Binder1wednesday,march5,2014

Sanctity of Truth Facebook.com/newtelegraph

Wednesday, March 5, 2014 Vol. 1 No. 15

l Aregbesola: Osun is peaceful Osogbo

P

andemonium broke out yesterday at the

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Bomb discovered in Osogbo bank Adeolu Adeyemo

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premises of a branch of First Bank Plc located at Station Road in Osogbo, Osun State capital, when CONTINUED ON PAGE 3

EFCC arrests FCT officials over N10bn scam Yekeen Nurudeen Abuja

M

inister of the Federal Capital Terri-

tory (FCT), Senator Bala Mohammed, yesterday disclosed that the FCT Administration lost N10 billion to fraudulent of-

ficers of the Abuja Geographic Information System (AGIS).

Mohammed, who stated this at the commis-

sioning of the new AGIS systems infrastructure, noted that a number of personnel involved in fraudulent practices at AGIS were apprehended CONTINUED ON PAGE 4

Fresh crisis in aviation industry

NCAA, NAMA, FAAN chiefs unaware of sack

lNCAT’s Centenary honouree affected lWhy they were fired lExperts worry over Akinkuotu’s removal as U.S. visits March 31 Wole Shadare

A

gale of retrenchment yesterday swept through the aviation industry, as President

Goodluck Jonathan sacked the Managing Directors of the Nigerian Airspace Management Agency (NAMA), Mr. Nnamdi Udoh, the Feder-

al Airports Authority of Nigeria (FAAN), George Uriesi, and the DirectorGeneral of the Nigeria Civil Aviation Authority (NCAA), Capt. Folayele

Akinkuotu.

Also affected was the Rector, Nigerian College of Aviation Technology (NCAT), Capt. Chinyere Nwosu, who is reputed

to be the first female pilot in Nigeria and was honoured last week by Jonathan at the Centenary celebration in Abuja.

The Commissioner,

Accident Investigation Bureau (AIB), Captain Muktar Usman, replaces Akinkuotu.

Analysis on page 10 CONTINUED ON PAGE 2

2015: Jonathan may declare on Saturday l18 governors storm Minna CAMPAIGN

Again, Jonathan takes battle to NorthCentral, storms Minna with party chiefs Dan Atori Minna

P

resident Goodluck Jonathan will on Saturday continue with his campaign shuttle as he storms Minna, the Ni-

ger State capital, with 18 governors and leaders of the Peoples Democratic Party (PDP) for a zonal rally.

Impeccable sources told New Telegraph that Jonathan may formally declare his re-election bid on Saturday ahead of the February 14 presidential election during the North Central rally.

CONTINUED ON PAGE 2

L-R: Lagos State Governor, Mr. Babatunde Fashola; his wife, Dame Abimbola; member, House of Representatives, Hon. Abike Dabiri; first civilian Governor of Lagos State, Alhaji Lateef Jakande and his wife, Abimbola during the first draw of the Lagos Home Ownership Mortgage Scheme (Lagos HOMS) held in Lagos…yesterday.

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Tunji Abayomi seeks court order to stop National Conference Page 3

Imo Assembly Complex: Renovation without an end Page 16

IFC raises stake in tower firms with IHS $420m funding Page 31

Nigeria’s loss, Ghana’s gain: Nigeria loses N1.9 billion yearly to Ghana on Education Tourism Page 21

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Jonathan sacks Aviation chiefs

CONTINUED FROM PAGE 1

The Director-General of Nigerian Meteorological Agency (NIMET), Dr. Anthony Anuforom, retained his position.

This large scale reorganisation to remove aviation agencies’ chiefs in one fell swoop is the largest ever to be carried by the government in recent times.

In a statement by the Special Assistant (Media) to the Secretary to the Government of the Federation, Sam Nwaobasi, Engr. Saleh Dunoma who was formerly Director, Projects for FAAN replaces Uriesi and Engr.

Ibrahim Abdulsalam, a former General Manager, Procurement; NAMA is to replace Udoh as MD of NAMA. Captain Samuel Akinyele Caulcrick (Government Safety Inspector and ICAO Focal Point for Nigeria on line Aircraft Safety Information Systems (OASIS) is to replace Kalu as Rector, NCAT. Capt.Usman, formerly of AIB is to replace Akinkuotu subject to con-

TODAY’S WEATHER FORECAST ABUJA

35o 24o Storm

PORT HARCOURT

34o 23o Thunder Storm

KANO

37o 16o Sunny

ENUGU

36o 24o Very Cloudy

IBADAN

36o 26o Partially Cloudy

CALABAR

33o 24o Storm

MAIDUGURI

39o 22o Mostly Sunny

ONITSHA

36o 25o Storm

firmation by the Senate; Engr. Benedict Adeyileka is to act as DG, NCAA, pending the confirmation by the Senate, while Engr.

Felix A. Abali replaces Capt. Usman as Commissioner, AIB. The sack of the top officials of the aviation agencies came to many as a huge surprise, shortly after former Aviation Minister, Stella Oduah was fired.

To some others, it did not come to them as a surprise considering the alleged monumental rots in some of the agencies and allegations of large scale corruption.

A visit to many of the agencies yesterday was like a grave yard, as many of the workers were seen speaking in hushed tunes as they went about their jobs quietly.

Many of the offices were devoid of the usual beehive of activities.

Akinkuotu’s removal was said to be shocking, coming at a time the nation was preparing to host the United States Federal Aviation Administration (FAA) officials who are expected in Nigeria March 31, 2014.

Some experts frowned at his removal at this point in time considering the committee he had set up to ensure that “we scale the category audit”.

According to them,

“This is seen as a major blow to the works the NCAA had put in place.

But for the others, it is good riddance to bad rubbish. We have been vindicated that there is massive fraud in the system and with them, aviation would continue to be in crises”.

He held what appeared to be his last media briefing on Sunday, where he assures that Nigeria had

all it takes to retain the U.S. aviation safety audit that would make Nigeria to still be ranked as a top rated nation in the area of aviation.

Akinkuotu has a turbulent tenure and it would be regarded as the DG with the shortest tenure.

He was appointed as NCAA DG late last year, long after the Senate had ratified his appointment.

He is a pilot, as well as a flight and aircraft engineer. In addition, he has administrative experience as the CEO of an Aviation training institution and has held previous senior managerial posts in a number of airlines. He has been in the industry for over 40 years, starting out as an aircraft engineer, then qualifying as a flight engineer and then a pilot.

He has over 13,000 hours, jet time. In 1998, he was entrusted with the honour of flying Pope John Paul II into Nigeria during his pastoral visit to the country.

Captain Akinkuotu was confirmed by the Nigerian Senate as the Director General of the Nigerian Civil Aviation Authority (NCAA) in July 2013.

L-R: Bishop of Ika Diocese, Anglican Communion, Rt. Rev. Peter Onekpe; Bishop of Oleh Diocese, Rt. Rev. John Usiwoma Aruakpor; his wife, Peace; and retired Bishop Jonathan Edewor during the thanksgiving service for the consecration, enthronement and 30 years in marriage of Bishop Aruakpor at St. Philip Anglican Church, Owhelogbo, Isoko North Local Government Area of Delta State.

N30.178bn

The total import value of other nuts, fresh or dried in the second quarter of 2013.

Source: National bureau of statistics

129,810

The size of Sudan (in sq. km.), the largest country in Africa.

Source: worldfactsandfigures.com

136

The highest temperature of El Aziza (in deg. F) in Libya.

Source: worldfactsandfigures.com

2015: President may declare on Saturday CONTINUED FROM PAGE 1

A competent source told our correspondent that all the 18 PDP governors will meet on Friday evening in Minna where they are expected to discuss development in the polity, the future of the party in 2015 elections, and Jonathan’s candidacy.

The PDP governors met last in Katsina.

The source added that the governors would on Saturday morning join the president and PDP leadership at the rally where Jonathan is expected to make his decision known on the 2015 election.

The Saturday rally is going to be the first major rally since 2011 election

where all PDP governors will be in attendance.

Already, arrangements are in top gear in Minna for the event.

Our correspondent reliably gathered that shortly after Governor Babangida Aliyu announced that 18 PDP governors will accompany the President to Niger State on Saturday, the State Security Committee immediately went into closed-door meeting ostensibly to perfect arrangements for the visit.

The source, who pleaded anonymity, also said the country’s first citizen choose to declare for 2015 presidential election in Minna because the governor is the Chairman of

the Northern States Governors’ Forum (NSGF).

It was also gathered that the presence of former military President, Gen. Ibrahim Babangida; former Head of State, Gen. Abdulsalami Abubakar and Prof. Jerry Gana in the state also informed the choice.

“We are in high spirit to receive Mr. President in Niger State. We will be honoured to have him declare his intention for 2015 Presidency. In Niger, we are 100 per cent PDP with the feeble opposition All Progressives Congress (APC) whose some of its members are going to defect to the PDP when President Jonathan visits,

on Saturday,” he added.

The source however refused to disclose the names of likely defectors, adding that “Niger State is 100 per cent PDP and the APC is dead on arrival”.

Aliyu had earlier made the announcement after receiving the North Korean Ambassador in Nigeria, Mr. Jong Yong Chol and the Chairman of the Inland Waterways Authority Board, Hajia Ina Ciroma, who paid him courtesy visits in the Government House, Minna.

The governor stated that all the 18 governors elected on the platform of PDP will also accompany the President to the state.

The governor, however,

did not give details of the visit but said “all of you are cordially invited.”

The Trade Fair complex in the state capital is also being given a facelift ahead of the visit for the rally.

The governor was in Ilorin, Kwara State on Monday for a campaign rally, where he welcomed some defectors to the PDP. Kwara is part of the North-Central zone.

A source said the President is keen on securing majority of his votes from the North from the NorthCentral states of Kwara, Kogi, Niger, Plateau, Benue, and Nasarawa to neutralise that of the North-West where the APC holds sway.

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Sanctity of Truth

Wednesday, March 5, 2014

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Ekiti guber election: Olubolade, Bamisile back consensus option to pick candidate CONSENSUS Ekiti governorship aspirant, party chief say President Jonathan’s directive must be followed Lateef Ibrahim and Onwuka Nzeshi Abuja

F

ormer Minister of Police Affairs and governorship aspirant on the platform of the Peoples Democratic Party, (PDP) in Ekiti State, Navy Captain Caleb Omoniyi Olubolade (rtd), and former Speaker of the State House of Assembly, Hon. Femi Bamisile, have lent their voices to the adoption of consensus option for the choice of the party’s candidate for the June 21, governorship election in the state.

Olubolade and Bamisile are of the firm view that if the PDP governorship candidate in the state is allowed to emerge through a consensus arrangement, such would help to avoid the rancour, bickering and ill feelings that usually characterise the process of primaries in any election.

Both the former minister and Bamisile spoke with the New Telegraph newspaper at separate interviews in Abuja.

Olubolade, a former Minister of State for the Federal Capital Territory (FCT) and Minister of Special Duties, made it clear that he was ready and willing to abide by President Goodluck Jonathan’s earlier advice that the PDP in Ekiti State should look at the option of choosing its candidate through consensus rather than primaries.

In the words of Olubo-

lade, “I believe in consensus because any organisation that wants to make progress, any political party that wants to make progress must listen to the voice of reasoning from the leadership of such party. Once the leadership of the party brings an issue on the way forward, as a good party man, it would be nice for you to work in that line so that all things will work for the good of the party.

“Having heard from the President on the way forward, I will strictly want to abide by that position and do exactly what will move our party forward.

What is important is for us to ensure that internal democracy prevails within the party.

“When the party (PDP) reveals its position on the way forward, we also have to key into that position.

So, that will bring orderli-

ness in the party. Followers will know what to do and we will, in togetherness, work to ensure that the party is victorious. That is why I believe in consensus,” he said.

When reminded that no fewer than 11 aspirants on the platform of PDP in Ekiti State have already picked the governorship form which cost N11 million each, the former minister said: “Picking form is just an indication of interest, but it is not the end of the game. If you want to enter a secondary school, you will go and pick up a form. After that, you still have to be examined, you have to be interviewed and when you are through, you are successful.

“That does not mean that you have to set an examination for yourself.

You cannot set examination for yourself.

“Whatever the party

L-R: Obi of Onitsha, Prof. Alfred Achebe; Anambra State Governor-Elect, Chief Willy Obiano; Vice President, Mohammed Namadi Sambo; President Goodluck Jonathan; Anambra State Governor, Peter Obi and others during the Anambra State delegation’s Thank you visit to the State House, Abuja …yesterday PHOTO: TIMOTHY IKUOMENISAN

Tunji Abayomi seeks court order to stop National Conference Tunde Oyesina Abuja

B

arely seven days to the commencement of the National Conference, a human rights and constitutional lawyer, Dr. Tunji Abayomi, has asked a Federal High Court sitting in Abuja to stop the conference because President Good-

luck Jonathan lacks powers to convene it.

Joined as defendants in the suit filed yesterday at the registry of the court are the President, Federal Republic of Nigeria, Attorney General of the Federation, President of the Senate and Speaker of the House of Representatives.

The plaintiff had in

the suit with number FHC/ABJ/CS/ 167/204 and dated March 3, 2014 asked the court to determine whether a National Conference can be convened by the President or government of Nigeria without a law made by the National Assembly enabling them to do so.

He, however, prays

the court to declare that a National Conference with stated authority, programme, means and end, howsoever, cannot at all be convoked or convened by the President or Government of Nigeria without a law made by the National Assembly.

No date has been fixed for the hearing of the matter.

decides to do, you have to abide by it, that’s why you are in the party. You cannot impose your wish on the party, you cannot.

On his part, Bamisile, who is also the Deputy Chairman of the PDP in Ekiti State, agreed that the consensus arrangement would help to avoid disagreements and divisions among members.

According to him: “There is a clear mandate from the national leadership of the party that anybody who wants to run for the governorship election in the state or be considered an aspirant, should

first take the bold step of going to pay N11 million to the party at Abuja. I can tell you that the party paraded 26 aspirants including myself and 14 of us came together and had a meeting with the President on January 4, 2014.

“During our deliberations, the President informed us that he would prefer that the party should go the way of consensus in choosing its candidates. He advised that we should avoid the over kill of spending so much money in primaries and the rancour that comes out of primaries.”

Bomb discovered in Osogbo bank CONTINUED FROM PAGE 1

an explosive, believed to be bomb, was discovered in the premises.

After detectives from the Anti-Bomb Squad of the state police command discovered an explosive object suspected to be bomb in the bank.

The object was in a nylon bag when security men attached to the bank alerted their manager that there was a strange object in the nylon bag.

After the discovery, the manager was said to have told the customers which led to pandemonium as everybody struggled to leave the banking hall.

Though, nobody was killed, some people were slightly injured when they were struggling to leave the premises.

In the process, shoes, sandals and slippers were abandoned.

Many women in purdah, who were in the bank, quickly put off their attire and those with hijab opened their heads so as to see well while running outside the bank.

This led to a total paralysis of business in the bank.

Owners of nearby shops and vehicles abandoned them immediately for the fear of being affected by the deadly explosive object.

Many banks in the town also closed for the day.

The state Commissioner of Police, Mr Ibrahim Maishanu, confirmed the incident.

He said: “I received report of the situation at the bank and the bomb detectors from the state Police Command confirmed that the object detected was an improvised explosive device.

“The Police are on top of the situation and would do everything to ensure that peace reigns in the state while adequate security would be provided for the people of the state,” he assured.

The command in its bulletin said “Today 4th February, 2014 at 10:15am, a distress call from First Bank Plc Station Road Osogbo Branch of the sighting of a suspicious package in the banking hall. The security staff oblivious of the package removed and threw it in a gutter outside the bank.

Police Anti-Bomb Unit moved in swiftly and detonated the IED by a controlled explosion. No damage, no casualty, no explosion as it was controlled. While investigation is ongoing, all nooks and crannies are well fortified for the protection of C O N T I N U E D O N PA G E 6

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Wednesday, March 5, 2014

APC, vehicle of change, says Amaechi BELIEVE Rivers governor says his party will deliver Nigerians from shackles of poverty

R

ivers State Governor and Chairman of Nigeria Gover-

nors’ Forum, Rt. Hon. Chibuike Rotimi Amaechi has said that it is his constitutional obligation to the people of the state to deliver on infrastructure and spend public funds judiciously.

He said it was also his constitutional responsibil-

ity to ensure the safety of lives and property in the state.

He spoke during an inspection tour to Elioparanwo and Ogbogoro roads in Obio/Akpor local Government Area of the state.

Amaechi said: “I’m

paid to do this job. I’m employed by the Rivers people, so I’m bound to deliver. The responsibility of a governor is to deliver on infrastructure, the lives and well-being of the citizens and ensure that they have security.

“You can’t have govern-

Amaechi (second left) during the inspection

113,000

The number of jobs created by the US government in January 2014.

Source: factsmonster.com

6,194m

N9.425bn

The height of Mount McKinley, the highest mountain in North America.

Source: worldfactsandfigures.com

The total export value of cigarettes containing tobacco at second quarter of 2013.

Source: National bureau of statistics

EFCC arrests FCT officials over N10bn scam CONTINUED FROM PAGE 1

by security operatives.

He said those arrested are being currently investigated by the Economic and Financial Crimes Commission (EFCC).

The minister, who did not specify the period within which the huge amount was lost, lamented that his office was inundated with complaints of incessant report of proliferation of illegal survey documents, violation of IT systems by fraudulent persons leading to cases of double allocation, land racketeering and forgery.

He, however, expressed optimism that the system upgrade of AGIS would plug all the loopholes at AGIS while also improving the performance of the system.

His words: “We found out that the business process was slowing down and there was a need for us to regain momentum

in a number of products and services which we needed to deliver to our customers and stakeholders. Some of these services include search result, right of occupancy, certificates of occupancy and geographic information system (AGIS) mappings, infrastructures and utilities.

“The administration was worried over the incessant report of proliferation of illegal survey documents, violation of IT systems by fraudulent persons leading to cases of double allocation, land racketeering and forgery.

A recent estimate has put these obnoxious practices in terms of loss to the tune of N10 billion.

“As you are aware, the spirit behind the transformation agenda of Mr. President is to assert positive change as it is done in the private sector with a view to improve the welfare of the people of Ni-

geria.

“This administration, therefore, being mindful of strategic nature of land and property issues in the FCT, took it upon itself to ensure that honest land owners and intending ones are saved of the pains inflicted by these colonies.

“To achieve this, comprehensive action was taken to fish out fraudulent officers most of whom were interrogated and handed over to the Economic and Financial Crimes Commission (EFCC).

“I again gave out order to forestall the violation of the system, within and outside the system. It is, therefore, heart warming that remarkable successes have been made with this timely intervention.

“Our land data is secured with the new system and business processes have tremendously improved. We are very

optimistic of disaster protection structure in place and expansion of the services to other areas” Speaking with journalists, Director of AGIS, Hajia Jamila Tangaza, said that the monthly revenue of AGIS has improved since the upgrade of the AGIS infrastructure.

She noted that the system is now secured as against the practice in the past.

“Every single month, we are charged to sweep to the Federal Capital Territory Administration treasury the dues we have collected on behalf of the administration. I’m pleased to inform you that as at 22nd of the month of February, which was just last week, AGIS was able to sweep over N1.54billion to the treasury.

“This again, we are seeing improvement based on leakages and loopholes we have been managing to close,” she said.

ment money in your kitty and not be able to utilize it. You must deploy it to the development of the people. It’s about priority, what you choose to do”.

He urged the contractor on site to ensure that the Elioparanwo road which is 3.25 kilometre long would be completed before the rainy season.

He appealed to the people to identify with the ruling All Progressives Congress in the state, describing the APC as the vehicle for change in the state and country.

“The people of APC are progressives. APC is progressive. All of us are progressives, so you can’t like me and not like APC. Yes, they may like me for who I am but they should also like APC for the fact that we bring change. I represent change and I think that the people should also like APC for being a vehicle for change”, he noted.

Governor Amaechi however said the state was losing revenue because some of its oil wells were being transferred to other neighbouring states.

He also decried the dwindling federal government allocations to

the state, noting that the state expects the federal government to release its full allocations.

According to him, the financial picture across states in the country was gloomy as a result of the dwindling allocations and corruption in the oil sector.

“The problem is the federal government; they have cut off the resources of Rivers State Government and Rivers people.

They have taken away the oil wells in Soku and given to Bayelsa. They have taken the ones between Oyigbo and Etche and given to Abia, so our resources continue to dwindle.

“We used to do nineteen, twenty billion(naira) now we are doing thirteen, last month was fifteen.

We don’t know how much we would do this month.

We pray that it improves.

That’s one, then two is the fact that the level of stealing in the oil sector is affecting the revenue in all the states, so we don’t have enough”.

While on the inspection, Governor Amaechi received tumultuous praise from the people of Elioparanwo.

Northern govs extol Obasanjo’s dedication to nation-building

T

he Northern States Governors Forum has extolled what it described as exemplary dedication of former President Olusegun Obasanjo to the promotion of peace, unity and development of Nigeria.

This is contained in a goodwill message to congratulate the former president on the occasion of his 77th birthday.

In a statement signed by its spokesman, Mr Danladi Ndayebo, the Chairman of the forum and governor of Niger, Dr Babangida Aliyu, praised Obasanjo for his contribution to nation building.

The statement said the nation was lucky to have Obasanjo at every twist and turn, and described his life as one of exceptional pro-

fessional and political accomplishments. ``We have seen Obasanjo reach the zenith of his carrier as a four-star general in the Nigerian Army and military Head of State.

It said that Obasanjo was ``a consummate political leader and civilian President’’, adding that ``his life is no doubt that of immense professional and political accomplishments’’.

The statement said that the forum was proud to be associated with the achievements of the former Nigerian leader in all the critical sectors of the nation’s economy.

It prayed God to grant Obasanjo excellent health, courage and many more years of selfless service to Nigeria and humanity.

Sanctity of Truth

Wednesday, March 5, 2014

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DISTRIBUTION Petroleum scarcity may ease nationwide, as marketers commence distribution

O

il marketers in Lagos State yesterday said the distribution of imported petrol to filing stations has commenced nationwide.

The marketers disclosed that vessels laden with imported petroleum products had berthed at the high sea.

One of the major marketers disclosed that the delay by the Petroleum Products Pricing Regulatory Agency (PPPRA) in approving the first quarter fuel allocation to marketers, was responsible for the scarcity.

He added that ships laden with petrol had started to berth since the early hours of Tuesday on the high sea.

The marketer said they

Sanctity of Truth

Wednesday, March 5, 2014

Fuel scarcity: Marketers commence distribution nationwide lDPR seals two filling stations for diversion would immediately begin to discharge the product into system 2B for channelling to all NNPC depots.

He gave Nigerians the assurance that the observed queues at filling stations would disappear by Thursday ``when all stations would have received the product before the close of work on Wednesday. ``The queues in some filling stations in some states will soon disappear as the Federal Government has approved the importation of petroleum products. ``Petroleum vessels have started to berth at the high sea to discharge the product into the pipeline to depots. ``We are assuring Nigerians that the ongoing scarcity and queues will

soon disappear,’’ he said.

The marketer advised motorists to remain calm and avoid panic-buying. ``Since the importation approval has been signed, Nigerians should expect prompt and effective distribution of petroleum products in all filling stations across the country,’’ the marketers added.

An independent marketer, who exonerated marketers of any blame, commended the Federal Government for its intervention in the clearing processes.

He said that the clearing process had become cumbersome and caused the delay of ships in the high sea. ``I totally disagree with the insinuations that marketers are the ones hoarding the product at the filling stations.

``The real issue is in the high sea because to what extent can a marketer hoard the product in the filling station? ``In the high sea, we have 42 days sufficiency, so, how can a marketer hoard? ``The situation we have today has to do with logistics. That is the operations at the jetties, including the shore tanks. ``I am talking about the little problem we had one week ago which was the contradiction in supply,’’ he said.

However, the management of the Nigerian National Petroleum Corporation (NNPC) on Monday injected additional three million litres of petrol into Lagos to ease scarcity.

The Acting Group General Manager, Public Affairs Division of the

Russian Navy ships in the Sevastopol Bay, Ukraine yesterday. As war looms, Russian forces have surrounded Ukrainian military bases across Crimea and given Ukrainian soldiers in Crimea an ultimatum to surrender or face all-out assault

Corporation, Dr Omar Ibrahim, said that the extra 33 million litres of petrol would be supplied to end the artificially induced scarcity. ``While we intensify direct monitoring of fuel stations across Lagos and its environs, we are providing extra volume of the product to eliminate the noticeable queues arising from the induced scarcity,’’ Ibrahim said.

NNPC has appealed to marketers and members of the public to refrain from hoarding and panicbuying.

Meanwhile, the Department of Petroleum Resources (DPR), yesterday sealed two filling stations in Jos, Plateau, for diversion of products.

Shehu Yusuf, Head, Retails, Outlets and Marketing of the department of DPR, disclosed this in Jos. He said the two stations were NIPCO at Bauchi Ring Road and E. O. Eze and Brothers in Rukuba.

Yusuf said that the premises were sealed as deterrent to other marketers indulging in the act and to save motorists the agony of sourcing for petrol.

Yusuf said that 19 articulated vehicles loaded with petrol were dispatched to the Plateau on Tuesday.

Of these, he said, six trucks were for Bauchi and Nasarawa States, while the rest were to discharge in Plateau.

He said that the current situation would be amelio-

rated by steady supply of the product to the state.

According to him, five of the trucks are allocated to the NNPC mega station and its affiliate stations in Jos. He said that the department was working hard to ensure that the fuel supply situation was normalised in the state.

Petrol scarcity, which started two weeks ago in Jos, had yet to ease.

This has led to queues at the NNPC mega station along the Murtala Mohammed Road in Jos which often caused traffic gridlock on the highway.

Some stations owned by independent marketers were yet to sell the product while others sold at blackmarket price of between N120 and N130 per litre.

Meanwhile, hawkers, popularly called black marketers, are recording a boom in business, following the scarcity.

One of them, Useni Abdullahi, who trades beside the NNPC mega station on Murtala Mohammed Way, said that he was making brisk business selling to motorists.

He said that he was selling a litre at N120 and had made so much money since he started the sale in the morning.

Abdullahi attributed the boom to the frustration people met while queuing to buy the product at the official price of N97 per litre at the NNPC.

metals and other objects of lesser dangers, it is unthinkable how the device scaled through this fortress of the bank before it got into the banking hall where it was discovered.”

“To be specific, we suspect a deliberate foul play in the antics of those who desire to create a sense of insecurity in this state through their various machinations and manipulations.”

“We are, however, as-

sured of the readiness of the security agencies to conduct a thorough investigation on the development in order to strengthen the assurances of our people and visitors that Osun remains a safe haven for businesses and pleasure.

“Since this administration came, Osun has remained peaceful and inviting to more people ever than before in her 21year history.

Bomb discovered in Osogbo bank CONTINUED FROM PAGE 3

lives and property. Members of the public are all going about their lawful businesses without fear.”

Later, a combined regular and mobile policemen were seen milling around every nook and cranny of the town while the affected bank was under security surveillance.

In his reaction, Governor Rauf Aregbesola charged security agents in the state to conduct a

thorough investigation on the incident.

The governor, who spoke through the Director, Bureau of Communication and Strategy, Office of the Governor, Mr. Semiu Okanlawon, in Osogbo, said: “The attention of the Government of the State of Osun has been drawn to the discovery of an object suspected to be explosive device at the banking hall of one of the branches of a bank in

Osogbo, the state capital.”

“Reports available yet indicate that the object was found concealed in a polythene bag inside the banking hall. This led to the invitation of the Antibomb squad of the Osun Command of the Nigeria Police whose men evacuated the dangerous object from the banking hall.”

“While reminding the people of Osun and Nigerians in general of the various pro-active measures

taken by government of the State of the Virtuous on security of lives and property generally, we are compelled to call on the security agencies to get to the root of this strange discovery in Osogbo and tell the whole world how this device found its way into a banking hall.

“Considering the usually impregnable fortification of banks through their various screening machines which detect

Sanctity of Truth

Wednesday, March 5, 2014

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NEWS

Wednesday, March 5, 2014

Budget: MDAs hoard revenue from treasury – Okonjo- Iweala ACCUSATION

Revenue-generation MDAs accused of nonremittance

Abdulwahab Isa Abuja

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oordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, yesterday in Abuja accused revenue generating ministries, departments and agencies (MDAs) of government of not fully remitting to government coffers all monies

generated by them.

Okonjo-Iweala lamented that most revenue generating agencies were short changing the government by hoarding large chunk of revenue they generated.

The act of hoarding revenue without remitting to the government coffers by revenue generating agencies, CME says contributes in no small way to the difficulty encountered in the budget implementation.

Responding to the New Telegraph enquiry on complaint by some revenue generating agencies that Budget Office allocated to them revenue

projection figure without consulting them , she said many of them had the habit of concealing what they actually generated .

Her words: "Every year, most of them want to maintain the same profile. They won't admit their revenue is growing so that you won't ask them to remit more. They will always tell you they have so many expenses they can't remit anything, they don't make any money and if you yield to that it means there would be no money from them”.

“Last time, imagine we had to go and compel some of them and go to

their bank accounts. They refused to remit the money.

We had to take permission from Mr. President to go and get the money because the Minister of Finance and Accountant General have that right by law. We were projecting N54 billion and I think we were able to get N34 billion. Some of them took us to court.

This is our revenue generating agencies. It is not enough for you to generate revenue and be spending it in your corner, refusing to remit and then go about getting friends to support you, that can't be", the minister further lamented.

PenCom approves N8.11bn transfer from NSITF Sunday Ojeme

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ollowing the successful transition of the pension plan from the non-contributory scheme to the new scheme, the National Pension Commission has so far approved the transfer of N8.11 billion from contributors’ account with the Nigerian Social Insurance Trust Fund into their various Retirement Savings Accounts under the new pension scheme.

The amount is part of the N64.61 billion assets of the NSITF for 107,695 contributors.

A statement from the commission obtained by New Telegraph revealed that in addition to the transfer, approval had also been granted to one of the Pension Fund Administrators, Trustfund Pensions Plc, to transfer the sum of N1.27 billion into the RSAs of 17,483 members who contributed to the former Nigeria Police Force/NSITF Pension Scheme.

The statement added that total pension payments of N5.53 billion had been paid in respect of 6,426 pensioners of NSITF as at September, 2013.

According to the NSITF Act, a contributor or beneficiary can only move his contributions under NSITF to another PFA after a period of five years from the date of commencement of the Pension Reform Act 2004.

The pension funds contributed to the NSITF before the commencement of the new pension scheme including the income shall remain with the NSITF for a minimum period of five years from the commencement of the Pension Reform act 2004.

The commission also noted that the pension reform had within the nine years of its implementation made some modest achievements including the setting up of a legal and institutional frameworks as well as the pension transitional arrangement department.

Senate summons Sports Minister for shunning budget defence Chukwu David L-R:Wife of the Alake of Egbaland, Olori Oyindamola; Alake of Egbaland, Oba Adedotun Aremu Gbadebo; Balogun of Egbaland, Chief Sikiru Atobatele and National Coordinator, Oodua People's Congress, Gani Adams, during the 2014 Lisabi Day celebration in Akeokuta Ogun State...

BOAST

Ex-Ekiti governor says come 2015, PDP will spring surprises in South-West Onyekachi Eze ABUJA

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governorship aspirant on the platform of Peoples Democratic Party (PDP) in the June gubernatorial election in Ekiti state, Chief Ayo Fayose yesterday disagreed with the insinuation that Southwest geopolitical zone is being controlled by the opposition All Progressives Congress (APC).

Chief Fayose, a former governor of Ekiti state,

Abuja

S Surprises will happen in 2015, says Fayose who was at the PDP National Secretariat to pick forms for the forthcoming primary, also described APC is a cult.

According to him, "There is a misinformation that the South West is the home base of APC. That will be in the imagination of the people writing it in the papers.

Surprises will happen in the 2015.

"The APC came in because of the internal wrangling in PDP which led to the Salami gate, the judicial misappropria-

tion. Let me say clearly again that the South West is not the home of APC. Up and until today, PDP still controls respectable politicians. And don’t forget that APC operates like a cult. They don’t bring in new people, the moment they bring you in, they will just put you in the cooler. I am a living witness of that experience. The moment the leader of the party is telling you Walahi Talahi ... I promise you Mecca and so on, it will end up in lies", he said..

He boasted that he has the capacity to defeat the incumbent governor, stating that "Fayemi's government is far removed from the people".

Fayose, who described himself as a grassroot man, said the problem of Fayemi was because he has refused to identify with common people.

"I am for the common people and I tell you that power belongs to the people. I defeated the godfather of Fayemi, Niyi Adabayo before. How much more the godson?"

enate Committee on Sports, yesterday summoned the Minister of Sports, Mr. Bolaji Abdullahi to appear before it by 12 noon on Tuesday next week for absenting himself from the budget defence of his ministry without any formal explanation to the committee.

The committee alleged that the minister had in the last three years demonstrated this recidivist attitude to the Committee’s invitations, stressing that Abdullahi had no respect for the Senators and the legislative body.

Director-General of the National Sports Commission, Hon. Gbenga Elegbeleye had told the Committee that the minister traveled to Poland on Monday evening for the World indoor athletic

championship and was not aware that the ministry was to defend its budget proposal yesterday.

But the chairman of the committee, Senator Adamu Gimba, who was visibly angry, recalled that the minister, in the past three years had established the habit of not appearing to the Senate to defend the budget of his ministry which he said was key in the effective functioning of the establishment.

He tongue-lashed the minister for lacking the courtesy of formally informing the committee that he was not going to be present to defend the budget, claiming that the budget was more important than the indoor championship. He pointed out that the minister was neither a technical person nor a participant at the event.

Wednesday, March 5, 2014

9

SENATOR ALLOYSIUS ETOK LIED!

New Telegraph of March 1, 2014 pages 53 and 54 “My Vote for Jonathan Made Akpabio Hate Me –Etok”

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ith deep regret one notes that Senator Alloysius Etok, who has been largely anonymous in the hallowed chambers of the Senate since he stepped into it in 2007, has, in a desperate bid for re-election in 2015, resorted to using cheap blackmail, blatant lies and reprehensible falsehood against His Excellency, Chief Godswill Obot Akpabio, CON, the Executive Governor of Akwa Ibom State. One particularly ridiculous and completely asinine lie, among others, in a blackmail-intentioned interview in New Telegraph of March 1, 2014 (pages 53 and 54) was that his alleged support for His Excellency Dr. Goodluck Ebele Jonathan, GCFR, to succeed the late President Umaru Musa Yar’Adua led to hostility from Governor Godswill Akpabio.

History has properly recorded the role Governor Akpabio played in the said events, and those who were involved in the sequence of events can testify that Senator Etok told an egregious, disingenuous and conscienceless lie. One would, therefore, not have bothered to dignify such irresponsible, whimsical and egotistic twisting of history with a reply, but for one’s belief that it is a patriotic duty not to let unsuspecting members of the public be fooled by political scam artists who, in their self-conceit, believe that they can fool all the people all the time.

One understands Senator Alloysius Etok’s desperation as his constituents have resorted to calling his tenure in the Senate “a mistake.” But that he should seek to vent his frustration on Governor Akpabio, instead of embarking on a self-cleansing exercise is despicable. Governor Akpabio, therefore, wants it placed emphatically on record that Senator Alloysius Etok lied in that interview.

Governor Akpabio was in the forefront of Nigerians who agitated for the doctrine of necessity. He worked and supported the idea of President Jonathan taking over as acting President when the late President Musa Yar’Adua was indisposed, out of the country for treatment and unable to transmit a letter to the National Assembly due to his health condition at the time. His efforts and those of like-minded colleagues in the Nigerian Governors’ Forum (NGF) led by the then Governor Bukola Saraki (now a Senator) led to the NGF approaching the National Assembly many hours before the Doctrine of Necessity was invoked by the leadership.

National Assembly. That Senator Etok does not enjoy the confidence of his constituents anymore should not spur him to lose all sense of decency and, therefore, embark on lying, falsehood and blackmail as campaign tactics.

It should also be placed on record that Governor Akpabio does not hate Senator Etok, or how else can one explain his (Governor Akpabio’s) input to his successes in the elections of 2007 and that of 2011? Every Akwa Ibom child knows the role Governor Akpabio played in both the First and Second Term emergence of Senator Alloysius Etok.

Governor Akpabio is “happy” that Senator Etok now has a platform to use in his efforts to attempt to tarnish his image, lie against him, sponsor presidential posters using Governor Akpabio’s pictures, and sponsor divisive bulk text messages, etc. In his delusion Senator Etok believes that he can use blackmail to create bad blood between the Governor and the President, and hopes that such a scenario can bode a good omen for his re-election bid. What his delusionary mind has failed to tell him is that given his disastrous performance over two terms in the Senate, he can NEVER win the Senatorial seat in 2015 – no matter which political party nominates him.

Governor Akpabio has maintained unequivocally that politics should be played with decorum, truth and integrity. He cautions that blackmails and lies should be eschewed in all spheres of politics. Senator Etok’s conceit is fuelled by his ignorance that security agencies could prove the falsity of his claims if they insist on his stating the times and dates of the phantom phone calls, in which he alleged that he was scolded four years ago for voting President Jonathan as acting president.

In his bid to lie, Senator Alloysius Etok forgot that in November 2011, he led a delegation to the Governor’s Lodge, Uyo to thank Governor Godswill Akpabio for his support, which led to his re-election the same year. If he had a quarrel with Governor Akpabio in 2010, how come Governor Akpabio supported him in 2011 and he came to thank him the same year?

Senator Alloysius Etok owes Governor Akpabio an unreserved apology for such blatant blackmail and barefaced lies. He would do well to exploit this opportunity, and tender his apologies, notThese facts are sacrosanct and by God’s benevolent grace and mer- ing as a Christian the admonition in the Scriptures that “Whocies, His Excellency President Jonathan is still alive and can attest, in soever rewardeth evil for good, evil shall not depart from his this regard, to the efforts of the Nigerian Governors’ Forum of which house.” (Proverbs 17:13).

Governor Akpabio was in the forefront.

May God save Nigeria from desperadoes, like Senator Etok, who deSenator Alloysius Etok must note that it is the stakeholders and the ploy blackmail, falsehood and venomous methods and cantankerous good people of Ikot Ekpene Senatorial District who decided, and tactics to seek elective offices. prevailed on Governor Akpabio to come forward and present himself to represent them in the Senate come 2015. Their interest is in Pastor Anietie Ukpe effective representation and accountability in the Upper House of the Chief Press Secretary/Senior Special Assistant

10

NEWS ANALYSIS

Sanctity of Truth

Wednesday, March 5, 2014

Why Jonathan sacked aviation chiefs

Nnamdi Udoh

dropped Aviation quartet swept away by the Presidency Wole Shadare

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here were indications that the various scandals and financial impropriety in the aviation sector forced President Goodluck Jonathan to sack virtually all the heads of aviation agencies.

Although, the Presidency in a statement signed Special Assistant to the Secretary to the Government of the Federation, Sam Nwaobasi attributed their sack to “re-organisation in the Ministry of Aviation”, a reliable source in the Ministry told New Telegraph that, “Jonathan was very uncomfortable with the various scandals, and crises rocking the sector”.

The source equally stated that the report of the different committees set up to probe the N255 million bullet proof BMW cars shocked the President as to the financial impropriety that went on the sector.

Member, Aircraft Operators of Nigeria (AON), Mohammed Tukur told New Telegraph that the President was overwhelmed with so many petitions of graft against some of the officials, which he said was very difficult to over-look.

Not a few had attributed many of the plane crashes recorded in the past two years to graft in the indus-

George Uriesi

try at the expense of the provision of modern aviation safety tools.

Aside the House of Representatives report that heavily indicted former Aviation Minister, Stella Oduah and some of the agencies under her Ministry, it stated that there was no appropriation for the purchase of the two armoured cars, and stressed that the NCAA proposal for the purchase of the two MBW armoured cars were illegal.

According to the report, “There was no provision for armoured vehicle in Nigerian law for a minister in any event, any procurement for an armoured vehicle must be provided for in the appropriation act and backed by relevant approval,” the report said.

'The committee also noted that the Minister and the Director-General of the NCAA claimed that both vehicles were purchased under a lease agreement with First Bank plc.

“The assertion is not true because First Bank plc clearly stated that they were procured under auto loan, this is clearly shown by the loan agreement between NCAA and First Bank.”

Besides, the committee set up by President Jonathan to probe the

Capt. Chinyere Kalu

Fola Akinkuotu

N255m bulletproof car scandal in the aviation ministry equally indicted the former minister and some of the agencies like the Federal Airports Authority of Nigeria (FAAN) and the the NCAA, shortly before Capt. Folayele Akinkuotu assumed office as DG of the aviation regulatory body.

Just last week, the House of Representatives Committee on Finance in Abuja queried the FAAN for remitting only N130 million out of the N36 billion it generated in 2013.

The Chairman of the committee Abdulmumin Jibril asked for the explanation at a meeting with revenue generating agencies of the government.

“Why do you expend money that you are supposed to remit to the Government? I believe you are in breach of the laws of our land," he said.

He asked FAAN to furnish the committee with the details of approval for the agency to spend money before remitting what it liked to the federation account.

The legislator asked FAAN to go back and get their explanations, where they got the approval to spend such a huge amount of government money from and provide justifica-

tion for what they had done.

He said that if every agency of government was allowed to spend money generated by them without approval, no money would be remitted to the Federation Account.

“What I ask you to do is to go and write what you have done and where you got your approval from," he said.

He stressed that the financial policy regulation requires FAAN to remit 25 percent of its gross earning back to the Federal Government.

Jibril also queried the continued absence of the Managing Director of FAAN from committee meetings.

Earlier in a remark, the Director, Business Development of the Authority, Adeniyi Balogun said that in 2013, the FAAN generated N36billion as revenue and remitted N130 million to the Federal Government after its expenditure.

According to him, the agency did not receive any money from the National Assembly for their expenditure.

He said that FAAN paid its staff salaries, recurrent and capital expenditure from the revenue it generated.

Adeniyi added that FAAN projected to generate N56 billon revenue for 2014 as against the N17 billion projected for it by the Budget Office for the same period.

Equally worrisome was crises between major concessionaires in the industry which resulted in so many legal battles and painted the country as too risky for investment.

The legislator asked FAAN to go back and get their explanations, where they got the approval to spend such a huge amount of government money from and provide justification for what they had done

11

Sanctity of Truth

Wednesday, March 5, 2014

PEOPLES DEMOCRATIC PARTY (PDP) POWER TO THE PEOPLE Motto: Justice, Unity and Progress

National Secretariat: Plot 1970, Wadata Plaza, Michael Okpara Street, Wuse Zone 5, Abuja. Tel: 09-7822806, 09-7822781

Happy Birthday, Your Excellency

His Excellency,

Chief Olusegun Obasanjo, GCFR Fmr. President, Federal Republic of Nigeria

The National Chairman, Alhaji Ahmadu Adamu Mu’azu, CON and members of the National Working Committee of the Peoples Democratic Party (PDP) join millions of our party members, supporters and indeed all well meaning Nigerians in celebrating you, our dear former President and former Chairman of the Board of Trustees of our great Party, Chief Olusegun Obasanjo, GCFR, as you add another year today.

Indeed, we celebrate you for your untiring service to our dear country and your determination and commitment towards her unity and indivisibility as one great and prosperous nation.

Your Excellency, as you celebrate yet another milestone in your life, the PDP family joins millions of Nigerians in thanksgiving. We pray that the Almighty God will continue to bless you with good health and many more fruitful years so that our people will further reap from your wisdom, courage and love for our dear nation.

Signed:

Chief Olisa Metuh

National Publicity Secretary

metr

NEW TELEGRAPH

Wednesday, M

www.newtelegraphonline.com/metro

Wednesday,March 5, 2014

Pastor held for ‘testing’ church member’s virginity • Man beats daughter to death RANDY SHEPHERD An acclaimed man of God turned the house of God to a brothel

Ogun State CP, Ikemefuna Okoye

Kunle Olayeni Abeokuta

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pastor, Adekunle Kayode, has been arrested by the police in Ogun State for allegedly fondling with the private part of a 20-year-old female member of his church within the church premises.

This was as another man reportedly beat his 12-year-old daughter to death.

Kayode, 34, was said to be the pastor-in-charge of Jesus is the Way

Evangelistic Ministry, Olorunsogo, Abeokuta.

The cleric allegedly indulged in the act for years before police detectives eventually arrested him on Sunday at his residence in Okeyidi area of Abeokuta, following complaints by the victim.

The state Police Public Relations Officer (PPRO), Mr. Muyiwa Adejobi, who confirmed the arrest in a statement yesterday, said another suspect, Onatade Oluwasegun, had been nabbed in connection with the incident.

Adejobi explained that Oluwasegun, 23, conspired with the pastor “to use the victim for rituals.”

He said: “(Kayode) was arrested by police detectives attached to Kemta Division in Abeokuta in his house, No 3 Okeyidi, Abeokuta when the victim narrated her ordeal to her father who then informed the police of the incident.

“There was also a drama when the

victim, received the ‘holy spirit’ which propelled her to reveal the misdeeds of the pastor who has been indulging in this ungodly act for years.

“Another suspect arrested for a similar offence is one Onatade Oluwasegun, 23, of No 4 Sheriff Onatade Street, Obantoko for conspiring with the said pastor to use the victim for ritual purpose.

“The victim revealed that the said pastor has fingered her several times even during her menstrual periods for reasons known to him. She also claimed that the pastor recently fingered her to confirm her virginity when she was in the church for a programme.

“The victim, who is still in spirit, claimed that Oluwasegun used a charm with a view to raping her as directed by the pastor possibly for a ritual but God saved her and the police have recovered the charm from the pastor within the church premises.”

Adejobi said the Commissioner of Police, Ikemefuna Okoye, had ordered that the matter be transferred to the State Criminal Investigation Department (SCID), Eleweran, Abeokuta, for further investigation.

In another development, the police yesterday said they were on the trail of one Bisi Onigbogbo who allegedly beat his 12-year-old daughter, Yemi, to death on Monday.

Manko (right) and the suspects

Cleric raped me cou A young girl yesterday told a Federal Capital Territory (FCT) High Court that a pastor, Princewill Basi, raped her countless number of times.

The pastor, who is standing trial over alleged rape of two girls, was confronted by the second victim.

Basil, the General Overseer, Mountain Movers Fire Ministry Church, Nyanya, was arraigned in 2012 for allegedly having unlawful carnal knowledge and impregnating two student-members of his church, aged 14 and 15 years.

Giving evidence under crossexamination by the defence counsel, Mr Sunday Kekere, the victim said the pastor raped her to “cleanse her spirit of dirt”.

She said: “I cannot remember the number of times he raped me.

“Papa told me it was a continuous deliverance, and he had to sleep with me to clean all the dirt inside me and also cleanse my future.”

When asked if in her statement to the National Agency for the Prohibition of Trafficking in Person (NAPTIP), she admitted living with the accused, she answered ‘no’.

“I never told them (NAPTIP) that. I told them that I always go there to assist Papa’s former fiancée, Cynthia, with household chores.

“There are days that I sleep over to finish my chores,’’ she said.

We’ll check further attacks on schools –IG Juliana Francis

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further attacks of school.

The IG’s pledge, in a statement yesterday when the staff and students of Pacesetters’ College, Gwarinpa, Abuja visited the Force Headquarters, Abuja, followed the attack on the Federal Gov-

he Inspector General of Police, Mohammed Abubakar, has promised that the police would henceforth prevent further attacks of school.

The IG’s pledge, in a statement yesterday when the staff and students of Pacesetters’ College, Gwarinpa, Abuja visited the Force Headquarters, Abuja, followed the attack on the Federal Government College, Buni Yadi in Yobe state, where 45 students were killed.

Abubakar said that the security agencies were working to ensure the safety and security of Juliana Francis The Inspector General of Police, Mohammed Abubakar, has promised that the police would henceforth prevent Abubakar and the students

ernment College, Buni Yadi in Yobe state, where 45 students were killed.

Abubakar said that the security agencies were working to ensure the safety and security of students and academic institutions across the country.

The IG said that following President Goodluck Jonathan’s directive, all the security agencies were doing everything possible to ensure that no child, student and their teachers are attacked again anywhere in the country.

Abubakar, who requested for the observance of a one minute silence in honour of the murdered students, said both overt and covert deployment of operatives in schools were being increased while the security agencies were also working with local communities to improve security in and around schools.

While underscoring the importance of education, the IG added: “It is the only worthwhile legacy any parent or guardian can bequeath to a child or ward. We in the police are making efforts towards ensuring that the

Force is m as student Police as a Also in ing were s and stude Gwarinpa and journ Meanw Mr. Frank motion of He said sures gea morale of ing those w signed rol combating society, th of the pro

Okotie’s FRESH still at INEC’s mercy / PAGE 17 | ‘Why Reps didn’t defect with Shekarau’ / PAGE 41

POLITICS

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ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

PDP has to march on blood to win Osun guber –Aregbesola

p-14-15

WEDNESday March 5, 2014

Defection: How parliamentary practice turned ‘taboo’ M

POLITICAL NOTES

Jonathan’s church tourism

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or several months, one issue that has dominated the political space in Nigeria is the movement of politicians from one political party to the other. This movement goes by several names such as defection, decamping or crosscarpeting. Certainly, these are not new terms in our political lexicon as the practice has been with us since the early days of our nationhood.

The story of defection in Nigerian politics could be traced to 1959 when filial ties and tribal sentiments robbed the late Dr. Nnamdi Azikiwe of the Premiership of the Western Region. Azikiwe was the leader of the National Council of Nigerian Citizens (NCNC), the party that had majority in the parliament. But the pendulum suddenly swung against him in a dramatic defection described by some historians as a parliamentary coup.

Before then, the NCNC had won the parliamentary elections and had more seats in the parliament. But just before the party could form its government and take charge, many of the parliamentarians elected on its platform dumped the party and pitched tent with Action Group (AG) led by the late Chief Obafemi Awolowo. Only a few loyalist such as Chief Adegoke Adelabu (Penkelemesi), Chief Adeniran Ogunsanya and Chief Festus Okotie-Eboh remained with Azikiwe and his NCNC after the massive defection that smacked of betrayal. The defectors did not

The movement of politicians from one party to the other, particularly on the eve of an election year or shortly after elections is a common practice in Nigeria. It has been so rampant that it could take place without anyone raising eyebrows. But, ONWUKA NZESHI reports that the recent mass exodus from the ruling party to the opposition has triggered a chain reaction and turned a common parliamentary practice to a taboo.

Mark

Saraki

just cross the carpet, they practically pulled the rug from underneath the feet of their party leader and made him a general without troops.

Manifestations Since that seed was sown on the eve of the nation’s independence, defection has grown into a tree and has continued to bear its

CROSSFIRE

fruits in due seasons. There were defections in the First and Second Republics but perhaps these were not as massive as the 1959 incident that changed the political equation of that era. It is on record that Governor Abubakar Rimi of Kano State did defect from the People’s Redemption Party (PRP) to the Nigeria People’s Party (NPP) during the Sec-

Our amalgamation The amalgamation of was not a mistake.

Southern and Northern While our union may protectorate in 1914 was a have been inspired by mistake. The problem really considerations external and truly is that Nigeria was to our people; I have constructed contrary to no doubt that we are political geometry and that destined by God Almighty is why we have not arrived to live together as one big as a country nation, united in diversity - Sir Olaniwun Ajayi, –President Goodluck Jonathan Afenifere chieftain

ond Republic. The ill-fated Third Republic was a guided democratic experiment that was based on a two-party system. This did not give much room to politicians to flirt around hence, defection was almost non-existent. Even when General Sani Abacha expanded the political turf to accommodate more parties, the temptation of defection was absent because all the parties were artificial and were soon found to be tools in the hands of one man, the then maximum ruler who wanted to transmute into a civilian ruler.

Last decade However, the story has changed since the rebirth of democracy in 1999. The multi-party system and the freedom that abounds with it has become fertile grounds for CONTINUED ON PAGE 42

any Nigerians seeking miracles move from one church to another until their prayers are answered, and their expected miracles attained. It seems in the same vein, President Goodluck Jonathan is also seeking for miracle(s) because lately he has been visiting several churches to worship.

At one of such churches outside the Aso Villa, the president told the congregation that henceforth he would be visiting different churches to worship.

Prior to the 2011 presidential election, the president embarked on a similar trip, visiting different churches to solicit support for his candidacy, and convince the Christian folk that he is a humble servant that can be entrusted to occupy the highest office in the land in the interest of all.

Many Nigerians will remember the celebrated picture of the president kneeling before the general overseer of the Redeemed Christian Church of God (RCCG), Pastor E. A Adeboye. That singular act generated so much debate, both in the Christendom, and the polity. To some extent, the action generated a lot of support for the president, in his quest to win that election.

This time around, what is the president after, is this a subtle plot to regain the confidence of the Christian folk towards the 2015 election, or just to get a sense of the feelings of the people. Is the president going to kneel before another man of God, in display of his humility?

Then again, mischief makers ask how the president will relate to the Muslim folks and the traditionalists. It will be a spectacle to behold; the president carrying out ablution in a mosque. After all, he once boasted that he joined Nigerian Muslims to fast before the Ramadan period.

14 INTERVIEW

Sanctity of Truth

Wednesday, March 5, 2014

PDP has to march on blood to

Aregbesola

Ogbeni Rauf Aregbesola has always been in the news since becoming governor of Osun State. Most times the policies of his administration have come under heavy criticism by some stakeholders and opposition parties. But, Aregbesola insists that no governor has impacted so much on the people as he has done. In this interview, he speaks on governance in the state of the Living Spring, August 9 governorship election, perceived Islamisation of the state and many other issues. AYODELE OJO reports What is the centrepiece of your government?

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. You see, the usual government panders to strict expectations and rules; roads must be built, whether it has economic or social significance, it does not matter. Government must build roads and we are building roads. We are not against construction of roads and edifices; we are only saying that if the people are serviced in a way that their potential would be fully developed, at the appropriate time, those things, in terms of infrastructure, would just naturally come.

When you came into office three years ago, what did you meet on ground?

On assumption of office, we saw the inhuman condition of our youths who

in their thousands were unemployed.

As a matter of fact, when we advertised for our youth empowerment scheme of engaging youths in community, social and public works, we received applications in excess of 250,000 for 20,000 volunteers. We advertised what the job is all about; community works such as clearing of gutters, clearing waste, cleaning roads, and so on. We equally stated those who we wanted to engage; school certificate and diploma holders, and graduates. That would tell you the proportion of our youths that simply have nothing to do. That was a graphic exhibition of the seriousness of the issue of unemployment in our land. We recruited the 20,000 without any sentiment. Hardly was there any household without a representative in that scheme.

The second phase of it is on. In all, we are touching the lives of 40,000 people in a way that we are happy and they are happy too. That scheme has positively affected our state that our state today is the most peaceful in Nigeria. Most of what we hear in other states rarely happen in our state. National Bureau

of Statistics rated our state as the state with the least unemployment in Nigeria.

On the index of NBS, we rate three per cent unemployment. On social and human capacity index, we are the best. On the poverty reduction index, we came second. They claimed we are next to Niger State. When they combined all the parameters for assessing human development index, we came first because the state that came first in poverty reduction index was eighth in unemployment index. By the time you do a summary of the various social and economic indices for assessing states, we are just simply the best.

After that, we went to education. By the time we assumed office, we found out that education was not just there. We showed concern and my presentation at the education summit was that the summit participants must look at the possibilities of closing schools for two years for us to effectively do something about the structure, the capacity of the teachers and others. But my view was not popular in that summit. The summit concluded with some action plans.

Heading that summit on education was Prof. Wole Soyinka. So, the reforms we are implementing on education, was the directive of the summit which we convened less than two months into office.

So, for anybody to now impugn that our reform which is a direct offshoot of that summit on education, in which we had the best brains both within and outside, is to us very strange. Those who participated in the summit had no religious bias; they simply told us that if we are serious about what we told them we wanted to do, follow this course. The process given by them is that we must

PHOTOS: SULEIMAN HUSAINi

rebuild our schools, we must feed pupils at the lowest level of education very well to sufficiently attract and retain them in school; we must look at how to indigenise the uniform they wear, train and re-train the teachers as well as encourage them. They told us how that could be done by setting aside a school for primary education and others. These recommendations, we adopted and started aggressive implementation. Today in Osun, we feed close to 300,000 pupils in the whole primaries 1-4. No state in Nigeria has ever attempted that scale of engagement of students. We have been doing it for over a year now at an annual cost of N3.6 billion. We are proud to say that whoever likes should come and see what they feed these pupils with.

I challenge any government in Nigeria to come and say they have done close to this, even for one day. We have been doing this since April 2012. It is unprecedented.

We are the first government in the history of Nigeria that would give 750,000 pupils in public schools uniform. The uniforms are in three categories. There is a set of uniform for the elementary schools, uniform for the middle school and for the high school as well. We re-

I tell people that the only way the Peoples Democratic Party (PDP) can win is to kill a lot of people. They have to march on the blood of the people to displace us

INTERVIEW

Sanctity of Truth

Wednesday, March 5, 2014

15

win Osun guber –Aregbesola structured basic education into elementary, middle and high school.

Again, we are providing all the students, 150,000 of them in high school, with an electronic education devise in which you have all textbooks for learning, practice questions, compiled 10 years of WAEC and JAMB past questions, and tutorials for all lessons in high school. We give them this bit to ensure that nobody lacks anything that is required for successful completion of high school. No matter your background or who your parents are, you have access to the best learning tools in the state. So, we tell the students and the parents that whoever fails, either internal or external examinations, has nobody to blame but themselves. That is what Tablet of Knowledge (Opon Imo) is all about. We did not plagiarise any material; we are paying royalties.

We pay per copy of the set we use.

It’s like N26 per book. When you look at cost per book that we pay to the various contributors, you will see that it is incomparable to the hard copy. Government is to reduce the burden of care on citizens. What we have achieved with this is to provide a core need at the cheapest price to everybody. It is cheap to government, it’s free to our citizens.

We also avoid the mystery of flooding by continuously dredging and clearing the waterways and this paid off when in 2012 the entire nation experienced terrible flooding, Osun was the only state that was never adversely affected. So, channelisation and dredging of our waterways continually totally eliminated the pain and stress of flooding some states in Nigeria experienced.

We take care of the elderly. We selected 1,000 of them and we ensure we give them N10,000 monthly. It was not based on any sentiment. We also do home-based medical care for the elderly state-wide. I only want to paint to you our human-angle approach to governance. There is no class of people that we do not touch. Our administration is the first that can say that no household in Osun exists without an impact from our administration.

We support farmers to increase productivity. Our school feeding has positively impacted the agriculture sector. We have a 25 per cent increase in enrolment. Today, Osun has the highest primary school enrolment in Nigeria, according to NBS data.

Several criticisms have trailed the state’s education sector, especially the perceived Islamisation which has affected your administra-

tion negatively?

Let me talk about two things that have gained some currency in the media. The first is that our school reform is an Islamisation agenda. When they say so, I just laugh. The poorest of the poor are those who send their wards to public schools, not only in Osun but all over Nigeria. People with very limited resources, consider public schools as the only alternative. So, with the recommendations of the summit, came the need to critically examine all aspects of it. In our examination, we discovered that there are students without teachers, whereas there are teachers without students in others. What was left to us was to restructure in such a way that we will have students as well as adequate or near-adequate number of teachers.

Two, we changed the structure of education from the popular 6-3-3-4 to 4-5-3. This does not change the curriculum but the age bracket in each level of education. Before our intervention, we had six years of primary school. With our new structure, we now have elementary for pupils between six and nine, middle school for between nine and 14 and high school for students between 15 and 17. For us to now have this, we must relocate pupils. For the elementary schools, you mustn’t move beyond 500 metres to where your parents either live or work, depending on the choice of your mother. For the middle, it may be one kilometre or two. For the high level, there is no limit where the distance of your school can be because that is the adventurous age.

We never thought of any sentiment in all of this. But even at that, we are not unmindful of sentiments. In the re-classification and consolidation, we never moved pupils from Christian named schools to Muslim named schools. I never said Chris-

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 tian schools or Muslim schools. Since 1975, except for states that have done something about reversal, the law is still extant that there is no exclusively public Christian or Muslim school. All the public schools before 1975 were partially owned but after 1975, they were absolutely owned by the public, which is government. It, therefore, surprised us when people say we moved Muslims pupils to Christian schools. That was never done. We ensured that students were moved from Christian named schools to Christian named schools.

Let me give you an example. In Iwo, we chose Baptist High School as the consolidation centre for Iwo area. We therefore moved pupils because it is named Baptist but not owned by Baptist and that name is retained. We moved pupils from United Methodist High school and St. Mary Catholic School to make-up the required number of students of 3,000 in Baptist High School. But, because of the report against our reform, the fact that 19 female students from United Methodist High School were Hijab wearers, which the school had hitherto allowed.

Six female students from St. Mary Catholic School had been allowed to wear Hijab, long before our consolidation came. We moved all of them to Baptist High School. There are, therefore, 25 female students among 3000 students in Baptist High School wearing Hijab as they were wearing in their previous schools. That was what a section of the parents in Baptist High School resisted that their school was a Christian

school, that nobody must wear Hijab.

Anybody can still go to inquire about what I have said because the story is still fresh. Is there anywhere in Nigeria where students are admitted to public schools on religious basis? The answer is no. Segregation on religion is never allowed in any school in Nigeria, public or private. If admission into school is not faith-based, where would I now get exclusive Muslims that I will take to exclusive Christians schools? There was nothing like that but it was taken as the truth. Let us ask ourselves, who is at risk, the minority or the majority?

There are 25 students wearing Hijab in a school with 3000 students not wearing, who is at risk? This issue happened only in one school. For Baptist High School, Ede, the problem is that its name must not be changed from Baptist High School to Baptist Middle School.

Baptist Girls High School, Osogbo, its own grouse with us is that it should remain a Girls High School, when the reality on ground does not support a single-sex school. Let us assume that there are 10 schools that have hitches in our re-classification programme out of 2000 schools. How could that constitute a threat to that reform? There are actually five and they all belong to one denomination of Christianity, Baptist.

Whatever you read about it, just know that those who write about it have their reasons for such campaigns against us.

We see it as a campaign of calumny and we leave them to their conscience.

Why haven’t you considered returning schools back to missionaries?

Have you considered or studied why the schools were taken over from the missionaries in the first place? The schools were taken over because several years before the complete take-over, government was actually running the schools especially in Western Nigeria.

I attended a Catholic primary school and government was responsible for the teachers, the grants for running the schools, additional infrastructure for the schools and it is still owned by Catholics. It was the year I was leaving school that government finally announced the take-over. The missionaries protested that they must be compensated; government agreed but let us do a balance of how much we have spent over-time for teachers, infrastructure and other investment. That was how they bowed out.

In my broadcast to the state early this year, I said as we are progressing the new school structure, spaces will be created and there will be no question of returning schools or not.

It is not as if I am against return of schools, but it is the practical impossibility of it now.

Until I have alternatives for the pupils, declaring that I am returning C O N T I N U E D O N PA G E 4 3

16 POLITICS

Sanctity of Truth

Wednesday, March 5, 2014

Imo Assembly Complex:

Renovation without an end

Imo Assembly Complex undergoing renovation.

The Ikemba Ojukwu Convention Centre, now the legislative chambers.

Eight months after lawmakers relocated from the Imo State House of Assembly to a temporary office to give room for renovation work, there is no hope in sight that they would soon return to the Assembly Complex. STEVE UZOECHI in Owerri reports on the painful renovation work

R

enovation and rehabilitation of the Imo State House of Assembly complex had been a recurring exercise in every legislative dispensation in the state since 1999.

From 2003 to 2007, under the speakership of Hon. Kelechi Nwagwu, the House of Assembly underwent a measure of infrastructural facelift. From 2007 to 2011, under the speakership of Hon. Goodluck Opiah, the Assembly was subjected to a major rehabilitation work, at the end of which it became obvious that the complex can only take further renovations and structural adjustments strictly in line with its capacity.

Towards the end of 2010, the Imo State government signed a contract for the construction of a brand new office complex for the legislators. The contractor was promptly mobilised to site and shortly after foundation work commenced, containers were shipped in with necessary equipment and materials for the project.

Not long after, the frenzy for the 2011 general elections caught up with the construction and the project was shelved until after the polls. And after the said elections, fortunes changed - while Governor Ikedi Ohakim lost his re-election, Rochas Okorocha got the seat of government.

As soon as Okorocha assumed office, the exit game for the House of Assembly turned into one of winding intrigue, and from then anything that as much as bore the imprint of Ohakim or the then Speaker Opiah was abandoned.

New Telegraph gathered that when the contractor for the new office complex, awarded by former Governor Ohakim returned to site, it did not take him too long to realise that the new government had no interest in the job and consequently

revoked the contract and abandoned the project. He was left with no option but to pull out of site.

Till date, the foundation of the office complex and what remains of the container-load of project materials are still evident at the Assembly Complex premises, all overgrown by weeds.

During his 2013 budget presentation, Governor Okorocha offered to build a brand new Assembly Complex for the legislative arm, but the Speaker, Hon. Benjamin Uwajumogu promptly turned down the offer for obvious reasons.

A top legislative aide who craved anonymity told New Telegraph that early 2013, government embarked on the reroofing of the Assembly complex at an estimated cost of N70 million.

What should have preserved the complex rather opened the floodgate for dilapidation, as most assembly workers who confided in New Telegraph, conceded that though there were leaks in the assembly that occasioned re-roofing, the truth remains that the bad state of the complex turned worse after the re-roofing of the complex. Building and several offices were usually flooded after every rain.

To make matters worse, as huge as the Assembly Complex is, there is no maintenance outfit taking care of the complex except for the sparse attention given to the individual offices by junior legislative staff.

The rot in the complex continued until it became obvious that major renovation works may be necessary to reclaim some sections of the complex.

It then became expedient that the Assembly Complex should be evacuated, with the lawmakers and their aides relo-

cated to the Ikemba Ojukwu Conference Centre on a temporary basis.

It indeed seemed the relocation was on a temporary basis at first, but eight months have gone by and with the situation on ground, it is largely unlikely that the present crop of Imo lawmakers would ever step into the Assembly Complex for legislative business, as the chances of completing the renovation work before the expiration of this legislative dispensation is rather bleak.

An assembly worker, Oscar Mbaji, explained that the delay in the completion of the project was occasioned by the fact that the initial task of fixing the roof had been adjusted to include additional rooms where necessary and the inclusion of toilet facilities in each of the lawmakers’ offices as there was none before.

A public commentator on legislative matters, Comrade Promise Digos, who is also conversant with activities at the vacated assembly complex, insists that government is more interested in the proceeds of the renovation project than they are in the actual renovation of the complex.

He maintained that the complex underwent a major renovation towards the end of the Ohakim administration and has no need for major works, except minor re-

Most lawmakers are constrained to use cubicles as offices... We have been conducting legislative businesses in offices that can barely pass for pantries. Most of our offices do not have even a toilet

touching of the facility and not the current extensive renovation, which he alleged strictly serves only pecuniary interests.

According to him, “If there were any major dilapidation to warrant a major renovation of the complex, then I must tell you, that the decay was deliberately inflicted on the Assembly Complex by some elements with interest in the renovation contract.”

Contacted, the Chairman, House Committee on Services, Hon. Chino Obioha, representing Njaba State Constituency, dismissed any assertion suggesting any ulterior motive in the renovation of the Assembly Complex. He, however, noted that the Assembly had no hand in the renovation work, saying the project is being executed from the Office of the Governor.

He said the project was indeed necessary as the lawmakers had inadequate office accommodation. He said: “I’m sincerely convinced that the renovation work is in the best interest of the Imo State legislature, as most lawmakers are constrained to use cubicles as offices. Take a look at the office of a Permanent Secretary or Director in the state civil service and you will appreciate we have been conducting legislative businesses in offices that can barely pass for pantries. Most of our offices do not have even a toilet. And that scenario does not in the least speak well of the Imo State House of Assembly.”

Obioha said he had no idea of the estimates for the renovation contract, as the Assembly is not involved in the project.

He also could not tell for certain whether the project would be completed before the termination of the present Assembly.

Efforts to get the views of Hon. Acho Ihim, the Chairman, House Committee on Information proved abortive as he neither pick his calls nor replied text messages sent to his mobile phone.

A visit to the Assembly Complex by New Telegraph revealed that there have been some new structural alterations that apparently may conflict with the original design of the Complex which was built by former Governor Sam Mbakwe over three C O N T I N U E D O N PA G E 1 7

POLITICS 17

Sanctity of Truth

Wednesday, March 5, 2014

Okotie’s FRESH still at INEC’s mercy The FRESH party may have secured a judgement to overturn the Independent National Electoral Commission’s order to deregister it alongside 27 others, but the party still has hurdles to cross with the commission, writes WALE ELEGBEDE.

F

RESH political party, whose acronym is Faith, Responsibility, Equality, Security and Hope, has the presiding pastor of the Household of God Church, Rev. Chris Okotie, as its founder. He has been the party’s presidential aspirant since inception.

The flamboyant clergyman, who first contested for President in 2003 under the Justice Party, founded FRESH and emerged as the party’s presidential flag bearer in 2007 and 2011.

After taking stock of the performances of political parties during the 2011 elections and acting in accordance with the provisions of the 1999 Constitution of the Federal Republic of Nigeria and the Electoral Act 2010 (as Amended), the Independent National Electoral Commission (INEC), on December 6, 2012 wielded a big stick on 28 political parties, deregistering them from its list. FRESH was one of the parties affected by the commission’s decision.

While the political landscape was divided over the legality or otherwise of the exercise by the electoral umpire, many of the political parties threatened a showdown against the commission if their status was not restored.

Not ready to continue in endless spate of argument without results with INEC, Okotie and his FRESH party, independently took the fight to an Abuja High Court to seek redress and this was done in deference to an earlier ruling done in favour of INEC’s position based on Section 78(7)(ii), when other deregistered party went to court.

The doggedness of FRESH appears to have paid off when on Monday July 29, 2013, Justice Gabriel Kolawole of an

Okotie

Inside the Party Abuja Federal High Court, ruled that INEC’s action was unconstitutional and invalid, recommending that the offending Section 78(7)(II) be expunged from the constitution.

Though INEC appealed the judgement, the commission, however, made it clear that the judgement, when it is recognised, is only applicable to the FRESH party and not the remaining 27 parties, a position that has given room for another round of argument.

According to the Chief Press Secretary to the INEC chairman, Kayode Idowu ,

Renovation without an end CO N T I N U E D F R O M PA G E 1 6

decades ago.

The new design of the Assembly Complex, evidently, would turn out without a library as the House of Assembly library has been shut down and the space used to erect small offices. The former lobby to the Speaker’s Office, has also been shut down in favour of the construction of more offices.

Not even the car park was spared. The large car park located partially under the complex has been blocked off with offices built all over the parking space.

Besides the fact that the Assembly Complex is battling with age and apparently carrying more than its capacity

with the new structural adjustments; the renovation work itself is progressing at a painfully slow pace.

It is a common view that the renovation work would not even be completed on time for the next batch of lawmakers in 2015. Careful observation would indicate that completion of projects is seemingly neither a priority nor a strong point with the Okorocha administration.

While several less complex projects are begging for attention and completion in Imo State, it may amount to asking for too much, to expect the completion of the huge Assembly Complex renovation work in an election year.

“The court judgement is clear and it has to do with one party. The judgement made specific reliefs for specific interests.”

Already, the declaration of Okotie of his intention to contest the 2015 presidential election, the launch of an online registration of party members and the plan to conduct its national congress where its executive members and principal officers would emerge, has started raising conundrums on the present status of the party in the register of INEC. Although some political pundits believe that INEC ought to have regularised the status of the party after the ruling, others believe that FRESH is jumping the gun since the appeal against the judgement by the commission is still pending.

In January, Okotie declared his ambition to run for the presidency next year, saying, “I will run in 2015, God willing.

God spoke to me about my participation in the political process, which was why I took the step in the first place. He has not said anything contrary.”

Speaking with New Telegraph, the party’s director of media and publicity, Pastor Ladi Ayodeji, said the party is restrategising for the 2015 elections irrespective of what INEC may say, adding that the court judgement that declared INEC’s action void, is with the commission and it is also in the public domain.

Ayodeji said: “As far as we are concerned, FRESH is duly registered as a political party. The judgement of July 29, 2013 of an Abuja High Court is with INEC and is in the public domain. It will amount to double-speak from INEC if they said we are not recognised.

“We were worried that they didn’t put our name in the ballot paper of some

elections that were held recently, and we complained to INEC. “We have started our membership drive and it will be done electronically.

Once we are done with that, we would start the process of conducting our state and national congresses, where we will renew the mandate of our officers and elect some new executives.”

On the ambition of Okotie, he said: “Pastor is contesting in 2015 and nobody should worry himself or herself about the candidature of Okotie. He can come out as many times as possible, though we know that what determines election in Nigeria is the capacity to rig, but we believe that there would be a paradigm shift in 2015 and people should just key into it.”

Speaking with New Telegraph on the status of FRESH party, Idowu said INEC has appealed against the judgement and the case is still pending, noting, however, that the party recently wrote to the commission to be recognised in the interim as a political party.

Idowu said: “The case is still in court.

They wrote to the commission that they should be considered and recognised in the interim pending the outcome of the appeal. Their correspondence is still under consideration and it would be deliberated upon by the necessary arm of the commission.”

As it stands, the status of FRESH, either in the interim or permanent basis

by INEC, is an issue that the commission may have to resolve; either to comply with the ruling voiding its proscription of the party or to still continue with its legal fight against the party.

However, the recognition of FRESH

by INEC may raise agitations for other political parties earlier deregistered by the electoral commission.

Since there is no provision for interim status for political parties in the Electoral Act 2010 (as Amended), the commission should return breathe to the political party so that the array of young, fresh and technology savvy members of the party could explore their political potential, especially when the party makes good its intention to go beyond the four-corners of its church and ensure that its philosophy of paradigm shift gets to the nooks and crannies of the country.

At the Lagos office of the FRESH situated on Adeniyi Jones, Ikeja, administrative activities were in full swing with the workforce of the party engaging in various tasks to fine-tune the process of its planned online membership registration.

Though the 2011 presidential election campaign posters of Okotie still littered the spacious office, a member of staff at the party’s office told New Telegraph that the party would commence political activities soon, stating that a committee is already in place to relaunch the party.

“Though some people think the party has been de-registered, I can tell you that the party would invade the public in a matter of weeks from now. A committee has already been set up for that purpose and I can assure you that it is already a new dawn for FRESH party and Nigerians.”

18

The decline of literature indicates the decline of a nation. ― Johann Wolfgang von Goethe

ARTS

WednESDAY, MARCH 5, 2014

NEW TELEGRAPH

www.newtelegraphonline.com/arts

Literature

Alowes makes intellectual premium of ‘minorities’ debate BOOK TITLE: Minorities as Competitive Overlords AUTHOR: Jimanze Ego Alowes PUBLISHER: The Stone Press YEAR: 2013 PAGES: 144 REVIEWER: Chuka Nnabuife

A

ll through an engaging span of 141 pages, Mr. Jimanze Ego Alowes, in his latest book, ‘Minorities as Competitive Overlords’, argues his cause that place of origin really pushes up some people while equally limiting the accent of others.

However, he sets his premise with a hint that despite the fact he has a lot of instances to buttress his ideological position the issue is more about possibilities than of definite stance. In his introductory remarks he states thus: “… in a Nigerian case study, the minorities are not assumed to be more or less talented. The thesis is that they will have natural comparative advantage issuing as it were from the disadvantage or weakness in numbers. The important thing is to deploy the understanding as a strategic asset and comparative tool. There are niche businesses and competitive areas they would be quick to trounce all non-minority, all majority competitors, despite what appears on the face of it as disadvantages.” (p vii) Though he dropped the hint, early, that he was merely throwing up issues to provoke serious thought, reading through his three-section book (Part 1 – 3), spread through 10 chapters offers ample instances to establish a conviction. Every chapter features a distinct sector of Nigerian economy in which clusters of enterprises owned by persons from the said ethnic minorities have excelled. His first chapter which kicks off the collection of essays in an engaging taste that runs through all the publication is entitled ‘Why and How Nigerian Media Moguls… are All From the South-South Minority’, captures the minorities in southern Nigeria as adept

in excelling in media business. But he establishes that the feat is not achieved by rare or identifiable genetic endowment. Rather planned, steady strategic progression through the corners where majority political groups failed achieved that cluster climb in the area of media entrepreneurship.

Alowes delves into analyses of the ideological tendencies of Nigerian ethnic aggregations which, according to him, the media businessmen from the SouthSouth understudied and exploitatively tapped into.

“Since the majority powers all want to be really regional… while pretending to be national just to appear… politically correct, the nearest people to a national and nationalistic group, are the SouthSoutherners. This is by the logic and irony of being powerless and a highly vulnerable group and not out of their goodness… And here again the minorities of the South-South wins, and this shows up in their media prowess concomitantly.” (p 30) He goes on to appraise that the Southsouth media moguls excelled because of the lack of trust among the majority ethnic aggregations of Nigerians in the South-west; South-east and northern Nigeria. Hence the southern minority media bosses will continue to reign because the rest of the country would rather trust them to be in control of such a vital economic sector as the media than have it in the hands of people from the major ethnicities.

In the chapter, ‘Why and How the Golden Deltans Dominate Nigerian Banking,’ he once more drummed the “geography” konga. He states “however, that this is not a result of any conspiracy, but a consequence of known and determinable vectors that help shape and fashion market dynamics. Or, one can justifiably say that what is going on is what we may call the sociology of market in action.

And it plays out in markets as far apart as Tokyo, New York or Lagos.”

In a Nigerian case study, the minorities are not assumed to be more or less talented

The sociology of the marketplace at play, as he identified is, the ability of the Souths o u t h banking buffs of Delta State origin to tactically play second fiddle consistently until they raked in the clients of bankers from major ethnicities who the populace are afraid of empowering through business. Being an independent social researcher with practical entrepreneurship experience and academic background in accounting and economics, the author should know a lot about what he dubs the sociology of marketplace. Alowes is also a prolific writer with several books in the market. He equally writes weekly columns in national newspapers. Therefore, his pedigree necessitates serious consideration of his views. More so, he has a substantial social and intellectual credential for such serious interrogation.

His position on the edge south-south media merchants enjoy from their minority ethnicity routs, for example, has been interrogated by people who previewed his manuscript. Some argued that his conclusion was hasty as it tended to exclude some other newspaper and electronic media men who are not from the minorities that succeed in the industry.

Some others reason that it is too early in Nigeria’s media history to conclude thus. Some commentators just faulted his hypothesis, claiming there is yet to be an extensive study. Some urged a deeper probe into Nigeria’s eventful media history to note many non-minority media owners who excelled. While some just cannot stomach the notion.

Alowes attended to the comments in the publication.

“I suspect that the concern is from the traditional study of the media as its own existent, whole and entire. Media practitioners are often deluded they are objective almost android-like in the trade. And they make no other concessions. For many of them nothing other than objectivity and market savvy influence the making of great newspapers. In their implied logic the major newspapers… are all doing well because of their professional vision and accomplishment. They cannot imagine any other outsider or outlier force at play. Perhaps they are precociously right before the fact. After this (the book) perhaps, sociology of business analysis will be included as a standard market analysis, just as funds flow analysis currently is,” he stated.

He further wrote thus: “closer examination tells us media assets don’t grow or flourish in its own world, that it is not one separate world, except in the sense in which it is one mesh of several worlds.”

Alowes, a prolific writer who writes a weekly column in a national newspaper, is not a stranger to strong ideological positions. He has written two earlier books (all essays) with emphatic postulations on how to advance the social and economic state of Nigeria. But none is as novel in treatise as ‘Minorities as Competitive Overlords’. It is as audacious intellectually as it is revealing and contentious. But the meat of the whole matter is in reading all the essays or at least, most of them, and ruminating on the unifying thrust.

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

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

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19

EDITORIAL

Sanctity of Truth

Wednesday, March 5, 2014

Sanctity of Truth w w w.new telegraphonli ne.com

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

WEDNESday, MARCH 5, 2014

The messy kerosene subsidy saga

he recent investigation by the House of Representatives’ Committee on Petroleum Resources (Downstream) has thrown up contentious issues that cannot be overlooked. For instance, Speaker of the House, Aminu Tambuwal, said the Federal Government spent over N1trillion on kerosene subsidy between 2010 – 2013 even though the expenditure did not have the approval of the National Assembly. Equally disturbing is that both the Managing Director of the Nigerian National Petroleum Corporation (NNPC) and the Managing Director of Pipelines and Products Marketing Company (PPMC) deliberately evaded questions on the actual amount of money spent on subsidy during the years under review. This conspiracy of silence indicates that, there is something untoward about kerosene subsidy.

These public institutions are hiding some truth from the generality of the people and this is corroborated by the fact that, when the House Committee asked to know the total amount spent on the importation of kerosene between 2010 and 2013, the NNPC claimed that the Ministry of Finance made budgetary provisions for kerosene for the affected years. While the PPMC said there were no budgetary

provisions for kerosene since 2010. It was at this point that the committee reminded them that, they had admitted before the Senate Committee of spending $8.49 billion on subsidy between 2012 and 2013. Even the presentation of the Minister of Petroleum Resources was hollow with many loose ends that do not add up. Beyond all reasonable doubts, there is no transparency and accountability by these organisations in their handling of kerosene.

Kerosene which the majority of the less-privileged Nigerians use in cooking is never available in filling stations, and where it is available, it is not sold for less than N120 per litre as against the subsidised price of N50 per litre. This is a serious indictment on government and an endemic contradiction that must not be waved aside.

That no agency is willing to admit responsibility is a vivid demonstration of the current bad leadership and merry-go-round of recklessness. There should be forms and standards in management and administration; if not, things would be muddled up, responsibilities must be well defined. The NNPC, PPMC and Petroleum Minister should be held accountable for this humongous amount which is about a quarter of the annual budget. Furthermore, the accounts of NNPC and

PPMC must be properly audited.

Over the years, accusing fingers have been pointing at these organisations for aiding and abetting graft in no small measure in the polity and there seems to be no end to this rapacious proclivity in these organisations. People must not be allowed to get away with brazen fraud, this culture of impunity must stop forthwith and those found culpable summarily penalised.

Despite the varied reasons given for the non-availability of kerosene, including pipeline vandalisation, smuggling of the product to neighbouring countries and its use in other facets of the economy other than for cooking which is its primary relevance to the citizentry, it is unfortunate that the burden of inept leadership is being tacitly shifted to the consumers.

For once, it is hoped that the investigating institutions would get to the root of the matter and not condemn it to the dustbin of history as a family affair. These organisations sit atop stupendous funds, since money from oil accounts for about 92 per cent of the total revenue of the federation, hence, the need for these organisations to behave more responsibly and not divert funds meant for growth and development of the commonwealth of the country into funding the campaigns of some politicians.

Really, the business of doing business is business, not personal aggrandisement.

The refineries in Nigeria must be up and working; and new ones should also be built. It is time to end sickening fuel importation brouhaha. Indeed, all the loopholes in the oil industry in Nigeria must be effectively blocked.

There must be no sacred cows as showing indifference to corruption breeds impunity and the culture of failure, as we have seen over a period of time which has a negative impact on the country’s development.

The government must address the issue of corruption in the oil sector squarely, and make kerosene available to generality of the people at affordable rates, the absence of which has continuously endangered the ecology at great risk to the health of the people. A lot of people have to resort to the use of firewood as an alternative cooking fuel and this portends grave danger to the environment.

This worrisome development also underscores the failure of the oversight functions of the National Assembly. If it had been more proactive and perspicacious in the discharge of its mandate, the situation will not be as tellingly bad as it is today.

Hence, the need for the parliament to rid the oil sector of all messy scandals.

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

Sanctity of Truth

Wednesday, March 5, 2014

OPINION Concrete issues at the National Conference (1) (Issues to guide the National Conference or National Dialogue for the benefit of all the Peoples of Nigeria and for the Good of the Country): By Felix N. C. Oragwu:

1: Nature and attributes of the National Conference or National Dialogue.

The National Conference is primarily to re-negotiate the terms and conditions on which the diverse peoples comprised in Nigeria can live in peace, security, progress and unity and to produce a New Constitution embodying the Terms and Conditions reached at the Conference and which are to be approved at a Referendum by Nigerian peoples. The prime objective is to achieve political stability and peace in Nigeria, national political cohesion, nationalism, patriotism, pride and love of the Citizens for Nigeria as a Nation State which have eluded Nigeria since at least 1960 and for less expensive cost of Governance and for sustainable real economic growth and progress in Nigeria.

2: Determining the structure of the Nigerian federation and the responsibilities of each tier of government: The Conference is to determine voluntarily by the ethnic Nationalities of Nigeria and other Stakeholders in Nigeria’s Project a true and sustainableFederation. Such a Federation should have a two Tier Structure, comprising, namely: (i) A Federal (Central) Govern-

ment which should not be so powerful and not be so attractive to undermine the autonomy of the Federating Units or Regions, to avoid fanning Nigeria’s ethnic and religious diversity into destructive competition to grab and control the Federal (Central) Government.

To this end, the Federal (Central) Government responsibilities should be limited to the Nation’s Common Services including Scientific Research (Physical, Biological, Agricultural, Engineering and Medical Scientific) Services and Technology Services and Industrial Goods Standards beyond the scope of the Federating Units or Regions. (ii) The Federating Units or Regions should be comprised of ethnic Nationalities of Nigeria, namely Hausa-Fulani, Igbo, Yoruba, Kanuri, Tiv, Ibibio, Ijaw, Edo, Nupe, etc. and or Groups of consenting ethnic Nationalities with smaller populations and lower factor endowments. However each Federating Unit or Region arising from the National Conference should fully understand and appreciate that no other Federating Unit or Region owes her a living. In fact in the expected new Constitution each Federating Unit must be sufficiently viable and sufficiently powerful (a) to control her land and natural resources (b) to train and develop the human resources

( i.e., all Nigerian Citizens) within her domain at Primary, Secondary and Tertiary Education levels (c) to develop and grow at her own pace and factor endowments and (d) to diligently and effectively produce Wealth for the Nation State of Nigeria, To this end all Educational Institutions from Primary, Secondary and Tertiary levels for development will become the responsibility of the Federating Units or Regions, Communities and Individuals. See also the 1952-1960 Constitution. (iii) The Federating Units or Regions therefore should be responsible primarily for economic production activities in Agriculture and Industrial economy within the overall National Economic Development Policy of the Federal (Central) Government. See also the Terms of Union of Nigeria’s Federation as arrived at by our Founding Fathers in 1951-1954 at Ibadan, Western Nigeria and which formed the basis for Nigerian Constitutions from 1951-1965.

The existing 1999 Constitution does not have the above attributes because it was imposed by force and Military fiat with no inputs from Nigeria’s constituent ethnic Nationalities for which the Constitution is meant to serve. (iv) The Federating Units or Regions are primarily to produce Wealth for the Nation State of Nigeria and

therefore responsible for production activities in the Economy and to contribute, (as will be agreed at the Conference) to the National Wealth of the Nation and receive her Annual Allocation from that Common Wealth in proportion to her contribution to that Wealth.

So Federating Units or Regions with smaller populations and factor endowments may consider forming Federating Units or Regions with like ethnic Nationalities in contiguous locations. (v) The Conference will benefit from the Treaty of Union of 1707 of Great Britain, which brought the independent Nations of England, Scotland and Wales respectively living independently as Nations in one big Island called Britain to become a great and formidable Colonial Power in Europe, as well as USA, the most powerful Nation on earth, which through a strategy of negotiated terms of Union of America States who are all immigrants from Europe, Asia and Africa, respectively, but who found themselves in different Zones in North America which was originally owned by what is now history called the Red Indians. A copy of UK Treaty of Union of 1707 should be available for consultation at the Conference.

Oragwu, a technological development consultant and author of “Nigeria’s Existential and Technological Development Nightmare is resident in Lagos ( fncoragwu@ yahoo.com)

2015: APC and zoning in Edo Mike Okemi

N

igeria with about 190 million people has over 250 ethnic groups with diverse needs, desires, goals and aspirations. Several conflicts are known to have emerged from the quest of these ethnic groups to have these needs, desires and aspirations met.

Ethnic issues like politics can be very challenging especially when government becomes paranoid about dissident ethnic groups. This is especially in crisis periods.

Several models of crisis resolution in deeply divided societies have been propounded by persons like John McGarry, Brended O’ Leary. Essentially there are four types of solution- ethnic democracy where one group dominates the government, partition- where incompatible nationalities and groups are largely separated with each on its own lands; Consociational democracy, a power sharing formula where groups share power with equal

status and built in safe guards and liberal democracy where ethnic differences tend to be homogenized and people are treated as individuals rather than as members of ethnic groupings. Appropriate pattern varies according to history and group pressure.

In politics, members of these diverse ethnic groups usually bring into the political party/parties their various problems, needs, desires etc, hence the need to ensure proper management of these conflicting desires and problems so as to stem crises.

At the inception of the present democratic dispensation in Nigeria, the People’s Democratic Party (PDP) adopted the rotational system as its power sharing formula for all elective positions as its means of resolving crisis. The party then introduced what it called the “Zoning Formula” as its ideology.

This was the party’s response to dissident ethnic groups’ demand for equal representation in the scheme of

Since the APC has now made itself an ideal or unique political party, it must have an ideology of its own things. Since zoning implies the division of something into areas designed for a particular use, the party adopted the existing division of Nigeria into geo-political zones and districts. Consequently, when the presidency in 2007 was zoned to the North West to produce Musa Yar’Adua, Vice President was zoned to the South-South, Senate president to the North Central, Deputy Senate president to the South East and Speaker of the House of representatives to the South West. The formula was replicated in all the party controlled states in the allocation of elective positions.

In Edo state, the PDP in

2007 implemented it hence the governorship position went to Edo Central and produced Prof Oseriemen Osunbor, deputy governor went to Edo South and produced Lucky Imasuen and speaker went to Edo North. Though the defunct Action Congress (AC) adopted the ideology of the PDP i.e. the zoning system, it did not toe the line or follow the pattern of the PDP in zoning. Hence, it gave the governorship position to Edo north with Adams Oshiomhole as candidate and deputy governor to Edo south with Pius Odubu as running mate. Today the position of the speaker of the House of Assembly is occupied by Edo south, majority leader by Edo north. But for the recent appointment of the current head of service and some commissioners from Edo central, the people from the area would have been totally marginalized in the allocation of key positions of governance.

Since the APC has now made itself an ideal or unique politi-

cal party, it must have an ideology of its own and a name for the implementation of that ideology in allocating positions at the national and state levels.

Though it should continue with rotation, it should do away with the name “zoning’ the ideology that is very appropriate for this is ‘Consociational Democracy’ or ‘Consocialism’. And to realize this, the APC can localize it by adopting the name ‘Conso Arrangement’.

Thus in 2015 and 2016 elections and in the implementation of ‘Conso Arrangement’ or Consocialism, the APC ought to give the governorship position to Edo south. This is because all the senatorial districts in the state have at one time or the other produced a governor whether legally or illegally. Indeed, no area can claim not to have produced a governor including Edo Central that has produced Prof Osunbor who was governor for over a year and Prof Ali. Okemi, a lecturer and former journalist, lives in Benin City.

Our plan is to deepen varsity research output - UNIOSUN VC }p-26&27

Lagos community CAMPUS bemoans lack of Thrills, }p-30 frills at schools }p-24

EDUCATION

21

NUGA fiesta

NEW TELEGRAPH

newtelegraphonline.com/education

KAYODE OLANREWAJU, Editor, EDUCATION

kayode.olanrewaju@ newtelegraphonline.com kayolanre@gmail.com

Prejudices, it is well known, are most difficult to eradicate from the heart of those who soil has never been loosened or fertilised by education: they grow there, firm as weeds among stones.

- Charlotte Bronte, Jane Eyre

WEDNESDAY, MARCH 5, 2014

William

REVEALED

International students in Ghanaian universities pay between $4000 and $7000 per session depending on the programme of study, and with this Nigeria is losing over N1.9 billion yearly to Ghana on Education tourism

Yekeen Nurudeen Abuja

T

he misfortunes of Nigerian university education, is fast becoming an opportunity for Ghanaian universities, which are now smiling to their banks with income made from Nigerian students.

It is amazing that thousands of high school students leave Nigerian shores yearly seeking university education in Ghana, as a result of incessant strikes that rendered Nigerian university calendar epileptic in the past few decades.

Owing to palpable rot in Nigerian university system, resulting to infrastructural decay, unstable academic calendar, poor academic standard, incessant closure of the system and dearth of research and learning facilities, the

Seyi

Chidinma

Nigeria’s loss, Ghana’s gain eight public and 59 privately-owned universities in Ghana, have become a preferred destination for Nigerian parents who send their children and wards for tertiary education in that country.

Although, it is difficult to get the accurate figure of Nigerian students currently schooling at Ghanaian universities, Nigeria's Deputy Head of Mission at the Nigerian High Commission in Ghana, Mohammed Kurmawa, conservatively put the figure at over 150,000.

This, however, suggests that several other Nigerians whose figure cannot be quantified or ascertained are schooling in ‘unaccredited’ private tertiary institutions in Ghana.

Investigations by the New Telegraph reveals that the fees charged by the uni-

versities range from $4000 to $7000 per year for international students depending on the courses.

Going by this, it is believed that Nigeria loses over N1.9 billion yearly to Ghana on Education tourism.

However, while Ghana's premier university popularly known as University of Ghana, Legon, Kwame Nkrumah University of Science and Technology, University of Cape Coast, among other public universities reputed for their quality and standards play host to some Nigerian students, thousands of other desperate Nigerian students rush in droves to Accra Institute of Technology, (AIT) Laboni; Knutford University; Ratford University, East Legon, Accra; Mathma Ghandhi University, Dansoma;

There are so many of those mushroom universities in Ghana too numerous to mention. They are all out there to make money and milk the innocent students and parents

Regent University and Sikkim Manipal University, considered to be mushroom private universities.

According to a Nigerian, who is resident in Ghana and who pleaded anonymity, the so-called private universities in Ghana are no less than study centres that were closed down by the Nigerian government few years ago.

"If you go to Manipal University with your WAEC results today, you will get admission. The fee for a session is $3,000 and if you have one third of that, you will be given admission. But the truth is that these universities are mushroom institutions and Nigerian students are in majority there," he said.

He added: "There are so many of those mushroom universities in Ghana too numerous to mention. They are all out there to make money and milk the innocent students and parents."

Other top Ghanaian universities include the University of Education, Winneba, Ashesi and University College, Berekuso and University for Development Studies, while on the list of recognised private universities are Valley View CONTI NUED ON PAGE22

22 EDUCATION CON TINUED F R O M PAGE21

University, Ghana's premier private university which is owned by the Seventh Day Adventist Church with over 250 Nigerian students in its enrolment.

Its Vice-Chancellor, Professor Philip Buor, who told our Correspondent that "we have about 250 Nigerian students here," however said that the Valley View University (VVU) was ranked as the best private university in Ghana in January 2013, and seventh best university in Ghana.

His words: "Regards to ranking, in January 2013, Valley View University was named the best private university in Ghana, and of all the 67, it ranked seventh. We are building capacity and we hope that in two years time we will come top of all the 67 universities in Ghana".

But Sikkim Manipal University, which is said to have its parent’s body in India also, has a students' population dominated

by Nigerians.

Isa Mohammed Umar, a Nigerian student from Maiduguri, Borno State currently studying Business Administration at the university, disclosed that 43 members of his family are currently studying at the university.

"We are not less than 15 from my immediate family that we are here with 43 relatives from Maiduguri,” he said, noting that Maiduguri more than any other states in Nigeria has the highest number of students in Ghana.

According to him, if Nigerian students are 75 per cent, students from Maiduguri will make up to 55 per cent of the population. The French students are not up to two per cent while Ghanaians don't attend the university because it's too costly," he said.

But the unprecedented population of Nigerian students at Ghanaian universities and the quality of degrees being awarded them have become source of concerns to many stakeholders, who are apprehensive of Nigerians’ exodus to Ghana.

The Executive Secretary of the National Universities Commission (NUC), Professor Julius Okojie, who frowned at the exodus of Nigerian students to some ‘unrecognised’ universities in Ghana, spoke of plans by the Commission to forward a report of the situation in Ghana to the National Council on Education, the highest decision-making body in the education sector for appropriate action.

According to Okojie, the NUC would also seek the transfer of power to validate foreign degrees from the Federal Ministry of Education to the Commission.

Wednesday, March 5, 2014

Nigeria’s loss, Ghana’s gain "The quality of public education in Ghana is higher and average Ghanaians are proud to send their children to public school, not private schools

Okojie

Prof Adamafio This, he said would pave the way for the Commission to properly sanction such unrecognised university, monitor the degrees awarded to our students and prevent them from attending such universities.

Lamenting the influx of Nigerian students in Ghanaian universities, Kurmawa of the Nigerian High Commission, expressed worry over the quality and standard of private universities some Nigerian parents enroll their children.

The Deputy High Commissioner said: "We are very much saddened by the upsurge

of Nigerian students going to obscure universities and colleges in Ghana. Unfortunately these schools are 99 per cent populated by Nigerians" While blaming Nigerian parents, who according to him, do not seek the right information about universities in Ghana before sending their wards and children there, a disgusted Kurmawa particularly said parents rely mostly on information provided by their children or hired agents about foreign schools.

"Some of our students are going to rubbish schools in

Malaysia but parents don't look for information from the Nigerian High Commissions in most of the countries. We have the list of recognised universities in Ghana. Parents only rely on their children for information about schools," he said.

He hinted that an average Ghanaians are proud of their public education system, saying Nigerians have taken over all private universities in that country.

The Diplomat added: "The quality of public education in Ghana is higher and average Ghanaians are proud to send their children to public school, not private schools. But over 90 per cent of private schools' students here are Nigerians.

If Ghanaians want to study, they go to institutions such as Legon or KMU universities.

The high insecurity in Nigeria, especially in the northern part of the country which has affected not only the education sector, but also the economic sector, has given many Nigerian parents reasons to look for alternative countries for their wards' higher school education.

For instance, Umar, who allegedly lost two brothers to the security challenges in Maiduguri, recalled that the only option for him and his other siblings was to flee Nigeria to Ghana where they are now pursuing their education.

Others students such as Femi Ademosu has described Ghana as the best destination for an uninterrupted academic calendar. Femi a holder of Higher National Diploma said within a year he enrolled in a Ghanaian school he has completed his Masters Degree programme.

The decision of many Nigerian students to stay back in Ghana after their studies underscores the general perception held by many Nigerians that the ‘Gold Coast country’ has witnessed a rapid transformation, hence the mad rush to the country for higher school education.

Femi now assists prospective Nigerian students to process admission into Ghanaian universities.

Seyi David Ola-Kot, a sophomore at the Department of Development Studies at the Valley View University, said he can study anywhere in the world, but not Nigeria, insisted that inconsistent academic calendar in Nigerian universities occasioned by incessant strikes by the academic staff union forced his parents to prefer Ghana for their higher education.

He also cited the frustration experienced by students in sitting for and passing matriculation examinations as a major factor propelling his preference for Ghana education.

“I don't like Nigerian universities: they go on strikes always. I just don't like them.

I wanted to school anywhere but not in Nigeria," he said Seyi, as international student says he pays 2000 Ghana Cedis per semester for his course, which according to him is fair enough, adding that admission into Ghanaian universities is without entrance examination if a candidate has the required grades in core subjects in his chosen academic programme he is directly qualified.

Corroborating Seyi, his colleague in the same university, William Ehijere, who studies Computer Science, said his inability to secure admission into federal government universities in Nigeria was a major reason he resorted to Ghana for his university education.

Also, Onyema Chidinma from Abia State, a Management Studies undergraduate said the absence of qualifying examination for admission in Ghana makes the difference.

The trio of Mohammed Rukayat, Amanda Owogbor and Isa Mohammed Umar, students of Sikkim Manipal University also share his preference.

Amanda Owogbor, a Mass Communication student from Edo State said "we came to school here in Ghana because of incessant strikes in Nigerian universities, which makes students to spend several years pursuing a fouryear programme.”

EDUCATION

Wednesday, March 5, 2014

Ekiti restates commitment to promote entrepreneurial education

Prof. Adelabu flanked by Erelu Bisi Fayemi (right) and Kolawole at the 2nd edition of Schools' Trade Fair.

W

ORRIED by the level of unemployment among youths in the state caused by the failed education system, Ekiti State Government has spoken of plans to equip pupils in public primary schools with the required entrepreneurial skills that will make them self-reliant and productive members of the society.

This was disclosed during the second edition of the Public Primary Schools' Trade Fair at the State Universal Basic Education Board (SUBEB), Okesa, AdoEkiti, where pupils from basic schools across the 16 local government areas of the state displayed their vocational skills.

Dignitaries at the exhibition included

the Deputy Governor, Prof. Modupe Adelabu, who doubles as the Chairman of the state SUBEB; the wife of the state governor, Mrs. Bisi Fayemi, who was the Mother of the Day; Permanent Secretary, Osun SUBEB, Alhaji Fatai Kolawole, who represented Osun State Deputy Governor, Otunba Titi Laoye-Tomori, who was Special Guest and Chief Julius Ajayi, the chairman of the occasion.

Others included Deputy Speaker, Ekiti House of Assembly, Mr Taiwo Orisalade; Education, Science & Technology Commissioner, Mr Kehinde Ojo; Commissioner for the Environment, Dr. Eniola Ajayi; Commissioner for Women Affairs & Gender Empowerment, Mrs. Fola Richie-Adewusi and Special Advis-

er to the Governor on Political Matters, Alhaji Ayodele Jinadu.

While welcoming guests to the event, Prof. Adelabu assured that the government will not renege on its commitment to promote entrepreneurial education at the elementary level of education as a way of encouraging budding talents to fully realise their potentials.

According to her, the essence of the trade fair was to create a forum for pupils to showcase their entrepreneurial and technical skills imparted in them in their various schools.

Her words: "Entrepreneurial education is aimed at exposing pupils and students to those attitudes, behaviours, skills and practices (outside their usual

23

academic works) that could equip them with the relevant skills to enable them stand on their own without necessarily running after non-existing white collar jobs after leaving school."

The deputy governor described the trade fair as another trail-blazing concept designed by SUBEB to ensure that the talents and innate skills of pupils are well harnessed to make them productive individuals towards the development of the state and the nation from their tender ages.

She lauded the giant strides of the Governor Kayode Fayemi’s administration in the area of basic education, which according to her, has earned the state the Fountain of Knowledge, she added that the Early Childhood Development Education Mega Centres built in each of the three senatorial districts of the state had been adjudged the best of its kind among public educational institutions in the country.

In her remarks Mrs. Fayemi commended SUBEB for the unique initiative which she noted has made the state a pacesetter in the nation’s education sector.

Describing the exposition as quite laudable and helpful to the pupils and national development, she urged the Board to sustain the tempo of the trade fair by involving her office in the subsequent editions.

In her goodwill message through Alhaji Kolawole, Otunba Laoye-Tomori noted that Ekiti State is reclaiming the practical aspect of education which the country has lost to protracted military rule.

She promised to domesticate the programme in the State of the Living Spring, even as she congratulated the state on the success of the trade fair.

The Osun State deputy governor said the catch-them-young spirit as displayed by the pupils at the exhibition ground was laudable and worthy of emulation.

The exhibition was climaxed by presentation of trophies, gifts and cash to the winners in the three councils.

DG blames youth restiveness on system failure Kayode Olanrewaju

T

he apparent high level of state failure, unconcealed appetite for misrule, impunity with corresponding high corruption rate are the root causes of youth restiveness in the country.

This was part of the views of the Director-General of Nigerian Institute of International Affairs (NIIA), Professor Bola Akinterinwa at the graduation ceremony of Certified Protection Officer (CPO) Class of 2013 of the School of Management and Security, held at Nigerian Airforce Officers' Mess, Victorial Island, Lagos.

Akinterinwa, who noted that the promotion of violence among youths

in the country has become economic opportunity for some cliques, regretted however that select individuals who have the clout to either cause or douse such raging tension have, also remained practically ineffective, thereby allowing the trend to thrive.

He maintained that apart from poverty, unemployment is another factor which has contributed negatively to violent youth behaviour that are antithetical to development, noting that "Nigeria's growth and its economic performance has resulted in staggering unemployment rate which in turn painted a hopeless situation for the country's teeming youth.”

"This frustration made it possible for them to easily be recruited into violent

OAU VC, Prof. Bamitale Omole(left), Executive Director Retail Banking of Diamond Bank Plc., Mr. Uzoma Dozie during a visit to the VC

societies and youth groups. Their violent activities have no doubt inflicted enormous damages to the psyche of the people, not only in the Niger Delta, but across the country and with particular reference to the Boko Haram activities

which have claimed more than 10,000 lives between 2001 and 2013."

The Chairman of the School, Dr. Ona Ekhomu, said the school is set to impact meaningfully on the socio-economic development of the country.

24

EDUCATION

NCCE boss blames governors for poor quality of teachers Yekeen Nurudeen Abuja

E

xecutive Secretary of the National Commission for Colleges of Education (NCCE) Professor Junaid Mohammed, has attributed the prevalent number of incompetent teachers in the nation's teaching profession on state governments, who according to him, employ unqualified teachers.

While addressing participants at the opening ceremony of a two-day training of verification teams for NEEDS assessment committee for Colleges of Education in Abuja, he lamented that even when there are quality teachers available for employment, state governments still go for those who are less qualified for the job.

Junaid said: "The problem of dearth of quality teachers is not simply that quality teachers are not available, but the state governments are not employing the right kind of teachers. It is not just the issue of dearth of qualified teachers, because where we have quality teachers readily available, the governors employ those unfit for the job.

He said the NEEDS assessment of Colleges of Education would help to

showcase the needs of the colleges in terms of infrastructure, learning facilities and quality of teachers.

His words: "The way it is going, the issue is how to address the challenge of human resources in the colleges, and once they know what the problems are in the colleges in terms of quality of lecturers, it will be easy for the government to address them.

“Firstly, there is the need to determine what the colleges’ requirements are. In what areas do they have needs: Is it infrastructure, learning facilities, or human resources? Whichever area it is, the government is ready to address them,” he added.

According to the Executive Secretary, when the problems are solved, the colleges would have no excuse than to produce quality teachers for the basic education sub-sector.

The NEEDS assessment, he noted would complement the accreditation exercise the Commission is carrying out, and explained that this is more comprehensive since the regulatory agency lacks the funds to audit all the institutions yearly, even as he stressed that the NEEDS Assessment provides the opportunity to move round all the

public colleges of education to do a NEEDS assessment and report back to government.

The Chairperson of the NEEDS Assessment Committee for Colleges of Education, Mrs. Hindatu Umar Abdullahi, said that the committee’s report would bring about a lot of revelations in the sector, adding that such would go a long way in helping to address the challenges in the colleges.

"The report that we will tender at the end of the exercise will help us in addressing some of the problems facing the colleges,” she said, adding that after the exercise, the Federal Government through its intervention should be able to look forward towards production of quality teachers in the colleges.

While insisting that the NEEDS assessment on the colleges of education would bring about a new lease of life to teachers' training in the country, Mrs. Abdullahi reaffirmed that the implementation of the committee's report would commence immediately.

The exercise, according to her, would look critically at the quality and quantity of lecturers at the colleges of education, with a view to improving standard in the institutions.

Ondo State Governor and Visitor to Adekunle Ajasin University, Akungba-Akoko (AAUA), Dr. Olusegun Mimiko (4th right); the VC, Prof. Femi Mimiko (5th right), with other top government functionaries of the state, officials of the university and contractors during the inspection of on-going five-storey Senate Building in the university.

NBTE restores Crown Poly's accreditation Adesina Wahab Ado-Ekiti

T

his will be cheering news to the owners and students of Crown Polytechnic, a private polytechnic located at Ado-Ekiti; the National Board for Technical Education (NBTE) has restored the accreditation of all programmes run by the institution.

The board had on August 2, last year withdrawn the accreditation earlier granted the polytechnic, located following allegation that the polytech-

nic was running satellite campuses in deviance of the directive of NBTE, the regulatory agency of polytechnic education in the country.

The restoration order was contained in a statement signed by NBTE Executive Secretary, Dr Adamu Kazaure and made available to journalists in AdoEkiti, the Ekiti State capital.

“The accreditation of the institution's programmes was restored following evidence that the polytechnic had complied with the Federal Government’s order directing that all satellite

campuses be closed down,” the statement said.

The NBTE boss further added that the letter restoring the accreditation of the polytechnic’s programmes had been sent to the Joint Admissions and Matriculation Board to allow the institution admit students for the 2014/2015 academic year.

The letter also directed the National Youth Service Corps (NYSC) to mobilize the polytechnic 2013/2014 graduates for the ‘Batch B’ of the one-year compulsory national service.

Wednesday, March 5, 2014

Lagos community bemoans lack of schools

Fashola

Mojeed Alabi

R

esidents of Orisunmibare, a rural community in Alimosho Local Government Area of Lagos State, are not happy with the state government over the neglect of their community, which is without public primary and secondary schools.

The community, which bemoaned what it described “as utter neglect” of the area in terms of education development, called on the Babatunde Fashola-led administration to as a matter of urgency provide public primary and secondary schools in the area to address the educational needs of the growing population of the dwellers.

Lamenting that such a large community could exist in Lagos State, the Centre of Excellence, which pride itself as lover of education, without a public school to cater for the teeming population of their wards, they said: “The need for public primary and secondary schools in the area has become imperative following the pains currently being experienced by the children to access schools in neighbouring communities such as Shasha.”

According to the community, the only schools in the area are private schools which are being priced out of the reach of the people because of the high fees that are unaffordable to the larger percentage of the members of the community.

The traditional ruler of the community, who expressed concern over the development, Chief Akeeb Adebowale Rauf, the Baale of Orisunmibare, recalled how his heart bleeds anytime he is faced with the reality of the issue of absence of public schools in the community.

He noted that several efforts had been made in the past including writing of letters and visitation to appropriate authorities, but that the government refused to look into their requests.

Wednesday, March 5, 2014

Afe Babalola varsity equips 50 police officers on social justice Biyi Adegoroye

L

egal icon and Chancellor of the Afe Babalola University, Ado-Ekiti (ABUAD), Aare Afe Babalola, is seeking recruitment of qualified personnel into the Nigeria Police, to enable it cope with its manpower needs, as the university trained 50 police officers.

Babalola, the founder of the private university, who was excited about proposed reformation of the force by the Federal Government, said the strategic recruitment and provision of modern crime management equipment for the force are vital for an effective and efficient performance of police constitutional and statutory duties of ensuring security of lives and properties.

Speaking at the closing ceremony of the maiden edition of a certificate programme in Social Justice held for police officers at the university, he said: “The Federal Government should do all in its power to improve the condition of service of the Nigeria Police, which today is bereft of virtually everything that would make it function maximally and optimally.”

Apart from providing the necessary logistics for the Police, he noted that concrete efforts should be made to strengthen the force by hiring more men, even as the legal icon said this should be done with priority attention in view of the ominous cloud surrounding the 2015 general elections judging by the deeds and utterances of our politi-

cal gladiators, which called for the readiness of all law enforcement agencies.”

Babalola commended the Inspector General of Police, Alhaji Mohammed Abubakar, the Ministry of Police Affairs, Navy Captain Caleb Olubolade (rtd), for taking the first shot at sponsoring this programme, urging the nation’s security apparati including the Economics and Financial Crimes Commission (EFCC), the Independent Corrupt Practices Commission (ICPC), Nigerian Security and Civil Defence Corps (NSCDC), embassies, the government and its agencies to participate in the next edition of the programme.

In his remarks, the Acting Vice-Chancellor, Professor Michael Ajisafe said the Certificate Programme in Social Justice was organized for the officers to “acquire new skills and knowledge in their resolve to make the Nigerian society a

Aare Babalola

better place for all to live in.”

This programme, he said, though a novel initiative was aimed at developing human capacity of upwardly mobile, mid-career adults who are hungry and thirsty for knowledge to upgrade and sharpen their skills with the latest tools, techniques and methodologies in both the public and private

sectors of the economy.

Ajisafe added that Afe Babalola University since its inception in 2010, has been at the forefront of academic development, which earned it several national and international awards.

The university, he said, recently secured 100 per cent accreditation in all the 14 programmes presented to the NUC for accreditation in 2013, while the Council for the Regulation of Engineering in Nigeria (COREN) also accredited all its seven engineering programmes.

Ajisafe recalled that the Council of Legal Education, in its letter of November 6, last year, increased the admission quota of the college from 80 to 180 students, even as he said “the NUC once described our Law College in the following words: “The University Law College is certainly the best in West Africa.”

L-R: Adeyemi, Okebukola and Abubakar at the renewable energy institute's inauguration.

EDUCATION

25

$5m MoU signed for girls' education

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five-year tripartite framework agreement aimed at accelerating girls’ and women education has been signed by the United Nations Educational, Scientific and Cultural Organisation (UNESCO), with Chinese HNA Group and Hainan Cihang Foundation.

The $5 million agreement, which is part of the moves to further promote girl-child and women education across Africa and Asia, was signed by the Director-General of UNESCO, Ms Irina Bokova; the Board Chairman of China’s HNA Group Co. Ltd, Chen Feng; and the Board Chairman of the Hainan Cihang Foundation, Zeng Haorong.

Under the agreement, HNA Group will give UNESCO $5 million over the next five years for activities to accelerate gender equality in education throughout Africa and Asia.

“Girls’ education is a question of justice and dignity. It is also the strongest lever for the development of societies and the construction of peace,” Ms Bokova said, noting the persisting disparity rates in access to education in Africa as well as western and southern Asia.

“I am pleased that we have a new partner from China to pass important messages on girls’ education and to help some of the most vulnerable girls and women in the world to fulfill their potential,” she added.

Responding, Chen said HNA is a firm believer in “doing something for the community and doing something for others; to contribute to the well-being of humanity and

Bells varsity set to advance research in renewable energy Mojeed Alabi

W

hen the United Nations declared 2012 the Year of Sustainable Energy for All, it aimed at ensuring universal access by 2030, and this is in recognition of the importance of sustainable energy to the world population both for the global economy, as well as for the preservation of the planet.

However, Africa, which is the secondmost-populated continent, with about 1 billion people, or 15 per cent of the world's current seven billion population, is right in the middle of energy crisis.

This is not to say that the government does not realise the fact that access to

modern energy sources is critical to lifting the people out of poverty, but according to renewable energy experts, the continued reliance on non-renewable energy grids may make the efforts unrewarding.

Apparently to stem the tide and step up the campaign for the use of renewable energy sources, The Bells University of Technology, Ota, Ogun State, is partnering a Germany-based WECASS Institute of Climate Change Integration Technology, to advance the course of research works on renewable energy for Africans.

The partnership, which has led to the establishment of the research centre, BELLSTEC WECASS Renewable Energy Institute for Africa, located at the

university, will according to the ViceChancellor, Prof. Adebayo Adeyemi, offer Nigerians and Africans by extension opportunity to gain firsthand information and access to modern technologies in the field of renewable energy.

Speaking at the inauguration of the institute, Adeyemi said the use of portable and industrial-size power generators that has become the norms in Nigeria and indeed in most African countries is not the best alternative to energy generation for both domestic and industrial use.

“These sources of energy which provide cleaner energy, thus helping to negate the effects of certain forms

of pollution, is our concern in this institute. It is aimed at fostering one of the academic objectives of our institution which is to promote international cooperation through linkages in pursuit of research, staff and student exchanges.”

The Proprietor of the university and former President, Chief Olusegun Obasanjo, who recalled on how he was moved by the excellent works of the institute during a recent visit to Germany, said the future of energy globally is in renewable energy, hence his decision to link both the university and the institute together for the benefit of Africa as a whole.

26 EDUCATION | INTERVIEW

Wednesday, March 5, 2014

Our plan is to deepen varsity research

Okesina

His major task on assumption of office, ten months ago, as the second substantive Vice-Chancellor of the Osun State University (UNIOSUN), Osogbo, was how to position the institution as a 21st Century University. Bashir Adekunle Okesina, a Professor of Medicine speaks with KAYODE OLANREWAJU about his efforts to transform the institution and vision for the eight-year-old university.

Managing a university, especially a collegiate system like UNIOSUN could be cumbersome, what has been your experience?

Let me correct this impression; the type of university we run is not based on collegiate system, but a multi-campus system in which case we are located on six campuses with the main campus in Osogbo. The other campuses are sited at Okuku, Ejigbo, Ifetedo, Ikire and Ipetu-Ijesa. It, therefore, means that as the Chief Executive I have to physically check on the campuses at intervals to be sure that things are going on well on each campus. What that means is that it is more challenging than when you are running a one-campus system, where you can just stroll to the other side of the campus to see what is happening. Under our multi-campus system, as the ViceChancellor, most often I have to drive more than one hour to access the other

campuses. That is creating some challenges, which of course we are fast overcoming because we have able hands that we put in charge of the campuses. That is the method we have adopted or used; by putting reliable personnel in place to be our eyes over there, while we rely one hundred per cent on their performance.

By and large, we are making progress on all our campuses. We have various construction projects ongoing on all the campuses, and which we have to make sure the projects meet the pace expected of them. On the students’ behavior, we have to also make sure the campuses are well maintained in terms of what the students are doing; how they are able to carry themselves about on campus.

Apart from the facilities that are there, we need to ensure that the health centres are functioning in all campuses; that the libraries are working; the campuses are

FACT FILE l Born October 11, 1954 l Attended University of Lagos l Graduated with Bachelor of Medicine and Bachelor of Surgery (MBBS) in 1980 l Lecturer I at UNILORIN in 1989 l Reader 1988 l Professor of Chemical Pathology in 2000 l Appointed Consultant, Chemical Pathology, UNILORIN Teaching Hospital 1989 l Head of Department 200-2004 l Dean, Faculty of Basic Medical Science, College of Medicine UNILORIN 2004-2007 l Foundation Deputy Vice-Chancellor, UNIOSUN 2007-2011 l Vice-Chancellor, UNIOSUN April 2013 till date.

clean, and in totality the campuses are made conducive for both the workers and students. Of course, learning facilities have to be available. These are great challenges. Like I have said, we have to make the libraries, health centres and other facilities functional in all the campuses, and apart from making the labora-

tory functional you have to replicate all these in all our six campuses and what it means is that it requires a huge amount of money to accomplish these.

What is your vision to develop a world class university and a university of 21st Century?

Well, a world class university in its actual sense means being relevant to the environment. Either it is Harvard University or John Hopkins University; the concerns are what impact they have or are giving to the society, and their immediate environment. One of my greatest challenges is what facilities are available for the students and lecturers to work with in order to compete favourably with their contemporaries in other climes, and for the university to be relevant to their immediate environment.

A world class university in the true sense of it, and in which situation there must be synchrony in terms of satisfaction among the students and the workers, on one hand, in terms of available facilities, and in the way they are packaged to be happy within the system. As the Vice-Chancellor, you want to make sure the classrooms are big enough and well equipped to accommodate the number of students. We don’t want a situation in which students hang on corridors or windows to receive lectures. No, that should be out of it. That was almost the situation before I came on board. This administration is looking critically at that to ensure we provide adequate classrooms and other learning facilities that will make the institution more conducive for learning and research. We want to make sure that our students are not stressed unduly in terms of performance of their normal academic activities. Few weeks ago, the management organised a workshop for the lecturers on how to use the electronic interactive board. Many of the lecturers cannot still use the facilities for their teaching. We organised similar workshop at the inception of the university, when I was the Deputy Vice-Chancellor.

Presently, we have, may be 20 or less per cent of the lecturers who can effectively use the facility. Equally, we want to ensure that the offices of members of nonteaching staff are more conducive in terms of provision of adequate modern facilities that will effectively enhance their operations and service delivery.

A world class university has to do with quality tuition and research, as well as position on the Webometric Ranking table. What is your administration doing in this direction?

Webometric ranking, to me, has to do with uploading of the university activities on the website enough to show the world that it is there in terms of research output, journals and other publications.

Of course, that is not difficult, but it has to be gradual. We are aggressively deepening our activities and showing our presence on our website for the world to see us. For instance, we are uploading the curriculum vitae, academic and research activities of our lecturers on the web to expand the university’s presCONTINUED ON PAGE27

INTERVIEW | EDUCATION 27

Wednesday, March 5, 2014

output, says UNIOSUN VC CO N T I N U E D F R O M PA G E 2 6

ence, activities and information. I mean all the lecture series, inaugural lectures and research activities are being put on the website. Whatever that is going on in the university today is being uploaded or showcased on our website on the daily basis. By and large, the university is not doing badly in the area. But, I want to assure you that we are not going to relent in our efforts to position the university on the path of world reckoning. Let me say this; many organisations, locally and internationally have continued to contact us based on their assessment of the university website. Through this, many of them have signified interest to partner with us based on what they see on the university website. Already, we have keyed into it; in terms of continually upgrading our presence on the web or the university portal. At the end of the day, the university shall be able to meet the required expectations that will improve our ranking on the Webometric table.

Based on our efforts so far, I can assure you that in no distance future we shall get there.

What is the level of research output of the university?

Recently, we appointed a Director for Research, whose focus and major activities is in the area of Alternative Energy production. With that appointment, it means we have now laid a solid foundation for research in energy production.

In fact, what the management is thinking of is to start from home by creating a situation whereby we are going to use solar energy for our campus street light. Yes, that is for alternative energy production.

We are also looking into bio-energy; using of seeds and legumes to produce energy. Janthropha is one of the things we are targeting. The university is planning a plantation on Janthropha, and within one or two years, we shall be able to get seeds from the plant for energy production. Right now, more research is going on in that area.

Further into our research component is the vegetable research, where the university is making serious impact among the rural communities in the state. Under the project, the university is training rural farmers how to grow vegetables in large quantity for commercialisation.

What we do is to supply them facilities, and provide the necessary training in the area of skills acquisition for the project.

It is not only to discover the potentials in these communities, but also to encourage and empower rural development. It is an operational research.

One of our lecturers in Microbiology Department is a World Health Organisation (WHO) consultant, who is presently training the local people on how to tackle mosquito in their rural communities.

In summary, we are impacting positively our immediate communities in so many aspects through our research components. We also have several other research collaborations. For instance, the university’s research on vegetable

Okesina

is being sponsored by the Canadian Government in two other universities – a Canadian University and Obafemi Awolowo University (OAU), Ile-Ife. What the university is doing is to strengthen its research component and enhance our capability by opening our doors to reliable and reasonable Memorandum of Understanding which we can push forward from time to time.

Recently, the university organised a stakeholders’ retreat to garner support and boost its activities and external influence. What has been the feedback?

What we did few months ago, in the first instance, was to stimulate the community and stakeholders to support the university’s activities and development.

This idea came up based on the fact that the government alone cannot meet the increasing needs of the university. It is not only that the demand of the university is high; it is also increasing on daily basis because the population of students we are serving keeps on increasing. The more we quickly realise that the amount of resources is dwindling, the better for us to be proactive in looking inwards to alternative ways of seeking financial and material support from the community in order to generate additional funds for the university. That was why we organised the stakeholders’ meeting where we invited our corporate partners and friends to interact and interface with us in order for them to see areas they can come in

to assist us. It is interesting to mention that we have since been getting fruitful results. For instance, the management of the United Bank for Africa Plc has come forward to donate a centre to the university. Of course, I am thankful to the brain behind the initiative, Professor Siyan Oyeweso, Director, Development Office and Centre for Human Resources Development and Lifelong Learning.

Our corporate partners have since been coming forward based on the initiative to assist us.

The university’s workers’ unions are coming up with various demands, especially payment of their outstanding allowances.

How do you want to resolve this to avert industrial dispute on campus?

Well, what the management is doing as part of its strategies is to ensure regular interaction with the unions. At such meetings we lay our cards open to them.

Be that as it may, we want them to know what is feasible and what is not, based on the university purse since we are all partners in progress. And, when we are able to do this, the unions will reason with us so that we can collectively reach a workable agreement. Besides, we also try as much as possible to do what is possible for them. For instance, we gave them one extra month salary in December as part of the gesture and that would be the first time members of staff of the university would enjoy such gesture. Regular interaction with the unions will afford

We don’t want a situation in which students hang on corridors or windows to receive lectures. No, that should be out of it

them to know that we are prepared as management to do the best for them.

This is one of the strategies to resolve any industrial disharmony on campus.

We are also working on various welfare packages for the workers, such as ensuring that the environment is conducive to work through the provision of necessary tools and facilities. Apart from that, the management also ensures that their promotions are not delayed. These are some of issues that form the unions agitations. We want to look critically at those things that will make them happy as a way forward.

How do you want to tackle infrastructural needs of the university in all the campuses and how much will the university require yearly for its physical development?

Do you mean for a year …(laugh).

Well, let me start by saying that since what we want to do are numerous, and in view of our increasing demands, I will require a minimum of N3 billion a year to run the university. It will interest you to know that when we started the construction of the Engineering complex which is nearing completion, we intended to spend N620 million, but currently the cost has jumped to N1.2 billion. So, what if I want to put up five of such complexes on our other campuses in a year? In all modesty, that will be over N3 billion on infrastructural facilities alone. We need to put in place structures and facilities for all our programmes.

Presently, we have additional four programmes that have just been approved by the National Universities Commission. We also have the Part-Time programme which has just been approved by the Commission. Besides, the university has also introduced the IJMB programme. We should realise that all these will bring in more students and in actual fact we need more infrastructure to house the programmes, and provide a conducive learning environment for the students and staff members. There is no end to our demand for funds and that is why we are reaching out to wellmeaning Nigerians and corporate organisations for support.

You mentioned some additional programmes that have just been approved by the NUC, how have you been able to achieve this, and how ready is the university to effectively deliver them?

What is important in life is planning and determination to get certain things done. And indeed, if you work towards it persistently, I am sure you will get them.

That is the situation in our case. But I want to add here that you cannot do it alone without the collective efforts of others. I have to put some people around me who are actually the prime movers of some of these achievements we are talking about. Like I mentioned earlier, the Director of the Development Office and Centre for Human Resources Development and Lifelong Learning has been in the centre of these activities.

Success is what we are after in all what we do here.

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of Truth

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EDUCATION | CAMPUS

After several postponements due to the prolonged nationwide strike by the Academic Staff Union of Universities (ASUU), the Nigerian Universities Games (NUGA) finally took place at the Obafemi Awolowo University (OAU), Ile-Ife, Osun State between February 12 and 22 at the university’s Sports Complex.

Apart from revealing the innate skills of many talented sport men and women, the 10-day event also created cross-cultural influences on the nation’s future leaders. OLUFEMI OGUNJOBI, 400L Language Arts, and KEMI BUSARI, 400L Pol. Science, OAU, report.

Wednesday, March 5, 2014

Thrills, frills at NUGA sporting fiesta

I

n the history of the Nigerian Universities Games since it was first staged at the nation’s premier university, the University of Ibadan (UI) in 1966, the 15 games accredited for the event were never featured on the campus of the host campus alone, until the latest edition hosted by the Obafemi Awolowo University, OAU, Ile-Ife in Osun State.

Aside this, hardly could any other host boast of accommodating all the participants on its campus and thereby offering the opportunity of deep interaction among athletes of different backgrounds and orientations.

These were some of the feats the Vice-Chancellor of the hosting institution, Prof. Bamitale Omole was showcasing throughout the period of the tournament.

“I am happy this event happened in my time and according to plan, we could mount the best NUGA ever. The event shows that not only have we excelled in academics but equally in sports.

OAU is the first university to host all the sporting events on its campus,” Omole said.

What could have initially affected the fortune of the festival later turned out to add fun to the sporting fiesta. This was the decision of the university management to send away students from the hostels to allow the visitors occupy their bed spaces, and when the ultimatum ended on Tuesday, February 11, mobile policemen were drafted into the campus to chase out some recalcitrant students on campus, but in their usual character, rather than being violent, the students began to mimic the police officers in a theatrical manner in which the officers themselves and the visitors were carried away for some time.

When the games eventually kicked off, a total of about 56 Ivory Towers across the country presented athletes for the games which included track and field events such as badminton, bas-

UNIUYO contingent during their march past

ketball, chess, cricket, handball, hockey, judo, soccer, squash, swimming, table tennis, taekwondo, tennis, and volleyball.

Right from the opening session of the events, students from the University of Port Harcourt proved their worth to retain the trophy which the university has won for a record of four times.

Throughout the time the event lasted, the campus was agog with participants, traders, journalists from various media houses, sponsors and spectators who engaged in their businesses freely and without molestation from any quarter.

At the end of the competitions, which attracted over 6,000 competitors from 56 universities, the University of Port

Harcourt (UNIPORT), Rivers State, retained the trophy for the record fifth time by trouncing other institutions with very wide margin winning 63 gold, 41 silver and 16 bronze medals, totaling 120 medals.

The University of Lagos (UNILAG), Akoka, Lagos came second with a total of 30 medals, comprising 13 gold medals, while the host university, the Obafemi Awolowo University came third with 36 medals winning 12 gold, 15 silver and nine bronze medals.

The Ahmadu Bello University (ABU), Zaria; Bayero University, BUK, Kano; University of Benin, UNIBEN; Ladoke Akintola University of Technology, LAUTECH, Ogbomoso;

University of Ilorin, Kwara State; University of Maiduguri, UNIMAID, Borno State, and the University of Nigeria, Nsukka, UNN, came 4th to 10th positions respectively.

However, one of the most outstanding events was football where the host university defeated the University of Calabar, UNICAL, in the final stage by a lone goal to win the coveted trophy. The OAU’s team captain, Ayodele Faleti won the man of the tournament with his skillful displays, and firm control of his teammates.

Speaking on the feat recorded by his team, UNIPORT's Head Coach and outgoing NUGA President told our Correspondent that early preparations

and grooming of the athletes are some of the major factors that contributed immensely to their performances.

OAU's head coach, Chike Egbunu-Olimene expressed happiness over his boys’ performance, which qualified them for the West Africa University Games and the World University Games.

Meanwhile, all roads lead to University of Agriculture, Makurdi for the 25th edition of the Nigerian University Games. This was explained by the incoming NUGA President, Prof. Stephen Hamafyelto, as the University hoisted the NUGA banner and thrilled the audience with cultural display.

Ibadan students award governor’s aide Sikiru Akinola OAU

T

he newly appointed Special Assistant to Governor Abiola Ajimobi of Oyo State on Students’ Affairs, Afeez Mobolaji, has been honoured with an award of excellence by the Federation of Ibadan Students' Union (FIBSU), Ladoke Akintola University of Technology, Ogbomoso branch.

Mobolaji, it was gathered would be the first aide on Students’ Matters to be so appointed by any governor in the history of the state.

Shortly after he received the award, Mobolaji said with his appointment, good times

await the students of Oyo State origin, saying the governor had mandated him to carry the students along in the reformation efforts of his administration.

The former students’ union leader at the university, said efforts are in top gear to conduct orientation programme for the student leaders in all categories from class or departmental representatives, faculty executives to student union officers in all tertiary institutions in Oyo state.

“We want to give them a kind of orientation that will change their mindset about unionism in higher institutions and to introduce the restoration agenda of Governor Ajimobi to them,”

he said.

Mobolaji, who re affirmed that his programmes were within the ambit of the Governor transformation agenda, noted that the Governor once told him that he would carry all students either at home or abroad along in his bid to transform the state.

Quoting the Governor, he said that “students are the assets of this state and we should not only cultivate them for proper mentoring but for generational positioning. I have a date with the future of Oyo State and the students are not only our future, but our hope.

We cannot afford to relegate them in governance of their

state”.

On the planned summit for the students’ leaders in the state, he noted that the essence is to keep the students informed about the development in the education sector and the need to have a concrete relationship and interaction with the government.

He said: “So, we want to have them adequately equipped with information and let them know why they should see themselves as part of this administration.

You will bear me witness that majority of people in this administration are youth and that goes a long way to show that the present government is friendly to the youth.”

BUSINESS Wednesday, March 5, 2014

What's news 5,900 used vehicles for Tincan Port A total of 5,900 used vehicles were imported through the Tincan Island Port in February this year despite the new auto policy of the Federal Government.

}p-32

Nigeria, others to pool $1.7bn to combat piracy Nigeria, Ghana and 23 other countries in the West and Central African region have resolved to contribute $1.7billion to fight piracy.

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BAT account: Anxiety grips CMC Connect, Mediacraft, others There is a palpable anxiety among public relations agencies that participated in the PR pitch of the British American Tobacco (BAT) Nigeria, New Telegraph can report.

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‘Customs' patrol boats obsolete to fight smuggling' Smugglers are having free reis on Nigerian water ways and creeks.

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Importers, freight forwarders fret over cargo clearance Importers and freight forwarders have expressed dissatisfaction over the slow process of container clearing at the Ijora Container terminal.

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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

INVESTMENT IFC is leading a growing global investment in Africa's telecom tower companies Jonah Iboma

I

nterinational Finance Corporation (IFC) has raised its stake in telecommunications tower companies in Africa with Monday’s acquisition of equity worth $420million in IHS Towers alongside Goldman Sachs and African Infrastructure Investment Managers.

IFC, a member of the World Bank Group, had invested $25million equity in Helios Towers Africa Limited (HTA) in 2011 to help the company build and maintain mobile phone towers in several countries across sub-Saharan Africa, increasing mobile phone coverage and reducing communication costs in the region.

The investment in IHS Holding Limited will help the firm to fund its expansion across the continent. According to details obtained by our correspondent on Monday, the total funding secured by IHS is $490million consisting of $420million in equity and $70million in debt.

IHS, which is close to delisting its Nigerian unit from the nation’s stock exchange has lately been engaged in massive financing drive. The latest funding, round brings the total amount of capital raised by IHS to more than $1.5 billion over the last 12 months.

Both IHS and Helios Towers are leading the chase towards acquisition of more towers in 2014, which will be put for sales

Chuks Onuanyin, Energy Nnamdi Amadi, Reporter

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ayodele aminu, Deputy Editor, business

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

by leading operators including MTN, Etisalat and Airtel.

Commenting on the investment, Helios Chief Executive Officer, Charles Green, said, “IFC understands the unique needs of growing companies in Africa’s telecoms sector and has provided us with a finance package that will allow us to

continue our role as the leading independent tower company in Africa, expanding and providing benefits to mobile operators and users in Sub-Saharan Africa.”

On its part, IHS said it will utilise the proceeds of the round to finance acquisitions, help its customers expand cov-

erage and capacity by building new towers and continue investing in alternative energy and green solutions that have a positive impact on the communities throughout Africa.

Issam Darwish, Vice Chairman and Chief Executive OffiCONTINUED ON PAGE 32

Managing Director, Cadbury Nigeria Plc, Mr. Emil Moskofian (left) and Finance and Strategy Director, Cadbury Nigeria Plc, Mrs. Yimika Adeboye, during the Facts behind the Capital reduction by Cadbury Nigeria plc, at the floor of Nigerian stock exchange, Lagos.

‘Nigerian aviation premium among world's cheapest' Sunday Ojeme

C

ontrary to the view expressed by airline operators that premium collected for aviation sector insurance by Nigerian insurance companies was on

the high side, the Commissioner for Insurance, Mr. Fola Daniel, has said that the premium paid in Nigeria was one of the cheapest in the world.

He said that insurance operators who agree to provide cover for some of the aircraft brought

into the country to fly actually did so at very high risks.

This revelation is coming just as the underwriters paid N28.87 million as claims on aviation-related losses in 2011 as CONTINUED ON PAGE 32

Rates Dashboard

DELE ALAO, Brands/Marketing Editor Abdulwahab Isa, Finance Editor

www.newtelegraphonline.com/business

IFC raises stake in tower firms with IHS $420m funding

WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor

NEW TELEGRAPH

UAC fights back with Gala Tinkies

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

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Sanctity of Truth

Wednesday, March 5, 2014

‘Nigerian aviation premium among world's cheapest' C O N T I N U E D F R O M PA G E 3 1

L-R: Acting Chief Executive Officer, Etisalat Nigeria, Matthew Willsher; Winner, Etisalat Prize for Literature (Flash fiction category), Uche Okonkwo; and Felicia Okonkwo at the award ceremony of the inaugural Etisalat Pan African Prize for Literature in Lagos ..

5,900 used vehicles for Tincan Port in February second-haNd Seventeen Roll-on Rolloff berthed at Tincan Port last month with some used vehicles.

Bayo Akomolafe

A

total of 5,900 used vehicles were import ed through the Tincan Island Port in February this year despite the new auto policy of the Federal Government.

In 2012, a total of 300,000 used vehicles and 100,000 new ones were imported into the country.

According to data from the Nigerian Automotive Manufacturers Association (NAMA), the Nigerian Bu-

reau of Statistics (NBS) and United Nations Conference on Trade and Development the imports were valued at N550 billion ($3.451 billion).

According to the Nigerian Ports Authority’s (NPA) shipping statistics, 1,500 units of new vehicles were delivered at the Five Star Logistic terminal in the port, leading to a total of 7,400 units of both old and new vehicles in one months.

The vehicle were shipped by 17 Roll-on Roll-off ships It was revealed that the Port and Terminal Multiservices Limited ( PTML) handled 10 of the vessels, six vessels were moored at the Five Star Logistics terminal and one at Standard Flour Mills.

A breakdown of the sta-

tistics of importation of vehicles further revealed that PTML handled the highest number of vehicles with 3,300 units of unclassified vehicles while Five Star Logistics terminal recorded 3,015 units of both new and old vehicles.

Meanwhile, Standard Flour Mills (SFM) recorded 85 units of used vehicles which arrived aboard MV Jolly Rosso, last month.

revealed by the current edition of Nigeria Insurance Digest.

Last year, the Chief Executive Officer, Top Brass Aviation, Mr. Roland Iyayi, said in a statement, that the high insurance premium charged airline operators in Nigeria was significantly impacting the cost of operations of airlines culminating in the costs being transferred to customers.

He said that premium charged on aircraft insurance in Nigeria was significantly higher than what is obtainable in South Africa, and other parts of the world.

According to him, “while the National Insurance Commission (NAICOM) is trying to deepen capacity in the insurance industry by domesticating aviation insurance, it shouldn’t be at the expense of the growth of the industry.”

However, Daniel said that the premium paid by the operators should also be compared to some of the aircraft they bring into the country for business.

He said: “Some of the equipment we deploy here cannot fly in some other countries. I believe they are happy with the premium and that is why they are paying it. Aviation business is not a tariff business.

Premium in Nigeria is one of

the cheapest.”

Speaking further on the inability of local underwriters to take on more risks in the aviation sector, Daniel said that the local industry was being sensible in the application of local participation.

According to him, “you must have the capacity for the local content. Now we have upped our capacity. We are now doing 40 per cent, which is a significant thing from three per cent. Insurance is about spreading risks even if you have all the capacity to write 100 per cent.

“If you take aviation 100 per cent, if there is a loss, you pay 100 per cent. What we are looking ahead to from 40 per cent is 70 per cent. We are sensible in the application of local participation.

“The local underwriters are participating according to their capacity. Bear in mind that no cover is taken outside the country until the percentage for the local underwriters is fully absolved. There is no way that an insurer as they are now can underwrite an aircraft 100 per cent. The claim in case of an accident is usually very high, so the best thing is what they do now by working with co-insurers to underwrite risks.”

IFC raises stake in tower firms with IHS $420m C O N T I N U E D F R O M PA G E 3 1

cer, IHS, said: “This important milestone confirms the broadening investor interest in the African telecommunications infrastructure space generally, and in IHS, in particular. We are

excited to welcome our new investors to the IHS family and look forward to expanding support to our customers and partners throughout the continent.

"This funding will allow us to continue investing in technology, coverage and capacity new

build sites, and the growing human resource component that will help IHS continue providing a quality service and product to an expanding customer base in Africa.”

IHS Towers currently owns and manages over 10,500 towers

Nigeria, others to pool $1.7bn to combat piracy Bayo Akomolafe

N

igeria, Ghana and 23 other countries in the West and Central African region have resolved to contribute $1.7billion to fight piracy.

Other member states are Togo, Benin, The Gambia, Côte d’Ivoire, Angola, Cameroon, Congo, DR Congo, Senegal, Mauritania and five littoral countries including Burkina Faso, Chad and the Central African Republic.

The decision was taken at the Maritime Organization of West Africa and Central Africa

(MOWCA) meeting held at its headquarters in Abidjan.

Already, the countries have launched Information and Communication (INFOCOM) centers and database for the networking of maritime administrations in its member states.

Also, Nigeria Maritime Administration and safety Agency (NIMASA), has bought 13 amoured boats and 12 conventional boat 2 to combat sea robbers on Nigeria waters. The agency also, engaged a service provider, Messrs Global West Vessels Specialist Limited to provide

platform which includes patrol and enforcement boats and electronic software to enforce its mandate in line with the provision of section 23(3) and (4) of NIMASA Act. Explaining how to fund the project, the Secretary General of MOWCA, Mr Alain Michel Luvambano said a round table of donors would be held in November, 2014 to raise the $1.7 billion which MOWCA would make available to member states in the form of repayable loans from maritime fund.

He said: “When a ship is attacked, the information is

posted in the system, saying the information would be visible immediately in all states connected to the network. The information posted in the system will be accompanied by satellite images including facial recognition.

“The center will allows all members to have access to a server countries and to exchange information on the situation sea so that each country is better informed and better equipped in its strategy against piracy and other armed robbery, terrorism and acts of sabotage.”

Surveys have shown that

security incidents occurred in the Gulf of Guinea that armed robberies committed in the region do not have political motivations and record very few cases ransom.

Such investigations led to the conclusion that hackers are more interested in cargo and high-value items they can sell in local markets.

However, NIMASA has not disclosed the amount Nigeria will contribute to the fund.

The agency’s Deputy Director, Mr Isichie Osamgbi is yet to supply us necessary information when contacted through an e-mail.

BUSINESS | MONEY MARKET 33

Sanctity of Truth

Wednesday, March 5, 2014

Are banks conniving with BDC’s?

Ayodele Aminu

A

s a fall-out of the probe launched into the foreign exchange transactions of eight banks two weeks ago, the Central Bank of Nigeria (CBN) last week wielded the big stick on 101 Bureaux De Change (BDC) operators.

It revoked their operating licences for their alleged involvement in money laundering and other financial infractions.

Banks’ probe The rationale for the examination as reported by New Telegraph two weeks ago, was because of the huge foreign exchange demands they made in January on behalf of some Bureau De Change (BDC) operators.

The thinking of the banking watchdog was that some of these transactions were spurious.

“The CBN is concerned that the foreign exchange demands are going up and affecting reserves despite the law on capital importation.

“We cannot continue to defend the naira with the country’s foreign reserves. This cannot be sustained. We really need to investigate where these spurious demands are coming from to save the economy,” the CBN source had told this paper.

But the multi-million dollar question on the minds of followers of events in the financial sector are: Could the erring BDCs be acting alone? Were the banks sleeping when these demands were made? Was none of the eight found wanting? And if any was culpable, what was the punishment?

Of the eight banks that were probed

by CBN examiners, one had its founding father, who was chairman during the Governor Joseph Sanusi’s regime, barred from holding such position after it was established that the lender roundtripped – culminating in the suspension of its forex license.

Round –tripping in banking parlance means buying forex at the official market – where the exchange rate is a bit low and selling same at the parallel market for profit motive.

The immediate past governor of Lagos State, Ashiwaju Bola Ahmed Tinubu, along with other South West governors have major interest in second lender that was investigated, while Tinubu and Lagos State, are also believed to have stakes in the third bank, whose Managing Director/CEO was forced to resign in line with the mandatory 10 years maximum tenure stipulated by the suspended Governor of the CBN, Sanusi Lamido

Sanusi, for bank CEOs in the country.

The fourth bank, whose major owners are based in South Africa, merged with and share names with one of the most successful merchant banks in the country, whose owner and founding CEO is a staunch member of the privatisation programme in the power sector.

The other three lenders that was investigated had been bailed out by the CBN at one time or the other, while the eight banks retained their identities during the regulatory-induced banking consolidation spearheaded by Governor Chukwuma Soludo and thereafter acquired another lender.

ABCON’s rebranding Interestingly, barely three weeks ago, the Association of Bureax De Change Operators of Nigeria (ABCON) decided to put a stop to the bad name some illegal operators labeled it by bringing in some elements of regulation to that segment of the market.

It unveiled its operational manual, a new logo and a website for easy identification and control of dealers in foreign exchange. Importers and other foreign exchange (forex) users who patronise them were so pleased with this initiative.

Surprisingly, the market was jolted last week by the news making the round that the Central Bank of Nigeria (CBN) had revoked the licences of 101 Bureaux De Change (BDC) companies for their alleged involvement in money laundering and other financial infractions.

Analysts wondered whether the erring BDCs were fished out by ABCON and handed over to CBN. Or are they the pro verbial dog that returned to its vomit?

How can operators who had just made an effort towards self-regulation a few weeks ago, come back to violate rules that led to their closure?

The association has, however, not reacted to this latest development.

Bureaux De Change is a non-bank corporate body licensed by the CBN to buy and sell foreign currency in accordance with the provisions of the foreign exchange Act of 1995.

The CBN had, in September 2013, revoked the licenses of 20 BDCs over foreign exchange malpractices. It cited same reasons contained in the report of last week's alleged revocation, which quoted CBN spokesperson, Mr. Isaac Okoroafor, as having confirmed the exercise in a text message to the News Agency of Nigeria (NAN).

CBN’s grouse The apex bank had said that the revoked BDCs had inadequate documen-

Mrs Alade

ABCON Interim President, Alhaji Aminu Gwadabe

tations on huge foreign exchange purchased from banks. It stated that they were unable to provide satisfactory evidence of the purchase and utilisation of autonomous foreign exchange. In view of the travails of this sub-sector and the dangers it poses to strength of the naira, analysts are suggesting tougher regulation and enforcement of rules guiding forex transactions, including a reduction in the number of players, which has risen from 300 before the introduction of forex liberalisation policy in 2006 to 3000.

"The BDCs were involved in money laundering and failure to provide adequate records and documentation of huge autonomous foreign exchange purchased from banks,” Okoroafor had said.

Money laundering has been described as the process of hiding, mixing and disguising the proceeds of criminal activities and other illegal sources into legitimate channels so that its original source will not be traced.

Seventeen other BDCs were fined for infractions of the BDC guidelines.

CBN said those fined had satisfactory evidence of the purchase/ utilisation of autonomous foreign exchange, but had other infractions of the guidelines.

The Acting Governor of the CBN, Mrs. Sarah Alade, had earlier listed the offences of the BDC operators. She lamented that there were recurring cases of market infractions by some BDC operators, which constitutes challenges to the CBN in monitoring and regulating the sector and, in effect, the overall

health of the economy.

Could the erring BDCs be acting alone? Were the banks sleeping when these demands were made? Was none of the eight found wanting? And if any was culpable, what was the punishment?

BDCs infractions According to her, ”these infractions, which had been observed by the CBN, include persistent cash sales above the CBN established threshold for small holders/users, non-documentations/inadequate documentations as required by the CBN before sales, other sharp practices of non-registered operators in the market, whereby registered BDCs subsell to non-registered marketers, thereby, bulk selling CBN funds, inadequate selfregulating roles by ABCON as recommended by the CBN, inadequate compliance to the CBN request for rendition of returns through Electronic Financial Surveillance System, and allowing customers without documents to buy personal travel allowance and basic travel allowance.”

Mrs. Alade further said: ”On the basis of the various measures taken so far, it was expected that the operations of the BDCs would have been harmonised and /or reduced, such that it would not diminish the integrity of ABCON or the trust the CBN repose on it. However, because of these infractions, the CBN will be stricter in its monitoring of the sector.

"It may interest you to know that under the current dispensation, the CBN has finalised the way to bring sanity to the foreign exchange market, especially to the BDCs segment.

“This is to ensure that the gains that had been recorded so far are not reversed. It is important therefore, to emphasise again that the CBN frowns at any distortion from the BDCs, because they translate into larger macroeconomic misalignment.

In that regard, I would like to urge the leadership of the association to build the capacity of its members to enable them appreciate the enormity of the responsibilities thrust on them.”

Given the fact there have been intense pressure on the Naira, which the CBN has been supporting through the nation’s reserves, that had been drawn down to less than $40.2 billion, the apex bank should unify the official foreign exchange market to bridge the wide gap.

34

BUSINESS | CAPITAL MARKET

Sanctity of Truth

Wednesday, March 5, 2014

Insecurity may erode N1trn NSE target -Brokers violence Security challenges may reduce investors confidence.

Stories by Chris Ugwu

I

f the spate of violence in some parts of the country are not tackled frontally, the projection of the Nigerian Stock Exchange to grow market capitalisation to $1trillion (N150 trillion) in 2006, might be a mirage.

This was the consensus of experts that spoke with New Telegraph Lagos.

Specifically, they noted that when people feel insecure, their appetite to invest, to buy or rent from the product of investment reduces. Moreover, they insist that that is why all over the world, any country that radiates an environment of insecurity naturally repels investment initiatives from the international community and local investors.

They said the country was currently facing a high level of capital flight, and declining interest of foreign investors in

demutualisation Stock brokers want NSE to fast track the process.

M

arket operators have called on the Securities and Exchange Commission (SEC) and the Nigeria Stock Exchange (NSE) to speed up the process of demutaualisation of stock exchange.

The operators, who spoke to New Telegraph, said demutualisation will increase the presence of local investors in the stock market.

They condemned overdependence on foreign investors in the activities of the nation’s capital market.

Demutualisation is the process of converting exchanges from non-profit, member-owned organisations for-profit, investorowned corporations.

In demutualisation, the members give up their rights and receive shares of the company in return, which the (now for mer) members may then sell. Demutualisation happens most often when a stock exchange owned by its members goes public.

the economy The Managing Director, Lamberth Securities Limited, Mr. David Adonri, said though globalisation and liberalisation has made free flow of investment of capital across national borders possible with ease, but if the government fails to decisively confront violent extremism in Nigeria, efforts at attracting foreign investment may be a mirage.

“Vibrancy of the capital market is conditional on the investment climate in every country.

Where insecurity persists, the investment climate will not be conducive. Because peace and progress are intertwined, investment has tendency to always migrate to secure environments where peace is assured.

“Violence kills people and destroys assets. Therefore, no sane investor will risk his hard earned savings in a strife torn economic environment. This is behind the recent exodus of foreign portfolio investment from our capital market in the wake of deteriorating security situation in Nigeria.

“Globalization and liberalization of capital markets has made free flow of investment

capital across national borders possible with ease. Frightened domestic investors can move their investments to conducive foreign markets, thus compounding the woes of the capital market. Also, such capital flight can exacerbate the pressure on the domestic currency,” Adonri said.

Speaking in the same vein,

Mr. John Adebayo, an independent investor and a financial analyst, said world over, investors are faced with the task of taking investments decisions that would not only bring about business growth and development, but also contribute towards the economy of any nation where they have investment holdings.

Adebayo noted however, that

Conservator-General/Chief Executive of the National Park Service, Haruna Abubakar, speaking during the budget defence before the House Committee on Environment in Abuja). With him is the Conservator of parks Administration, Mr Suleiman Yahya… PHOTO: NAN

Operators to regulators: Expedite action on demutualisation Mr. Mike Eze, Managing Director Crane Securities Limited, noted that when membership of the NSE is opened to majority of Nigerians and they are called upon to own shares in the stock market, it would help create awareness of activities in the market, give investors a ‘sense of belonging’ and more local investors would participate.

Eze pointed out that with demutualisation, the ownership structure of the NSE would be properly put in place, noting that when this is done, corporate governance would be well structured and this would boost investors’ confidence to stake their fund in the market.

He added that the Nigerian Stock market was worst hit by the global financial crises due to over dependence on foreign investors as they dumped their shares during the crises and moved their investment outside the country.

Besides, Eze noted that demutualisation would go a

security is a key risk factor, which raises concerns of both local and foreign investors. Besides, he said security uncertainty is not only considered an impediments for business, but also sends warning signals to investors to take their investible fund to another country where there is adequate safety of lives and property.

long way to reduce overdependence on foreign investors and attract local ones into the market.

He explained that when the NSE is fully demutualised and the ownership structure clearly spelt out, the generality of the populace would get to know that the Exchange is not a government enterprise.

“As NSE demutualises and sells its own shares to the people, more people will know what is happening here and they will bring all the money they are stocking elsewhere here because they will believe that the place belongs to them. Right now, many of them think it is a government enterprise,” he explained.

He said effort to bring awareness of activities on the Exchange reached a reasonable height during the time of the former Director General when a lot of road shows were organised in the country. He however, lamented that the interim administration concentrated more on

foreign investors.

“This does not augur well for the country because all they are looking is their own pocket. They are not interested in the development of Ni-

geria. If anything goes wrong in their country, like in the global financial meltdown, they would sell off their investment in Nigeria to go and survive over there and that way, the Nigerian Stock Market would be at the receiving end. That is why we incurred a lot of losses here because they dump their shares and moved outside.’’

NSE listed bond receives Chris Ugwu

T

he Nigerian Stock Exchange (NSE) joined foremost Halal investment management firm, Lotus Capital to emerge winners of the prestigious 2013 Islamic Finance News (IFN) Awards held recently in the United Arab Emirates.

Lotus Capital, according to a statement, won the Africa Deal of the Year category as the Lead Issuing House for the N11.4billion Osun State Sukuk issue, which was listed on the NSE in September 2013. This was the first ever sub-sovereign Sukuk in Africa.

The issue, according to the statement, was oversubscribed by about 20 per cent, which was a positive confirmation of the trust and confidence the market placed on the offer.

The Osun State Government, represented by the Honourable Commissioner of Finance, and the Solicitors to the Issue, Kola Awodein and Co, were also award recipients for the deal.

Close to 400 transactions were nominated for 2013 in over 30 categories in the IFN Awards Deal of the Year, signifying a 33 per cent rise in the number of nominations and a 20 per cent increase in categories over the previous year.

BUSINESS | BRANDS & MARKETING 35

Sanctity of Truth

Wednesday, March 5, 2014

BAT account: Anxiety grips CMC Connect, Mediacraft, others WAITING GAME Agencies that participated in the multi-million naira British American Tobacco Company Public Relations pitch last month are awaiting the result.

Dele Alao

T

here is a palpable anxiety among public relations agencies that participated in the PR pitch of the British American Tobacco (BAT) Nigeria, New Telegraph can report.

The pitch for the business was conducted a month ago and since then, no word has been heard from the tobacco company.

It is not yet clear which of the agencies that took part in the pitch will eventually win the juicy account.

Findings showed that John Ehigueseled Mediacraft Associates, CMC Connect are some of the leading PR agencies that participated in the pitch. Indigo, a relatively young PR agency, was also said to have expressed interest in the business, but was not, however, invited for the pitch.

Until recently, The Quadrant Com-

Ehiguese

Badejo-Okusanya

pany was on the account for seven years.

Managing Director, The Quadrant Company, Bolaji Okusaga, said his company was exiting the business while the spokesperson for BAT, Soromidayo George, said: “It is a natural process for us in BAT to continuously re-structure or redefine the way we work as the need dictates. Therefore, recently we took an in-house decision to re-structure our way of working with PR agencies. "This

re-structuring exercise means that our contract with the current agency, Quadrant, will come to expire at the end of March 2014. Quadrant, in the last seven years, has been the sole service provider for BAT Nigeria’s PR services.

“The relationship remains cordial. It is expected that though the contract will expire, if the need arises, the company may from time to time call on Quadrant to work with us,” she added.

PR consultants fault APC on choice of AKPD Dele Alao

P

ublic Relations consultants, under the umbrella body of Public Relations Consultants of Nigeria (PRCAN), has disagreed with the All Progressive Congress (APC) over the choice of AKPD Message and Media, a United States-based Public Relations and Public Affairs Consultancy firm, to manage the party’s campaign for the 2015 general elections.

Mohammed

In a press statement jointly signed by the association’s President, Chido Nwakanma and Publicity Secretary, Israel Jaiye Opayemi, PRCAN faulted the move on the grounds of extant Nigerian laws, respect for Nigerian professionals and job creation.

PRCAN said: “It is dumbfounding that a political party that positions itself as progressive and actuated by a desire to reposition Nigeria would by its actions show its preference for foreign professionals against tried and tested practitioners at home, thereby evincing a contrary desire to promote local unemployment.”

But, the APC has risen strongly in defence of the engagement of the services of AKPD. In a telephone chat with the New Telegraph, the Interim National Publicity Secretary of the party, Alhaji Lai Mohammed, said that the appointment of the

firm was the best decision the party could take not minding criticisms against it in some quarters.

Mohammed, who noted that AKPD was not actually a media and PR firm as being touted but a political strategy firm with proven track of successes said: “we have gone for the best. And what we have done is not strange.

“From our engagement and interaction, we learnt that most campaigns in Nigeria are blind campaigns whereby a party draws up a manifesto.

Is that manifesto as a result of their knowing what people actually want? Was any scientific research conducted before the manifestoes were drawn up?” he explained.

Shortly after the appointment, the Peoples Democratic Party (PDP) called on Nigerians to resist this, which it said was an attempt by the opposition party to throw the nation back to imperialism, 54 years after independence.

Industry experts however, believe that a herculean task await any agency or agencies, should the account be split, that will eventually manage the BAT business.

All over the world, there has been condemnation against activities of tobacco companies. For instance, a law has just been passed by the Lagos State Government to check public cigarette smoking.

Uno noodles to resurface in markets RELAUNCH What hope for Uno instant noodles as it returns to market months after its sudden disappearance?

A

fter months of disappearance, Uno instant noodles, from the stable of Uno Foods, is set to hit the market again any moment from now, New Telegraph can exclusively report.

A visit to the company premises along Iju/Fagba road, Lagos, indicated that preparations have reached an advanced stage for the return of the brand.

For instance, new equipment is being installed while the office complex, including the fence wall, has been renovated and painted.

Osigwe Mohammed and Anikpe Mohammed, both members of the Board of Directors, are on ground to midwife the successful re-launch of the

noodles.

The noodles market has since Uno’s disappearance, witnessed the berth of various brands, leading to intense competition.

Prior to the entry of instant noodles into the Nigeria culinary landscape, noodles were not seen to be regular meal for Nigerians. It was perceived as an Asian diet and only eaten at Chinese Restaurants. But since 1988 when De United Foods Industries Limited (now Dufil Prima Foods) first marketed its Indomie Noodles, imported from Indonesia, in Nigeria, noodles have become major menu for millions of Nigerians.

By 2006, four noodles companies were already operational in the country. Today, over 16 noodles companies are competing for market share. It is unclear how Uno will survive in the midst of Indomie, Chikki, Mimee, Honeywell (formerly O! Noodles), Golden Penny, Dangote, Tummy Tummy, Cherie, Mc Chew, Niccus, Smoodles, and Chefmie.

36 BUSINESS | BRANDS & MARKETING

UAC fights back with Gala Tinkies Dele Alao

F

aced with various brands of sausage rolls that are eating deep into its market share, UAC Foods Limited, a joint venture between UAC of Nigeria Plc. (a leading conglomerate) and Tiger Brands Limited (a leading South African food giant) have launched Gala Tinkies.

Gala Tinkies, is a new product line extension targeted at kids between the ages of 5 and 12.

Managing Director of UAC Foods Limited, Dr. Tawanda Mushuku, said that the new Gala Tinkies roll is one of the positive results of the strategic alliance between UAC Foods Limited and Tiger Brands Limited.

He said the new Gala Tinkies, which are available in Strawberry, Peanut and Fruity

filling, are specially produced to create unlimited fun and adventure with a special appeal to children.

“The launch of the new Gala Tinkies is another significant milestone in the annals of our company - UAC Foods Limited, as we have created another class in the snacks category specially designed for kids between the ages of 5 and 12,” he said.

Providing the rationale for the new product, the General Manager, Marketing, UAC Foods Limited, Mrs. Joan Ihekwaba, disclosed that it was carefully and nutritiously produced to excite the taste buds of the target consumers (children between ages 5 and 12) using the three fillings - peanut, strawberry and fruity - that best appeals to them.

Ihekwaba added that the new Gala Tinkies is fortified

with vitamins and minerals that are not only nutritious but also offer the kids a wholesome snacking experience.

Also, the Chairman, Scientific and Technical Committee of the Nutrition Society of Nigeria (NSN), Dr. Bartholomew Brai, commended UAC Foods Limited for “the initiative that would create a new nutritious experience for the Nigerian child,” stressing that the strawberry, peanut and fruity filling variants were healthy alternatives to the conventional Gala Sausage Roll available in the market now.

School pupils who were present at the launch held at Balmora Event Centre, Oregun, Lagos, expressed great excitement and satisfaction, which they noted would offer them new snacking options, especially as part of their lunch packs as well as at home and parties.

Permanent Secretary, Ministry of Science & Technology, Akwa Ibom, Chief Clement Isok and Country Manager, Intel Corporation, Mr. Ekundare Olubunmi, at the closing ceremony of just concluded 2014 National Festival of School Science Fair held in Uyo, Akwa Ibom State.

Sanctity of Truth

Wednesday, March 5, 2014

Star produces first winner to World Cup A 41-year old dealer in building materials from Enugu State, Mr. Timothy Victor, has emerged the first winner in Star lager beer’s Trip To Brazil consumer promotion.

By that feat, he has won for himself the prize of an all-expense paid trip to Brazil, which will see him touring the South American country, courtesy of Star lager beer.

The Star Trip To Brazil consumer promotion is a unique brand activation from Star lager beer, from the stable of Nigerian Breweries Plc. A total of 11 lucky consumers will emerge winners from the onpremise raffle draws, which will be held in selected bars across key regions/districts of Nigeria.

Victor, who could not hide his joy when his ticket was picked, emerged from the raffle

draw held on Saturday, March 1, at the Cyclic Centre, Costain, Lagos.

He said: “I’m very very happy because I wasn’t expecting to win. I came from Egbeda to Costain, just because of this promo.”

Two other people are, however, on stand-by, in the event that Victor, for any reason, is unable to travel. They are Tajudeen Babatunde Bello, the first runnerup and Mohammed Lawrence, the second runner-up. They won a generating set and a 32 inch TV set respectively.

Bello, a 52-year-old engineer, said of how he won: “I was at the bar drinking Star when a promoter approached me and gave me a token in exchange for the crown corks of the Star beer I was drinking. They also informed me about the day’s raffle draw.”

Facebook floates brand campaign F acebook has created an online brand advertising campaign that aims to promote how people do “amazing things” using its platform.

The seven video advertiments, created by Wieden + Kennedy, take the form of online video and are being seeded in key markets, including the UK. One spot features people using the platform to come together to create couches on skis, while another advertisement follows an aspiring marathon runner.

A separate video highlights a girl going through a bad breakup, who used Facebook to find a friend to make her feel better, while another shows someone using Facebook to find a dance teacher.

It is the first campaign from Facebook since its first ever foray into brand advertising back in 2012, when it created a video called “Things That Connect Us” that was ridi-

culed by some users for comparing Facebook to everyday objects such as chairs, bridges, aeroplanes and basketball.

A Facebook spokeswoman said: “People do amazing things on Facebook, and this is just a small effort to highlight some of those things.”

It will be recalled that the social network’s brand is valued at $9.8bn by Brand Finance, almost double the $5.57bn it was valued at in 2012 when its valuation slumped.

The return caps a successful 2013, which saw the social network begin to monetise its mobile audience. Mobile ad revenues surged to $1.25bn in the three months ending December up from around 23 per cent a year ago.

Despite its bumper year, Facebook ranked just 122nd on Brand Finance’s list of the 500 most valuable brands, determined by a mix of revenue, market capitalisation, perception and desirability.

Legend Extra Stout woos consumers in new TVC

D

escribed as the country’s only real brewed stout brand with a unique bitter taste, Legend Extra Stout is promoting the traits of courage, fun and realness, in a new television commercial tagged: Bodi no be firewood.

In the TVC, an employee, obviously mimicking the company’s

chief executive officer, is seen reeling out ‘new’ company rules.

Mimicking the Head Honcho, the staff was telling his co-workers that they are henceforth barred from discussing football, visiting dating websites, YouTube and Twitter during office hours.

A fellow employee com-

plained about the rules “being too hard to swallow.” Sarcastically, he suggested that they should be “washed down with bottles of Legend Extra Stout.

They, thereafter, move to a bar after work hours and savour bottles of Legend beer, as the employee continues mimicking the CEO. As he chats

on, the big boss emerges from the background. He continues to blab, unaware that the CEO is watching. Fellow employees even try to signal him to keep quiet by making odd signs and facial expressions. But this did not work.

He eventually sights the CEO and becomes sober mo-

mentarily. But like the true Legend drinker he is, he ‘mans’ up, looks the CEO in the face and confesses to the CEO that they were just unwinding, as ‘body no be firewood.’

The boss is seen letting down his guard and joins them in savouring his own bottle of Legend Extra Stout.

BUSINESS | MARITIME 37

Sanctity of Truth

Wednesday, March 5, 2014

‘Customs' patrol boats obsolete to fight smuggling' FEEBLE The Western Marine Command of the Nigeria Customs is too weak to ward off smugglers.

Stories: Bayo Akomolafe

S

mugglers are having free reis on Nigerian water ways and creeks.

It was learnt that the Nigeria Customs Service (NCS) patrol boats are too weak and obsolete to fight smugglers.

Although, its Comptroller at the Federal Operations Unit, Zone A, Ikeja, Lagos, Mr. Isa Nuhu, said NCS was not losing battle against rice smuggling, he decried the deplorable state of the patrol boats being used in anti-smuggling on the creeks waterways.

He noted that most of the watercrafts are obsolete, debaring officers from going deep into the waters to curtail smuggling.

Nuhu explained that the anti-smuggling unit of the service was directly working with the Customs’ Western Marine Command to ward off smugglers.

He said: "When you talk of the waterways, this is a specialised area, you need marine boats and seafaring vessels in order to be able to tackle the

waterways, the service has realised that all our marine boats and vessels are all obsolete, we decided to make case for the supply of new and modern ones.

"But you know these things are capital intensive, they have to go to the Federal Executive Council, but this management has succeeded in getting approval of the Federal Government to purchase new boats and vessels. I equally know that orders have been placed, all we are talking of now is when will they be delivered.”

Nuhu disclosed that rice smugglers have developed new tricks, noting that large

number of rice were being smuggled into the markets directly from the vessels which are used to import them.

The comptroller said: "Some of these rice are mostly brought in by big vessels, when they come, they stay on the high seas and smugglers now use small boats to take them to remote areas or straight to the market.

Nuhu stressed: "If you go to the market today, 'Daleko' (market) in particular, you will think that government is not working, because the rice that we said we are seizing, we still see it in the market, but then, it is like looking at one side of the coin.

"When you go to our warehouse and see the amount of rice that customs is intercepting on daily basis, you will know that we are not losing the battle, there is no day that hundreds of bags of rice is not seised.”

He added that apart from the rice smuggling which has shot up as a result of Federal Governments' fiscal policy on the commodity, smuggling activities had generally decreased.

Nuhu said the FOU Zone 'A' in 2013, recorded a total of 3,553 seizures of assorted prohibited goods valued at over N1 billion with Duty Paid Value (DPV) of over N227million.

L-R: The Executive Vice Chairman of ENL Consortium Limited, Princess Vicky Haastrup and General Manager of the company, Mr. Mark Walsh during a press briefing in Apapa, Lagos.

IMO approves certification training for seafarers

N

igerian seafarers are to enjoy the newly approved guidance on training and certification requirements for ship security officers and seafarers with designated security duties.

The new guidelines were approved by the International Maritime Organisation (IMO).

This is part of efforts to address practical difficulties seafarers have reportedly experienced in obtaining the necessary security certification under the 2010 Manila amendments to the International Convention on Standards of Training, Certification and Watch keeping for Seafarers (STCW) and STCW Code.

It was learnt that majority

of seafarers could not secure jobs on vessels due to lack of training for certification.

Already, the Nigerian maritime Administration has set machinery in place to tackle the challenge face by the Nigerian seafarers through trainings in over sea maritime institutions.

The guidance recommends that, until July1, 2015, relevant training under Section 13 (Training, drills and exercises on ship security) of the International Ship and Port Facility Security (ISPS) Code should be accepted as being equivalent to that required under the STCW Convention and Code.

The guidance was agreed by the organisation’s sub-

Committee on Human Element, Training and Watchkeeping (HTW), meeting for its first session from February 17 to 21, 2014, which expressed its concern that a seafarers were reportedly unable to have access to approved training courses or were unable to be issued certification of security-related training in accordance with the STCW regulations.

The sub-committee approved an STCW circular on advice for port state control officers, recognised organisations and recognised security organisations on action to be taken in cases where seafarers do not carry certification required in accordance with regulation

VI/6 of the STCW Convention and section A-VI/6, paragraphs 4 and 6 of the STCW Code after 1 January, 2014.

It also approved an STCW circular on Advice for port state control officers, recognised organisations and recognised security organisations clarifying training and certification requirements for ship security officers and seafarers with designated security duties, which agrees that ship security officer (SSO) training encompasses the competence requirements of the STCW Code (section A-VI/6). Therefore, holders of SSO certificates should not be required to undergo further training and obtain certification.

ICPC, NPA float anti-graft unit T

he Independent Corrupt Practices and other Related Offences Commission (ICPC) and the Nigerian Ports Authority (NPA) have launched anti-corruption and transparent unit to curb corruption at the seaports.

The inauguration was performed by the head of the commission in Lagos, Mr. Olufemi Nofiu.

Members of the anti-corruption unit are expected to receive and investigate complaints of corruption and other sharp practices in the ports.

The monitoring unit derives its power from the provision of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) Act of 2000 and the Federal Government’s approval for the establishment of AntiCorruption and Transparency Monitoring Units (ACTU) in ministries, extra ministerial departments/agencies and parastatals.

Speaking at the formal inauguration of members of the NPA Anti-Corruption and Transparency Unit (NPAACTU) in Lagos, the Managing Director of the authority, Mallam Habib Abdullahi, represented by the General Manager, Western Ports Zone, Ms. Adenike Sonaike, said for Nigerian ports to be the leading ports in Africa and to improve on efficiency level, the issue of corruption cannot be down-played “as corruption is inimical to efficiency in the port industry.”

Abdullahi stressed that if Nigeria must take her pride of place among the committee of nations, corruption must be shunned in the port sector.

The managing director explained that NPA management was prepared to stamp out corruption at the various ports.

Representative of the Minister of Transport, Sen. Idris Umar, Mr. Kayode Olajimi, said the NPA-ACTU was a pacesetter which other government agencies and the ministry must emulate.

Also, Nofiu enjoined the management of NPA to give the new executives necessary support to perform their task.

38 BUSINESS | MARITIME

Sanctity of Truth

Wednesday, March 5, 2014

Importers, freight forwarders fret over cargo clearance INEFFICIENCY Lilypond Terminal Limited at Ijora lacks manpower, safety and standard regulation.

Stories: Bayo Akomolafe

I

mporters and freight forwarders have expressed dissatisfaction over the slow process of container clearing at the Ijora Container terminal.

They complained that the

terminal operator, Lilypond Terminal Limited, lacked manpower, safety and standard regulation.

At a meeting held at the terminal, the stakeholders stressed the need to put in place a conducive public toilet for the users of the terminal.

However, the company’s Managing Director, Mr. Tristram Denye, said there were plans to bring more equipment to the terminal for the purpose of bringing in more containers.

He said the terminal had commenced Sunday cargo

clearance, adding that three shipping lines, Maersk Line, PIL and CGM CMA had partnered with the company to stem containers in the off dock terminal.

He noted that the terminal could handle between 40,000 and 50,000 containers in a stretch, up from the present 20,000 containers it handles.

Also the Commercial Service Manager of the terminal, Mr. Kayode Daniel, told the freight forwarders and security agencies that the terminal had created a conducive

atmosphere for stakeholders to clear their consignments.

He stressed that the terminal was not relenting in its efforts to ensure that stakeholders get maximum service delivery and to meet international best practice.

Daniel declared: "We want to encourage you to take advantage of clearing your containers from the terminal on Sundays, because we find out that traffic at the weekend is usually very light, but please ensure to carry out proper documentation on Saturday.

Also speaking at the fo-

rum, the Customs Area Controller of Lilypond Command, Nigerian Customs Service, Mrs. Isa Talatu, reiterated that the service was out to ensure that trade facilitation is achieved.

She promised to work with all the key stakeholders operating from the terminal, but also appealed to them to make genuine declarations.

The comptroller called for a friendly working relationship between the terminal operator, security agencies and the freight agents operating at the terminal.

Vessels expected this week at seaports

NPA tug boat, S.D Gumel Lagos on the Lagos water

27,000 jobs lost to smuggling DUMPING Benin Republic has turned Nigeria into a dumping ground for imported fake pharmaceuticals.

T

he Chemical and NonMettalic Products Employers Federation (CANPEF) has said that no fewer than 27,000 jobs were lost to smuggling in the manufacturing sector in the last few years.

CANPEF advised the Federal Government to shut the Nigeria-Benin border in the interest of Nigerian economy.

It explained that an estimated 2.3 million metric tons of per boiled rice were smug-

gled into the country through the Seme border last year.

Also, it said Nigeria-based tyre, textile and shoe manufacturers had closed shops in the last few years because Benin Republic which has no manufacturing facilities had turned the country into a dumping ground for all manners of imported goods, including fake pharmaceuticals from Asia and Europe.

CANPEF President, Mr. Devakumar Edwin, warned that most of the government’s reform programmes in the agriculture, health and manufacturing sectors may fail to achieve the desired objectives if Benin is allowed to continue bringing whatever they like into the country.

He regretted that as a result of the unrestrained im-

portation into Nigeria, an estimated 27,000 direct jobs have been lost while hundreds of indirect jobs in the textile industry have disappeared following the closure of over 60 manufacturing companies in the last few years.

Edwin stressed that the textile industry which offers the highest number of jobs was worst hit by the porous borders.

The president noted that smuggling had discouraged investors who had embraced the government economic transformation agenda.

He explained that only 92 of the 145 members of CANPEF are currently in business due to harsh operating environment triggered by smuggling from Benin.

Terminals

Ships

SMF GDNL ENL ABTL Eko Support ENL ABTL ABTL APMT APMT

MV Hoech Maniki 500 used vehicles MV Desert Melody 42,000 ton of sugar MV MCP Pachna 310 Containers MV Green Honduras 3,600tons of fish MV Queen Ofomime Imballast MV Jin Xin 1,010tons of steel MV Desert Hope 48,000 tons of bulk wheat MV Marcaolina 23,729 tons of bulk wheat MV Maersk Jubail 700 containers MV Esperanza N 500 containers Calabar port

Intels Dozzy Eket offshore Eket offshore

MT Dapeng Wan MT Ore Ofe MV JMC 3330 MV Elizabeth II

Cargo Lagos port

2102.16 of bitumen 5,000 DPK 1,749 general cargo Imballast

Commission calls for maritime police

T

he Global Oceans Commission has called for the creation of international maritime police to ward off illegal activities across the world.

Former United Kingdom Foreign Secretary, David Miliband, has also called for the creation of a seagoing police force to bring order to the “wild west” free-for-all on the high seas that is damaging the health of the world’s oceans.

Miliband and the former Costa Rican President, Jose Maria Figueres, who together served as co-chairs of the Global Oceans Commission, will formally unveil their ideas for ocean reform in a report in June.

But the two leaders have began to sound out international reaction to a set of proposals for protecting oceans, from a crackdown on illegal fishing to a clean-up of the vast floating island of plastic in the Pacific

and expanding marine protection zones.

Illegal fishing on the high seas is stripping oceans of fish stocks, and threatening a major food source for 1 billion people, mostly in the developing world.

Two-thirds of the fish taken on the high seas are from stocks that are already dangerously depleted – far more so than in those parts of the ocean that lie within 200 miles of the shore and are under direct national control.

Estimates of the unreported and illegal catch on the high seas range between $10 billion to $24 billion a year, overwhelming government efforts to track or apprehend the illegal fishing boats.

The illegal fishing makes it impossible for countries to manage sustainable fisheries and hurts responsible fishing crews.

Sanctity of Truth

Wednesday, March 5, 2014

39

40 POLITICS

Sanctity of Truth

Wednesday, March 5, 2014

T

he Nigerian National Petroleum Corporation (NNPC) is currently enmeshed in several allegations of impropriety in some of its financial transactions with some business partners. It is also having some questions to answer in relation to remittances of its revenue to the Federation Account. Some of these allegations are already being investigated by the National Assembly.

For instance, the corporation is being investigated of alleged unremitted $49.8 billion by the Senate Committee on Finance. The suspended Governor of the Central Bank of Nigeria, Sanusi Lamido Sanusi was the accuser and major witness in the matter.

The House of Representatives is also investigating the NNPC of alleged connivance with Swiss Oil Trading Companies to rob Nigeria of $6.8 billion by selling crude below the price at the international oil market. The ad hoc committee set up by the House, under the chairmanship of Hon. Ajibola Muraina is still working on the report of the probe.

In another controversial allegation against the NNPC, the Nigeria Extractive Industries Transparency Initiative (NEITI) last Wednesday revealed to the House that $22.8 billion was undisclosed in the corporation’s audited financial statement.

Before now, there have been series of allegations of all manner of sharp practices going on in the NNPC, ranging from non-remittance of oil revenue, spending of unbudgeted funds to fraudulent sales of crude to multinational oil companies operating in the country.

Worried by these allegations of rot in the corporation, and considering the strategic place of oil in the country’s economy, the Senate Committee on Finance ordered the Federal Ministry of Finance to go into a forensic audit of the NNPC account in order to get to the root of the matter.

However, beyond the investigations being carried out from time to time on the NNPC by the parliament whenever there is allegation or suspicion of fraud or corrupt practices in the corporation, Nigerians expect that the two anti-corruption agencies namely: the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) will as a matter of routine exercise, independently investigate the corporation of allegations pertaining to financial crimes such as the current ones.

Going by the core statutory functions of the two agencies, without waiting to be reminded by the public, immediately there is a serious allegation, which is already in public domain, the anti-corruption agencies ought to have gone into full blown investigation of NNPC to ascertain the true position of things, and properly furnish Nigerians with information on the correct version of all the tales being told about the company that controls the oil business, which is the main stay of Nigeria’s economy.

The EFCC was established in 2002 by an Act of the National Assembly

Lamorde

Alison-Madueke

EFCC, ICPC: NNPC too sophisticated to probe At the budget defence last week, the two anti-graft agencies admitted that they lack requisite expertise to probe the Nigerian National Petroleum Corporation (NNPC). CHUKWU DAVID reports as amended in 2004. The commission was established partially in response to pressure is the Financial Action Task Force (FATF), on money laundering, which named Nigeria as one of the 23 countries that were not cooperative in the international community’s efforts to fight money laundering.

Nigerians were informed that the establishment of the commission was targeted at curbing the rampant corruption that became a cankerworm that had eaten deep into and destroyed the socioeconomic fabrics of the country. The commission was mandated to achieve this by enforcing all the economic and financial crimes laws.

Similarly, the Corrupt Practices and Other Related Offences Act 2000 established the ICPC, vesting it with the responsibility for investigation and prosecution of offenders thereof. Section 6 of the Act, states that the commission shall receive, investigate complaint, and prosecute offenders.

No doubt, both EFCC and ICPC have legal backings to investigate and prosecute individuals, groups and corporate organisations, but one wonders why the agencies would publicly tell Nigerians that they lacked the expertise to probe all the contentious allegations against the NNPC.

The agencies had last week Thursday at their budget defence with the Senate Committee on Drugs, Narcotics, and Financial Crimes and AntiCorruption told senators that they lacked the requisite expertise to carry out an effective investigation into the NNPC on the various allegations of financial corruption levelled against it.

Responding to the committee’s questions on what EFCC was doing about the allegations against the NNPC, the Chairman of the Commission, Ibrahim Lamorde said: “You need a professional firm to handle this.

This is not a common investigation.

These are very technical things. Let the audit be carried out. Let’s know exactly what we are talking about, understand what the figures are and criminal investigation can follow. You can’t start an investigation on nothing. You need a foundation. You can’t put a super structure without a base. So, we need that base to put our own investigation on it.”

On its part, the ICPC echoed that its inability to probe the NNPC over the years was due to the sophistication of the corporation’s account, which it claimed was far above the technical capacity of the anti-corruption agency.

According to the commission’s Acting Chairman, Prof. Olu Aina, “the account of NNPC is so sophisticated that it would require hiring financial

experts to study it for needed investigation, the cost of which however cannot be afforded by us due to underfunding.”

Now, the ICPC boss has thrown up a critical issue about insufficient funding of the agency. If it is true that poor funding has anything to do with the agencies’ inability to discharge their basic functions of investigating alleged corruption in order to effectively tackle the menace of graft in the country, then it proves that the leadership is yet to be serious with the crusade against the greatest enemy of Nigeria.

On the other hand, it does appear that the anti-graft commissions lack the will power to utilise their full statutory powers to cleanse the system of corruption, which is one of the factors responsible for all the socio-political woes ravaging the country over the years.

Whatever may be the case, the fight against corruption does not need excuses from the agencies of government set up to prosecute the war or the supervising ministry in charge of their funds. The National Assembly also has a responsibility to ensure that the issue of funding is tackled promptly by improving on their budgetary provisions in the 2014 budget, so that the agencies can train their personnel to be able to face any challenge in the course of discharging their duties in highly technical systems. Only concerted efforts of government and the citizenry can win the war against corruption in the country.

Sanctity of Truth

Wednesday, March 5, 2014

Why Reps didn’t defect with Shekarau –Ayuba Hon. Badamosi Ayuba represents Dambata/Makoda federal constituency of Kano State in the House of Representatives. In this interview with JULIUS TOBA, he reveals how former Governor Ibrahim Shekarau took a unilateral decision of defecting to the Peoples Democratic Party (PDP) without consultation with his long-time political associates in the All Progressives Congress (APC). Excerpts: The issue of defection has been in the front burner in the House of Representatives these days, what does this mean for 2015?

You cannot predict what is going to happen the next day in the House not to talk of 2015, the reason being that people have been moving from PDP to APC and others moving from APC to PDP. What I can say is that time will tell. Let’s say in the next two to three months all these defection issues will come to an end. By then, most of the parties must have had their primaries and you as a politician must have a definite platform to contest in the primaries. So, whatever will happen is going to be between now and then, that is when we can predict 2015. But that of APC, I can tell you as at today that we are expecting more members coming to our fold. I won’t mention the state but I can tell you for real that more PDP members will defect. This will happen in a very short time.

As someone who had worked closely with Ibrahim Shekarau in the ANPP, how do you see his recent defection to PDP? Nigeria is a free country, and for a politician, one would have to think and think wisely to know that if one belongs to this party, have goals and objectives there. You look deeply whether it is attainable in the party or you move to any place. Well, talking about

Ayuba

Shekarau’s defection; he’s a very strong politician from Kano. There’s no doubt about that. His defection has really changed the politics of Kano in some ways. But if anybody tells you that if he leaves APC, that it would deter the party from victory in 2015, that person is lying.

But there were reports that the national leadership of the APC was not fair to Shekarau and others.

Let me tell you something; we all know that if you are a governor of your state by the virtue of this position and whether someone likes your face or not, you are the leader of that party. Even if you came in today, the general assumption is that you are the party state leader. Nobody can deny that. From what I know, Kano APC did not abandoned Shekarau. What I know is that the party sat and said the governor of Kano will lead the party in the state, and that every other stakeholder will hold his office. Nobody can take a party and put it in his pocket and say this is my party. A political party like APC is such a big institution. It is all about collective responsibility.

If I were in Shekarau’s shoes, I would not have defected. I would have sat with the governor, discuss how we can both achieve whatever our goals are in the party. He cannot do it on his own; I can’t do it on my own. We have to join hands together to achieve whatever is achievable in this situation. But for you to be a leader you must first be a follower. If not, it will be very difficult for you, even if you become a leader you will lose that leadership eventually. This may have come a little bit late because Mallam has already defected to PDP. He would have stayed in the party and work things out. We are all here as members of the party, we were with Shekarau in ANPP where we agreed that the governor will be leader of the party. We now said Rabiu Kwankaso you are the leader of the party in Kano.

We did not expect any cry of injustice from him, we’ve not seen any of it from Kwankwaso. Though we don’t know what will happen in the future but for now everything is going on smoothly.

What was his excuse?

One of the reasons which Mallam gave is that the governor would not be fair to him. That’s what he said. But ordinarily, for you to say that someone won’t be fair to you even before you start, means something else. I would have expected him to stay and see how the party is run, may be candidate nominations, leadership structure or even the primaries. From there, let us see what’s going to happen, before you to start talking about injustice. In fact, nothing has been done for anybody to start saying the party is not fair to him. Then he would have waited to say Kwankwaso you did this and this which are contrary to the constitution of the party, and I can’t take it, so as a result I’m leaving the party for you. But nothing at all has been done before complaining.

He didn’t wait for the right time.

I don’t know if he had other motives of leaving the party which he didn’t tell us.

Because when Shekarau was leaving the party, as one of the stakeholders in Kano by virtue of my position as a member of the House of Representatives, I have a stake in the party. Moreover, we have all been together for several years right from the time he became governor in 2003 doing things together. I would have expected him to call us together even before he took that decision. For goodness sake, we are his political associates. We never held any meeting to discuss his defection.

It was a unilateral decision that some of us woke up to read in the newspapers.

Like in the House of Representatives, we are nine who came with him from ANPP, seven of us are still in APC because we were not carried along, so we are not going anywhere.

What of the two who defected to PDP? Yes, we have two of our members who recently defected to PDP, but not because of Shekarau, if I may say. According to them, they have their own reasons which could be due to political pressure from the constituencies. In fact, I discussed with one of them who told me that he had consulted with his political advisers, his followers and associates who told him to go to PDP, and that’s why he took that decision.

Don’t you think others may join Shekarau soon?

No. As at today, there are seven of us

INTERVIEW 41 remaining and none of us is willing to leave APC. Could this be a way of paying him back since he left you for PDP without consultation?

It is not a case of paying him back, this is all about political ideology and thinking. You know everyone has his own way of doing politics. For me, I do not have any reason to leave APC for now. If I leave APC today, I will be fighting with my own conscience asking why did I do this because nobody has offended me. Whatever I want to do in life, I must be able to justify it. The seven of us from ANPP and the two from CPC making nine of us are deeply rooted in APC, we can’t join Shekarau. Then we have another 11 from PDP who came with the governor, making 20 APC lawmakers from Kano.

What if they fall to monetary inducement allegedly going on in the House?

I don’t think they can. That reminds me, there’s this saying going on in the House of Reps that whoever wants to defect to PDP, money is somewhere waiting for him. Either one or two million dollars, I do not know and I don’t care to know. The fact is: no matter how much you collect and jump into PDP, you can never go back to your constituency to win an election. Those valuing money and thinking that money is everything would be shocked.

There is speculation that Shekarau could be made a minister under PDP soonest. What’s your take on this?

I know Mallam Shekarau is a very smart individual, he knows the game very well. He knows the system of governance. I doubt it very much if he would bring himself so low to take the appointment of a minister right now. But again, you can never know what is going on in someone’s mind. For someone to be a governor for eight years, then in his party, ANPP, he rose up to the position of becoming a presidential candidate and suddenly today he wants to accept a ministerial appointment from some he contested against in 2011. I don’t think Mallam will accept that, moreover you cannot predict what kind of pressure he’s into that will push him to take that appointment. I don’t think any wise politician should do that.

Looking at all these, don’t you think APC in Kano will face serious challenges in the governorship and presidential elections in 2015?

Anybody who comes out to say that PDP has any chance in Kano is either deceiving himself or not telling you the truth. Whoever is in doubt of my statement, let him go to Kano from the municipality to the rural areas; APC is in control. You know how our politics works in Kano? You don’t use money to win political offices in Kano, our people are politically wise. They can collect your money and vote against you. There is the rumour going on in Kano that they will use money to buy everybody, that they will use military, the police and INEC that PDP must deliver Kano. But I tell you, let them use whatever means that is possible, APC is going to win Kano both in the governorship and presidential elections.

42 POLITICS

Sanctity of Truth

Wednesday, March 5, 2014

How parliamentary practice turned ‘taboo’ C O N T I N U E D F R O M PA G E 1 3

politicians to switch camps at will.

In the last decade of our democracy, politicians have changed parties several times.

One of the most popular examples is the former Vice President Atiku Abubakar, who was elected into office on the platform of the Peoples Democratic Party (PDP) but ended up defecting to the Action Congress (AC), a party he joined in the heat of his political travails. This era also recorded the defection of Senator Wahab Dosunmu (ADLagos ) to PDP; Senator Fidelis Okoro (ADEnugu) to PDP; Senator Adeseye Ogunlewe (AD-Lagos) to PDP; Senator Musliu Obanikoro (AD-Lagos) to PDP and Senator Satti Gogwim (AC- Plateau) to PDP. Others that defected to the PDP from their initial parties included Senator Evans Enwerem (APPImo), Senator Arthur Nzeribe (APP/Imo), Senator John Nwanumu(APP/Abia), Senator Usman Kadiri (ANPP-Kogi) , Senator Patrick Osakwe (APP-Delta), Senator Patricia Akwasike (ANPP-Nasarawa) and Senator Sahab Yau who was initially a member of the All Nigeria People’s Party (ANPP).

On the other hand, Senator Uche Chukwumerije, elected on the platform of the PDP defected to the People’s Progressive Alliance (PPA) and later to the PDP while Senator Ajayi Borrofice (LP-Ondo) left for the Action Congress of Nigeria (ACN).

Not many analysts would remember that the current Speaker of the House Of Representatives, Rt. Hon. Aminu Tambuwal was first elected to the parliament on the platform of the ANPP but later switched over to the ruling PDP. One could also recall the defection of Hon. Halims Agoda (ANPP-Delta) to the PDP, Hon. Ali Mohammed Ndume (ANPPBorno) to the PDP and Hon. Uche Ekwunife’s defection from the PDP to the PPA when she went to contest the gubernatorial seat in Anambra State. She is back to the All Progressives Grand Alliance (APGA).

The current Minority Whip of the House of Representatives, Hon. Samson Osagie and Hon. Patrick Obahiagbon were elected into the parliament on the ticket of the PDP but crossed over to the Action Congress of Nigeria (ACN) when Governor Adams Oshiomole took Edo State by storm and sacked the then PDP government through the courts.

Since all these defections were done by individual politicians and the movements happened far apart from one another they had little or no impact on the political parties.

Even within the parties at the losing end, it was taken as one of those things politicians do during and after elections to gain vantage positions in the politics of the country.

The exodus However, defection is almost a taboo today. It took a new dimension following the crack that emerged in the leadership of ruling PDP last year. A mini-convention which was held to fill some vacancies in the National Executive Committee (NEC) of the party ended up tearing it apart. The crisis began with disagreements over the list of delegates from some states. It was alleged that the then National Chairman of the PDP, Alhaji Bamanga Tukur, and some

Tambuwal

other powerful figures within the party had put together a list that undermined the interests of some state governors.

Instantly, seven aggrieved state governors staged a walk out from the venue of the convention in protest. These were Governors Babangida Aliyu (Niger State), Rotimi Amaechi (Rivers), Abdulfattah Ahmed (Kwara), Murtala Nyako (Adamawa), Aliyu Wamakko ( Sokoto), Sule Lamido (Jigawa) and Rabiu Kwankwaso (Kano). They were accompanied by their supporters including members of the National Assembly from their respective states. Also in the camp of the aggrieved were Atiku Abubakar and Alhaji Kawu Baraje, a former Acting National Chairman of the party.

A few hours later, these aggrieved politicians announced the birth of a splinter group called the New PDP and constituted a parallel leadership to challenge the leadership of the ruling party.

The earthquake Months after, five of the seven governors defected to the All Progressives Congress (APC), the mainstream opposition party while Babangida Aliyu and Suleiman Lamido retreated to the old fold. Soon after, 37 members of the House of Representatives drawn from the states controlled by the five defected governors also moved en masse out of the ruling party. As if these were not enough, 11 senators from these five states also announced their departure from the ruling party to the APC. It was like an earthquake and the PDP trembled momentarily before it regained consciousness and found its bearing.

The PDP has headed for the courts to seek legal redress and halt further exodus of its members and damage to its structure. The ruling party wants the courts to declare that the defections were unwarranted and therefore illegal.

Prior to this time, the defecting lawmakers had pre-emptively approached the court to restrain the PDP from declaring their seats vacant. The suit filed by the PDP asking the courts to prevent any leadership change at the National Assembly is a third leg to the legal crossfire.

Ekwunife

The split Although there are three suits pending in the courts on account of these latest streams of defection, it is the ripple effects of these developments on the National Assembly that has become the real acid test to our jurisprudence and democracy. As far as defection is concerned, it has become a case of different strokes for different folks in the two chambers of the National Assembly.

The cross carpeting was received as normal by the leadership in the House but the leadership of the Senate viewed it as an abnormality. This is the reason the 37 House members have since settled in their new found land while their counterparts in the Senate are still trapped in a strange political desert, technically unable to reach the Promised Land.

What could be responsible for the difference? Some analysts have attributed it to the varied interpretations given to the Constitution and the rules of the Senate and House on the issue while others have blamed it squarely on the personal dispositions of the presiding officers in both chambers. But one must not loss sight of the fact that these latest defections have their roots in the battle of supremacy between the PDP and APC ahead of the 2015 general elections.

These are extraordinary times in the political development of Nigeria, hence it would be a grievous mistake to take anything on its face value.

Obviously, it is now a matter of law, logic and political calculations. The House claims that the constitution supports the defection, just as it supports the fundamental rights of freedom of movement and freedom of association.

Speaker of the House is believed to harbour enormous respect and sympathy for

Tambuwal appears to be sweeping the floor with a broom in one hand and holding the umbrella on the other hand to shield himself from the scorching heat of the sun

Borrofice

the APC and has had no problems with the exodus. In his utterances and body language, Tambuwal appears to be sweeping the floor with a broom in one hand and holding the umbrella on the other hand to shield himself from the scorching heat of the sun.

As for David Mark, the Senate President, his attitude to the defection can also not be far from his personal conviction that the recent defections were threats to the survival of the ruling party. Mark, a staunch loyalist of the PDP, has stood his grounds that even though defection is lawful, the rationale and manner of the latest attempt by the 11 senators to defect to APC in the Upper Chamber raises a red flag.

The constitution Section 68 of the 1999 Constitution (as amended) states clearly what should happen on the matter of defection. It runs thus: 1) A member of the Senate or of the House of Representatives shall vacate his seat in the house of which he is a member if g)being a person whose election to the House was sponsored by a political party, he becomes a member of another political party before the expiration of the period for which the House was elected.

Provided that his membership of the latter political party is not as a result of a division in the political party of which he was previously a member or of a merger of two or more political parties or faction of which he was previously sponsored.

In the present circumstance, the lawmakers who moved out of the PDP to the APC are hinging their action on this legal provision. They argue that there was a division in the PDP hence they had to first take refuge in the New PDP before finally crossing over to APC. On the other hand, the PDP and its loyalists have argued that there was never a division in the ruling party and therefore the exodus was unnecessary, unconstitutional and illegal.

The only way to untie this legal knot is for the courts to make a definite pronouncement on the matter.

The future In this epic battle, the stakes are so high as none of the parties would want to back C O N T I N U E D O N PA G E 4 4

POLITICS 43

Sanctity of Truth

Wednesday, March 5, 2014

My critics are not honourable –Aregbesola CO N T I N U E D F R O M PA G E 1 5

schools to the original owners would simply mean irresponsibility.

So, there is no Islamisation agenda?

Not at all. In the composition of my cabinet, over two-thirds of members of my cabinet are Christians. I chose them myself. More than three-quarter of permanent secretaries are Christians. All the judges in Osun, over 90 per cent are Christians, I didn’t appoint those ones.

Sixteen out of 26 House of Assembly members are Christians. So, where would anyone sustained this argument of Islamisation. I struggle to be a devout Muslim. The charge is more because of my appearance and being than any reality. Rather than come out to say why we labelled you as an Islamist is because of how you appear; you wear beard, you put on this cap and others. They know they can’t say that because it is uncivilised, they now tell lies.

Would you really say that these allegations emanate out of mischief?

You’ve hit the nail on the head. Mischief, biased and reckless affiliation to a tendency used to judge every issue. No government in Nigeria has ever done what I initiated in religious balancing in Osun State. The day I was sworn in, I decreed that all major religions in Osun must have equal official treatment. In official functions in Osun, traditionalists, Christians and Muslims pray together.

From that alone, there should not be any basis for religious affiliation allegation against me. Muslims were enraged on that decision. Christians fired the first salvo on me that I was encouraging traditional religion, that I am taking the society back. I told them the oath I took was to be fair to all. Till today, no other government has joined me on this. When I recognised the Muslim New Year, that further fuelled the allegation of fundamentalism. The Muslim New Year has always been part and parcel of Islamic celebration long before Christianity and the modern trends. To casual observers, it doesn’t matter.

Are you nursing any fear about the August 9 governorship election, especially when the opposition said what brought you into the office was a judicial coup? And may be all these baggages would affect your electoral chances.

There is no baggage at all. I always want the critical minds to visit Osun and assess the impact of administrations on the people. I am confident because I have the support of a majority of our people for my re-election. Why? We have served them with the way they have never been served in their history.

If election is about recompense to the administration, I told you that there is

These people criticising my government are bad in governance, bad in their relationship. They are not honourable no household that we have not impacted positively in this state.

Let me tell you this, a man met me in a Mosque and struggled to let the Imam of that Mosque to engage me. He said he came to thank me that his son, an NCE holder, had been at home for 10 years without any form of employment. He said the day that boy came to give him something as his own share of the first salary he received as an O’YES cadet, he asked him, where he got the money.

The boy said the new governor gave him employment as an O’YES cadet and that was his own share of the first salary. He said he had assumed that he will serve the boy till he died, but I changed that.

See, we are affecting lives. When you enter Osun from anywhere, you will see changes in the environment. No tension, no harassment, people now sleep well. For anybody to aim at disrupting that system, that person must be superpowerful. It cannot be those who have had the opportunities for 90 months but failed to do anything for our people. As we speak, we are working on a minimum of 210 kilometeres of roads in all the local governments; 7 km in each of the local governments. We have done close to 500 km of roads and doing landmark road work.

I tell people that the only way the Peoples Democratic Party (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. 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 ten 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’ What is the financial state of Osun against the insinuation that the state is in huge

Aregbesola

debt?

During the campaign in 2007, I wrote it that we are going to run government unusual. I have increased the revenue base of Osun from N300 million to N1.6 billion. I have been very prudent in the way I handle all the small-small surpluses I had that I still use it to augment whatever inadequacies I have. I had the best experience of governance particularly learning from the person I believe is the best public fund manager in Nigeria, Asiwaju Bola Tinubu. The combination of my background and the experience I garnered from him, made it possible for me to manage the resources of the state in such a way that before we can be said to be insolvent, the entire nation must be down.

The debt we have is within the capacity of the state to cope. That is why we never appeared in any of the reports of those mentioned as insolvent by concerned institutions. I want to assure that we are operating within the limits of the law of Nigeria. We are not insolvent, we are not indebted. We run projects that are un-burdensome. Our projects are done on flexible financing scheme and its paying off. We have not exceeded the threshold. The financial institution cannot be manipulated. We must be commended for taking Osun from its financial rot to even start having financial relationship with institution. We are in the Capital Market. Our first appearance at the market for bond fetched us by far what we sought. Our second attempt, we were oversubscribed. These people criticising my government are bad in governance, bad in their relationship.

They are not honourable.

What is your take on the Rivers State crisis

and 2015 elections timetable released by the Independent National Electoral Commission (INEC)?

On the Rivers crisis, the best answer is to use Obasanjo’s word paradoxically, I dey cry o. Why I may not laugh is that the situation is gory.

On the timetable, when you are in the situation we found ourselves in Nigeria, the less you say about something, the better for you. Well, my concern is for us to have credible, free, fair and transparent elections. The best thing would have been to have all the elections in one day.

But whichever way it is, what is very germane is the need to give democracy full, genuine, and unadulterated expression in Nigeria. Because if we can give democracy genuine expression in Nigeria, there won’t be any problem. But because we know that under a free and fair process, some people cannot even smell public office, the best is to complete the process in a single day. Nigerians have demonstrated the resilience and capacity that handling five ballots cannot be a problem. They know what they want to do with the ballots. If you want it to be easy provide different boxes for the offices. This will eliminate all collateral effects. What I am concerned with is the fairness and transparency process.

Look at Ghana; they were able to do a fairly free election. Nigeria has no business not to replicate the same. That is why some of us are waiting for biometric. Let it be impossible for anyone who didn’t register to vote. The day we can eliminate proxy voting, ensuring that the votes that are cast are counted and announced, that is the end of all shenanigans in all elections. We believe we will get there, and we will struggle to get there.

44 POLITICS

Sanctity of Truth

Wednesday, March 5, 2014

‘Wamakko won’t abandon projects’ Alhaji Ibrahim M Jirgi is the Media Consultant to Sokoto State government.

In this interview with WALE ELEGBEDE, he speaks on the state’s budget policy thrust, saying the focus of this year’s estimate is mainly on completion of all ongoing projects. Excerpts: What is your perception of the Aliyu Wamakko administration, especially as regards actualisation of campaign promises made to the electorate?

One can say confidently, without fear of contradiction that, so far so good.

Since the coming of the administration, it has been able to lay a sustainable foundation for the transformation of Sokoto State. It is a success story indeed; and we remain grateful to Allah for the success.

It is worth noting that in the face of lean resources at the disposal of government a lot has been achieved.

The huge successes are so enormous to require undue elucidations. Let me cite, as example, the number of projects commissioned in the last three months

Wamakko

that included Sokoto State University, Usman Danfodio University Teaching Hospital Library Complex, ultra-modern Government Villas, rural roads, skills acquisition centres, 20 million gallon water scheme and 350 housing units for flood disaster victims at Tsaro. These, actually, speak volumes of the administration’s efforts at transforming the state.

In fact, there are equally other projects that have been completed and earmarked for commissioning.

What is the 2014 budget presented by the governor on November 29, 2013 all about?

It is expected that a total of N125.8 billion would be spent for the state this fiscal year as contained in the budget.

This year’s budget is 8.7 per cent higher than that of the preceding year which was N115.8 billion.

Reading through the estimate one can clearly see that the budget’s focus is on completion of all ongoing projects to essentially improve the quality of life of Sokoto people. That is why it is being referred to as ‘Budget of Consolidation and Sustainable Development’. If you carefully look at the budget sectorial allocation, the highest proportion goes to economic sector, followed by social sector and general administration sector, respectively. This is essentially to achieve the budget objective. It is also part of the budget’s policy thrust to ensure unhindered progress of the state by focusing on the critical sectors of investment in physical infrastructure, education, agriculture and rural development. It is to further sustain and intensify various interventions in the area of poverty reduction as well as promote implementation of projects and programmes which address critical targets of MDGs. How would you allay the fears that many projects initiated by the administration may be abandoned for lack of time?

The governor is very serious about

Promoting animal science Philip Nyam

T

What are other key areas the budget is intended to address this fiscal year?

The administration is very much concerned about sustenance of peace and security in the state; so this critical area would continue to receive all the attention it deserves this fiscal year. It is also in the estimate to sustain and accelerate the state’s human capital investment in health, education, agriculture and rural development as well as strengthen public service capacity for good governance.

Equally, government also plans to provide critical utilities that would give citizens fulfilling life to enable them contribute to the overall development process. There are so many things like that all in this year’s budget. For example, there is also a plan to establish fruitful partnership with the private sector to create economic and educational opportunities as well as to revitalise all health institutions and improve healthcare delivery services in all parts of the state.

Parliamentary taboo C O N T I N U E D F R O M PA G E 4 2

Monguno

BILL OF

WEEK

THE

he bill titled “An Act to amend Nigeria Institute of Animal Science Act to properly define the Institute’s Regulatory Role, Enforce the provisions of the Act and provide for breach thereof and for other related purpose” is sponsored by Hon. Mohammed Tahir Monguno.

This bill was first read on the floor on March 21, 2013 and debated on March 26, 2013. It was referred to the Committee on Agriculture for further legislative input. It passed through third reading and was laid on November 13, 2013.

The objective of the bill, according to Monguno, is to promote all animal science activities and welfare of animals to reflect efficient and scientific production; to promote and coordinate research efforts and other studies for the advancement of any of the aspects or branches of animal science and to disseminate information relating to research results and modern animal production skills and technology and to ensure that the circular and courses of studies in animal science/ production of the faculties of agriculture/ animal science in the universities/polytechnics are of theoretical and practical relevance to the development and growth of animal science.

The amendments sought include section 4 (2) (c) of the principal Act by introducing a new provision as follows (c) “the Registrar/Chief Executive” and by amending subsection (d) by deleting “fourteen” and replacing it with “fifteen”. What this

implies is that for one to be qualified to be appointed as registrar/chief executive of the Institute, he/she must have a minimum experience of 15 years and not 14 as it is in the principal act.

Again, the bill seeks to amend section 13 (a) by substituting the name “member” with “registered animal scientist” hence if the amendment scales through, members of the Institute shall be referred to as ‘registered animal scientists” and not “members”.

It also sought to amend section 16 (a) of the principal act by introducing a new provision as follows: “A holder of a Bachelor’s degree in any Animal Science discipline or such degree recognised by the council as equivalent from any accredited institution in Nigeria or abroad and has in addition had five years approved post-graduation or post qualification working experience.

Persons holding foreign degrees shall have to pass a prescribed professional practice examination set by the Nigerian Institute of Animal Science.”

Similarly, section 21 (e) is also to be amended by introducing new subsection 6 as follows: “subject to this Act a person who has not obtained his first degree or other academic qualification from an accredited institution shall not be eligible to be registered as a registered animal scientist with effect from the time such institution was unaccredited.” This is the requirement for one to be enlisted as a registered member of the institute.

Monguno is also seeking to improve the quality of programmes run by schools.

completion of all ongoing capital projects he initiated. In fact, it has been the consistent philosophy of his administration that no chance would be given for a project to be abandoned because of his belief that such a practice is inimical to democracy and detrimental to the overall development of any society. Therefore, government is really committed towards ensuring that no project is left uncompleted in the life of this administration.

He therefore seeks for section 21(4) to be amended by substituting the existing provisions with a new one to read as follows: “Any institution whose animal science programme has not been accredited by the Nigerian Institute of Animal Science shall not be allowed to admit candidates for the training of Animal Scientists. The Institute may on the recommendation of the National Universities Commission direct the closure of such programmes.

Monguno represents Monguno/ Marte/Nganzai federal constituency of Borno State on the platform of the All Progressives Congress (APC). He is the chairman of the House Committee on Agriculture and was first elected to the House in 2007.

down. Chances are that the case may go up to the Supreme Court. Either way, there will be losers and winners when the legal battle is over. If PDP triumphs in this case before the party primaries begin later this year, it means that the 37 House members and 11 senators would be thrown out of the parliament. Even the seats of the five aggrieved governors could come under intense heat. This would spell doom for the APC whose calculations have been to decapitate the PDP in as many states as possible and take over the National Assembly before the crucial elections early next year.

If the case goes the other way round and the court affirms that there was indeed a division in the PDP, it will be a “political hallelujah” for the opposition. Those lawmakers whose seats are threatened in parliament will heave a sigh of relief and APC will be further emboldened to challenge the ruling party at the February 2015 polls.

This defection syndrome and the current struggle between the APC and PDP will ultimately enhance the nation’s political development. Unless something snaps and the entire system collapses, the resolution of these pending suits will put an end to the virus of political prostitution in the polity. A definite judicial pronouncement on the matter will curb in no small measure, the criss-cross manoeuvres of our political actors, entrench party discipline and sanitise the political environment.

METRO 45

March 5, 2014

Police arrest 13 cult members in Lagos EVIL GATHERING Some suspected cult members gather in Lagos to celebrate member’s birthday Juliana Francis and Taiwo Jimoh

P

PHOTO:TONY EGUAYE

olice in Lagos yesterday paraded 13 cult members, who were apprehended when they were celebrating with a new member of the group.

Parading the suspects before journalists at the state Police Command, Ikeja, the Commissioner of Police, Umar Manko, said the suspects were arrested when his men got a distress call about the activities of the cult

members who had gathered in a hotel at Ajah.

He said: “The cult members were arrested on February 28, when they came to the hotel to celebrate a birthday of one of their members who had just been initiated into the cult group.

The members came from Bariga and Ajah in Lagos while others came from Ogun State.”

“Following the information, my men mobilised and stormed the hotel. On sighting the police, some of the cult members who were all dressed in their cult uniform, ran out of the hotel, while 13 of them were arrested.”

Manko added that two Venango buses marked AAA265 XJ, APP198XJ and one Sport Utility Vehicle (SUV)

untless times-Victim When asked if the pastor had paid her school fees before, she said: “Papa had once told me during deliverance that he gave my mum N40,000 for my school fees.

“When I asked my mum, she said it was not true.’’

The victim, according to the News Agency of Nigeria (NAN), alleged that the accused had on some occasions, threatened her with a knife to force her to sleep with him.

After her testimony, Justice Hussein Baba-Yusuf adjourned the case to March 14 for continuation of testimony.

At the last sitting of the case on February 11, the first victim told the court that Basil allegedly told her that her father’s wife was trying to kill her and that the Lord told him to perform a quick deliverance on her.

She said: “I agreed for the deliverance to be carried out on me. During the deliverance, he carried a white handkerchief and a bottle of oil and asked me to remove my

manned by the best hands. You ts should consider the Nigeria a viable career option.” n attendance during the meetsenior police officers, the staff ents of Pacesetters’ College, a led by Mr. Raphael Adenoye nalists. while, the Force spokesman, k Mba, has disclosed the prof 24,118 police officers. d: “As part of on-going meaared towards boosting the f police officers and rewardwho have excelled in their asles, particularly in the area of g crimes and criminalities in he IGP has ordered the release omotion of 24,118 policemen.”

clothes.

“He also asked me if I was menstruating and I told him no.

“He told me that I was possessed with many evil spirits that had stained my blood, and it will only take my husband to deliver me and I was not married.

“He said that he will carry out the cleansing on me.’’

The victim testified that the accused led her into his bedroom and asked her to close her eyes, brought his handkerchief and placed it over her head and she became very weak.

The victim alleged that the accused raped her.

The offences, NAPTIP said, contravened the provisions of Sections 97, 179, 397(B) and 268 of the Penal Code.

If convicted, he is liable to 14 years in prison.

The accused had pleaded not guilty to the charges.

20-year-old girl withdraws rape suit against employer

A

n Oshodi Magistrates’ Court sitting in Lagos yesterday struck out a case of alleged rape preferred against a 35-yearold businessman, Kingsley Ikechukwu.

This, according to the News Agency of Nigeria (NAN), followed the victim’s withdrawal of the case. Ikechukwu has been standing trial since November 18 last year on a one-count charge of raping his 20-year-old employee.

The prosecutor, Corporal Kehinde Olatunde, had arraigned Ikechukwu in court for the offence.

Olatunde said that Ikechukwu committed the offence on November 4, 2013 at his residence at No 1, Ilufunmi Street, Ejigbo, Lagos.

The prosecutor said that the offence contravened Section 258 of the Criminal Code, Laws of Lagos State, 2011, which stipulates life imprisonment for rapists.

However, the accused, who pleaded not guilty to the charge, had been on bail.

But at the resumed hearing, the prosecutor informed the court of the complainant’s decision to withdraw the charge against the accused.

vehicle with registration number EPE 505 were all recovered from the cult members.

One of the suspects, Tosin Olumide, 22, told NT Metro that he was a waiter.

He said: “I was invited to the party to come and serve their guests food; I was surprised when I saw policemen who came and arrested us.

“I never knew these people were cult members; I wouldn’t have been there. I only went there to do my work.”

Another suspect, who identified himself as Tosin Jacob, said he was a DJ. He said: “I was contracted by one Yusuf to come and entertain his friends at his birthday.”

Couple attacks co-tenants with razor blade

A

man and his wife, Tokunbo and Damilola Adebari, were arraigned yesterday for alleged vicious assault on their cotenants with a razor blaze.

The man and his wife, who reside at No. 3, Araromi Street, Bariga Lagos, are charged with a three-count of assault, affray and breach of public peace before a Yaba Magistrates’ Court.

The prosecutor, Inspector Chris Takim, told the court that an argument broke out between Adebari and Wemimo Ogbere and his wife, Abosede, on February 19.

He said the disagreement arouse as the accused parked their belongings on the said day, with the intention of moving to another residence.

Takim added that the accused engaged the co-tenants in an argument which led to the assault.

The prosecutor said that the Adebaris used a razor blade and inflicted injuries on the faces and torsos of the victims, a number of times.

He said: “It was a vicious attack, my Lord.”

Takim said police investigations revealed that Adebari had previously attacked another co-tenant in the same manner.

He said the offences contravened the provisions of Sections 166, 171 and 172 of the Criminal Law of Lagos State, 2011.

After the charges were read to them, they both pleaded not guilty.

The section, according to the News Agency of Nigeria (NAN), prescribes three years in prison for anyone found guilty.

The Magistrate, Mrs Bola Folarin-Willams, admitted the accused to bail in the sum of N100,000 each, with two sureties in like sum each.

She adjourned the case till March 22, for mention.

Court remands student for raping colleague Biodun Oyeleye Ilorin

A

Magistrates’ Court sitting in Ilorin, Kwara State has remanded a 22-year-old student of Kwara School of Health Technology, Offa, Kwara State, Olorunshola Temidayo, for his alleged role in the recent gangrape of a female colleague of the institution.

The accused, Olorunshola Temidayo, had been arraigned before the court on a two-count charge of criminal conspiracy and rape, contrary to Sections 97 and 283 of Penal Code Law. He was alleged to have committed the offence along with three others, now at large.

According to Police First Information Report (FIR) on the case, the accused, along with his colleagues, had raped their victim after luring her to a birthday party at Lamodi area of Offa during which time they allegedly drugged her with palm wine mixed ‘Ponche’ hot drink. The incident happened on February 14.

The prosecutor claimed that Temidayo had used the privilege of being a Man O War instructor to lure his victim to the birthday party.

The FIR stated that when the accused discovered that the victim had been intoxicated enough, he took her into the room where he, along with his accomplices, took time to have canal knowledge of her without her consent.

The FIR also stated that the victim managed to shout for help after she had been subjected to several rounds of sexual intercourse and that her shouts subsequently attracted the attention of the landlord, who immediately came to her rescue and took her to General Hospital, Offa, from where she was referred to General Hospital, Ilorin, for further treatment.

Although the defence counsel, F. R. Ashaolu, argued for bail for the accused pending the outcome of investigation on the grounds that the law still presumed the accused innocent of the allegation until proved guilty, the police prosecutor, Corporal Oderinde Abideen, objected to the request and urged the court to remand him in prison custody.

46 business | FINANCIAL MARKET NEWS

Sanctity of Truth

Wednesday, March 5, 2014

FMDQ Daily Quotations List

4-Mar-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

Bonds

Price

FGN Bonds Issuer

Rating/Agency

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

0.04 0.07 0.32 0.57 1.14 2.45 3.15 3.40 3.49 4.24 5.32 5.64 7.90 14.74 15.22 15.72 16.39

12.42 12.52 13.25 13.95 14.21 13.88 13.99 13.85 13.85 13.85 13.91 13.84 13.89 13.63 13.61 13.60 13.63

0.08 6.04 11.64 12.98 14.05 13.81 13.87 13.73 13.73 13.75 13.84 13.75 13.84 13.58 13.56 13.53 13.57

99.90 99.83 98.68 97.51 89.60 98.30 102.70 89.40 87.86 90.11 107.60 73.80 111.70 108.58 92.83 67.23 76.40

100.40 100.33 99.18 98.01 89.75 98.45 103.00 89.70 88.16 90.41 107.90 74.10 112.00 108.88 93.13 67.53 76.70

TOTAL OUTSTANDING VALUE Rating/Agency

4,402.04 Description

Issuer

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

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

0.66 1.22 1.58 2.77 3.13 3.34

1.00 2.63 2.27 2.00 1.49 1.00

15.00 16.77 16.29 15.86 15.35 14.85

90.93 82.11 101.42 89.16 86.25 84.78

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

0.42 0.62 1.49 0.86 1.39 1.40 3.13 1.96 3.83 2.60 4.59 2.80 2.80 3.38 3.27 5.72 3.33 4.13 6.73 4.14 4.17

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

18.52 19.97 18.49 17.36 18.55 17.56 19.45 21.50 15.64 15.67 14.85 14.86 15.07 14.85 16.31 15.78 16.59 16.59 14.84 15.29 15.80

98.14 96.64 92.49 96.28 94.88 97.86 78.57 88.49 95.35 96.60 97.22 99.39 104.21 99.13 98.12 95.22 95.52 94.82 94.37 101.78 101.42

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

0.59 0.79 0.83 0.97 1.05 1.13 2.57 2.64 3.58 2.19 2.10 2.26 2.26 4.55 2.37 2.71 6.70

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

14.96 19.29 22.82 19.08 15.20 16.80 14.87 15.21 18.37 15.76 17.37 19.08 18.94 16.91 16.17 19.98 16.60

98.07 95.85 95.73 92.39 97.22 97.53 96.09 97.92 86.32 105.11 97.81 98.06 101.78 91.00 99.40 94.38 94.60

11-Feb-18

3.94

1.00

14.85

86.47

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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 A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

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 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

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

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb+/Agusto A-/Agusto 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

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Description

Issuer

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.69

5.55

105.96

106.79

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.84

4.65

101.09

101.86

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

6.15

6.02

101.60

102.50

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

3.94

3.52

113.70

114.53

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.33

4.55

104.43

106.10

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.41

6.17

98.37

99.31

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.31

6.92

99.82

100.97

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.39

8.05

94.75

95.88

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.37

4.82

114.09

115.28

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.27

6.90

103.65

105.07

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.65

6.43

99.84

100.79

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

TOTAL OUTSTANDING VALUE

2,960.00

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

FIXINGS Maturities 13-Mar-14 20-Mar-14 27-Mar-14 3-Apr-14 10-Apr-14 17-Apr-14 24-Apr-14

Bid 11.10 12.10 12.30 12.10 12.90 12.10 12.85

Offer 10.85 11.85 12.05 11.85 12.65 11.85 12.60

^Yield (%) 11.13 12.16 12.40 12.22 13.07 12.28 13.08

Money Market

NIBOR Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS

Rate (%) 12.7500 13.0417 13.4583 13.7917 14.1250 14.4167

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

12.21

Tenor

Bid ($/N)

Offer ($/N)

12.54

Spot 7D 14D 1M 2M

164.50 164.48 164.73 165.34 166.56

164.60 164.74 165.12 166.08 167.89

O/N Tenor Call

REPO

Rate (%) 12.42

12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

22-May-09 20-Nov-09 23-Jul-10

12.49 8.50 10.00

150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Agency Bonds AMCON FMBN

NA

15.22 15.72 16.39

13.61 13.60 13.63

13.56 13.53 13.57

Sanctity of Truth

Description

***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

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

0.66 1.22 1.58 2.77 3.13 3.34

1.00 2.63 2.27 2.00 1.49 1.00

15.00 16.77 16.29 15.86 15.35 14.85

90.93 82.11 101.42 89.16 86.25 84.78

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

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

0.42 0.62 1.49 0.86 1.39 1.40 3.13 1.96 3.83 2.60 4.59 2.80 2.80 3.38 3.27 5.72 3.33 4.13 6.73 4.14 4.17

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

M

18.52 19.97 18.49 17.36 18.55 17.56 19.45 21.50 15.64 15.67 14.85 14.86 15.07 14.85 16.31 15.78 16.59 16.59 14.84 15.29 15.80

98.14 96.64 92.49 96.28 94.88 97.86 78.57 88.49 95.35 96.60 97.22 99.39 104.21 99.13 98.12 95.22 95.52 94.82 94.37 101.78 101.42

0.59 0.79 0.83 0.97 1.05 1.13 2.57 2.64 3.58 2.19 2.10 2.26 2.26 4.55 2.37 2.71 6.70

business | FINANCIAL MARKET NEWS

NSE cuts transaction costs by N1bn 1,304.32

Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/Agusto; A-/GCR A/Agusto; A-/GCR A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

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

GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# NAHCO

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

IFC

10.20 IFC 11-FEB-2018

diminution

In a bid to increase investors’ confidence in the market, Exchange has slashed

he Nigerian Stock Exchange (NSE) yesterday said it had VALUE commenced TOTAL OUTSTANDING the reduction of the cost of Corporate Bonds its Trade Alert service by about A+/Agusto; AA/GCR LAFARGE WAPCO

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

N1.24 billion from March 2014.

This, it said, will be achieved through the scrapping of the current charge of 0.06 per cent of every trade on the Exchange and an introduction of an enhanced notification system, XAlert, which will be charged at a flat fee of N4 per transaction.

Mr Ade Bajomo, Executive Director of Market Operations and Technology, NSE, said these in a statement made 11.50 LAFARGEto WAPCO 7-OCT 2014 available New Telegraph.

Description

Issuer

FGN Eurobonds 6.75 JAN 28, 2021

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

FGN

5.13 JUL 12, 2018

BB-/Fitch; BB-/S&P

6.38 JUL 12, 2023

TOTAL OUTSTANDING VALUE Corporate Eurobonds SEC DG, Arumah Oteh B-/S&P; B/Fitch

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

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

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

He said that the enhanced X-Alert is a service that will allow the investing publics know when a transaction has been made on their account.

“Each time investors buy or sell a security, an alert is sent to them via a text message to the recipient’s mobile phone or via an e-mail to the recipient’s mailbox. So, what that does is to bring real time notification plus transparency to the market at market rates,

while safeguarding against unauthorised sale or purchase of securities” said Bajomo.

He noted: “The big difference for the investing community is that rather than pay 0.12% of every trade roundtrip, investors will now pay a flat fee of N4.00. Based on 2013 figures, the trade alert charges with the old system was some N 1.25billion; with the improved notification sys567.90 tem.

Lafarge to invest $1.37bn on expansion

L

TOTAL OUTSTANDING VALUE Rating/Agency

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

sion plan is in support of Nigeria's backward integration afarge WAPCO intends to policy in cement production. double its cement producRoux said that the company tion capacity in Nigeria realised the need to be a sucto 16Mt/yr with an invest- cessful player over the longterm by been a participant ment of $1.37billion by 2018. 175.67 The proposed investment, in the industrilisation of the 10.20 11-Feb-18 3.94 country. will 11-Feb-13 enable Lafarge to com- 12.00 plete the expansion of its ce- 12.00To this end, the CEO said that the company develops ment plant and the Issue Date in Calabar Coupon (%) Issue Value ($'mm) Maturity Date Bid Yield (%) Ashaka Cement plant. and train local employees.

Country Chief Executive “Lafarge in Nigeria cur07-Oct-11 6.75 500.00 28-Jan-21 Officer (CEO) Nigeria and rently employs about 1,5.69700 18-Dec-09 5.13 500.00 Benin Republic, Guillaume staff more 12-Jul-18 than 98 per 4.84 cent Roux, said the company inof whom are Nigerians.

We 01-Apr-10 6.38 500.00 12-Jul-23 6.15 vested $1.37billion between 1,500.00 lead them through extensive 2009 and 2012. training and development proHe added that the expangramme,” he said.

01-Feb-11 11.50 450.00 01-Feb-16

Supranational Bond AAA/S&P

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

Dele Alao

TOTAL OUTSTANDING VALUE

#

Coupon (%)

Sub-National Bonds

T

93.13 67.53 76.70

Issue Date

TOTAL OUTSTANDING VALUE

Chris ugwu

92.83 67.23 76.40

4,402.04 Issuer

Wednesday, March 5, 2014

22-May-29 20-Nov-29 23-Jul-30

47

NDIC to pay depositors of 83 microfinance banks

anaging Director of the NDIC, Alhaji Umaru Ibrahim, yesterday, said the Central Bank of Nigeria (CBN) had approved the liquidation and payment of 83 licensed micro finance banks.

The liquidation is coming two weeks after the banking watchdog’s Director, Other 1.00 14.96 98.07 Financial Institutions Super5.21 19.29 95.85 vision Department (OFISD), 8.71 22.82 95.73 Mr.4.88Olufemi19.08 Fabamwo,92.39gave 1.00 a clean bill 15.20 of health 97.22 to the 2.63 16.80 97.53 microfinance industry and 1.00 14.87 96.09 re1.34 15.21 97.92that affirmed unequivocally 4.52 18.37 86.32 the1.88 apex bank is satisfied with 15.76 105.11 the3.48 financial17.37 condition97.81 of the 5.20 19.08 98.06 microfinance banks. 101.78 5.06 18.94 3.06 16.91 appeared 91.00 beIbrahim, who 2.29 16.17 99.40 fore the senate committee on 6.11 19.98 94.38 2.76 16.60 banking, finance and 94.60 insurance, added that the corporation has concluded plans to 1.00 14.85 86.47 pay depositors of the affected MFBs. NDIC had in Offer a notice Offer The Yield (%) Bid Price Price on its website dated FebruPrices & Yields ary 21,2013, listed a total of 5.55 105.96 106.79 83 microfinance banks to be 4.65 101.09 101.86 liquidated, but a newspaper alleged that101.60 about 600102.50 MFBs 6.02 shut down, which prompted the re-assurance of the deputy governor.

Afren PLC I

11.50 FEB 01, 2016

3.52

113.70

114.53

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.33

4.55

104.43

106.10

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.41

6.17

98.37

99.31

Access Bank PLC

7.25 JUL 25, 2017

350.00

25-Jul-17

7.31

6.92

99.82

300.00

02-May-18

360.00

09-Dec-20

3.94

FMDQ Daily Quotations List 25-Jul-12 7.25

B/S&P; B/Fitch

6.88 MAY 09, 2018

09-May-13

6.63 DEC 09, 2020

09-Dec-13

6.88

4-Mar-14 100.97

Fidelity Bank PLC 8.39 8.05 The FMDQ Daily Quotations List (DQL) comprises market10.25 andAPR model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market.

The use of94.75 this report is95.88 subject 08, 2019 08-Apr-12 10.25 300.00 08-Apr-19 Afren PLC II 5.37 4.82 114.09 115.28 to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

8.25 AUG 07, 2020 07-Aug-13 8.25 300.00 07-Aug-20 B/S&P; B-/Fitch First Bank PLC 7.27 6.90 103.65 105.07 B/Fitch

B+/S&P; B+/Fitch

Afren PLC III

TOTAL OUTSTANDING VALUE

Bonds

6.63

FGN Bonds

**Treasury Bills Rating/Agency DTM

TOTAL

9 16 23 30 37 44 51 65 72 79 NA 86 93 107 114 121 156 184 275 310 324 338 OUTSTANDING 352

Issuer 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 15-May-14 22-May-14 FGN 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 7-Aug-14 4-Sep-14 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15 VALUE 19-Feb-15

Rating/Agency

Description Bid

Issue Date Offer

11.10 10.50 18-MAR-2014 12.10 10.75 31-MAR-2014 12.30 12.10 9.20 29-JUN-2014 12.90 9.25 28-SEP-2014 12.10 4.00 23-APR-2015 12.85 13.05 16-AUG-2016 12.85 15.10 27-APR-2017 12.95 9.85 27-JUL-2017 12.85 9.35 31-AUG-2017 12.90 10.70 30-MAY-2018 12.40 12.85 16.00 29-JUN-2019 13.00 7.00 23-OCT-2019 13.10 16.39 27-JAN-2022 13.00 15.00 28-NOV-2028 13.00 12.49 22-MAY-2029 12.25 8.50 20-NOV-2029 12.75 10.00 23-JUL-2030 12.85 12.80 12.90

10.85 18-Mar-11 11.85 31-Mar-07 12.05 11.85 29-Jun-07 12.65 28-Sep-07 11.85 23-Apr-10 12.60 16-Aug-13 12.60 27-Apr-12 12.70 27-Jul-07 12.60 31-Aug-07 12.65 30-May-08 12.15 12.60 29-Jun-12 12.75 23-Oct-09 12.85 27-Jan-12 12.75 28-Nov-08 12.75 22-May-09 12.00 20-Nov-09 12.50 23-Jul-10 12.60 12.55 12.65

Description

Issuer

Coupon (%) ^Yield (%) 11.13 10.50 12.16 10.75 12.40 12.22 9.20 13.07 9.25 12.28 4.00 13.08 13.05 13.15 15.10 13.29 9.85 13.22 9.35 13.30 10.70 12.80 13.35 16.00 13.55 7.00 13.69 16.39 13.76 15.00 13.91 12.49 13.50 8.50 14.30 10.00 14.50 14.52 14.73

Issue Date

6.65

FIXINGS Outstanding Value Maturity Date (N'bn) NIBOR

Risk Premium is a combination of credit risk and liquidity premiums 0.00 risk AMCON 31-OCT-2014 (SR.5 TR.1) AMCON **Exclusive of non-trading t.bills 0.00 FMB 24-MAY-2015 FMBN ^Bid yield

NA

***LCRM

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

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 Sub-National Bonds Bbb-/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR Bb+/Agusto; A-/GCR A/Agusto; A-/GCR A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto

Modified Duration

KWARABuckets NIGER KADUNA <3 *EBONYI 3<5 *BENUE >5 *IMO Market LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN

99.84

Tenor 320.00 CALL 35.00 7 DAYS 30 45.00 DAYS 60100.00 DAYS 90535.00 DAYS 180 DAYS 292.47 365 DAYS

452.80 20.00 100.00 300.00 Tenor 1M 351.30 2M 233.90 3M 600.00 6M 75.00 9M 150.00 12M 200.00 591.57

Rate (%) 18-Mar-14 12.7500 31-Mar-14 13.0417 13.4583 29-Jun-14 13.7917 28-Sep-14 14.1250 23-Apr-15 14.4167 16-Aug-16 14.7083

NITTY

27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 Rate (%) 12.2215 29-Jun-19 13.1436 23-Oct-19 13.3246 27-Jan-22 13.5208 28-Nov-28 14.1141 22-May-29 14.4997 20-Nov-29 23-Jul-30

100.79

Price

Money Market TTM (Yrs) Bid Yield Tenor Rate (%) (%) OBB

12.21

Foreign Offer YieldExchange (Spot & Forwards) Offer Price Bid Price (%) Tenor

0.04 12.42 0.08 0.07 12.52 6.04 Spot O/N 12.54 7D 0.32 13.25 11.64 REPO 14D 0.57 13.95 12.98 Tenor Rate (%) 1M 1.14 14.21 14.05 Call 12.42 2M 2.45 13.88 13.81 1M 13.08 3M 3.15 13.99 13.87 3M 13.58 6M 3.40 13.85 13.73 6M 14.08 1Y 3.49 13.85 13.73 4.24 13.85 13.75 NOTE: 5.32 13.91 13.84 :Benchmarks 5.64 13.84 13.75 * :Amortising 7.90 Bond 13.89 13.84 µ :Convertible Bond 14.74 13.63 13.58 AMCON: Asset Management Corporation of Nigeria 15.22Government of13.61 13.56 FGN: Federal Nigeria 15.72 Mortgage Bank 13.60 13.53 FMBN: Federal of Nigeria 16.39 13.63 13.57 IFC: International Finance Corporation

LCRM: Local Contractors Receivables Management NIFEX NAHCO: Nigerian Aviation Handling Company Current Price ($/N) NGC: Nigeria-German Company # BID($/N) 164.0000 UBA: United Bank for Africa Risk Avg. Life/TTM OFFER ($/N) (%) UAC Property Company Coupon Issue164.1000 Value (N'bn) UPDC: Maturity Date Development Premium (Yrs) WAPCO:West Africa Portland Cement Company

Bid ($/N)

Offer ($/N)

99.83 164.50 164.48 98.68 164.73 97.51 165.34 89.60 166.56 98.30 167.77 102.70 171.59 89.40 178.58

100.33 164.60 164.74 99.18 165.12 98.01 166.08 89.75 167.89 98.45 170.46 103.00 175.78 89.70 187.78

Valuation Yield (%)

Indicative Price

15.00 16.77 16.29 15.86 15.35 14.85

90.93 82.11 101.42 89.16 86.25 84.78

99.90

100.40

87.86 88.16 90.11 90.41 107.60 107.90 NA :Not73.80 Applicable 74.10 # :Floating 111.70Rate Bond 112.00 ***: Deferred coupon bonds 108.58 108.88 92.83 93.13 67.23 67.53 76.40 76.70

4,402.04

(%)

*from the Amortising Agency Bonds bonds, the average life is calculated and not the duration #

6.43

2,960.00

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

FMDQ FGN BOND INDEX

0.66 1.22 1.58 2.77 3.13 3.34

1.00 2.63 2.27 2.00 1.49 1.00

1,304.32

Porfolio Market

14.00 KWARA 5-AUG-2014 Value(Bn) 14.00 NIGER 15-OCT-2014 12.50 KADUNA1,231.89 31-AUG-2015 13.00 EBONYI 30-SEP-2015 1,048.20 14.00 BENUE 30-JUN-2016 451.96 15.50 IMO 30-JUN-2016 2,732.04 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020

Total Outstanding Volume(Bn)

1,280.27 951.30 591.57 2,823.14

Weighting by 05-Aug-09 Outstanding Vol

15-Oct-09 31-Aug-10 45.35 30-Sep-10 33.70 30-Jun-11 20.95 30-Jun-09 100.00 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

Weighting by Mkt 14.00 Value

14.00 12.50 45.09 13.00 38.37 14.00 16.54 15.50 100.00 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 14.75

Bucket 17.00 Weighting

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

0.45 0.34 0.21 1.00

% Exposure_ 05-Aug-14 Mod_Duration

15-Oct-14 31-Aug-15 22.10 30-Sep-15 38.66 30-Jun-16 39.25 30-Jun-16 100.00 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

Implied Yield 0.42

0.62 1.49 14.01 0.86 13.90 1.39 13.63 1.40 13.82 3.13 1.96 3.83 2.60 4.59 2.80 2.80 3.38 3.27 5.72 3.33 4.13

Implied 4.88 Portfolio Price

5.99 4.44 100.3329 3.23 117.4813 4.46 82.5499 3.48 102.3850 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74

YTD Return 98.14 (%)

INDEX 18.52

19.97 18.49 1,014.91 17.36 994.79 18.55 999.33 17.56 996.35 19.45 21.50 15.64 15.67 14.85 14.86 15.07 14.85 16.31 15.78 16.59 16.59

-

96.64 92.49 1.4915 96.28 0.5213 94.88 0.0666 97.86 0.3652 78.57 88.49 95.35 96.60 97.22 99.39 104.21 99.13 98.12 95.22 95.52 94.82

48 BUSINESS | MONEY LINE

Sanctity of Truth

Wednesday, March 5, 2014

At $40.1bn, reserves fall by $2.3bn in a month WEAK NAIRA Soon, the CBN may not have enough reserves to defend the Naira Stories by Ayodele Aminu

D

eclining oil revenue and draw-down on official foreign exchange (forex) reserves to defend the naira, has led to a decline of Nigeria's forex reserves by $2.9billion in February alone, to$40.1billion.

At this level, analysts are concerned that it is the lowest level for a month-end since the very start of the effect of Nigeria's inclusion in JP Morgan index in August 2012.

Analysts at FBN Capital said the Central Bank of Nigeria (CBN) stepped up its forex sales at the retail Dutch Auction System (RDAS) to $3.1billion in the month.

“This transfer of forex demand from the interbank market to the auctions appears to reflect both the exit of some offshore investors and the persistent shortfall in oil revenue due to the well-publicised production

Acting CBN Governor, Dr. Sarah Alade

losses/leakages,” , the analysts said.

Official reserves include the balance on the excess crude account, which has plummeted from $11.5billion at end-2012 to $2.1billion.

Reserves at end-December provided seven months’ import cover according to a recent press release in the name of the acting CBN governor, Sarah Alade.

This would normally be a sufficient cushion, were it not for Nigeria’s hearty appetite for imports and limited productive base, the analysts said.

They said that about 80 per

cent of the reserves are available to the CBN to support the naira exchange rate.

CBN policy, among other things, is to employ monetary tools and market intervention in pursuit of rate stability.

According to FBN capital, the accelerated rate of reserves depletion tells Nigerians that the CBN has limited time on its side.

"We see little merit (other than the headlines) in identifying said critical levels for the reserves and continue to feel that the CBN can defend the rate on the assumption that oil revenue does not decline further and offshore investors do not exit in larger numbers," the investment arm of FBN Holdings stated.

Similarly, other analysts at the Financial Derivatives Company (FDC) had earlier described the level of decline of the reserves as being below the psychological resistance level at $41billion because of the increased frequency and magnitude of CBN intervention in support of the naira.

"In this turmoil, the unprecedented and unusual removal of the CBN Governor did not help matters.

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

FX

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

Offer 163.38

of the institution”.

The Senator called on the CBN to live up to its responsibilities and advised the Bank’s officials to remain focused and concentrate on their jobs.

In his presentation, the CBN Deputy Governor, Corporate Services, Alhaji Suleiman Barau, attributed the high budgetary expenditure of 2013 arising from liquidity management to the quantitative easing in the United States and Western European countries, which led to upsurge in foreign portfolio investment inflow by investors who were desirous of taking advantage of the higher yield prevailing in the Nigerian market.

The Deputy Governor said it was not unlikely, that the pressure on the foreign reserves stemmed from the activities of these foreign investors who want to repatriate their returns on investment.

Just few days ago, the banking watchdog was commended by the House Committee on Finance for its unequaled record of timely remittances to the Federation Account.

Banks' assets rise to N24trn, says CBN

A

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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80

T

he recent hullabaloo over the suspension of the Governor of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, must not be allowed to distract the apex Bank from effectively discharging its duties, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Bassey Otu, has said.

He made these remarks yesterday during the hearing on the implementation of the 2013 and the presentation of the 2014 operating budget of the CBN. “You have been doing quite alright in terms of performance. The state of the economy has been very challenging. There has been a lot of controversies in recent times linking the central bank. We won’t want it to affect the institution,” he said.

“We want everybody to concentrate and do the work the Nigerian people want you to do. Issues would sort out themselves at appropriate time… but it must not affect the productivity of the institution, the direction and objectives

zz Currency in circulation hits N1.77trn

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

CBN must not fail, says Senator Otu

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

ggressive deposit mobilisation by Deposit Money Banks (DMBs) has robbed off on their assets base as the industry’s total assets and liabilities stood at over N24trillion at the end of the fourth quarter of last year.

Data obtained from the Central Bank of Nigeria (CBN) indicates that the amount represented an increase of 4.4 per cent over the level at the end of the preceding quarter.

"The funds stipulated above were sourced, largely, from increased mobilisation of minimum ratio, while demand deposit and Federal Government deposit, were used for accretion to foreign reserves and purchase of government securities," CBN stated in its last quarter report for 2013.

Also, at N1.77 trillion, currency-in-circulation rose by 20.5 per cent at the end of the fourth quarter of 2013, compared with the increase of 3.4 and 20.9 per cent at the end of the preceding quarter and the

corresponding period of 2012, respectively.

The development, relative to the preceding quarter was attributed, largely, to the 23.9 per cent increase in currency outside the banks.

Further breakdown showed that total deposits at the CBN increased by 0.2 per cent to N7trillion, compared with the increase of 14.8 per cent by the preceding quarter.

At N12.22 trillion, banks’ credit to the domestic economy, rose by 8.6 per cent above the level in the preceding quarter. The development was attributed, largely, to the 346.9 per cent points increase in claims on the Federal Government.

Central Bank's credit to the banks fell by 1.6 per cent to N229.8 billion at the end of the review quarter, reflecting the decline in overdrafts to banks, while total specified liquid assets of the DMBs stood at N6.61illion, representing 39.5 per cent of their total current liabilities.

business | CAPITAL MARKET 49

Sanctity of Truth

Wednesday, March 5, 2014 Daily Summary as of 04/03/2014 Printed 04/03/2014 14:42:33.033

The Nigerian Stock Market Exchange as at March 4, 2014

Daily Summary as of 04/03/2014

Printed 04/03/2014 14:42:33.033

Daily Summary (Equities)

Daily Summary (Bonds)

Activity Summary on Board EQTY

Activity Summary on Board DEBT Federal

Bond Name 15.10% FGN APR 2017 Federal Totals

Symbol FG9B2017S2

No. of Deals 1 1

DEBT Board Totals

Current Price 103.55

1

Bond Activity Totals

Quantity Traded 75 75

Value Traded 81,707.22 81,707.22

75

81,707.22

75

1

ICT IT Services NCR (NIGERIA) PLC. IT Services Totals

81,707.22

Processing Systems CHAMS PLC Processing Systems Totals

Daily Summary (Equities)

Livestock/Animal Specialties Daily Summary as of 04/03/2014 LIVESTOCK FEEDS PLC. Printed 04/03/2014 14:42:33.033 Livestock/Animal Specialties Totals

Symbol OKOMUOIL PRESCO

No. of Deals 83 14 97

Current Price 41.00 46.00

Quantity Traded 2,804,648 90,100 2,894,748

Value Traded 115,145,481.51 4,143,935.00 119,289,416.51

Symbol LIVESTOCK

No. of Deals 26 26

Current Price 3.95

Quantity Traded 376,931 376,931

Value Traded 1,484,402.99 1,484,402.99

3,271,679

120,773,819.50

Current Price 1.52

Quantity Traded 200,099

Value Traded 306,164.34

AGRICULTURE Totals

123

INDUSTRIAL GOODS Building Materials AFRICAN PAINTS (NIGERIA) PLC. Daily Summary as of 04/03/2014 ASHAKA CEM PLC Printed 04/03/2014 14:42:33.033 BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. PAINTS AND COATINGS MANUFACTURES PLC

Daily Summary (Equities)

CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. Activity Summary on Board EQTY

Symbol AGLEVENT

CONGLOMERATES Published

by The Nigerian Stock Exchange © Diversified Industries

Symbol TRANSCORP UACN

TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

No. of Deals 4

No. of Deals 234 58 296

CONGLOMERATES Totals

Current Price 3.61 64.80

296

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Page Quantity Traded

1

Activity Summary on Board EQTY

of 13 Value Traded

32,053,967 564,931 32,818,997

114,948,789.84 36,694,959.54 151,949,913.72

32,818,997

151,949,913.72

Symbol COSTAIN

No. of Deals 33 33

Current Price 1.69

Quantity Traded 930,376 930,376

Value Traded 1,522,233.10 1,522,233.10

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals

Symbol JBERGER

No. of Deals 4 4

Current Price 75.00

Quantity Traded 4,800 4,800

Value Traded 342,000.00 342,000.00

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals 20 20

Current Price 20.97

Quantity Traded 158,780 158,780

Value Traded 3,267,560.36 3,267,560.36

1,093,956

5,131,793.46

Quantity Traded 3,098 3,098

Value Traded 1,549.00 1,549.00

CONSTRUCTION/REAL ESTATE Totals

57

Daily Summary as of 04/03/2014 Printed 04/03/2014 14:42:33.033 CONSUMER GOODS

Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals

Symbol DUNLOP

No. of Deals 4 4

Current Price 0.50

Daily Summary (Equities)

Activity Summary Board EQTY Published

by The Nigerian on Stock Exchange ©

Page

2

of

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 NATIONAL SALT CO. NIG. PLC Daily Summary as of 04/03/2014 N NIG. FLOUR MILLS PLC. Printed 04/03/2014 14:42:33.033 UNION DICON SALT PLC. U T C NIG. PLC. Food Products Totals Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.

Symbol GUINNESS INTBREW JOSBREW NB

No. of Deals 41 27 2 180 250

Current Price 179.00 27.25 4.16 145.01

Quantity Traded 265,008 355,145 10,450 2,966,844 3,597,447

Value Traded 47,546,483.99 9,719,739.25 41,382.00 465,612,747.01 522,920,352.25

Symbol 7UP

No. of Deals 12 12

Current Price 82.64

Quantity Traded 13,918 13,918

Value Traded 1,172,224.49 1,172,224.49

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UNIONDICON UTC

No. of Deals 59 74 45 44 25 3 15 1 266

Current Price 9.50 11.10 78.00 4.00 13.20 22.01 13.51 0.56

Quantity Traded 302,254 2,936,297 124,163 1,260,170 691,424 5,000 296,801 10 5,616,119

Value Traded 2,857,072.75 32,717,795.14 9,687,788.99 5,007,057.70 9,129,698.80 104,550.00 3,903,845.04 5.80 63,407,814.22

Symbol No. of Deals Daily Summary (Equities)

Current Price 85.00 1,075.00

Quantity Traded 286,753 83,234

Value Traded 24,131,270.29 88,860,871.84

CADBURY NESTLE

Activity Summary on Board EQTY CONSUMER GOODS Published

by The Nigerian Stock Exchange ©

58 56

Page

3

of

Food Products--Diversified Food Products--Diversified Totals

Symbol

No. of Deals 114

Current Price

Quantity Traded 369,987

Value Traded 112,992,142.13

Household Durables VITAFOAM NIG PLC. Household Durables Totals

Symbol VITAFOAM

No. of Deals 21 21

Current Price 4.20

Quantity Traded 411,563 411,563

Value Traded 1,695,206.20 1,695,206.20

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Symbol PZ UNILEVER

No. of Deals 50 73 123

Current Price 35.30 49.00

Quantity Traded 523,886 1,124,531 1,648,417

Value Traded 18,349,962.89 54,842,733.78 73,192,696.67

11,660,549

775,381,984.96

Quantity Traded 16,101,551 4,434,640 16,290,619 5,066,301 11,739,217 10,344,530 2,153,264 34,602,467 1,216,625 10,033,650

Value Traded 125,277,010.56 29,674,440.80 236,300,747.83 11,485,150.80 294,454,275.14 40,413,801.10 5,115,049.08 272,942,924.53 11,686,687.44 5,016,825.00

CONSUMER GOODS Totals

790

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. Daily Summary as of 04/03/2014 UNITED BANK FOR AFRICA PLC Printed 04/03/2014 14:42:33.033 UNION BANK NIG.PLC. UNITY BANK PLC Published by The Nigerian Stock Exchange ©

Published by The Nigerian Stock Exchange © Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

Symbol ACCESS DIAMONDBNK ETI FIDELITYBK GUARANTY SKYEBANK STERLNBANK UBA UBN UNITYBNK

No. of Deals 230 85 87 96 265 101 41 285 70 5

Current Price 7.73 6.70 14.22 2.29 24.98 3.90 2.40 7.81 9.97 0.50

Daily Summary (Equities)

FINANCIAL SERVICES Daily Summary as of 04/03/2014 Banking Printed 04/03/2014 14:42:33.033 WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services

Symbol WEMABANK ZENITHBANK

Page

4

of

No. of Deals 29 397 1,691

Current Price 1.05 21.29

Quantity Traded 766,372 75,910,505 188,659,741

Value Traded 807,976.42 1,626,023,216.13 2,659,198,104.83

No. of Deals

Current Price

Quantity Traded

Value Traded

Daily Summary (Equities) Symbol

OIL AND GAS Energy Equipment and Services Daily Summary as of 04/03/2014 JAPAUL OIL & MARITIME SERVICES PLC Printed 04/03/2014 14:42:33.033 Energy Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals 13

Mortgage Carriers, Brokers and Services

Mortgage Carriers, Brokers and Services Totals Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC

Activity SummaryAND on Board EQTY CUSTODIAN ALLIED PLC

Symbol AFRINSURE AIICO CONTINSURE CORNERST GNI INTENEGINS LASACO LINKASSURE MANSARD NEM NIGERINS OASISINS PRESTIGE STDINSURE UNITYKAP WAPIC

No. of Deals 1 28 2 4 5 12 2 1 12 12 11 7 14 4 1 116 232

Current Price 0.50 0.81 1.10 0.50 0.59 0.70 0.50 0.50 2.30 0.79 0.50 0.52 0.58 0.50 0.50 0.86

Quantity Traded 200,000 3,367,704 500,000 285,000 290,000 621,042 35,000 200 382,483 736,950 176,258 786,966 588,997 159,600 3,000 5,405,405 13,538,605

Symbol ASOSAVINGS

No. of Deals 1 1

Current Price 0.50

Quantity Traded 100 Page 100

No. of Deals 141 26

Current Price 4.10 2.30

Quantity Traded 27,863,746 1,165,299

Daily Summary (Equities) Symbol AFRIPRUD CUSTODYINS

Page

Published by The Nigerian Stock Exchange ©

FINANCIAL SERVICES Other Financial Institutions FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol FBNH FCMB ROYALEX STANBIC UBCAP

FINANCIAL SERVICES Totals HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

Published by The Nigerian Stock Exchange ©

No. of Deals 437 74 5 33 142 858

Current Price 13.06 3.49 0.61 20.50 2.88

2,782 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH

HEALTHCARE Totals ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

Petroleum and Petroleum Products Distributors

Activity Summary CONOIL PLC on Board EQTY OIL AND GAS

Published by The Nigerian Exchange © Petroleum andStock Petroleum Products Distributors

FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

No. of Deals 9 38 25 28 10 110

Current Price 2.81 3.10 70.00 2.04 1.85

110 Symbol COURTVILLE

Quantity Traded 2,000 2,000

Value Traded 31,980.00 31,980.00

Symbol CHAMS

No. of Deals 5 5

Current Price 0.50

Quantity Traded 428,990 428,990

Value Traded 214,495.00 214,495.00

1,372,490

915,940.00

Quantity Traded 9,500 1,430,297 106,508 525,671 616,201 1,522,728 15,058 28,000

Value Traded 24,605.00 25,142,257.95 999,096.74 24,179,954.13 5,908,230.50 361,088,855.21 21,442.36 48,640.00

SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

13

13

No. of Deals 9 9

Current Price 0.71

Quantity Traded 12,845,675 6,650,404 327,447 246,852 21,064,558 70,163,981

Value Traded 170,787,023.43 23,285,129.68 199,739.93 5,000,028.87 60,483,732.98 375,546,961.09

272,362,427

3,045,942,060.92

Quantity Traded 54,131 2,150,380 1,672,687 710,650 467,350 5,055,198

Value Traded 148,770.63 6,494,317.48 117,088,334.90 1,491,652.50 861,218.00 126,084,293.51

5,055,198

126,084,293.51

Quantity Traded 941,500 941,500

Value Traded 669,465.00 669,465.00

Page

7

of

Current Price 2.72 17.10 9.87 46.00 9.39 240.00 1.48 1.81

Symbol PORTPAINT WAPCO

No. of Deals 5 57 385

Current Price 5.40 110.00

Symbol CUTIX

No. of Deals 10 10

Current Price 2.00

Symbol BETAGLAS

No. of Deals 3 3

Current Price 19.38

398

Quantity Traded 192,800 928,858 5,375,621

Value Traded 1,036,816.00 101,523,473.94 519,973,371.83

Page Quantity Traded 108,820 108,820

8

of 13 Value Traded 218,334.19 218,334.19

Quantity Traded 23,150 23,150

Value Traded 426,458.00 426,458.00

5,507,591

520,618,164.02

Symbol JAPAULOIL

No. of Deals 36 36

Current Price 0.51

Quantity Traded 1,721,325 1,721,325

Value Traded 879,007.22 879,007.22

Symbol OANDO

No. of Deals 158 158

Current Price 18.90

Quantity Traded 1,616,405 1,616,405

Value Traded 30,624,728.10 30,624,728.10

Symbol CONOIL ETERNA

No. of Deals 24 25

Current Price 49.12 3.95

Quantity Traded 763,149 248,104

Value Traded 37,485,878.88 982,110.64

Symbol FO MOBIL MRS TOTAL

No. of Deals 23 12 3 12 99

Current Price 88.40 120.14 54.44 173.00

Page Quantity Traded 65,166 18,637 550 27,547 1,123,153

9Value Traded of 13

Daily Summary (Equities)

293

5,574,413.00 2,318,646.86 28,446.00 4,626,544.10 51,016,039.48

4,460,883

82,519,774.80

Current Price 1.35

Quantity Traded 136,500 136,500

Value Traded 183,458.48 183,458.48

Symbol REDSTAREX TRANSEXPR

No. of Deals 6 3 9

Current Price 4.58 2.81

Quantity Traded 60,000 43,833 103,833

Value Traded 274,995.00 129,307.35 404,302.35

Symbol CILEASING

No. of Deals 8 8

Current Price 0.55

Quantity Traded 575,548 575,548

Value Traded 315,621.92 315,621.92

Symbol IKEJAHOTEL

No. of Deals 4 4

Current Price 0.66

Quantity Traded 76,392 76,392

Value Traded 49,854.80 49,854.80

Symbol DAARCOMM

No. of Deals 1 1

Current Price 0.50

Page Quantity Traded 20,000 20,000

Printing/Publishing ACADEMY PRESS PLC. LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol ACADEMY LEARNAFRCA STUDPRESS UPL

No. of Deals 2 2 1 4 9

Current Price 1.81 1.90 2.40 4.30

Quantity Traded 520,000 1,090 100 64,000 585,190

Value Traded 941,200.00 2,066.50 228.00 262,300.00 1,205,794.50

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 2 2

Current Price 0.96

Quantity Traded 255,000 255,000

Value Traded 243,800.00 243,800.00

Symbol NSLTECH

No. of Deals 14 14

Current Price 0.50

Quantity Traded 250,800 250,800

Value Traded 125,400.00 125,400.00

Symbol AIRSERVICE NAHCO

No. of Deals 12 53 65

Current Price 3.05 5.63

Quantity Traded 422,624 1,114,722 1,537,346

Value Traded 1,279,825.84 6,192,089.46 7,471,915.30

125

3,540,609

10,010,147.35

4,990

341,144,379

4,839,327,892.24

Quantity Traded 11,000 11,000

Value Traded 6,820.00 6,820.00

11,000

6,820.00

Quantity Traded 10,000 10,000

Value Traded 18,400.00 18,400.00

10,000

18,400.00

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Daily Summary as of 04/03/2014 Totals Printed 04/03/2014 14:42:33.033 Employment Solutions C & I LEASING PLC. Employment Solutions Totals

Specialty SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals Daily Summary as of 04/03/2014 Transport-Related Services Printed 04/03/2014 14:42:33.033 AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals SERVICES Totals

Daily Summary (Equities)

Daily Summary (Equities)

10Value Traded of 13 10,000.00 10,000.00

Activity Summary on Board EQTY Published by The Nigerian Stock Exchange ©

EQTY Board Totals

Daily Summary (Equities)

Page

11

of

13

Activity Summary on Board ASeM

Value Traded 113,209,038.40 2,582,267.80 of

No. of Deals 1 71 13 41 25 165 (Equities) 3 4

No. of Deals 13 13

SERVICES Published byMedia/Entertainment The Nigerian Stock Exchange © DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Value Traded of 50.00 13 50.00

6

Symbol AFRPAINTS ASHAKACEM BERGER CAP CCNN DANGCEM Daily Summary DNMEYER PAINTCOM

Symbol RTBRISCOE

Hotels/Lodging IKEJA HOTEL PLC Activity Summary Totals on Board EQTY Hotels/Lodging

Value Traded 100,000.00 2,753,743.88 550,000.00 142,500.00 161,600.00 434,890.24 17,500.00 100.00 880,440.90 585,141.58 88,285.13 409,422.32 346,657.30 79,800.00 1,500.00 4,645,363.65 11,196,945.00

5

16

OIL AND GAS Totals

Activity Summary on Board EQTY FINANCIAL SERVICES Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. GREAT NIGERIAN INSURANCE PLC INTERNATIONAL ENERGY INSURANCE COMPANY PLC LASACO ASSURANCE PLC. LINKAGE ASSURANCE PLC MANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. OASIS INSURANCE PLC PRESTIGE ASSURANCE CO. PLC. STANDARD ALLIANCE INSURANCE PLC. UNITY KAPITAL ASSURANCE PLC Daily Summary as of 04/03/2014 WAPIC INSURANCE PLC Printed 04/03/2014 14:42:33.033 Insurance Carriers, Brokers and Services Totals

Current Price 16.83

INDUSTRIAL GOODS Totals

Activity Summary on Board EQTY

ASO SAVINGS LOANS Published by The Nigerian StockAND Exchange © PLC

INDUSTRIAL GOODS Building Materials PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

ETERNA PLC.

CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

No. of Deals 2 2

ICT Totals

Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Symbol NCR

CONSUMER GOODS Personal/Household Products ROKANA INDUSTRIES PLC. Personal/Household Products Totals

Symbol ROKANA

CONSUMER GOODS Totals 13

SERVICES Food/Drug Retailers and Wholesalers JULI PLC. Food/Drug Retailers and Wholesalers Totals

Current Price 0.60

2 Symbol JULI

No. of Deals 1 1

Current Price 1.93

SERVICES Totals Daily Summary as of 04/03/2014 Printed 04/03/2014 14:42:33.033

1

ASeM Board Totals

3

21,000

25,220.00

Equity Activity Totals

4,993

341,165,379

4,839,353,112.24

Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) Exchange Fund Totals Published

by TheTraded Nigerian Stock Exchange ©

13

No. of Deals 2 2

Daily Summary (ETP) Symbol NEWGOLD

No. of Deals 1 1

Current Price 2,129.00

Quantity Traded Value Traded 148 315,092.00 148Page 315,092.00 12 of

ETF Board Totals

1

148

315,092.00

ETP Activity Totals

1

148

315,092.00

13

50 NEWS | WORLD

Sanctity of Truth

Russia has no plans to annex Ukraine’s Crimea region – Putin

Wednesday, March 5, 2014

R

ussia is not considering trying to make Crimea a part of Russia, Russian President Vladimir Putin said yesterday. Only people who live in Crimea can determine their future, he said.

However, Putin, speaking to a handful of reporters in Moscow, was harshly critical of Kiev’s new leaders.

He said ousted Ukrainian leader Viktor Yanukovych is the legitimate leader of the nation, and the country’s interim government is the result of a coup.

He called the parliament in Ukraine “partly legitimate” but said the country’s acting president is not.

Putin also said the shaky new government has destabilized the southern and eastern parts of the country since taking power, and that Yanukovych, who is wanted in Ukraine, did not give orders to shoot demonstrators during the protests that eventually led to his ouster.

Then, turning to the troop buildup in the Russian-dominated autonomous region of Crimea, Putin said Ukraine is a brotherly neighbor of Russia -- and that the troops there have much in common.

He also said Russian forces have not fired a shot since they crossed into Crimea.

Putin said any use of military force in Ukraine would be the last resort.

But, he said, it would be “completely legitimate” because it was at the request of Yanukovych and in line with Russia’s duty to protect people with historic ties to Russia, both cultural and economic.

He said any damage from sanctions

In this image released by the White House, President Barack Obama, left, convenes a National Security Council meeting in the Situation Room of the White House to discuss matters in Ukraine, on Monday, March 3, 2014, in Washington. At right is Vice President Joe Biden. (AP Photo/The White House, Pete Souza)

imposed by the West against Russia would be multilateral.

Putin also pointed out what he sees as a double standard by leaders in the United States and other Western countries.

He said the United States acted in Afghanistan, Iraq and Libya without a U.N. resolution authorizing that action or by “twisting” U.N. resolutions.

Earlier yesterday, Russian troops taking part in military exercises near the Ukrainian border were ordered back to their bases -- but thousands of others remain in control of much of Crimea.

Russian state media said Putin ordered the troops’ return after six days of snap exercises at Ukraine’s doorstep.

The move came the same day that U.S.

Secretary of State John Kerry is due in the Ukrainian capital, Kiev, to discuss aid to the financially-strapped country.

Putin’s reported order was hardly a move to deescalate tension in the autonomous region in southeastern Ukraine.

Russia had said the exercises, which began Wednesday, were always meant to end March 3.

Judge in Pistorius case warns media over leaked photo Israeli strike on

T

he judge in the murder trial of South African track star, Oscar Pistorius, sharply warned the media to behave yesterday after a local television station leaked a photo of the state’s first witness who had asked that her image should not be broadcast.

Judge Thokozile Masipa ordered an investigation into the leak after broadcaster ,eNCA showed a photo of Pistorius’ neighbor, Michelle Burger, during the audio broadcast of her second day of testimony.

While the trial is being televised live, a previous court order had ruled witnesses must give their consent to be filmed.

Television station eNCA yesterday accompanied the audio broadcast with a picture of Burger. After prosecutor Gerrie Nel pointed out the leak, Masipa called for a brief adjournment.

“I am warning the media, if you do not behave, you are not going to be treated with soft gloves by this court,” Masipa, herself a former journalist, said when the court resumed.

Olympic and Paralympic star Pistorius is on trial for murdering his girlfriend, model Reeva Steenkamp, at his suburban Pretoria home on Valentine’s Day last year. He says he mistook her for

an intruder.

The trial, which could see one of global sports’ most admired figures jailed for life, has drawn comparisons with the high-profile murder trial of American football star and actor, O.J. Simpson two decades ago.

Burger, a university lecturer who testified on Monday that she heard “bloodcurdling” screams from a woman followed by gun shots, has not consented to being filmed and only the audio of her testimony is being broadcast.

She was closely cross-examined for a second day on her testimony by lead defense attorney, Barry Roux.

Masipa also restricted the media from publishing photos of witnesses who have not consented to be filmed.

Patrick Conroy, the head of news at eNCA, said on Twitter the station had used a photo from the website of the University of Pretoria, where Burger is a lecturer of construction economics. Other newspapers also used the picture, he said.

Cairo court bans Hamas activities in Egypt

A

n Egyptian court has decided to ban all activities of Palestinian Hamas movement and confiscate its headquarters in Cairo, the media reported yesterday.

A lawsuit was filed against the movement to ban its activities and designate it as a terrorist group, after the removal of Islamist President Mohamed Morsi in July 2013.

Reports say Hamas is an offshoot of the Muslim Brotherhood and is well known for its support to the group, from which

Morsi hails.

The media said more than 60 members of the group were facing trial on jailbreak charges in 2011, along with Morsi and top leaders of Brotherhood.

According to the reports, they are accused of facilitating the storming of three prisons.

In the process, they killed policemen and helped hundreds, including terrorists, to flee during the early days of the 2011 revolt which ousted Hosni Mubarak.

northern Gaza kills 2 Palestinians

T

wo Palestinians were killed and some others injured in an Israeli airstrike on northern Gaza Strip town of Beit Hanoon, medical officials said yesterday.

Gaza emergency spokesman, Ashraf al-Qedra, told reporters that Musa’ab Za’aneen, 21 and a Palestinian from Beit Hanoon, were killed in an Israeli airstrike on the town.

He said three others were wounded, including a child.

Al-Qedra added that one of the three wounded Palestinians, who were in critical condition, died later of his wounds in the hospital.

This had led to the death toll of the Israeli airstrike climbing to two killed and two wounded.

He said that the second Palestinian, who died of his wounds, was identified as Yousef Nasser, 31 and resident of the town.

It was not known, however, if Za’aneen or Nasser were militants.

NEWS

Wednesday, March 5, 2014

51

PDP replies APC: We won't march on blood to win REACTION

PDP says there won't be nay need to shed blood to win election Adesina Wahab Ado-Ekiti

E

kiti State Chairman of the Peoples Democratic Party (PDP), Mr Makanjuola Ogundipe, has said the party does not need to march

613

on people's blood before winning elections in the South-West geo-political zone or in any part of the country.

Speaking in Ado-Ekiti yesterday through his media aide, Mr Femi Omolusi, Ogundipe, who was reacting to a statement made by Ekiti State Governor, Dr Kayode Fayemi, noted that there was no need for the shedding of blood in the bid to win the right to lead the people.

The number of times ‘The Beatles’, the musical group used the word ‘love’ throughout their careers.

Source: Inktank.fi

Fayemi had, in a newspaper report, said his party, the APC, would continue to dominate the political landscape in the region and that the PDP would have to march on people's blood to take over the region.

Fayemi was also reacting to the comment by a leader of the PDP, Chief Bode George, who said in an interview that his party would win subsequent elections in the South-

8,000

The number of nerve fibres the clitoris has Source: Inktank.fi

West.

Ogundipe, however, faulted the comment by the governor, saying it was like inciting the people to violence.

"The statement is very unfortunate. When somebody who is the Chief Security Officer of the state is threatening fire and brimstone over an impending election, that gives you an insight to what they are planning for the poll.

$1.5trn

The estimated cost of the wars in Iraq and Afghanistan as at the end of the fiscal year 2013.

Source: factmonster.com

Edo State Governor, Adams Oshiomhole (left), and HRH Albert Aieloshan, Okpamen VII, Onotare of Ozalla, during the Governor's visit to Ozalla to assess the level of damage after a recent rainstorm in Edo State… yesterday,.

Rector defuses tension over alleged plans to relocate federal poly RUMOUR

Rector debunks rumours of school's relocation Uwakwe Abugu Awka

R

ector of the Federal Polytechnic, Oko in Anambra State, Professor Godwin Onu, has dismissed as false the rumour of his plans to relocate the institution to Ezira, his own hometown.

The Federal Polytechnic, Oko, since its inception has had Oko town,

the country home of former vice president of Nigeria, Dr. Alex Ekwueme, as its main campus.

The institution has two other satellite campuses at Ufuma in Aguata Council Area of the state and also at Atani, the home front of elder statesman and constitutional lawyer, Chief Ben Nwabueze (SAN), but it was gathered that for some time now, tension has been in the air in Oko town following rumours that the rector has been making moves to relocate the main campus to Ezira, a neighbouring town.

However, speaking while hosting members and leaders of Oko Community Youth Organization, Onu dismissed the rumours, describing them as absolutely untrue.

According to him, “I have no plans to relocate this institution to anywhere and I have no such power to do so.

This institution was established by law and for you to change the location of the school, you need to change the law establishing it.

“My coming to this place is an act of God.

There were 27 persons that applied for this job, all professors, but it pleased God that I will be chosen.

“I came here with a passion and drive to unleash my potentials to make this place a first class institution…”

A delegation of the Oko Youth Organization led by Mr. Tochukwu Ezeokafor, had visited the campus to confer an award on Onu for his efforts in effecting what they call the rapid development of the institution within four years in office.

"At any rate, our party will win the poll and subsequent ones, not through violence, but through free and fair means. Already, the

APC people know that Ekiti people and people in the South-West have seen their deceit and are ready to reject them at the poll," he said.

UTME 2014: FCTA stops JAMB from constructing test center Yekeen Nurudeen Abuja

T

he hope of the management of the Joint Admission and Matriculation Board (JAMB) to use its proposed Computer-Based Examination Center in Kogo area of Bwari Area Council, Abuja for this year’s Unified Tertiary Matriculation Examination (UTME) may have been dashed.

This year’s UTME is scheduled to hold on May 17 nationwide during which the Board will continue with the computer and paper -based test introduced last year.

The board does not have its own computers, but it collaborated with other institutions last year.

However, the Federal Capital Territory Admin-

istration's Department of Development Control has asked the board to stop every construction work on the site which is still at the foundation level when New Telegraph yesterday.

The perimeter fence around the plot was marked with a stop work notice on February 25 by the department, though workers were sighted still working there.

Reacting to the development, Head, Public Relations Department of JAMB, Fabian Benjamin, told New Telegraph that the contractor handling the project did not have any option than to go ahead with the work due to the long processes involved in getting building plan approval from the Department of Development Control.

Pastor arrested for 'testing' church member's virginity Kunle Olayeni Abeokuta

A

pastor, Adekunle Kayode, has been arrested by the Ogun State Police Command for allegedly fondling with the private part of a 20-year-old female member of his church on the church premises.

Kayode, 34, was said to be the pastor-in-charge of Jesus Is The Way Evangelistic Ministry, Olorunsogo, Abeokuta.

The cleric allegedly indulged in the act for years before police detectives eventually arrested him on Sunday at his residence in Okeyidi area of Abeokuta, following complaints by the victim.

The state Police Public Relations Officer (PPRO), Mr. Muyiwa Adejobi, who

confirmed the arrest in a statement yesterday, said another suspect, Onatade Oluwasegun, had been nabbed in connection with the incident.

Adejobi explained that Oluwasegun, 23, conspired with the pastor "to use the victim for a ritual purpose."

He said, "(Kayode) was arrested by police detectives attached to Kemta Division in Abeokuta in his house, No 3 Okeyidi Abeokuta when the victim narrated her ordeal to her father who then informed the police of the incident.

"There was also a drama when the victim, 20 years, received 'holy spirit' which propelled her to reveal the misdeeds of the pastor who has been indulging in this ungodly act for years.

52 NEWS Cement firm to invest $1.37b in Nigeria expansion project Segun Edwards

M

ajor cement manufacturing company, Lafarge Cement Wapco Plc., has revealed plans to double its operational facility in Nigeria by investing an additional N1 billion ($1.37 billion) in the next three to four years.

Lafarge’s Chief Executive Officer (CEO), Nigeria and Benin Republic, Guillaume Roux, disclosed that the company plans to double the capacity of plants it currently has in the country from the current eight million metric tonnes (MT) to 16 million MT within this period, noting that the Lafarge had invested more than N1 billion in the country since 2008.

The proposed investment will enable Lafarge complete the expansion of its plant in Calabar and the Ashaka Cement in the North, Roux said.

“We have started the expansion of the Calabar plant, we started the expansion of our project in Ashaka in the North.

So, these are things that we are spending on as we speak.”

“We have invested a lot in the country. Between 2009 and 2012 we have invested over N1 billion into our operations. We have done two million tones. We have done eight million tonnes and now we are doing more than eight million tonnes. We will continue to expand our capacity,” he said, adding that the expansion plan is in support of the Nigeria’s backward integration policy in cement production.

The move puts Lafarge in direct competition with Africa’s largest cement maker, Dangote Cement, which has significant market share in Nigeria and presence across other African markets.

However, Lafarge says it plans to make a difference in the industry by expanding its coverage nationwide by partnering with locals while aiding industralisation.

Wednesday, March 5, 2014

Nigeria Immigration Service introduces new expatriate residence permit PENALTY

Immigration service moves to tackle insecurity in Nigeria

T

he Nigeria Immigration Service (NIS) has introduced a new Combined Expatriate Residence Permit and Aliens Card (CERPAC).

This was contained in the January/February monthly bulletin of the NIS made available to the News Agency of Nigeria (NAN) in Abuja.

According to the bulletin, the new card was one of the ways devised to tackle current security challenges in the country.

It noted that it would also enable the service to

account for the location and activity of every foreigner in the country.

The bulletin said that the new CERPAC card was introduced in collaboration with Continental Transfert Technique Ltd (CONTEC) and was to replace the old card which had been in use for some time.

It said the replacement was carried out as

an improvement on the validity, durability and security features of the old card.

The bulletin said the new card would determine the duration of stay of foreign envoys in line with their accreditation.

The bulletin quoted the Comptroller-General of the service, Mr David Parradang as advising

all foreigners to obtain the card and ensure complete regularisation before April.

It said that expatriates not in possession of the new card after the expiration date would be treated as persons not legally resident in Nigeria and liable for deportation.

Businessman arraigned for alleged N19.7m fraud Joseph Jibueze

T

L-R: President, The French Republic, Francois Hollande; Executive Director/CEO, Nigerian Export Promotion Council, Mr Olusegun Awolowo; Former Minister of Foreign Affairs, Odein Ajumogobia, and Chairman Skye Bank Plc, Mr Olatunde Ayeni, during the signing of MoU at Nigeria-France Business Forum during the Nigeria Centenary in Abuja

57

The number of countries without a sq. km. of water globally.

Source: worldfactsandfigures.com

196

The number of countries in the world (including Taiwan).

Source: factmonster.com

Ex-Kogi senator in court for impersonating EFCC official DOCKED

Ex-senator in court over impersonation of EFCC chief

T

he Economic and Financial Crimes Commission (EFCC) yesterday began the prosecution of a former Kogi Central Senatorial candidate, Abdulazeez Bello, over alleged impersonation.

Bello is being prosecuted before Justice Lateef Lawal-Akapo of

an Ikeja High Court for allegedly impersonating the Director of Operations of the EFCC, Mr Olaolu Adegbite.

The anti-graft agency alleged that Bello impersonated Adegbite with the intention of defrauding Mrs Mercy Orji, wife of Gov. Theodore Orji of Abia.

The 50-year-old defendant is facing a two-count charge of conspiracy to obtain money by false pretences and forgery.

During yesterday's proceedings, the EFCC

192

The number of countries that are members of the United Nations.

Source: factmonster.com

called its first witness, Mr Chucks Offor, to testify against the defendant.

Offor, Special Assistant to the wife of the Governor on Protocol, was led in evidence by the EFCC counsel, Mr Toyin Owodunni.

The witness told the court how Bello conspired with another aide of her boss, Nelson Ndukwe (now at large), to commit the offence.

He said Ndukwe called him on January 27, 2013 with an unregistered number, claiming

that he was being detained by the EFCC for an unknown offence.

Offor said his colleague told him that a certain number was going to call him and that he should cooperate with the caller, so that the matter could be resolved.

According to him, the defendant later called him, posing as Adegbite and demanded that he should come to Sheraton Hotel in Ikeja for settlement.

The witness said he went to the hotel with an officer of the State Security Service who apprehended Bello, while negotiations were going on for Ndukwe's release.

he police yesterday arraigned a 26-yearold trader, Alloysius Okereke for allegedly stealing N19.7million from an Onitsha-based businessman, Mr Jubilee Mbakwe Jubilee.

Okereke allegedly obtained pharmaceutical products from Jubilee worth the sum without paying for them.

The suspect was said to have lied that he actually paid the money into the businessman's account, which the police said he never did.

The prosecutor, Adebesin Shamsideen, of the state Criminal Investigation Department (CID), said the accused person allegedly forged a United Bank for Africa (UBA) deposit slip, claiming it was evidence he deposited that money.

According to the police, he forged the bank's rubber stamp used on the slip "with intent that it may be used or acted upon as genuine to the prejudice of Mbakwe."

Okereke and others at large allegedly committed the offence between January 2012 and November 2013 in Lagos.

The five-count charges contravene sections 390, 419 (A) (b), 467 (g) and 516 of the Criminal Code Act, Cap. C38, Laws of the Federation of Nigeria 2004 (as amended).

Okereke pleaded not guilty to the charges.

Eagles train with strange kits

Did you know?

That Michael Jordan makes more money from Nike annually than all of the Nike factory workers in Malaysia combined

Ajibade Olusesan

I

n line with the exclusive story published by the New Telegraph on Monday, the Super Eagles had their first training

session in the United States putting on strange kits in preparation for the friendly match with Mexico The team travelled for the match without kits after the

team’s curator, Chidi Ngoka, missed the flight to the United States due to poor logistics arrangement. He was supposed to travel with the kits for the trainCONTINUED ON PAGE 55

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

WEDNESday, march 5, 2014

World Cup

Eagles go spiritual for shirts Emmanuel Tobi

T

he quest to make the final cut of Nigeria to the 2014 World Cup has taken another dimension as Super Eagles now depend on God to stay injury-free in order to make the team to Brazil.

The players’ morale in camp in Atlanta, USA, it was learnt, is very high for the Mexico friendly billed for March 5 but each player is conscious of playing well to impress the coaching crew as well as staying injury-free before the tournament in June.

According to a top official of the team who preferred anonymity; “The mood of the players is high but most of them seem born–again in their attitude and composure because of the World Cup. They know the battle for shirts is going to be very intense considering the invitation of some new players in the team as everybody

Robben out of France friendly }p-54

53

is battling hard to impress the coaching crew.”

New Telegraph also spoke to some of the players who categorically maintained that their World Cup fate lies with God. “I’m just focused on my game and pray to God to be injury-free because only God can determine one’s destiny,” says Ambrose Efe. Similarly, Emmanuel Emenike and Ogenyi Onazi though expressed optimism on their chances stressed that the Stephen Keshi-led coaching crew will determine the selection of players based on criteria unknown to the players.

For Vincent Enyeama, “The World Cup is in June and I hope to keep working hard by maintaining my club and national team form but we are just depending on God to stay healthy.

That is the truth because football is a combat CONTINUED ON PAGE 55

Leon Balogun replaces injured Yobo

Gymnasts wait on Govt for African meet

}p-55

}p-55

54 SPORT | INTERNATIONAL FOOTBALL

Sanctity of Truth

Lewandowski doubtful for Poland

B

orussia Dortmund striker Robert Lewandowski is an injury doubt for Poland for Wednesday’s friendly against Scotland.

Lewandowski is suffering from strained ligaments and did not train on Monday.

Although the injury was described as “minor”, Lech Poznan striker Luke Teodorczyk had already been added to the Poland squad at the weekend.

The match in Warsaw was organised before last month’s Euro 2016 qualifying draw and has now become a dress rehearsal for matches between countries who came out the hat together in Group D. Nawalka, who took over as coach after the sacking of Waldemar Fornalik, has

V

icente del Bosque has conceded that Italy have ‘always been able to push the right buttons in order to complicate our lives.’

Spain face the Azzurri at Atletico Madrid’s Vicente Calderon on Wednesday in a friendly with less than 100 days until the World Cup. La Roja played their European rivals twice at Euro 2012 and at the Confederations Cup, and the Coach has admitted that things have never been straightforward with Cesare Prandelli’s team.

“They are an opponent who has always been able to push the right buttons in or-

not chosen any players from his former club Gornik Zabrze, who were leading the Polish league when he was appointed in October.

Only seven players from the Ekstraklasa - the Polish top flight - were selected for the original squad by the 56-year-old former Poland and Wisla Krakow midfielder.

However, among them was Pogon Szczecin striker Marcin Robak, whose recent five-goal haul against Lech Poznan could make the 31-year-old favourite to deputise should Lewandowski fail to recover.

Three of the squad are playing in England’s top flight, but only one will start against Scotland as all three are goalkeepers.

Wednesday,March 5, 2014

Arsenal pair Lukasz Fabianski and Wojciech Szczesny are vying with Southampton’s Artur Boruc, who spent time with Scottish champions Celtic before joining the Saints, for the number one jersey.

Lewandowski’s injury could mean that only one of Dortmund’s renowned Polish trio will start in Warsaw.

Midfielder Jakub Blaszczykowski is absent through injury, but Lukasz Piszczek is an almost certain starter at right-back.

Italy will be tough- Spain coach

der to complicate our lives, especially with regards to our defence,” he told Gazzetta dello Sport.

“I think of the opening of the field with Maggio and Giaccherini, the runs from central from De Rossi, Marchisio or Montolivo, the one-on-ones from Cassano and Balotelli, Pirlo’s intelligence.

“They have always been able to find ideas that have created problems, which fortunately we have always managed to overcome.

“At the start of the European Championships in Poland and Ukraine, it was not that Di Natale’s goal was the only one we conceded, Italy gave us a very tough time.

“I consider the final against Italy as the best game of my administration, I do not forget that Italy had several problems - fatigue, injury, Chiellini and Motta.”

Robben out of France friendly

N

etherlands have to make do without the services of Arjen Robben in Wednesday’s international friendly against France due to a thigh problem.

The Bayern Munich attacker suffered the injury during Saturday’s 5-1 Bundesliga win over Schalke, in which the winger scored a hat-trick, and has consequently opted against taking any chances with his fitness by playing in Paris.

“Schalke got a bit frustrated toward the end of the game,” Robben told De Telegraaf. “It does not look good, so I think it’s better not to take any

Marcelo expects tough Bafana Bafana test

B

razilian defender Marcelo says playing against South Africa in the weeks leading up to the 2014 Fifa World Cup will provide a stern test for the five-time World Champions.

Brazil take on Bafana Bafana in an international friendly in Johannesburg on Wednesday evening.

Kenya recall Maiga for Sudan friendly

risks.”

Meanwhile, Hamburg midfielder Rafael van der Vaart and Swansea goalkeeper Michel Vorm have also pulled out of the Oranje squad for Wednesday’s match because of illness. Augsburg rightback Paul Verhaegh had previously already withdrawn due to a flesh wound.

Netherlands boss Louis van Gaal has only decided to call up Siem de Jong (Ajax) to replace the aforementioned players.

in what will be their final friendly before the Brazilians’ 23-man squad is announced before the tournament.

“We know playing against Bafana Bafana in their own country will be tough,” Marcelo said ahead of the game at FNB Stadium.

K

enya coach Adel Amrouche has recalled Inter-Milan midfielder Macdonald Mariga for Wednesday’s international friendly match against Sudan in Khartoum.

Mariga is making a return to the team after a two year absence and is among eight foreign based players called up for the match which will be one of several to be played on the Fifa friendly day.

Other foreign based players called up for the fixture are Johana Omollo (Lommel United), Francis Kahata (FK Tirana), David Ochieng (Al-Taawon), Victor Wanyama (Southampton), Ayub Timbe (Genk), Edwin Lavatsa (MC Alger) and Dennis Oliech (Ajaccio).

International friendly fixtures Spain Japan Malawi Burundi Iran

v v v v v

Congo v Zambia v Mauritania v Montenegro v South Africa v Algeria v Mozambique v Bosnia v

Italy New Zealand

Zimbabwe Rwanda

Guinea Libya Uganda Niger Ghana Brazil Slovenia Angola Egypt

Namibia

Senegal Turkey Luxembourg Romania Morocco Belgium Germany Ireland England France Portugal Colombia

v

v v v v v v v v v v v v

Tanzania

Mali Sweden Cape Verde Argentina Gabon Ivory Coast Chile Serbia Denmark Netherlands Cameroon Tunisia

Sport Trending

TWITTER |@NTelegraphSport

Sergio Aguero My happiness is absolute! Back on the field after the injury, won the match, got @MCFC a new title and now joining the national squad! @aguerosergiokun Nnamdi Oduamadi My best is yet to come. @oduamadi7 Floyd Mayweather I don’t have an easy fight on May 3, 2014, so I can’t overlook @ChinoMaidana but @AmirKingKhan, if you and @ AdrienBroner end up fighting... @FloydMayweather Maria Sharapova Love this sport with a passion!! @MariaSharapova Jack Wilshere En route to training! Can’t beat the day before a game training session! @JackWilshere Manny Pacquiao I am so happy that @Ashanti accepted my invitation to sing The National Anthem at my fight with @TimBradleyJr. on April 12. @MannyPacquiao Wesley Sneijder The throne belongs to the ones who dare. @sneijder101010 Gary Lineker 100 days to the start of the 2014 World Cup. A Brazilian World Cup! @GaryLineker

SPORT 55

Sanctity of Truth

Wednesday, March 5, 2014

Eagles go spiritual for shirts C O N T I N U E D F R O M PA G E 5 1

sport and anything can happen at anytime.”

It was also reliably learnt that the players are now more prone to prayers like never before.

“We have our regular prayer times together as a group but now we see players embarking on prayers alone all because of the big task ahead in Brazil,” the source said.

Eagles train with strange kits

C O N T I N U E D F R O M PA G E 5 1

ing and the match.

The team, however, on Monday evening, trained with white and blue colours rather than the country’s green-white colour. The kits were dominant white with blue stripes, which were apparently procured in a sports shop in the US. It is expected that the team would have had its last training session (Tuesday) with regular green-white-green kits The Nigeria, Mexico match holds 2.am on Thursday morning.

Gymnasts wait on govt for African meet Charles Ogundiya

N

igeria gymnasts are waiting on the National Sports Commission to release funds for them to prepare for the forthcoming 12th African Gymnastics Championships coming up in South Africa from March 26.

The athletes are yet to be called to camp due to lack of fund with the coach appealing to the government to as a matter of urgency make fund available for the athletes.

Speaking with New Telegraph on the telephone, the Nigerian Gymnastics coach, Tony Asuquo, said there was need to call the gymnasts to camp for proper preparation for the championship which serves as qualifiers for the World Gymnastics Championship.

The coach lamented attitude of Nigeria sports administrators, giving more attention to football while abandoning other sports that can win more medals for the country than football.

Gymnastic action at the National Stadium

“Recently I heard that about N1.5 billion was released for the Super Eagles World Cup preparation, if just a fraction of that money is made available to other sports, there won’t be any complains. Football is just a one medal game while sports like gymnastic can fetch the country up to 25 gold medals.

“We are preparing for the African championship and yet the Federation is saying there is no money. We have to raise fund to register the gym-

nasts for the competition, pay part of the hotel bills with the hope that fund will come from the NSC as soon as possible,” he said.

Speaking further, the proprietor of Tony International Gymnastics club said; “During the 11th edition of the competition in Namibia two years ago, the gymnasts were not allowed to compete because the federation failed to do the right thing on time.

The gymnasts were not registered for the competition only

Leon Balogun replaces F injured Yobo

Mercy Jacob

G

Balogun

er man-bor n defender, Leon Balogun, has been called up

by Nigeria coach, Stephen Keshi, to replace injured captain, Jose ph Yobo, for the friendly against Mexico Thursday mor ning.

Yobo, 33, who has not played for Nigeria since the Super Eagles won the Africa Cup of Nations in South Africa last year, has suffered “an undisclosed strain.”

Balogun, who plays for Ger man second division side, Fortuna Düsseldorf, has a Nigerian father and a Ger man mother.

Nigeria media officer, Ben Alaiya, told BBC Sport: “Balogun has joined the team here in Atlanta.

He’s very positive and mixing with other players already.

“The game against Mexico is crucial for players like Balogun and others, who are keen to make a good impression ahead of the World Cup.”

ormer Nigeria international, Monday Odiaka, has expressed worry over the bench-warming role of some Super Eagles’ players, saying such players are not good for the World Moses Cup. He said such players, mostly strikers, like Victor Moses and the others have been warming the bench in their clubs and may not be fit for the World Cup. Odiaka, who scored the fastest goal ever in the history of Nigerian football, lamented that the Super Eagles led by Stephen Keshi, has no goal poacher, in-

for them to be bundled into the plane and waste resources that would have been invested in equipment and training of the athletes.

“I am challenging the minister and the DG to come around and watch the athletes, you can’t be sitting in your office and start passing judgement on these young people despite their hardwork. Let them invest in the game and see if they are not going to win medals for the country.”

Moses, others not good for World Cup –Odiaka sisting that the likes of Moses, Brown Ideye and some others are not reliable strikers.

“It gives me great concern that some of our players are warming benches in their various clubs. I have looked around for strikers, I cannot single out any of them and the World Cup is around the corner.

“Aside the striking role, the central defence is also a problem and not even the return of Joseph Yobo would bring a reprieve.”

NASCOM boss, Oshodi, for Premier Lotto Athletics

C

hairman, National Academicals Sports Committee (NASCOM), Yemi Idowu and Lagos State Commissioner for Youth, Sports and Social Development, Wahid Oshodi will on Wednesday grace district six qualifiers of this year’s Lagos Premier Lotto Schools Athletics Championships.

NASCOM supported the tourna-

ment during the maiden edition and the presence of its helmsman is another effort to back the competition this year.

Oshodi, whose efforts to revive sports at grassroots level have continued to yield positively in Lagos will join the NASCOM boss for the championship on Wednesday.

World Record

On Marble Nearly all men can stand adversity, but if you want to test a man’s character, give him power – Abraham Lincoln

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 WEDNESday, MARCH 5, 2014.

S

anusi Lamido Sanusi until recently has held sway in Nigerian Banking sector as an imperial czar. His emergence in the driving seat of the nation’s apex bank sent shock waves down the spine of many banking chief executives. Till date some of these “mighty” managing directors are still reeling under the pains and anguish of the fatal blow dealt them by Malam Sanusi, who in an unprecedented massive shake-up relieved them of their exalted positions. From their Olympian heights, the hitherto powerful chief executives came tumbling down like humpty dumpty, with some of them now permanent guests at the Economic and Financial Crimes Commission (EFCC) as well as the nation’s law courts where they are seized by an eternal contest not only to save their reputation and integrity, but also their status, comfort, freedom and lives.

Top on the list of the erring banks that failed Sanusi’s fitness test include: Intercontinental Bank, Oceanic Bank, Afribank, FinBank, Union Bank, Bank PHB, Equitorial Trust Bank and Spring Bank. Displaying the usual exhibition of capitalist appropriation, Sanusi later approved the injection of N400 billion through the Access Management Corporation of Nigeria (AMCON) to rescue the ailing banks. Sanusi’s actions in 2009 saved the banking industry from the rampaging whirlwind of the global financial turmoil that saw many big banks in the developed world crumbling like a pack of cards.

Whatever the arguments for or against Sanusi, what is not in doubt is that the critical interventions, and the sweeping changes they engendered, saved millions of depositors’ hard earned funds from evaporating, as we have witnessed severally in this country.

Under Sanusi’s watch, the CBN has been involved in various projects running into billions of naira all over the federation. In our universities and other tertiary institutions as well as in the health sector, amongst other areas, critical projects, libraries, ICT centres, laboratories, faculty buildings, hostels, maternity and surgical rooms have been provided to the admiration and relief of many end users. To be sure, such interventions predate Sanusi’s entry into the apex bank, as many of these projects were before Sanusi, in pursuit of the CBN’s Corporate Social Responsibility. Management and staff of these institutions can testify to the establishment or construction of some of these projects well before Sanusi, indicating that it was the practice of the apex bank. This is not however, to canvass the propriety or justification

Dick Tiger Ihetu of Nigeria won the Ring Magazine Boxer of the Year twice in the 1960s.

N150

Of Lamido Sanusi and hypothesis of enemy within

IvoryGlory Nkemdili Nnonyelu

of the Father Christmas stance and financial bazaar that Sanusi had turned the practice into, particularly in the absence of a well laid out, transparent and appropriation procedure.

Sanusi Lamido Sanusi’s resume had been enriched with numerous awards from several global, regional institutions and agencies. In 2010, Sanusi was named Central Bank Governor of the year by the Banker, a publication of Financial Times, and in 2011, the Africa man of the year by Forbes. In spite of these seemingly lofty achievements, his tenure in CBN has been trailed by controversies, indeed an admixture of praises and condemnations. Malam Sanusi’s stint as CBN Governor had generated mixed and conflating reactions from the general public, global financial world and the presidency.

In the build up to his sack, Malam Sanusi had impetuously written a letter to the president complaining of missing $48 billion from the federation account, money which according to him had not been repatriated to the National treasury by the Nigerian National Petroleum Corporation. Inexplicably this official letter to President Jonathan had found its way into the public domain.

Former President Obasanjo in his own letter exploited it to hit a devastating blow on the anti-corruption posture of President Jonathan. Members of the opposition and other Civil Society Organizations have also latched on to the

Curiously, in less than three weeks, however, in an unexpected counter attack, Sanusi came back smoking, declaring that more than $20 billion had not been paid into the national treasury

letter, some calling for the President’s resignation or impeachment.

Needless to say, this elicited furious response from the Presidency, NNPC and the Ministry Of Finance, with clearer deposition in the National Assembly where Sanusi was forced to eat the humble pie, and conceded that he didn’t have all the facts. All of them, including Sanusi, agreed that what was in issue was 10 billion dollars (in my opinion enough to change permanently the face of public educational and health institutions in the country).

Sanusi resisted the plea by the presidency urging him to resign. Curiously, in less than three weeks, however, in an unexpected counter attack, Sanusi came back smoking, declaring that more than $20 billion had not been paid into the national treasury! Sanusi, this time around, stuck to his guns, stating in his usual garrulous and loquacious manner, that he was sure of his facts.

Jonathan’s ferocious attack dogs did not waste time in coming after Sanusi, discrediting him for financial recklessness. This time, President Jonathan did not dignify Sanusi with any query, but quickly dispatched a letter promptly suspending him as a fitting recompense. Paradoxically, the hunter became the hunted. Simultaneously, Jonathan also announced the appointment of Godwin Emefiele, Managing Director of Zenith Bank Plc as the new CBN Governor.

In his last media chat, the President had clearly exonerated himself from the current travails of the CBN Governor, and pointed to the submissions of the financial regulatory body, Financial Reporting Council, which had investigated and raised questions about Sanusi’s financial transactions.

But, the fact that Jonathan waited until Sanusi became a whistleblower who complained about the serial transgressions in the nation’s oil industry, raises a number of questions and casts doubts on the sincerity of the Presi-

dency. The coincidence, to say the least is unfortunate.

Yet, there is no doubt that Sanusi did not act in the best interest of the government, of which he is (now was) a key player. His grand standing seemed self-serving and obviously for some political gains. Early in 2009, after his appointment as CBN Governor, Sanusi had informed that he was not going to seek reappointment at the end of his tenure, in June 2014. This would have coincided with the peak of political activities and the intense struggle for the coveted number one position. Whether Sanusi intended or still intends to enter partisan political fray, or whether he is hero or villain may for now, be left in the realm of conjecture. There are best practices in line with the finest tradition of the banking sector, indeed, of the public service to convey the information at the disposal of the CBN Governor without causing collateral damage and putting Nigeria’s financial health in harm’s way, as his action was wont to. Equally condemnable is the ostrich like approach of the Presidency.

The reconciliation of the thesisantithesis contest is for a thorough and comprehensive investigation of the nation’s finances to be carried out

by International Forensic Experts at the instance of the Presidency. I hope that this will not be construed by the Presidency as class suicide.

OmoBaba

NORTH’LL BURN IF JONATHAN WINS - Tunde Bakare

- Hear, hear! Another doomsday prophesy

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