Binder222 monday, march 31, 2014 by Newtelegraphonline

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Monday, March 31, 2014 Vol. 1 No. 41

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Nigeria’s most authoritative newspaper in politics and business

Fuel crisis: Anger as NUPENG shuts IPMAN facilities John Chuks Onuanyim and Adeola Yusuf

he Independent Petroleum Marketers Association of Nigeria,

(IPMAN) yesterday accused the National Union of Petroleum and Natural Gas Workers, (NUPENG) of plans to plunge the na-

tion back into fuel crisis. The IPMAN Eastern Zonal Chairman, Chief Fred Chukwudi, who said C O N T I N U E D O N PA G E 3

2015: 500 politicians to watch

Jang, Mantu, Dariye, Tallen, Tapgun battle to shape Plateau State

Pages } 13-17

21 killed as SSS battles Boko Haram in Abuja

lSecurity beefed up around Presidential Villa, military formations lJonathan safe and well, says Abati lel-Rufai: May God destroy murderers Isioma Madike, Emmanuel Onani and Emmanuel Anule

wenty one fundamentalists were shot dead yesterday during a jailbreak

attempt at the office of the State Security Service (SSS) in Abuja. While 18 of the suspect-

ed insurgents were confirmed to have died during the heavy early morning fighting, three were said

to have died as a result of injuries sustained. This is even as two personnel of the SSS were said to have sustained serious injuries. The disclosure was made by Marilyn Ogar,

spokesperson of the Service in a statement yesterday. The statement reads: “Following our earlier releases, it has been established that eighteen (18) C O N T I N U E D O N PA G E 3

Obasanjo: I’ve forgiven Atiku, others FORGIVENESS In the build-up to the 2015 elections, former president preaches forgiveness for the sake of democracy Kunle Olayeni Abeokuta

F L-R: Bishop Ephraim Ademowo; Major General Muhammadu Buhari; Asiwaju Bola Ahmed Tinubu; Governor Rotimi Amaechi of Rivers State; Senator Oluremi Tinubu; former Vice President Atiku Abubakar and Senator Chris Ngige, cutting Asiwaju Tinubu’s birthday cake in Lagos...at the weekend.

INSIDE

News. . . . . . . . . . . . . . Metro . . . . . . . . . . . . . Politics . . . . . . . . . . . . Opinions. . . . . . . . . . . Health. . . . . . . . . . . . . Law. . . . . . . . . . . . . . . Business . . . . . . . . . . . Sport. . . . . . . . . . . . . .

2 12 13 20 21 25 33 51

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ormer President Olusegun Obasanjo yesterday said he had forgiven his erstwhile deputy, Alhaji Atiku Abubakar, and other persons perceived to have

AT A GLANCE

offended him. He spoke against the backdrop of the request by members of the Northern Youth Leaders Forum (NYLF), who paid him a visit after their two-day meeting in Abeokuta at the weekend. Obasanjo said as a leader and father, he bore no grudge against anybody. He, however, noted that if he previously had grudges against anybody, he had forgiven them. “On the request that you made yesterday, I do not C O N T I N U E D O N PA G E 5

NEWS

INVESTIGATION

BUSINESS

SPORTS

Okorocha’s wife’s security aide vanishes with N8.5 million Page 10

Power Supply: A return to familiar pathway Page 21

FG to cut cost of internet-enabled mobile phones Page 25

NFF plots Keshi’s sack after World Cup Page 51

Sanctity of Truth

Monday, March 31, 2014

In the morning of Nigeria’s 2nd Century, with an eye on 2015, a year seen as a defining milestone for the country, New Telegraph brings an intense, informed focus on 500 politicians (men and women) that will determine the nation’s course. In “2015: 500 Politicians To Watch,” New Telegraph, Nigeria’s most authoritative newspaper in politics and business X-rays and presents the well-known and dark horses in the political arena from across the country – contenders whose trajectories will shape the 2015 general elections.

“2015: 500 Politicians To Watch”

NEWS

Sanctity of Truth

Monday, March 31, 2014

SSS DG summons Duty Officers CONTINUED FROM PAGE 1

casualties were recorded, while two (2) Service personnel sustained serious injuries. Three (3) other detainees who sustained gun shot injuries during the incident have also died. “Meanwhile, investigation is still ongoing to ascertain the immediate and remote causes. Any other detail will be communicated.” A source said one of the injured SSS personnel is undergoing blood transfusion in an undisclosed hospital in Abuja. Some of the members of the insurgents being held at the facility of the Service were said to have overpowered a suspect handler, who went to the detention facility within the headquarters to feed the suspects. It was gathered that the suspects shot their guards, and broke down heavy doors at the detention facility to stage a daring escape. In the melee, the militants succeeded in freeing several inmates and almost taking over the

TODAY’S WEATHER FORECAST PORT HARCOURT

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ABUJA

38o 26o Partially cloudy

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40o 19o Partially cloudy

ENUGU

36o 25o Partially cloudy

IBADAN

35o 24o Very cloudy

CALABAR

33o 24o Storm

MAIDUGURI

43o 26o Mostly sunny

ONITSHA

35o 24o Cloudy

complex before reinforcement came from the Nigerian Army. It was further gathered that the detainees had held the detention facility under siege for hours, with security agents negotiating with them to end the tense stand-off. The SSS operatives, aided by soldiers, according to information, went on the offensive after the de-

tainees, who had obtained weapons, had run out of ammunition. “Four of the fleeing suspects were shot dead at a park near the facility,” said a source. Some christians going to church around Aso Drive, where the Presidential Villa and the SSS headquarters are located, were turned back by soldiers deployed to dislodge

the fundamentalists. As a counter-measure also, a military helicopter hovered around the fighting zone, to provide aerial and air surveillance, even as both entry and exit points to the area, were cordoned-off. Duty Officers, who left shortly before the incident, were said to have been recalled by the Director-General of the Service,

FLIGHT SCHEDULE Ita Ekpenyong, perhaps to explain how detainees got access to the sophisticated weapons, which they used in the fierce encounter before it was repelled. A source at the SSS said: “The DG has summoned Duty Officers back to the headquarters; they may have questions to answer regarding the incident, which the high C O N T I N U E D O N PA G E 4

FIRST NATION AIRWAYS LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45 (SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50 AEROCONTRACTORS LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30 MEDVIEW AIRLINES LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30

L-R: Sub-Committee Chair, Senator Christopher Coons; Chairman, Heirs Holdings, Tony Elumelu; and Sub-Committee Ranking Member, Senator Jeff Flake, after Elumelu’s testimony before the United States Senate Foreign Relations Sub-committee in Washington, DC. Elumelu was invited to testify at the hearing to represent the views of the African private sector.

IPMAN alleges plot by NUPENG to cause more fuel scarcity CONTINUED FROM PAGE 1

this in a statement issued in Abuja, said IPMAN has alerted relevant authorities on the new development. It was reported in the media (not New Telegraph) over the weekend that NUPENG has shut the operations of Nigerian Independent Petroleum Company (NIPCO). NIPCO is the business arm of IPMAN which is responsible for the loading of trucks of petroleum products for supplies throughout Nigeria. IPMAN and the major oil marketers have been battling in the last one month to address the problem of fuel crisis nationwide. Ezinwa in his statement alleged that a dissident IPMAN group led by the expelled former Eastern zonal chairman, Mr. Lawson Obasi, was to influence NUPENG to sabotage the

efforts of IPMAN in distributing fuel. According to him, Obasi and NUPENG President, Igwe Achesi, are colluding to create more fuel scarcity with a view to destablising the Federal Government’s transformation agenda. The statement reads: “The attention of the leadership of Independent Marketers Association of Nigeria has been drawn to incessant crisis in fuel supply instigated by the illegal intrusion in the affairs of the Association by a dissident group led by chief Lawson Obasi who was previously expelled by the association for gross misconduct. “We are aware that Obasi has received the tacit support of NUPENG President, Mr. Igwe Achesi, to disrupt the fuel supply system in Nigeria with a view to destabilising the transformation agenda. “This intrusion has led

to the shutdown of the business arm of IPMAN known as NIPCO Plc which is responsible for the loading of over 1,000 trucks of petroleum products and supplies throughout Nigeria. “NUPENG which is part of this rebellion is a different organization from the IPMAN, a fact known to all Nigerians. “In spite of all these obstacles, IPMAN has continued to provide the nation with the fuel from our meagre and dwindling sources of supply”. The statement added, “IPMAN is extremely touched by the immense pain which Nigerians are suffering today through this fuel scarcity. “It is clear that IPMAN is solely responsible for the successful movement of over 87 per cent of petroleum supplies nationwide. “We therefore wish to end this fuel crisis by re-

questing the responsible agencies to call Chief Lawson Obasi, Igwe Achesi and their cohorts to order in the interest of peace. “The Nigerian Labour Congress, Minister of Petroleum Resources and security agencies in the country have been alerted.” About 80 million litres of Premium Motor Spirit (PMS) otherwise known as petrol has been shut-in at the Lagos depot of the NIPCO plc by NUPENG. This figure represents the cumulative loading of 10 million litres of fuel at the depot daily, which has been disrupted for eight days by NUPENG. But IPMAN President Alhaji Aminu Abdulkadir said the association still remain an indivisible entity and anybody who claims to be a leader beside the elected officials is going against the Court order which has not been vacated yet.

OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00 ARIK AIR LAGOS-ABUJA (MON-FRI) 07:00; 08:00; 09:00; 11:00 13:00; 15:00; 17:00; 19:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 11:00; 13:00; 15:00; 17:00; 19:00 ABUJA-LAGOS (MON-FRI) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00; 20:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 09:00; 13:00; 15:00; 17:00; 19:00 LAGOS-PORT-HARCOURT (MON-FRI) 07:00; 09:30; 11:00; 13:30; 15:00; 17:30 (SAT) 07:00; 11:00; 15:00 (SUN) 09:30; 11:00; 13:30; 15:00; 17:30 PORT-HARCOURT-LAGOS (MON-FRI) 07:30; 09:00; 11:30; 13:00; 15:30; 17:00 (SAT) 07:30; 11:30; 09:00; 13:00; 17:00 (SUN) 11:30; 13:00; 15:30; 17:00 ABUJA-PORT-HARCOURT (MON-FRI) 06:45; 10:10; 13:30; 16:50 (SAT/SUN) 06:45; 10:10; 13:30 PORT-HARCOURT-ABUJA (MON-FRI) 08:30; 11:50; 15:10; 18:30 (SAT/SUN) 08:30; 11:50; 15:10

NEWS

SUIT

Will the 2015 election hold if INEC gets a court order stopping its preparation for the poll? Tunde Oyesina Abuja

firm, Bedding Holdings Limited (BHL), has asked a Federal High Court sitting in Abuja to stop the Independent National Electoral Commission (INEC) from

Sanctity of Truth

Monday, March 31, 2014

N17bn judgement: Firm seeks court’s nod to stop 2015 elections preparing for the 2015 elections on ground that the electoral body failed to obey a N17.3 billion judgement against it. The court had, however, ordered the service of processes on INEC and two others joined in the suit. The presiding judge, Justice Ibrahim Auta, who had earlier turned down an

ex-parte application by the plaintiff, ordered service on defendants in the suit, to enable them respond to issues raised. Other defendants are INEC Chairman, Prof. Attahiru Jega and the Attorney General of the Federation (AGF). The plaintiff contends among others, that the

defendants cannot, without complying with the court’s earlier judgement of January 28, 2014 utilise its patented process of applying the Direct Data Capturing (DDC) machines for voters’ registration for INEC’s continuous voters’ registration exercise preparatory to the governorship elections in Ekiti and

HAPPY MOTHERS’ DAY!

President Goodluck Jonathan and Dame Patience Jonathan in a warm embrace during the special service to mark Mothers’ Day at the Aso Villa Chapel, Presidential Villa, Abuja... yesterday PHOTO: TIMOTHY IKUOMENISAN

25.8m

The total population of Australia/New Zealand region (representing 0.37% of the world’s population) in 2010. Source: Blatantworld.com

The number of fixed (wired)-broadband subscriptions per 100 inhabitants worldwide in 2008. Source: Itu.int

22.2

The number of fixed (wired)-broadband subscriptions per 100 inhabitants of Europe in 2009. Source: Itu.int

Osun states and the 2015 elections. The court had, in the judgment of January 28, held among others, that BHL possesses a valid and subsisting patent right over the process of using DDC machines for voters’ registration; awarded N17.3 billion in damages against INEC, Jega and others for right infringement and ordered that subsequent application of the process must be with the firm’s consent. BHL further contends that INEC and others have not only declined to comply with the judgement, they have commenced the deployment of its patented process for voters’ registration as part of preparation for the governorship elections in Ekiti, Osun and next year’s elections. It wants the court to determine among others, whether, by the combined interpretation of the provisions of sections 2, 3(3), 19,25 and 26 of the Patent and Design Act 2004 and the subsisting judgement of January 28, 2014 the defendants could employ its patented process for its continuous voters’ registration exercise without the plaintiff ’s prior consent.

The plaintiff seeks an order of perpetual injunction restraining the defendants and their agents from further infringing on its patent rights by embarking on the voters’ registration or production of voters’ register in preparation for future elections without first obtaining its consent. It also seeks an order nullifying the voters’ register produced by the defendants, using its patented process, without its consent. BHL wants the court to declare that the continuous voters’ registration exercise being carried out by INEC in preparation for future elections, without its (plaintiff’s) prior consent amounts to an infringement on its patent rights. It also wants the court to declare that by virtue of the provisions of sections 2, 3(3), 19, 25 and 26 of the Patent and Design Act and the January 28 judgement, the defendants cannot use the plaintiff’s patented process for its voters’ registration exercise. In a supporting affidavit, BHL’s Chief Executive Officer, Sylvester Odigie stated that this was not the first time INEC and its chairman would violate the court’s judgement.

and Civil Defence Corps (NSCDC). The armed men were supported by sniffer dogs as they took positions within and outside the hotel. Security was also beefed up in and around military and other security offices. On the Shehu Shagari Road, where the Force Headquarters is located, the area was barricaded with Armoured Personnel Carrier, same for the Ministry of Defence, Area 10, Garki, Abuja. Meanwhile, the Presidency said President Goodluck Jonathan is “safe and well” despite the heavy shootings that were recorded at the headquarters of the State Security Service known as Yellow

House earlier in the morning. A statement by Dr. Reuben Abati, Special Adviser on Media and Publicity to the President said: “What happened at the SSS HQs has nothing to do with the Villa. President Jonathan is safe and well. Thank you for your concern and support.” The presidential spokesman further explained that the incident at the SSS headquarters was an attempted jailbreak that has been foiled, adding that there is no cause for alarm. “What happened at the SSS HQ this morning was an attempted jailbreak which has been effectively foiled. There is no cause for alarm.”

Jonathan safe and well, says Abati CONTINUED FROM PAGE 3

command considers a huge embarrassment.” Another dependable source told New Telegraph that Operatives from the Federal Capital Territory (FCT) Command of the SSS, have been deployed to the Yellow House, headquarters of the Service, to forestall any further incident. New Telegraph gathered that a high-level security meeting was immediately convened, to review the state of security within the axis and Abuja, generally, as the incident was said to be causing serious concern within security circles. A former FCT Minister, Mallam Nasir ElRufai, who lives in the

neighbourhood where the confrontation occurred, posted the following comments on his facebook wall: “IN MY NEIGHBOURHOOD: Exchange of gunfire still going on with helicopter gunship hovering over the Aso Drive neighbourhood of Maitama adjoining the SSS Headquarters. “Whatever this is, it appears more serious than an attempted jailbreak claimed by the SSS. May God protect the innocent and destroy the murderers, kidnappers and planners of genocide, Amen.”. After the situation was brought under control, Ogar assured Nigerians of their safety. She said: “Further to my earlier statement,

we wish to state that the roads leading to the office were cordoned-off to prevent possible assistance from external collaborators. During this period, the precinct of the office and adjoining neighborhoods were thoroughly searched. Meanwhile, normalcy has returned to the area as the roads have been opened for free movement of persons and vehicles “We wish to restate our commitment to the safety of the people and the Nigerian nation at large”. To prevent a breach of presidential security, all gates leading to the villa were shut down and guarded by an increased number of heavily-armed security personnel com-

prising the army, police and operatives of SSS. The only gate left as access into the Presidential Villa for both visitors and residents around the vicinity was the one from the Federal Secretariat leading to the Supreme Court complex. Helicopters were also seen patrolling the entire Three Arms Zone to ensure absolute security. Security was also beefed up at Transcorp Hilton Hotel, Abuja, venue of ongoing seventh meeting of African Finance Ministers and other strategic locations in the FCT. The additional armed men, seen within the vicinity of the hotel, include soldiers, police and officers of the Nigerian Security

NEWS

Sanctity of Truth

Monday, March 31, 2014

BPE remits N370bn for payment of PHCN staff Simeon Ogoegbulem Abuja

he Bureau of Public Enterprises (BPE) has remitted a total of N370 billion to the Office of the Accountant General of the Federation (OAGF) for payment of the former employees of the defunct Power Holding Company of Nigeria (PHCN). The amount was meant for 45,136 out of 47,913 staff of the defunct PHCN so far verified by the committee chaired by the Permanent Secretary, Ministry of Power, Mr. Godknows Igali. This is even as government had also released over N6 billion to the union leadership as check-off dues from the staff entitlements. Benjamin Dikki, Director General of BPE, who made the disclosure in Abuja shortly after he unveiled the agency’s 2014 work plan, noted that after

the Bureau’s nationwide field verification of the possible 4,194 PHCN retirees, 2,931 of their next of kin have been verified, leaving 1,163 yet to be verified. Dikki said the verification committee and the Bureau were making extra effort to ensure that the outstanding pensioners were verified and paid their entitlements expeditiously. He advised the pensioners or their next of kin who had not been verified to do so before Wednesday this week. According to him, out of the earlier 47,913 staff list obtained from PHCN, 45,136 verified staff entitlements have been cashbacked to the OAGF for payment. Dikki explained that 338 on the retirees list were exited staff, while 21 were cases of duplication. He stated that 262 cases were currently being processed and 551 had already been

recommended for validation by the Verification Committee on Payment of PHCN Severance Payment following a nationwide verification exercise. The DG said that Presi-

dent Goodluck Jonathan made it a priority and demonstrated great commitment in resolving labour issues in the power sector. He noted that apart from committing the en-

tire proceeds realised from the sale of power assets for the payment of the workers’ terminal benefits, government had at the initial stage of the transaction, released N57 billion to

take care of the workers’ pension. This was coming after the government had increased the workers’ salary by 50 per cent and regularised all casual staff of the defunct PHCN.

Members of Catholic Women Organisation (CWO) of St. Luke Chaplaincy, University of Abuja Teaching Hospital, Gwagwalada, celebrating Mothers’ Day in Abuja…yesterday

997,000

The total number of internet users in Ghana in 2008. Source: Blatantworld.com

N12.7bn

The internally generated revenue of Cross River State in 2012. Source: National bureau of Statistics

7.2m

The total number of internet users in Saudi Arabia in 2008. Source: Blatantworld.com

Obasanjo: I’ve forgiven Atiku, others GOK Ajayi: Falana, Osipitan, others mourn CONTINUED FROM PAGE 1

have any grudge against anybody. And if there is any, I have forgiven all as a father,” the former president stated. Obasanjo commended the NYLF for coming to Abeokuta to make case for a way forward for the country. “Since 2003, the effort of your group has been noteworthy. I’m happy that you have also increased in number. Let me appreciate all your support since 2003 and urge you to continue by ensuring that credible leaders are elected in 2015,” he added. Speaking earlier, the NYLF national chairman, Comrade Elliot Afiyo, said the group was in Abeokuta to identify with Obasanjo’s vision for the country. “We have come to you (Obasanjo) as a father indeed, elder statesman for sure, an advanced citizen per excellence, an honest and forthright leader, courageous and bold democrat, loving and compassionate,” he stated.

He stressed that with such positive attributes, Obasanjo has no option or alternative than “to chastise and later forgive and embrace both the good and bad characters.” “In view of this, we humbly request that you forgive your former Vice President, Alhaji Atiku Abubakar, of whatever political sin or offence he might have commited against you. We bow our ourselves before you on his behalf and plead for mercy and understanding,” Afiyo said. He explained that the mission to come and plead for Atiku “does not in any way stop you (Obasanjo) from charting any noble political course for the nation come 2015.” The group also solicited the commitment of the former president in finding a lasting solution to “the Boko Haram insurgency in the North East and the communal clashes in Kaduna, Plateau, Nasarawa, Benue, Taraba and Kogi states.”

Joseph Jibueze

minent lawyers yesterday described the late G.O.K Ajayi (SAN) as a huge loss to the judiciary. Ajayi died in Lagos at 83. Professor of Law, Taiwo Osipitan (SAN), said the bar and the country have lost a legal giant. He described Ajayi as a lawyer of lawyers and lover of the Nigerian masses. “He was highly cerebral and intellectually confident. He was very hardworking and upheld the ethics of the legal profession. “We shall miss his intellect, guiding hands, leadership, fatherly advice and above all, his principles,” Osipitan said. Activist-lawyer, Femi Falana (SAN), said he would be sorely missed. “Chief G.O.K. Ajayi SAN was a graceful bourgeois lawyer. Even though he was conservative, he defended progressive causes with uncanny audacity and relentless commitment. “His knowledge of the

law was unimpeachable. He had total contempt for corrupt judges and incompetent lawyers. For over four decades his name featured prominently in the law reports and learned journals. “In spite of the incipient rottenness in the legal system, Chief Ajayi was never associated with corrupt practices. “Through the instrumentality of the law, Chief Ajayi fought against the deportation of a Nigeria legislator, illegal seizure of passports of social critics and fraudulent election results perpetrated by criminally minded politicians. “He provided a robust defence for Chief Gani Fawehinmi and Chief MKO Abiola when they were charged with political sabotage and treason respectively. He was counsel to Chief Obafemi Awolowo and Chief Adekunle Ajasin. “For defending pro-democracy and human right activists, Chief Ajayi’s passport was seized while

he was subjected to untold harassment by security forces. But he was not deterred as he was as constant as the northern star in the defence of rule of law and social justice. “We worked together when Comrade Alao-Aka Bashorun led the NBA from 1987 to 1989. In the last few years, he was disturbed that the NBA had progressively compromised and lost its powerful voice. “The greatest tribute that Nigerian lawyers can pay to Chief Ajayi is to resolve to liberate the NBA from the grip of reactionary and corrupt bar leaders.” Another SAN, Mrs Funke Adekoya, said: “An Iroko has fallen and the profession will never be the same again.” Adekoya, who is chairman, NBA Section on Legal Practice, described Ajayi’s death as a passing of an era. “He was the one who challenged the federal government on quota for education and lawyers of his generation are fast dis-

appearing. “It is now left for those of us who are still here to carry on the baton. “He was a great man and was respected and loved by many. “His ethics were impeccable. No rumour or any negative thing about his practice. He was a role model to many of us. “His life is a lesson for us to stick firmly to professional ethics and endeavour to fight for what we believe is right,” she said. Chairman, NBA, Ikeja Branch, Monday Ubani, said Ajayi’s sudden death was shocking. “If it is true that G.O.K Ajayi is dead, I am totally shocked. There goes to the maker and to the ancestors one of the finest souls in the legal profession. “He was a titan and bestrode the legal profession like a colossus. His sudden death, without a prior notice of any ailment is surprising. Nigeria and the legal profession will surely mourn and miss this great man.”

NEWS

Sanctity of Truth

Monday, March 31, 2014

Cement: Dangote slashes price of new 42.5 grade

Ondo State Governor, Dr. Olusegun Mimiko (right), addressing the people of Etikan Community, Ilaje Local Government Area, during the Labour Party campaign for the Ilaje/Ese-Odo Federal Constituency byeelection…at the weekend.

s it continues the introduction of its newly launched 3x cement of 42.5 grade to various stakeholders, Customers of Dangote Cement Plc, especially those from the South-East would, for the next one week, purchase the commodity at a hugely discounted rate in the spirit of the 25th Enugu International Trade Fair. The company, still savouring the successful launch of the new product, said it was rewarding its loyal customers and has, therefore, decided to slash the price of cement at the on-going Fair. According to a promo

being run on radio and television, visitors to the fair would have the opportunity to buy the commodity at N1, 660. 00 per bag. It would be recalled that Dangote Cement had last week in Lagos introduced the new 42.5 cement grade which it code named 3x and the new bag to the journalists. The company also hinted that it had also embarked on the production of another higher cement grade of 52.5, pointing out that all it was doing is to offer its customers variety of choices among quality cement as obtained in other countries. The promo, which

kicks off on March 31, will run till April 6. According to SouthEast Regional Sales Director, Dangote Cement, Tunde Mabogunje, Dangote cement customers will have the opportunity of buying the discounted product at the priced of N1,660 at the company’s pavilion within the Enugu Trade Fair Complex. He said the promo allows customers to buy a minimum of 50 bags of cement or a maximum of 100 bags of cement at the factory price instead of the existing policy which requires purchase of several trucks of cement at factory price.

APC, a rudderless ship –PDP Onyekachi Eze Abuja

Employees of Nigerian Breweries Plc at Ebenezer Primary School, Otumara Village, Lagos, painting and cleaning the school environment as part of giving back to society

L- R: Former President, Lagos Country Club, Mr. Emmanuel Igbenoba; Chairperson, Women Development Committee, Mrs. Toyin Igbenoba and President, Mr. Adewale Osomo during the Club’s celebration of Mothers Day in Lagos. PHOTO: GODWIN IREKHE.

he Peoples Democratic Party (PDP) has described the opposition All Progressives Congress (APC) as a rudderless ship, saying its resort to attacking the personality of individuals and institutions of government through the media exposes its lack of focus. In a statement by its National Publicity Secretary, Chief Olisa Metuh, yesterday, PDP noted that in the last few days, the media have been awash with paid write-ups and advertorials by the APC using resources meant for the development of their states to castigate, discredit and ridicule PDP

officials and other wellmeaning individuals in the country. “It is rather despicable that instead of coming out with tangible explanations that would delink it from the negatives for which Nigerians have rejected it, the APC, now haunted by its ugly shadow, has resorted to yet another diversionary tactics of propaganda, blackmail and falsehood, this time, using paid consultants masquerading as newspaper columnists to attack and insult individuals, including the person of President Goodluck Jonathan,” Metuh said. He added, however, that the PDP was not perturbed by these attacks, restating the party’s position that APC’s agenda

is to destroy the nation’s democracy and unity. “This wave of attack is clearly part of APC’s “Janjaweed” ideology of destruction and inciting the people against individuals, especially government officials, in furtherance of the plot to undermine the system and balkanize the nation along ethnic and religious lines ahead of the 2015 general elections; an agenda which has already failed. “We are aware that the APC has engaged the services of foreigners who have since been imported into the country to do the hatchet job in collaboration with the paid consultants who pocket as much as N5 million for each negative publication.”

Ondo Govt generated N2.93bn IGR in two months

L-R: Mrs. Helen Adesanya; Mrs. Funke Henshaw, Project initiator, Arise Women Medical Outreach; and wife of Pastor in Charge of RCCG Lagos Province 4, Mrs. Siju Iluyomade and Folake Adama at an event in Lagos.

fforts of the Ondo State Government to increase its revenue has received a boost as it generated N2.93 billion as Internally Generated Revenue (IGR) in the first two months of 2014. Commissioner for Information, Mr Kayode Akinmade, in a chat with newsmen in Akure, the state capital yesterday, said the success recorded so far in the state’s revenue

drive is as a result of the ingenuity and drive of the state’s Board of Internal Revenue. “Recall that while signing the 2014 Budget, Mr Governor did mention that the state’s Board of Internal Revenue had been re-organised to drive the expansion of the state’s revenue base and the result of this is already manifesting,” Akinmade said. Stating that the march-

ing order is beginning to yield result, Akinmade said report made available by the Acting Chairman of the State’s Board of Internal Revenue, Mr Kafaru Akinsehinwa, indicate that the agency raked in N2.93 billion in the first two months of the year as revenue, adding that various steps have been taken by the Board to meet the N15 billion target set for it by the government for this year.

NEWS

Monday, March 31, 2014

Africa central banks pledge support to transformative growth polices Abdulwahab Isa Abuja

frican Central Bank governors have resolved to support inclusive and transformative growth policies and dynamic initiatives designed to actulaise Africa's industrilsiation for the benefit of its people. This is as the group renewed its commitment to the structural transformation of African economies and resolved to intensify and sup-

port efforts for inclusive growth and trasnformative development. The group made the commitment yesterday in a communiqué, read by Acting Governor, Nigeria's Central Bank Dr. Serah Alade in Abuja, announcing the outcome of its first caucus meeting . The acting Governor of the Central Bank of Nigeria, Sarah Alade hosted the caucus meeting with the theme: “Industrialization for inclusiveness and Transformative Development in Africa”

National merit award has been compromised, says Idachaba Yekeen Nurudeen Abuja

n d i c at i o n s h ave emerged that the purpose of establishing the Nigerian National Order of Merit (NNOM) may have been defeated as the Chairman of the Governing Board of Nigerian National Merit Award(NNMA)Professor Francis Idachaba has alleged that the assessment process for nominating recipients of the NNOM has been compromised. Idachaba who made the allegation in Abuja at the weekend when the

new board of the NNMA was being inaugurated by the Secretary to the Government of the Federation said there has been undue pressure on him to employ more personnel into the assessor team of the NNMA, some of whose status and integrity he said are questionable. His words"I have inherited a surprising, indeed bewildering, employment frenzy in the final days of the 6th NNMA board, an employment frenzy that has little or nothing to do with the mission and objectives of NNMA.

Mothers day: Jonathan honours women at special service Anule Emmanuel

resident Goodluck Jonathan yesterday led other prominent men to honour women at a special church service organised to mark this year's Mothering Sunday. The service held at the Aso Villa Chapel, Abuja. Highlight of the service was the singing of special songs led by the President himself. Wife of the President, Patience, in her remarks commended Nigerian women whom she said had contributed immensely to the improve-

ment of family values and cohesion. She also made a case for the removal of impediments that have been posing challenges to the progress and development of women and the girl-child. Dame Patience played glowing tributes to women who she said have stood for the rebirth and transformation of a new Nigeria. Mrs. Jonathan encouraged Nigerian women to continue to use their positions as peace-makers and bridge-builders to work for peaceful co-existence in Nigeria.

Police corporal batters wife, kills 19-month-old baby in Edo STRANGLE

Cop strangles wife's baby after impregnating another woman

Cajetan Mmuta BENIN

police corporal who battered his wife severely and then strangled his 19 months old baby in Benin City, the Edo State capital has gone into hiding, as his whereabouts could

not be ascertained as at yesterday. The angered policeman, Corporal Samuel Abiola, had seriously battered his wife, before pouncing on the baby boy whose name was given as Ayomide Samuel. He reportedly scooped the baby from his bed, beat him severally before finally strangulating him to death. Corporal Abiola, it was learnt, had pounced on the defenseless baby moments after the mother escaped his grip and aggression at flat 1c, Omorogieva com-

N3.89bn

The internally generated revenue of Oyo State in 2010. Source: National bureau of Statistics

pound, Sam Enobakhare Cresent, Off St. Saviour Road, in the capital City. The enraged policeman who hails from Ijebu-ode in Ogun State, our reporter further gathered, was said to have impregnated another woman from Oghara town, Delta State, a matter that is presently at the center of the crisis in the family house. Mrs. Abigail Samuel, Nee Omoruyi, aged 26 years who narrated the ugly incident said on Tuesday, March 25, 2014 that she and her baby were

53.5%

The percentage of individuals using the internet in developed countries in 2006. Source: Itu.int

at home with her husband when at about 6:00pm her husband’s countenance suddenly changed like a man under a spell. She stated that when she tried to find out why, he started to beat her black and blue. Narrating her experience in pidgin English, she said: “He kicked me for belle (in the stomach), pressed my neck, slapped me, I run come out (I ran out), he come carry my pikin (he took my child), bite am for neck, belle and face. "

85.6%

The male percentage of internet users in UAE in 2012. Source: Itu.int

L-R: Director General, National Agency for Food and Drug Administration and Control (NAFDAC), Dr. Paul Orhii; Founder, Art of Life Foundation, Mrs. Taiwo Taiwo; Founder/CEO, Emzor Pharmaceutical Plc, Mrs. Stella Okoli; Author of the Book, Dr. Patrick Lukulay and Managing Director/CEO, NIMETH Plc, Mazi Sam Ohabunwa during the launch of a book titled, ‘The Executive in You’ in Lagos…at the weekend. PHOTO:GODWINIREKHE

Security agencies, Boko Haram committed war crimes, says Amnesty International CIVIL WAR

All sides are guilty of humanitarian crimes, says Amnesty

Tunde Oyesina Abuja

mnesty International (AI) yesterday said that both the Nigerian security agencies and the Boko Haram insurgents have committed war crimes in North-East of Nigeria. In a statement, AI said

that more than 1,500 people had been killed in the first three months of 2014. It said that the situation in north-east Nigeria had escalated into a noninternational armed conflict (civil war). AI further stated that it had documented the killings carried out in January, February and March 2014 by both Boko Haram and the Nigerian Security Forces. The statement reads in part, "Amnesty International documents pattern of killings by Boko

Haram and extra-judicial (summary) executions by Nigerian security forces "An increase in attacks by Boko Haram and uncontrolled reprisals by Nigeria’s security forces has seen the death toll in North East Nigeria rise to at least 1,500 people, more than half of whom are civilians, in the first three months of 2014. “The escalation of violence in north eastern Nigeria in 2014 has developed into a situation of non-international armed conflict in which all par-

ties are violating international humanitarian law". Netsanet Belay, Research and Advocacy Director for Africa at Amnesty International however, urged the international community to ensure prompt, independent investigations into acts that might constitute war crimes and crimes against humanity. According to him, more than 1,500 deaths in three months indicate an alarming deterioration in the situation.

ACROSS THE NATION

Sanctity of Truth

Monday, March 31, 2014

FCT

Bauchi

Abuja

Bauchi

Task force impounds 224 NAPEP tricycles in FCT The operation clean up Abuja recently launched to rid the Federal Capital city of all social menace has started yielding positive result as 224 commercial tricycles (Keke NAPEP) operating in undesignated areas of the Abuja metropolis have been impounded. The FCT Minister, Senator Bala Abdulkadir Mohammed who recounted other achievements of the

Ministry, stated that the impounded Keke NAPEP have been deposited at the headquarters of the FCT Directorate of Road Traffic Services in Mabushi District, Abuja. According to statement fromMuhammadHazatSule, Chief Press Secretary to the FCT Minister, the Minister alsodisclosedthatatotalnumber of 165 commercial motorcycles (Okada) have also been impounded within the same period and deposited at the Abuja Auto Pound, Gosa.

Oyo Ibadan

ASUU ready to embark on internal cleansing, says Fagge President, Academic Staff Union of Universities (ASUU), Dr Nasir Fagge, has said that the union was embarking on internal cleansing of members. The ASUU president, while speaking at the

Ibadan Zonal Leadership Training Workshop organised for the leadership of the union in the zone at the weekend, said for the union to achieve ultimate goal of building Nigeria and safeguarding the education sector, ASUU members must rededicate themselves to the positive leadership values.

PDP to broadcast of party primaries live Peoples Democratic Party (PDP) members aspiring to various post in the next elections were over the week-end left with misgivings as the National Chairman of the party, Alhaji Ahmed Adamu Mu’azu disclosed that the party’s primary elections at states and national levels will be broadcast live. Alhaji Ahmed Adamu

Mu’azu made this known during the Unity Rally of the party in the North East which took place in Bauchi over the week-end. He said ‘’our party is the most internally democratised, it is the most transparent party. We were the first in Nigeria and still remain the only party that broadcast our congresses and conventions live on television and I have decided to extend this.

FCT Abuja

MURIC accuses CAN's scribe of poke nosing Agroup,theMuslimRights Concern,MURIC,hasaccused the Secretary General of the ChristianAssociationof Nigeria, CAN, Rev. Musa Asake of overstepping his bounds and poking his nose into a matter between President Goodluck Jonathan and the Muslims in thecountry. The MURIC specifically urged the Secretary-General

to apply the brakes since it is a matter that he cannot pronouncejudgementon. The group, in a statement signed yesterday by its Director, Professor Ishaq Akintola, said, "This is a matter that belongs exclusively to the presidency. Instead of playing the role of an advocatus diaboli, we expect CAN secretary to provide counter data proving us wrong.

Enugu

Lagos

NSukKa

Lagos

Jonathan urges varsity administrators to run 21st century institutions

West Africa economic region to grow by 7.1% ECOWAS

President Goodluck Jonathan yesterday urged University Administrators to run 21st century institutions that will address the challenges of poor work ethics and prolonged industrial actions among staff members. He stated this while delivering a keynote address at the 43rd Convocation of the University of Nigeria, saying that “You will agree with me that the development we desire can only take place in an atmosphere of peace and tranquility”.

West Africa will remain the most dynamic African regional economic community in 2014 with an economic growth rate forecast at 7.1 per cent, up from 6.3 per cent the previous year, according to the 2013 annual report presented by the President of the ECOWAS Commission, Kadré Desire Ouédraogo, to the summit of regional leaders in Yamoussoukro, Cote d’Ivoire. The report made available to New Telegraph in Lagos after the meeting ended on Saturday stated that after a regional growth of 6.6 per cent in 2012, six of the 15 ECOWAS Member States achieved growth rates above the 6.3 per cent average in 2013 with Sierra Leone topping the chart at 14.6 per cent.

28.3% The percentage of households with a computer in Africa in 2010. Source: Itu.int

88.1%

The male percentage of internet users in Korea Republic in 2012. Source: Itu.int

3.7m

The number of recorded deaths every year as a result of exposure to fine particulate matter. Source: Who.int

Ekiti Ado-Ekiti

Ekiti 2014: Fayose, Adeyeye to work together

L-R: Vice Chancellor, University of Lagos, Prof. Rahmon Bello; Ogun State Governor, Senator Ibikunle Amosun and Speaker, Ogun State House of Assembly, Suraj Ishola Adekunbi, during the Final Fidau Prayer in honour of Bello's late mother, Alhaja Fatima Bello held in Ibooro, Ogun State …at the weekend.

Osun

Ogun

OSogbo

Abeokuta

Osun PDP primary: Omisore campaign group rejects postponement As members of the Peoples Democratic Party(PDP) in Osun State wait patiently for April 5, gubernatorial primary of the party, Iyiola Omisore organization yesterday raised the alarm that a sponsored protest is billed for Wadata Plaza, the party's national secretariat, Abuja on today, to seek

postponement of the state congress of the party. The campaign, organisation which desribed the planned sponsored protest as unholy in a statement signed by Senator Omisore’s media aide, Prince Diran Odeyemi, warned those planning the protest to desist from such as there is no basis for it. He said "We reject this move in its entirety as there is no justification for any postponement.

Alleged murder of soldier: Ogun govt douses tension in Ijebu-Ife The Ogun State government yesterday said it had restored normalcy to Ijebu-Ife town in Ijebu East local government area following the tension generated by alleged killing of a soldier in the community. Confusion had engulfed Ijebu-Ife when speculation of likely

reprisal attack from soldiers forced hundreds of people to flee the town last week. In a bid to douse tension and bring the situation under control, the state Commissioner for Local Government and Chieftaincy Affairs, Chief Muyiwa Oladipo, however, held a peace meeting with stakeholders of the community.

Former Governor Ayo Fayose and one of the aggrieved governorship aspirants in the Peoples Democratic Party (PDP), Prince Dayo Adeyeye, may have formed an alliance in a bid to ensure success for the party in the June 21 poll in the state. Findings by our correspondent in Ado-Ekiti yesterday indicated that Adeyeye would be supported by the Fayose group to become a minister in the cabinet of President Goodluck Jonathan. The state's slot in the federal cabinet became vacant following the resignation of Navy Capt. Caleb Olubolade as the Minister of Police Affairs in order to seek the PDP ticket.

Kwara Ilorin

Bank workers use drugs to cope with stress, says unilorin don Nigerian banks have been asked to establish counselling units in their offices to cope with growing incidence of stress among their staff. According to a professor of Guidance and Counselling, Adeyemi Idowu, many bankers have come under severe pressure as a result of the unpredictable economic circumstances of the nation following the general economic depression which forced many banks into financial crisis.

Ondo Akure

LP members defect to APC in Ondo No fewer than 2,450 members of the ruling Labour Party(LP) in Ondo east and west local government areas of Ondo State yesterday dumped the party for the opposition All Progressive Congress (APC). Led by Messrs Ralph Akinrolabu and Simeon Folasiyan, former Secretary of LP in Ondo East and leader of the party in Ondo West.

NEWS

Sanctity of Truth

Monday, March 31, 2014

NMA slams Ekiti over tax regime, threatens strike TAX ISSUES Tax issues pitch Ekiti government and doctors in the state against each other Adesina Wahab Ado-Ekiti

edical practitioners in Ekiti State under the auspices of the Nigerian Medical Association

(NMA) have slammed the state government over some policies they perceive as unhealthy for their profession, threatening to go on strike on April 7, if the policies are not reversed. Top on the list of the unacceptable policies, according to the NMA, is the high tax regime imposed on them and their facilities by the state government. Briefing reporters in Ado-Ekiti, at the weekend, Chairman, Ekiti

NMA, Dr. Obitade Obimakinde, also accused the state government of making promises and not fulfilling them. To show the seriousness attached to the matter, Obimakinde said the planned strike would involve doctors in both public and private sectors. The Ekiti NMA boss said at the end of the Ordinary General Meeting of the body in Ado-Ekiti, the doctors decried the non-implementation of CONMESS salary struc-

ture for members working at the primary health care level in the state. The NMA is also against the non-implementation of special allowances for consultants working under the hospitals’ management board, computation of retired medical personnel benefits, using the old salary grade level rather than CONMESS which they retired on. Also, the NMA is dissatisfied with the non-re-

lease of running grants to secondary health care institutions since October last year. “If by the end of this ultimatum, the issues are not resolved, all members of NMA at all levels of health care delivery and health institutions will proceed on a three-day strike from Monday, April 7, 2014,” he said. But the state Commissioner for Health, Prof. Olusola Fasubaa, expressed dismay at the impatience of the doctors

and their threat to go on strike, saying dialogue and mutual understanding and trust could do a lot of good. “I'm not impressed by the action of these doctors; this is not the way they were trained. We need to embrace dialogue, we need to be patient. “We know the activities of many of them; they hardly stay at their duty posts. They cannot blackmail me, they should do their homework properly,” he said.

Forest of horror: Ajimobi convenes Security Council meeting Sola Adeyemo Ibadan

L-R: Director General, Metallurgical Training Institute (MNIIM), Joseph Ajamolaya; Hon. Tobi Okechukwu and Deputy Speaker, House of Representatives, Hon. Emeka Ihedioha, during the first graduation ceremony of the 2013 FGN zonal intervention/constituency project on skill acquisition training for youths in Imo State held at the institute in Obosi…at the weekend.

The number of deaths caused by air pollution in 2012, covering both households and ambient air pollution. Source: Who.int

16.6

The number of active mobile-broadband subscriptions per 100 inhabitants of the world in 2011. Source: Itu.int

Sultan sues for peace as 700 Imams meet over insecurity Dan Atori MINNA

he Sultan of Sokoto and Chairman, Nigerian Supreme Council for Islamic Affairs, Alhaji Sa'ad Abubakar, has called on Nigerians and Imams in particular to sue for peace in order to live together in harmony, irrespective of religious affiliations. Abubakar made this call over the weekend at a three-day workshop for Imams in the 19 Northern states of the country with the theme “Muslims Yes-

terday, Today and Tomorrow, Challenges to Muslims Unity in Northern Nigeria,” held at U. K. Bello Arts Theatre in Minna. He said Imams should see themselves as leaders of Islam and of peace in order to return the country to the path of peace. While advising the Imams on the issue of peace and security, the Sultan said they should take to the people, good messages that are devoid of violence, even while always preaching peace as enshrined in the Holy Quran.

4.3m

The number of deaths every year as a result of exposure to indoor smoke from cooking fuels. Source: Who.int

Ondo bye-election: PDP vows to punish saboteurs Babatope Okeowo Akure

he Peoples Democratic Party (PDP) yesterday vowed to punish any of its members that collaborates with the opposition against the interest of the party in the April 5 Ilaje/Eseodo bye election in Ondo State. National Publicity Secretary of the party, Chief Olisa Methu, who disclosed this at the PDP rally in Igbokoda, in Ilaje Local Government Area of the state, said the elec-

tion is about the control of the soul of the National Assembly and the nation. Methu said the result of the election would be a curtain raiser for the 2015 general elections as the PDP is ready to retain its leadership position in the country. He dispelled rumours making the round that the party would collaborate with any political party against the candidate of the party, Chief Emola Adewale Kukute, at the bye-election.

s part of his administration’s proactive measures, Oyo State governor, Abiola Ajimobi, has convened a Security Council meeting to deliberate on the unfortunate tragedy of the discovery of a kidnappers’ den at Soka area of the state capital. According to a release issued by his Special Adviser on Media, Dr. Festus Adedayo and made available to reporters at the weekend, the governor is convening the meeting to review the state of security in the

state in the aftermath the tragic discovery. The meeting, which will take place tomorrow, will review the incidents that have happened in the state since the unfortunate tragedy and assess the security preparedness of the security agencies in the state to curtail its aftermath. The statement said the state government was bothered about the incidences of summary apprehending of mentally-challenged persons in the state capital and the resort to jungle justice on them by some in the state capital.

UTME: JAMB rakes in N7.5bn as registration ends today Mojeed Alabi

he Joint Admissions and Matriculation Board (JAMB), the body charged with the conduct of Unified Tertiary Matriculation Examinations (UTME) in the country, may not have made less than N7.5 billion from the sale of forms for this year’s examination. The examination is scheduled to commence on April 12. The amount is the average sum the examination body is expected to have made from the number of candidates it claimed have been registered so far for the three

modes of the examination. New Telegraph reliably gathered that the body has so far registered over 900,000 candidates for its Paper-Pencil Test (PPT) and the (DualBased-Test) modes while about 600,000 candidates have been registered for the Computer-Based Test (CBT) mode. Following this, the N4,000 officially charged for the sale of scratch cards for the forms and the N1,000 charged for another scratch card for the purpose of checking results by the candidates must have accrued to about N7.5 billion.

10 NEWS

Sanctity of Truth

Monday, March 31, 2014

Tribunal may deliver judgement on Obidigbo suit this week PETITION

l Chime raises alarm on shortage of judges in Enugu

Suits against Obiano's tition filed against Governor Willie Obiano. Chairelection coming to a man of the panel, Justice head soon UwakweAbugu Awka

he three-man Anambra Governorship Election Tribunal at the weekend inched nearer the delivery of its judgement on the first pe-

53.6

Ishaq Bello, rounded off the sitting on Friday, noting that with the speedy proceeding, its first judgment may come this week. What remained before delivery of judgment on the Obidigbo petition, the first of the five petitions standing against the governor, is for the Obiano's legal team to take their

The number of mobile-cellular subscriptions per 100 inhabitants of Africa in 2011. Source: Itu.int

turn to respond. The issue of the leadership of the All Progressives Grand Alliance (APGA) ≠has been a regular feature in the Obidigbo-Obiano suit at the tribunal. There were fireworks at the tribunal on Friday, when Dr. Chike Obidigbo, who is challenging the declaration of Obiano as winner of the November16, 2013 election in the state, was in the witness

68%

The female percentage of internet users of Israel in 2012. Source: Itu.int

box to testify that he was the APGA candidate and not the new governor. The fiery session was a clash of the Titans. Senior Advocates of Nigeria (SANs) OnyechiIkpeazu and Ken Mozia for Obiano; Adegboyega Awomolo (SAN) for the Independent National Electoral Commission (INEC) on one side locked horns with Prof. Dike (SAN) who led fire-

10.3m

The number of internet users in Mexico in 2008. Source: Blatantworld.com

L-R: Minister of Industry, Trade and Investment, Olusegun Aganga; Director General, UNIDO, Mr. Li Yong, and Country Director, UNIDO, Dr. Patrick Kormawa during lunch meeting between officials of the ministry and unido in Abuja…at the weekend.

Security aide to governor’s wife vanishes with N8.5million Steve Uzoechi OWERRI

police orderly attached to the wife of the Imo State Governor, Mrs Nkechi Okorocha, may have made away with cash belonging to the governor’s wife. The money is believed to be in the neighbourhood of N8.5million. The incident, which occurred last week was kept under wraps until it came to light yesterday through New Telegraph’s impec-

cable sources who craved anonymity. However, Mrs. Nkechi Ezirim, the Chief Press Secretary to the wife of the governor, said no such thing happened. But when New Telegraph promised to quote her, she said, “Do not quote me. I need to verify what you have told me.” Till the time of filing this report, she did not call back. However, there are two versions to the story. One goes that the sum of N18.5 million was

pilfered. The other, which seems more probable, having been affirmed by more than two sources, says the sum of N8.5 million was lifted by the orderly (names withheld), from the office of the governor’s wife and was only discovered few days later through the playback of the footage recorded by the closed-circuit television camera in the office. New Telegraph gathered that the wife of the fleeing police orderly, who

is also a police woman, was immediately arrested and detained by police authorities in the state. Efforts by New Telegraph to contact the said orderly, who hails from Cross Rivers State, have been unfruitful as he is believed to have fled the state. Two of his mobile lines remained switched off. Efforts to get the state’s Police Public Relations Officer also proved abortive as her number was not available.

brand Jos-based lawyer, Oba Maduabuchi and others on the side of Obidigbo. But the Obiano group, which lost some grounds last Wednesday, turned the table against the Obidigbo team at the weekend session. Bello rounded off the

sitting by expressing satisfaction with the way the legal teams on both sides had conducted themselves and showing the spirit of cooperation, a situation which has made even the heated argument come to resolutions devoid of rancour.

Catholic priest denies arrest over pupil’s death Cajetan Mmuta BENIN

he parish priest of Blessed Tansi Catholic Church, New Benin, Benin City Edo State, Very Reverend Father Yakubu-Gowon Salami, yesterday narrated how he narrowly escaped a mob that stormed the premises of the school where a 14-year-old primary six pupil, Master Onyebuchi Odili, was electrocuted on Friday. Salami disclosed that he was alarmed by false reports of his arrest carried by the electronic media. The cleric spoke during his homily which coincided with yesterday’s worldwide Mothers

Day celebration held in the state. Rev Salami said he was resting inside his residential building of the church which shares the same compound with the school when he was alerted that a boy had been electrocuted and rushed out only to behold a mob who rained all manner of abuses on the church and its leadership. He said “I was resting in my house when they came to call me that a child died in the school. When I came out I saw a large crowd of people and there was commotion everywhere. They were saying all kinds of things... It is painful for me to see a child die.

FG moves to salvage SURE-P scheme UwakweAbugu Awka

he Federal Government has flagged off an advocacy programmeintheSouthEast states to boost awareness on maternalandchildhealthcare scheme anchored by the Subsidy Reinvestment and Empowerment Programme (SURE-P. New Telegraph gathered that the salvage measure for the multi-billion naira scheme will later be taken to other parts of the country. At the weekend, SUREP programme organizers working for the agency's consultants --- Ferguson IT ltd --- were seen moving into Enugu State after holding a stakeholders' event in Ebonyi State with a view to getting the target beneficia-

ries of the scheme's Maternal and Child Health (MCH) programme to patronize the programme more than they have done so far. A programme personnel fortheconsultantsandFellow of the Pharmaceutical Society of Nigeria, Emmanuel Ugbene, told New Telegraph at the weekend that the advocacy stakeholders meetings were held because "discreet information at our disposal shows that there is a relative low awareness of the programme. "So, we now want to carry out this to advise the SURE-P operators on what and what should be done or where there are gaps, where there are challenges for all of us to comeupwithideastoseehow these challenges could be surmounted," he stated.

metr

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

0802 393 8212

MONday, March 31, 2014

A female bag left inside one of the classrooms

Mad woman, robbers take over Akure school

t was meant to be a school building where Nigeria’s future leaders will be trained, but LA 1 Primary School, on Stadium Road in Akure, the Ondo State capital, is serving other roles. In the afternoon, students will be in one segment of the classrooms studying, while a mad woman lives in another segment. At night, men of the underworld use the same venue for the sharing of their loot. When our correspondent visited the school, one of the classrooms looked like where hoodlums often meet to share their loot with some female handbags belonging to unknown persons littering the floor. It was also discovered that the ceiling was broken by the hoodlums to gain access to the classrooms where they meet after launching robbery attacks on innocent residents of the town. At weekends, when the school is not in session, some hoodlums use the place for different purposes, including rape and other heinous crimes. It was learnt that some criminals also use one of the abandoned classrooms as Indian hemp smoking joint, as the relics of the banned substance and cans of different types of gin were scattered on the floor. Since the school closes by 2pm, some hoodlums lure female victims to the place with a view to raping them, as sources said cases of rape abound in the area. It was also discovered that two of the

The roof of one of the classrooms

LA 1 Primary School in Akure, the Ondo State capital is one of the first primary schools in the state and has produced many graduates in different fields of endeavour. But one of the abandoned classrooms in the school has been converted to hideout for criminals and lunatics, reports Babatope Okeowo classrooms were burnt by criminals. This was just as the classrooms were littered with human faeces. The school is not fenced while it is not also connected to electricity. Since the next building to the school is about 50 metres away, it is a perfect place for rapists to attack their victims undisturbed. It was learnt that one of the hoodlums had written some things on the board of one of the classrooms accusing President Goodluck Jonathan and former President Olusegun Obasanjo of bad leadership. The pupils confirmed that they usually see different write ups in their classrooms while some of the furniture in the school were usually destroyed by the hoodlums. Consequently, the management and pupils of the school have appealed to the state government to assist in demolishing the abandoned classroom block converted to an abode for a suspected lunatic and a hideout for criminals. The headmistress of the school, Mrs Felicia Bankole, noted that she always warns the pupils who play football in front of the abandoned building housing the lunatic to stop. This, according to the headmistress,

who said she was posted to the school on January 19, is to guard against attack by the lunatic. She said: “When I assumed office, the situation I met was bad. I called the teachers and they told me that they had written series of letters to the Ministry of Education and to the Local Government Universal Basic Authority. “They had written to the State Universal Basic Education Board (SUBEB) without any response. So, immediately I came in, I took it upon myself and began reminding the authority, but there has been no response. “Though sometimes ago, some officials from the Ministry of Environment came and I took them round. They saw all the mess and they gave us recommendations that we should demolish this abandoned building or it should be renovated. They insisted that it should be demolished within two weeks. I took the recommendation with other letters of appeal that have been written in the past to the LGA Education Authority and they promised to forward it to SUBEB. But we are yet to see anything. “We have not reported the present situation to the police, but I have taken

the reports of the Environmental Officers to the LGA Education Authority and they promised to do something about it. “In fact, since I came here, thieves have burgled my office, carting away the wall clock, curtains, window blinds and all the things in the First Aid box. “Just last week, they also broke into the primary five classroom through the ceiling and carted away books. Also in primary three, they always broke in through the window, removing the burglary several times. So, I decided that we should stop re-fixing it because it would be removed again.” Bankole then appealed to the state government to demolish the building. She added: “The building is hampering the progress of the school because people assume it is only LA 1 primary school that is located here. So, if the abandoned building turned hideout could be removed, the LA1 primary school will be opened to people. The hoodlums and the lunatic will not have any building to accommodate them. “So, unless this abandoned building is demolished or renovated, this school will not develop.”

METRO

Monday, Mar

300L LASU student killed, dumped in Ijeshatedo TRAGIC The body of a female student of LASU was discovered after she disappeared for three days Elijah Samuel

hen Miss Rita Onwuli, a 300 level Economics student of the Lagos State University (LASU), left home last Tuesday, probably for school, she had no inkling of what cruel fate had in stock for her. For three days, her friends, colleagues and family members searched for her to no avail. On the third day, Thursday, they received urgent calls to come and see her. But it was shock that awaited them. They were not alone that

Thursday morning. The residents and business owners at Odo Olowu Street, Ijeshatedo, on the Apapa – Oshodi Expressway, Lagos, woke up to a horrendous sight. The body of a lady, later identified to be that of Onwuli, was lying near a popular church in the area. People, terrified by the sight of the body, gathered in clusters, wondering what was responsible for her death. A team of policemen, which had responded to the call by members of the Neighbourhood Watch, had a hectic time dispersing passers-by from taking snap shots of the body. The people claimed not to have any clue on what happened. The policemen from the Ijeshatedo Police Station also declined comment on the incident. But a member of the Neighbourhood Watch, Mr Badmus

Rita’s corpse being evacuated Ca

Azeez Adeniyi, said a lady informed him about the incident. He said: “I was alerted by one of my younger sisters who was going out very early this morning (Thursday) to buy goods from Seme. “She rushed to call me, panting heavily, trying to inform me that there is somebody that is lying on the road near Odo Olowu bus stop on Apapa - Oshodi Expressway. “We rushed down to the scene and found out this lifeless body lying over there. Immediately we alerted the police and they came. “There is no clue yet on what could have happened to the lady. But it is like a case of murder that took place somewhere. Apparently, the perpetrators had waited for the cover of the dark to drop her corpse

here. “Nobody can say exactly when they did this but it surely cannot be anything around 10pm and 11pm last night because we still passed through this area when we were on surveillance watch last night.” However, it was learnt that the lady’s bag which was found by her side had some personal effects and the GSM phone which was used to reach out to some people who disclosed her identity, and promised to come to the scene immediately. Soon, some of those earlier contacted through her phone started arriving at the venue. The first of them to arrive is a young man who identified himself as Ogugbua Godwin Anabor. By the time Anabor moved closer to where the body

Owerri

ive gunmen at the weekend raided the head office of Newspoint Communication Limited, publishers of Newspoint Newspaper, a regional tabloid based in Owerri, the Imo State capital. The editors, who were in the heat of production for their weekend title, did not suspect anything until the gunmen, suspected to be armed robbers, walked into their newsroom unchallenged. The unmasked assailants ordered the production team to lie down as they marched into the editors’ offices. A founding editor and co-publisher, Gele Agbai, was battered by the gunmen. Agbai sustained two deep gashes in the head, inflicted by the hoodlums with the butt of gun, and another bruise on the left side of his face. An assistant editor, Ugochuk-

wu Chimeziri, whose phone rang at the wrong time, earned him a deep cut in his head. Agbai, Lambert Ojukwu, Emma Iheaka and Ndubueze Nwokoma lost their laptops, vital documents and valuables to the robbers. The robbers also collected Ojukwu’s car keys, though they did not take away the vehicle.

Agbai

Nwokoma told our correspondent that the robbers also took away a cheque of N500,000 and documents to a landed property. All the eight persons taking part in the production of the newspaper lost their phones and money. According to Agbai, the robbery took place about 8.30pm when they were concluding the production of the weekend edition of the paper, thereby leading to the suspension of production. Agbai disclosed that the criminals first went to the office of the special project reporter, Collins Amadi, who is also a Transition Committee member for Owerri Municipal Council, dispossessed him of the N100,000 before going to rob other personnel in other offices. While the injured journalists are still receiving medical treatment, the matter has been reported to the police.

was lying, he lost his composure and broke down in tears. The man, who claimed they are from Illah, Delta State, identified the body as that of Rita Onwuli, a 300 level Economics student of LASU. He said: “It was quite a while when we saw her. I visited her the last time we saw at her residence at No 44, Adigun Street, in Idi-Araba, Mushin.” When contacted, the LASU Public Relations Officer, Mr Sutton Kayode, said he was going to check if Onwuli was a student of the institution. But at press time, he was yet to confirm. Another relative, who identified himself as Ogbuefi Paul Onyelum,

was enq Y wee to id they for t H for wer this foun cide to Ij here beli W latio con said did

Sergeant loses car, pistol in n

Gunmen batter editors, steal cash, valuables Steve Uzoechi

PHOTOS: ELIJAH SAMUEL Adeniyi

CLUBBING A police sergeant is now in detention for losing his pistol to robbers while enjoying himself in a night club

or preferring a ‘nice time’ at a club to his duty, a police sergeant, simply identified as Tokunbo, is now in trouble. The policeman, attached to Area F Police Command, Ikeja, Lagos, has been arrested and detained for losing his pistol to robbers while enjoying himself inside a night club at Igando area of the metropolis. The sergeant also lost his Toyota Camry car. Tokunbo, according to a police source, parked

his car outside the night club and walked in to have a ‘nice time,’ leaving his pistol inside the car. After the fun, he came out to discover that his car and Bereta pistol, loaded with eight rounds of ammunition, had been stolen. Efforts to locate his car and those who stole it were fruitless. Tokunbo was said to have reluctantly gone to report the issue to his

Umaru Manko, Lagos CP

Area Commander, M Tunde Adagunduro, wh felt that the sergeant w not being totally hone with him. The ar commander, thereaft ordered the arrest an detention of the sergean When contacte

Camillus Nnaji

o achieve its mega gos, the state gove soon seal hotels w building plans and le The Director-Gene State Building Contro CA), Mrs Abimbola A said this in an interv respondent, warned to immediately comp governing their opera Speaking on the g icy on hotel standard saun said hotels must approval plans to ope She said: “Many in residential area. W many of these hotels dential permits or t

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

Anambra: Obiano’s Riot Acts

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Monday, March 31, 2014

2015: 500 POLITICIANS TO WATCH

Jang, Mantu, Dariye, Tallen, Tapgun battle to shape Plateau Suleiman Bisalla Abuja

he political atmosphere in Jos, the Plateau State capital, is getting charged. Politicians are busy in many ways. They are making calculations on how to undo opponents; they are making contacts and activating their structures for the contests in the 2015 general elections. For those who want to be governor, one issue is settled – Governor Jonah Jang will not return to power. So, unlike states with first term governors, the space in Plateau State is broadened to accommodate as many governorship hopefuls. Even though aspirants are not faced with the governor’s desperate bid for re-election, there is still anxiety in the air. First, no politician is under any illusion that the governor will not interfere in the choice of his successor. It has become an entrenched culture from the Presidency down the ladder. So, a sizeable number of aspirants in Plateau who do not have the capacity to dare the governor are simply working to secure his approval. At the last check, Jang has not approved anyone yet. But there are Peoples Democratic Party (PDP) aspirants who know, ab initio, that they are off the governor’s calculation. So, such aspirants who, however, believe in their capacity, and feel they can dare the establishment have gone ahead, ignoring those concerns. These ones are busy re-activating their structures, planning their strategies and, perhaps, devising a ‘Plan B’. Also, there are the opposition parties,

positioning themselves, hoping that the ruling PDP will run into crisis in its choice of candidates for the governorship contest and others, so that the parties will open their doors to aggrieved aspirants. They are particularly hoping that speculations that the governor intends to back someone from his tribe, Plateau North become a reality. This way, he would have set himself against the other tribes, who have issues already but are letting sleeping dogs lie given that his tenure

nearing an end. Yet that is not to say that all is rosy with the opposition. The All Progressives Congress (APC) is still battling with leadership crisis. Then the Labour Party (LP) under which former deputy governor Pauline Tallen contested the governor-

ship position against her boss, and on which platform former governor Joshua Dariye won his Senate ticket has been deserted. The party also hosted former governor Fidelis Tapgun, former ministers Bagudu Hirse and Dasuki Nakande, and a host of others, all of whom disagreed with Jang in the build-up to the 2011 elections. In Plateau, the Labour Party was home and dry after the big effort in the last election. Some stalwarts like the former Communications Minister, Nakande, Senator John Shagaya and key political allies of former governor Dariye have moved to the APC. Those who were forced by circumstances to remain behind have their minds in the PDP. But Jang has shut the door against them, telling them

they were n o t needed in the party. Party chairmen at the local governments were reportedly warned not to take them back into the party if they want to keep their jobs. Such local leaders won’t dare the governor. Jang recently told some of them who went to a zonal rally in Pankshin to

be received back into the party, that they should wait; it was not time. So, the borderlines are not defined yet in Plateau, even though the political actors are on top of their game, with some taking advantage of their connections at the national level. But who does not have his ways at the national level? Governor Jang has the ears of President Goodluck Jonathan; after all, the coordinated attempt to destabilise him in 2011 was quashed at Aso Rock. As factional chairman of the Nigerian Governors’ Forum (NGF) backed by President Jonathan, the governor’s sphere of influence may have also widened. The tension in Plateau is not only concentrated on the governorship issue, though it is higher there. There are brooding signals at the lower levels too. For instance, some of the big actors including Jang himself are heading for the Senate. Former Deputy Senate President Ibrahim Mantu will renew old rivalry as he prepares to take over Senator Dariye’s seat in the Senate. Hon. Beni Lar, daughter of pioneer national chairman of the PDP and former governor of the state, the late Chief Solomon Lar will test her political skills for the first time after the death of her father. Those who have in one way or the other indicated they want to succeed Governor Jang include Tapgun, Senator Victor Lar, Prof. Longmap Wapmuk, Director General of the Industrial Training Fund; Engr. Jimmy Cheto and Architect Sam Galadima. Others being tipped are the Deputy Governor, Ignatius Longjan, former Speaker of the House of Assembly, John Clark Dabwan, Barrister Edward Pwajok and Senator Gyang Pwajok. OthCONTINUED ON PAGE 14

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Men, women who will shape Jonah Jang Governor Jonah Jang is serving his second and final term as governor of Plateau State on the platform of the PDP. It is clear that he is heading for the Senate in 2015. By then, he will be over 71 years old. When Senator Gyang Dantong was killed in a stampede during a mass burial in 2012, Jang backed his erstwhile Chief of Staff, Gyang Pwajok, to replace the late senator. Political analysts believed that Jang supported his trusted lieutenant to secure the seat for himself. Though he is likely to face stiff opposition from the non-Berom speaking communities who have cried marginalisation in his government, the governor is certain to scale through. Jang’s biggest challenge is choosing his successor. The topmost issue on the agenda is which of the three senatorial zones will produce the next governor. Jang himself is from Plateau North, which is the last of the three zones that produced an elected governor for the state. Now politicians in Plateau Central and South are bracing up to take over. But feelers from Government House say Governor Jang and some of his close associates believe that since all three zones have taken their shot, it doesn’t matter where the circle begins again. This suggestion has fuelled speculations in many quarters that the governor is planning to support his tribesman. The idea does not appear to go down well with the other zones because it will give Plateau North 16 straight years in the corridors of power. As the usual practice with state governors, by the time this matter is resolved, Jang will still have an upper hand in deciding who picks the PDP ticket, from whichever zone. Apart from having control of the instrument of government, he has done his job half way by blocking the likes of his former deputy, Pauline Tallen, his predecessor, Senator Joshua Dariye and many political bigwigs who defected to the Labour Party (LP) in the run-off to the 2011 polls from returning to the PDP. But there are two things that Governor Jang has mooted at different times in the public. In the early days of his second term, he said he would leave with his deputy. Then of recent, he spoke of handing over to the younger generation. Whether he is sticking to his guns

Jang

Useni

is what observers are waiting to see. But he has said time and time again that it is God that will ultimately choose the right person for the people. Ibrahim Mantu Senator Mantu, former Deputy Senate President, is currently at the National Conference. A shrewd politician, Mantu has been out of limelight since he left the Senate in 2007 after losing election to a coordinated realm of political forces. Man-

Gladiators battle for Plateau State CO N T I N U E D F R O M PA G E 1 3

ers are the SSG Prof. Shedrack Best and Prof. Tyoden. In the opposition, there are Gen. John Shagaya and Barrister Simon Lalong, former speaker of the state assembly. Governor Jang, whose enemies also hail his government in the provision of physical infrastructure, has unfortunate-

ly lagged behind in addressing the insecurity challenges caused by deep ethnic and religious polarisation. Therefore, his successor must be someone with a large heart to address the twin evil that has beset the state. This is a fact that is clearly understood by the electorate, which is why the choice of candidate is likely to play key role in the direction of voting.

Mantu

Kwande

tu said it was a gang-up. He badly needed the victory because he was a strong contender for the Senate presidency. In his heydays in the Senate, Mantu wielded enormous powers. At a point, he was seen as a defacto Vice President when Vice President Atiku Abubakar was in long drawn fight with his boss, President Olusegun Obasanjo. He became the ultimate political leader on the Plateau, carrying along Jang and many political bigwigs opposed to then governor, Joshua Dariye. He was largely instrumental to the declaration of state of emergency in the state, a step that brought to a sudden end, the ethno-religious crisis that ravaged the state. He was also believed to be behind Dariye’s impeachment. Mantu led another group of PDP stalwarts to oppose Governor Jang in what came to be known as PDP 2 during Yar’Adua’s brief tenure. They lost out with the emergence of President Goodluck Jonathan, but Mantu failed to

decamp to the Labour Party (LP) as his allies in the group did. Now feelers are that he is bracing up to return to the Senate in 2015. The question for Mantu is whether the forces that uprooted him in 2007 have vanished. First, he remains the Muslim that he was, a factor that was used against him by the largely Christian voters in his constituency in 2011. Second, there is still no love lost between him and Governor Jang, and it is very unlikely that he will get the support of the governor to the Senate. Third, he will be contesting against the incumbent, Senator Dariye, an equally strong politician who can match Mantu’s naira for naira. But one thing will count for the veteran politician; his constituents believe that none of the two politicians that succeeded him impacted on their lives the way he did. During his time in the Senate, Plateau State politicians had representations on the boards of federal agencies like never before. His closeness to President Jonathan and connections

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Sanctity of Truth

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2015: 500 POLITICIANS TO WATCH

Plateau State in 2015

Dariye

Lar

at the national level of the PDP may also help his ambition. Joshua Dariye Senator Dariye is currently in the Senate representing Plateau Central on the platform of the Labour Party (LP). He presided over eight turbulent years on the Plateau as governor from 1999 to 2007 on PDP’s platform. First, there was a low revenue profile that slowed the process of governance; then came a sustained ethno-religious crisis that saw erstwhile president, Olusegun Obasanjo suspending him from office after declaring a sixmonth state of emergency in the state. No sooner had he returned from suspension than a six-man squad in the 24-members State Assembly impeached him, though he was returned by a court order which pronounced the impeachment as illegal. Dariye’s move to return to PDP has been blocked by Governor Jang who publicly asked him and others to stay where they are, because they are not wanted in

Ignatius Datong Longjan Mr. Longjan has been Governor Jang’s deputy since the beginning of the governor’s second term. Longjan who hails from Plateau South was Chief of Staff to the governor during his first term. After his experience with Tallen, Jang needed a less controversial, less ambitious person, but someone he could trust so as to avoid the kind of stress he went through with Tallen – Longjan was handy. During his electioneering in 2007, Longjan was the financial secretary of the PDP, and Jang was said to have been impressed with the way he managed funds, which is why he made him Chief of Staff. For now, he has not declared if he wants to succeed his boss. Those who have worked with him closely say he is not the type that will do this because he is not ‘outwardly ambitious’. When politicians were scheming to succeed Tallen as deputy governor, Longjan emerged as the dark horse. Quite unassuming, the deputy governor is said to possess a fatherly disposition and is generally liked by key stakeholders including those who earn the governor’s respect. The governor’s disposition for now does not suggest he is keen on handing over to his deputy who is slightly younger than him. Analysts, however, believe that if Jang will broaden his circle of confidence in the decision over his successor, opinion is likely to favour his deputy.

Tallen

Shagaya

the party. Seeing the humiliation ahead, many of the former governor’s political associates in Plateau, those who make up his think tank and field commanders have joined the All Progressives Congress (APC). They were said to have moved after a futile attempt to convince him against returning to the PDP where they believed Jang was waiting to take his pound of flesh. Now he wants to return to the Senate in 2015. Dariye had run a welfarist government, and that made him popular among the people. But his political structure may have weakened during his tenure in the Senate where he has maintained a low profile. His seeming inability to lead his lieutenants in the changing partisan game has compounded his challenges. In the recent local government elections in the state, the candidate he supported for councillorship in his ward was reportedly defeated. But the former governor is a no nonsense fighter on the political front; he does not spare any ar-

impatient. She hails from Plateau South, one of the two zones favoured to produce the governor, but her inability to return to the PDP may have substantially clipped her wings. The rivalry between her and former Governor Fidelis Tapgun, former federal Permanent Secretary and governorship hopeful, John Alkali, in her immediate constituency is also a factor in her politics.

row in his quiver, so when the chips are down concerning his senatorial ambition, he may pull surprises. Pauline Tallen Mrs Tallen, Minister of Science and Technology in the Obasanjo government, was Governor Jang’s deputy between 2007 and 2011. But that obviously marked the lowest point of her political career. She was locked in an unproductive battle with her boss, until she quit the PDP and contested the governorship election against him on the platform of the LP, where she got a devastating defeat. It is not clear what she wants in 2015. For now, Jang has blocked the way for her to be re-admitted into the PDP. But she is a woman of substance and a shrewd schemer when it comes to politics at the national level. She was said to have played a key role in Jang’s emergence as candidate of the PDP in 2007 for a promised reward as his deputy. Those close to Jang say she was overambitious and

John Clark Dabwan Dabwam is the immediate past Speaker of the Plateau State House of Assembly. He hails from Plateau Central senatorial zone. A grassroots man, Dabwan is said to be very close to Governor Jang. He also commands a wide political structure and is in firm control of his homefront. He comes from the Mangu Local Government just as the Secretary to the State Government, Prof. Shedrack Best. The two have been locked in a battle of political wits to control the structures of the PDP in the local government. In the last LG polls, Dabwan secured the upper hand when his candidate won the primaries and subsequently won the election. If Jang decides to finally throw his weight behind a candidate in the central zone, the former speaker may be a likely choice. John Nanzip Shagaya Shagaya, a very principled retired army General, has made inroads into the Nigerian political arena. He was senator representing Plateau South between 2007 CONTINUED ON PAGE 16

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2015: Jang, Mantu, Dariye, Tallen, CO N T I N U E D F R O M PA G E 1 5

and 2011. While he was in the Senate, he along with Pauline Tallen and many top politicians in Plateau State defected to the Labour Party (LP) after a sustained quarrel with Jang over the formation of party structure across the state. He fell to Senator Victor Lar of the PDP in the 2011 polls. Shagaya is currently the interim state chairman of the APC and has an eye on the governorship seat. Age is not on his side but many analysts believe that Shagaya, a cosmopolitan person, may just be the kind of leader that this highly ethnically divided state needs. But his APC needs to work extra hard because PDP is the dominant party in Plateau State. The APC may however benefit substantially if Jang mishandles his choice of the PDP candidate, especially if he insists on having his Berom kinsman succeed him. Jeremiah Useni Gen. Useni has been in the opposition since 1999 and even though he hasn’t delivered Plateau State, he held on strongly to the local politics in Langtang, his constituency in Plateau South. Useni has been a prominent national player in the opposition. When the defunct All Nigeria People’s Party (ANPP) ran into trouble in the run off to the 2007 general elections, he and the former Sokoto State governor, Alhaji Attahiru Baffarawa, formed the Democratic People’s Party (DPP), a party he still leads. DPP was part of the merger talks that produced the APC but did not get a good deal from the outcome. Thus, rather than join the APC, Useni is said to be contemplating joining the PDP whose national chairman, Ahmed Mu’azu visited his Abuja residence recently. But the retired General appears to be cautious because there is no love lost between him and Governor Jang, the leader of the PDP in the state. Useni lost the Plateau South Senatorial election to Senator Victor Lar, his long time political son, but remains in firm control of the Langtang axis. DPP is said to have won the last local government election in Lantang North, but the state electoral commission has held on to the result. Useni has not indicated that he is vying for any position in 2015, but he is known as a big spender on his political course. Victor Lar Senator Lar has been networking in the bid to achieve his long term ambition - to govern Plateau State. He is said to be laying foundation for the take-off of his campaign. He is currently the senator representing Plateau South. He defeated his mentor and political godfather, Gen. Useni, to clinch the seat in 2011. Lar had represented Langtang North/Langtang South for two consecutive terms from 1999 to 2007. Before then he had been chairman

Longjan

Tapgun

of Langtang North Local Government. A shrewd politician, Lar’s ambition to be governor dates back to 2007 when he contested but lost on ANPP’s platform. Noting the weakness of the opposition in the state, Lar defected to the PDP ahead of the 2011 elections where he first sought to be Jang’s running mate but ended up in the Senate. His zone, Plateau South, has produced two civilian governors for the state, late Solomon Lar and Fidelis Tapgun, but this does not lessen his chances because while Lar’s second tenure was cut short by a military coup, Tapgun barely spent half of his four years when the Babangida transition programme was aborted. But feelers suggest that Jang is not comfortable with him. If the governor is shopping for a successor that will ‘listen’ to him after he hands over, the answer is not in Senator Lar who is seen as a political wizard that is capable of pulling surprises. But the question is; what would he do if Jang dumps him and settles for another person. Longmas Sambo Wapmuk Prof. Wapmuk is the incumbent Director General of the Industrial Training Fund (ITF). He hails from Qu’an Pan Local Government of Plateau South senatorial zone. He worked and rose to the position of Permanent Secretary in the Plateau State Civil Service during the Second Republic before he went back to

Pwajok

Dabwan

An ardent supporter of President Jonathan, Tapgun has tremendous goodwill in Abuja. But he is perhaps the last name that Governor Jang would like to hear the University of Jos where he became a professor. His second tenure at the ITF ends in the coming weeks. Wapmuk is said to have started networking and creating structures to push his gubernatorial project. Those who are close to Jang say they are in real good terms, but if the governor makes good his promise to support a younger person, the ITF DG may well be on his own. Some observers believe that Jang is pushing him to destabilise former governor Fidelis Tapgun who has shown interest in the job. The professor is believed to have the money to prosecute his campaign but his name has not been heard much on the political arena. He therefore has the tough task of branding his project, or count on Governor Jang to anoint him. Ahemed Idris Idris represents Wase federal constitu-

ency in the House of Representatives. He won his election to the House twice on the platform of the defunct Action Congress of Nigeria (ACN). Now he is with the APC after the merger of the opposition parties. Idris had belonged to the PDP during the Dariye administration when he served as Executive Secretary of the Plateau State Muslim Pilgrims Welfare Board. At that time, Wase was a PDP stronghold. But he moved over to the then Action Congress (AC) alongside Dariye and his many supporters who were in a battle of political survival against a PDP largely controlled by the former Deputy Senate President Ibrahim Mantu. Since he joined the opposition, the PDP has been unable to find its bearing in Wase. Idris has demonstrated firm grip of the politics of the area to the extent of being a kingmaker. He may not be looking beyond the House of Representatives in the 2015 elections, and observers say it may just be a walk over for him. Beni Lar She is the daughter of the Second Republic governor of Plateau State and pioneer national chairman of the PDP, late Chief Solomon Lar. She is serving her second term as member representing Langtang North/Langtang South in the lower chamber of the National Assembly. She was one-time special assistant to former President Obasanjo. Lar actually rode on her father’s name in the beginning, but she has come to understand the game that made her popular, and currently she is a grassroots mobiliser. Her father was a mentor to many politicians, from whom she got some support in her political career. But her home base–Langtang–is full of big time politicians; the refined and the rugged. She has been challenged in the past by combined forces, but her father’s influence saw her through. The question is whether the goodwill she got in her father’s lifetime will still accompany her in his death. For now, she may not be looking beyond the House of Representatives in 2015. Edward Pwajok Barrister Pwajok is the incumbent Commissioner for Justice and Attorney General of Plateau State. He hails from Jang’s Berom ethnic group and is a close confidant of the governor. A very resourceful young man, Pwajok is said to be a member of the governor’s think tank. He is said to have performed immensely to the governor’s admiration. He could well fit into the class of young men that Governor Jang would wish to hand over to. However, his biggest hindrance is that he comes from the same Du district as Governor Jang. In the constitutional spirit of federal character therefore, the Attorney General may be disadvantaged, except the governor chooses to close his

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Sanctity of Truth

Monday, March 31, 2014

2015: 500 POLITICIANS TO WATCH

Tapgun battle to shape Plateau eyes and damn the consequences. His other constraint is his apparent limited political network outside Plateau North. Gyang Pwajok Senator Pwajok is currently the senator representing Plateau North. He was Governor Jang’s Chief of Staff at the time of the demise of Senator Gyang Dantong, and he was handy when the governor was shopping for a replacement. He gave him all the backing to defeat the likes of former military administrator of Delta State, Col. David Dungs (rtd). A former university don, Pwajok is said to have contributed immensely to the strategy and programmes of the Jang administration. Before he became Chief of Staff, he was the Director General, Research and Documentation. As a youth, Pwajok falls into the category of those Jang has promised to hand over to. But he is also from Du, the home district of the governor. Therefore, if federal character is anything to go by, he will be disadvantaged in the succession plan of the governor. Also to his disadvantage is the fact that he had his first exposure in partisan politics when he was invited by Jang into the government. On arrival therefore, he was more of a technocrat, suffice to say that his political exposure is limited. Pwajok is equally bidding farewell to the Senate in 2015 because Jang has indicated interest. Jimmy Cheto Retired director in the service of the Federal Capital Territory Administration, Engr. Jimmy Cheto is said to have indicated interest in the 2015 governorship and has started reactivating his political structure. The governorship contest is not new to Cheto who hails from Langtang in the Plateau South senatorial zone. He first made an impressive outing in 2007 but lost the primaries to Governor Jang. He later decamped to the Labour Party ahead of the 2011 elections and took another shot, but was defeated by Pauline Tallen at the party’s primaries. Unlike his compatriots in the LP however, Cheto is said to have been readmitted into PDP and is enjoying some good rapport with the governor and his associates. But unlike his 2007 outing, Cheto may not have the financial muscle to prosecute the governorship campaign. He may therefore be hoping to be Jang’s anointed candidate. Simon Lalong Barrister Lalong was speaker of the Plateau State House of Assembly during Governor Dariye’s turbulent years. He paid the prize of loyalty when he refused to lead Dariye’s impeachment as instructed from Abuja then, even when he had a chance to be governor. He and 15 other Dariye

Lar

Wapmuk

Best

Edward Pwajok

loyalists who decamped to the defunct Action Congress (AC) were sacked from the Assembly to pave the way for the six-man squad that sat in the dead of the night, to effect the impeachment that was later quashed by the court. But before it could be corrected, he had wasted six months of his legitimate time in the Assembly. Lalong, who has kept a low profile since he left office in 2007, is back on the stage, vying for the governorship position on the platform of the opposition APC. He is expected to slug it out with Gen. Shagaya and a few others for the party’s ticket. Even those close to him say he hasn’t got the financial muscle to run a guber race. His existing relationship with Senator Dariye is not clear, but the former governor appears to have enough battle to fight in 2015 against Governor Jang and Mantu, if the former Deputy Senate President really decides to enter the ring. However, Lalong may be counting on the support of friends including the governor of Rivers State Rotimi Amaechi, whom he met during their days in the Conference of Nigerian Speakers.

to assemble in the last lap of his government. He hails from Mangu in Plateau Central, where he is locked in a political battle with the former Plateau Speaker John Clark Dabwan. He is among those being tipped to replace Jang even as he battles with his local front. Political contest is not new to Prof. Best who has been in and out of the university contesting for the House of Representatives. He never made it. But observers believe that he has acquired sufficient field experience in political campaigning. He is hoping to be endorsed by his boss.

Shedrack Best Best, a professor of political science, has been the Secretary to the Plateau State Government since the beginning of Jang’s second tenure. Emerging from the academia, Best did add to the crop of strategists that Governor Jang planned

Fidelis Tapgun Sir Tapgun was governor of Plateau State on the Platform of the defunct Social Democratic Party (SDP) in Babangida’s brief transition programme. He has been very active at the national level in the politics of the PDP. He was Director General in the Obasanjo/Atiku re-election campaign in 2003, and later Minister of Commerce. Now, he wants to return to the job he spent only two years under the SDP. Tapgun has been working underground for sometime, networking his contacts and seeking the support of those that matter. An ardent supporter of President Jonathan, Tapgun has tremendous goodwill in Abuja. But he is perhaps the last name that Governor Jang would like to hear.

During the last special convention of the PDP, the Jang-led state delegates of the PDP, attempted to humiliate him, saying he was not a member of the PDP. In the disagreement with Jang, Tapgun had defected to the Labour Party alongside Dariye and others. The Plateau PDP therefore, insists based on Jang’s instruction that he is not a member of the party. But Tapgun’s supporters argue that Jang himself had abandoned the PDP and ran for governor on the platform of the defunct ANPP, before he returned unconditionally to the party. For now, Jang is using the ITF DG Wapmuk to try to destabilise Tapgun’s base in the Shendam axis. The former governor also has Senator Victor Lar and others to contend with in the race for the PDP ticket. As it is, Tapgun who is strong on ground will be counting on any mistake that the governor will make in his bid to anoint a successor. Sam Galadima A trained architect, Sam Galadima had aspired for the governorship on the platform of the defunct AC. He later returned to the PDP where he had been at the inception of the present democratic dispensation. Galadima had been commissioner several times in successive military administrations in the state before 1999. He comes from Plateau North, the same senatorial zone as Governor Jang. He will therefore be disadvantaged if the argument against Jang’s wish for the zone to retain the governorship slot fails. If the position scales though, his Jarawa tribe, arguably the second largest in the zone, will naturally make a case. In any case, will he get the support of Governor Jang? Yahaya Kwande Kwande was Nigeria’s Ambassador to Switzerland in the Second Republic. He has been a strong associate of former Vice President Atiku Abubakar. He moved with him to the AC when Atiku contested the presidency after he left the PDP following a sustained fight with his boss, President Obasanjo. He hails from Quan-Pan in Plateau South, but he lives in the state capital, Jos, where his son, Suleiman Yahaya Kwande won election into the House of Representatives under the DPP. Kwande joined the Peoples Democratic Movement (PDM) but expressed outrage when Atiku left PDP recently for APC and not the PDM which was linked to him. Kwande is not likely to put up for any elective post but he represents the elderly voice in any party he joins. His son has left DPP for APC.

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18 POLITICS

Sanctity of Truth

Monday, March 31, 2014

Anambra: Obiano’s Riot Act

ertainly, no event at the Dr. Alex Ekwueme Square, Awka had been decked with so much fanfare as was the case on the day Governor Willy Obiano and his deputy, Dr. Nkem Okeke were sworn in. Apart from the flourish of colourful cultural dance groups from the governor’s home axis-Aguleri and its neighbours – Umuleri, cultural troupes came from many other parts of the state to herald in the new administration. Yet, the roll call of dignitaries of political leaders from within and outside the state, top leadership of the clergy representing various Christian denominations in the state, traditional rulers, captains of industry, security chiefs, all paramilitary agencies, various delegations from communities, market and labour unions in the state, among others made the occasion truly grand. It was the first time since the creation of the state that a new governor was being inaugurated through a formal handover ceremony. Former governor, Mr. Peter Obi, had said it on many occasions that owing to crisis, nobody handed over power to him and neither was any governor before him, four of them, handed over power by their predecessors. And on that day, he reiterated it, saying the inauguration of his successor was a new landmark in the history of the state. As if it has been clear to him that the tasks left behind for him by his predecessor were really enormous, the governor has since hit the ground running, in what appears a momentous start from the very blast of the whistle. From his addresses to the various heads of arms of government and public servants, his meetings with contractors, council chairmen and others, all that seemed to glitter in the overwhelming encomiums poured on former governor, Mr. Obi, is really not gold. From the clear cases of misgivings, perceived ill-feelings and complaints among the public servants, especially in the case of some parastatals like the Anambra Broadcasting Service and the State Water Board to state of insecurity and power supply, as well as legal actions at High Courts and Anambra governorship Election Tribunal, the governor would certainly be less than relaxed at this beginning stage. One of the issues on litigation against him was the case of Dr. Chike Obidigbo who has been laying claim to the governorship ticket of the All Progressives Grand Alliance (APGA), on whose platform the new governor had contested and won the election last November. Having much of his grounds at the pre-trial stage at the tribunal, Obidigbo shifted ground to the Federal High Court and did caused a stir few days to the inauguration of Obiano’s new government. Creating a sense of tension as to whether the swearing-in of the governor would be stopped by the court before which he had taken motion, seeking an injunction against the inauguration, Obidigbo seems bent on pursuing his case against the governor, Obiano’s eventual swear-

The inauguration of his government recently at the Dr. Alex Ekwueme Square, Awka was one momentous event the people of Anambra State would not forget for a very long time. But it was clear from the event that Chief Willy Obiano, new governor of Anambra State, was not being ushered into a picnicking ground in any way. In this report, UWAKWE ABUGU looks at the odds before the governor.

Obiano

ing-in notwithstanding. The panic created by the new suit prompted the Chief Judge of the state, Justice Peter Umeadi into issuing a statement on the innaguration day, denying the existence of any court injunction refraining him from swearing-in the governor and his deputy. He had explained in the statement that the publications in a national daily which tended to restrain him from swearing-in Obiano as governor of the state, did not replace the pronouncement of an Abuja Federal High Court in suit No.FHC/ ABJ/CS/118/2014, between Dr. Chike Obidigbo and Chief Willie Obiano, Chief Maxi Okwu, APGA, INEC and Chief Judge of Anambra State, which is still pending before the court. The state Chief Judge in the statement signed by the chief registrar of the court, maintained that the publication in suit No. FHC/ABJ/CS/118/2014 does not show that injunction was made against himself, and that none was served. He stated that he was a nominal party in the said suit but even at that, he was bestowed with powers and rights pursuant to section 185(2) of the 1999 constitution (as amended) to swear-in the Governorelect and Deputy Governor-elect duly present, since those powers and rights

We will be checking the quality of your work and so long as you are doing your job as agreed, you won’t have problems with us could only be abridged by clear and unequivocal orders of court. The other relevant matter already tasking the governor is how to fathom the intricacies inherent in the existing contracts being handled by contractors handling jobs for the state government, jobs awarded by his predecessor. Hence, penultimate Thursday, he assembled all the contracting firms handling various projects for the state, both local and foreign contractors and consultants, at the Conference Hall of Government House, Awka and while addressing them, the governor hit the nail on the head. He threatened to terminate the job of any contractor found to be performing below the expectations of his administration. Obiano told them that change is here

and warned every contractor or consultant working for the state government to brace up for the change and ensure the completion of all projects on the agreed terms and time. He declared that his relationship with consultants would be based strictly on performance and not based on business as usual. His Riot Act was delivered rather subtly: “We will be checking the quality of your work and so long as you are doing your job as agreed, you won’t have problems with us. For people doing designs for us, we want the best quality.” He pointed out that he expects every contractor working for Anambra State to show an appreciable level of commitment in the day to day execution of projects for the government. However, one knotty aspect of his planned inquisition into body of the jobs awarded by his predecessor is his insistence on opening up the books of the contracts to know the details of the contracts awarded. But Obiano has already declared before the contractors that his administration would hold extensive discussions with all of them to establish the minute details of each contract under execution in the state and ensure strict compliance. He, however, sounded conciliatory when he told them that his administration was ready to fulfil its contractual obligations as long as the contractors would deliver fully on all the terms of the contract. The contract firms whose representatives attended the meeting convened by Obiano included RCC (Renolds Construction Company), IDC and CCC construction companies, Akiota Works LTD, which is handling the Ikenga Shopping Mall, Awka and Onitsha Shopping Complex; Pachuks Engineering Company LTD, New Ideas Construction Company, Enplan Group Consultants and Nnoli and Associates LTD. In the meantime, permutations are building up as to why he has not named his cabinet. Those who believe the governor is already having hell of a time on that subject said if Obiano does not have a problem selecting his team, the ideal thing is that he would have announced those who would work with him within the first four days in office. Those who hold this line of thought believe that in spite of the counsel of former governor, Obi, during the inauguration of the new governor’s administration, that he should not allow anybody to dictate to him or force him to enter into any agreement, the former governor may actually be breathing behind the new helmsman who owes his emergence largely to Obi. Again, part of the rumour mills is the allegation that the greater number of those who would be commissioners would be chosen from Obi’s list and that many of the current members of the State Executive Council are to make the list. What is clear from the readings on the political environment of the state at the moment is that there is a big scramble for these jobs, even for the rest personal staff of the governor. Yet, there are those who are of the view that the banker turned governor is justifiably bidding his time in order not to make mistakes.

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EDITORIAL

Sanctity of Truth

Monday, March 31, 2014

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

MONday, MARCH 31, 2014

General election in 2015 is sacrosanct

lder Agbonkonkon Ogbeide, a chieftain of the People Democratic Party (PDP) in Edo State has called for the postponement of the 2015 general election citing persistent violence in parts of the North as unsafe for the exercise. He suggested that the National Assembly should extend the tenure of President Goodluck Jonathan and allow the national conference to conclude its sitting before any election holds. He argued that the resolution of the conference will help chart a new direction for the country. He also explained that Nigeria cannot hold any meaningful election in 2015 with such confusion hanging in the air unresolved. Therefore, postponing the election is a price all Nigerians should pay in order to usher in an era of lasting peace and national integration. It would also be recalled that Afenifere, the pan-Yoruba socio-political group had earlier said the 2015 general election is not as important as the national conference, as it considers the national conference as the soul of a new Nigeria. Without mincing words, the proponents of this political suggestion and calculation are simultaneously flying a kite and testing the waters for an underhand plan. This proposition is nothing short of a tenure elongation agenda, which is in gross violation of sections 136 and 180 of the 1999 constitution of the Federal Republic of Nigeria, which is the authentic legal document guiding the

Toying with postponing the 2015 general election will only plunge Nigeria into greater and deeper crisis. It is a sly plan to foist the interest of a small clique of the selfish elite on the generality of the people through the backdoor present democratic experiment and which also guarantees two maximum terms of four years for elected executives. Anything short of sticking to the constitutional proviso is courting unmitigated fiasco. Toying with postponing the 2015 general election will only plunge Nigeria into greater and deeper crisis. It is a sly plan to foist the interest of a small clique of the selfish elite on the generality of the people through the backdoor. Those who are presiding over the affairs of Nigeria ought to have learnt some important lessons from history. Those who are deaf to the dictates of history will sooner than later become part of the relics of history. The failed attempt by the former President Olusegun Obasanjo in 2006 for an illegal third term should be a lesson to all deluded leaders who want to hold the people captive and hold on to power at all costs. It bears repeating that power is transient and

power belongs to the people, hence, their views must be respected. It has therefore become a settled national issue that Nigerians will not accept tenure tampering under any guise. The ill–advised agenda will only attract public odium and international opprobrium, condemnation and outcry. The international community will see another dictator in the making, in spite of the numerous challenges the country is passing through at the moment. Also, it will go a long way to further dent the image of the country amongst the comity of nations, with dangerous implications on the country’s economy. Tenure elongation is strange to democratic ethos and practices, since the essence of public service and seeking political office is to serve the people and not any self-serving interest. Therefore, if any political office holder has served the generality of the people creditably well, there will be no need to exercise any fear as he would be returned to power by the people. It is only where a leader has ulterior motives that political scheming and manipulations are surreptitiously and clandestinely done, in order to satisfy a selfish agenda. It is also important to point out that Nigeria is progressively becoming far too complex for this kind of anti-democratic agenda to be realised. Such plan is not only antithetical to democracy, it inhibits growth, it encourages bad governance, it discourages accountability, probity and prudent management of the national econo-

my, it breeds corruption and stunts development. There is no doubt that two terms of four years each is more than enough time and opportunity for any responsible and responsive leader with a proper vision to make meaningful impact on the country. Sit-tight regimes especially in Africa, succeed in plunging their citizens into brutish and retrogressive existence. If there are no periodic elections, there cannot be sustainable democratic culture and democracy will be endangered. Since Nigeria gained political independence in 1960, this is about the forth democratic republic that the country will be experimenting with, and by now political gladiators should have known the value of mapping positive plans to bail out the country and her people from the socioeconomic miasma and political turmoil. Tenure elongation or any other undemocratic political contraption is an ill-wind that will unsettle the country and eventually consume even its perpetrators. Nigeria is a country guided by laws. Therefore, we must all be law-abiding, shun the rising culture of impunity which some selfish politicians want to capitalise on. The 2015 general election should go on as planned and must not be postponed for whatever reasons. If not, it would undo so many good things that have been done over the years. Those nursing this ignoble idea should have a rethink and look at the larger picture of Nigeria in the overriding interest of the generality of the people. BOLAJI TUNJI Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALA Managing Editor, North GABRIEL AKINADEWO Editor, Daily LAURENCE ANI Editor, Saturday EMEKA MADUNAGU Editor, Sunday LEO CENDROWICZ Bureau Chief, Brussels MARSHALL COMINS Bureau Chief, Washington DC SAM AMSTERDAM Editorial Coordinator, Europe EMMAN SHEHU (PhD) Chairman, Editorial Board BIODUN DUROJAIYE News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

Monday, March 31, 2014

OPINION Oluwole Akanni Awolowo: One year after (2) Continued from Friday, March 28, 2014

Kola Johnson

he fore-going to be sure, is undoubtedly pregnant with meaning. It’s a reflection of the popularly imbibed notion that Awo’s enemies killed his most beloved pearl, Segun. And when the nobel laureate Wole Soyinka, did express on the occasion of the Awo leadership award conferred on him last year, that a lot of these reactionary enemies of the masses could for the first time sleep with their two eyes closed after Awo’s death – only the perceptive would be able to decode the deeper under current of that statement, in the sense in which it bespeaks the reality of the jungle brand of voodoo politics earlier aforementioned. And perceived from a different but commonsensical tangible of that, which all eyes could behold – stripped this time around, of the metaphysical supposition as depicted here-to-fore - one cannot still but align in symmetry to the same conclusion of Awo as a victim of the national question – who in an unsalutarily grim continuum had to carry to his grave – this burden of humanity, etched in the Nigerian geo-political space – especially the teeming mass of the down-trodden, who ensconced in the suffocating yoke of poverty and oppression of the imperial ruling class – had in a frenzy of heightened expectation, looked up to the messianic propensity of Awo’s leadership for redemption – of which unfortunately, all efforts to consummate this tall order expectation on the part of Awo, was viciously countervailed by the same oppressive feudo-fascist cabal in power. With the question of the sworn abstinence of her children from politics settled, Mama would have reveled in joyous ecstasy, that at least for once, she would eventually be settling for meaningful space of peace from the turbulence of politics for which she had devoted a better part of her life in the trenches – even though mama in the first place, would in all probability, have wished that her husband and she, recline in comfortable privacy, devoid of the buffetings of politics – but was nevertheless compelled as the quintessential wife, to marry herself in addition, to any aspiration whatsoever, held resolutely dear to the heart of her husband. But Mama’s Niravana of peace, was to suffer a severe set back when eight years ago, her only surviving son, Chief Oluwole Awolowo was involved in a ghastly motor accident.

So terrible was the accident, that those who had the first hand opportunity of beholding it; couldn’t have given him any chance of survival. But given that he surmounted the terrible odd, one ordinarily would not have expected him the grace of much days on earth, considering the devastating toll, the accident had exacted on his physical body. But all these to Mama – would appear as bunkum. That Wole survived the accident at all, was a qualification that all hopes were not lost for Wole to spend not only more days, but even much on earth. Mama had every cause to hope. Not only that. She had cause to hope even against hope. Now come to think of it, no mother on earth, no matter how unkind would gladly have suffered her dear children to die before her – more-so a child who was so special as Wole was to Mama. You cannot understand Mama’s special love for Wole, until you read Wole’s own first hand expression of the special place he (Wole) occupied in her mother’s emotional closet. Moreover, Wole was the only male child, whom you could describe as the Arole or Dawodu or Aremo – which translate in literal sense to the scion or heir apparent of the Awolowo family. This is to say that while other members of the family constituting three male stock had by virtue of marital conjugation veered from the Awolowo nomenclactural identity to answer to other family name, only Wole, as the only male child symbolized the nomenclatural continuity of the Awolowo family tree – thereby putting him as earlier mentioned – in the vantage platform of the Aremo or Arole or Dawodu of the family. It is against this background, and the fact that Mama saw in Wole, being the only surviving son – the image and symbolic representation of her departed beloved husband, that she (Mama), will be ready to give all it takes for her beloved and only surviving male son, to not only live, but outlive her. It was this traumatizing suspense of Wole’s fate, that Mama was contending with, when the sardonic messenger of death, announced like a thunder bolt from a most unlikely quarters, to claim a most precious jewel of the Awolowo biological family, in the person of Mrs Ayo Soyode. If before now, Mama had managed with bathed breadth equanimity, over Wole’s fate, one required no pre-science or extra sensory clairvoyance to comprehend the paranoia of heightened anxiety assailing Mama’s

spirit over Wole – immediately following the death four years ago, of Mrs. Soyode. And today four years after, the rest is history. Mama’s worst fears is confirmed. I join the millions of Awo’s larger ideological family all over the world, to admonish Mama and members of the Awo biological family, to weep no more. There is certainly no doubt that Wole has in his own right, registered an indelible footprint in the sand of time. Wole, like his father, strikes you as a philosopher, with a profoundly original mind. I read some of his motivational treatise serialized in the Nigerian Tribune and I could not but stagger at the breath-taking pragmatism of its content, which I am sure, would have contributed to no mean measure, in shaping many lives. Only a profoundly fecund mind, would have churned out those great works, which boasts in addition, of remarkable literary felicity. His religious piety, which was a theme of popular public knowledge – was also such that equally staggered the imagination. There is no doubt that Wole lived an exemplarily inspiring life. He gave his all-materially, financially and spiritually, to humanity on whom he impacted, even through his illuminating discourse on the path to good living – and in particular to his maker, to whom he devoted himself in unalloyed love and service. It’s a thing of celebration, that Wole did not disappoint the family and the teeming number of Awo’s ideological family scattered all over the world. There is no doubt that his legendary father, the immortal Awo, would be proud of him. It is against this background, that I join the teeming number of lovers of the Awo family not to mourn, but celebrate the glorious passage of their son. And for every right-minded Nigerian, whose lives the great Awo had touched in one way or the other, I appeal that they identify in prayer with this distinguished Nigerian family, particularly at this trying moment of tribulation in the trajectory of their existence, when the incident of Wole’s painful death, still remains fresh in memory, a year after. Oluwole has fought a good fight. May his great soul rest in perfect peace. Concluded Kola Johnson is a writer and Journalist

Of tragic failure and great potential (2) Continued from Friday, March 28, 2014

Doug Bandow

ome see hope in Kalu, a wealthy businessman who understands entrepreneurship and promotes political reform. As a teen he started trading palm oil. He now holds interests in energy, finance, journalism, real estate, and more. Among his recent enterprises is The New Telegraph newspaper. His success—without using government office to his own advantage—is unusual. Noted my Cato Institute colleague Marian Tupy: Nigerian politicians usually “become

wealthy during their time in the governor’s mansion.” When talking about his nation’s future, Kalu denounced restrictive licensing and promoted markets; he advocated privatization, including in less traditional areas such as education, which he views as critical for Nigeria’s moral reformation. He told me that he “would like to see small government and big enterprise” and spoke with admiration of Ronald Reagan. Kalu may run for president in 2015, though his chances are complicated by being an Igbo, a tribe whose members have not held the presidency in a half century. Substantial problems of ethnic division persist. Kalu viewed murder-

ous attacks by the Islamic extremist group Boko Haram is a continuation of many earlier violent episodes. The bigger question is whether he could actually implement his message of market liberalization if elected. Noted Tupy, Nigeria “has never had a president committed to small government, privatization and liberalization.” But Kalu forcefully argued that committed leadership could make the difference. Obviously industrialized states have their problems, including sometimes galloping regulation (think ObamaCare!) and fail to fully live up to their potential. Yet they remain far freer, especially in economic affairs, enabling bright, en-

thusiastic, and hard-working people to prosper. Nigeria needs to follow the same broad growth path that enriched America and Western Europe, and more recently East Asia, including China. The greatest tragedy of Nigeria’s poverty is that it is so unnecessary. Its people know what to do. The spirit of enterprise is everywhere. It’s time for the Nigerian people to liberate themselves. It’s time for freedom to come to Nigeria. Concluded . Doug Bandow is a senior fellow at the Cato Institute and the author of a number of books on economics and politics. He writes regularly on military non-interventionism.

INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

GEOFFREY EKENNA Editor, INVESTIGATION

geoffrey.ekenna@newtelegraphonline.com

Monday, MARCH 31, 2014

Does Nigeria have an economy? Is there any successful economy that runs on generators? Why has the power supply situation in the country dipped from bad to almost none since the Power Holding Company of Nigeria was privatized? Those are the questions currently agitating the minds of Nigerians as the country’s perennial problem- poor power supply continues to hold homes and businesses down. For now, to many Nigerians, generators of different shapes and sizes are the instruments of power supply, while the PHCN, balkanized into distribution companies is the back-up. The verdict, according to findings by ISIOMA MADIKE, is that DISCOs and GENCOs have moved electricity from bad to worse in the country

nger and frustration are in the hearts of the Nigerian citizenry. That is understandable. Before the privatisation of the public power supplier, the Power Holding Company of Nigeria (PHCN) had been struggling to supply a trickle of megawatts of electricity to Nigerians. But since it transformed into Distribution Companies (DISCOs) and Generation Companies (GENCOs) in November last year, the sector appears to have finally gone comatose, at least, in the last couple of weeks. This virtual total collapse in power generation and distribution has, indeed, plunged the entire nation into almost darkness. There seems to be little hope, as it stands today, of improvement in the immediate future. Frustrated Artisans The expected beneficiaries of the gains of the privatised power sector were the small and medium scale businesses and homes, who could not afford generators to run their affairs. Indeed, it was expected that with the advent of stable power, many small and medium scale enterprises, which had been shut down would spring up again. Such include, artisans like welders, barbers, hairdressers, tailors and pepper grinders, who depend on electricity for their businesses. The economy was equally expected to grow with the return of these people to their normal businesses with greater capac-

ity to create jobs and wealth. But, that was not to be, as the reverse has been the case. With the turn of events, most of the artisans have been forced into other trades to earn a living and meet their families’ obligations. For instance, Wasiu Osho, a welder in Ijegun, an outskirt of Lagos, said that he spent about N20, 000 weekly on diesel to operate his wielding business. “It has never been this bad in Ijegun as far as electricity supply is concerned. In the last two months, power supply to the community has become erratic and this has affected social, business and commercial lives. Some artisans, who cannot afford generating sets, have taken to commercial tricycles as a way out,” he said. The story is not different for Mrs. Abike Balogun, a frozen food seller in Ikeja. She said the electricity supply in the area had degenerated since the privatisation of the power sector. “We were told before now that privatisation is the only way to ensure efficient power supply in the land. What we are witnessing now, especially since last month, is a reversal of fortunes and this is not healthy for economic and industrial growth of this area. The development is forcing some small businesses to close down,” she told this reporter. Daniel Obehi, a cyber café operator at Ojodu Berger, is in that class as well. He said that he had lost many customers due to the poor power supply. For Adebayo Olawale, a

Power Supply: A return to familiar pathway

Headquarters of EKO Distribution Company. (Inset:) Nebo,

barber at Oluwole Estate, Ogba, the Federal Government should urgently look into the problem. “We all know that efficient power will be a great improvement to industrial development of a nation. We want more efforts to be put in place. We will be happy if the new electricity distribution companies live up to people’s expectations,” he pleaded.

Even at homes At the home front, most families had, though, erroneously believed that they would be greatly relieved from the task of having to cook every day. A housewife, Mrs. Toyin Osejindu, had hoped her household would experiCONTINUED ON PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, March 31, 2014

New owners moved electricity from bad to worse - Artisans

Olawale at work in his barbing salon CON TINUEDFR OM PAGE 21

ence a better home management in the area of feeding and house-keeping. She had noted that the “household will no longer be cooking every day. We expect light to be regular, so that our fridges and deep freezers will come up again. As a family, we have packed up our two fridges and deep freezers because we could not afford to run them on generators. We usually spend N500 each day to fuel the generator and that is to enable us sleep in the night and for the children to do their homework. The experience wasn’t too good because we had been spending more on feeding for the family since we cannot preserve the foods in the fridges and deep freezers.” Apart from Osejindu, most single young professionals, who had been forced to be eating outside, had also wished to get some relief, as they longed to equally begin to cook their foods and to store them in fridges and deep freezers for preservation. They had expressed delight at the prospect of a regular power supply and the fact that they could see power to resurrect their fridges. “For years, we have not used our fridges to preserve cooked food. We only use them for water and drinks because we can’t afford to always power them with generators. The cost of running on generators is too much,’’ some asserted. Industries also Aside the artisans, housewives and young professionals, other sectors of the industrial production and businesses have also been grounded due to massive load shedding, and the multiplier effect of the dismal power output on the economy. Businesses are down and failing across the country while the

citizenry continues to wreath in pain and suffer untold discomfort. A top management staff of Friesland Company, a dairy firm along ACME Road at Ogba, Ikeja-Lagos said, “it has never been quite like it has been in the last few weeks. I would say that we have spent more on private generation of power than we had in a long time. These days, we run our private generator for 24 hours daily and that is impacting negatively on our income. But, do we have a choice? In like manner, a general manager of a new generation bank with head office along Ajose Adeogun Street, Victoria Island, also in Lagos, said the power situation has driven up his company’s cost of doing business by over 350 per cent. He said that the cost of running the company’s generators non-stop daily dwarfs that of the total sundry costs put together. He further said there are other more painful costs to his business than just the cost of diesel and power plants maintenance. “Over the past few weeks, we have lost some teller machines and the rate of computer damage is alarming. As I speak with you now, about 10 computers at our eastern branches have parked up. It’s like that all over. What we intend to do now is to cut municipal power supply off completely and run only on our private generators,” he said. The Friesland case and others across the land best describe the debilitating effects of the power situation in Africa’s second largest economy in recent times. For upward of three months, Nigerians have continued to groan and grope, searching for comfort as private companies that purchased PHCN appear to be failing in their earlier promise to deliver the much sought-after energy to Nigerians.

Ajaero

Osejindu

The President, Lagos Chambers of Commerce and Industry (LCCI), Alhaji Remi Bello, lamented the plight of manufacturers in the state and the country in general as he described the power situation as epileptic. Yet, a senior official from Eko DISCO in Lagos said the ongoing power cut will soon be surmounted, adding that the company is repositioning its technology and manpower to satisfy its customers. Also, the Ikeja DISCO spokesperson, Pekun Adeyanju, assured customers in its service area that the current power rationing arose from a major fault with the 60MVA transformer at one of their transmission substations. “We enjoin our customers to please bear with us as the efforts to put the transformer back to work are being intensified,” he pleaded.

vandalism of oil and gas pipelines, especially the South-west trunk line. He, nonetheless, noted that repairs were ongoing, adding that there would be substantial improvement in gas supply and stabilisation of the power plants in the next few weeks. The Minister was not alone. Management of Ikeja DISCO had equally raised the alarm over the increased rate of vandalisation of its equipment in many parts of its network in Lagos State, estimating its loss to the menace at over N20 million. According to a statement, the company insisted that it had spent the amount to replace the equipment in the 67 vandalised substations. “This amount would have been better expended on new projects for network expansion,” the statement read in part. The sabotage, which initially reduced after the conviction of two culprits to various terms of imprisonment, assumed a wider dimension, according to the company, in recent time. Within this period, a total of 69 distribution transformer sub-stations were allegedly vandalised and various electrical items stolen from these stations, thereby throwing the communities being supplied from the stations into darkness. And the socio-economic effect of that act of sabotage, the company maintained, includes colossal cost of replacing such vandalised equipment. The company, therefore, advised Community Development Associations and other well-meaning community members to assist in curbing vandalism of electrical equipment within their locality. “The management also seeks the continued support of the Police, the State Security Service (SSS) and other security agencies in putting an end to vandalism of electrical equipment,” the statement added. Godwin Idemudia, Assistant General Manager, Public Affairs of Eko

Who’s responsible? Incidentally, some top management staff of other DISCOs are blaming the ongoing nationwide epileptic power supply on the inability of the Transmission Company of Nigeria (TCN) to meet energy demands. The officials, who pleaded anonymity, said most DISCOs have been trapped in poor service delivery by the TCN, which has significantly reduced power supply to consumers. They alleged that the situation had drastically reduced the revenue base of the DISCOs as well as sabotaging their supply capacities to end users. They went further to blame the development on “poor fault clearance by the transmission company, owing to poor financing and bureaucracy in maintaining some of the equipment. “This situation is very unpleasant for the good image of the DISCOs because most consumers do not know the supply value chain. So, they believe we are not efficient, which is a wrong perception,” they said. The Minister of Power, Prof. Chinedu Nebo, had earlier attributed the current setback in the power sector to

CO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, March 31, 2014

Electricity: Transition to generator economy

Electricity official disconnecting lines at Oluwole Estate, Ogba, Lagos (Inset: A van carrying ladders)

PHCN officials at work

ford to fund alternative source of power. They either close shop totally or operate epileptically. Their handicap, experts say, is the chief source of unemployment in the land.

A frozen sea food seller with a customer at Ikeja, Lagos. CONTINUEDFR OM PAGE 22

Electricity Distribution Company, said his “management acknowledged the inconveniences and strains of the current power situation on electricity customers, but believes the solution to the problem was not in the wanton destruction of the company’s property and manpower. Rather, it requires the collaboration efforts of the company and its entire esteemed customers.” He said apart from the low limitation from the national grid, his company was also faced with the challenge of theft of its facilities (both cables and transformers) and incessant brutalisation of its workers by “disgruntled elements of the society, while executing their legitimate duties.” He noted that his company had put a lot of investment programmes in place so as to stem the tide of energy loss and boost power supply to its customers, promising that his company would step up its customer enlightenment campaign programmes in order to sensitise the customers. In his reaction, the Ibadan Electricity Distribution Company’s Public Relations Officer, Tokunboh Peters, said “the generation company is not generating enough due to shortage of gas caused by vandalised pipelines. A lot of the gas pipelines have been vandalised, which has led to reduction in megawatts being generated, and this has affected the electricity generation. In the last one month, we have been receiving half of the electricity required for supply. This has been

the major challenge we have been facing since new owners take over,” he said. The story is not different in Ekiti State. This ugly trend has forced a renowned Ado-Ekiti-based industrialist, Chief Adegoke Ajayi, to state that the situation was better under the defunct PHCN. Indeed, the current epileptic power supply in the country is making life really unbearable for most Nigerians and businesses. Undoubtedly, Nigeria’s electricity generation and distribution have collapsed even as its machinery is primitive. The story is the same all over the Federation as many parts of the country hardly receive power cumulatively for seven days in a month. This unpleasant state of Nigeria’s electricity has forced major industrial concerns to renounce the privatisation ‘miracle’ of the sector. Small and medium scale businesses are strangulated and the economy is running on generators while the increased cost of doing business is passed on to consumers. As the industries get by with their power generating sets, most of which create environmental pollution, the informal sectors of the economy, especially those in the service sector are daily driven out of business. These operators in the informal sector contribute majority of the participants in the economy even as more Nigerians are said to be employed in these areas. There is this reality, however, that many of these crucial but small-scaled operators cannot af-

The casualties The hospitality industry is not left out. For guests to experience comfort, for instance, most hotel operators have had to run their power generators almost on 24-hour basis. Fuel station operators have also been operating their stations on power generation. The big multinationals may probably have to wait till the end of the financial year to tell their story. But, one thing is sure; they are not likely to give kudos to the DISCOs and GENCOs for any adequate power supply to their factories and plants nationwide. The accelerating cases of death and diseases through generator-related accidents have become a daily phenomenon in Nigeria in the last few months. Given the irregular or outright failure in power supply in the country, many have opted for the alternative means of power supply using generating sets of different kinds with horrible and life-threatening implications. On several occasions, entire families have been wiped out as a result of the inhalation of dangerous fumes from their generating sets. In fact, almost every home in urban areas is identified with a generating set. As the situation persists in the land, the country is filled with tales of tragic incidences resulting from peoples’ attempt to generate power on their own. From burnt property to loss of lives, the media is replete with tales of woes across the country as scores of the citizenry seek a way around the prevailing power situation. Many also have lost valuable property to fire incidents emanating from petroleum products kept at home to fuel their power generating sets. A few weeks back, the nation woke up to the gory details of how a family of five perished in Ibadan, the Oyo State capital from fumes emanating from the small electricity generator they used in supplying power to their modest home. According to media reports, the ill-fated family suffocated to death inhaling poisonous carbonated air emitting from the generator.

But, if the Ibadan incident could force tears out of many eyes, Bassey Effiong’s, indeed, would melt the stone-hearted. The newly married couple, who packed to their house soon after wedding was reportedly killed by generator fumes in Ikot Omin on the outskirts of Calabar, the Cross River State capital. For Seun, who resides in Oke-Ira, Ogba-Lagos, the sad generator tale is not different. Seun narrated the gory story of her neighbour, Lanre, whose three children died from a generator fire to this reporter. According to her, the children of her neighbour set charcoal fire around the area where their father kept the fuel they hoarded for their generator. “The charcoal fire sparked off the generator set and there was explosion. The fire engulfed the three kids, and they were burnt to death, and part of the building also. It is a horrible thing to recount my brother. In fact, I don’t want to talk about it again. It was a gory sight to behold,” said Seun, who could not control herself as she broke down and wept profusely. The prevalence of the arrangement that finds families inhaling these fumes in the cause of using electricity generating sets reflect lack of proper safety education in the society. Incidentally, however, in considering the safety of the generating sets in the face of the menace of thieves, many families now adopt measures to safeguard such sets, including placing them very close to their living rooms, which, in most cases are poorly ventilated. Handling of power generating sets and other such equipment require a lot of sensitivity and a level of know-how, which most people are not exposed to. The unfortunate Imo State family of nine might have been saved from tragedy, had they been exposed to proper safety education on the handling of delicate substances like fuel and other equipment. The now famous Emekuku ‘nine’ perished in one fell swoop. The entire family died in their sleep after inhaling what was suspected to be poisonous carbon monoxide from their newly bought power generating set. They had procured the new engine to enable them guard against power supply. But, that decision CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, March 31, 2014

Generator cabal holding Nigeria hostage? CON TINUEDFR OM PAGE 23

eventually led to the tragedy that wiped out an entire family. The family had prized its generator highly, which was understandable. They hid the power generating set away in the toilet of their flat in order to safeguard it against theft. This extreme concern for the safety of the generating set regrettably exposed the family’s lack of knowledge of appropriate safety measures in the setting. The result was the calamity that befell them. Theirs was a fatal blow. Such tragedies and regular deaths of citizens through the use of such contraptions as generating sets leaves a question mark on the nation’s power generation capability. However, the disgraceful electricity situation appears to have turned Nigeria to a dumping ground for Chinese cheap and sub-standard generating sets. In spite of the tutored trade relations with China, analysts believe that the situation has only worsened the prevailing power situation. There are those, who believe that a cartel or what they refer to as the “generator mafias” are holding the government at the jugular in order to make it impossible for any meaningful progress in its quest to get out of the electricity quagmire. “The government is handicapped because of its alliance with the mafia, who are importing these sub-standard generators from China. Some top government officials are benefiting immensely from the dubious deal. As long as this ugly situation persists, we won’t get anywhere; the privatisation of the sector may not work. We are in a sorrystate and only sincerity of purpose can save us the agony,” said a social critic, Mallam Ahmed Jaji. Chairman, Manufacturers Association of Nigeria (MAN), Abia State Branch, Dr. Frank Jacobs, said that an estimated 60 million Nigerians now own power generating sets for their electricity, while the same number of people spend a staggering N1.56 trillion ($13.35m ) to fuel them annually. “An estimated 60 million residents use generators of varying sizes. In the last one year, average residential expenditure in fuelling power generators climbed to an all-time high of N1.56 trillion, about $13.35 billion per annum,” Jacobs lamented. He was of the view that, “similar level of expenditure on private power generation has characterised the affairs of industrial and commercial power consumers.” Adepoju Adegoke, chairman of the Association of Fast Food and Confectionary (AFFCON) in Rivers State, also said that “so far, there are a lot of improvements in sending out bills. However, in terms of power generation, it is not healthy. They are also very fast in demanding for payments, despite the poor service, which has actually increased the cost of diesel from 40 per cent to 70 per cent, which is not good for any business in the city.”

A diesel generator

Generators running behind Alade Market, Ikeja, Lagos.

Remains of the Emekuku nine, Imo State.

False deadline? The Federal Government had set June deadline for the new power firms to ensure stable electricity in the country. This, some stakeholders in the industry believe, is not possible. For instance, President, Nigerian Liquefied Natural Gas Association, Dayo Adeshina, said the deadline was not realisable because of the recurring gas problems in the country. He said the inability to get enough gas to fire the turbines was affecting electricity generation and distribution. He did not stop there, but pointed at infrastructural decay. He added that it would be difficult to meet the electricity need of Nigerians with power generation fluctuating between 3,000 megawatt and 6,000 MW in recent times. “Meeting the June deadline for provision of stable power is practically impossible because the gas needed to feed the power plants is not available. A lot of plants are idle because there is not enough gas. The firms cannot produce at optimal capacity because they cannot get gas, a feedstock required in the industry,” he said. According to him, failure to construct enough gas pipelines has prevented the firms from improving power. Also speaking, the President, Na-

tional Union of Electricity Employees (NUEE), Mansur Musa, said the deadline was a facade to cover up some issues. “The water level in the dams rises in June and July every year. When this happens, there would be enough water for use by the hydro stations. If the thermal plants were able to access gas for operations during that period, the development would lead to an appreciable power supply and Nigerians would have no choice than to believe that the power is stable. However, there is a problem. Immediately the water level drops between August and December, the country would relapse into darkness and the reality would dawn on people that the country‘s power is yet to improve,” Musa said. A worker of Eko Electricity Distribution Company, who pleaded not to be named, said stable power supply was farfetched, because Nigeria relies on gaspowered plants. “Many of the plants are thermal, only Shiroro, Kainji and Afam are hydro-powered stations. With the stations experiencing a drop in water level, and the thermal plants battling shortage of gas, it is difficult to guarantee stable power in Nigeria,” he added. NUEE Secretary General, Comrade Joe Ajaero, said the union was sur-

prised by the ultimatum given by the Minister of Power, insisting the Minister had earlier said, “the problem of the power situation was gas supply. If he knew the problem was gas, why did he hand over the sector to the private sector operators? He should have addressed the gas supply problem. Even within six months, will the gas problem be over, especially with the political siting of power stations in Nigeria? They would site a power station at 200 or 300 kilometres from the source of gas, rather than site the station close to the source of gas. “So long as the distance between the stations and gas source are far; so long as we depend on gas, the mandate the minister has given them will remain a mirage. It will not be actualised. The same minister had equally said before that he was afraid whether some of the investors have the capacity to revive the sector or change some of the facilities sold to them. This has raised the question whether there was due diligence or whether they knew the capacity of these investors before selling the plants to them. Nevertheless, it is too late for all these. We have to live with these investors. We have applied a drug on a patient, we have to wait and watch the effect. I want to appeal to Nigerians to exercise patience and see the effect of this drug.” There is, no doubt, that there would be a necessary period for teething problems, more so as some of the generation companies, such as Afam, Kaduna and Sapele experienced late completion of their privatisation. Nigerians knew that it would take some time before the new private operators would fully make the much expected difference. But, the companies appear to have made fantasied promises, which they could not fulfill in a short while. Perhaps, many of them were ignorant of the enormity of the challenges associated with the sector. About a month into the new era of private management of electric power in Nigeria, the teething problems went full swing. Since then, power supply has fallen to abysmal levels, while many consumers from across the country are grumbling over new “crazy” bills. Before now, people knew who to blame and call names when this kind of problem cropped up, but right now, no one knows who to run to for explanation. The Eko and Ikeja DISCOs, covering Lagos and some parts of Ogun State, have vowed to eradicate estimated billing with their new metering system, which they promised would be robust. In a joint statement recently, the companies claimed they were working with their technical partners to unveil a metering system that would eradicate ‘crazy’ billing in the states. However, the manner the new owners and operators of the nation’s power system have started, according to observers, leaves much to be desired. Certainly, electricity in the country is down on its knees. But, when this malaise will end, may just be a matter of conjecture.

BUSINESS Sanctity of Truth

Monday, March 31, 2014

MONDAY, MARCH 31, 2014

WHAT'S NEWS NCC seeks more firms for special numbering service The Nigerian Communications Commission (NCC) has issued a notice to license more companies to provide special numbering services.

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Six million workers register for CPS Almost nine years after its introduction by the Federal Government, about six million workers have registered for the Contributory Pension Scheme (CPS)

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Anxiety over delay in unveiling capitalised PMBs Three months after the expiration of the December 31, 2013, deadline given the Primary Mortgage Banks (PMBs) operating in the country by the Central Bank of Nigeria (CBN) to recapitalise, stakeholders in the sector are still awaiting the names of banks, which crossed the hurdle

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Nigeria among countries with insurance market opportunities Three African countries including Nigeria have been listed as countries with insurance marketing opportunities to be tapped.

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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) SIAKA MOMOH, Asst. Editor (Industry) JONAH IBOMA, ICT Editor DAYO ADEYEMI, Property Editor ADEOLA YUSUF, Energy Editor

CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter

www.newtelegraphonline.com/business

BUSINESS HUB' }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

BACKLASH Fuel distribution channels in over 10,000 filling stations nationwide suffer as marketers bicker.

Adeola Yusuf

he crisis rocking the leadership of the Independent Petroleum Marketers Association of Nigeria (IPMAN) degenerated at the weekend, worsening fuel distribution across the over 10,000 filling stations belonging to members nationwide. The imbroglio between Alhaji Aminu Abubakar and Chief Lawson Obasi over who controls the national headquarters of IPMAN continued to linger as both parties held on to claims of being the national president of the association. A Federal High Court sitting in Port Harcourt, Rivers State and presided by Justice Lambo Akanbi, had earlier set aside the appointment of the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN). Justice Akanbi had said that Abubakar’s appointment did not follow the laid down rules of the association and subsequently declared Obasi as the substantive national president of IPMAN. But Abubakar, in his reaction, wondered why the court would grant prayers of an “expelled” member of the body. He recalled in an interview with newsmen that Obasi was expelled from the association on December 16, 2013, on ac-

L- R: Herbert Wigwe, GMD, Access Bank and Apostle (Mrs.) Bukola Jegede, Founder/President, Daughters of Destiny Interdenominational Fellowship, at the commissioning of Access Express branch, Ikota, Lagos.

count of his anti-association activities of going round depots to incite members against the National Executive Committee. The court ruling on the crisis, Abubakar warned, has passed wrong signal to the product distribution channel, which will aggravate the fuel

scarcity in the country. He said that the emergence of the current leadership of the organisation was a constitutional matter as “nobody will emerge president of IPMAN without going through an election." Abubakar added that there is no provision in the con-

stitution that stipulated that IPMAN’s president would emerge through court pronouncement. He said that the Federal High Court sitting in Benin, the Edo State capital and presided by Justice A. M. Liman, CONTINUED ON PAGE 26

FG to cut cost of internetenabled mobile phones Jonah Iboma

he Federal Government is currently working towards reducing the cost of internet-enabled mobile phones to get more Nigerians connected to the internet, the Minister of Communication Technology, Mrs. Omobola Johnson, has said. In details made available to

New Telegraph, the minister also disclosed that President Goodluck Jonathan was backing a move by her ministry to de-gazette a law by the Nigerian Copyright Commission (NCC) that imposes a two per cent tax on mobile devices in case they are used to infringe on copyright laws in the future. Mrs. Johnson, who spoke at an international forum ti-

tled: Accelerating Nationwide Broadband Access in Nigeria, organised by OpenMedia Group in conjunction with Atlantic Telecoms and Media in Lagos, said that government was passionate about increasing internet penetration in the country. The minister however, urged the private sector to come out CONTINUED ON PAGE 26

Rates Dashboard

DELE ALAO, Brands/Marketing Editor ABDULWAHAB ISA, Finance Editor

NEW TELEGRAPH

Fuel scarcity lingers as marketers’ leadership tussle worsens

WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor

‘NEW AUTOMOTIVE POLICY’LL 25 BUSINESS | BRANDS & ADVERTISING MAKE NIGERIA AFRICA’S AUTO

INFLATION RATE February 2014......................7.70% January 2014 .......................8.00% December 2013....................8.00%

LENDING RATE InterBank Rate . . . . . . . . . 10.50% Prime Lending Rate. . . . . 16.93% Maximum Lending Rate..25.83%

EXCHANGE RATE

(Parellel As at Mar. 28)

USD . . . . . . . . . . . . . . . . . . . . . . N170 Pounds . . . . . . . . . . . . . . . . . . N282 Euro . . . . . . . . . . . . . . . . . . . . . N238

EXCHANGE RATE

(Official As at Mar. 28)

USD . . . . . . . . . . . . . . . . . . . N155.74 Pounds . . . . . . . . . . . . . . . N258.93 Euro . . . . . . . . . . . . . . . . . . N213.90 Source: CBN

26 BUSINESS | NEWS

Sanctity of Truth

Monday, March 31, 2014

NCC seeks more firms for special numbering service COMPETITION NCC is opening up the Telecoms sector. Jonah Iboma

he Nigerian Communications Commission (NCC) has issued a notice to license more companies to provide special numbering services. Special numbering services, according to the telecommunications regulatory body in a document signed by its Director, Public Affairs, Mr. Tony Ojobo, “involve the provision of toll free, vanity numbering services, follow me, one number dial, conference call bridge,

intenerated voice messaging, voice activated dialing, unified messaging, automated call distribution, agent-at-home and any other services as may be approved by the commission.” The commission added that the decision to issue the notice was in line with its mandate of facilitating access to and promoting competition in the telecommunications services industry in the country. Experts said that companies that are expected to apply include Value Added Service firms, many of whom already provide related services such as short-codes and sms and alerts on several services. The document reeled out conditions to be met by interested firms to include a com-

FG to cut cost of internetenabled mobile phones C O N T I N U E D F R O M PA G E 2 5

with plans on how to manufacture low cost devices that will enable more Nigerians have access to the internet. She stressed that “reduction in taxes on devices will not increase internet penetration.” She said: “Penetration goes up when there is relevant content and people see the need to get on the internet and so people will buy a N2,000 phone if it will get them on the internet.” The minister assured that she will not advocate for the imposition of taxes on devices while pushing for affordable broadband internet access for Nigerians at same time. She added that the Federal Government was poised to tackling the challenges of broadband access in the country. According to her, issues of policy and cost in the broadband access are the challenges that need to be surmounted in the country, stating that the four-fold broadband plan for the country is achievable “if all stakeholders work together as a team.” She noted that policy issues were not a challenge to the broadband access because the industry has a reliable regulator, the NCC, which is concerned about the growth of the industry. Johnson however, observed that what she sees as challenge is the size of the country and getting governments at the lower levels to implement federal

policies on broadband. She opined that policy implementation becomes difficult when the commission has to work with different state governors from different political parties and with different agenda as well as different players in the 36 states of the country. On the challenges of cost, she noted that the National Economic Council (NEC), which comprises all the state governors, had agreed to crash the cost for the Right of Way (ROW) but that its implementation was facing challenges due to little commitment from states. The minister revealed that in the case of Lagos, the ministry had recorded a landmark achievement of reduction of the Right of Way charges, noting that her office had to work with Lagos State’s Ministry of Work, Science and Technology and the Urban Regulatory Authority in order to achieve the feat. She disclosed that all states have agreed to crash the cost of ROW and in exchange get access for schools in their domain. Describing as huge the task of getting all 36 states governors to key into the broadband plan for the nation, she stated that none of the governors was unaware of the great importance of broadband to the growth of the national economy, noting however that what most states are concerned about is the need to increase the revenue base of their states.

prehensive feasibility report, among others, on the proposed service. It added that forms were available online. If completed this year, the special number services licence will be the second notable

licensing exercise embarked upon by NCC in 2014. The NCC, in February, held auction for a single slot of 30Mhz frequency in the 2.3Ghz band for the provision of wholesale wireless access service.

Although 27 companies were said to have showed interest in the licence, little-known Bitflux Communications Limited emerged as winner and subsequently paid $23.25 million for the licence.

L-R: Managing Director/CEO, Nigerian Deposite Insurance Corporation (NDIC), Alhaji Umaru Ibrahim; Registrar/ CEO, Chartered Institute of Bankers of Nigeria (CIBN), Dr. ‘Uju M. Ogubunka; Assistant Director, Mr. Akin Morakinyo, and Executive Director, NDIC, Omolara Abiola-Edewor, during the public presentation of first set of NDIC sponsored candidates on Chartered Bankers/MBA Program held in Lagos.

Nigeria targets 500,000mt cocoa per annum SUPPORT Federal Government plans to give farmers hybrid cocoa seeds. Siaka Momoh

igeria plans to produce 500, 000 of cocoa beans a year, 10 years from now, New Telegraph can confirm. The country currently produces 250,000 metric tons per annum, according to Federal Produce Inspection Service (FPIS) sources. This figure is, however, suspect since it is the official figures, which does not take account of leakages from the system such as is smuggling through the boarders and

C O N T I N U E D F R O M PA G E 2 5

had on May 9, 2013, dismissed the case and wondered why the same Federal High Court within the same jurisdiction will entertain and rule on the matter. Abubakar insisted that the association is ruled by constitution. “We have constitution; you cannot become president

under declaration by exporters at bonded warehouses. A First Chief Control Officer of the Federal Produce Inspection Service, Israel Ikwejulor, who disclosed the Nigerian production plan in an interview, said that this could be achieved as the Federal Government had begun distribution of hybrid cocoa seeds developed by the Cocoa Research Institute of Nigeria (CRIN). He observed that the hybrid cocoa seed would take about two to three years to mature as against five years maturity span of older seeds. “The Federal Government is investing heavily on cocoa production and regeneration of cocoa plantations by way of giving farmers hybrid cocoa seeds. “We presently produce

about 250,000 tons of cocoa, but government is working at doubling that amount to 500,000 tons per season in another 10 years. “The cocoa seeds we used to have will take five years to mature, but the hybrid seeds will take between two to three years,” Ikwejulor said. The control officer also noted that the land was available and weather was favourable in the country. He said that all these, coupled with government's support for farmers, would make 500,000 tons target to be achieved. According to him, Nigeria is not a cocoa consuming country, something, he said, is a hindrance to processing cocoa into cakes, liquor and powder.

Fuel scarcity lingers as marketers’ leadership tussle worsens of IPMAN without going through election. Court does not elect president for IPMAN. Mr. Lawson Obasi was expelled and he remains expelled. “The tenure of this administration has not expired let

alone another election into the leadership positions. And now he went to court to obtain court order that he is president of IPMAN instead of going to court to fight his expulsion.

BUSINESS | NEWS

Sanctity of Truth

Monday, March 31, 2014

Six million workers register for CPS PENSION More employees are embracing contributory pension scheme.

Sunday Ojeme

lmost nine years after its introduction by the Federal Government, about six million workers have registered for the Contributory Pension Scheme (CPS). The number is expected to grow further considering the current 70 million workforce out of which more employees are expected to come on stream. Managing Director of Premium Pension Limited, Mr. Wilson Ideva said this during a Pension Fund Administration Summit for Education ministries, agencies and institutions, organised by Exam Ethics Marshals International in Lagos. He described the new pension scheme as a revolution unsung, saying it was also capable of wiping out corruption in the system. He said: “More than N4 trillion is under management in the scheme even when only six million out of the estimated 70 million Nigerian workforce are enrolled in the scheme. What would happen if only a quarter of Nigerian workers

enlist in the scheme?” “The new contributory pension scheme would eventually make corruption in Nigeria a thing of the past if generally embraced in strict compliance with its establishing legal provisions.” He affirmed that some people were stealing what they did not need for fear of the unknown, adding that the new pension scheme had provided an umbrella that guaranteed decent life for workers upon retirement and secures a large pool of funds that could be deployed to national development.

He noted that the tremendous successes recorded by the pension industry within a short period of time would encourage workers to do their jobs honestly in the expectation that their future is guaranteed. He also averred that the funds under management in the pension scheme could be profited from to hold down inflation and develop the country’s infrastructure. He, however, suggested that there should be a signpost on every project executed with pension funds indicating the source of the funds so as to make Nigerians aware that

the new pension scheme has already begun to contribute to national development. While commending the National Pension Commission for regulating the industry efficiently, he described it as the best regulatory institution not only in Nigeria but on the African continent, saying it had demonstrated that policies could work and people could play by the rules in Nigeria. Speaking in the same vein, the Head of Research and Corporate Strategy Department, PenCom, Dr. Farouk Aminu, said the contributory pension industry could no longer be ig-

L-R: Managing Director, Nokia West and Central Africa, Nick Imudia; Head of Marketing, Nokia West and Central Africa, Debbie Shepard and Head of Sales, Nokia West Africa (Nigeria and Ghana), Joseph Umunnakwe, during the launch of NokiaX smartphone at 10 Degrees Event Center, Ikeja, Lagos. PHOTO:SULEIMAN HUSAINI.

nored as it had proven to be a veritable platform for attaining the Federal Government’s transformation agenda. He was represented at the event by the commission’s Secretary and Legal Adviser, M.S. Mohammad.

Vessels flood Lagos ports with consumables Bayo Akomolafe

o fewer than 53 vessels are expected to discharge various commodities at the Lagos seaports within the next few weeks. According to the Nigerian Ports Authority’s (NPA) shipping position, 23 of the vessels would ferry in containers, while 11 would arrive with bagged rice. The statistics explained that 12 of the vessels would berth with general cargo, bulk wheat, bulk malt, crude palm oil, bulk fertilizer and frozen fish. Also, two vessels are laden with used vehicles. Five of the vessels are, however, expected to sail in with Premium Motor Spirit (PMS), ethanol and base oil. Four vessels would also berth with general cargoes while others are expected to bring steel products, bulk gypsum and bulk sugar to the ports.

Anxiety over delay in NAIC pays sugar firm N80m claims unveiling capitalised PMBs APPREHENSION Delay in the publication of qualified mortgage firms is causing ripples among stakeholders.

Dayo Ayeyemi

hree months after the expiration of the December 31, 2013, deadline given the Primary Mortgage Banks (PMBs) operating in the country by the Central Bank of Nigeria (CBN) to recapitalise, stakeholders in the sector are still awaiting the names of banks, which crossed the hurdle. CBN had, last year, mandated capitalisation requirements of N5 billion for national mortgage banks and N2.5 billion for state license. This delay has led to anxiety,

giving room to speculations among homebuilders. The rumour mill is rife with insinuations that only seven PMBs met the requirement to operate nationally while 33 will operate at state level. Investigation by the New Telegraph confirmed that no fewer than 40 PMBs have received letter of approvals and are awaiting official announcement by the apex bank. When contacted, President of the Nigerian Mortgage Bankers’ Association (MBAN), Mr. Femi Johnson, said it was true that many members of the association have received letter of approval from the CBN, having met the capitalisation deadline. He said that he could not explain why the apex bank has not officially announced their names so that Nigerians would know the mortgage banks to transact business with.

Sunday Ojeme

he Nigerian Agricultural Insurance Corporation (NAIC) has paid about N80 million in claims to Savannah Sugar Company. The payment followed the recent crop losses due to the fire out break and floods that ravaged about 458 hectares of cultivated farmland owned by the company. According to a statement by the company, the agriculture insurance firm said with over 4,863 hectares of land, Savannah Sugar Company had consistently paid its premium to NAIC promptly in view of the risk potentials that have characterised the operations of the company, particularly due to the perennial fire outbreaks and floods in the vast farmland. The statement by the Head, Corporate Affairs of

NAIC, Mr. Butrous Pembi, indicated that N32.3 million was first paid as insurance claims to the company in December 2013 for the fire outbreak which ravaged over 194 hectares of the farmland. It added that just last week another N47.2 million was paid in the second tranche to the insured in respect of the floods which had destroyed the vast sugar cane farmland covering about 265 hectares. NAIC’s Managing Director, Mr. Bode Opadokun, while describing the sugar firm as a frontline client of the corporation, said that he directed prompt payment of the second tranche to the company. He stressed that NAIC should, at all times, respond promptly to genuine claim requests, after due diligence with a view to show-casing and sustaining good corpo-

rate reputation of NAIC in the market place, stressing that prompt claims response and adequate payments were key elements of good and credible insurance firms. He also advised that NAIC should strive to be a role model in claims payment, given the peculiar nature of its specialised agric insurance obligation to all categories of insured farmers nationwide. Opadokun, who recently assumed office, further explained that for NAIC to assert and sustain its competitive advantage in the industry, it must be re-engineered and strategically-positioned to maintain and expand its clientele base across the country. He therefore reassured all NAIC stakeholders, of a reinvigorated NAIC for optimal service delivery to all its clients nationwide.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ma

‘New automotive policy’ll make N Chief Innocent Ifediaso Chukwuma is the Chairman of Innoson Group of Companies Limited, comprising five different manufacturing companies currently employing 7,200 workers. By transforming from a mere motorcycle parts seller at Nnewi, Anambra State, to a manufacturing giant, Chukwuma has blazed the trail in the industry. He spoke with UWAKWE ABUGU about the manufacturing industry and his plan to expand productions in his companies, among others. What impedes progress in the manufacturing sector in Nigeria? What is the situation today and where do you think government should come in to achieve better production? Today generally, there is a lot of improvement in the manufacturing sector all over Nigeria. This is because the present government is doing a lot now to make Nigeria a manufacturing country, really. They are doing so many things to encourage us to do better in manufacturing. With this encouragement given to us, I believe manufacturing situation in Nigeria has improved. And as it has improved like this, more people will go into production. I say this because when I started many years ago, the Nigerian environment was not friendly at all to manufacturing. What are the problems you encountered when you started business? When we started, there were so many problems facing manufacturing, but now government is tackling many of them such as energy, that is, electricity. When we started, the energy situation was very bad, but today there is a lot of improvement and the energy situation has improved and we hope it will improve more than this. Already, we have seen the hope in the various power projects going on across the country. So, in the area of power, we manufacturers are far better off now than we were some years ago when we had to run our power generating sets for almost 24 hours a day sometimes when it was too bad. What is your projection on the effectiveness of the current government’s power programme? Do you think government can do better to hasten events in the energy sector? I believe it is not possible to resolve all the energy problems in just one day or just within a few months. As it has started to get better and the way it is moving, if they don't slow down, in two years or even in the next one year, the power situation would have improved considerably. We have seen what is happening and there is progress. Insecurity has been an issue in the South Eastern zone where your companies operate.How is it impacting your business? As it is now, again, I will tell you that we are more at rest today than when criminal activities reached a very high level.In Enugu and Anambra states where we operate our companies, things are better now. There was time when we could not sleep with our two eyes closed because of the activities of criminals, but the story is different today because the two state governments have done some work to check these criminals. There should be more improvement to ensure that the hoodlums do not return. You know that the issue of unemployment has continued to

Chukwuma

our planned expansion programme. It is also our desire to help reduce unemployment which is now high in the country.

With time, the cost of locally produced cars will be cheaper than the imported ones because it is produced here. We now source almost 60 per cent of the components in the country here be of serious concern to this country. It is said that you have staff strength of about 5,500. No. that is not correct. At the moment, my five companies have 7,200 workers. How have you been coping with these large number of worker? You know that this is the number of those working in the five factories, as I said earlier. So far, it has been going on well and we pay our workers when we should. It will interest you to know that we are even going to expand our operation before this year runs out and that means we will employ more workers. We must employ more. By the time you begin your expansion later in the year, what would now be your staff strength? Before the end of this year, we would have no fewer than 10,000 workers in our five companies to take care of

In which areas would you be carrying out the planned expansions? In all my factories. For instance, from April this year, that is next month, we will start the production of our first set of cars. When we start production, we will engage more workers. So, production of the new cars will start from April this year and we are currently carrying-out all the preparations to realise this. How many of those new vehicles will you produce when you start next month and how many vehicles are you producing now annually? In the area of vehicle manufacturing, by April, we will increase our capacity by 100 per cent. We currently produce 300 vehicles annually. But from April, we will be producing 600 vehicles, that is, all the brands. By next year, we will increase by another 100 per cent, and this means that by next year, we will produce no fewer than 1200 vehicles. You were quoted recently as saying that the new automotive policy will be of immense benefit to manufacturers and the country. How will this be? It will help Nigeria, not just me. The new policy will help Nigeria because if more people join hands in auto

MONDAY| INTERVIEW 29

of Truth

arch 31, 2014

igeria Africaâ&#x20AC;&#x2122;s auto business hub' If we continue to import all our vehicles that will make us continue to pay for the exporting countries' labour while unemployment grows in our own country. manufacturing in Nigeria, after some time, Africa will depend on Nigeria for auto business. This is because one vehicle has over 1000 components or items. If you manufacture here, it means that these components or parts can be produced here locally. If you produce them locally, it will create more jobs along the many production and distribution chains for Nigerians. So, the policy is very good for the country, not just for those of us in vehicle manufacturing business. It is not healthy for our economy if we continue to import all our vehicles. That will make us continue to pay for the exporting countries' labour while unemployment grows in our own country. So, one big advantage is that it will create jobs for our people. There are claims that made in Nigeria vehicles are not really affordable to an average Nigerian. Why is this so? No, with time, the cost of locally produced cars will be cheaper than the imported ones because it is produced here. We now source almost 60 per cent of the components in the country here. So, that is why the cost will be cheaper.

Chukwuma

How have your companies fared with the Bank of Industry? Without Bank of Industry, I would not have grown and I cannot grow even now. It is the bank that makes me grew in my manufacturing business. The bank has a policy of supporting you if you are serious. If they support you with a loan and you pay, they will give you more. If you collect money from the bank and you do exactly what the terms of the transaction reads, you can go back and they will give you more money. That is how I have been dealing with them. For instance, any equipment I am buying, the bank buys it for me easily and I pay them over four years. Then, I will collect another one. That is what I used to develop the industry.

What is the matter between you and GTBank that led to protest by trade unions to boycott business dealings with the bank? Well, GTBank is not a bank that manufacturers can depend on. The bank treats manufacturers as if they are ordinary traders and with that method, no manufacturing company can survive working with it and that is why we pulled out of the bank. But what was the matter. It has been speculated that it is all about a loan repayment problem? No, it was not about any loan arrangement. We had no loan problem with them. We are not talking about loan here. The matter is this, GTB took some extra charges on my account and when I found out, they accepted the overcharges. I now told them that if they took the money they were not supposed to take and I have found out, then they are going to pay interest on it. But they refused to pay interest on it and I took them to court. The court eventually ordered them to pay me interest on the excess money they took from my account, the one they took without my knowledge. That was why I took them to court. Then, what was the reason for trying to embarrass you through that failed attempt to remand you in prison?

Chukwuma

That was a desperate action because the court ordered them to pay me my money. So, they have been trying to use the police to intimidate me. But look at it, police and the court which has ordered them to pay

me, which one is stronger in law? If they feel the court order is not acceptable to them, why can't they go to a higher court to appeal against the judgment?

What does the award given to you during the country's centenary celebration mean to you and how will it impact on your manufacturing exploits? One lesson I have learnt from this award is that no matter where you are, all good efforts you make are always seen by people. I believe that was why government recognised me in this my area of manufacturing. It is true that I am doing my manufacturing as a private person, but I found out that Nigerians appreciate what I am doing. This gives me much encouragement and it shows me that our people are happy with what we are doing at Innoson. Because of this, we will double our efforts in manufacturing.

30 BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, March 31, 2014

NB Plc maintains competitive dominance CONSOLIDATION Nigerian Breweries is sustaining the brewing sector’s dominance.

Chris Ugwu

n spite of the challenging environment; Nigerian Breweries (NB) Plc has continued to maintain stability in its share price and bottom line. The shares of NB were admitted to trading on the floor of The Nigerian Stock Exchange (NSE) on 5th September, 1973 and currently, it stood at the second most capitalised company on the Exchange with market capitalisation of N1.1 trillion after Dangote Cement Plc, at the close of business last Friday. With about 115,006 shareholders as at 31st December 2013, the authorised share capital of NB Plc is N4billion, divided into eight billion shares of 50 kobo each. The issued share capital as at the period under review stood at N3, 781,352,216 divided into 7,562,704,432 ordinary shares of 50 kobo each. Heineken N.V has a majority shareholding of approximately 54.09 per cent while 45.91 per cent is held by Nigerian and foreign individuals and associations. Dividend The Board of Directors of the company has recommended the payment of a total dividend of N34, 032,169,944 (that is, N4.50 kobo per ordinary share of 50 kobo each), which is expected to be paid (less deduction of withholding tax at the appropriate rate) on the 15th of May, 2014 to all shareholders recorded in the company's register of members at the close of business on Wednesday, 5th March, 2014. The company has been increasingly giving returns to shareholders, hence the N4.50 final dividend declared for every share held amounted to a payout of 79 per cent of earnings. Stockbrokers attributed investors' sustained confidence in the stock to strong fundamentals and impressive full year earnings result despite the setback on growth in the sector, which has continued to witness harsh operating environment accessioned by dearth in infrastructure, the challenges of insecurity in the country as well as decrease in consumers’ purchasing power.

MD/CEO, Nicolaas Vervelde

The brokers said bargain hunters were also building position in the shares of the company to leverage on its proposed dividend payout to shareholders. The share price, which closed at N148 per share in January 2, 2013 when the stock market opened for the year, has remained stable, maintaining number two position following positive sentiments on the part of investors. At the close of business on Friday the share price of the company stood at N150.00, recording an increase of 1.33 per cent or N2.00 year to date. Financials NB's 2013 full year financial statement showed a significant performance on growth indices as gross revenues rose by 6.3 per cent to N268.61 billion as against N252.67 in the comparable period of 2012. The company's effective cost control mechanism was appreciable as it reduced production cost. Cost of sales were flat at 3.87 per cent (N132.14 billion FY 2013), hence gross profit increased by 8.7 per cent to N136.47 billion. NB also increased gross margins to 50.7 per cent in the review period from 49.6 per cent recorded in the comparable period of 2012. The 2013 results, showed profit before tax increasing by 11.9 per cent to N62.24 billion Q3' 2013 from N55.62 billion in the comparable period of 2012. The increase in pre-tax according to market pundits, was fueled by reduction in finance costs by 22.82 per cent to N6.93

billion in the review period, while operating expenses increased marginally by 10.4 percent to N62.84 billion. The increase in profitability of the company affected its net margin as it climbed to 26 per cent in fourth quarter of 2013 from 25.7 per cent recorded in fourth quarter 2012. Return on assets (ROA) followed a similar pattern. ROA for the year jumped to 17 per cent from 15 per cent in 2012, which according to experts, implies that every N100 worth of assets deployed contributed N17 to after-tax profit for the year. This is higher than the N15 recorded in 2012. The company's return on equity reduced to 38 per cent in 2013 from 40.8 per cent in 2012, indicating that the company contributed N38 on N100 aftertax profit in 2013. Earnings Per Share EPS during the period under review increased to N5. 70kobo as against N5.03kobo posted in 2012. Analysts’ perspective According to analysts at Meristem Securities Limited, NB remained dominant in the Nigerian brewing space with an installed brewing capacity of 15.4mhl/pa and continuous capacity improvement. With a market share of 61 per cent in the Nigerian beer industry,

The company has been increasingly giving returns to shareholders

the latest acquisition of Sona Systems Associates Business Management Limited and Life Breweries Company Limited from Heineken International B.V has further enhanced the premium brewer's ability to maintain competitive dominance thereby growing its turnover at a modest rate of 6.31 per cent. They noted that operational efficiency accounted for impressive earnings growth, which according to them, the feat recorded was due to the company's expanded route to market and product leadership in their respective brand segment despite declining sales by Guinness Nigeria Plc-its main industry competitor. Also, reduction in finance cost impacted on earnings growth as PBT and PAT swelled by 11.89 per cent and 13.24 per cent respectively. Balance sheet analysis shows that asset-turnover ratio increased to 1.06x compared to 1.00x in prior period, while management's commitment to sound credit risk management continues to yield notable outcome as trade receivable declined 28.69 per cent compared with turnover growth of 6.31 per cent. Overall, the analysts believe the company's performance remains connected to improved operational efficiency notwithstanding 2013 industry experience of pressured beer volume sales. Analysts at FBN Capital see a better rewarding opportunities during the current year as more of the company's products will be consumed following a lineup of political and social activities. According to the analysts in a report last January, NB will consolidate on its performance as sales are expected to pick up during 2014 on the back of preelection spending and the World Cup, which is taking place in June this year. Management’s view Commenting on the outlook, NB management noted that though the operating environment is expected to remain challenging, it will nonetheless; continue to invest in its brands, people and infrastructure. The company said that it is confident that it will continue to maintain its leadership position in the market and take advantage of any growth that will be there.

Share price movement of NB Plc 2013 April 30

N164.90

May 31

N177.90

June 30

N156.10

July 31

N172.29

Aug 31

N165.00

Sept. 30

N165.00

Oct 31

N170.00

Nov 30

N168.41

Dec 31

N156.50 2014

Jan 31

N156.50

Feb 28

N152.00

Mar 21

N150

It said it was committed to reduce its water consumption in breweries by 25 per cent to attain 3.7hl/hl by 2020 and to aim for water balancing by our production units in water scarce and distressed areas. The company noted: "In 2013, we achieved a 17 per cent reduction in our water consumption from 5.62hl/hl in 2012 to 4.68hl/hl. Additionally, we constructed and donated solar powered boreholes to communities in Kaduna and Ibadan as part of our water balancing program. We also commenced construction of a wastewater treatment plant in our Aba Brewery which will be completed in 2014. “We have committed to ensuring that most of our raw materials are generated through local sources by 2020 and ensuring 100 per cent compliance to our supplier code procedures. As part of our local sourcing agenda, 100 per cent of our packaging material requirement is now being fulfilled using local sources. “In 2013, we strengthened and sustained our Sorghum Value Chain Program through commercialisation of two hybrid seeds previously developed. We are currently working with local agro allied companies to develop glucose syrup from cassava towards the stated objective of increased local sourcing.”

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, March 31, 2014

Market bounces back on firmer liquidity RECOVERY The bulls dominated the trading activities last week.

Chris Ugwu

otwithstanding that the stock market opened the week with bearish sentiments; the market staged a recovery last week, breaking the jinx of the lull that characterised trading activities the previous week. Analysts had forecast that the uncertainty surrounding the market following massive sell off that most blue chip companies witnessed the previous week, will be over and stability will return during the week under review. Online Portal In order to create a world class capital market, the Exchange last Monday inaugurated an online portal through which information could be disclosed to the bourse. The online platform tagged 'X-whistle will also permit the whistleblowers to perform a status check on matters they have reported on X-whistle. Speaking at the launch, General Manager, Legal and Regulation Division/Head of Department Surveillance, Mrs. Tinu Awe, said the Exchange is encouraging whistle blowing because it provides a mechanism for providing information, which is not available to the bourse so that it could take requisite action. "If the exchange is not aware that violations have occurred, are occurring or about to occur, it cannot take appropriate action. Action taken on such information leads to the promotion of investor confidence in the capital market," Awe said. Speaking why whistle blowing happen rarely in the market, Awe said the main reason was because individuals with requisite information might not feel sufficiently protected to provide such information as they fear reprisals from those actively involved in the matters about which they have knowledge. She noted that many individuals who may otherwise decide not to become whistle blowers will be encouraged to provide information because they do not have to disclose their identities while providing information

Transactions Also on Monday, Nigerian equities market closed in bearish territory as the principal market indicators, the NSE ASI and Market capitalisation, each lost 0.1 per cent. Financial stocks were downt; however, the NSE Oil/Gas Index indicated affinity for shares of oil marketers. Brewery powerhouse, Guinness Nigeria, led the gainers, firming up by N5.15 to close at N169.00 per share. It was followed by processor of oil palm, Presco Plc, which rose by N1.92 to close at N40.72 while integrated oil services provider, Oando, strengthened by N1.64 to close at N17.68 per share. On the flipside, construction giant, Julius Berger Nigeria, shed N3.75 to close at N71.25. Oil marketers, Forte Oil and Mobil Nigeria, lost N3.36 and N1.86, to close at N90.50 and N123.00 per share while financial services providers, Stanbic IBTC Holdings and FBN Holdings, lost N0.65 and N0.45 to close at N20.35 and N12.00 respectively. The bull rallied on Tuesday closing the market in the green and giving investors respite, as the twin market indicators, the market capitalisation and the All-Share Index inches up by 0.33 per cent. Consequently, the All-Share Index gained 126.97 basis points to close slightly at 37,728.50 as against 37,607.53 recorded on Monday while, the market capitalisation of equities appreciated by N40 billion or 0.33 per cent as market sentiments turned green. Meanwhile, a turnover of 273.3 million shares worth N3.5 billion in 4,939 deals was recorded in the day's trading. Banking Sub-sector The banking sub-sector of the financial services sector was the most active during the day (measured by turnover volume); with 142.5 million shares worth N1.99 billion exchanged by investors in 1,747 deals. Volume in the banking sub-sector was largely driven by activity in the shares of Zenith Bank Plc and Access Bank Plc. The number of gainers at the close of trading session on Monday was 31 while decliners closed higher at 24. On Wednesday, investors remain in bullish mode as

Activities on the floor of the Nigeria Stock Exchange

the Nigerian equities market closed on the back of consumer goods as indicated by the NSE Consumer Goods Index, which gained 1.11 per cent. The total value of transactions also jumped by 202.63 per cent as deals on Nestle Nigeria shares, which accounted for 71 per cent of total Naira votes. However, the banking sector, tracked by the NSE Banking Index, dipped by 0.80 per cent. The gainers were led by food-focused conglomerate, Nestle Nigeria Plc, which gained N27.11 to close at N1, 000.11. It was followed by oil marketer, Total Nigeria, which rose by N5.40 to close at N159.00. Brewery players,

Five most capitalised stocks as March 28, 2014 Dangote Cement Plc

N4tn

Nigeria Brewery Plc

N1.1tn

Nestle Nig Plc N832.2bn

GTB Plc

N721.6bn

Zenith Bank Plc

N615.3bn

Guinness Nigeria and International Breweries, recorded price gains of N5.01 and N1.15 to close at N181.00 and N24.29 respectively while makers of building materials, Ashaka Cement and Cement Company of Northern Nigeria, gained N0.90 and N0.70 to close at N15.80 and N9.45 respectively. Petroleum downstream marketers, Mobil Nigeria and Oando lost N4.99 and N0.25 to close at N118.01 N17.56 per share respectively. Financial services providers also featured heavily in the losersâ&#x20AC;&#x2122; territory. Zenith Bank, Guaranty Trust Bank and Union Bank Of Nigeria, lost N0.41, N0.22 and N0.15 to close at N19.70, N25.62 and N10.00 per share respectively. Similarly, First City Monument Bank Plc was down by N0.10 to close at N3.28 per share. On Thursday the Exchange continued on its bullish trend as the principal indicators, the NSE ASI and market capitalisation, rose by 0.96 per cent. Gains from most blue chip companies lifted the market capitalization by N118 billion as investors appetite remained positive. Also, the NSE All Share Index (ASI) appreciated by 366.71 basis points to 38,186.93 basis points from 37,820.22 points recorded in the previous day.

Further review of Friday's trading showed that investors bought 406.1 million shares worth N6.5 billion in 4358 deals. On the price movement chart, UPDC Reit Plc led gainersâ&#x20AC;&#x2122; table, appreciating by 10.20 per cent to close at N11.02 per share, Learn Africa followed with a gain of 9.76 per cent to close at N1.80 per share while Ashaka Cement added 7.53 per cent to close at N16.99 per share. Insurance Sub-sector Insurance sub-sector also of financial service sector boosted by the shares of Hallmark Insurance Plc followed in trading activities having accounted for 74.6 million shares valued at N39 million in 141 deals. The Nigerian stock market at the close of trading last Friday sustained its bullish mood with a gain of 38 per cent by both performance indices. There were mixed results as the NSE indices, NSE Oil/Gas, NSE Consumer Goods and NSE Industrial index, rose by 0.61 per cent, 0.69 per cent, and 0.64 per cent respectively. However, sell pressures dominated financial stocks, as their main indicators, the NSE Banking and the NSE Insurance index, lost 1.92 per cent and 0.22 per cent of their former values respectively.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, March 31, 2014

Access Bank unveils self-service banking MORE CHANNELS

point channel requiring minimal human interface. Speaking on the initiative, Herbert Wigwe, the Bank’s Group Managing Director said :“Access Express is an intelligent response to customers’ needs and is ahead in terms of value delivery. Our self-service electronic branch is a one-stop centre where customers are able to do banking transactions, which ordinarily would have taken them to the

Access to open 50 more Access Express branches.

ccess Bank has opened a self-service electronic branch in Ikota, Lagos State, to bridge service gap and improve customers’ service experience. The self-service banking service (e-branch) christened Access Express, is a service

banking halls. Specifically, Access Express branch offers 24/7 cash withdrawal service to Access Bank card holders and other Banks’ cardholders”. He said customers could enquire about their account balance (savings and current), deposit cash into their accounts without using cards, access their statements and previous transactions, receipt and transfer of funds without using cards, payment

Interbank rate eases on matured T-bills

igerian interbank lending rates eased marginally to an average of 10.33 per cent last Friday from 10.41 per cent penutimate week, driven by increased liquidity from the repayment of matured treasury bills, dealers said. The cash balance that lenders hold at the Central Bank of Nigeria (CBN) according to Bloomberg news, opened at N600.36 billion ($3.64 billion) surplus last Friday, compared with N527.21 billion naira penultimate week, boosted by the repayment of matured treasury bills. The apex bank kept interest rates on hold for the 15th time in

a row at 12 per cent last Tuesday but hiked its cash reserves requirement (CRR) on private sector deposits by 300 basis points to 15 per cent. "We expect the central bank to continue the conduct of Open Market Operation (OMO) next week, but it will not change the position of the market significantly because of the high level of liquidity," one dealer said. The CBN sold about N259 billion worth of OMO debt notes last Thursday and Friday, trader said. But the volume of repayments towards matured debt outpaced outflow on the OMO bills, leaving lending rates below the benchmark in-

terest rate. The secured Open Buy Back was unchanged at 10.25 per cent, 1.75 percentage points below the central bank's benchmark rate of 12 per cent. The overnight placement eased to 10.25 per cent, compared with 10.50 per cent last week, while call money was unchanged at 10.50 per cent, the same level as penultimate week. Traders said lending rates may however, jump between April 8 and 9, when the CBN plans to debit lenders to enforce the hike in cash reserves requirement on private sector deposits.

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

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

Bid 12.10 12.10 12.05

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

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80 Offer 163.38

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

for pre-booked airline tickets, airtime purchase for mobile phones via PIN vending and virtual top ups and settlement of utility bills such as DSTV subscription and GSM postpaid bills”. Wigwe hinted that Access Bank will open not less than 50 Access Express branches across the country to simplify banking for the Bank’s customers” “This service offers custom-

ers the flexibility and convenience of being in control of how and when they carry-out their banking transactions. For instance, customers could make cheque book request, initiate account and loan application, and demand bank drafts”, said Abraham Ehijator Aziegbe, Group Head, and Retail Operations while explaining the functionalities of the applications in the service centre to customers.

SME forum urges enterpreneurs to follow their passion

assion is a key critical success factor for aspiring business people, founder of Sweet Sensation, Lady Kehinde Kamson, has said. She said this while sharing her success secret in a highly competitive industry at the Fidelity SME Forum. The debate is a weekly radio programme organised by Fidelity Bank Plc as a deliberate attempt to resuscitate the Small and Medium – scale Enterprises (SMEs) and create a new generation of entrepreneurs with the “I can do” spirit in Nigeria. Kamson said that she had always had the passion for cooking, baking and food service generally. “I like to try out recipes and I had a mother who taught me same and she was a good example. So, the business had to be food because that was what I had a passion for and that’s another point I would like to share with aspiring business people. It’s good to look out for money, but it’s also good to satisfy your passion.” On why it took long to open an outlet of Sweet Sensation, she said that every good thing has to start with some degree of experience, stressing that one must necessarily struggle because if one does not struggle, then he or she can’t understand the business effectively and success may be short lived. “There is a learning process that you cannot compromise and it comes with every territory and if you then patiently struggle through the process, then you will come out victorious.” Kamson maintained that there is no right time to go into business rather it depends on

the type of maturity the business choice requires. Some business, she said, may require extreme maturity, which one cannot really cope with except they are able to learn from a skill acquisition centre. “Businesses require different skills and temperament. While one is young, it’s true that making children comes in the way in the case of mothers, but with determination, you can truly succeed,” she added. She said there are a lot of challenges confronting business owners, which people visioning out there don’t see. “We in the business and in the industry know what the challenges are. Like I said earlier, energy is the first challenge. Energy, because of its cost and because of the replacement constrains. The money spent on diesel is staggering and am sure you know that: “ It’s more so for a multi-location shop where it’s all repeated. The replacement of the generators themselves is tiring. Generators will work two years maximum and they are worn out because they’ve been working day and night. We have some locations that we don’t even have PHCN power supply. “You can imagine what operators like us face. I know it’s a national problem but you are restrained to price increment to cover your cost. And that is why you would notice that generally, some operators are already closing down branches, trying to adjust to the situation and keep only the thriving outlets going rather than let the slower outlet drag the ones that are doing well.”

CORRIGENDUM Offer 163.5000 Source: FMDQ

Last Friday, we inadvertently stated that Bakwunye Sunny Obijieze and Oladimeji Ogunlana were appointed as Executive Directors in Unity Bank. We have since discovered that Obijieze is Head, Treasury while Ogunlana is is Head, Loan Recovery. The error is regretted.

BUSINESS | INSURANCE 33

Sanctity of Truth

Monday, March 31, 2014

POTENTIAL Underwriting business provides more leverage for investors.

hree African countries including Nigeria have been listed as countries with insurance marketing opportunities to be tapped. A report released by A.M Best's Associate Director, Market Development and Communications, Dr. Edem Kuenyehia, said there were significant opportunities for direct insurers and reinsurers in key markets in Africa, particularly in fastdeveloping sub-Saharan markets such as Kenya, Nigeria and Ghana. He, however, advised companies to stay focused on the economic and regulatory environment, given the diversity of markets on the continent. Africa’s insurance and reinsurance markets continue to attract close scrutiny and rising interest from financial market participants in both the mature markets of the United States and Europe, as well as newer entrants from emerging BRIC (Brazil, Russia, India and China) countries. In addition, robust regional cross-border activity with Africa-based insurance groups buying other regional insurance companies has created a vibrant landscape. A.M. Best’s report titled: "Af-

Nigeria among countries with insurance market opportunities rica’s Insurance Markets: Gearing Up for Sustained Growth," states that many of the 54 African economies are growing by five per cent to 10 per cent and more, much faster than the mature markets, with drivers such as energy, construction and mining projects. This has made them attractive to insur-

international standards. "Insurance penetration, while growing, is low at less than one per cent overall, and insurers have faced challenges that include political risks, greater competition and increases in minimum capital levels. However, from June 2011 to June 2012, 28 out of 46 gov-

L-R: Chairman, Great Nigeria Insurance Plc, Olatokunbo Alabi; Managing Director, Mrs Cecilia Osipitan; and a Director, Archbishop Felix Alaba Job, at the event in Lagos.

Great Nigeria Insurance records N.9bn PAT reat Nigeria Insurance Plc has recorded a profit after tax of N903.0 million in its 2012 financial transactions as against the previous year’s N410.6 million. Giving the breakdown at the company’s 48th Annual General Meeting in Lagos, Chairman of the company, Mr. Olatokunbo Alabi, said the profit before tax stood at N1.27 billion as against N379.8 million in 2011 while the gross premium increased to N2.88 billion as against N2.40 billion recorded in 2011. The shareholders’ fund and the underwriting profit moved from N4.39 billion to N5.35 billion in 2012 and N1.24 billion as against N846 million in 2011 respectively. The chairman further revealed that total assets of the company also experienced similar growth of 13.8 per cent at N8.43 billion as against N7.26 billion in the previous year. While reminding the share-

ance groups in the United States and Europe, where growth has been more limited. In his opinion, Associate Director, Analytics, Deniese Imoukhuede, said that despite strong average Gross Domestic Product growth for the continent overall, many insurance markets in Africa are small by

holders that company’s board was committed to its vision and mission and to ensure sound fiscal discipline to enhance profitability and growth, he said the company was evolving as all the indices point towards growth. He said: “The development of the domestic economy is a major desire of our company and we are eager to be among the leaders of change so as to enhance ultimately the purchasing power of all. “The expected continuous improvement in the operating environment wills definitely serves as the pivot of our growth. We are committed to this growth. We intend to create wealth and meet the expectations of our various stakeholders.” In her address, the Managing Director, Mrs. Cecilia Osipitan, said the firm was committed to its onerous goal, which is creating a brand that is synonymous with excellence in the financial services sector.

ernments in sub-Saharan Africa implemented at least one regulatory reform, making it easier to do business," he added. Available records already revealed that a minimum of 10 foreign interests from the United Kingdom, Switzerland and other parts of the world have gone into partnership with local insurance firms to carry out underwriting business in the country. Details of the partnership show that apart from Metropolitan Life of South Africa that owns 50 per cent equity in UBA Life, UK-based Old Mutual also boasts of 80 per cent stake in the life arm of Oceanic Insurance while another subsidiary of Old Mutual equally took 80 per cent share in the general arm of Oceanic Insurance. Further breakdown also revealed that companies from Germany and other European countries have taken up 80 per cent stake in former Guaranty Trust Assurance that has been renamed Mansard. Not left out in the scramble for the booming local insurance market is a company from Ivory Coast that has taken 95 per cent equity holding in ADIC and subsequently changed the name to NISA.

Fitch proposes more capital for Nigerian insurance sector CONSOLIDATION Countdown to a new phase of capital increase in underwriting sector

lmost eight years after consolidation was effected in the insurance sector, renowned international rating agency, Fitch, has said the sector that has recorded unexpected slow growth was now ripe for another round of capital increase. Fitch Ratings says the new perception becomes urgent as insurers seek to increase scale and investor interest develops. In 2006, the underwriters, who had operated with capital base of N150 million for Life, N200 million for General Business and N350 million for Composite operation were taken aback when the Federal Government directed them to

increase their capital base to N2 billion for Life, N3 billion for General, N5 billion for Composite and N10 billion for Re-insurance operators. The effort, which weeded the weak operators out of the market, also produced underwriters that could now participate in big league risks that were initially ceded offshore. Companies there were unable to meet the capital base target and were either wholly acquired by stronger ones or merged with others. This led to the reduction of the firms from over 100 consisting of both fake and genuine to less than 70 before the gradual decline to the current 58. Fitch in its report expects foreign investors seeking an entry point to the market to continue to do so through acquisitions of existing insurers or partnerships with local banks. Thorough due diligence

will remain a challenge to the acquisition of existing insurers, despite improvements in corporate governance. Fitch believes that consolidation in the industry, combined with technological improvements in administration and distribution, could lead to a reduction in operational costs. Insurers that succeed in reducing costs could rapidly gain market share by passing on most of the benefits to consumers. The report says that the insurance industry is poised to benefit from continued significant economic growth and favourable demographic factors in Nigeria. Moreover, insurance coverage is currently low with a weak insurance culture among consumers and market growth could be stimulated by improved consumer awareness and enforcement of minimum compulsory insurance cover as required by law.

BUSINESS | INSURANCE

Sanctity of Truth

Monday, March 31, 2014

Annuity: Underwriters, PFAs tangle over alleged de-marketing FACEOFF Insurers have been advised to worker harder by designing new products to recapture lost retirement business Sunday Ojeme

brewing marketing war between underwriters and Pension Fund Administrators came to the fore last week when the acting Director-General of National Pension Commission (PenCom), Mrs. Chinelo Anohu-Amazu, opened up on the subdued murmur by insurers that the pension administrators were taking advantage of the Pension Reform Act 2004 to squeeze annuity business away from them. She gave the hint in Lagos during a retiree workshop where it was also disclosed that N19.524billion was collected for annuity while another 84,097 retirees had also accessed about N210.7 billion under Programmed Withdrawal. The annuity programme, which was strictly handled by life insurers before the new pension scheme was introduced, has been tactically cornered by the pension handlers due to the strategic advantage the new scheme has given them. The underwriters, meanwhile, have alleged that they were now being de-marketed by the PFAs who take advantage of the fact that majority of Nigerian workers now make voluntary contributions to their coffers as part of their retirement benefits. While addressing participants at the workshop, the acting director-general said rather than complain of being denied adequate participation in the programme, the management of the National Insurance Commission (NAICOM) should facilitate adequate sensitisation and public enlightenment programmes to create awareness on the regulation on annuity. The PenCom boss, who said the complaint by some insurers was uncalled for, advised them to intensify efforts in marketing annuity business instead of complaining of de-marketing. She said that the Pension Reform Acts (PRA) 2004 had spelt out the roles to be played by life insurers and PFAs in managing retirement funds. In his view, Director-General, Nigerian Insurers Association (NIA), Sunday Thomas, advised the underwriters to fight the alleged de-marketing of annuity business by pension funds administrators through development of good products that suit the needs of retirees. He stressed the fact that insurers and pension operators ought not to fight over annuity and programme withdrawal as the law had specified the roles to be played by the operators. According to him, the menace would have stemmed from the operators' lack

Daniel

Chinelo Anohu Amazu

Thomas

of adequate knowledge of how the two businesses operate. They were designed to complement each other. He said: â&#x20AC;&#x153;When we heard of the issue of de-marketing between the operators, I had cause to write to PenCom and copied NAICOM. I believe it is due to lack of adequate knowledge of the subject. "I happened to be among those who were instrumental to give effect to the law, when I was with NAICOM. And annuity was not designed to be a conflict between the institutions. But the problem may probably be due to lack of proper understanding. The two are supposed to complement each other. "The role of programme withdrawal is totally different from life annuity. There was a time the former DirectorGeneral of PenCom was encouraging insurance companies to come up with products that will attract retirees and he gave a figure of which out of the total number of retirees, it was very small number that went by way of life annuity. "If I am an operator, de-marketing will not bother me too much, all I need to do is come up with good products that would sufficiently be endeared in the minds of the retirees. I will go ahead and market the products and engage in public awareness." Prior to the current spat, the two regulatory bodies had jointly issued a document containing regulations that would govern the conduct of annuity business in Nigeria with a promise that the document would undergo regular reviews as time demands. The document provideed rules of operation to stakeholders in the insurance and pension industries as it concerns the issues of retirees and their access to retirement benefits as at when due. The Commissioner for Insurance, Mr. Fola Daniel, during the public presentation, said the document was induced by the enactment of the Pension Reform Act of 2004 which made it mandatory for any employment in the Federal Public Ser-

vice, Federal Capital Territory and the private sector to establish a contributory pension scheme from which payments of retirement benefits will be made to retiring employees. As provided for by the Act, the modalities for payment of retirement benefits are through life annuity, which is obtainable from Life Insurance companies or through Programme Withdrawal, which is obtainable from Pension Fund Administrators. Either of the two methods is available depending on the choice of the employee. Life annuity is a stream of periodic payments that commences at a specified date, which is either the normal retirement age or at 50 in the case of early retirement. The commissioner proposed collaboration between the two regulators, NAICOM and PENCOM, to set up a joint committee to produce the regulation on annuity. This committee, he said, had been at work since September 2008 He said, "Following the release of the regulation, life insurance companies are expected to rise to the challenges of providing new products and modifying existing products to align with economic realities and value added needs of retirees. "Expansion in the branch network, efficient deployment of information and communication technology and prompt payment of benefits will provide the competitive advantage for the operators. "Whilst the Commission is reposition-

ing for the virile and responsive industry supervision and regulation is continuing, it is my expectation that excellent service will be the watchword of operators through compliance with good ethics and norms, thus making enforcement rules a distant necessity." On his part, the former DirectorGeneral of PENCOM, Mr. Mohammed Ahmad, said Section 4 of the Pension Reform Act provided that upon retirement as an employee, one is entitled to two options. Either take the programme withdrawal which allows his Pension Fund Administrator to continue to manage his fund until he exits the system or takes an annuity. He noted that at PENCOM, it was their duty to ensure that when employees retire, they get their retirement benefits as at when due and that was the reason behind the issue of the regulation. He therefore, promised that the Commission would do everything within its mandate and means to make sure that any party involved in managing pension assets, whether it be an insurance company or a pension administrator comply with the provisions of the Act. He stated that both Commissions had agreed on common parameters as regards the supervision of operators in both industries to ensure they complied with the provisions, adding that the operators should imbibe a high standard of corporate governance. Ahmad said: "We expect very transparent and open competition. If there is any party or participant that believes it can take advantage of this system, let it think twice. We will go to any extent to protect the employees. â&#x20AC;&#x153;PenCom will ensure that no policy will be misleading to offer unreasonable proposals or benefits that are non-existent. If there is any operator that gets involved in unethical marketing strategies, we will take necessary actions to impose sanctions on such.â&#x20AC;?

Insurers and pension operators ought not to fight over annuity and programme withdrawal as the law had specified the roles to be played by the operators.

BUSINESS | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, March 31, 2014

FMDQ Daily Quotations List

28-Mar-14

The FMDQ Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, fixed income securities and instruments in the OTC market. The use of this report is subject to the FMDQ OTC PLC Terms of Use and Disclaimer Statement.

Bonds

FGN Bonds Issuer

Rating/Agency

Description 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 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

9.20 9.25 4.00 13.05 15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

45.00 100.00 535.00 327.47 452.80 20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

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 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30

0.25 0.50 1.07 2.39 3.08 3.33 3.43 4.17 5.26 5.57 7.84 9.96 14.67 15.15 15.65 16.32

13.35 13.96 14.31 13.92 13.98 13.86 13.86 13.86 13.95 13.87 13.94 13.95 13.72 13.70 13.68 13.71

12.75 13.63 14.14 13.84 13.86 13.73 13.74 13.76 13.87 13.78 13.88 13.90 13.67 13.65 13.62 13.65

98.90 97.80 90.08 98.25 102.70 89.55 88.01 90.18 107.40 73.92 111.40 101.30 107.96 92.32 66.88 76.00

99.05 97.95 90.23 98.40 103.00 89.85 88.31 90.48 107.70 74.22 111.70 101.60 108.26 92.62 67.18 76.30

TOTAL OUTSTANDING VALUE Rating/Agency

4,132.04 Issuer

Agency Bonds AMCON FMBN

Price

***LCRM

Description

0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 09-DEC-2016 0.00/16.50 LCRM II 20-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Indicative Price

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

0.00 0.00 17.25 0.00/16.00 0.00/16.50 0.00/16.50

978.35 24.56 6.00 112.22 116.70 66.49

31-Oct-14 24-May-15 03-Apr-17 09-Dec-16 20-Apr-17 06-Jul-17

0.59 1.16 1.52 2.70 3.06 3.27

1.00 2.63 2.27 2.00 1.49 1.00

15.03 16.91 16.42 15.89 15.35 14.86

91.79 82.87 101.16 90.00 87.10 85.58

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

0.36 0.55 1.43 0.80 1.33 1.33 3.06 1.89 3.76 2.54 4.52 2.74 2.74 3.32 3.20 5.65 3.35 4.06 6.67 4.07 4.10

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

18.42 19.99 18.62 17.41 18.68 17.69 19.45 21.62 15.65 15.71 14.87 14.89 15.10 14.86 16.32 15.81 16.60 16.60 14.88 15.30 15.81

98.39 96.99 92.60 96.10 94.90 97.81 78.93 88.55 95.37 96.47 97.21 99.35 106.21 99.16 98.05 95.16 95.56 94.84 94.25 103.34 103.00

1,304.32

Sub-National Bonds A/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

05-Aug-09 15-Oct-09 31-Aug-10 30-Sep-10 30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 30-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 30-Sep-13 27-Nov-13 31-Dec-13 06-Jan-14

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

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil

LAFARGE WAPCO GTB µ NGC

Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto

*UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# # *TOWER *TOWER#

A/GCR BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR A+/Agusto; A-/GCR

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

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

11.50 13.50

11.80 13.17

07-Oct-14 18-Dec-14

0.53 0.73

1.00 5.21

14.98 19.34

98.29 96.14

01-Apr-10 17-Aug-10 09-Dec-10 06-Jan-11 29-Sep-11 25-Oct-13

17.00 10.00 12.00 14.00 13.00 14.25

2.00 15.00 37.50 1.50 15.00 5.53

31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16

0.76 0.91 0.99 1.07 2.51 2.58

8.71 4.88 1.00 2.63 1.00 1.34

22.86 19.14 15.32 16.94 14.92 15.25

96.00 92.82 97.19 97.56 96.11 97.90

30-Sep-10 30-Nov-12 09-Apr-11

13.00 18.00 16.00

20.00 0.94 8.01

30-Sep-17 30-Nov-17 09-Apr-18

3.51 2.13 2.03

4.52 1.88 3.48

18.38 15.84 17.45

86.52 104.89 97.56

09-Sep-11 09-Sep-11

18.00 16.00

3.63 1.00

09-Sep-18 09-Sep-18

2.45 2.45

5.20 5.06

19.12 18.98

98.09 101.83

22-Sep-11 18-Oct-13 17-Feb-12 14-Nov-13

14.00 15.75 17.00 15.25

35.00 3.00 0.54 2.05

22-Sep-18 18-Oct-18 17-Feb-19 14-Nov-20

4.49 2.31 2.64 6.63

3.06 2.29 6.11 2.76

16.92 16.23 20.01 16.64

91.05 99.20 94.49 94.50

11-Feb-18

3.88

1.00

14.86

86.60

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

TOTAL OUTSTANDING VALUE Rating/Agency

12.00

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.55

5.40

106.74

107.58

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.60

4.39

102.01

102.83

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.91

5.79

103.27

104.16

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

3.76

3.35

113.56

114.35

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.15

4.68

104.67

105.65

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.33

6.06

98.70

99.75

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.18

6.67

100.19

101.68

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.54

8.06

94.32

95.92

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

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 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

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

15.10 9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

TOTAL OUTSTANDING VALUE

36 BUSINESS | FINANCIAL MARKET NEWS

Rating/Agency

Description

Issuer

452.80 20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

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

3.08 3.33 3.43 4.17 5.26 5.57 7.84 9.96 14.67 15.15 15.65 16.32

13.98 13.86 13.86 13.86 13.95 13.87 13.94 13.95 13.72 13.70 13.68 13.71

13.86 13.73 13.74 13.76 13.87 13.78 13.88 13.90 13.67 13.65 13.62 13.65

102.70 89.55 88.01 90.18 107.40 73.92 111.40 101.30 107.96 92.32 66.88 76.00

103.00 89.85 88.31 90.48 107.70 74.22 111.70 101.60 108.26 92.62 67.18 76.30

4,132.04 Sanctity of Truth

Monday, March 31, 2014

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

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

0.59 1.16 1.52 2.70 3.06 3.27

1.00 2.63 2.27 2.00 1.49 1.00

15.03 16.91 16.42 15.89 15.35 14.86

91.79 82.87 101.16 90.00 87.10 85.58

30-Sep-20 27-Nov-20 31-Dec-20 06-Jan-21

4.06 6.67 4.07 4.10

2.74 1.00 1.44 1.95

16.60 14.88 15.30 15.81

94.84 94.25 103.34 103.00

1.00

14.98

98.29

5.21 8.71

19.34 22.86

96.14 96.00

Valuation Yield (%)

Indicative Price

SEC eyes N1trn collective investment schemes Agency Bonds

AMCON FMBN

***LCRM

MUTUAL FUND

TOTAL OUTSTANDING VALUE Sub-National Bonds

SEC targets retailKWARA NIGER investors.

A/Agusto A-/GCR A+/Agusto A/Agusto Nil A+/Agusto A+/Agusto; A+/GCR A-/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto; A-/GCR† A-/Agusto A/Agusto; A-/GCR A/Agusto; A-/GCR Aa-/Agusto; AA-/GCR A/Agusto; A-/GCR A/Agusto Aa-/Agusto; AA-/GCR A/Agusto A-/GCR

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

he Securities and Exchange Commission (SEC) plans to develop over N1 trillion collective investment schemes (CIS) in Nigeria by 2019. Speaking at the first quarter Post-Centenary Capital Market Committee media briefing in Lagos, Ms. ArunmaVALUE Oteh, DirecTOTAL OUTSTANDING tor General, SEC said the target Corporate Bonds A+/Agusto; AA/GCR LAFARGE WAPCO was achievable going by the curAa/Agusto GTB rent and potential market size. NGC Nil Bbb-/Agusto *UPDCcurrentOteh explained that A-/Agusto *FLOURMILLS ly , the number of potential retail BB+/GCR *CHELLARAMS A+/Agusto; A-/GCR investors in NigeriaNAHCO is about 4.5 A-/Agusto FSDH million (representing A/GCR UBA the numBBB-/GCR *C &contribuI LEASING ber currently making BBB+/DataPro†; BB+/GCR *DANA tory pension). These investors, A-/DataPro†; BB-/GCR *TOWER AAA/DataPro†; A+/GCR she explained, were*TOWER those who A/Agusto; A/GCR UBA currently appreciate effect Bbb+/Agusto; BBB+/GCR *LA the CASERA BBB-/DataPro†; BB+/GCR *CHELLARAMS of savings and investment and A+/Agusto; A-/GCR NAHCO have been doing so over the past TOTAL OUTSTANDING VALUE seven years Bond and who may be inSupranational centivised to invest IFC a minimum AAA/S&P TOTAL OUTSTANDING of N50,000.00 a yearVALUE into a managed Rating/Agency fund. Issuer "We estimate that the potenFGN Eurobonds tial annual inflows into mutual BB-/Fitch; B+/S&P fund will be about N225 billion µ

# #

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

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

in additional inflows annually, that is assuming each of the potential 4.5 million investors 14.00 KWARA 5-AUG-2014 make a minimum annual con14.00 NIGER 15-OCT-2014 12.50 KADUNA tribution of31-AUG-2015 N50,000.00. Conse13.00 EBONYI 30-SEP-2015 quently , given this number, the 14.00 BENUE 30-JUN-2016 15.50 30-JUN-2016 achieving only CIS isIMO currently 10.00 LAGOS 19-APR-2017 5.6% of its capacity 13.75 BAYELSA 30-JUN-2017 in terms of 14.00 EDO 31-DEC-2017 market penetration," she said. 14.00 DELTA 30-SEP-2018 One how to achieve the 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 target, the SEC boss said one 14.00 NIGER III 12-DEC-2018 ONDO 14-FEB-2019 it might unof15.50 the initiatives 15.50 GOMBE 02-OCT-2019 dertake this year to boost col14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 lective investment scheme in 14.75 OSUN II 30-SEP-2020 the country was to adopt CFA 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 model, a common standard for 15.00 NASARAWA 06-JAN-2021 reporting on performance so that investors can compare one 11.50 LAFARGE WAPCO 7-OCT 2014 from another. 13.50 GUARANTY TRUST 18-DEC-2014 She said the commission 17.00 NGC 31-DEC-2014 UPDC 17-AUG-2015 is10.00 very pleased that there was 12.00 FLOURMILLS 9-DEC-2015 already a body of people who 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 are trained in the CFA quali14.25 FSDH 25-OCT-2016 fication because it is a very 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 comprehensive qualification MPR+7.00 DANA 9-APR-2018 for anybody in investment MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 management. 14.00 UBA II 22-SEP-2018 15.75 LA CASERA Oteh said18-OCT-2018 the commission MPR+5.00 CHELLARAMS II 17-FEB-2019 was also working through 15.25 NAHCO II 14-NOV-2020 the Nigerian Capital Market Institute with the Financial 10.20 IFC 11-FEB-2018 Planning Association to try and ensure that it could train young people to become finanDescription cial planners. She said: "Maybe those who 6.75 JAN 28, 2021 graduate from law school, in

FGN

economics among others, we can put them through a booth camp programme that then 05-Aug-09 14.00 prepares be able to 15-Oct-09 them to 14.00 31-Aug-10 12.50 affiliate with some of these 30-Sep-10 13.00 fund30-Jun-11 managers and14.00 be able to 30-Jun-09 sell their products to15.50 investors. 19-Apr-10 10.00 “That is something 30-Jun-10 13.75 that we 30-Dec-10 14.00 are very keen to do because we 30-Sep-11 14.00 04-Oct-11 14.00 the job think it will also help 09-Dec-11 14.50 situation in Nigeria.14.00 It is some12-Dec-13 14-Feb-12 thing that will take15.50 us time to 02-Oct-12 15.50 be able to do because 22-Nov-12 14.50it is not 14.75 just 12-Dec-12 within our own hands in

30-Sep-13 27-Nov-13 31-Dec-13 06-Jan-14

14.75 13.50 14.50 15.00

11.40 87.00 5.00 5.00

18-Dec-09

5.13

6.38 JUL 12, 2023

01-Apr-10

6.38

FMDQ Daily Quotations List

because you do not want a situation where you are encouraging people to go to mu4.88 18.42 98.39 tual it turns out 5.99funds and 19.99 96.99that 18.62 92.60now the4.44fund managers will 3.23 17.41 96.10 steal their money ," she noted. 4.46 18.68 94.90 3.48 17.69 97.81 Oteh explained that the 5.59 19.45 78.93 commission tried to improve 7.60 21.62 88.55 95.37 the1.79 capacity 15.65 of fund manage1.80 15.71 96.47 1.00 firms, adding 14.87 ment that97.21 it also 1.00 14.89 99.35 asked that they come together 1.21 15.10 106.21 14.86 99.16 the as 1.00 a trade group so that 2.46 16.32 98.05 commission could interact 1.94 15.81 95.16with 2.74 16.60 95.56 them much more efficiently .

CSCS to investors: Use credible portfolio managers

nvestors have been advised 567.90 to ensure that their re07-Oct-11 are entrusted 11.50 07-Oct-14 0.53 sources with 11.80 18-Dec-09 13.50 13.17 18-Dec-14 0.73 credible, efficient and well 01-Apr-10 17.00 2.00 31-Dec-14 0.76 17-Aug-10 10.00manag15.00 17-Aug-15 0.91 they are putting their capital. capitalised portfolio 09-Dec-10 12.00 37.50 09-Dec-15 0.99 He said: “The most imporers. 06-Jan-11 Chief Executive Officer, 14.00 1.50 06-Jan-16 1.07 29-Sep-11 29-Sep-16 tant thing for a market 2.51 like Central Securities13.00 Clearing 15.00 25-Oct-13 14.25 5.53 25-Oct-16 2.58 this is to have an informed System (CSCS) Kyari Bukar, 30-Sep-10 13.00 20.00 30-Sep-17 3.51in0.94 2.13 The 30-Nov-17 investors needed gave30-Nov-12 this advice at18.00 the week- vestor. 09-Apr-11 16.00 8.01 09-Apr-18 2.03 end 09-Sep-11 during the Finance Corto be informed for them 18.00 3.63 09-Sep-18 2.45 to 09-Sep-11 16.00 1.00 09-Sep-18 2.45 respondents Association of exercise their choices. There 22-Sep-11 14.00 35.00 22-Sep-18 4.49 Nigeria (FICAN) Bi-Monthly is need to enlighten inves18-Oct-13 15.75 3.00 18-Oct-18 2.31 17-Feb-12 17.00 0.54 17-Feb-19 2.64 Forum hosted by CSCS in Lators to enable them make the 14-Nov-13 15.25 2.05 14-Nov-20 6.63 gos. right choices for the future,” 175.67 Bukar, who spoke on the he said. theme: ‘Role of Central Se- 12.00Besides, he said there is3.88 also 11-Feb-13 10.20 11-Feb-18 curities Clearing System in 12.00 need for investors to regularly TheIssue Nation’s Financial Seccheck theirMaturity accounts with the Date Coupon (%) Issue Value ($'mm) Date Bid Yield (%) tor’ said investors needed to CSCS, as such would update be fully informed about the them on the performance and 07-Oct-11 6.75 28-Jan-21 5.55 market and companies where 500.00 position of their investments

5.13 JUL 12, 2018

TOTAL OUTSTANDING VALUE

that respect. In 2010, we first drew attention to the fact that as a retail 17.00 05-Aug-14 0.36 investor, you might consider 6.00 15-Oct-14 0.55 8.50an alternative 31-Aug-15 1.43inas instead of 16.50 30-Sep-15 0.80 vesting directly yourself while 13.00 30-Jun-16 1.33 18.50 30-Jun-16 1.33 you are not so familiar with the 57.00 19-Apr-17 3.06 company , that you might seek 50.00 30-Jun-17 1.89 25.00 3.76 the services31-Dec-17 of a financial ex50.00 30-Sep-18 2.54 9.00 04-Oct-18 4.52 pert and go through collective 20.00 09-Dec-18 2.74 investment schemes. 12.00 12-Dec-18 2.74 27.00“Before 14-Feb-19 we did that,3.32we 20.00 02-Oct-19 3.20 decided to enhance the regu80.00 22-Nov-19 5.65 30.00 3.35 lations of 12-Dec-19 fund managers

1,304.32

4.88 brokers. 19.14 92.82 with 1.00 15.32 97.19 He said the automation 2.63 16.94 97.56 of 1.00 14.92 96.11 rebrokerage business has 1.34 15.25 97.90 duced the cost of operation 4.52 18.38 86.52 15.84 104.89 for1.88 most operators. Automa3.48 17.45 97.56 tion, reduces cost 5.20 he said19.12 98.09 of 5.06 101.83 operation for18.98 companies. “The 3.06 16.92 91.05 most important thing is 2.29 16.23 99.20that 6.11 20.01 94.49 investors should be in control 2.76 16.64 94.50 of their money or go for collective investment scheme. Still, investors need 1.00 14.86to beware 86.60and invest in portfolio managers that are credible, efficient and Offer Yield (%) Bid Price Offer Price have all the necessary capital Prices & Yields to be in the position to sale 5.40 106.74 their assets,” he said. 107.58

500.00

12-Jul-18

4.60

4.39

102.01

102.83

500.00

12-Jul-23

5.91

5.79

103.27

104.16

1,500.00

28-Mar-14

Corporate Eurobonds

Afren PLC I

11.50 FEB 01, 2016

01-Feb-11

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

GTBank PLC II

6.00 NOV 08, 2018

B+/S&P

Access Bank PLC

B/S&P; B/Fitch

Fidelity Bank PLC Issuer

Description

B/S&P; B-/Fitch

First Bank PLC

B+/S&P; B+/Fitch

Afren PLC III

9.20 29-JUN-20148.25 AUG 07, 202029-Jun-07 9.25 28-SEP-20146.63 DEC 09, 202028-Sep-07 4.00 23-APR-2015 23-Apr-10 13.05 16-AUG-2016 16-Aug-13 15.10 27-APR-2017 27-Apr-12 Discount (%) Offer27-Jul-07 Discount (%) 9.85Bid 27-JUL-2017 12.10 11.85 9.35 31-AUG-2017 31-Aug-07 12.10 11.85 10.70 30-MAY-2018 30-May-08 12.30 12.05 16.00 29-JUN-2019 29-Jun-12 12.35 12.10 7.00 23-OCT-2019 23-Oct-09 12.50 12.25 12.50 12.25 16.39 27-JAN-2022 27-Jan-12 12.50 12.25 14.20 14-MAR-2024 14-Mar-14 12.65 12.40 15.00 28-NOV-2028 28-Nov-08 12.50 12.25 12.49 22-MAY-2029 22-May-09 12.70 12.45 8.50 20-NOV-2029 20-Nov-09 13.00 12.75 12.65 12.40 10.00 23-JUL-2030 23-Jul-10

B-/S&P; B/Fitch

B+/S&P; B+/Fitch

FGN Bonds

Rating/Agency

B/Fitch

Afren PLC II

TOTAL OUTSTANDING VALUE **Treasury Bills DTM 13 20 NA 27 41 48 55 62 69 83 90 97 104 111 TOTAL OUTSTANDING 132 139 160 251 Rating/Agency 286 300 314 Agency Bonds 328 342

Maturity 10-Apr-14 17-Apr-14 NA 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 VALUE 7-Aug-14 14-Aug-14 4-Sep-14 4-Dec-14 Issuer 8-Jan-15 22-Jan-15 5-Feb-15 19-Feb-15 AMCON 5-Mar-15

11.50

450.00

01-Feb-16

3.76

3.35

113.56

7.50

500.00

19-May-16

5.15

4.68

104.67

08-Nov-13

6.00

400.00

08-Nov-18

6.33

6.06

98.70

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.18

6.67

100.19

101.68

6.88 MAY 09, 2018

Coupon (%)

300.00

TTM (Yrs)

02-May-18

8.54 Bid Yield (%)

Bid94.32 Price

95.92 Offer Price

Issue Date

10.25 APR 08, 2019

13.00 12.75 13.00 12.75 13.10 12.85 13.05 12.80 13.00 Description 12.75 13.05 12.80 13.00 12.75 13.05 12.80 13.00 12.75 0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 13.00 12.75

0.00 FMB 24-MAY-2015 17.25 FMB II 03-APR-2017 NA 0.00/16.00 LCRM 09-DEC-2016 ***LCRM 0.00/16.50 LCRM II 20-APR-2017 *from the Amortising bonds, the average life is calculated0.00/16.50 and not the duration LCRM III 06-JUL-2017 FMBN

Risk Premium is a combination of credit risk and liquidity risk premiums TOTAL OUTSTANDING VALUE **Exclusive of non-trading t.bills

09-May-13 08-Apr-12

07-Aug-13 9.20 09-Dec-13 9.25

4.00 13.05 15.10 Bid Yield 9.85 (%) 12.15 9.35 12.18 10.70 12.41 16.00 12.52 7.00 12.71 12.74 16.39 12.77 14.20 12.96 15.00 12.87 12.49 13.11 8.50 13.47 13.12 10.00 13.54 13.64 13.79 13.84 14.28 Issue Date 14.54 14.56 14.70 14.72 28-Dec-11 14.80

24-May-10 03-Apr-12 09-Dec-11 20-Apr-12 06-Jul-12

Bonds

Outstanding 6.88 Value (N'bn) 10.25

Maturity Date 300.00

8.25 300.00 45.00 29-Jun-14 6.63 360.00 100.00 28-Sep-14 2,960.00 535.00 23-Apr-15 327.47 16-Aug-16 452.80 FIXINGS 27-Apr-17 NIBOR 20.00 27-Jul-17 Tenor Rate (%) 100.00 31-Aug-17 CALL 10.7500 300.00 30-May-18 7 DAYS 10.9583 351.30 29-Jun-19 30 DAYS 11.3750 233.90 23-Oct-19 60 DAYS 11.7083 90 DAYS 11.9583 600.00 27-Jan-22 180 DAYS 12.2083 50.00 14-Mar-24 365 DAYS 12.5417 75.00 28-Nov-28 150.00 22-May-29 NITTY 200.00 20-Nov-29 Tenor Rate (%) 591.57 23-Jul-30 1M

08-Apr-19

5.12

07-Aug-20 0.25

7.27 13.35 09-Dec-20 6.29 0.50 13.96 1.07 14.31 2.39 13.92 Money Market13.98 3.08 Tenor Rate (%) 3.33 13.86 3.43 13.86 OBB 10.25 4.17 13.86 O/N 10.46 5.26 13.95 5.57 REPO 13.87 Tenor Rate (%) 7.84 13.94 Call 10.25 9.96 13.95 1M 11.25 14.67 13.72 3M 11.92 15.15 13.70 6M 12.17 15.65 13.68 13.71 NOTE: 16.32

Offer Yield 8.06 (%) 4.75

3M 6M 9M Coupon 12M

0.00/16.50 0.00/16.50

116.70 66.49

20-Apr-17 06-Jul-17

105.65

Price

114.33

99.75

115.12

6.83 103.57 105.25 12.75 98.90 99.05 6.04 101.34 102.36 13.63 97.80 97.95 14.14 90.08 90.23 13.84 98.25 98.40 13.86 Exchange 102.70 103.00 Foreign (Spot & Forwards) 13.73 89.55 89.85 13.74 88.01 88.31 Tenor Bid ($/N) Offer ($/N) 13.76 90.18 90.48 Spot 164.96 165.06 13.87 107.40 107.70 7D 165.18 165.46 13.78 73.92 74.22 14D 165.44 165.82 1M 166.05 166.79 13.88 111.40 111.70 2M 167.21 168.57 13.90 101.30 101.60 3M 168.22 171.47 13.67 107.96 108.26 6M 171.83 176.57 13.65 92.32 92.62 1Y 178.96 188.65 13.62 66.88 67.18 13.65 76.00 76.30

12.4941 :Benchmarks 12.7823 13.0218 * :Amortising Bond # 13.9409 µ :Convertible Bond Risk 14.3609 Avg. Life/TTM AMCON: Asset Management Corporation of Nigeria (%) Issue 14.7962 Value (N'bn) FGN: Maturity Premium FederalDate Government of(Yrs) Nigeria (%) FMBN: Federal Mortgage Bank of Nigeria IFC: International Finance Corporation LCRM: Local Contractors Receivables Management NIFEX 0.00 978.35 31-Oct-14 0.59 Company1.00 NAHCO: Nigerian Aviation Handling NGC: 24-May-15 Nigeria-German Company 0.00Current Price ($/N)24.56 1.16 2.63 BID($/N) 17.25 164.9400 UBA: United Bank for Africa 1.52 6.00 03-Apr-17 2.27 OFFER ($/N) 165.0400 UPDC: UAC Property Development Company 0.00/16.00 112.22 09-Dec-16 2.70 2.00 WAPCO:West Africa Portland Cement Company

4,132.04 2M

114.35

3.06 3.27

1.49 1.00

0.36 0.55 1.43 0.80 1.33Yield Implied 1.33 3.06 12.62 1.89 13.94 3.76 13.71 2.54 13.56 4.52 2.74 2.74 3.32 3.20 5.65 3.35 4.06 6.67 4.07 4.10

4.88 5.99 4.44 3.23 Implied 4.46 Portfolio Price 3.48 5.59 101.3257 7.60 118.3256 1.79 82.8443 1.80 103.1587 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

NA :Not Applicable # :Floating Rate Bond ***: Deferred coupon bonds

Valuation

Indicative Price

15.03 16.91 16.42 15.89 15.35 14.86

91.79 82.87 101.16 90.00 87.10 85.58

†: Bond Yieldrating (%) expired

1,304.32

KWARA NIGER KADUNA *EBONYI Modified Duration *BENUEBuckets *IMO LAGOS <3 *BAYELSA 3<5 EDO >5 *DELTA Market NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS *EKITI *NASARAWA

14.00 KWARA 5-AUG-2014 14.00 NIGER 15-OCT-2014 12.50 KADUNA 31-AUG-2015 13.00 EBONYI 30-SEP-2015 Porfolio Market Total Outstanding 14.00 BENUE 30-JUN-2016 Value(Bn) Volume(Bn) 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 1,268.68 1,315.27 13.75 BAYELSA 30-JUN-2017 1,045.70 951.30 14.00 EDO 31-DEC-2017 449.59 591.57 14.00 DELTA 30-SEP-2018 2,763.97 2,858.14 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 14.75 OSUN II 30-SEP-2020 13.50 LAGOS IV 27-NOV-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

05-Aug-09 14.00 17.00 FMDQ FGN 15-Oct-09 14.00 BOND INDEX 6.00 31-Aug-10 12.50 8.50 30-Sep-10 13.00 16.50 Weighting by Weighting by Mkt 30-Jun-11 14.00 Bucket13.00 Weighting Outstanding Vol Value 30-Jun-09 15.50 18.50 19-Apr-10 10.00 57.00 46.02 45.90 0.46 30-Jun-10 13.75 50.00 33.28 37.83 0.33 30-Dec-10 14.00 25.00 20.70 16.27 0.21 30-Sep-11 14.00 50.00 100.00 100.00 1.00 04-Oct-11 14.00 9.00 09-Dec-11 14.50 20.00 12-Dec-13 14.00 12.00 14-Feb-12 15.50 27.00 02-Oct-12 15.50 20.00 22-Nov-12 14.50 80.00 12-Dec-12 14.75 30.00 30-Sep-13 14.75 11.40 27-Nov-13 13.50 87.00 31-Dec-13 14.50 5.00 06-Jan-14 15.00 5.00

05-Aug-14 15-Oct-14 31-Aug-15 30-Sep-15 % Exposure_ 30-Jun-16 Mod_Duration 30-Jun-16 19-Apr-17 22.36 30-Jun-17 38.46 31-Dec-17 39.17 30-Sep-18 100.00 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

18.42 19.99 18.62 17.41 18.68 INDEX 17.69 19.45 1,024.96 21.62 1,001.94 15.65 1,002.90 15.71 1,003.88 14.87 14.89 15.10 14.86 16.32 15.81 16.60 16.60 14.88 15.30 15.81

98.39 96.99 92.60 96.10 YTD Return 94.90 (%) 97.81 78.93 2.4958 88.55 0.1936 95.37 0.2897 96.47 0.3877 97.21 99.35 106.21 99.16 98.05 95.16 95.56 94.84 94.25 103.34 103.00

Daily Summary as of 28/03/2014 Printed 28/03/2014 14:44:37.037

Daily Summary (Equities)

BUSINESS | CAPITAL MARKET 37

Activity Summary on Board EQTY

Daily Summary as of 28/03/2014 Sanctity of Truth

Printed 28/03/2014 14:44:37.037 Monday, March 31, 2014

FINANCIAL SERVICES Micro-Finance Banks Micro-Finance Banks Totals

Symbol

No. of Deals Current Price 3

Quantity Traded 509,240

Value Traded 397,207.20

The Nigerian Stock Market Exchange as at March 28, 2014 Daily Summary (Bonds)

No Debt Trading Activity

Daily Summary (Equities) Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Fishing/Hunting/Trapping ELLAH LAKES PLC. Fishing/Hunting/Trapping Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Daily Summary as of 28/03/2014 Livestock/Animal Specialties Totals

Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 1 5 16 22

Current Price 0.50 42.00 40.00

Quantity Traded 1,330 35,965 152,400 189,695

Value Traded 665.00 1,435,003.50 6,097,396.00 7,533,064.50

Symbol ELLAHLAKES

No. of Deals 1 1

Current Price 4.26

Quantity Traded 100 100

Value Traded 405.00 405.00

Symbol LIVESTOCK

No. of Deals 29 29

Current Price 3.12

Quantity Traded 1,596,704 1,596,704

Value Traded 5,077,591.13 5,077,591.13

1,786,499

12,611,060.63

Current Price 1.40 3.76 56.41

Quantity Traded 46,960 13,478,054 278,435

Value Traded 67,154.80 49,401,746.01 15,722,131.86

No. of Deals Current Price 212

Quantity Traded 13,803,449

Printed 28/03/2014 14:44:37.037 AGRICULTURE Totals

CONGLOMERATES Diversified Industries A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC A C N PLC.on Board EQTY ActivityU Summary

CONGLOMERATES Published by The Nigerian Stock Exchange © Diversified Industries Diversified Industries Totals

52 Symbol

No. of Deals 3 168 41

Daily Summary (Equities) AGLEVENT TRANSCORP UACN

Symbol

CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

212

Page

Value Traded 65,191,032.67

13,803,449

65,191,032.67

Symbol COSTAIN

No. of Deals Current Price 9 1.48 9

Quantity Traded 104,500 104,500

Value Traded 152,920.00 152,920.00

Infrastructure/Heavy Construction JULIUS BERGER NIG. PLC. Infrastructure/Heavy Construction Totals

Symbol JBERGER

No. of Deals Current Price 1 71.25 1

Quantity Traded 40 40

Value Traded 2,707.60 2,707.60

Real Estate Development UACN PROPERTY DEVELOPMENT CO. LIMITED Real Estate Development Totals

Symbol UAC-PROP

No. of Deals Current Price 36 20.90 36

Quantity Traded 422,994 422,994

Value Traded 9,188,299.02 9,188,299.02

Symbol UPDCREIT

No. of Deals Current Price 5 11.02 5

Quantity Traded 29,000 29,000

Value Traded 303,630.00 303,630.00

556,534

9,647,556.62

Quantity Traded 111,510

Value Traded 21,405,896.24

Realas Estate Investment Trusts (REITs) Daily Summary of 28/03/2014 UPDC14:44:37.037 REAL ESTATE INVESTMENT TRUST Printed 28/03/2014 Real Estate Investment Trusts (REITs) Totals CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Beverages--Brewers/Distillers ActivityGUINNESS SummaryNIG on PLC Board EQTY CONSUMER GOODS Published by The Nigerian Stock Exchange © Beverages--Brewers/Distillers INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC NATIONAL SALT CO. NIG. PLC U T C NIG. PLC. Food Products Totals Daily Summary as of 28/03/2014 Printed 28/03/2014 14:44:37.037 Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals Household Durables VITAFOAM NIGonPLC. Activity Summary Board EQTY CONSUMER GOODS Published by The Nigerian Stock Exchange © Household Durables VONO PRODUCTS PLC. Household Durables Totals Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK Published by The Nigerian Stock Exchange © PLC Banking Totals

No. of Deals Current Price 17 90.00 17

Quantity Traded 86,300 86,300

Value Traded 7,606,552.82 7,606,552.82

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON UTC

No. of Deals Current Price 13 8.90 54 9.70 78 65.00 30 3.72 2 0.50 18 11.99 4 0.56 199

Quantity Traded 19,713 1,224,762 696,408 776,612 150,000 296,466 60,000 3,223,961

Value Traded 169,114.88 11,881,392.13 45,788,822.27 2,927,339.97 75,000.00 3,557,142.08 32,800.00 64,431,611.33

Symbol CADBURY NESTLE

No. of Deals Current Price 31 78.55 41 1,050.00 72

Quantity Traded 5,693,763 650,328 6,344,091

Value Traded 455,347,189.38 681,954,001.30 1,137,301,190.68

Symbol VITAFOAM

No. of Deals Current Price 6 4.25

Quantity Traded 26,900

Value Traded 109,276.00

Symbol VONO

No. of Deals Current Price 2 1.66 8

Page Quantity Traded 2,100 29,000

3 of 11 Value Traded 3,318.00 112,594.00

Symbol PZ UNILEVER

No. of Deals Current Price 42 31.10 51 45.15 93

Quantity Traded 186,072 369,349 555,421

Value Traded 5,823,526.83 16,964,158.17 22,787,685.00

17,806,862

2,376,200,012.78

Quantity Traded 6,353,059 27,326,311 242,889 3,926,236 4,463,179 5,271,978 160,824,060 16,955,324 88,544 500 3,368,970

Value Traded 47,446,863.28 173,822,651.57 3,188,328.73 8,871,684.22 108,646,304.40 19,465,863.86 397,365,000.17 118,720,380.78 884,522.93 250.00 3,216,733.98

Symbol ZENITHBANK

No. of Deals Current Price 213 19.60 1,285

Insurance Carriers, Brokers and Services Symbol No. of Deals Current Price AIICO INSURANCE PLC. AIICO 18 0.79 CONTINENTAL REINSURANCE PLC CONTINSURE 6 0.95 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 2 0.50 GREAT NIGERIAN INSURANCE PLC GNI 1 0.50 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 1 0.50 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 8 0.64 LINKAGE ASSURANCE PLC LINKASSURE 2 0.50 MANSARD INSURANCE PLC MANSARD 20 2.08 MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 1 0.50 N.E.M INSURANCE CO (NIG) PLC. NEM 16 0.78 NIGER INSURANCE CO. PLC. NIGERINS 1 0.50 OASIS INSURANCE PLC OASISINS 13 0.50 PRESTIGE ASSURANCE CO. PLC. PRESTIGE 6 0.54 Daily Summary as of 28/03/2014 REGENCY ALLIANCE INSURANCE COMPANY PLC REGALINS 1 0.50 Printed 28/03/2014 14:44:37.037 SOVEREIGN TRUST INSURANCE PLC SOVRENINS 1 0.50 UNIC INSURANCE PLC. UNIC 1 0.50 WAPIC INSURANCE PLC WAPIC 28 0.77 Insurance Carriers, Brokers and Services Totals Daily Summary (Equities) 126

Quantity Traded 7,576,961 Page 236,398,011

Value Traded 149,134,572.27 4 of 11 1,030,763,156.19

Quantity Traded 642,059 854,200 102,600 4,000 500 270,000 200 192,800 30,000 1,542,010 4,000 8,804,738 10,127,330 500 500 200 382,404 22,958,041

Value Traded 509,445.83 811,500.00 51,300.00 2,000.00 250.00 166,300.00 100.00 402,143.50 15,000.00 1,164,087.60 2,000.00 4,428,376.38 5,368,978.10 250.00 250.00 100.00 288,848.42 13,210,929.83

No. of Deals Current Price 3 0.78

Quantity Traded 509,240

Value Traded 397,207.20

Symbol

No. of Deals Current Price 3

Page Quantity Traded 509,240

5 of 11 Value Traded 397,207.20

Mortgage Carriers, Brokers and Services ASO SAVINGS AND LOANS PLC Mortgage Carriers, Brokers and Services Totals

Symbol ASOSAVINGS

No. of Deals Current Price 1 0.50 1

Quantity Traded 170,000 170,000

Value Traded 85,000.00 85,000.00

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC DEAP CAPITAL MANAGEMENT & TRUST PLC FBN HOLDINGS PLC FCMB GROUP PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB STANBIC UBCAP

No. of Deals Current Price 84 3.00 13 2.01 1 0.99 405 12.51 59 3.40 21 20.30 107 2.50 690

Quantity Traded 3,455,798 320,946 30,000 12,602,535 22,416,466 165,068 3,845,761 42,836,574

Value Traded 10,064,401.27 646,541.95 28,500.00 158,235,561.84 76,048,550.53 3,355,547.40 9,587,615.82 257,966,718.81

302,871,866

1,302,423,012.03

Micro-Finance Banks ActivityNPF Summary on Board EQTY MICROFINANCE BANK PLC FINANCIAL SERVICES Published by The Nigerian Stock Exchange © Micro-Finance Banks Micro-Finance Banks Totals

FINANCIAL SERVICES Totals

Symbol NPFMCRFBK

2,105

Symbol AFRIPRUD CUSTODYINS DEAPCAP FBNH FCMB STANBIC UBCAP

No. of Deals Current Price 84 3.00 13 2.01 1 0.99 405 12.51 59 3.40 21 20.30 107 2.50 690

Quantity Traded 3,455,798 320,946 30,000 12,602,535 22,416,466 165,068 3,845,761 42,836,574

Value Traded 10,064,401.27 646,541.95 28,500.00 158,235,561.84 76,048,550.53 3,355,547.40 9,587,615.82 257,966,718.81

302,871,866

1,302,423,012.03

Quantity Traded 29,811 652,180 18,439 107,200 45,000

Value Traded 64,093.65 1,864,352.00 1,296,032.75 213,010.00 65,250.00

NIGERIA-GERMAN CHEMICALS PLC. Pharmaceuticals Totals

Symbol 7UP

Symbol No. of Deals Current Price ACCESS 92 7.44 DIAMONDBNK 76 6.31 ETI 67 13.00 FIDELITYBK 80 2.24 GUARANTY 214 24.52 SKYEBANK 95 3.69 STERLNBANK 115 2.50 UBA 274 6.97 Daily Summary (Equities) UBN 31 10.00 UNITYBNK 1 0.50 WEMABANK 27 0.94

Value Traded 85,000.00 85,000.00

HEALTHCARE

No. of Deals Current Price 4 24.20 142 150.00 183

572

Quantity Traded 170,000 170,000

Published byPharmaceuticals The Nigerian Stock Exchange ©

Symbol INTBREW NB

Daily Summary (Equities)

No. of Deals Current Price 1 0.50 1

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKERon NIGERIA Activity Summary Board PLC. EQTY NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

Page 2 of 11 Quantity Traded Value Traded 12,880 327,280.80 7,443,699 1,122,227,201.91 7,568,089 1,143,960,378.95

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED Daily Summary as of 28/03/2014 FIDELITY BANK PLC Printed 28/03/2014 14:44:37.037 GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. Activity Summary on Board EQTY

No. of Deals Current Price 37 194.25

Symbol ASOSAVINGS

Daily Summary as of 28/03/2014 Printed FINANCIAL 28/03/2014 14:44:37.037 SERVICES Totals

Daily Summary (Equities) Symbol GUINNESS

Mortgage Carriers, Brokers and Services ASO SAVINGS AND LOANS PLC Mortgage Carriers, Brokers and Services Totals

2,105 Symbol

No. of Deals Current Price 5 2.22 28 3.00 12 70.00 7 2.00 5 1.52

EVANSMED Daily Summary (Equities) FIDSON GLAXOSMITH MAYBAKER NEIMETH

Symbol NIG-GERMAN

Page No. of Deals Current Price Quantity Traded 1 7.36 50 58 852,680

HEALTHCARE Totals

350.00 3,503,088.40

852,680

3,503,088.40

Symbol COURTVILLE

No. of Deals Current Price Quantity Traded 4 0.64 87,900 4 87,900

Value Traded 56,256.00 56,256.00

IT Services COMPUTER WAREHOUSE GROUP PLC IT Services Totals

Symbol CWG

No. of Deals Current Price Quantity Traded 1 5.85 100 1 100

Value Traded 556.00 556.00

Processing Systems E-TRANZACT INTERNATIONAL PLC Processing Systems Totals

Symbol ETRANZACT

No. of Deals Current Price Quantity Traded 1 2.32 1,700 1 1,700

Value Traded 3,757.00 3,757.00

ICT Computer Based Systems COURTEVILLE BUSINESS SOLUTIONS PLC Computer Based Systems Totals

6Value Traded of 11

ICT Totals Daily Summary as of 28/03/2014 GOODS Printed INDUSTRIAL 28/03/2014 14:44:37.037

Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC Activity Summary on Board EQTY CEMENT CO. OF NORTH.NIG. PLC INDUSTRIAL GOODS

89,700

60,569.00

Symbol No. of Deals Current Price Quantity Traded ASHAKACEM 50 16.63 1,480,559 Daily Summary (Equities) BERGER 30 8.90 1,259,971 CAP 13 40.62 99,312 CCNN 29 9.75 320,386

Value Traded 24,660,159.77 11,168,495.64 4,035,118.44 3,102,184.30

Page Quantity Traded 180,435 3,795,717 13,299 52,550 66,381 7,268,610

7Value Traded of 11

Symbol DANGCEM DNMEYER PAINTCOM PORTPAINT WAPCO

No. of Deals 29 3 3 7 27 191

Current Price 239.75 1.16 1.81 4.10 109.50

Electronic and Electrical Products CUTIX PLC. NIGERIAN WIRE AND CABLE PLC. Electronic and Electrical Products Totals

Symbol CUTIX NIWICABLE

No. of Deals 1 1 2

Current Price 2.07 0.50

Quantity Traded 102 5,000 5,102

Value Traded 200.94 2,500.00 2,700.94

Packaging/Containers BETA GLASS CO PLC. Packaging/Containers Totals

Symbol BETAGLAS

No. of Deals 1 1

Current Price 19.00

Quantity Traded 2,000 2,000

Value Traded 36,120.00 36,120.00

7,275,712

97,651,351.21

DANGOTE CEMENT PLC DN MEYER PLC. PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

INDUSTRIAL Totals Daily Summary as ofGOODS 28/03/2014 Printed 28/03/2014 14:44:37.037 OIL AND GAS

Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals Integrated Oil and Gas Services

Activity Summary OANDO PLC on Board EQTY OIL AND GAS Published by The Nigerian Stock Exchange © Integrated Oil and Gas Services Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

194 Symbol JAPAULOIL

No. of Deals 3 3

Current Price 0.50

Quantity Traded 755,000 755,000

Value Traded 377,500.00 377,500.00

Symbol OANDO

No. of Deals 155

Current Price 16.49

Quantity Traded 2,970,098

Value Traded 47,739,430.13

Symbol

No. of Deals 155

Current Price

Page Quantity Traded 2,970,098

8Value Traded of 11 47,739,430.13

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals 1 5 39 13 4 55 117

Current Price 51.90 3.83 92.00 122.00 54.44 172.95

Quantity Traded 115 29,700 99,574 58,243 2,050 390,310 579,992

Value Traded 5,670.65 108,108.00 8,870,865.35 7,085,253.26 102,930.00 65,520,150.80 81,692,978.06

4,305,090

129,809,908.19

Daily Summary (Equities)

OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Daily Summary as of 28/03/2014 Automobile/Auto Part Retailers Totals

43,007,353.26 4,403,031.72 24,071.19 210,584.50 7,001,531.45 97,612,530.27

275 Symbol RTBRISCOE

No. of Deals 12 12

Current Price 1.23

Quantity Traded 326,117 326,117

Value Traded 401,156.41 401,156.41

Symbol REDSTAREX TRANSEXPR

No. of Deals 4 1 5 (Equities)

Current Price 4.47 2.37

Quantity Traded 65,000 10,000 75,000

Value Traded 278,050.00 22,600.00 300,650.00

Symbol CILEASING

No. of Deals 3

Current Price 0.50

Quantity Traded 266,100

Value Traded 133,050.00

Symbol

No. of Deals 3

Current Price

Quantity TradedPage 266,100

9 of 11 Value Traded 133,050.00

Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals

Symbol IKEJAHOTEL

No. of Deals 1 1

Current Price 0.60

Quantity Traded 22,200 22,200

Value Traded 13,320.00 13,320.00

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Symbol DAARCOMM

No. of Deals 1 1

Current Price 0.50

Quantity Traded 50,000 50,000

Value Traded 25,000.00 25,000.00

Printing/Publishing LEARN AFRICA PLC UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol LEARNAFRCA UPL

No. of Deals 14 15 29

Current Price 1.87 4.00

Quantity Traded 471,081 305,300 776,381

Value Traded 882,816.61 1,206,700.00 2,089,516.61

Symbol ABCTRANS

No. of Deals 5 5

Current Price 0.90

Quantity Traded 145,065 145,065

Value Traded 130,157.85 130,157.85

Symbol

No. of Deals 12 12

Current Price 0.50

Quantity Traded 96,008,864 96,008,864

Value Traded 48,004,432.00 48,004,432.00

No. of Deals 9 38 No. of Deals

Current Price 2.60 5.20 Current Price

Quantity Traded 51,050 1,038,809 Quantity Traded

Value Traded 120,078.50 5,311,808.68 Value Traded

Printed 28/03/2014 14:44:37.037 Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Employment Solutions ActivityC Summary onPLC. Board EQTY & I LEASING

SERVICES

Employment Solutions Totals

Daily Summary of 28/03/2014 Roadas Transportation Printed 28/03/2014 14:44:37.037 ASSOCIATED BUS COMPANY PLC Daily Summary as of 28/03/2014 Road Transportation Printed 28/03/2014 14:44:37.037 Totals Specialty SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals

Activity Summary on Board EQTY Transport-Related Services

AIRLINE SERVICES AND EQTY LOGISTICS PLC Activity Summary on Board SERVICES

NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services SERVICES Transport-Related Services Totals Published byTransport-Related The Nigerian StockServices Exchange © Transport-Related Services Totals SERVICES Totals

Daily Summary

Daily Summary (Equities) NSLTECH

Daily Summary (Equities) Symbol AIRSERVICE NAHCO Symbol Symbol

47 No. of Deals 47 115

SERVICES Totals

Current Price

1,089,859 Page Quantity Traded 1,089,859 98,759,586

115

98,759,586

5,431,887.18 10Value of Traded11 5,431,887.18 56,529,170.05 56,529,170.05

EQTY Board Totals

3,640

448,107,978

4,053,626,761.58

EQTYActivity Board Totals Totals Equity

3,640 3,640

448,107,978 448,107,978

4,053,626,761.58 4,053,626,761.58

3,640

448,107,978

4,053,626,761.58

Equity Activity Totals

Daily Summary (ETP) Exchange Traded Fund

Name NEWGOLD EXCHANGE TRADED FUND (ETF) Name VETIVA GRIFFIN 30 ETF NEWGOLD EXCHANGE TRADED FUND (ETF) Exchange Traded Fund Totals VETIVA GRIFFIN 30 ETF Exchange Traded Fund Totals ETF Board Totals

Exchange Traded Fund

Daily Summary (ETP) Symbol NEWGOLD Symbol VETGRIF30 NEWGOLD VETGRIF30

No. of Deals Current Price 1 2,059.00 No. of Deals Current Price 4 17.08 1 2,059.00 5 4 17.08 55

Quantity Traded 99 Quantity Traded 61,890 99 61,989 61,890 61,989 61,989

Value Traded 203,841.00 Value Traded 1,058,139.00 203,841.00 1,261,980.00 1,058,139.00 1,261,980.00 1,261,980.00

ETF Board Totals ETP Activity Totals

5 5

61,989 61,989

1,261,980.00 1,261,980.00

ETP Activity Totals

61,989

1,261,980.00

Page

38 BUSINESS | MANAGEMENT & APPOINTMENTS

Sanctity of Truth

Monday, March 31, 2014

Great Nigeria Insurance unveils new board Stories by Sunday Ojeme

reat Nigeria Insurance Plc has unveiled its new board members following the conclusion of the divestment process. At the company’s 48th Annual General Meeting held in Lagos, the firm’s new Chairman, Tokunbo Talabi, in his maiden address, assured the shareholders of the ‘board commitment to bring to bear, their various wealth of experience to ensure optimum performance by the organisation’. He thanked the previous board for what he descried as ‘good job done’ and emphasised that a good corporate

governance policy will be strictly pursued. Talabi, who is a business mogul, formally introduced the other board members at the occasion. They are James Naiyeju, Mr. Bade Aluko, Arch. Bishop Felix Alaba Job, Mrs. Foluso Onabowale, Dapo Otunla, and Mrs. Cecilia Osipitan, the Managing Director/CEO. Also introduced are Rotimi Olukorede and Mrs. Roselyne Ulaeto both as Executive Directors. Commenting further on the company, Osipitan, who has been at the helms of the firm since December 2009 assured that ‘with the conclusion of the divestment process, GNI Plc was now fully focused on

the matter of growing its bottomline, implementing the reengineering initiatives and customer service improvement programme’. It will be recalled that following the Central Bank of Nigeria’s (CBN) directive for banks with subsidiaries to either sell off their subsidiaries or adopt a holding structure, Wema Bank Plc, the majority shareholder of the 54-year old Insurance firm, decided to sell her stake in the company. The bidding process, which started in 2011 led to a new ownership of Great Nigeria Insurance Plc that was now unveiled at the impressive ceremony.

Chairman, Great Nigeria Insurance Plc, Tokunbo Talabi

Foluso Phillips joins Flour Mills board Jonah Iboma

T Ofoegbu

Alliyu

he Board of Flour Mills of Nigeria PLC (FMN) has announced the appointment of Mr. Foluso Phillips as a Non –Executive Director of the company with effect from 12th March 2014. Foluso is the Executive Chairman and Founder of

Wapic Insurance appoints Ufoeze, others as Directors

apic Insurance Plc has announced the appointment of four new directors into its board. This followed the divestment by Access Bank Plc from the underwriting firm. This new appointees are Chizoba Ufoeze – non- executive director, Folusho Alliyu, Bode Ojeniyi and Femi Obaleke as executive directors respectively. Ufoeze, a graduate of the University of Nigeria Nsukka (B.Sc. in Urban & Regional Planning), obtained her M.Sc. in Investment Management from the City University Business School, London. She also has an MBA from the Middlesex University Business, London. She is an Investment Analyst with over 22 years’ experience in the financial services industry. She began her career as a Research Assistant with African Development Consulting Group and an Investment Officer with African Development

Bank. She also worked with BGL Limited as an investment analyst and then as the head of investments of the wealth management group. She was the Chief Executive Officer of United Alliance Company of Nigeria Limited prior to this appointment. Her appointment was effective January 16, 2014 and will be presented before the shareholders at the company’s next Annual General Meeting (AGM) for approval as required by the company’s articles of association. Alliyu holds a Bachelor of Science degree in Insurance from the University of Lagos. He is an associate member of the Chartered Insurance Institute of U.K. with over 20 years’ experience in Insurance underwriting/claims both in Nigeria and Internationally. Prior to joining Wapic Insurance Plc, Alliyu was the Chief Underwriting Officer/General Manager at Custodian & Allied Insurance Plc.

Philips

Phillips Consulting Limited, a firm engaged in business and management consulting, with offices in Nigeria and South Africa. He is a qualified Industrial Economist, a Chartered Management Accountant of the United Kingdom, and a Fellow of the Institute of Chartered Accountants of Nigeria. He brings with him experience and expertise in finance, business management, enterprise development and macro-economic policy management. Phillips who is very active in the Nigerian corporate scene sits on many boards as a director, trustee or shareholder of commercial organizations, NGOs and charities. He is the Chairman, Nigeria Economic Summit Group; Chairman, Nigeria/South Africa Chamber of Commerce;

Chairman, Interbrand Sampson West Africa; and Chairman, Web Liquid West Africa. Phillips also serves as Director, Special Olympics of Nigeria; Director, Vigeo Holdings (a Power & Energy company in Nigeria); advisory board member, Africa Leadership Academy (an African Leadership Senior School based in Johannesburg). In announcing this appointment, Flour Mills’ Group Managing Director, Mr. Paul Gbededo said, “Foluso is a professional with high personal integrity, and brings with him, many years of managerial experience in turning around and growing companies profitability. Indeed, the Board of Flour Mills of Nigeria is thrilled to have such an experienced and versatile gentleman who can add great value.”

IoD urges cordial ties with government Precious Dikewoha Port Harcourt

nstitute of Directors in Nigeria (IoD) has stated the need for businesses in the private sector to seek cordial working relationship with government in order for government to know the challenges facing directors in Nigeria. Mrs. Eniola Fadayomi, the President of the Institute of Directors, stated this while inaugurating the first Port Harcourt interim executive of the body. She said the dream of the association was to capture Port Har-

court business environment. Fadayomi said with the institute in Port Harcourt, it will be easy to ensure close relationship between directors and the government, adding that the formation of IoD in Rivers State would assist the association to discuss national issues that bordered on business and the economy. She noted that Port Harcourt branch would help the association to know and to solve those challenges confronting directors in the state and the Niger Delta region as a whole. Fadayomi said: “For years now, our dreams have been

how to bring regulators and operators of different sectors of the economy together for the smooth running of business environment in Port Harcourt. We are happy today to make a bold step for the actualization of this dream. “For those who are yet to join the institute, we are the last busstop of business leaders worldwide. The institute of Directors is, indeed, a great place of honour and prestige to belong. Our coming to Port Harcourt is to reposition directors and to penetrate the business environment.”

BUSINESS | PERSPECTIVE 39

Sanctity of Truth

Monday, March 31, 2014

â&#x20AC;&#x2DC;Let's reform not deform our institutions' Mazi Sam Ohuabunwa

he other day I heard the Nigeria National Petroleum Corporation (NNPC) Group Managing Director lamenting that the image of NNPC was being tainted so much by constant accusations and negative press, that the group was losing credibility in the international market and this was affecting their ability to attract foreign investments to the oil and gas industry where the corporation is the face of Nigeria. This got me thinking and I felt empathy for him and the organisation he leads. When the national oil company was just called National Oil Company (NOC), it was a small organisation that Nigerians respected. Then we expanded its scope and mandate and changed its name to NNPC. It holds Nigeria's equity in all the joint ventures with International Oil Companies(IOC), it has it's own independent upstream operations, it is the sole participant in the midstream refining and piping operations and it is involved in the downstream operations of importing refined petroleum products and distributing them through its pipelines and own filling stations. From asset capitalisation, it is the biggest corporate organisation in Nigeria and I believe that it is also the largest employer and for all intents and purposes, it is the most significant contributor to our national economy. Nigeria has assigned so much to NNPC and has made it a behemoth, that is, at the centre of virtually everything in Nigeria - revenues, petroleum products provision, pipelines integrity, provision of gas - natural, domestic and liquified, electricity power and petrochemicals. With such concentration of power and relevance, it is little wonder that NNPC is in the news everyday, most times for the wrong reasons. Because when petrol and other refined products are flowing normally from the filling stations, nobody really remembers NNPC. But when there is revenue shortfall, or there is fuel scarcity, then NNPC will be in everybody's mouth. In all of this, it is important to remember that those who work in NNPC did not create the problem. They did not write the NNPC law. It looks to me that sometimes we take out our frustration with this behemoth with tentacles every where on those who run or manage the company including the political supervisors of the company. Recently, we have had the name of NNPC mentioned with missing monies. The outgoing 'governor- general' of the Central Bank of Nigeria (CBN), Sanusi Lamido Sanusi, opened with a written accusation that NNPC was withholding money belonging to the Federation Account worth 49.5 billion dollars. He later changed his mind that it was 12 billion dollars and soon after changed the figure to 20 billion dollars before he went on suspension. I had written an article a few weeks ago, that this would not be the first

President Goodluck Jonathan

time such allegations had been made. Similar accusations against NNPC and it's officials we're made when Chief (now HRH) Edmund Dakoru was GMD, so was it when Aret Adams and Jackson Obaseki were GMDs. Even when Kupolokun, Oniwon and Yar'Adua were GMDs, accusations against NNPC and it's leadership we're rife. Yet no one has proven any case of corruption against these men even after leaving office, but their image and reputation were tarnished while in office. Some times, it may have been the problem of reconciliation of records or accounts, especially given the complex way revenue from oil is warehoused and accounted for between NNPC, International Financial Reporting Council (IFRS), AGF and CBN. The same fate seems to affect supervising ministers of NNPC and the oil industry, Don Etiebet, Prof Tam David West, Prof Rilwanu Lukman and Senator Jubril Aminu. They are all smeared when they were ministers. Even our 'incorruptible' Muhammed Buhari was accused of vanishing with the oil windfall when he was minister of petroleum. Because of the power the ministers wield or are presumed to have, they stand condemned even before they commit any crime. May be out of jealousy of those enormous powers and the accruing benefits, they come under undue scrutiny and any matter can be held against them. In the last few weeks, the issue of the current Petroleum Resources Minister, Mrs. Diezani Alison-Madueke, using chartered aircraft or private jets, has filled the air waves, attracting the attention of the National Assembly. I am personally taken aback by the interest this has generated. Many Petroleum Ministers before her flew private jets or chartered aircraft and so do many of the current ministers. Governors (past and present), senators,

Blackmailing public servants or seeking scape goats can cause drama but it will not touch the root of our problem members of the House Reps, most fly on private jets or chartered aircrafts both on official and private trips within and outside the country. Governor of CBN and, some times the deputy governors, fly private jets or chartered aircraft. Even chief executives of government parastatals like Customs, NNPC and senior advisers to the government (federal and state) fly in chartered jets and some of these government-owned institutions even own their own aircraft. Of course, many senior private sector CEOs and business leaders in oil and gas, telecoms, banking and industry, now travel in private jets or chartered aircraft. From a businessman's point of view, and with the situation of our local airlines (infrequent flights, limited routes, undue delays and safety records), it makes sense to own your own aircraft, if you can afford it or fly chartered aircraft. For me, it's no big deal for top private and public sector leaders to travel in chartered aircraft, thats the trend globally and should really not be a justifiable reason to malign a senior public servant like a minister who superintends a global business - oil and gas, except there is abuse. Having said this, we must return to the issue of corruption in our country. It is a big issue and we must deal with it holistically. Blackmailing public servants or seeking scape goats can cause drama but it will not touch the root of

the problem. One minister goes and another comes and we begin to attack or accuse him or her of the same 'offences'. My candid opinion is that we must continue to reform our institutions instead of deforming them or demonising their managers as we have done over several years with little result. When Nzeogwu came in January 1966, he came to fight corruption. When Mutala Mohammed came in 1975, he came to fight corruption and when Muhammed Buhari came in 1983, he also came to fight corruption. Even when Baba Olusegun Obasanjo came back in 1999, he tried to fight corruption. Yet we are still 139 out of 174 countries in the 2013 corruption perception index (CPI) published by Transparency International. As long as ants have access to sugar, they must climb in to lick. Flush them out with Shelltox, new ones will arrive next moment. As long as 'pupu' is exposed any where, flies must aggregate. Kill them with Raid, new ones will arrive soon. As long as there is meat with blood in the open, vultures must hover around, even if you shoot them, they will fly away and return the next minute. The only sustainable way to keep these animals away is to separate them from the 'attraction'. So is the animal called man. Our only hope of dealing corruption a deadly blow especially in the public sector is to REFORM. Time was when we talked of corruption in NITEL and the telecoms business. As soon as we deregulated the sector, corruption in that sector died, and followed suit. Now that we have fully deregulated the power sector, who is talking of bribery and corruption again in NEPA or PHCN. I am certain that if the Petroleum Industry Bill (PIB ) is passed, NNPC restructured, and the deregulation of the down stream oil sector is completed, corruption or the perception of corruption in the oil sector will diminish significantly and over time will die. Additionally, Nigerians will have to make effort to reform or transform themselves. There is too much hypocrisy. Many are steeped in corruptive activities and yet they are so oblivious or pretend they are not, but will readily join the chorus 'crucify him, crucify him' the moment somebody is accused, even without proof. Every Nigerian I meet condemns corruption and claims he is not corrupt. Then who is making Nigeria occupy the bottom place on Transparency International index year after year? Aliens or ghosts? Let us humble ourselves and decide to abhor corruption in all it's ramifications and at all levels. I am for waging total war against corruption and profligacy in our nation because they are stiffling development. But we must stop being hypocritical and just looking for scape goats or whom to blackmail. May God help us! Ohuabunwa, Chairman, Neimeth International Pharmaceuticals, wrote from Lagos.

40 BUSINESS | GLOBAL NEWS

hina Development Bank(CDB) and Société Générale have signed second pact in a week to cooperate in Nigeria Equatorial Guinea, South Africa and other African countries. CDB has a wide network of 286 branches across Tunisia, Algeria, Morocco, Mauritania, Equatorial Guinea, South Africa and most of West Africa. As of the end of 2013, CDB's total foreign-currency loans had reached $292 billion and its total assets were valued at more than eight trillion yuan ($1.3 trillion), according to its website. According to Reuters, last year, Société Générale, sold its Egyptian unit to Qatar National Bank for $1.97 billion amid growing investor nervousness about the country's political situation. The new agreement with Société Générale will see the two lenders team up in areas such as corporate finance, retail

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Monday, March 31, 2014

Two foreign banks sign second pact with Nigeria, others • CDB loans to Africa hit $292bn banking, capital markets and structured finance. That new pact, known as a memorandum of understanding and signed during a visit to France by President Xi Jinping, comes a day after Barclays PLC agreed a similar deal with China Development Bank that also covers Africa. Together, the agreements may signal a growing desire by the Chinese bank to grow its presence on the resource-rich continent. China Development Bank began more than two decades ago as one of three "policy lenders" that provided funds to state

companies whose actions were aligned with government policy. The bank has been a major lender to Chinese firms setting up mines and building infrastructure projects across Africa and it runs a private-equity fund aimed at supporting local small and midsize businesses there. Like many European lenders, Société Générale has been struggling to revive growth and lift profits in the face of stricter regulation and a timid economic recovery in Europe.

After more than two years of restructuring, the Paris-based lender and France's third largest listed bank by assets, now is seeking to expand in fastgrowing markets. While Africa still represents a small share of its revenue, the bank has said it expected the continent to help drive growth over the next few years. Société Générale's deal with China Development Bank may come to little avail, however. The Chinese lender has signed

agreements with foreign financiers before, without any significant deals. Existing pacts include one between Nomura Holdings Inc. and China Development Bank Securities while CDB International Holdings, the bank's overseas investment unit, signed agreements with private-equity firms KKR & Co. and TPG to pursue co-investing opportunities. "We hope the signature of this agreement would set a solid foundation for our future cooperation," Huaibang Hu, Chairman of the Board of Directors of China Development Bank said in a joint statement with Frédéric Oudéa, Société Générale chairman and chief executive officer.

Crude oil prices mixed in Asia trade

il prices were mixed in Asian trade on Friday after posting solid gains in New York on optimism over the US economy and concerns about supply disruptions in Nigeria. New York’s main contract West Texas Intermediate for May delivery was up 26 cents at $101.54 a barrel in late afternoon trade, while Brent North Sea crude for May settlement fell five cents to $107.78. Analysts said prices were supported by robust consumer spending in the US, the world’s biggest economy and user of oil. The Commerce Department said the economy grew at an annual rate of 2.6 per cent in the fourth quarter of last year, stronger than the 2.4 per cent previously estimated, as con-

sumer spending picked up. According to Bloomberg report, Singapore’s United Overseas Bank said in a market commentary the data was “adding optimism to the US economy”. It said there were also “concerns about Nigerian oil supplies being disrupted after Shell announced a major Nigerian pipeline being sabotaged”. Anglo-Dutch oil giant Shell said it had declared a “force majeure” on crude from Nigeria as it struggles to repair the pipeline. “Force majeure” is a legal term releasing a company from contractual obligations when faced with circumstances beyond its control. Nigeria is Africa’s biggest oil producer, accounting for more than two million barrels per day.

IBM to invest $100m globally for new model

elecommunication giant, IBM said it would invest $100 million on global expansion of its consulting services capability, and would set up eight new Interactive Experience Labs around the world, including one in Bangalore. As part of this expansion plan, IBM will hire 1,000 employees across the globe to create new models of engagement through data and design.

"As our clients redefine how they engage with their customers or employees, they discover that the traditional digital agency model has limits. We're closing those gaps with this integration of world-class design and IBM Research, bookended by strategy consulting and our strength in Big Data," said Bridget van Kralingen, senior vice president of IBM Global Business Services.

Windmill at Windfarm in Germany

Health app targets African users

nited Kingdom-based mobile strategy company Mobilium Global hopes to capitalise on smartphone penetration in Africa by launching the Smart Health application, to promote health and wellness among users on the continent. South Africa, Nigeria, Kenya, Tanzania, Ghana, Angola and Senegal are the first countries to have the app available for free download, according to Mobilium Global. "The application is focused on providing an accurate baseline information resource on HIV/ AIDS, tuberculosis and malaria, as well as invaluable knowledge on a number of ancillary topics, such as injection safety," says Mobilium Global in a statement. The company saidthe Android app - launched in the

beginning of March - also incorporates a mobile Web-based symptom checker, the Isabel Symptom Checker app, which is listed in Britain's National Health Service Choices Health Apps Library of safe and trusted apps. A business Director at Mobilium Global, Mr Olu Otudeko, said Smart Health is similar to online health resource Web MD, which is also focused on updating medical information databases and publishing health news. Otudeko hopes the company's distribution partnership with Samsung Africa will speed the app's adoption among users. "Smart Health will be embedded on all new Samsung phones across Africa and the embedding process has started."

Otudeko said Samsung will include the app on its devices in the coming months and tablets will also be included in the distribution process. Mobilium Global saidfuture releases of Smart Health will include information on nutrition, as well as prenatal and postnatal mother and child care. According to Web Open Source, app's development was supported by the Global Fund to Fight Aids. Mobilium Global CEO Ralph Simon says the company's goal is "to provide mobile users in Africa a free, all-access health resource platform that informs, as well as encourages safe behavioural practices that in turn will help reduce the transmission and infection rates of AIDS, malaria and TB".

ENTREPRENEUR STO R I ES O F BU S I N ES S S U CC ES S ES

NEW TELEGRAPH

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MONDAY, MARCH 31, 2014

Business sense:

10 ways to recognise a chronic debtor

Emmene Ifeanyi

young pharmacist came to me almost in tears. Pharmacy business owners and hospitals owed him more than Two Million Naira and his company had asked him to pay the money. Today, I would be sharing with you how a young medical sales representative, fresh in the business, can identify a potential chronic debtor, especially pharmacy premises and hospital owners. The ideas I’ll be sharing will also be beneficial to entrepreneurs who run other forms of businesses. Unpaid debts continue to rank as one of the top reasons many businesses close shop. Read and learn. 1. His premises or hospital is always almost empty: This is usually the first warning sign to lookout for. If someone is asking you to supply, does he have enough goods in his business to generate money to pay you. He cannot sell your products in isolation. 2. He orders for every-

SF I NM E ANCE

Emenne Ifeanyi is the Senior Vice President, Strategy and Development, Corporate Kanselor. Phone: +234 802 632 2171 Email: emenneifeanyi@yahoo.com www.richnigerianpharmacists. com www.facebook.com/richnigerian pharmacists thing you have and in cartons: When a customer starts ordering for everything you have including your very slow moving product lines, a warning bell should go off in your head. Most chronic debtors usually order for everything and later swap your products with others. 3. You meet angry representatives at his place: When you come to supply and see another angry sales representative waiting for his money, never assume that your case will be different when you come to collect your money. 4. You rarely meet other representatives in his hospital or shop: When you rarely meet other sales representatives who you ordinarily meet at his place, do not assume that you have discovered a gold mine. Find out from them why they do not sell to that particular hospital or premises. 5. Terrible reputation: There are people whose reputation for owing is not in ques-

sales: He may pay you Three Thousand Naira as part of your last supply of Seven Thousand Naira yet he places another order worth Ten Thousand Naira. These are the experts. They trap you slowly and steady and before you know what is happening, they owe you big time! 10. Always dreaming of traveling abroad: My friend had a customer who was always talking about traveling to the United States of America. That did not quite send a signal to him. One day, the customer suddenly ordered for goods worth over a Million Naira. Because he paid regularly, my friend

supplied. When he came to collect his money, the shop was locked. The pharmacist had travelled leaving my friend with a huge financial burden to settle. On the other hand, do you own a pharmacy or hospital but suddenly representative has stopped selling to you? Then maybe you have been classified as a chronic debtor. You need to change that reputation because you cannot grow without support from your suppliers. I hope people involved in businesses other than pharmacy and hospital have also learnt one or two things today. Have a lovely week!

Managing your business finances M Gbonjubola Sanni is an associate member of the Institute of Chartered Accountants of Nigeria. She worked in the Audit Practice of KPMG Professional Services, Lagos (Nigeria) and as Financial Planning and Analysis Manager in Cadbury Nigeria Plc. Email: gbonjute@yahoo. co.uk Phone: 08028268924, 08072692134 Blog address: www.gbonjubolasanni.wordpress.com

Gbonjubola Sanni

tion. You’ll usually hear about them once you hit the field. When you hear of such people, thread with caution when dealing with them. Don’t focus your effort on trying to change them; focus it on other viable opportunities. 6. Rarely around on payment days: When a customer sets a particular day for payment but is rarely around on such days, that is another sign that you have a chronic on your hand. 7. He is a great story teller: Most chronic debtors are wonderful story tellers. They always have a sympathetic story to tell. If you know a customer like that, I will suggest you control the supply you make to him. 8. A prolific cheque writer: If you encounter a customer who is very good at issuing cheques, then be wary. You will be amazed at the number of people he has issued bad checks to. 9. He is paying yet his debt profile increases after every

y involvement with Small and Medium Enterprises continue to show that even though the country’s economic situation is not particularly enabling, a lot of business owners are the source of the financial issues they face. Keeping track of business finances is one area where many business owners struggle. It is, however, important to note that proper cash flow management keeps your business running smoothly; in fact it is the lifeblood of your business. Little mistakes and a lack of knowledge and resourc-

es in this area can be costly and problematic. Here are some of the most important tips to consider for managing cash flow and keeping on top of finances: Create a cash flow forecast One way of managing cash flow is by preparing and maintaining a cash flow forecast. A cash flow forecast helps to ensure that you can comfortably pay all your expenses and enables you to manage your revenues and expenses proactively. When preparing a cash flow forecast you will anticipate in-

flows sales and also from people owing you. You will also anticipate out flows such as normal day to day operating expenses, cost of sales and any debts you need to repay. It is advisable that you keep a cash flow forecast that can provide an accurate view of your business for 6 to 12 months. This should be updated weekly considering changes in your operating environment and your plans for your business. Identify items that impact your cash flow significantly C O N T I N U E D F R O M PA G E 4 4

42 BUSINESS | ENTREPRENEUR

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Monday, March 31, 2014

The role of social media in brand building

I D E A PRENEURSHIP Folu is a Creative Strategist at Headstart Consulting Limited. He writes about businesses, brands, innovation, and design. He lives in Lagos, Nigeria. foluadeyeye@gmail.com @foluadeyeye www.about.me/foluadeyeye www.madeinheadstart.net

Folu Adeyeye

he evolution of human interaction has largely been informed by available technology. Early communities were created around shared interests and access to available resources. Then language and skin colour joined the mix. Today, the communities that exist are almost innumerable. They are mostly formed around shared or common ideals and access to opportunities for self-actualisation. This is the paradigm of social interaction in the 21st century. We are social beings and communication is an integral part of our mechanism. Communication provides us with conversation value, and the level of this value is directly influenced by the effectiveness of the conversation cycle. Beyond this value, however, communications help us negotiate and renegotiate our roles in the lives of others and our roles within our immediate

30 SECONDS LECTURE

“There are no Lone Ranger Leaders… it may sound corny, but it’s true: People don’t care how much you know until they know how much you care” – John Maxwell, Leadership Expert and Entrepreneur

community. Due to the proliferation of digital technology across every facet of human living, the concepts of communities, communications and social interaction have become somewhat virtual. The world has moved from being just one global village to a small network of interconnectedness. This network is readily accessible via several screens and mobile devices. This proliferation of technology and interconnectedness combine to unleash unimaginable opportunities for people to improve their lives and for and for businesses and organisations to tap into these communities for better interaction. So what does this mean for brand building? As social networks, social media and technology spread, the world of marketing and building strong brands would change. In my opinion, an entirely new vision and approach is required to harness the power of these new communities. Also known as social media communities, these communities are the clearing house for information about brands; information that is readily available to encourage patronage or to create some favourable associations for brands. And

POWER POINT

Ensure you know your product / service well: If you don’t know what you’re selling, how then do you communicate it to others?

because they are a virtual representation of physical communities, they are made up of the entire spectrum of consumers: the advocates, the uninterested, and the sceptics. Whatever brand you’re marketing, your audience is generally made up of this lot. In order to fully exploit the advantages of the social media communities for building strong brands, you should take note of these points: Consider the behaviour(s) of your audience before you begin engagement. Members of social media communities have several types of behaviours that inform the value generated from conversation with them. They are: Conversation, Information, Advocacy, Identity, Affiliation, and Utility. Consumers converse when they talk about the brand or business to others; they are informed when they receive and share with other people valuable information about brands; they are advocates when they promote or defend a brand or business; they form an identity when the brand expresses them and their relationship with others to others; they become affiliates when they are connected to a community of people that is linked to a

brand or business; and derive utility when they get value from engaging with brands and other people. What these mean for brand builders is that when identifying and creating engagement strategies for social communities, a careful consideration of these behaviours will draw the line between success and failure. This is because, the dynamics of these behaviours and the ways they relate with one another form the basis for creating tangible value that can be translated into actual purchase for brands. For instance, a brand with the core values of classy, trendy and luxurious may use Instagram to communicate these in order to drive identity with their target audience; or a fashion retail label may make use of YouTube videos of runway events to showcase and invite fans to order items on display. Focus on improving people’s lives, not the benefits of your products. Most businesses approach marketing from one of two paradigms. The first focuses on the product and its benefits with the aim of creating differentiation. The second considers the needs of the consumers and tries to make the product relevant to those needs. These traditional

paradigms are however very limiting for brands that are serious about creating meaningful and rewarding engagement with their consumers. Businesses need to look beyond these traditional paradigms and begin to see the world from the perspective of the consumers. This means that they should focus not just on satisfying need, but on improving people’s lives: by helping people achieve goals, by improving processes and activities, and by making it easier to make decisions. This way, brands focus on what really matters; and when they do this their products or services begin to hold deeper value for the consumer beyond the intrinsic value. It is not what you say, it is what is said about you. One of the most important value a brand can generate from social media conversations is advocacy and referral. The 21st century consumer is bombarded with so much information it’s hard to consider the facts, so many options it’s hard to make even simple decisions. But this consumer has also evolved and is now more sophisticated than ever. They can see through the cloud of brand promises and value propositions.

How do I make my new product / service popular? Create the awareness of its advantages before launch: Don’t wait to tell the world its benefit on the launch date. Start now!

Give your market a foretaste: Allow people try it. Do previews. Give free samples. Give free training sessions

Get your first users to tell others: If they say it is great, don’t just reserve the endorsement; get them to tell others

Use feedback to improve the product / service: Genuine feedback is one of the greatest push of radical business growth

BUSINESS | ENTREPRENEUR

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Monday, March 31, 2014

ENTREPRENEUR OF THE WEEK

Bukola Adekanye, Travel Consultant:

I like trying out new things PROSPECTS

In 2013 for example, Nigeria earned $697.4(million) from tourism as against $571(million) in 2010. There is great prospect for tourism and by extension, the economy of Nigeria

Who is Bukola Adekanye? I am a Travel Consultant by profession and Managing Director, Chayil Safari & Hospitality Limited, a Tourism company based in Lagos, Nigeria. Well, I like to think of myself as an adventurous young lady with a keen sense of humour. I am resourceful; I enjoy trying out new things and I also love helping people in many different ways. I am passionate about building a better society and grooming the next generation for leadership. I appreciate arts

and varied cultures. As a writer, I make time to write on subjects that are of interest to me and not necessarily related to my profession. That’s a piece of me. What informed your need to go into your line of business? Hospitality is my natural inclination. Getting into the industry was not a big surprise. I love to host people, organise events, plan logistics and I do a lot of these in my spare time. Prior to starting out in business, I had worked with an airline for almost Eight years in various capacities, including: Engaging new clients, setting up and managing their accounts, facilitating trainings on the airline’s reservations system, etc. I also managed projects for the airline: Starting up new operations, planning charity flights, launches etc. In 2007, I started the Travels and Tours Desk for the airline, and my tasks included negotiating deals with

vendors, putting tour packages together and marketing them to potential clients, especially for destinations outside the country. So when I decided to leave my job, that was the line of business that came naturally to me. How does your job serve other industries and the economy in general? Travel and Hospitality is big around the world. Globalisation has ensured that though you live in one end of the world, you can do business anywhere around the world. That makes traveling imperative to every industry. There are also several kinds of tourism: Business, Educational, Agricultural, Religious, Recreational, Health, etc. As you’d see, these are directly related to and promote various industries. There is also the prospect of people wanting to discover new places and cultures. This is referred to as Leisure Tourism.

In most economies, the Travel and Hospitality industry is a major GDP contributor and some economies even depend solely on tourism as their income earner, especially small island destinations. The United Arab Emirates for example, although it is an oil rich country, targets tourism as an alternative income earner. In 2013 for example, Nigeria earned $697.4(million) from tourism as against $571(million) in 2010. There is great prospect for tourism and by extension, the economy of Nigeria. However, it remains largely untapped due to Insecurity in several parts of the country. For a start, we can focus on areas that are relatively safe like the South-West and start to develop the Tourism in those areas; some state governments are already taking that initiative. Did you always know you’ll be an entrepreneur from the onset? Your question takes me several years back to my school days. Well, I wouldn’t say I knew I was going to become an entrepreneur, but I have been doing a bit of business here and there since I was 12years old. Also after I left secondary school, I remember converting my mother’s kitchen into a factory for producing a local drink made from millet. This, I sold at a neighbouring school. I also recall filling my neighbour’s car booth every morning and he’d take it to his office to sell for me. When I got into the university, I started selling things for my aunty. This continued even while I was working. At some point, I was into Multi-level Marketing and I made a lot of sales from there. I think it was more like a flair or hobby back then. Today, I’m making a living from it. On another hand, my first job was right after I completed my NYSC. It was to start up a commercial store for the airline I worked with and I had to put up a system that would run itself, a few years later, I also started the Travels and Tours Desk. At the point where I decided to leave my job, I had no definite plan of setting up a business, but I eventually found myself towing the path of entrepreneurship. I believe all of these experiences I had over the years did count eventually. What would you say are the benefits of entrepreneurship and what benefit do you enjoy best? Entrepreneurship is quite an interesting journey. It’s a journey of discovery; it brings out your strength and also reveals your weaknesses. You learn a lot about being versatile, the ability to re-invent yourself and the place of dogged determination

because your survival depends on it. At some point, you just discover you can do more than you thought. It is also very rewarding - the flexibility it offers, the ability to do your own thing, live your dream. There are also several opportunities that you otherwise would not have accessed if you were in paid employment. Also from a macro-economic perspective, enterprises are the engine that drive the economy of any country. For a monosectorial economy like Nigeria, it will take entrepreneurs to realise the potential of the non-oil sector. What is your turning point in business? A turning point for me was when I decided to penetrate the tourism business from a different perspective; I ventured into Business and Trade Tourism and when I learnt about the Federal Government’s YouWin Business Plan Competition, I submitted a business plan to support the promotion of Business Tourism, i.e. creating a platform for Nigerians to explore business opportunities both locally and internationally. Thankfully, I got the award. It has been both engaging and interesting for me, as it has moved me outside of my turf to start out something entirely new. I’m glad we are already reaping the benefits of our bold move. Where do you see the industry in the next 5, 10 years? The Industry is fast evolving. Looking back now so much has happened in the last 10years. ECommerce platforms came to the fore barely Eight years ago in Nigeria. This was initially met with a lot of scepticism but now, it has gained so much popularity that most of us can’t do without it. During this same period, most airlines have transited from manual ticketing to eticketing and the Global Distribution System (GDS) has been adopted which gives the travel agent access to book airlines operating in virtually any country of the world. I see a lot of innovation coming up in the very near future. Innovations, that would especially empower customers to make choices while also serving C O N T I N U E D O N PA G E 4 4

There are also several opportunities that you otherwise would not have accessed if you were in paid employment

44 BUSINESS | ENTREPRENEUR

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Monday, March 31, 2014

Managing Your Business Finances C O N T I N U E D F R O M PA G E 4 1

As soon as you have a cash flow forecast, the next thing you need to do is to identify items that have a significant impact on your cash flow. Items such as price, volume or overheads will have the most impact on your cash flow. Some items such as cost of goods sold also have a significant impact on your cash flow but it might be difficult for you to change. You might also not be able to increase your prices as a result of pressures from your competitors. Other things that can affect your cash flow are account payable and accounts receivable days. Manage the financial relationship with your customers properly As soon as you complete a customer’s work or deliver goods, ensure you invoice them. Don’t allow a time lapse as this will also delay your getting paid. As much as possible encourage cash on delivery payments if you can help it. If you cannot then you need to ensure that you

establish clear payment terms from the onset. If you don’t start off knowing what your payment terms are, it is difficult to know when you are going to get paid and if you don’t know when a payment is overdue, how are you going to manage your cash flow? It is a good rule of the thumb to allow your customers pay within 30 days. You might also think about how you can encourage your customers to pay more quickly. For example, consider discounts for early payments, or charge interest on accounts that are past due. Put in mind that extremely late payments are more likely to become write-offs and will also keep some of your working capital tied up. Ensure all this is pre-agreed. Also make payments as easy as possible for your customer and if you can encourage online payments as it is a much better option compared to cheque payments. Keep your payables up-to-date

Regularly reviewing your accounts payable schedule also helps to determine how well you are keeping up with your credit obligations. A useful practice is to have an aging schedule which shows you how much you owe, to whom, and whether you are current or past due on any bills. It is advisable that your payment days are longer than your receivable days and 45 days is the rule of the thumb. The employee in charge of credit control can also be given targets to ensure that it is given the necessary attention. Reduce expenses Look out for ways to cut back on your expenses. You reduce cost of promotional materials without compromising their quality and impact. When business volume increases you can bring in a temporary, contract, or part-time employee instead of an additional full-time staff. You might not be able to know all the areas where you have issues at once but an independent

audit may reveal redundancies and inefficiencies that you can address. Get the help of an expert to get this done. Focus more on cash flow and not profit Most SMEs will rather have forecasts of profit margins for years ahead and not of cash flow. This is the general cause for early business failure. It’s important to note that if your cash flow is in order; your profit will be in order. A lot of businesses do not make it for long because of cash flow issues even though they have a profitable business. No matter the kind of profit your business commands, you still need to have good cash flow to survive. Therefore it is advisable you work with reliable, quick-paying customers initially, even if it means small-

er customers and slimmer profits margins. It’s how payment is made that matters initially and not the profit margins. Don’t ever be blinded by profit margins. Put your company’s surplus cash flow to work Assess how much money you can set aside for emergencies as a business. To do this, review your company’s cash flow history for any patterns; also consider how potential changes in the economy, such as currency or inflation and interest rate fluctuations could affect your revenues or expenses. As soon as that is done, any surplus in your cash flow can be used for business expansion, to pay off debts, to maintain a certain level of working capital or even invested.

ENTREPRENEUR OF THE WEEK C O N T I N U E D F R O M PA G E 4 3

them convenience. I see stronger networks and alliances amongst industry players which will move the industry forward. The trend might not seem favourably for the service providers in the immediate and competition is also going to be sterner but for those who are able to reinvent themselves and go the extra mile, it will be rewarding in the long haul. What is your advice to an aspiring entrepreneur planning to come into your line of business? For aspiring entrepreneurs who would like to start up in this line of business, first of all

I would say it’s a specialised industry; you’d need to get necessary training and garner some experience. You need to be vast and knowledgeable about the industry. Also, it’s a dynamic industry, with the internet fast taking over the role of a traditional travel agent and airlines also withdrawing commission, you need to be innovative to survive in the business. You need to provide premium services to ensure customers keep coming to you as you pay keen attention to the bottom line. Finally, you are as strong as your network. It is very important to have the right partners and vendor in order to serve you customers satisfactorily.

B ULSI BIRNA REY S S What are you reading this week? Entrepreneurs who lead, read. Here is one book you should read this week.

It’s Your Business:

183 essential tips that will transform your small business By JJ Ramberg with Silvia Everson and Frank Silverstein

ith a collection of 183 ideas, tips, and hard-earned insights, MSNBC host Ramberg offers a helpful book for small business owners culled from years of interviews and research. The tips are loosely arranged into chapters focusing around themes such as “Being the Leader,” “Cultivating Customers,” and “Building Relationships.” Bite-size nuggets of insight are suitable for readers looking up a specific idea or simply leafing through the book for some inspiration. Neither difficult nor obfuscated, the advice is often simple yet powerful. – culled.

For feedback and Information Please contact the Project Coordinator: ENTREPRENEUR Phone: +234 803 721 9064 | +234 809 551 0411 | Email: mailyourthoughts@gmail.com | www.book-brands.com

METRO

rch 31, 2014

Windstorm destroys 600 houses, renders 5,000 homeless BRACE UP NEMA urges residents of South-West to prepare for more natural disasters

Muritala Ayinla

s too distraught to respond to quiries. Yet another relative, who was eping inconsolably and refused dentify himself, disclosed that y had been looking for the lady three days. He said: “We have been looking her since three days ago. We re surprised to receive the call s morning that Rita has been nd but was involved in an acent. They said we should come jesha Police Station. On getting re, what we are seeing is just unievable.” When the state Police Public Reons Officer, Ngozi Braide, was ntacted to confirm the story, she d she would call back. But she not call at press time.

night club

Mr. who was est rea ter, nd nt. ed,

the state Police Public Relations Officer, Ngozi Braide, said she was going to investigate the case. She also promised to brief our correspondent on the outcome. However, at press time, she was yet to call back.

a city status for Laernment it would without approved egal permits. eral of the Lagos ol Agency (LASBAnimasaun, who view with our cord hotel operators ply with the rules rations. government’s polrdisation, Animat have permits and erate. hotels are cited We found out that s do not have resithe insurance to

bout 600 houses had been damaged or destroyed by disasters associated with climate change in South-West this year alone. The Zonal Coordinator of the National Emergency Management Agency (NEMA), Alhaji Iyiola AkanStructures destroyed by the storm de, who disclosed this yesterday, advised Nigerians to brace up for the Ijebu-Igbo in Ijebu North Local Government Area of Ogun State where negative impact of climate change. Akande said over 5,000 persons over 200 houses were destroyed by had been affected in in the region windstorm and about 3,314 persons this year, adding that about 250 stu- were affected. dents of Unity Secondary College, He added that 800 persons were Ikire, Osun State were displaced by also affected in Idi Araba town in fire incident. Ogo Oluwa Local Government Area The coordinator spoke while as- and Onipanu town in Surulere Losessing the extent of damage caused cal Government Area all in Oyo in variously affected communities of State where about 100 houses were

destroyed. Akande urged Nigerians to embark on voluntary tree planting on their premises as a preventive measure against major climate change effects in the contemporary world. He said: “In the olden days, our elders are more conscious of the serene environment with trees planting in their compounds even when there was little effect of climate

change then. But the contrary is the case today when there are more damaging effects of global warming.” During the assessment tour, it was discovered that the windstorm destroyed over 515 houses in Ekiti State with hailstorm causing severe destruction in Omu-Ekiti while hail pebble seriously injured one person. Also about 1,099 people were affected in Ado-Ekiti and OmuEkiti. Osogbo and Ilesa West communities had bitter taste of the windstorm with scores of houses and several people affected. Earlier, NEMA had assessed the destruction of 2 blocks of hostel at the Unity Secondary School, Ikire, Osun State. The hostels were gutted fire twice during school hours barely five days apart. From the assessment, NEMA suggested that more security facilities should be provided while perimeter fence should be provided against intruders.

Vacate wetland, floodplain areas, commissioner warns residents Muritala Ayinla

agos State Government has, again, warned owners of buildings on wetland and flood-prone areas to vacate their premises to avert danger because of the predicted heavy rainfall this year. Commissioner for the Environment, Mr Tunji Bello, who gave the warning at the weekend, reiterated that the residents of Lagos should expect 263 days of rainfall with intense strong winds and lightning this year. Bello noted that government would not condone construction of buildings on natural wetlands, which according to him, are the natural habitat for the absorption of rainwater. The commissioner, who was at Ejigbo Local Council Development Area, during the monthly environmental sanitation, also commented on buildings located on the wetland in Ejigbo, a La-

Bello right, during the monthly sanitation exercise at Ejigbo

gos suburb. He said: “Who gave them approval in the first place because that is natural wetland? You could

Lagos to shut hotels without permit cover their operations; they just do business anywhere.” Animasaun said the government had given the hotel operators 13 to comply. According to her, any hotel which failed to comply with the directive would be sealed. The DG added that besides legal status of citing their hotels, the operators must comply with Health, Safety and Environment (HSE) rules. “The safety and security of their customers must be ascertained. They must make provide water and electricity and good waste disposal system,” she added. Animasaun said hotel standardisation and identification had be-

come imperative, given the high rate of proliferation of hotels in the state. She said: “Some of these hotels have served as perennial homes to criminals and miscreants who see them as hideouts. If hotels are identifiable, then criminal activities can easily be traced. “Many of them are without signposts. They do not comply with the building code. They don’t have adequate facilities for their clients and moreover criminals see such places as hideouts.” Animasaun also spoke on some residential buildings converted to hotels. “Provided they have conversion approval permit, they can operate. All

we are saying is that hotels must have legal status of their structures and operation,” she added. NT Metro sought the opinion of hotel operators on the issue. At Reliance Hotel, around Toyin Street in Ikeja, the Secretary, Mr. Joseph Dinneya, said the hotel had the legal permit to operate. Dinneya also condemned the proliferation of mushroom hotels everywhere in Lagos, saying they were only out to make money while the comfort of their customers was not their concern. At Solab Hotel Ikeja, a man who craved anonymity, said government’s approach to the establishment of was a welcome development because of the advantages it had for people.

see yourself. We will investigate that and the buildings will be removed. You can’t build on our wetland, we won’t condone that.” Bello also warned the residents of floodplain areas to vacate their houses immediately. He said: “We have always advised them that those places are not meant for habitation, they have to vacate to avert disaster.” The commissioner explained that the 263-day rain was predicted by the Nigerian Meteorological Agency (NIMET), but said the magnitude of devastation would be determined by people’s activities. Bello reiterated that the government had already commenced massive clearing and dredging of primary and secondary channels as well as expansion of existing drainage channels to take more rainwater to avert flooding. He said: “Within available resources available to government, the Ministry of the Environment proactively shall continue to undertake measures to ensure that we are able to cope with the rains. “We wish to assure our people that our primary and secondary channels will be regularly maintained and dredged in readiness for this year’s rains.”

46 NEWS

Monday, March 31, 2014

Dickson carpets Jonathan’s critics LEADERSHIP Nigeria's leadership failure predates president Jonathan's administration, says Seriake Dickson Chris Ejim Yenagoa

ayelsa State Governor, Seriake Dickson, at the weekend in Yenagoa, carpeted critics of President Goodluck Jonathan, especially members of the opposition parties, over alleged leadership failure. The governor argued that Nigeria’s political

woes and security challenges predated the present administration. He, however, solicited the support of the various professional bodies and the political class to enable the President achieve his ambition of transforming the country. Absolving the President of alleged leadership failure being leveled by opposing political parties, Governor Dickson at a one-day summit organised by Nigerian Young Professionals, said the problem started accumulating from the time of independence. He added that rather than castigating the per-

son of Mr. President, he should be commended for mustering the needed political will and courage in addressing the myriad of challenges facing the country. Speaking through his Principal Executive Secretary, Hon. Douye Diri, the governor submitted that as a group of professionals, they owed the nation the duty of setting an economic agenda aimed at repositioning the country in line with the administration’s Transformation Agenda. Amalgamation of the Northern and Southern protectorates in 1914, according to the governor, was not a mistake; rather,

people should see it as a platform to promote unity, oneness and equity, as it is the only way to move the nation forward. He continued: “Some say the amalgamation of this country in 1914 was a mistake. Well, everybody is entitled to his or her opinion. But, even if this marriage is faulty, I don’t think the call for separation is the best option, considering that the relationship has lasted this far. “Rather, we should look for ways to make the marriage work and that is why steps being taken by President Jonathan must be commended and supported.”

No sacred cow over violation of traffic laws –Oshiomhole Cajetan Mmuta BENIN

do State governor, Adams Oshiomhole, has charged men of the State Traffic Management Agency (ESTMA) to ensure that there is no sacred cow in the conduct of their work. He said their mandate is aimed at creating awareness and sensitising the people on the need to obey traffic laws, reminding them that there must be no sacred cows. The governor also urged the outfit to stop and arrest him or his deputy, if their vehicles beat the red light rule, saying

no one is too big to contravene laws in the state. Speaking during a meeting with officers and men of the agency at the Government House, at the weekend, Oshiomhole said men of the agency must be firm and diligent, but civil in carrying out their duties, saying they must not treat ‘big men’ with levity because of their status in the society. He said: “You must not extort, you must not criminalise innocent people, you must not let offenders go after extortion, if anybody beats the red light, you must arrest the person no matter his status. "

A’Ibom Assembly moves against NDDC over failed projects Tony Anichebe Uyo

L-R: Chief launcher, Bayo Adewakun; author, Ogbenni Oladimeji Olawuyi; Chief Funsho Ogidiola and the representative of the Osun State Governor, Dr. Leke Ipaye, during the launch of a book entitled: Eedegbeje Owe ati Asayan oro Yoruba, at Afe babalola Hall, University of Lagos. PHOTO: TONY EGUAYE.

N4.5bn

The internally generated revenue of Plateau State in 2011. Source: National bureau of Statistics

N4.9bn

The IGR realized from PAYE (taxes) of Benue State in 2012. Source: National bureau of Statistics

23.26m

The total number of internet users in Mexico in 2008. Source: Blatantworld.com

Boy hacks relation to death over sex MURDER Teenager kills brother over unguarded sexual ambition Dominic Adewole Asaba

teenager in Ogbe-Nti Obi, Umudei quarters, Ogwashi-Uku in Aniocha South Local Government area of Delta State has killed one of his relations over unguarded sexual ambition and desires.

The suspect, simply identified as Friday, a 19-year-old boy, hacked the victim to death with a log of wood. New Telegraph gathered that trouble started when the younger sister of the victim refused to have sex with him obecause they have biologically affinity. But, rather than agree with the girl’s excuse that the affair would amount to incest and out of fear reported the matter to their elder brother, who

immediately waded into the matter, but the suspect became angry. “It was this issue that the elder brother was discussing with the suspect when he (the victim) became furious, picked up a heavy stick and hit him (the elder brother) in the chest. Seeing him rolling on the floor and gasping and panting, the suspect escaped into thin air,” an eyewitness narrated. According to the witness, spirited efforts to save the victim’s life met

a brick wall. “He was rushed to the OgwashiUku General Hospital by relations and sympathisers, but they could not get help. He was later rushed to the Federal Medical Centre (FMC), Asaba, where they discovered that the workers were on strike. He gave up the ghost there.” While the suspect is still at large and police in Ogwashi-Uku are on his trail, the victim’s body has been deposited at the mortuary.

embers of the Akwa Ibom State House of Assembly during the last plenary took turns to condemn the shoddy job executed by the Niger Delta Development Commission (NNDC) contractors across the 31 local government areas of the state. This followed the presentation of its report on NDDC projects in Akwa Ibom State by the House Committee Chairman on NDDC, Hon. Victor Udofia.

Presenting the report before the House, the chairman of the committee said as lawmakers, they owe the people a duty to stand up against injustice and oppression as meted out on them by the NDDC contractors. Udofia, who represents the people of Ikono state constituency, accused the NDDC board and staff of corruption, querying why an IPC was raised on jobs that have not been done. He regretted that the people of the state have been robbed by the actions of the contractors.

Tension as chicken pox hits five Delta towns Dominic Adewole Asaba

here was tension in parts of Delta State yesterday following an outbreak of chicken pox in five communities of in state. They include Agbor, Ika axis of the state, Ibusa (Oshimili North), Uzere (Isoko South), Isiokolo (Ethiope East) and Agbarho in Ughelli North Local Government area of the state. Other parts of the oil rich state also recorded cases of the infection among children. While three cases of the epidemic were un-

dergoing treatment at the Health Centre in Uzere, in some parts of Agbarho, the spread was said to be prevalent. In Ibusa, a town very close to Asaba, the state capital, two children of a journalist residing in the locality were badly hit. Nurses at the Federal Medical Centre (FMC), Asaba, yesterday said although, they are currently on strike following the shortfall in their salaries and allowances; “There was an outbreak about a couple of months ago among school children in Asaba and its environs.”

NEWS 47

Sanctity of Truth

Monday, March 31, 2014

‘Hala Nigeria story challenge’ launched in Lagos Camillus Nnaji

etermined to ensure that public voices and engagement on vital health issues are intensified, ‘Hala Nigeria story challenge’ has been launched in Lagos. The programme was launched by the International Centre for Journalists (ICFJ) in collaboration with African Health Journalists Association (AHJA). ‘Hala Nigeria’ which means “Speak out Nigeria” is designed to increase people’s interactions, voices and engagement in health matters. It will use new digital tools to develop people’s engagement, promote date driven reporting, organise public events around key health issues and challenge journalists

to expand coverage into neglected regions of the country. Speaking at a launch meeting with top editors in Lagos, Declan Opalaeke, Head, (AHJA) and key member of the Hala Nigeria Team said the context is structured to have a major health impact on people’s health. He added that beginning with journalists and their respective newsrooms, who will carry the campaign of health reportage to the people, it becomes necessary to identify whether health stories are well reported, whether they are taken seriously by the newsrooms when they are presented by reporters and basically to train journalists to report health matters in such a way as to engage public feedback.

My aspiration is ordained, says Melaiye Muhammad Bashir Lokoja

former member of the House of Representatives and an aspirant to the Senate under the platform of the All Progressives Congress (APC) in Kogi West senatorial district, Otunba Dino Melaiye, has said that his quest for the senatorial seat was decided by the people and ordained by God. Melaiye, during a chat with New Telegraph over the weekend, said the voice of the people is the

voice of God and therefore should be respected. While stressing that he was still making consultation with other stakeholders in the district, Melaiye said his campaign to salvage the people of Kogi West from misrepresentation and dictatorship will commence once the flag is raised by INEC. On the controversy surrounding the zoning arrangement in the state, Melaiye said the arrangement was purely a PDP affair and has nothing to do with his party, the APC.

Cholera outbreak: Three killed, 13 hospitalised in Adamawa Ibrahim Abdul Yola

t least three people have been reported killed wh i l e 13 others were hospitalised in Adamawa State of a Cholera outbreak in Jada Local Government area of the state. A member representing Jada-Mbulo constituency in the state, Hon. Hamman

Tukur Yettisumi, dropped this hint at the weekend in Kilbawo and Jada 1 wards respectively. Spur red by this, the state House of Assembly has passed a resolution mandating the state Ministry of Health and other relevant agencies to immediately move in to curtail the spread of the disease to other communities.

L-R: Airport Manager, Makurdi Airport, Mr. Olatokunbo Arewa; Managing Director/CEO, Federal Airport Authority of Nigerian [FAAN], Sale Dunoma; Mallam Muazu Dahir; General Manager, Business Development, FAAN, Mr. Abubakar Achimugu; and Director of Admin, Mr. Ikechi Uko, during the inspection tour of the Makurdi Airport by the Management of FAAN, Benue State…at the weekend.

N3.89bn

The internally generated revenue of Gombe State in 2011. Source: National bureau of Statistics

17.9m

The total number of internet users in Vietnam in 2007. Source: Blatantworld.com

306m

The number of fixed (wired)-broadband subscriptions of developed countries in 2011. Source: Itu.int

Dwindling federal allocations: Osun set to minimise projects REVENUE

Revenue shortfall may force Osun to concentrate on existing projects Adeolu Adeyemo Osogbo

sun State governor, Rauf Aregbesola, at the weekend, said dwindling allocations to the state from the Federation Account from N4.6 billion to N2.6 billion may force his administration to

review its development agenda for the state. The governor said the state may be forced to slow down on the implementation of new projects while concentrating on existing ones. Speaking through his Commissioner for Finance, Dr. Wale Bolorunduro, in a press conference in Osogbo, Aregbesola said; “We will also minimise our expenditure by ensuring that we stop travelling abroad with political office holders while such political office holders, as part

of their sacrifice, will contribute 10 percent of their salaries to the state to make things function well.” The commissioner, who assured that the development would not lead to a cut in workers’ salaries as experienced in some states, said jobs would be preserved while wages would be intact and attended to promptly. “We know, it is a national crisis and not the fault of the state government, but we will do our best to take care of our people’s welfare while we

will at the same time try to work towards increasing our Internally Generated Revenue (IGR).” Bolorunduro added that the state has used N5.4 billion to augment workers’ salaries since July last year when statutory allocations from the Federal Government to Osun State dropped from N4.6 billion to N2.6billion. He said despite the drop in allocation, the situation will not stop the government from carrying on with its six-point integral action plan aimed at developing the state.

Fulani/Tiv killings: Lawmaker laments spate of insecurity in Benue Cephas Iorhemen Makurdi

member of the House of Representatives from Benue State, Hon. Emmanuel Jime, has likened the security challenges facing the state in which thousands of people have been rendered homeless and others killed

by Fulani insurgents to a situation in a failed nation. Jime, an All Progressives Congress (APC) kingpin in the state said the essence government in any country is to provide security for her citizens, pointing out that where this is absent as has been the case in Nigeria and Benue State in particular,

illustrates that the state has goofed woefully as there is no governance and security of lives and property are in jeopardy. Speaking while presenting relief materials to displaced Tiv victims of Fulani attack at St. Mary's Parish, North Bank in Makurdi at the weekend, the federal lawmaker decried the spate of

killings in the state, saying it was high time the invaders should cease fire, urging the Federal Government to intervene to enable the farmers return to their homes. Jime said it was indeed pathetic that Benue people are been made refugees in their land, assuring victims of the crisis of their security.

48 NEWS

Anxiety as U.S begins audit of Nigeria's aviation today RATING

Nigeria risks losing aviation rating over air accidents. Wole Shadare

he United States apex aviation regulatory body, the Federal Aviation Administration (FAA) will today begin a comprehensive audit of Nigeria's aviation industry. The four-man team ar-

66.9%

...We are ready for the test, says NCAA rived at the weekend to begin the assessment that could lead to Nigeria retaining or losing its aviation status. Nigeria was, four years ago, awarded “Category One” which shows that the country complied with all known global aviation regulations in line with the provisions of the International Civil Aviation Organisation (ICAO). A former Director-

The percentage of individuals using the internet in Europe in 2010. Source: Itu.int

General of the Nigeria Civil Aviation Authority (NCAA), Dr. Harold Olusegun Demuren worked to ensure that some of the lapses noticed by the Americans were addressed. But the spate of air accidents, about three in four years, has raised fresh questions about air safety in Nigeria. The interference in the affairs of the NCAA by the

N5.02bn

The internally generated revenue of Osun State in 2010. Source: National bureau of Statistics

Ministry of Aviation, culminating in the removal of two directors-general in a space of one year, is said to have infuriated the U.S and called to question true professionalism in the agency. There is therefore anxiety as to whether Nigeria will scale the hurdle. However, the NCAA said the agency was set for the reassessment of the audit slated to commence today.

11.9m

The total number of internet users in Australia in 2008. Source: Blatantworld.com

Monday, March 31, 2014

Ijaws plan final rites for late monarch Joe Obende Warri

he Ijaws, through the Ogbe-Ijoh Warri Tradional Council in Warri South-West Local Government Area of Delta State, at the weekend, made public the programme of events for the final passage rites of their late monarch, HRM Amaa Pere Amakosu, Oduor III of Ogbe-Ijoh Warri Kingdom. He reigned for 38 years. In a statement signed by Chief (Dr.) Samson Mamamu, the Ijaw ToroEbediwe of Warri, HRH The Regent of Ogbe-Ijoh Kingdom, released in Ogbe-Ijoh, Saturday May 24 kick-starts the passage rites with a traditional wake-keep, masquerades display and Igodo traditional cleansing for the Amakosu who was the 11th Pere of Ogbe-Ijoh Kingdom. The rites will continue through Sunday, May 25, with activities which will include an interdenominational church service, traditional dances, boat

regatta, condolence visits by traditional rulers and other personalities and live music by notable musicians to Friday, May 30 when the remains of the late monarch will be laid with his forerunners. Pere Amakosu was born in 1922 in Ogbe-Ijoh, today's Warri South-West Local Government Council headquarters into one of the ruling houses. He attended African Standard Missionary School, Aladja, an Urhobo next door town to OgbeIjoh, where he obtained his first school leaving certificate. After some commercial courses, he became a leading distributor to a Norwegian company in fishing gears. Later, he was appointed a director in Arazor Blade Company Limited, Sapele in the 60s. He became the Amakosu-elect from the Arotenghan Ruling House and was crowned the Pere Amakosu, Oduor III of Ogbe-Ijoh Warri Kingdom in 1974. He passed on, on the royal stool in 2012.

Five journalists to face trial over protest L-R: On-Air Personality, Olisa Adibua; Sales/PR Manager, Southern Sun Ikoyi Hotel, Ubong Nseobot and Adedolopa Akindele, (SAN), during the Southern Sun Ikoyi Hotel quarterly VIP cocktail ceremony held in Lagos…at the weekend.

LIFELINE

Its a race against time for ailing broadcast journalist Biodun Oyeleye Ilorin

opular broadcast journalist and former Chief Press Secretary to some past military administrators in Kwara State, Mr. Kunle Okeowo, is to be flown abroad this week for a bone transplant to save his life. But although he will depart for Apollo Specialist Hospital in India for the operation, it is still an act of faith as family sources disclosed that the entire N6 million de-

Kwara journalist needs N6m for cancer treatment manded by the hospital for the treatment has not been raised. Okeowo, who used to produce a popular programme, Critical Factor, was last year diagnosed with Multiple Myeloma, a cancer of the bone, while on admission at the same hospital. He had earlier been admitted at the University of Ilorin Teaching Hospital for several months before his referral to Apollo. It was gathered that he could not undertake the complete treatment in India during the first trip due to the cost but

was told that the only solution is a bone marrow transplant. The treatment is expected to take 13 to 16 weeks of chemotherapy and another three months for the transplant. Due to the sickness, Critical Factor has been rested after 10 years of continuous production and transformed into a glossy monthly magazine. The first edition came out in February this year. Okeowo’s illness was said to have suddenly relapsed about two weeks ago after several weeks of promising recovery,

hence the decision by family and friends to send him for the treatment without further delay. "We just agreed that he should go with the wife while we run around for the money," a close family friend who is among those raising the fund told New Telegraph over the weekend, appealing to well-meaning Nigerians to come to the aid of the broadcaster. Donations in aid of the journalist can be sent to UBA Account number 1000335703 in the name of Mr and Mrs Benjamin Kunle Okeowo.

Babatope Okeowo Akure

ive journalists with the Ondo State Radiovision Corporation (OSRC) will be charged to court today over their protest in demand for enhanced welfare and working conditions in the government-owned media outfit. The journalists, all members of the OSRC Chapel of the Nigeria Union of Journalists (NUJ), are Messrs Taiwo Ibitoye, Sola Obagbemisoye, Lanrewaju Cole, Akinwumi Abodunde and Obafemi Sogbe. They were arrested over their involvement in the industrial dispute rocking the media outfit. The leaders of the

NUJ were picked up by men of the state Police Command and taken to Area Commander Office from where they were referred to Okuta Elerinla police station at the weekend. The Deputy National President of NUJ, Mr. Rotimi Obamuagun and the State Chairman of the union, Mr. Akinfolayan Owanikin who stood sureties for the journalists said the arrested union leaders would be charged to court on Monday for protesting the poor working conditions in the media outfit.

change of name

dominic

Formerly Miss Chinyere Francisca Okocha, now wish to be known and addressed as Mrs. Chinyere Francisca Dominic, all former documents remain valid. General public take note.

Monday, March 31, 2014

Sylva Okereke with Agency Report

gypt's presidential election will hold on May 26 and 27, the Electoral Commission announced yesterday, setting dates for the crucial vote, expected to be won by the country's former military chief, who ousted an elected president last year. The electoral commission said the results are expected by June 5 and if a second round is necessary, it will be held by mid-month with results announced no later than June 26. The country's former military chief, Abdel-Fattah elSissi, who led the overthrow of Islamist President, Mohammed Morsi last summer has announced his bid for the office, widely expected to win. His victory would restore a tradition of the Presidents from military background that Egypt had for all, but one year since 1952. Morsi was removed from office in July 3, amid massive protests demanding his resignation and accusing him of monopolizing power and mismanagement in the face of many economic and social problems. The military, led by el-Sissi, stepped in to remove Morsi and backed a political road map that promised presiden-

Chadian soldiers kill 30 civilians

fficials said Chadian soldiers have killed more than 30 civilians in Central African Republic's capital city. Jean-Pierre Sadou, a gendarmerie official with the regional peacekeeping force, could not confirm the death toll from the violence, but said the Chadian soldiers' actions were a "legitimate defense" after their convoy was attacked by grenades. Odette Dombolo, a commune mayor in the PK12 neighborhood, said the soldiers opened fire on a large crowd, killing more than 20 and injuring more than 100. Jean Claude Yamodo, an official in the Gobongo neighborhood, said the same soldiers killed four people there. Witnesses said eight more were killed near the airport. Bangui has seen regular violence for nearly four months, with tensions mounting between peacekeepers and Christian militia fighters.

AFRICA | NEWS 49

Ebola Egypt holds presidential Deadly virus spreads to Guinea election May 26, 27 tial and parliamentary elections. But the country's division only grew with Morsi's ouster. His backers, largely Islamists and sympathizers, have held near daily protests demanding his reinstatement, describing the military overthrow of Morsi as a coup. Youth groups, who initially backed Morsi's ouster have increasingly grown critical of the military's handling of the post-Morsi days, denouncing a heavy crackdown on Islamists and dissent. Several

thousands have been detained and killed in political violence since Morsi's ouster. But with a widely divided opposition, el-Sissi has garnered wide support among a public wary of turmoil. A wave of violent attacks by suspected Islamic militants against police and military have spiked since Morsi's ouster, killing hundreds of troops. The interim government blames Morsi's Muslim Brotherhood for orchestrating the violence, a claim the group denies.

El-Sissi announced on Wednesday that he was resigning from the military to run for office — a requirement since only civilians can run for president. But he said he will still work to "fight every day for Egypt free of fear and terror." The Brotherhood and allies have said his nomination for office would only increase instability in the country. Protests against the current authorities by Morsi supporters have been held nearly every day.

A large number of South Sudanese have sought refuge in Ethopia since fighting broke out in the country.

One million people displaced by South Sudan conflicts -UN

ore than one million people have been forced out of their homes by the ongoing conflict in South Sudan, the United Nation has said. Out of this number, 803,200 have been displaced within the country and another 254,000 people have fled to the neighbouring countries, according to the latest UN report. It warns that the situation is likely to get worse as the violence continues. Fighting erupted between the forces of President Salva Kiir and troops loyal to his former deputy, Riek Machar. The two sides signed a ceasefire agreement in January, but sporadic fighting has continued. In its report, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said the conflict had

caused a serious deterioration in the food security situation, leaving around 3.7 million people at high risk. "Fighting between government and opposition forces has continued, especially in Jonglei, Unity and Upper Nile state, where towns and rural areas have been ravaged by the violence," it added. The UN estimates that 4.9 million are in need of humanitarian assistance, but it warned that "the remote and dispersed placement sites make it difficult to reach many of South Sudan's conflict-affected people". South Sudanese refugees, who fled the recent violence in South Sudan and crossed the border into northern Uganda early this year. Many also fled to Kenya, Sudan or Uganda

while those in South Sudan are sheltering in UN bases In its report, the UN says it has received only a quarter of the money it needs to respond to the growing crisis. The violence erupted between pro-government forces loyal to President Salva Kiir and soldiers backing Riek Machar, his former vice-president. President Kiir is a member of South Sudan's largest ethnic group, the Dinka, while Mr Machar is from the Nuer community - the country's second largest. The conflict has seen reports of mass killings along ethnic lines even though both men have prominent supporters in their rival's community. Thousands are feared to have died since the conflict began.

uinea’s Ministry of Health has said eight cases of Ebola virus have been confirmed in the capital city, Conakry. Aid organizations have said the spread of Ebola to the city poses new challenges for those trying to contain the outbreak. West Africa’s first ever outbreak of the Ebola virus, which began in Guinea’s southeastern forest region last month, is spreading. Guinea’s Ministry of Health said eight people have tested positive for the virus in Conakry. One person has died. The World Health Organization (WHO) confirmed that there have been eight suspected cases in Liberia, including six fatalities. In Sierra Leone, six people are believed to have contracted Ebola. Five of them have died. This brings the total number of suspected cases to 125, including 81 deaths. Roland Berehoudougou is the regional head of Disaster Risk Management for the humanitarian organization Plan International. “As you know, Conakry is the biggest city of the country. So, the issue now is how to prevent people from getting contaminated and really cope with this situation and control the epidemic in this specific place," he stated. Nearly two million people currently call Conakry home. Many of them reside in slum areas, where living conditions are poor. Throughout much of the city, there is a widespread lack of access to water and sanitation. The Ebola virus, which is one of the most contagious viral diseases, is spread through contact with bodily fluids, such as sweat, blood and saliva of an infected person or animal. There are no known vaccines or treatments available for Ebola. The only way to stop its spread is by preventing further infections. Last week, when the epidemic was still contained to Guinea’s forest region, the government forbid the sale and consumption of bats and bat meat. Bats are believed to be a natural host of the Ebola virus and could be contributing to its spread.

50 NEWS | WORLD

Monday, March 31, 2014

Search for missing Malaysian plane could take years - US Naval Officer Sylva Okereke with Agency Report

S Navy Captain, Mark Matthews, who is in charge of US Towed Pinger Locator (TPL) told journalists yesterday that lack of information about where the plane went down seriously hampers the ability to find the aircraft. â&#x20AC;&#x153;Right now, the search area is basically the size of the In-

dian Ocean, which would take an untenable amount of time to search. If you compare this to Air France flight 447, we had much better positional information of where that aircraft went into the water,â&#x20AC;? he said while referring to a plane that crashed in 2009, near Brazil, which took more than two years to findâ&#x20AC;?, he said.

Numerous objects have been spotted in the two days since Australian authorities moved the search 1,100 km, after new analysis of radar and satellite data concluded the Boeing 777 travelled faster and for a shorter distance, after vanishing from civilian radar screens on March 8. Australia, which is coordinating the search in the southern

Indian Ocean, said it had established a new body to oversee the investigation and issued countries involved in the search a set of protocols to abide by should any wreckage be found. Malaysia says the plane, which disappeared less than an hour into a flight from Kuala Lumpur to Beijing was likely diverted deliberately.

Another earthquake hits California

Protests trail China-Taiwan trade deals

esidents of southern California were rattled by a 4.1 magnitude earthquake, the largest of more than 100 aftershocks, following 5.1 rumbler, which scattered light damage around the Los Angeles area. The quake rippled through an area near Rowland Heights, California, about 2:32 p.m, according to the U.S. Geological Survey. The temblor was considered relatively shallow with a depth of 5.6 miles, the USGS said. Aftershocks are expected following earthquakes, according to the USGS. Seismologists said there was about a 5 percent chance that Friday's quake, which struck at 9:09 p.m., was a foreshock to a bigger temblor. No injuries were immediately reported from either Saturday's quake or the more significant earthquake that struck Friday evening outside La Habra, California, which is about 20 miles east of downtown Los Angeles. The temblor displaced at least 50 people in Fullerton, about 5 miles from the epicenter because of minor damage to homes and apartment dwellings, Fullerton Police Lieutenant, Mike Chlebowski said. As well, a water main break in the city forced the closure of some streets due to flooding, he said. The quake also shook items off tables, rattled chandeliers and resulted in scattered damage to cars and property, including setting off a rockslide in the Orange County city of Brea that flipped a car on its roof. The quake was felt as far away as Palm Springs in the east, San Diego in the south and Ventura County to the north.

Investigators have determined no apparent motive or other red flags among the 227 passengers or the 12 crew. The Australian Maritime Safety Authority (AMSA) said aircraft from China, Australia, Japan, South Korea, Malaysia and the United States would be searching today. Both a Chinese ship and an Australian navy vessel have picked up objects, but nothing has been linked to the Flight. The search has involved unprecedented cooperation between more than two dozen countries and 60 aircraft and ships, but has also been hampered by regional rivalries and an apparent reluctance to share potentially crucial information due to security concerns.

H Protesters shout slogans denouncing the controversial China Taiwan trade pact during a massive protest in front of the Presidential Building in Taipei, Taiwan, yesterday. Over a hundred thousand protesters gathered in the demonstration against the island's rapidly developing ties with the communist mainland. AP Photo/Wally Santana

Crimea: Russia counts economic impacts of sanctions

ussia has started counting the cost of seizing Crimea from Ukraine to its already stuttering economy, anxiously hoping that the West will refrain from implementing a second wave of sanctions that could cause even greater damage. Moscow, already excluded from the G8, is planning for at least economic semi-isolation from the world for the next years with President Vladimir Putin saying Russia would create its own credit card system. West have only imposed visa bans and asset freezes on senior officials, some close to Putin, but the fear of further action hurting the wider economy is already causing damage with the stock market down 6 percent in March. The most immediate hit has been on capital outflows, which are estimated by economists and officials to have surged to $60-70 billion for the first quarter, more than all of 2013 combined, as investors took fright at the uncertainty.

Russian Economy Minister, Alexei Ulyukayev has become the first top official to admit the Crimea intervention would badly hit the Gross Domestic Product (GDP), slashing government's previous 2014 growth estimate of 2.5 percent. He said the growth would be a measly 0.6 percent in 2014, if capital flight was around $100 billion for the full year, a figure that some economists see as wildly optimistic, given the current trends. The economy would contract by 1.8 percent, if capital flight reached $150 billion for the year due to a projected eight percent decline in investment, he added, echoing a prediction by the World Bank. "The key discussion on the market now is whether Russia can maintain a positive growth rate, or will it slide into decline," an economist, Natalya Orlova stated. The long-serving Finance Minister, Alexei Kudrin, who resigned in 2011 but is known to

retain Putin's trust, said Russia, was knowingly paying a colossal economic cost for a political decision. "We are paying hundreds of millions of dollars for this development of events. If this was the choice that has wide support, then we have to understand that it has an economic cost," he said. The risk for Putin is particularly grave as the consequences of the Crimea adventure come at a time, when Russia is already struggling with low growth due to its failure to reform an economy held back by dependence on energy exports. "Russia's slowdown is, to a large extent, structural," Standard and Poor's said in a report on the crisis this week. Russia enjoyed stellar rates of growth in the early years of Putin's domination, culminating in 8.5 percent in 2007. Then came the 2008-2009 financial crises, after which Russia staged an only faltering recovery with growth of just 1.3 percent in 2013.

undreds of thousands of demonstrators gathered in the streets around Taiwan's Parliament yesterday to protest a trade pact with China, a nearly 2-week-old protest that is challenging the President's policy of moving the democratic island closer to China. Lin Fei-fan, a protest organizer, estimated that 500,000 people had turned out in the biggest demonstration since the movement started. Crowds dressed in black blocked boulevard with many carrying plastic or real sunflowers, the symbol of the protest movement and wearing yellow ribbons that read "Fight for democracy, retract the service trade pact." Several people, mainly student protesters have been occupying Taiwan's Parliament building since March 18, supported by thousands outside the building. They are protesting President Ma Ying-jeou's intention to enact a trade deal that would allow Taiwanese and Chinese service sector companies to open up branches or shops in the other's territory. "I am not against free trade, but the government should come up with policies to protect local industries before they open the door," said a protester, Philip Lihan, 30, a graphic designer in Taipei, originally from Chiayi in southern Taiwan. Continuing, he said, "I've been sitting-in near the legislature every day, after work until midnight," said Lihan, who added that he had been working with other artists to create murals in support of the protest.

NSC under fire over neglect of gymnastics Charles Ogundiya

he absence of the country’s gymnasts from the ongoing African Gymnastic Championships in South Africa is causing-

problems in the federation as the National Sports Commission is being accused of neglecting the sport. After so many years of inactivity, the country’s gymnasts were given a glimmer of hope early this year

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

after they were confirmed for the African Championships, which also serves as the qualifiers for the World Championships taking place in October, in China. But the inability of the NSC’s to

approve the gymnastics body’s budget for the African Championships dashed the hopes of the gymnasts and officials. Speaking with New Telegraph CONTINUED ON PAGE 55

Did you know?

NEW TELEGRAPH

newtelegraphonline.com/sports

ADEKUNLE SALAMI, DepUTY Editor, SPORTS kunle.salami@newtelegraphonline.com adekunles@yahoo.com

That in the 2004/2005 season, Chelsea with 95 points recorded the highest points in history to clinch the EPL title

Monday, march 31, 2014

NFF plots Keshi’s sacking after World Cup

Maigari

lMay invoke clauses in coach’s contract for Technical Adviser }P.55

Keshi

Eagles jubilating a goal

Glo League: Abia Warriors shock Enyimba

Serena wins seventh Miami Masters title

Osaze dedicates goal to dad

}p-53

}p-54

52 SPORT

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Monday, March 31, 2014

Countdown to Fifa World Cup

Committed, talented players did not make 1994 World Cup –Ekpo Chimaobi Uchendu

former Green Eagles player, Friday Ekpo, has not given up hope of attending the greatest football showpiece on earth, the World Cup, in active capacity though has retired from active football. He said age will not stop him from realizing his age long dream to feature in the copa mundial. Ekpo said, “I’ve not given up my dreams of going to the World Cup, most people still ask me what I mean because I am well over the age of playing active football but my plans are still intact. “Since I missed the World Cup as a player I want to attend the world Cup as a coach but those that would help me realize my dreams are drawing me back.” Ekpo said Nigeria did not qualify for the World Cup when committed and talented players were active but praised the present crop of players whom he referred to as lucky set. “Nigeria did not qualify for the World Cup during my playing days not because we did not have talented players, but because we lacked the experience. Most of us were based at home, doing well for our clubs even at continental club football but the North Africans were smarter than us. “They employed all strategies and tactics to outwit us but thank God for these generation of players. Again the exposure to professional football in Europe and other parts has widened our scope in the game. Most of our players in the national team are lucky, not that they are better than us. That is why I call them the lucky ones. “The standard of football has fallen in Nigeria and you can see that we are now ranked 47 in the world. This is the same country that was ranked fifth and the most entertaining national team after the 1994 World Cup. Our league is no longer interesting and the patronage is very low. I want to see a league where players’ salaries and other benefits would commensurate with their output on the field. I enjoyed playing in the Nigerian league and also the national team. It was such a great fun to have played for the Super Eagles”. “I had a very great experience during my days at Leventis United and Abiola Babes. We had everything we wanted as players and we didn’t lack anything because the club’s management team stopped at nothing to ensure that we have all that we need. We were well motivated at Leventis United. I won the Highest Goal Scorer award in 1986 with 11 goals from the midfield. I have no regret about playing for any club and no regret either for playing for the nation. It has always been fun to play ball in the country”. He called on well-meaning Nigerians to

Ekpo

come to the aid of some of his mates in the national team that are roaming the streets to make ends meet. He recalled his active days with nostalgia especially a memorable one he would love to forget. Ekpo said, “The day I lost a penalty

kick against Ghana in the Nations Cup was a sad one in my life. I was not assigned to take penalty kicks. It was Keshi’s responsibility to take our spot kicks, but he refused to take it on this fateful day. Other players, too, dodged, but I was courageous enough. Unfortunately for me, I lost the

kick and was crucified. However, I scored in our next match, which we won. That was how I became the toast of fans again. “It is very pathetic when you see our ex-internationals roam the street seeking favour from people. Some of them can’t even walk again. This has been a big issue and I believe the government and well-meaning Nigerians can find solution. The National Sports Commission can also provide employment opportunities for them”. He said his would not stop his children playing football at any level but insisted that they must also take their studies seriously “I wouldn’t stop them from whatever they decide to do. I am willing to encourage them to play football if that is what they have made up their minds to do. I am ready to see them through and make sure that they succeed. The young ones need to be guided on what to do because we have a lot of soccer academies here and there. Most of the academies just want to transfer the young players and quickly make money from their sale to foreign clubs. This is where I expect the NFF and the NPL to work together and guide against trends that can ruin the game,” Ekpo stressed.

Who will save Keshi from his tragic flaws?

Tayo Balogun

n about ten weeks, the World Cup would start. Nigeria is one of 42 countries qualified to feature. In our first attempt we were a foul away from qualifying for the quarter and possibly the semifinals We were so good our team was labeled the second most entertaining team. And the prestigious Newsweek magazine said we brought hustling to world football. Since then, our teams have managed to do fairly well at each mundial we took part in. The expectation this time around is that we should be able to better than our previous results at the World Cup finals. Unfortunately, recent events have shown that the Eagles may perform poorly if we see the event as a tea party. Despite repeated calls by people who should know, our coach seem to believe that his World Cup squad should be mainly those he has been using. If his body language is anything to go by, Stephen Keshi seems to think that it is better to have a team of average players than to furbish his squad with some more established talents that abound. If he is allowed to get away with this attitude, we may not qualify from the group stages. And that would be sad. I am not advocating that Keshi should be removed as our national team coach, far from it. Keshi is on the same page

only with himself. He is too busy being the Big Boss to see any alternatives to his views. For him, it is my views or no view at all. I believe a coach must have spine. He should be steadfast in his beliefs. But he should reconsider when just about everyone else holds a contrary view. Unless of course he has divine inspiration. A reluctance to listen to advise is often suggestive of a deeper feeling of insecurity. If Nigeria does well at the World Cup under the supervision of Keshi, he would have written his name in gold. He would have done what no coach has done if he succeeds in taking our team as far as the semis. A feat most of us believe is possible if a well blended team is taken to Brazil. This is no time to subject our collective will and passion to his whim and caprice. The truth is that the team Keshi has in mind would only massage his ego not assist our goal of doing very well at the World Cup where our target should not only be to participate but to do quite well. In Brazil we should be aiming at doing better than any African country. We should be seeking to improve on our previous attempts. I know we have the players good enough to give us a more than decent outing at the World Cup. Keshi should not be allowed to be like Arsenal’s Arsene Wenger whose team had the potential of winning the English Premier league if he strengthened his team at the January

transfer window but refused to do so despite entreaties from almost everybody connected with the club. He thought everyone else was wrong. The result was that his team slipped miserably leaving everyone including Wenger himself wondering at what would have been if he had only listened. Keshi’s mentor, Clemens Westerhof would not have taken Peter Rufai to the 1998 World Cup but he bowed to popular opinion which his expert supported and Rufai was truly outstanding. No one would worry if the players Keshi have are better than the ones he is refusing to invite. At the moment his team lacks defensive savvy and discipline, has no clear leaders and generally is short on experience. He has not even been able to weld the team into an effective fighting machine. His team to the Confed Cup was not the best we can raise and our performance at that competition was slightly below average. The World Cup in Brazil gives us another opportunity to show the world what we can do, Keshi must show us he is man enough to work with the best we have. Management is about getting the best even from the unwilling. If he wins, he takes all the glory. Trouble is we can’t watch him fail. Who can help Keshi to help us and help himself? lBalogun, a seasoned and respected sports journalist, wrote in from Lagos.

SPORT 53

Sanctity of Truth

Monday, March 31, 2014

Zenith Bank Basketball League

First Deepwater, First Bank end first phase unbeaten Ifeanyi Ibeh

of the Nigeria Police-backed Queens. Coach Lateef Erinfolami’s girls however recovered to win the game 64-45. First Bank also faced a similar moment in in their fourth game of the series against Nigeria Customs, but were able to recover from a poor first half display to defeat the Border girls 42-31 with coach Adewumi Aderemi confessing at the end of the game against Customs that no team in Abuja was a walk in the park. All 16 teams that were in Abuja will next move to Ilorin for the next phase of the league which would run from May 1 to 11, with the topfour teams from each group making it to the final phase of the season slated for Lagos.

eigning Zenith Bank Women Basketball League champions, First Deepwater, and former champions First Bank, have ended the first phase of this season’s league unbeaten. Sixteen teams, split into two groups of eight apiece, began the race for honours in Abuja. But after seven rounds of matches, First Deepwater and First Bank topped their respective groups with seven victories respectively. There was however a moment when it all appeared to go down the drain for First Deepwater, especially in their game against IGP Queens which appeared to be heading the way

Taekwondoists target African Championship

l Relishes Youth Olympics qualifier experience

Commission as well as the Director General of the commission, Gbenga Elegbeleye, for facilitating the trip despite the short time to prepare.

Emannuel Tobi

igeria taekwondo junior team is banking on the experience garnered at the World Taekwondo Federation organised Youth Olympics Qualifiers in Chinese Taipei to post a superlative outing at the Africa Championship billed for May in Bostwana. The players and officials while speaking in an interview with New Telegraph on arrival at the Muritala Mohammed International Airport, Lagos, on Saturday, maintained that the outing afforded them the opportunity to learn some basic lessons of taekwondo. According to team captain, Olushola Olowookere, who fought in the male -58kg, “Attending this competition alone was indeed a great experience for me. I gained a lot in terms of the new styles as well as new moves. Although, I lost my fight, I was able to watch other top athletes with the way they fight so that I can use what I picked from there to help me for the African Junior Championship in May.” For Consolar Dickson of Edo State who fought in the -52 category, “the experience cannot be quantified because I want to replicate it by winning gold in Bostwana,” while Bayelsa based Inibong Ekong who lost her two fights in the -55 category added that, “the technique I learn will be very helpful.” According to Coach Jin Beom Kim who believed that the experience and exposure would count for the team, stressed the need for consistency stating that, “Nigeria have great potentials to rule the world in the nearest future.” Kim also commended the National Sports

Flamingoes ouster: Odey writes off female teams Mercy Jacob

former Super Falcons coach, Rolandson Odey, has said that no Nigeria female team will never win the World Cup except there is overhaul of female football in the country. Odey who threw in the towel as the technical adviser of Jigawa Golden Stars four days ago, expressed disappointment over Flamingoes’ ouster at the ongoing FIFA U-17 World Cup in Costa Rica, insisting that the girls’ loss to Spain was a reflection of poor running of female football in Nigeria. He said it was unfortunate that the team capitulated against Spain after raising the hopes of Nigerians in the group games. He said the ladies loss concentration and were timid against Europeans. He said, “The Flamingoes started very well and raised the hope of Nigerians who believed that they would go beyond quarterfinal stage only for them to dash the hope. They played without concentration and they did not believe in themselves. “Anyway, the results did not come as a surprise to me because I know that no Nigerian female team will ever win the World Cup except there is attitudinal change from the players. “We must also have a virile league; another thing is that we don’t have competitive games on the continent. As matter of urgency our girls has to go back to school because education will have a way of changing their attitude.”

Action from Zenith Bank Women Basketball League

Glo League: Abia Warriors shock Enyimba Charles Ogundiya

ewly promoted side, Abia Warriors on Sunday shocked Enyimba International 1-0 at home to record the first away win of the season in the week four of the Globacom Premier League. Former Enyimba player, Cletus Itodo’s first half goal separated the two sides in the local derby played at the Aba Township stadium with home team missing several scoring chances. Similarly, Akwa United recorded a 1-1 draw on Saturday against El-Kanemi Warriors in Kano, the adopted home of the team from Maiduguri to maintain their top position and remained unbeaten with eight points from four matches. Emeka Akueme gave Akwa United the lead in the early minutes of the first half before ElKanemi rallied for the equalizer in the second half. In the first ever Glo Premier

Serena wins seventh Miami Masters title

Hamilton victorious in Malaysia

ewis Hamilton took a dominant win in the Malaysian GP to lead Mercedes teammate NicoRosberg to a one-two finish. The Briton was in control from the start, converting his pole position into a lead at the first corner and controlling the race. Hamilton dedicated the win to the families of the passengers lost in the disappearance of flight MH370.

“Incredible,” he said. “After such a difficult weekend and a long winter, I just feel so grateful. I’d really like to dedicate it to the families, after such a tragedy three weeks ago. “The team were spot on with all the pit stops and calling and timing, the info was spot on. What a great car, what a great job from everyone.”

League double header in PortHarcourt on Saturday, Sharks and Dolphins recorded victories against their respective opponents, Crown FC and Sunshine Stars. Sharks left no one in doubt about their superiority over Crown scoring two goals in the first half and another in the second half to end the game 3-0 at the Sharks Stadium in the first match. Goalkeeper Danladi Isah converted a penalty in the 15th minutes to give the home side the lead with Ifeanyi Iyam doubling the advantage five minutes later. A 64th minute goal by Fredrick Obomate sealed Sharks’ victory. In the second match, Dolphins came from a goal down to pip Sunshine Stars 2-1. Other matches played over the weekend include Gombe United’s 2-1 victory over Heartland while Nasarawa United recorded a 2-0 win over Lobi Stars in Lafia.

Serena

erena Williams saw off Li Na with a straight-sets victory to win the Sony Open title for a seventh time in Mi-

ami. The 32-year-old world number one claimed a 7-5 6-1 triumph over her Chinese opponent in just under two hours. The final in Miami was Williams’ ninth at the Sony Open and she held off Li, who took a 5-2 lead in the first set, before the American fought back to win it 7-5. Williams carried her momentum into the second set, leaving the world number two struggling as the eventual winner took 11 of the last 12 games to seal the victory.

54 SPORT | EURO FOOTBALL

Sanctity of Truth

Obasi, Eneramo on song Ajibade Olusesan

Obasi

Ancelotti slams Real fans

eal Madrid coach Carlo Ancelotti has criticised the club’s fans for booing the team during Saturday’s 5-0 La Liga win over Rayo Vallecano. Real got back to winning ways after two consecutive defeats against Barcelona and Sevilla, crushing city neighbours Vallecano with an excellent performance. And Real’s fans were keen to voice their frustra-

tion at the last two defeats, jeering a number of players including Ronaldo, a reaction that drew the ire of Ancelotti. “I have said many times I understand when the crowd whistled us because we had deserved it. But not at the moment,” Ancelotti said. “It is true we haven’t performed at our best in the last two games, however I think overall the players are doing a great effort. “We have to carry on and we need everyone’s help. And then to whistle Cristiano Ronaldo is not that understandable.”

Vieira tipped to replace Wenger

rsenal are reportedly lining up Patrick Vieira as a successor to Arsene Wenger as speculation mounts about the 64-year-old’s future. Vieira tipped for possible return Wenger is heading towards the end of his existing deal with the Gunners this summer and the club are keen for him to stay irrespective of whether they manage to halt their nine-year wait for silverware. However, the Frenchman is also aware that some fans and former players are calling for a change after 17 years of his leadership at the Emirates Stadium and he may grant them their wish if an opportunity to take charge of his country comes up this summer. It is understood France are interested in appointing the veteran manager after the World Cup in Brazil, to lead the French on home soil when they host Euro 2016.

hinedu Obasi strengthens his case for a recall into the Super Eagles as he was the star man for

Huntellar in the 62nd minute. The strike was his second in nine games. Michael Eneramo hit the winner for Karabukspor against his parent club, Besiktas, when the two teams met in the Turkish league. Eneramo has four goals for Karabukspor. Osaze Odemwingie is proving to be the hottest Nigerian player in Europe at the moment as he hit the target again for Stoke City when they beat Hull City 1-0 on Saturday. Kenneth Omeruo saw 79 minutes of action for Middlesbrough as they beat host Brighton and Hove Albion 2-0. Shola Ameobi was an

unused substitute in Newcastle United’s 4-0 loss at Southampton just as John Obi Mikel was also overlooked Chelsea‘s 1-0 loss at Crystal Palace. Joseph Yobo was not also dressed by Norwich City as they lost 3-0 to Swansea. In France, Sunday Mba was not listed by CA Bastia in their 3-0 spanking of Cretei due to suspension but Elderson Echiejile got his second Ligue 1 appearance for Monaco as they lost 1-0 at Evian TG. He was on for the entire duration of the game. Obinna Nsofor was in action for 65 minutes as Chievo Verona were thrashed 3-0 by AC Milan.

Mourinho: Chelsea lack ‘balls’ in title race

helsea boss Jose Mourinho says his side lacked ‘balls’ and believes they are now out of the title race after going down 1-0 against Crystal Palace on Saturday. John Terry own goal was enough to consign the Blues to their second defeat in three league games at Selhurst Park. Asked after the game what he thought of his team’s performance, Mourinho replied: “I will not say it in front of the TV cameras but will write it down on a piece of paper.” He then proceeded to write down the word ‘balls’ on a piece of paper.

There was a silver lining for the Chelsea boss however as Manchester City were held to a 1-1 draw by Arsenal on Saturday evening. Despite that Mourinho, who has consistently insisted that his side aren’t title contenders, says his team have blown their chances of winning the league. “We depend too much on other results,” he explained. “When you depend a little, it’s possible. When you depend a lot, I don’t think it’s possible. We depend now too much. I don’t think now we can win the league.” Action between Chelsea and Crystal palace

Osaze dedicates goal to dad Ifeanyi Ibeh

S Vieira

Arsenal are therefore drawing up contingency plans which include a move for their former skipper Vieira, who is successfully cutting his teeth in coaching with Manchester City’s under-21s.

Robben: Bayern ready to dominate ayern Munich star Arjen Robben said his side are eager to show they are ‘the most dominant team in Europe’. Pep Guardiola’s men became the earliest Bundesliga champions when they sealed the club’s 24th league title on Tuesday. Robben said there were few celebra-

Schalke when they defeated Hertha Berlin 2-0 in the Bundesliga at the weekend. Ogbuke scored Schalke’s opening goal in the 16th minute and provided the assist for Jan Klaas

Monday, March 31, 2014

tions in the dressing room, with players focused on claiming back-to-back UEFA Champions League crowns. The Netherlands international said Bayern had improved under Guardiola, who is in his first season in charge, and their dominance is almost certain to continue.

toke City forward, Osaze Odemwingie, has dedicated his goal in Saturday’s English Premier League victory over Hull City to his father, who was a year older on Friday. The father of the Nigeria international, Dr Peter Odemwingie (Snr), on Friday clocked 61 and Odemwingie, a day later, grabbed the only goal of the game as Stoke City recorded their third successive victory with a 1-0 triumph over Hull City at the Britannia Stadium. Ironically, Odemwingie’s goal against the Tigers came in the 61st minute of play and he afterwards took to the social media platform, Twitter, to dedicate the goal to his dad. “My dad celebrated his 61st birthday yesterday and today I scored on the

61st min. Happy birthday daddy,” wrote the former West Brom and Cardiff City player. Odemwingie struck just after the hour mark, firing in from the edge of the box after collecting the ball from a stray pass by Ahmed Elmohamady, to register his fourth goal in three games, and his fifth since joining the Potters from Cardiff City in January.

RESULTS English Premier League Liverpool

4 – 0 Tottenham

Fulham

1 – 3 Everton

Man United 4 – 1 Aston Villa C/Palace

1 – 0 Chelsea

S’ampton

4 – 0 Newcastle

Stoke

1 – 0 Hull

Swansea

3 – 0 Norwich

West Brom 3 – 3 Cardiff Arsenal

1 – 1 Man City

Spanish La Liga Valladolid 1 – 0 Almeria Espanyol

0 – 1 Barcelona

Celta Vigo 1 – 0 Sevilla A/Bilbao

1 – 2 A/Madrid

Real Madrid 5 – 0 Vallecano Glo Premier League Gombe Utd 2-1 Heartland El-Kanemi 1-1 Akwa United Sharks FC 3-0 Crown FC Dolphins 2-1 Sunshine Stars Nasarawa 2-0 Lobi Stars Osaze

Enyimba 0-1 Abia Warriors

SPORT 55

Sanctity of Truth

Monday, March 31, 2014

NFF plots Keshi’s sacking after World Cup

lMay invoke clauses in coach’s contract for Technical Adviser Ajibade Olusesan

oach Stephen Keshi’s contract as head coach of the Super Eagles will not be renewed when it expires after the World Cup, New Telegraph can authoritatively reveal. A source in the Nigeria Football Federation exclusively informed our correspondent that as long as Alhaji Aminu Maigari remains the president of the federation, Keshi will never come back as the coach of the Eagles after the expiration of his current contract. Though the coach had indicated his interest to continue after the World Cup, the source said topshots in the NFF have

already concluded that the Keshi will never be considered. He said NFF top brass have said they would no longer tolerate the coach’s act of insolence and could make sure that he suffers similar fate as former coach, Samson Siasia. “It is certain that Keshi will never return as Eagles coach. It is a decision that had been reached even before the current crisis that led to a query issued to the coach. They feel Keshi is undermining their authority and cannot allow it to continue. Maigari specifically said that Keshi would only come back when he’s no longer the president of NFF.

“In fact, they were ready to employ a foreign coach even for the World Cup. They wanted to invoke some clauses in Keshi’s contract that states that a foreign technical adviser can be employed. Keshi position is just Head Coach, there is a proviso in his contract that states TA can be hired to boss him. Yes, it is there in his contract, Keshi knows this. NFF only feared public resentment over this decision and that is why they suspended it ahead of the World Cup. But it is something that will soon happen,” the source, who is a top NFF official, said.

Sport Trending

TWITTER |@NTelegraphSport

Peter Odemwingie My dad celebrated his 61st birthday yesterday and today I scored on the 61st min. Happy birthday daddy! Thanks for the congratulations! We knew it will be a difficult one. After the goal we played better but all that matters is the 3 points ! @OdemwingieP Leon Balogun Optimism level is on its max!! Great news from the doc, day 6 w/o crutches, sun is shining - God is GREAT! lRecuperating Super Eagles defender, Leon Balogun, takes to Tweeter following a visit to the doctor. @LeonBalogun Didier Drogba There have been many false stories written in the past few days – so I just want say thank you to the true Galatasaray fans who support us even in our difficult moments. No one is perfect & all we can do after defeat is work harder & focus on the next games including the derby !!! We are disappointed in defeat as much as you are, but we need the fans support to keep us strong. To the people who criticised me after the Chelsea game – I too was unhappy that we lost. I wanted more than anything to take Galatasaray to the last 8 of the Champions League, but let’s be honest Chelsea were the better team on the night. @didierdrogba Brown Ideye Happy Mother’s Day!! Love u mum.

@OfficialIdeye

George Abbey Happy Mother’s Day to all those wonderful mums out there #onelove. @GeorgeAbbey15 Segun Agbede Enyimba International Stadium may not be aesthetically pleasing but boasts of the best pitch in Nigeria. @SegunThePundit Ruggedman With Legendary Peter Rufai. Nigerian rap artiste, Ruggedman, after posting a photo he took with former Super Eagles number one, Peter Rufai. @RuggedyBaba Serena Williams After the match. I gave my fans my shoes! @serenawilliams

Renovated court inside the National Stadium. Inset:The old court during renovation

Tennis players renovates NSC under fire National Stadium courts over neglect of …as players get set for CBN Open

Charles Ogundiya

fter waiting endlessly for the Nigeria Tennis Federation to renovate the tennis courts of the National Stadium, Lagos, the players have taken it upon themselves to put the courts in proper shape. When New Telegraph visited the stadium at the weekend, courts one and five of the tennis arena were wearing a new look with works obviously still going on at the place. When contacted, former international, Destiny Ford Da-Silva, said the players decided to renovate the courts since they were the ones using it and the federation seems not ready to do anything about it. “The courts are deteriorating everyday and nobody is doing anything about it, so the Nigeria As-

sociation of Tennis Professional both home and abroad decided to raise money to renovate two of the courts for now. “We wanted to renovate the centre court too, but the secretary, Mrs. Gloria Ekwempu, said we should leave out the court, that the federation will soon come around to put it into proper shape although we have given the federation a deadline to fulfil its promise or we go ahead to do that as well,” he said. Revealing what has gone into the renovation, Da-Silva said; “For the court one, we spent approximately N370,000 while court five gulped around N510,000 because of the level of damage on the court.” Meanwhile, the players are preparing for the annual Central Bank of Nigeria meet which serves off next month.

gymnastics

C O N T I N U E D F R O M PA G E 5 1

from Abuja, Head Coach of Nigeria’s gymnastics team, Anthony Asuquo, described as shameful the country’s absence in South Africa, insisting it was due to NSC’s negligence. “If Nigeria cannot sponsor six gymnasts to South Africa for a competition, then what are we talking about? We decided to reduce the number of gymnasts to six, from the initial nine, so that the NSC can approve the budget,” said Asuquo. “The gymnasts are demoralised. Their morale was very high before now, when there was hope that finally they would be going for a competition after training for four years doing nothing. Some of them went as far as borrowing money to procure their international passports because they were asked to submit their passports for visas. Now, they are totally down. “I got several offers before I decided to work for my fatherland, but now these peo-

ple are making me to regret that decision. I am considering other options because after my training in South Africa, I was called for a job in Canada but I refused because I wanted to serve my country. “We keep talking about football, but in other developed countries, they don’t talk about football alone; they invest in all sports. I am not talking about gymnastics alone, but how the country has neglected all other sports.” When New Telegraph contacted the Secretary of the Federation, Mrs. Rita Akande, on the telephone, she said she was not in the best position to talk about the development, she however directed the enquiry to the president of the Federation, Mr. Folusho Adefemi. The president on his own part said he was out of town when the incident happened, saying the right person to talk to is the vice president or the secretary. All efforts to contact the Director General of NSC, Gbenga Elegbeleiye, proved abortive as his number was not available as at the time of filling this report.

World Record

On Marble Rules are for the obedience of fools and the guidance of wise men. – Douglas Bader

Kelvin Mercado has a new world record of pinning 163 clothes pins on his face. He is called the peg man

Sanctity of Truth

w w w. new tel eg rap ho nl i ne. co m

Three things cannot be long hidden: the sun, the moon and the truth – Buddha MONday, MARCH 31, 2014

N150

Africa: A new era for partnerships with the South

he economic weight of Southern actors at the global level over the last two decades has been unprecedented in speed and scale. Whilst growth levels of western economies plummeted following the 2008-2009 financial crisis, developing economies continued to grow at high rates, largely driven by a variety of factors, including sound industrial policies and investments in human, physical and technological capacities. Countries of the South have been transforming their economic bases slowly, but surely from large agarian sectors to more diversified economies with large manufacturing and modern service sectors. For the first time in 150 years, the combined output of the developing world’s three leading economies, Brazil, China and India is about equal to the combined GDP of the longstanding industrial powers of the North—Canada, France, Germany, Italy, United Kingdom and the United States (HDR 2013). This represents a dramatic rebalancing of global economic power: In 1950, Brazil, China and India together represented only 10 per cent of the world economy, but it is estimated that by 2050, they will together account for 40 per cent of global output. The impact of this shift is also evident in demography and social development. The absolute number of people in the South means that the middle class will continue to grow in size, income and expectations. Rapid economic growth and poverty reduction, especially in China, have led to a decline in the number of poor by $158 million between 2000 and 2011. Investments in technology and innovation have led to Southern economies sometimes outpacing Northern counterparts in technological entrepreneurialism and manufacturing capabilities, producing complex products for developing markets. As part of the rising SouthSouth trade, the share of developing countries’ capital goods imports from other developing countries has increased steadily, from 35 per cent in 1995 to 54 per cent in 2010, rendering developing countries as the major source of capital goods for other developing countries. Challenges and opportunities for Africa in the new global economic context Africa economic fortunes seem to be no different. Since 2000, Africa’s growth has been robust, with the continent showing resilience and recovering very quickly from the global financial crisis. With an impressive growth rate of 5 per cent in 2012, the continent is projected

Guest Columnist Carlos Lopes

to be the fastest growing by 2014 and 11 out of the 20 fastest growing economies globally will come from Africa. These changes are not only limited to the economic arena. With labour force set to reach 1.1 billion by 2040 and adult and youth literacy rates set to approach 100 per cent by 2063, the continent’s human resource endowment will play a major role in realizing its economic potential, provided it can properly address the needs for a demographic dividend. Inspite of these achievements, challenges continue to persist on the continent- extreme hunger, youth unemployment, and underlying structural causes of poverty - detract Africa from making the most of its current growth. The continent seems, nevertheless, to be attracting increasing levels of foreign direct investment from southern partners such as Korea or Turkey. Indeed the highest investor stock in Africa is from Malaysia with US $19 billion followed closely by South Africa with US $18 billion. In 2011, the rate of return on inward FDI in Africa (9.3 per cent) was the highest compared to other regions of the world. The world average was 7.2 per cent, with 8.8 per cent in Asia, 7.1 per cent in Latin America and Caribbean or 4.8 per cent in developed economies. Africa is therefore slowly but surely shedding its image as the poster child of poverty and destitution to being the new place for investors to be. Partnerships with other southern countries are increasingly important. Africa can learn from the successes and failures of these countries and use them as building blocks to craft its own development. For example, the Brazilian Bolsa Familia Programme, which was implemented under President Lula da Silva, used cash transfers to alleviate poverty linking social development, economic improvement and education in a wide reaching process that eventually took 50 million people out of poverty. While land productivity in China, Brazil and India has grown respectively from 1.21, 1.35 and 0.95 tons per hectare to 5.52, 4 and 2.53 respectively over the past fifty years, Africa’s land productivity is stuck at 1.5. Africa’s increasing ties with the South are particularly important also

in view of the debt crises in Europe, the slow recovery of the world economy and the increasing signals for investors to reduce their exposure to hedging markets in light of reduced quantitative easing. Although creating partnerships with other developing countries starting as far back as the 1955 Bandung Conference is not new, these relationships were more political. At the end of the cold war Africa started new partnerships arrangements with the South, driven primarily by economic rather than political considerations. The fact that Africa’s total merchandise trade with the South (excluding intra-African trade) increased from US$34 billion in 1995 to US$283 billion in 2008, representing a third of all of Africa’s total trade, is an attestation to this. Africa must however be aware of the challenges and disadvantages that may accrue as a result of opening its borders to its partners. Many studies have shown the negative impact of cheap goods flooding African markets and killing African fragile industries. A recent study done by the African Economic Research Consortium on China’s trade relations with Mauritius for instance found that cheap imports have benefited consumers but that more significantly, Chinese import competition has caused heavy losses to local industry in Mauritius, with small firms and those in sectors such as garments, footwear and furniture experiencing a loss of market share. Similar findings came to light in a study of China-Nigeria Investment Relations. Policies guiding trade must address the intrusion of cheap manufactured goods from emerging economies flooding African markets and out-competing domestic firms. However, cheaper imported goods from emerging markets can benefit Africa’s own industrialization if they are primarily industrial inputs. A comprehensive cooperation strategy To ensure a win-win situation, Africa needs to carefully devise new partnership arrangements with developing countries. Whether on a country by country basis, through the Regional Economic Commissions or at a continental level, it is imperative to design a workable plan for engagement with partners. The world is

not waiting for Africa to put its house in order. In 2006, China released an official China-Africa policy white paper, which covered a broad range of topics on which China will engage with Africa from aid, debt relief, the promotion of Chinese culture and language, tourism and alliance building. It was the first of its kind in China’s diplomatic history with Africa, and it embodied Chinese long-term plan of enhancing all-rounds cooperation with Africa. Through it, Beijing presented the world that the objective of China’s African policy is to ‘establish and develop a new type of strategic partnership with Africa’ on the basis of advancing the fundamental interests of both sides. Following up on this, on the 50th anniversary of the start of diplomatic relations between China and Africa, in 2012, another policy paper was issued that strengthened and tightened the role of partnership between these two developing nations. Africa must also do same. African countries need to ensure that partnership with developing countries work for Africa’s transformation agenda. This has to be within and complementary to existing national and regional policies that promote integration. Regional bodies such as the African Union must work as forums to reach binding agreements amongst member states for a standard set of requirements for foreign involvement on the continent, whether with new or traditional partners. This collective action can also be leveraged, for example, to open up greater policy space for industrial investments that were utilized by the Asian newly industrialized countries during their economic transformation.

OmoBaba

WE’RE ONE CHANCE THIEVES, NOT ARMED ROBBERS - Suspects

- So, what’s the difference?

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