask questions and align yourself with people who know; ask product and service users; change your strategy to align with their demands couples how to cook over 40 assorted soups of Nigerian origin. She regularly gets invitation to speak at seminars and on television programmes.

The “CHEF” Executive Officer (CEO) as she is fondly called, is now widely hailed not only as a respected kitchen instructor but also as a culture ambassador. She dared to open her mouth to speak, see what she got. Open your own mouth and speak!

Open your mind In Nigeria, change is the only permanent thing. Business may not always turn the way you propose. Sometimes your business plan will never come out as planned. What do you do when you don’t find the right environment to deliver your dream? You have to open your mind to change; open your mind to flexibility; open your mind to new ideas and innovation. If you really want to do business in Nigeria, you have to be dynamic. Nigeria is a peculiar country and peculiar things happen every day; your market could shift from one point to the other; there could be an instant change in policy; change in taste or even in de-

mand. What should you do?

Ask questions and align yourself with people who know; ask product and service users; change your strategy to align with their demands. Be ready to learn, be ready to relearn.

Be ready to try new things and new ways. Be flexible in your mode of presentation and market channel.

Ogene is a big time business man in a settlement close to a major town in Nigeria, he sells bicycle parts. One day he woke up to realise that customers were no longer coming to purchase bicycles parts anymore. Sales began to drop. He repainted his shop and spent more money beautifying the environment to attract customers yet sales remained very poor.

Ogene took the courage to do a simple research. He discovered that the state government had given 1,000 tricycles also known as “Keke NAPEP” to rural families around the state. He now knew why sales plummeted; his customers needed tricycle parts not bicycle parts. Off he went to buy tricycle parts. He had no excuse; that was the way to go if he wanted to remain in business.

In conclusion, I must say that doing business in Nigeria is like harvesting honey from a honeycomb; you have abundance of honey to take home but you need to be strategic in your approach, else you may get stung. Truly, ours is a land rich in people, places and mineral resources. Only those who can see it will reap it. Your productivity and profitability in business is guaranteed. See you at the top!

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, March 3, 2014

Webpreneur Tunde Mo’ Aguda: I have no regret being an entrepreneur

ENTREPRENEUR OF THE WEEK

Tunde Mo’ Aguda representing Nigeria at DEMO AFRICA, Kenya

THE TRUTH

In this industry, you can really achieve a lot with good mentoring and guidance.

Tell us about yourself?

My name is Babatunde Mo’ Aguda, the Lead Web Developer at WebRelated Consulting, a web presence and internet strategy company. I graduated as a Quantity Surveyor but opted for IT even before graduating from Yaba College of Technology. I have been actively involved in the actual conceptualisation and development of websites and web applications since the year 2000.

I’m also the Founder of an internet startup simply known as RAMP.ng - an acronym for Residents Association Management Portal. It is a web app that simplifies the management of resident associations in Nigeria or anywhere in the world. I am an eccentric who loves exploring new ideas in the technology space.

What informed your venturing into your line of business?

I have always been in love

with anything IT. The ease with which solutions can be harnessed coupled with the joy of seeing a client experience “peace of mind” makes the IT world irresistible. The RAMP internet startup was actually designed to be gap filler, a response to lack of dedicated solutions to cater for the residents associations of estates and gated neighbourhoods particularly here in Nigeria. We decided to create the very first web application to tackle the challenges of security, communication, documentation and accounting for these resident associations, thereby improving revenue generation via active payment of levies and dues. The response has been very encouraging. It is such response that keeps us ven-

turing deeper into our line of business.

How would you compare your industry with the industry abroad?

I would say the level of appreciation differs. Professional web developers and solution providers are not really appreciated in Nigeria due to proliferation of quacks and amateurs who pose as professionals. This is not the case in developed countries where emphasis is placed on quality rather than quantity. However things are gradually changing.

environment, which you will agree with me, is a fundamental necessity for any industry to survive or even thrive. I must however commend The Honorable Minister of Communication and Technology, Mrs Omobola Johnson; she’s doing a great job of trying to create that enabling environment. It won’t happen overnight though. We also have the challenge of funding which you and I know has hindered many great ideas from reaching their full potential. But with more angel investors and venture capitalist showing interest in the Nigerian technology space, I believe that the future is brighter than we previously thought.

How does your job serve other industries and the economy in general?

Well, if you are to look at my job as a web developer or e-solution provider, from a broad perspective, yes, we serve practically all the industries since we are more or less like the architects who conceptualise and design the virtual cyber-presence of all businesses whether big or small, individual or corporate. Practically everybody in today’s business world needs web presence and when you consider that fact, you will realise that web designers and app developers really have their hands full.

What would you say are the benefits of entrepreneurship and what benefit do you enjoy best?

Entrepreneurship builds self confidence and independence. Being an entrepreneur means doing what I love doing best. I don’t know what you love doing best. For me, it is simply developing solution-oriented websites and apps. Entrepreneurship gives you individual freedom to work at your preferred What, in your opinion, is the time, pace and probably greatest challenge the industry is currently facing? place. You are not restricted The greatest challenge like a bird in a cage. As an the industry faces is actually entrepreneur, I am at liberty the lack of a proper enabling to explore new ideas. For example, I spent about three months conceptualising and strategizing my new startup, RAMP. I spent another seven We have seen the amazing feats that internet months developing and coding the processes for the startups like Jumia, Konga.com.ng, IrokoTV and Hotels.ng have achieved. They have used web application. So in total, I spent about 10 months to the internet to simplify things for everyday build a whole new pioneer users. Together with several solution focused solution from scratch. This could never have been posIT firms, we would build a future which sible if I had a regular “9 to compares or even surpasses our oil wealth 5 job.” So as an entrepreneur,

43

you have a lot of time to explore new ideas. I have no regrets being an entrepreneur.

What is your turning point in business?

Over the years, I have been able to conceptualise successful internet startups.

Like I said earlier, I am a restless eccentric who just loves to explore. I have toyed with nothing below a dozen internet startup ideas. However, just a few have so far been successful in the sense of the word. But that is the life of an entrepreneur; you win some and you lose some. It’s all part of the plan. It’s not all the ideas you conceive that will make you rich; all you need is just one great idea. I would say last year was a turning point in my business; our new startup RAMP.ng( Residents Association Management Portal) was nominated among the 40 top startups in Africa, to pitch and present our web app at DEMO Africa 2013 that held in Nairobi, Kenya.

Only four of the startups out of forty were from Nigeria.

This was a major milestone for us. We received congratulatory messages from the Minister of Communication and Technology. That was a turning point.

Where do you see the industry in the next 5, 10 years?

I forsee a very bright and thriving ICT Industry in the next couple of years, with more players participating to improve on what we already have. We have seen the amazing feats that internet startups like Jumia, Konga. com.ng, IrokoTV and Hotels. ng have achieved. They have used the internet to simplify things for everyday users.

Together with several solution focused IT firms, we would build a future which compares or even surpasses our oil wealth.

What is your advice to aspiring entrepreneurs planning to come into your line of business?

Well, my advice to aspiring entrepreneurs who want to join us in the technology space or who are already in it is to keep doing what they are doing but primarily stay focused. Try as much as possible to find mentors in the field to guide you and show you the right path to follow.

In this industry you can really achieve a lot with good mentoring and guidance.

44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, March 3, 2014

Customer Service: Six kinds of customers you must face George Essien is designated Peak Performance Consultant(PPC) and Chief Inspirational Officer Of Powerminds Community Contact: powermindscommunity@yahoo.c om, essien_success@yahoo.com, drgeorgeessien@gmail.com..

Twitter: @GeorgeEssienPPC. Facebook@George Essien Tel: 08187133153

By George Essien

S

elling is probably the most important skill any budding entrepreneur must master if he is to succeed in the aggressive market jungle of Nigeria. Unfortunately, startup entrepreneurs shy away from selling or are too afraid of the rejections common place in sales presentation. Understand that rejection is part of the sales process. If you are afraid of rejection, then you are not really ready to go into business.

You will raise the capital you seek for your business by being an effective sales person. You have to learn how to convince potential investors that their money would not go down the drain. Investors crave for information.

30 SECONDS LECTURE

You will have to keep prospecting so as to get customers to keep patronizing you. Selling is very key in industry. So in growing your enterprise you must master sales techniques.

You must study markets, trends and, most importantly, people I believe that entrepreneurs who were first intrapreneurs make far better entrepreneurs.

Who is an intrapreneur? Not a very common word, is it?

An intrapreneur is someone who is in business FOR himself but not BY himself. He is either a distributor of a parent company or works as distributor for a network marketing company.

The Parent company provides the support system for the intrapreneur and offers him a compensation or commission for his effort. This is what it means to be in business FOR

-Cosmas Maduka, Chairman /CEO of Coscharis Group

and support their ‘downlines’.

These skills are very important skills that entrepreneurs need to develop to grow their business.

You should master selling because at the end of the day selling is what determines the survival of any business. Effective selling is what brings in the money for your organization.

No sale, no cash. If the life blood of any business is cash flow, then the heart where this life blood flows is an effective sales machinery and strategy.

Selling is the transfer of passion. It is exchanging your belief about a product or service, and the ability of your product to deliver, to a customer.

Selling is also the creative art of finding customers and keeping them. It is discovering

CONTINUES SUBSEQUENT EDITION

Colour and packaging can affect profit C O N T I N U E D F R O M PA G E 4 1

You can start any mean job as a stepping stone to where you want to be. The best skill you need is simply the ability to manage money properly and rely on God for grace

yourself(You receive a commission and not a salary so if you don’t put in the effort, you don’t get paid) but not BY yourself(The parent Company provides you with the necessary support, including the products, the catalogues, the education to succeed in the business, and on many occasion the strong brand support.)

I am aware that a lot of people are wary about network marketing. Yet people who really engage in it turn out to become great entrepreneurs when they eventually start their businesses. Network marketing or what is also called Multilevel marketing gets people to overcome the fear of rejection, horn their selling skills, develop communication skills, grow a team

EXACTLY who your customers are so that you can focus sales effort. It is also discovering where they are densely concentrated and directing your strategy.

No matter how beautiful your product or service, a business person must learn to go out and meet people. Now even after you have done all your demographic studies, you will still face the challenge of selling to individual customers or investors. They may need you product but if you don’t know how to respond or react emotionally to them, if you don’t understand their buying strategy, you may not beable to successfully sell to them.

The following therefore are 6 kinds of customers a sales person or a budding entrepreneur will meet. I also suggest how you can get them to buy.

(1)RELATOR: These customers are soft spoken, people-oriented, easy going customers or investors.

They are wary of fast-talking salesmen and entrepreneurs.

They are usually interested in how their family will respond to their buying decision. Will his family like it?

What will his colleagues or staffers think about his buying decision?

changed all the colours on her bowl.

In pharmacy business, certain colours create the impression that processionals are in charge of a premises. That is why doctors wear white laboratory coat in office but not in the theater. They wear other colours in the theatre because, like many patients admit, white can make a patient on an operating table think more

about going to heaven. Sounds funny but it’s true. There are pharmacies you would walk into and you would immediately feel like spending money there. It gives you the impression that you will get the best services there even if you are walking into that place for the first time. That is just colour working on you.

Certain colours are happy colours, that is why multinational companies’ medicine

for children are always fruity coloured or have colours that make children want to drink whatever is contained inside.

I saw a very popular pharmacy rebrand its premises in Aguda Lagos and I wondered if no one told them about the impact of colour.

You must study your office and premises and ask yourself what colour drives customers to that kind of business.

In Nigeria, First Bank Plc is

the most trusted bank and its major official colour is blue because blue shows reliability and professionalism. Zenith bank is known for agression and they went for red because red inspires vibrancy. Do your research about colours and if your office has the wrong colour, change it and see the impact on your turnover. Distinct smells and sounds are some other ways businesses can drive profits.

MENTOR’S

MENTOR’S

MENTOR’S

MENTOR’S

“We are all manufacturersmaking good, making trouble or making excuses”

“Professionals are people who can do their job when they dont feel like it. Amateurs are people who can’t do their job when they do feel like it” -Anonymous

“The person who minds nobodys business but his own is probably a millionaire”

The true worth of a man is to be measured by the objects he pursues”

-Anonymous

-Marcus Aurelius Antoninus

QUOTE

-H. V. Adolt

QUOTE

QUOTE

QUOTE

For feedback and information, please contact the Project Coordinator: ENTREPRENEUR Phone: +234 (0) 803 721 9064 | Email: mailyourthoughts@gmail.com | www.book-brands.com

METRO

arch 3, 2014

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21

journey of nightmare, carnage

Another failed portion

When they neglected the road leading from Lagos to Ibadan, which is a major artery in Nigeria, what else do you need as evidence of neglect?

“Since I started this thing (manufacturing), 30 years ago, I have not seen much effort being made in the direction of helping to provide the factors that make manufacturing worthwhile.”

The former MAN chairman said notwithstanding the calls for public private partnership, “governments still have a very massive

role”.

Obidigbo, who is also the chairman of Hardis and Dromedas Limited, said most of the companies in the South-East are relocating due to the poor road network.

Also the National Secretary of Freight Forwarders of Nigeria, Chief Ray Onyirimba, said the nature of Enugu - Onitsha Expressway made it hard for importers to use the Eastern Ports, stressing that cost of bringing goods from the ports into the hinterland was prohibitive.

The situation of Enugu Onitsha Expressway has been a source of public outrage.

For instance, in 2007, the Chairman, Senate Committee on Works, Julius Ali Ucha, explained how the South-East lost N10.6 billion representing money that was budgeted for road construction in the zone in the 2007 budget.

He regretted that the former Federal Executive Council (FEC) failed to award contracts for the roads even after due process certification had been completed.

Reiterating the call for federal intervention in the road sub-sector, Ucha told journalists that the general state of roads in the zone was so criti-

cal that it required emergency intervention.

He insisted that the N75 billion provided for roads in the 2008 budget was so insignificant that it could barely pay for old debts owed contractors.

The lawmaker added that the South-East geopolitical zone was the only zone that was not included in the Federal Government’s road intervention programme of the previous administration.

Arguing for an upward review of the budgetary provision for roads, Ucha explained that if for instance the 36 states and the Federal Capital Territory (FCT) were to share N75 billion, each would get between N2.5 billion to N2 billion.

He said: “The situation is so critical and requires emergency intervention from both the legislature and executive because the implications are obvious. The legislature may be compelled to pass supplementary appropriation in the middle of the next year.

“There must be intervention; and that will create doubts in the minds of the international community as to our budgetary process.

It would also erode the confidence of Nigerians in the policy.”

One of the many diversions on the road

Another accident scene

A private operator of commuter buses, Sunday Afuluenu, accused the Federal Road Maintenance Agency (FERMA) of doing more harm than good.

He said: “Instead of wasting funds financing the agency, the Federal Government should encourage both officials of the Federal Road Safety Commission (FRSC) and the Special Marshals to handle such emergency road

rehabilitations.

“FERMA has caused more harm than good on the road. They keep destroying the roads and pretending to be rehabilitating them. I want to state categorically, that the agency has failed woefully. Let government give us support, we the special marshals are ready to fill the potholes and we will do it right.”

The Controller, Federal Ministry of Works could not be reached as he was said to have travelled outside Awka.

As the nation awaits the onset of the rainy season, it is left to conjecture what would become of the Enugu -Onitsha Expressway.

46 NEWS

Monday, March 3, 2014

Centenary celebration glorifies slavery, bad history, says Braithwaite WORTHLESS Those celebrating centenary have no sense of history Wale Elegbede

A

former presidential candidate of the defunct Nigeria Advance Party (NAP), Dr. Tunji Braithwaite, has faulted the celebration of centenary anniversary by the Nigerian government,

describing it as a meaningless celebration of slavery and bad history.

Speaking with New Telegraph in Lagos, the elder statesman said the government should have halted the celebration in the wake of the killing of over 50 students of the Federal Government College, BuniYadi, Yobe State, adding that the celebration is a disgrace and a disregard for the present generation.

Braithwaite said, “I have said it long before

they embarked on the worthless and uninformed so-called centenary celebrations that it is a jamboree. I am excited that the people of this country simply ignored the celebration.

It is meaningless among all our people; it is not a question of some people.

The people of this country collectively ignored the jamboree. It must have been undertaken by those who don’t have a sense of history.

“You don’t celebrate

bad history. Look at the list of the invitees, both international and national; it merely confirms that they don’t have a sense of history. You don’t have anybody who has sense of history there except for countries like Great Britain. They are happy that you are celebrating your colonization by them. It is unfortunate that Jonathan embarks on this display of low perception of history.”

Braithwaite, who was the counsel to the late

Fela Anikulapo-Kuti during the afrobeat musician’s trial over Kalakuta Republic, said he was not surprised that some families rejected the centenary posthumous recognition.

“I don’t expect the Anikulapo-Kuti family to accept such rubbish. It is a badge of shame when you accept such honour that will celebrate the enslavement of your ancestor. I am not surprised that they rejected it,” the rights activist said.

Police in Enugu detain magistrate, husband for alleged child abuse

T

he Enugu State Police Command has announced the arrest and detention of a female magistrate in the state and her husband for child abuse.

A statement from the command yesterday said the arrest followed a petition against the magistrate and her husband for their alleged maltreatment of a nine-year-old girl from Ebonyi.

The statement was signed by the Public Relations Officer of the command, Mr Ebere Amaraizu.

It alleged that the couple abducted the girl in 2011 without the consent of her mother, a widow of Amuda, Ezza North Local Government Area of Ebonyi.

It said the men of the Criminal Investigation Department rescued the girl from the couple at their home in Ibagwa Nike, Enugu East Local Government with bruises and multiple injuries on her body.

The statement said the girl’s mother, who told the police that her daughter was taken away without her consent, pleaded that justice be done in respect of the couple.

L-R: Wife of Ondo State Governor, Mrs Olukemi Mimiko, the Governor, Dr Olusegun Mimiko and the Regent of Akure, Princess Adetutu Adesida during the thanksgiving service to commemorate the 5th Anniversary of Mimiko's administration in Ondo state, at St David's Anglican Church, Akure…yesterday.

Airtel seeks stay of execution on garnishee order Joseph Jibueze

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telecommunications firm, Airtel Nigeria, has urged the Court of Appeal in Lagos to stay execution of a Garnishee Order Nisi made against it by a Lagos State High Court, Ikeja.

It appealed against the lower court’s verdict, praying the Appeal Court to set aside the order.

The appellate court has reserved ruling on the case, while the one before the lower court has been adjourned till April 7.

The lower court, presided over by Justice Lateef Lawal-Akapo,

had asked Airtel to pay a telecoms firm, Procomtel Limited, the sum of N1.17billion, which represents awards made by an arbitrator on June 27, 2007 and on August 24, 2007, including interests, over a dispute.

Procomtel said it had an agreement with Airtel for the construction of 28 cell cites in 2001, but the telecoms company allegedly terminated the contract on March 5, 2003.

The claimant said it successfully executed the contract, and provided other services to Airtel, including importation of equipment, and that the

company was indebted to it. Procomtel had urged the lower court to enforce the awards, claiming that the defendant’s failure to pay the money had adversely affected and almost paralysed its business.

The firm said the fact that it had been unjustifiably deprived of using the money since 2007 entitled it to N95million damages.

Ruling in the claimant’s favour, Justice Lawal-Akapo declared: “An order of specific performance be and is hereby made for the amounts contained in the final award dated 27th June,

2007 and additional award dated 24th August, 2007 made under the hand of Engr Olumuyiwa Ajibola in the matter of arbitration between Procomtel Limited and Celtel Nigeria Limited pursuant to the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria.”

The judge also awarded N25million damages to the claimant for breach occasioned by non-performance of the awards.

In a bid to recover the judgment sum, Procomtel (the judgment-creditor) initiated the garnishee proceedings.

Ki Moon, Williams, others urge protection of the wild as the world marks Wildlife Day today Andrew Iro Okungbowa

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s the first-ever World Wildlife Day is celebrated today, the UN Secretary General, Ban Ki Moon, has made a passionate appeal to the world to ‘‘let’s go wild for wildlife’’.

He calls for a concerted effort at protecting diversity and halting trafficking of endangered species.

The UN scribe is not a lone voice in the call as many other world leaders and acclaimed conservationists have lent their voices in different messages across the world.

Among them is the Duke of Cambridge, Prince William, who is the President of United for Wildlife and the Secretary General of the Convention on International Trade In Endangered Species on Wild Fauna and Flora (CITIES), Mr John E. Scanlon.

According to Ban, the world has over the years relied on the diverse riches of the Earth for its survival: ‘‘For millennia, people and cultures have relied on nature’s rich diversity of wild plants and animals for food, clothing, medicine and spiritual sustenance. Wildlife remains integral to our future through its essential role in science, technology and recreation, as well as its place in our continued heritage,’’ he said, adding that it is for this reason that the UN declared today, March 3 as special day to focus on wildlife. ‘‘That is why the United Nations General Assembly proclaimed March 3 --- the anniversary of the adoption of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) — as World Wildlife Day,’’ he noted. He warned that some of the world’s most charismatic species, as well as lesser-known but ecologically important plants and animals, are in immediate danger of extinction due to habitat loss and illicit trafficking.

NEWS 47

Sanctity of Truth

Monday, March 3, 2014

We have sanitized Abuja information centre —AGIS DG Yekeen Nurudeen Abuja

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arely one year after she was appointed the Director of Abuja Geographical Infor mation System (AGIS), Hajia Jamila Tangaza said she has been able to sanitize land administrationsin the Federal Capital Territory, Abuja, noting that AGIS has been upgraded with cuttingedge technology.

While speaking over the weekend during the visit of the leaders of the National Council for Women Society (NCWS) in her office in Abuja, she said her leadership has cleansed AGIS of fraud that characterized in the last few days.

AGIS is believed to be the hotbed of land racketeering and fraud in the FCT administration.

Jamila was the former Senior Special Assistant on Information and Communication Management to the FCT Minister, Senator Bala Mohammed before she was appointed as the DG AGIS ast year.

The AGIS boss, who admitted that her office was f aced with serious challenges and fraud before her assumption of of fice said "Today, we have a cutting-edg e technolo g y in AGIS. We have cleaned-up and I am telling you, we wo u l d c o n t i n u e t o clean up the system" She said that about 70 percent of the computer systems s h e i n h e r i t e d f ro m the last administration were old as they were they were supplied when AGIS was created over nine years ago, andaccording to her, were long overdue for upgrading.

Abuja will have more lunatics in 5 years time­-Expert LUNACY Poverty will cause more mental disorder says psychiatist

Yekeen Nurudeen Abuja

sick people in the FCT, but their presence across the nation’s capital hasbecome noticeable in the last two years’, she stated, adding that, "It's really going to be a disaster and there's no plan for mental health sector. There is no facility to even treat those

that are already patients, not to even talk of maintenance. The key issues in mental healthcare are treatment, maintenance, prevention and promotion" While lamenting that psychiatry as a field of medicine has been ne-

glected in the country, Lovena also noted that the rehabilitation centres in Abuja do not have facilities to take care of mentally-sick patients.

"In some rehabilitation centers in Abuja, you see some pure cases of mental health that are

not for rehabs because there is no unit for that" she added She therefore called on the federal government to give more priority to psychiatric, noting that they should be seen and treated like every other body ailment.

A

n Abuja-based psychiatric expert, Lovena Adams has warned that unless adequate mental healthcare facilities are provided in the Federal Capital Territory, Abuja, there may be more lunatics in the seat of power in the next five years.

Lovena, a registered psychiatric nurse, who spoke to the New Telegraph, also raised alarm that the increasing poverty level in the country might ultimately lead to more cases of mental health in the country.

She particularly noted that the seat of power, which has no single mental healthcare centre in the entire secondary healthcare. ‘There is no official statistics about the number of mentally-

L-R:Director, Strategy and Stakeholder Management, AFRIMA (All Africa Music Awards), Titiloye Amzat; Special Assistant (MSME Development) to the Minister for Industry, Trade and Investment, Abi Mustapha; Minister for Industry,Trade and Investment, Dr. Olusegun Aganga; Director, Brand Communication and Sponsorship, AFRIMA, Matlou Tsotetsi and Managing Director/CEO, PRM Africa, Mike Dada during a meeting in Abuja …on Friday .

$70.58bn

0.4

The total import value of Nigeria (2012 est.).

Theodera.com

The purchasing power of Zimbabwe per cent of the US (the world’s lowest).

1.2m

The total number of people reportedly killed on the world’s roads yearly.

Pulitzercenter.org

LP, PDP pick candidates for Ondo bye-election CONCENSUS

Concensus candidate emerges for Ondo vacancy

Babatope Okeowo Akure

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head of the April 5 bye-election to fill the vacant position in Ilaje/Ese-Odo Federal Constituency, the Peoples Democratic Party (PDP)

over the weekend picked Mr Adewale Kukute as the consensus candidate.

Kukute defeated Prince Idowu Mafimisebi to emerge as the candidate of the party, after about 24 hours.

Already, the ruling Labour Party (LP) has picked Prince Kolade Akinjo as its candidate for the vacant position.

Akinjo defeated Prince Yomi Akinrutan, the son of oil magnate

and the Olugbo of Ugbo, Oba Fredrick Obateru Akinruntan.

The position became vacant following the death of Raphael Nomiye last year.

Nomiye is from the Ilaje end of the constituency, forcing the two major political parties to pick their candidates from the oil-rich local government.

The Independent National Electoral Com-

mission (INEC) has fixed April 5 for the election.

The Chairman of PDP in the state, Ebenezer Alabi, said there are two constituencies in Ilaje and three leaders were picked from each of the wards. In all, there are 36 delegates and both candidates polled 18 each from the Ilaje end.

Alabi said, it was the resolution from Ese/

Odo Local Gover nment that it should be the tur n of Ilaje constituency, which made them to give all their votes to Kukute, thus giving anedge over his opponent.

He said the leaders of the Ilaje end of the constituencies were meeting in order to resolve the dispute that might arise as a result of the choice of Kukute.

He was said to declared during a visit by Managers of 151 products Limited, the organizers of the event, that the association was totally committed to attending the exhibition.

But the National

Publicity Secretary of the Association, Mr. Jude Okafor, faulted Anjorin, wondering in what capacity he passed such comment. Okafor accused Anjorin of taking all the role of the president.

Crisis rocks bakers’ association Dominic Adewole Asaba

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eadership Crisis has hit the Master Bakers’ and Caterers’ Association of Nigeria (MBAN) in Asaba, Delta State.

The crisis assumed a dangerous dimension over the weekend, following a declaration by a factional chairman of the association, Mr. Jacob Anjorin.

Anjorin’s had commented on the forthcom-

ing Food and Beverage Exhibition, otherwise known as Foodbext, West Africa, published in one of the national dailies, (not the New Telegraph), which triggered off another round of crisis.

48 NEWS CORRUPTION University teachers seek Review of immunity clause Sola Adeyemo Ibadan

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he president of Academic Staff Union of Universities (ASUU), Dr. Nasir Fagge, has called on President Goodluck Jonathan to sack and prosecute all corrupt

Sanctity of Truth

Monday, March 3, 2014

Sack, prosecute corrupt officers now, ASUU tells Jonathan public officers in his government to serve as a deterrent to others.

Fagge, who spoke at the weekend during the symposium organised by the Education Rights Campaign group held at the University of Ibadan, particularly called for a review of the immunity clause in the nation's

constitution, which protects corrupt people in power from prosecution.

He observed that covering of crimes of the powerful has continued to be inimical to the growth and development of the country.

He said that instead of punishing the wicked, the law was against the

masses who are daily suffering from the consequences of unchecked stealing and pilfering of the collective wealth of the nation.

Noting that the present leadership in the country could not be trusted, the ASUU boss tasked Nigerians to mobilise and collectively

demand accountability from government at all levels.

According to him, Nigerians must demand accountability from those at the helms of affairs, stressing that in normal and sane climes, heads ought to roll anytime there was scandal, but instead, they were covered

up while those doing the right thing, "either lose their jobs or their head".

Fagge said that corruption had become endemic, hampering growth and development in the country with no serious effort made to curtail it, and that those running Nigeria were interested in personal gains rather than development of the country.

We are not banning 'okada' operations in Oyo - Ajimobi Sola Adeyemo Ibadan

ng and e job

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Deplorable state of Isolo-Ikotun road, Ejigbo Lagos….at the weekend.

70%

The percentage contribution of Agriculture sector to Nigeria’s labour force (1999 est.).

Theodera.com

PHOTO: GODWIN IREKHE

N188.15bn $2,700 The total export value of Tech. specified natural rubber, in primary forms/in plates of Nigeria in second quarter of 2013.

National bureau of statistics

The GDP-real growth rate of Nigeria (2012 est.).

Theodera.com

Collapsed building, cult clashes claim 4 lives in Nsukka TRAGEDY Prison wardensustains deep machete cuts as rival cult societies clash Uwakwe Abugu Awka

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ension rose very high at the weekend, in university town of Nsukka in Enugu state as clashes by rival cult killings and a building collapse claimed four lives with others receiving machete cuts.

A huge crowd of sympathizers had remained at the site of the building collapse since the incident occurred about past 12 noon

on Saturday. The people continued to troop to the scene at the time of filing in this report yesterday.

While the corpse of one person, as at the time of filing in this report had been recovered at the site of the building collapse, which occurred on Enugu Road in the town, police sources said that three persons died in clashes of rival secret cult groups between last Thursday and Saturday.

A prison warden serving with the Nsukka Prisons (names withheld), narrowly escaped death in the hands of the hoodlums who killed one of the victims identified as Chidi when they struck at a beer parlour in Amokwe last

Friday. He received deep cuts on his head.

Survivors of the tragic building collapse incident, the first to happen in the town, who spoke to our reporter in their homes at Agbamere and Ehalumona in Nsukka council area, yesterday, curiously believed the incident was a result of evil spirit machinations and not any structural effect as onlookers at the site would believe.

Those who spoke included Onyemaechi Asogwa, a 35year-old carpenter and his colleague Wilfred Ezede, explained that they escaped by whiskers.

At the site of the collapsed building yesterday, officials of the Federal Emergency Management

Agency(FEMA) and Enugu State Emergency Management Agency(SEMA) had a hectic time as they embarked on rescue operation along with a task team of the Nsukka local council as they recovered one dead from the rubble of the collapsed three-storey structure.

Officials of NEMA declined comments on the incident after they arrived the scene of the incident, claiming that “we are still working” but the executive secretary of SEMA, Hon. Joe Offor, who lead other officials of the agency to the site explained the dynamics of the on-going rescue operation.

GAINST the widespread rumour that the activities of commercial motorcycle operators were at the verge of being banned in Oyo State, the Governor, Abiola Ajimobi, had declared that his administration had no such intention. The governor made the declaration at the weekend when he addressing plank sellers at the Sango Market, Ibadan, bringing relief to the Okada riders in the state.

Ajimobi had gone on sympathy visit to the planksellers over the inferno that destroyed part of the market recently. There, he said rather than ban the okada riders, his government had put

necessary machinery in place to train and retrain them with a view to acquiring more knowledge and experience on the job.

According to him, the commercial motorcyclists were engaging in a legitimate business of their choice, adding that government would not, in any way hinder them from their means of livelihood.

The governor said that the position of his administration was to have activities of the commercial motorcyclists regulated and controlled, so as not to constitute any form of nuisance to public order, "as some of them had been accused of using their motorcycles for robbery and other anti-social activities".

Motorists comply with FCT police directive on tinted glass Emmanuel Onan Abuja

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he Federal Capital Ter ritory (FCT) Police Command, yesterday said that the level of compliance with the directive to motorists in Abuja to obtain permit for vehicles with unregistered tinted glasses, was high.

The disclosure was made by the FCT Police Public Relations Officer (PPRO), Hyelhira Altine Daniel, in response to the New Tele graph's inquiry on the level of

compliance. "I can confir m to you that there is high compliance with the Commissioner of Police ( C P ' s ) d i r e c t iv e " , Daniel had said. He explained that, "I do not have the figures o f f - h a n d , bu t i t i s high."

It will be rec a l l e d t h at t h e C P i n charge of the FCT c o m m a n d , M r. M b u Jose ph Mbu, had g ive n a 2 4 - h o u r u l t i matum to motorists with unregistered tinted glasses, to obtain per mits or risk ar rest.

He explained that the okada

AFRICA 49

Sanctity of Truth

Monday, March 3, 2014

Egypt's new premier seeks end to protests

E

gypt's new prime minister yesterday urged a halt to protests and strikes to give the nation a breather to rebuild after more than three years of deadly turmoil, a call made by his predecessors to no avail.

Ibrahim Mehlib made his appeal in an address televised live on his first full day on the job after he and members of his Cabinet were sworn in on the previous day by Interim President Adly Mansour.

Mehlib was named prime minister last week following the surprise res-

Morsi's son released after passing drug test

ignation of his predecessor, Hazem el-Beblawi, after seven tumultuous months in office. Egypt experienced bloodshed and mass detentions as authorities staged a massive crackdown on supporters of ousted Islamist President Mohammed Morsi and, in recent weeks, an increasing number of strikes.

"Stop all kinds of sit-ins, protests and strikes. Let us start building the nation," Mehlib said.

"No voice must be louder than the voice of construction and development," said Mehlib. "Your demands will be taken very seriously, but I also know how much you love your country and your desire to build and elevate it," he said.

The turmoil sweeping Egypt since the 2011 oust-

er of Hosni Mubarak has devastated the economy, particularly the vital tourism sector.

Egypt's system gives most powers to the president, but the prime minister handles day-to-day economic affairs. Mehlib's appeal echoed others made by his post-2011 predecessors that failed to check the seemingly endless wave of protests and strikes since.

One prime minister, Kamal el-Ganzouri, famously broke down in tears as he discussed Egypt's economic plight.

Protesters have usually brushed off the charge that they are destroying the economy. They blame government mismanagement for hardships that include unemployment, inflation and a surge in crime

In addition to its economic woes, Egypt is battling an insurgency in the northern part of the Sinai Peninsula as well as a wave of bomb attacks in mainland cities, particularly Cairo.

Mehlib declared security to be his top priority.

"The battle that Egypt is waging against the forces of evil and terror is not just in defense of Egypt's interests and safety, but rather it is a battle we are fighting on behalf of the entire region and we will win it, God willing," he said.

In recent weeks Egyptians have been complaining of frequent power outages, something which does not bode well for the summer since the consumption of electricity

is normally much lower in winter than in the months of Egypt's searing heat. Media reports are saying fuel shortages are beginning to impact on areas outside Cairo.

Power outages last year fed discontent against Morsi.

The new Cabinet was sworn in as the nation waited for the country's military chief and defense minister, Field Marshal Abdel-Fattah el-Sissi, to make his widely anticipated announcement that he would run in presidential elections slated for April. ElSissi, who ousted Morsi last July, is likely to be waiting for a new election law currently being vetted by senior judges to be passed and for the election commission to formally invite hopefuls to register.

E

gypt's prosecutor general has released Abdullah Mohamed Morsi, the son of ousted president Mohamed Morsi, a day after he and his friend were arrested for alleged possession of hashish.

Morsi and his friend, Mohamed Emad ElShamy, were arrested on Saturday afternoon at a security checkpoint in the Nile Delta's Obour City, Qalyubia governorate, where officials say they found two joints of hashish in their car.

Both Morsi and ElShamy later tested negative for cannabis consumption, according to reports from the prosecutor general.

Morsi's brother, Osama, condemned Saturday's arrest on his Facebook page, claiming the allegations of drug possession were being used to "taint the image of honest people."

According to police officials, El-Shamy is an employee at Raya Holding for Technology and Communications, a company owned by leading Muslim Brotherhood figure Hassan Malek.

Ousted president Mohamed Morsi is currently facing several trials for an array of charges, including espionage, incitement of murder and killing protesters.

Demonstrators gather in the capital voicing out against Algeria's ailing president seeking a fourth term in office.

Food crisis looms in strife-torn Central Africa

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food crisis is looming in the Central African Republic after nearly a year of inter-religious violence, a UN humanitarian official warned yesterday.

"It is now that the humanitarian crisis will start to deepen," said Abdou Dieng, the United Nations' humanitarian coordinator in the impoverished country.

"If we don't pay attention, we will soon see people dying of hunger," Dieng told AFP after visiting the market town of Bouar in the far west of

the country the size of France.

"It is now that we must act. Seeds must be planted now, before the rainy season starts. What's more, the rains will cut off some areas," Dieng said.

"The poverty is extreme here," he said.

"People are too afraid to go home, farmers don't tend their crops. Those who have been given seeds are eating them because they haven't any choice."

The former French colony was thrown into

chaos after rebels from the mainly Muslim Seleka group seized power in a March 2013 coup, after which some mounted a campaign of abuses, prompting the formation of Christian-dominated vigilante groups.

Thousands have been killed in the unrest and around a quarter of the country's 4.6 million people have been displaced.

The country's interim president, Catherine Samba Panza, said for her part on yesterday that the worst had been averted since she was

appointed a month ago to replace coup leader Michel Djotodia, who failed to rein in his fighters after taking office.

"There was a fear of a general conflagration, of civil war... (but) things have improved enormously," she told French radio.

"The lack of security in (the capital) Bangui... cannot be fixed overnight," she acknowledged, adding: "There are always spikes in violence, but things are getting better."

Mozambique's Frelimo picks presidential candidate

M

ozambique's ruling Frelimo party picked Defence Minister Filipe Nyussi as its presidential candidate late Saturday, a decision likely to see current President Armando Guebuza maintain influence even after he steps down following October polls.

"Filipe Nyussi won with 68 percent," party spokesman, Damiao Jose told AFP early yesterday following two rounds of voting.

Members of the party's powerful central committee burst into song and jostled to congratulate the minister after its caucus ended at midnight in the city Matola outside the capital Maputo.

"Cong ratulations Frelimo," Nyussi told AFP after his win. When asked how he felt he said: "I am from Frelimo," referring to a long history with the former liberation movement.

Frelimo -- a formerly Marxist-Leninist but now avowedly capitalist party -- has won every election since Mozambique's civil war ended 21 years ago, and is expected to do so again in October.

This means Nyussi is effectively president-inwaiting.

Armando Guebuza is set to step down as president of the resource-rich country after his two terms are up, but retains the party leadership.

The 1980s ex-Marxist won 2009 polls with 75 percent of the vote and while in power has expanded his business empire to media, mining, construction and fishing sectors.

Detractors have suggested he plans to follow the example of Russian leader Vladimir Putin and cling to power from behind the scenes after his presidential mandate ends.

Nyussi, a Guebuza loyalist, has eight months to prepare for presidential polls set for October 15.

50 NEWS | WORLD

U

S Secretary of State John Kerry bluntly warned Russia yesterday that it risked losing its seat among the prestigious Group of Eight nations, as well as economic turmoil, if it fails to pull its forces out of Crimea.

Moscow could also face sanctions from its G8 allies and see American businesses pull out of the country if President Vladimir Putin failed to de-escalate tensions

UN finds no evidence Iran seeks nuclear arms: Rouhani

Monday, March 3, 2014

Russia risks G8 seat, economic turmoil over Ukraine - U.S. in Ukraine, Kerry said, hitting the Sunday talk shows to ratchet up pressure on Russia.

Kiev's interim government warned yesterday its country stood on the brink of disaster, and called up military reservists after the Russian parliament voted to allow Putin to send in troops to its western neighbor.

Putin "is not going have a Sochi G8, he may not even

remain in the G8 if this continues. He may find himself with asset freezes on Russian business, American business may pull back, there may be a further tumble of the ruble," Kerry said.

"There is a huge price to pay.

The United States is united, Russia is isolated. That is not a position of strength," the top US diplomat told NBC's Meet the Press.

Britain and France have already pulled out of preparatory meetings this week for the G8 summit due to be held in June in Sochi, and, along with the US and Canada, have also threatened to boycott the summit itself.

"Russia chose this brazen act of aggression and moved in its forces on a completely trumped up set of pretexts," Kerry told CBS's "Face the

Bin Laden's sonin-law on trial in New York

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resident Hassan Rouhani said yesterday that despite "thousands of hours" of inspection, the UN's atomic watchdog has found no evidence of military objectives in Iran's nuclear drive.

His remarks came on the eve of an International Atomic Energy Agency board of governors meeting in Vienna, on the sidelines of which Iran will hold expert-level talks with world powers.

Western powers "all know that nuclear science in Iran follows a peaceful path", Rouhani said in a speech broadcast on state television.

"The agency has conducted thousands of hours of inspection, and announced it has not found any diversion from the peaceful use (of nuclear technology) to military purposes."

In its latest report on Iran in late February, the IAEA said Iran was sticking to a nuclear freeze it agreed under a November interim deal with world powers.

The watchdog's report came a month after the deal came into force.

Iran and the so-called P5+1 group of world powers are seeking to reach a lasting accord that would allay Western suspicions that Tehran's nuclear activities mask military objectives.

As part of such a comprehensive deal, the six seek to pressure Iran over its ballistic missile programme, which could theoretically provide Tehran with a device to deliver a nuclear warhead, should it choose to build one.

Rouhani yesterday defended the programme, saying it has "always been defensive in nature, and will always remain so".

Nation."

"If Russia wants to be a G8 country, it needs to behave like a G8 country."

NATO chief, Anders Fogh Rasmussen, warned Europe's peace and security were at risk as he opened crisis talks of the military alliance in Brussels.

But Kerry steered clear of warning of any US military action as pro-Moscow gunmen controlled swaths of Ukraine's southern Black Sea peninsula where the Kremlin has based naval fleets since the 18th century.

A

A Maidan self-defense unit member stands in support of Ukraine in Independence Square in Kiev, Ukraine, yesterday.

Ukraine's shaky new government mobilized troops and called up military reservists yesterday amid signs of Russian military intervention in Ukraine's Crimean peninsula, even as the defense minister said Kiev stood no chance against Russian troops in a rapidly escalating crisis that has raised fears of a conflict.

Xi orders terrorism crackdown after deadly China station attack

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hina’s President Xi Jinping ordered a crackdown on “violent terrorist activities” after 33 people died when knife-wielding assailants rampaged through a train station in a southwestern city yesterday.

Local authority officials in Kunming said evidence at the scene showed it was a terrorist attack orchestrated by Xinjiang separatist forces, the state-run Xinhua News Agency reported. An exiled group promoting human rights for the region’s minority people, the Uighur, called for a transparent investigation.

The assault, days before the annual meeting of the legislature in Beijing, highlights growing social unrest amid widening inequality and increasing tensions between the state and some ethnic groups including the mostly Muslim Uighur minority in Xinjiang.

The ruling Communist Party last November set up a state committee to better coordinate

security issues as it faces dissent at home and expands its military reach.

“The problem in China is that there’s no mechanism for people who think they are victims of discrimination to seek redress,” said Willy Lam, an adjunct professor at the Center for China Studies at the Chinese University of Hong Kong. “There is no dialogue between the authorities and those with grievances, so they resort to violence, and from official reports it appears the frequency and intensity of those outbursts is increasing.

That’s why they need to set up this committee, they need to up the ante.”

No one has claimed responsibility for the attack, which started at about 9:20 p.m. when more than 10 people dressed in black and armed with knives stormed through the square and ticket hall of the railway station, Xinhua said.

Twenty nine people died in the attack, according to Xin-

hua. Four masked assailants were killed by the police, one was captured and the others are still being hunted, it said.

The injured were taken to more than 10 local hospitals for treatment, the news agency said.

Kunming is the capital of southwest Yunnan province, home to at least 25 ethnic minority groups who number 15.5 million in total, about a third of the provincial population, according to the local government website. The city is is about 1,550 miles (2,496 kilometers) southeast of the Xinjiang capital Urumqi.

“We demand a transparent investigation,” Dolkun Isa, chairman of the executive committee of the Munich, Germany-based World Uighur Congress, said in an e-mailed statement. “Terrorism charges brought immediately after the event creates doubts among the Uighur community in the absence” of such a probe, he said.

son-in-law of Osama bin Laden and former Al Qaeda spokesman goes on trial in New York today, accused of conspiracy to kill Americans and supporting terrorists.

Suleiman Abu Ghaith, who spent time with bin Laden in Afghanistan, is best known for making incendiary threats in the immediate aftermath of the 9/11 attacks that killed 3,000 people.

The 48-year-old suspect from Kuwait is one of the most senior alleged Al Qaeda members to face trial in the United States and faces life behind bars in an American prison if convicted.

His trial, which could feature testimony from the selfdeclared mastermind of the 9/11 attacks, will be watched closely by those pushing for all terror suspects to be tried in civilian courts.

The defendant is best-known for appearing alongside bin Laden and the current leader of Al Qaeda, Ayman al-Zawahiri, in Al Qaeda propaganda videos in September 2001.

Married to bin Laden's daughter Fatima, US prosecutors say Abu Ghaith worked for Al-Qaeda until 2002, when he fled the US military presence in Afghanistan for neighboring Iran.

The prosecution claims he was complicit in the December 2001 plot to bring down an airliner flying from Paris to Miami. British Al Qaeda recruit Richard Reid is serving a life sentence for trying to blow up the jet with bombs hidden in his shoes.

But the defence says the United States has no evidence that Abu Ghaith was involved or was even aware of such plots.

The defendant pleads not guilty to all three counts against him.

World indoor games: Okagbare, George lead team Charles Ogundiya

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he Athletic Federation of Nigeria on Thursday released the names of athletes that will represent Nige-

ria at the coming IAAF World Indoor Championships in Sopot, Poland, from March 7 to 9.

Leading the team is the golden girl of Nigeria’s track and field, Blessing Okagbare, Quar-

termiler, Regina George, who has been in impressive form in the IAAF Indoor Circuit and new national record holder in the men shot put, Stephen Mozia.

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Okagbare, who won a bronze and a silver medal in the 200m and long jump events at the 2013 IAAF World Championship in Moscow after Nigeria endured CONTINUED ON PAGE 55

Did you know?

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

Monday, march 3, 2014

That Dickson Etuhu didn’t play football until he was 15, instead he represented Great Britain at youth athletics events in the triple jump and long jump

NFF gives Keshi conditions for Okpala’s recall l Wants Osaze, Ike Uche recalled }p-55 Keshi Receives Mikel, Others In Atlanta

Kanu undergoes heart surgery again

Ambrose ready for Mexico test

}p-53

}p-53

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52 SPORT

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Countdown to Fifa World Cup

Making it to Brazil, my biggest challenge –Adrian Ramos Colombian international, Adrian Ramos, in a special interview with fifa. com spoke about how competitive it is to make the national team as the World Cup gets closer.

“E

very time there’s a national team squad announcement I always try to tune in to Colombian radio to listen to it,” Adrian Ramos told FIFA.com a few days before Cafetero coach Jose Pekerman revealed his squad for Colombia’s friendly against Tunisia on March 5.

Happily for Ramos, his name was on that list. The match will be Colombia’s first this year, the first since Radamel Falcao suffered his serious knee injury and the first since Ramos was last called up in June 2012.

The 28-year-old Hertha Berlin striker deserves his place. Tied with Robert Lewandowski as the Bundesliga’s leading scorer this season with 14 goals, he was voted by the fans as the most outstanding player of the first half of the campaign and is in the form of his life.

“I’m happy because all the work I’ve put in is paying off,” he explained. “I’m scoring goals and that’s helping the team to stay up near the top of the table (Hertha currently lie seventh in their first season back in the German top flight). It’s also reassuring for me to look at the list of leading goalscorers and see that I’m right up there in the mix.”

Perhaps aware of the problems he has had in getting this far, the soft spoken Ramos played down his achievements this season, preferring to focus instead on the need to keep on working hard and give his all. After all, he has had to wait for success and recognition to come his way.

“Some people start on successful careers at an early age but mine’s been a career full of ups and downs,” he said. “That’s football for you, and not everyone can have success at the same time. I’ve worked hard to make it and I’ve always believed and had faith whenever times got tough. Getting this far has not been easy.”

A born fighter Hailing from Villa Rica in western Colombia, Ramos has overcome one obstacle after another in his race to the top, without ever falling into despair.

“I didn’t grow that fast when I was younger and that gave me quite a few problems because coaches are always looking for strong, tall players, which I wasn’t,” he said, recalling his early days in the game.

Given that he now stands 6’1 tall, it is hard to believe Ramos’ career was almost over before it started because of his relatively small stature in his formative years.

“The thing is, everyone in my family is pretty t a l l .

Ramos (left) in action for Brazil It just took me a while to catch of patience, Adriancho, as he is known up with them,” he added with a smile. to his friends, gradually found his feet: His growth problems behind him, he “Fortunately I was able to settle in and caught the eye at America de Cali and get used to it all. I have no problems makbegan his international career with the ing myself understood now. We’ve sorted side that finished fourth at the FIFA out the problems we had and my family U-17 World Cup Finland 2003, where and I are very happy here now.” he teamed up with the likes of Fredy Guarin and Cristian Zapata.

Aiming for Brazil Then came his big break, as Hertha Hertha’s recent travails on the pitch Berlin swooped for him. Though the have also posed a challenge to Ramos in move to Germany marked the start of the five years he had being with them, with an exciting new adventure, Ramos was the Berlin side suffering relegation in 2010 to face yet more problems on his ar- and again in 2012. rival there.

“It wasn’t easy playing in the second “We were all ready to play in Europe division,” he said. “I never thought about and it was what I wanted, but the first going back to Colombia, but I did considfew months were really tough,” he ex- er moving to another club. The first few plained. “You have to start a new life months were tough, but I kept it to myself.” from scratch and you don’t know anyone.

His second spell in Germany’s second What’s more, German is a very, very dif- tier coincided with that start of a lengthy ficult language to learn.” absence from the national side. After being Drawing on his considerable reserves drafted into the squad for the 2014 FIFA

World Cup Brazil qualifiers against Peru and Ecuador in 2012 and attending the team get-together Pekerman organised shortly afterwards in Madrid, Adriancho was left out in the cold until this very week.

Regardless of whether Falcao is fit in time for Brazil 2014, the fight for places in the Colombia front line is sure to be intense, as Ramos acknowledged: “Some of my colleagues are playing really well and there’s a lot of competition but I am working hard to realise my ambition. My dream is to be in Brazil, though. It’s my biggest challenge and I just have to wait and see.”

The people of his hometown certainly believe he deserves to make the trip and have been out on the street calling for Pekerman to name their local hero in the squad for Brazil. It now falls to Ramos to show what he can do against the Tunisians and bring his cherished dream a little closer to fulfilment.

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Keshi receives Mikel, others in Atlanta

l As Eagles storm US for Mexico friendly

Musa

Mexico, England no threat to Falconets –Evumena Mercy Jacob

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ormer Falconet Coach, Dan Evumena, has tipped the U-20 team for a quarter final berth at the 2014 FIFA U-20 Women World Cup slated for Canada in August.

Nigeria has been drawn to play in Group C alongside England, Mexico and South Korea in a draw ceremony at Montreal’s Windsor Hotel on Saturday.

According to the Delta Queens coach, the Falconets have a very bright chance in the group, but notes that it is only South Korea that can give the Nigerian girls a run for their money.

He, however, advised the Nigeria Football Federation to arrange two Grade A friendly matches for the girls apart from the warm up

matches, to ensure they have good preparation before leaving for the competition.

“I don’t see that group as a group of death, it is a nice group and the girls have very bright chances of moving to the next stage. Mexico may be known for female football, but when it comes to the Under-20 they are not known; England as well may struggle, but they are not a force to be reckoned with, the only country that can pose a serious challenge to the Falconets is South Korea.

Falconets’ first group match in Moncton will be against Mexico on August 6, and on August 9, the Nigerian team would play South Korea at the same venue. Their last group match would be against England at Edmonton on August 13.

Elias: AFN urged to embrace school sports

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he Athletic Federation of Nigeria has been tasked to look more into school sports where some potential champions could be unearth for the country.

Speaking during the Elias International Schools seventh biennial inter house sports competition in Lagos, A parent who watched the grand finale, Christina Jresser, said if the AFN could take school interhouse sports seriously, there are potential champions that could make the country proud.

Chrysolyte (Yellow) House

Master, Mr. Pius Adeya, after leading the house to the trophy said, “The secret of our success was hard work and motivation.

The children prepared well and we have been able to reap the reward. I will however advise the country to invest more into school sports where potential champions can be found.”

Emerald (Green) House, Nsoayan Praise, became the best athlete after winning gold in the 100m and 200m respectively, he however said that athletics was just a hobby for him.

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uper Eagles Head Coach, Stephen Keshi, is expected to receive Chelsea midfielder, John Obi Mikel, who is the first player to hit camp as Nigeria delegation left Lagos for Atlanta, United States on Sunday night for the international friendly match against their Mexican counterparts billed to take place in the American city.

The Nigerian delegation is headed by NFF President, Alhaji Aminu Maigari, while Chairman, National Sports Commission and Sports Minister, Mallam Bolaji Abdulahi, is expected also for the game.

Those on the Delta Airline flight to the United States on Sunday are Assistant Coach Dan ‘The Bull’ Amokachi, Hyaondounou Valere and Ike Shorunmu, the goalkeepers’ trainer. Team doctor, Ibrahim Gyaran, Physiotherapist, Wale Oladejo, Psychologist, Dr Robinson Okosun, Chidi Ngoka, who is the Equipment Manager, ACP Abubakar Baba, the Chief Security Officer, NFF Protocol man, Emmanuel Ayanbunmi and Media Officer Ben Alaiya are also part of the team.

Four players are on the trip to the US, with CHAN2014 Man Of The Tournament, Ejike Uzoenyi, leading the likes of defence ace Azubuike

Egwuekwe, Ebenezer Odunlami and midfielder, Shehu Abdulahi for the grade A friendly.

The delightful thing for the team however is the fact that teenage central defender, Kenneth Omeruo has not only returned to top flight football in the English championship, with Middlesborough but was named the Man of the Match in the weekend’s game against Sheffield United, which his side lost 1-0. “We are simply delighted at the performance of Kenneth and the coach is glad that he has started to do those things that he is noted for,” team administrator, Dayo Enebi, said on his way to the US. Achor, departed Nigeria on Saturday and by Sunday evening he was on the same flight with Chelsea midfield star, John Mikel Obi to the United States for the friendly. “I’m on the same flight to the US with Mikel and Victor Moses is expected on Monday like all other players, because the coach has said he wants all his players in by Monday”, he said. The duo are expected to be first to be welcomed for the friendly by Keshi.

Wednesday’s friendly is expected to be played at the Atlanta Georgia Dome with both countries parading their potential World Cup squads for the encounter.

Kanu

Kanu undergoes heart surgery again

...hails Jonathan for award

N

igeria football legend and founder of Kanu Heart Foundation, Nwankwo Kanu, at the weekend underwent a corrective heart surgery at the Cleveland Hospital, Ohio, USA. The surgery was carried out during one of his normal yearly routine medical check-up at the hospital following the 1997 heart surgery at same hospital.

Coordinator of the KHF, Onyebuchi Abia, confirmed the success of the surgery adding that the former Super Eagles captain has since left the intensive care unit of the hospital and is recuperating.

“He’ll be back home in a few days time,” Abia said in a statement.

“I spoke with him on Sunday afternoon and he confirmed he’s in a stable condition. Even from his hospital bed, he expressed profound gratitude to President Goodluck Jonathan for the award bestowed on him (Kanu) during the Centenary Award Ceremony in Abuja.

“He also hailed the transformation agenda of the present administration in showing commitment to sports adding that he was humbled by the award and promised to continue his football ambassadorial work for the benefit of the country,” Abia said.

Lagos Premier Lotto Athletics enters final phase

T

he final phase of the Lagos Premier Lotto Schools Athletics Championship is expected to begin today with three districts already concluded their final selection for the grand finale of the season two of the tournament.

From today, teams from districts four, five and six will take to the tracks at the Teslim Balogun Stadium for their qualifiers to the main event this weekend.

For district four, schools from Surulere, Mainland, and Apapa will compete on Monday, while on Tuesday, district five, made up of schools from Amuwo Odofin, Ajeromi and Badagry will compete for places in the final team.

On Wednesday, schools from Oshodi Isolo, Mushin

and Ikeja that made up district six will jostle for honours.

Also, eight states and eight tertiary institutions in Lagos State have confirmed their participation in the invita-

tional relay of the grand finale on Saturday (March 8).

Meanwhile, athletes that competed in the maiden edition of the competition believed it would produce new athletes for the state.

Action from the Lagos Lotto championship

54 SPORT | EURO FOOTBALL

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Oduamadi sends World Cup signal with brace

PREMIER LEAGUE SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

lMusa scores, Ike Uche sees Red in Spain

Ajibade Olusesan

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uper Eagles midfielder, Nnamdi Oduamadi, has sent a signal of his readiness for the World Cup as he hit a brace for his club, Varese in their victory over Reggina in Serie B on Saturday.

The player who joined Varese from another Serie B side, Brescia last winter played for all 90 minutes and became a hero in the club’s 4-3 win. The Nigerian scored in the 75th minute and hit the winner in the injury time as Varese continued their push for the play-off.

The two goals are Oduamadi’s first set of goals for Varese. The player who was excluded from Eagles friendly with Mexico has now played four times for hin new side.

In Russia, Ahmed Musa scored as CSKA Moscow eased to a 2-0 win over Sokol Saratov in the Russian Cup on Sunday.

The winger produced a wonderful solo effort in the 52nd minute to send his team to the quarter final of the competition.

However, it was a bad story for Ikechukwu Uche in Spain as the striker bagged a red card in his club’s 1-1 draw against Nosa Igiebor’s Real Betis on Sunday.

Uche who came on in the 46th minute produced the penalty that got his club their only when he was brought down in the vital area but became a villain shortly after he bagged the second yellow card in the 81st minute.

In England, Victor Moses He was an unused substitute for Liverpool as they Oduamadi thrashed host Southampton 3-0 while John Mikel Obi played for 12 minutes in Chelsea’s 3-1 win at Fulham.

Kenneth Omeruo is now enjoying a regular playing time as he was on from start to finish for English Championship outfit Middlesbrough in a 1-0 loss at Sheffield Wednesday.

Man City clinch Capital One Cup

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for a first piece of major silverware since 1973.

However, City responded in the second half, with Toure lobbing in a superb longrange equaliser and Nasri smashing home less than two minutes later before substitute Jesus Navas added a third goal at the death.

Victory for City enabled them to partially atone for the shock of last season’s loss to

I

Wenger unsure over title chances

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rsenal manager, Arsene Wenger, was reluctant to make predictions about his team’s Barclays Premier League title prospects after their damaging 1-0 defeat at Stoke.

Saturday’s top-flight results left the Gunners third in the table, level on points with second-placed Liverpool but considerably behind on goal difference, and four points adrift of leaders Chelsea, with all three having 10 more league matches to go.

Meanwhile, Manchester City, in fourth, are two points worse off than Arsenal and Liverpool and have two games in hand over the top-three sides.

Wenger described the loss at the Britannia Stadium, sealed by Jon Walters’

Wigan Athletic in the FA Cup final and keeps Manuel Pellegrini’s side on course for a domestic treble.

It was ultimately a bittersweet first trip to the new Wembley for Sunderland, but they could reflect with pride on a valiant display that augurs well for their Premier League relegation battle and forthcoming FA Cup quarterfinal against Hull City.

Ronaldo rescues Real in Madrid derby n a match with plenty of excitement and a barrel full of heroes, Cristiano Ronaldo provided the final goal eight minutes before full-time to erase a home lead and give Real Madrid a share of the spoils.

Having missed a header he buries 99% of the time, the Ballon d’Or winner atoned by collecting a ball Gareth Bale couldn’t control and rifling past Thibaut Courtois for the leveler.

The end-to-end match featured 26 total shots, a number of which were sights to behold.

Karim Benzema put Real Madrid

76th-minute penalty, as “a big worry” and “a massive setback”.

But when asked how he assessed Arsenal’s title chances overall from here, the Frenchman said: “I don’t assess them at all, because I think what we have to focus on is our performance, and play well in our next game.”

The rest of March looks absolutely crucial for Arsenal’s title hopes, with their league fixtures seeing them take on fifth-placed Tottenham, Chelsea (both away) and then Manchester City at home.

With regard to Saturday’s display, Wenger was in no doubt his side had not offered enough offensively, but said the penalty - awarded when Walters’ flick

ahead after just three minutes, but Koke drew back level midway through the first half before a ridiculous strike by Gabi Fernandez from about 40 yards out gave the hosts the lead just before halftime.

It is a disappointing slip for Atletico Madrid, who would have gone above Barcelona and level with Real Madrid on points for the La Liga lead had they

PTS

63 59 59

26 28

57 53

27

48 45

27 28 28 28 28 28 28 28 28 27 27 26 28

43 39 31 31 30 30 29 28 27 25 24 22

28

21

ayern Munich midfielder, Thomas Muller, believes the Bundesliga title race is over, with his team 20 points clear at the summit with 11 games to go.

The domestic and European champions extended their hefty lead with a 5-1 demolition of Schalke on Saturday, as Arjen Robben bagged a hat-trick to go with goals from David Alaba and Mario Mandzukic at the Allianz Arena.

“Realistically, the title race is already over,”

SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18

TEAM Real Madrid Atletico Barcelona Athletic Bilbao Villarreal Real Sociedad Levante Valencia Sevilla Espanyol Celta Vigo Osasuna Elche Granada Getafe Malaga Almeria Valladolid

P 26

PTS 64

26

61

25 26 26 25

60

19 20

Rayo Real Betis

26 25

25 26 26 26

26 26

26 26 25 26

25 26

50 44 43 36 35 35 33 30 29 29 27 27 26 26 23 20 15

Capital One Cup

Man City 3 – 1 Sunderland PREMIER LEAGUE

Ronaldo (right) with Bale

held onto the lead. They do jump Barcelona, but just by the one point with the Catalans still to play this weekend.

Muller: Bayern have won Bundeliga

B

P

28 28 28

LA LIGA

Manchester City celebrating their Capital One Cup victory

ensational quick-fire goals by Yaya Toure and Samir Nasri inspired Manchester City to come from behind and beat Sunderland 3-1 in the League Cup final at Wembley on Sunday.

Sunderland had taken a 10th-minute lead through onloan Liverpool striker Fabio Borini and a fine first-half display left them on course

TEAM Chelsea Liverpool Arsenal Man City Tottenham Everton Man United Newcastle Southampton West Ham Aston Villa Hull City Stoke City Swansea City Norwich City Crystal Palace West Brom Sunderland Cardiff City Fulham

Muller told Munich’s TZ newspaper.

“I don’t think anybody really expects us to lose [enough of the remaining fixtures], particularly considering we have not lost any of the 23 beforehand.”

Bayern are unbeaten in 48 league games, while they are well placed to advance to the quarter-finals of the Champions League following their 2-0 victory at Arsenal in the first leg of their last-16 tie. The Bavarians are also in the last-four of the DFB-Pokal.

Aston Villa 4 – 1 Norwich Swansea 1 – 1 C/Palace Tottenham 1 – 0 Cardiff Everton 1 – 0 West Ham Fulham 1 – 3 Chelsea Hull 1 – 4 Newcastle Stoke 1 – 0 Arsenal S’ampton 0 – 3 Liverpool La Liga

Atletico 2 – 2 Real Madrid Villarreal 1 – 1 Real Betis A/Bilbao 4 – 0 Granada Malaga 1 – 1 Valladolid Levante 2 – 0 Osasuna Getafe 0 – 0 Espanyol Elche 1 – 0 Celta Vigo Bundesliga

Hoffenheim 6 – 2 Wolfsburg Frankfurt 2 – 1 Stuttgart Hertha 0 – 0 Freiburg Augsburg 1 – 1 Hannover B’schweig 1 – 1 Gladbach Bremen 1 – 0 Hamburg Dortmund 3 – 0 Nurnberg Leverkusen 0 – 1 Mainz Bayern 5 – 1 Schalke

SPORT 55

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Ambrose ready for Mexico test Ifeanyi Ibeh

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uper Eagles defender, Efe Ambrose, believes the current Super Eagles squad has what it takes to get a win over Mexico when both sides meet later this week in an international friendly in the United States of America.

The match will commence 2.30 am Nigerian time on Thursday in Atlanta, Georgia, and it will be the Super Eagles’ first build-up game ahead of the 2014 World Cup in Brazil.

The Super Eagles have never been able to beat the Mexicans in four previous encounters involving both sides, with three of the games ending in draws and the Mexicans winning one. In fact, the last two games between

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EMMANUEL C EMENIKE 2014 World Cup: Can’t give a number but the goals will come. lSuper Eagles striker, Emmanuel Emenike, promising fans that he will paint Brazil 2014 red with goals. @E29EMENIKE Sergio Aguero Yess ! Siiii !! Champions !! Campeones !!! Capital One Cup !! lManchester City forward, Sergio Aguero, minutes after helping his side to a 3-1 win over Sunderland in the Capital One Cup final. @aguerosergiokun

both sides have ended in two-all draws, but Ambrose is confident the Super Eagles can finally grab a win over El Tri. “I don’t want to take anything away from the quality of the Mexicans, because they are a good side with very good players, but we are going there with the intention of winning,” said Ambrose in an interview with New Telegraph.

“That has always been our aim going into every game; it is what the Big Boss (Stephen Keshi) wants, whether it is a friendly or a competitive match. We want to win every game, especially this one because they are a team we have never beaten before at this level.”

The last encounter between Nigeria and Mexico came up on May 31, 2013 in Houston, Texas with Brown Ideye and John Ogu scoring for the Super Eagles, while Javier ‘Chicharito’ Hernandez grabbed both goals for the Mexicans, who finished the game with 10 men.

NFF gives Keshi conditions for Okpala’s recall Jude Opara Abuja

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he Nigeria Football Federation may have given Super Eagles Chief Coach, Stephen Keshi, fresh conditions if his request to have out-of-favour Coach Sylvanus Okpala recalled to the national team ahead of the Brazil 2014 World Cup must be considered.

A member of the Technical Committee of the NFF told New Telegraph in Abuja over the weekend that it was absurd for Keshi to continue to insist on the return of his

Chiney Ogwumike 2011. 2012. 2013. 2014. PAC-12 Champs! Senior Game was AMAZING! I am beyond BLESSED! lYoung Nigerian basketball star, Chiney Ogwumike, after leading Stanford University to a fourth consecutive PAC-12 Conference title. @Chiney321 Daniel Sturridge Jhheeeezzz!!! What a win!! Great team victory. 10 cup finals for us until the end of the season. @D_Sturridge André Schürrle Love this ball. 3 important points!! Thanks for your support!! lChelsea’s hat-trick hero, Andre Schurrle, after posting a picture of himself with the match ball. @Andre_Schuerrle Eden hazard Well done my friend... Andre Schuerrle. lChelsea midfielder, Eden Hazard, congratulates teammate and hat-trick hero, Andre Schurlle @hazardeden10 Zlatan Ibrahimović Big games are not decided by those who play it safe. @Ibra_official Roger Federer My dad just sent me this “When you lose the journey is endless, but when you win time just flies.” lTennis superstar, Roger Federer, after winning the Dubai Duty Free Tennis Championships for the sixth time. @rogerfederer

Kelvin Dandinson in jersey No 5 of Police Baton trying to dribble Oladipupo Saheed in jersey No 7 of Oluyole Warriors during the 2014 Nigeria DStv Premier Male Basketball League held at the Indoor Sports Hall of National Stadium, Surulere. Oluyole Warriors won by 69-62 points.

erstwhile assistant while shutting the door against inform Ikechukwu Uche and Osaze Odemwinge, over alleged lack of tactical discipline.

The committee member, who did not want his name in print, said while the NFF would not insist that Keshi takes any particular player to the World Cup, there was need for him to play the role of a father and recall the two players, whom he said apart from having served this country diligently in the past, were still some of our hottest strikers currently.

According to him, it was the NFF that hired Okpala in the first place and decided to fire him after what it described as acts of insubordination but Keshi has continued to push for his recall while refusing to forgive the two players for whatever offences he may be holding against them.

“Keshi as the coach of the Nigerian national team must come down from his high horse and take a second look at the issue concerning Uche and Osaze. No one knows why he refused to invite a player who is consistently doing well for his club, but has continued to insist on Okpala’s recall, he should first show humility to his employers and heed their advice on these players before we can talk of Okpala’s recall.

He further described the position of Keshi on the sacked Okpala as an act of blackmail, wondering why the matter is coming up now as if Nigeria would not have been playing football if Okpala was not a coach.

It will be recalled that the NFF sacked former international, Sylvanus Okpala, as one of the assistant coaches to Stephen Keshi immediately after the victory of the Super Eagles at the 2013 Africa Cup of Nations, claiming financial constraints.

World indoor games: Okagbare, George lead team C O N T I N U E D F R O M PA G E 5 1

a 13-year wait, will be participating in only the long jump event.

Okagbare, the African record holder in 100m and bronze medalist at the Beijing 2008 Olympics in the long jump is favoured to win the gold medal in the event which is her specialty.

Apart from participating in the 400m, George will also run the 4x400m relay.

Other members of the relay team are Bukola Abogunloko, Patience Okon, Omolara Omotosho, Folashade Abugan, and Ehigie Josephine.

Amaechi Morton, Isah Salihu, Orykpe Erayokan, Tobi Ogunmola and Noah Akwu, will participate in the 400m and the 4x400m, while Gloria Asumnu completes the team.

Mozia, who currently ranked among

the top ten in the world, is also favoured to win a medal in Sopot, Poland. The team is expected to depart Abuja on Monday (today) with 13 athletes while the remaining seven athletes based abroad will be joining the team from their various bases.

Speaking with New Telegraph, the AFN Secretary, Olumide Bamiduro, said the athletes were ready and the

team would surely make the nation proud in Poland.

“We have a crack team going into the competition and I can tell you they will give their best to make the nation proud. It is a world championship and we have some potential medal hopefuls, we picked the team based on their performance and barring injury to any of them, they will surely deliver,” he said.

On Marble Everything has beauty, but not everyone sees it – Confucius

World Record

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

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Monday, MARCH 3, 2014.

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frica’s need to aggressively pursue the industrialization path has become more compelling in light of the need to sustain current growth standards. With carefully developed backward and forward linkages, industrialization has the potential to diversify economies and reduce exposure to external shocks. We at ECA are working the case for industrialization and we do not apologise for that. We are convinced it opens doors to address most of Africa’s many challenges, if properly done. It has the potential for poverty reduction, dealing with inequality provoked by rent seeking practices still persisting in many countries, and it can allow leapfrogging into a green economy model.

Several myths are bandied around for why Africa’s industrialization has been stunted. Let me address a few fallacies that continue to plague Africa’s industrialization drive- discussing them and giving reasons why there is no truth in these allegations.

Myth 1: industrialization is a fashionable developmental word that will soon be forgotten There continue to be strategic and policy changes in the posture taken by African States regarding development strategies. We remember buzzwords like ‘structural adjustment’, ‘trickle down-effect’, ‘poverty reduction strategies’ that influenced national policy direction. Although industrialization has always been in development literature, this is the first time it will likely take centre stage. We see this because the call for industrialization is now linked to a structural transformation of the state. The Plan of Action for the Accelerated Industrial Development of Africa (AIDA) supported by the AU, ECA, AfDB and NEPAD demonstrate how the link between industrialization and structural transformation is being taken seriously. AIDA is based on four pillars - using Africa’s own natural resource endowment as a basis for industrial transformation; developing an infrastructural system including energy and transportation; increasing research and development and the adaptation of technology and promoting private sector development especially the role of small and medium scale enterprises. It is hoped that these enablers will lead to the structural transformation of the continent’s economies. In the 1970s, Korea had neither the skill, nor raw material for developing a world class shipbuilding industry but decided to follow this path based on a well developed policy. Today, South Korea is one of the three largest ship building nations. These are examples we need to think about. Although we need African solutions and priorities we can learn from such successes.

Myth 2: industrialization is all we need to develop African countries must begin to see industrialization as a tool for the social and economic transformation of their

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Busting the myths about industrialization in Africa

Guest Columnist Carlos Lopes

societies with structural transformation as the end result. Deng Xiaoping’s transformation of China’s economy is an example of the need to address industrialization as part of a wider integrated and intergenerational process of development. In this regard, I define structural transformation as a significant change in the sectoral composition of GDP with the share of the primary sector in employment and output shifting to industry and modern services. Structural transformation can be realized by giving attention to key developmental elements, one of which is industrialization. We have to still deal with a demographic challenge and transform it into a dividend, not to mention social cohesion that should result from less inequality, embracing diversity and increasing human security and inclusive governance.

Myth 3: African Countries have tried industrialization before and it failed, so why now?

In the 1960s, newly independent Africa emulated other regions of the world in undertaking import-substituting industrialization. This led to some remarkable progress but was ultimately stymied by the limits of the model and global political economy. This is why today Africa should be mindful of a very different global context. Africa needs alternate models that plays to its strengths and satisfies the need for transformation.

Brazil’s Bolsa familia program which took 30 million Brazilians out of poverty was designed to achieve economic growth with social equality. With up to 90% of Africans still heavily reliant on the agricultural sector, commodity-based industrialization speaks to our strength.

Commodity based industrialisation also offers immediate scope for value addition and plenty of opportunity for exploiting consequential linkages. Botswana’s decision to add value to rough diamonds before exporting ensured an extra $6 billion of diamond sales are now going

In conclusion if the news on growth is good, Africa wants and needs more.

Jonathan

through the country’s financial centres.

This created new jobs for its youth whilst boosting the infrastructure and tourism sectors.

Myth 4: Africa comes too late to industrialise without polluting the environment The world has changed since the times of the industrial revolution. Coming late to the club gives Africa the opportunity to industrialize differently. It is not about privileging export-oriented or import substitution models. The new industrialization model must be closer to the commodities production centers, looking at leapfrogging technological potential and with African growth market in mind. It should ensure strong forward and backward linkages and of course, understand the sophisticated global value chains.

Myth 5: Africa’s current economic growth will lead to job creation Based on demographic growth projections, Africa will need to create up to 10 million formal jobs annually as more young people enter the job sector. Current economic growth models do not create enough modern jobs. In fact the highest growing African economies also have the highest levels of youth unemployment. Although growth is robust in many countries, it is propelled by internal consumption that does not benefit all. To reverse this trend proper planning should focus on modernizing the economies though more manufacturing production taken from other parts of the world where unit values are increasing fast and starting by positioning Africa

in relation to its natural resources and renewable energy potential assets. These combined with a younger, more educated, urbanized, connected work force is unique.

Myth 6: investors are not attracted by risky Africa Intra-African investment has, since 2007, been growing at a 32.5% compound rate with South Africa leading with $18 billion invested across several sectors followed closely by Morocco and Nigeria. In 2011, the rate of return on inward FDI in Africa (9.3 per cent) was the highest compared to other regions of the world such as 8.8 per cent in Asia and 4.8 per cent in developed economies. This is important because it means Africans are not just asserting themselves in a political narrative. They are also investing more in their own continent. Fortunately others are following. FDI will attain US$ 50 billion this year, a all time high. More realize Africa is not as risky an investment decision as it may appear. In fact it has the best return on investment. Africa needs to better brand and market itself.

In conclusion if the news on growth is good, Africa wants and needs more.

It needs to be able to deal with the challenge of having to industrialize and grow when its population and cities are growing quicker than any previous historical experience. It wants more as it realizes it will have to be faster than any other region of the world. It needs more because it is high time we turn the ‘no hope’ to ‘rising’ continent story into meaningful change that will prove the skeptics wrong.

This article was published in the United Nations Industrial Development Organization (UNIDO) online magazine “Making it”, late last year. l Carlos Lopes is the Executive Secretary of the Economic Commission for Africa, headquartered in Addis Ababa, Ethiopia.

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