Binder888888 monday, april 14, 2014 by Newtelegraphonline

Sanctity of Truth Facebook.com/newtelegraph

Monday, April 14, 2014 Vol. 1 No. 55

Adeola Yusuf

he United States (U.S.) has reduced crude imports from Nigeria by 91 per cent, putting the country’s crude exports in disarray.

twitter.com/newtelegraph1

www.newtelegraphonline.com

N150

Nigeria’s most authoritative newspaper in politics and business

US shuns Nigeria’s oil, cuts crude import by 91 per cent

2015: 500 politicians to watch

Uduaghan, Ibori hold the ace in Delta

lGas supply: Nigeria pays $10m damages to Ghana The U.S., which was hitherto the biggest im-

porter of crude from Nigeria with over one mil-

lion barrels per day now

Pages } 13-16

CONTINUED ON PAGE 2

2015: North’ll rally against Jonathan, says Nyako l One-term pact paper with Babangida Aliyu - Gov lSouth South youths mobilise for president Ibrahim Abdul, Yekeen Nurudeen and Clement James

ortherners irrespective of party and religious affiliations will unite against President Goodluck Jonathan to

truncate his re-election bid in 2015, Governor Murtala Nyako has declared. Nyako insisted that Jonathan actually signed a one-term agreement with northern governors in 2011. According to him, the

agreement paper signed by the concerned parties is with the Niger State Governor, Babangida Aliyu. The Adamawa State governor, who spoke at the weekend, said the Peoples Democratic Party (PDP)

should forget having a foothold in any of the northern states, especially in the North-East, during the 2015 elections. He said northern leaders and his colleagues would ensure that the rul-

ing PDP does not have a grip on any of the states in the North, saying “the party has lost focus because it had deceived the people many times over.” Nyako said the North was resolute this time

around not to have anything to do with the PDP “because the ruling party has not been carrying its stakeholders in the northern region along C O N T I N U E D O N PA G E 2

National Confab may exceed three months Louis Achi, Onwuka Nzeshi and Lateef Ibrahim

here are indications that the ongoing national conference may be extended beyond its stipulated three months. The extension, New Telegraph learnt, would make up for the time lost in the first two weeks during which the conference was stagnated due to some controversies arising from its procedural rules. It could be recalled that the conference was forced to adjourn plena-

ry abruptly twice in the first week of sitting due to some differences on issues such as quorum, voting threshold as well as whether or not the report of the conference should be subjected to a referendum to give birth to a new constitution. The conference has also spent another two weeks debating the inaugural address of President Goodluck Jonathan in what some observers have described as a waste of time. C O N T I N U E D O N PA G E 3

Assistant Parish Priest of Sacred Heart Catholic Church Gwagwalada, Abuja, Rev. Fr. Sam Okorie (right), blessing palm fronds and parishioners to mark Palm Sunday …yesterday MORE PICTURES ON PAGE 9

AT A GLANCE

NEWS

METRO

National Conference: Muslims lament marginalisation Page 49

JAMB candidates, five others die in road crash Page 12

INSIDE

INVESTIGATION

SPORTS

Churches as big business acquiring warehouses, factories Page 21

Controversy over apppointment of Maurice Greene Page 51

News. . . . . . . . . . . . . . Metro . . . . . . . . . . . . . Politics . . . . . . . . . . . . Opinions. . . . . . . . . . . Entertainment. . . . . . Business . . . . . . . . . . . Family Affairs. . . . . . . Sport. . . . . . . . . . . . . .

02 12 13 20 25 31 41 51

LAGOS

Thunder Storms O

32OC |24 C For subscription, advert and story tips, please call +234 (1)221 9496, 08033392655, 08023010222

NEWS

Monday, April 14, 2014

One-term pact paper with Aliyu - Gov CONTINUED FROM PAGE 1

effectively.” Nyako predicted that more prominent people in the PDP would ditch the party for the All Progressives Congress (APC) ahead of the 2015 elections, if only to register their displeasure with the Jonathan administration. The governor said there was the possibility of more governors from the North defecting to the APC, saying the channels of communication between the APC and some northern governors were still open. The governor however told some civil society groups on the aegis of Coalition of Rights Advocates, who visited the state to ascertain security situation ahead of 2015 general elections, that he had nothing personal against President Jonathan. He said the failure of the president to confide in top members of the PDP, including state governors, about his interest to run for second term, was the cause of the stand-off between him (Jonathan) and some northern leaders.

TODAY’S WEATHER FORECAST PORT HARCOURT

32oC 22oC Thunder Storms

ABUJA

36o C 24oC Partially Cloudy

KANO

40oC 23oC Partially cloudy

ENUGU

33o C 23oC Thunder Storms

IBADAN

33oC 23oC Storm

CALABAR

31o C 23oC Thunder Storms

MAIDUGURI

26oC 11oC Mostly Sunny

ONITSHA

34oC 23oC Storm

Nyako was confident that Jonathan can’t deny the existence of the oneterm pact with the North. He said the attempt by Jonathan to jettison the agreement he entered into with the northern political leaders was responsible for the political feud that led to the defection of some governors from the PDP to the APC.

He maintained that contrary to the claims by Jonathan’s aides that he did not enter into such a deal with the governors, the president sealed the deal with them and pledged to abide by it. Nyako pointed out that although he had his initial fears that Jonathan would not stand by the agreement after winning

the 2011 election, former President Olusegun Obasanjo pleaded with the governors to sign the agreement and back Jonathan in the presidential election, which he eventually won. The governor also said that the document, which was with Aliyu, as the Chairman of the Northern States Governors’

Forum (NSGF), would be produced at the appropriate time to shame those still denying its existence. Nyako asked Jonathan to be a man of honour by respecting the one-term agreement, so that Nigerians can continue to respect and stand by him. He said: “We had an C O N T I N U E D O N PA G E 4

FLIGHT SCHEDULE 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: Managing Director, Eko Hotels, Mr. Ghassan Faddoul; Executive Chairman, Eko Atlantic, Mr. Ronald Chagoury; Lagos State Governor, Mr. Babatunde Fashola and Chairman, Eko Hotels, Mr. Richard Herb during the commissioning of the newly-constructed Eko Signature at the EKo Hotel and Suites, Victoria Island, Lagos…at the weekend.

US shuns Nigeria’s oil, cuts crude import by 91 per cent C O N T I N U E D F R O M PA G E 1

imports an average of 100, 000 barrels per day. Nigeria, Africa’s biggest crude exporter, depends largely on crude proceeds to service over 85 per cent of its budget. Data obtained from the Nigerian National Petroleum Corporation (NNPC) revealed that by the end of last year, the U.S. dropped to the 10th highest importer of Nigeria’s crude, with 1.438 million barrels. Specifically, the data obtained by New Telegraph showed that Nigeria “exported 1.438 million barrels of crude oil to North America as at December 2013, down by 15.111 million barrels in December 2012.” The report stated that by December 2013, Europe was the highest importer of Nigeria’s crude, accounting for 47 per cent of Nigeria’s total export; followed by Asia and Far East, accounting for 26 per cent; while Africa accounted

for 12 per cent of Nigeria’s crude export. Consequently, Nigeria has started to witness the negative effect of shale oil exploration in the U.S. and other parts of the world. The country’s crude oil export to North America dropped by 91.31 per cent in one year. North America accounted for 22.19 per cent of Nigeria’s total crude export by December 2012, but it dropped to 2.23 per cent by December 2013. According to the report, “Prior to the decline, the US was the highest buyer of Nigeria’s crude, purchasing 14.279 million barrels in December 2012, thereby, accounting for 19.15 per cent of Nigeria’s total crude export and 86.28 per cent of total crude export to North America. “By 2013 end, the U.S. dropped to the 10th highest importer of Nigeria’s crude, with 1.438 million barrels.” The NNPC report stated that by Decem-

ber 2013, Europe was the highest importer of Nigeria’s crude, accounting for 47 per cent of Nigeria’s total export; followed by Asia and Far East, accounting for 26 per cent; while Africa accounted for 12 per cent of Nigeria’s crude export. The report stated that South America accounted for 10 per cent of Nigeria’s total crude export, while Oceania/ Pacific and North America accounted for three per cent and two per cent respectively. Also, India emerged the highest importer of Nigeria’s crude in December 2013, with 13.086 million barrels, followed by the Netherlands with 9.866 million barrels, and France 4.497 million barrels. Nigeria exported 4.869 million barrels of crude to Brazil in the period under review; Spain 4.6 million barrels, while 3.895 million barrels of crude oil was exported to South Africa. Others are Cote

D’Ivoire 1.898 million barrels; Thailand 1.897 million barrels, and Australia 1.862 million barrels.” KPMG Professional Services had, a couple of days ago, warned that the discovery and exploration of shale oil and gas across the globe will put Nigeria’s economy at serious risk. “This is unless the country is able to churn out policies that will bring about increased investment in the oil and gas sector and ensure stable power supply,” the firm said. The Global Head, Energy and Natural Resources Practices, KPMG, Mr. Michiel Soeting, disclosed that Nigeria’s ability to finance its budget will be greatly threatened, unless it puts in place measures that will grow its crude production capacity, diversify the economy, as well as build additional crude oil refineries, stressing that these will C O N T I N U E D O N PA G E 4

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

Monday, April 14, 2014

$50bn illicit transactions in Africa: Nigeria, others seek World Bank’s aid Ayodele Aminu

Washington D.C.

frican Finance Ministers have urged the World Bank and the International Monetary Fund (IMF) to help in stopping the $50 billion that disappears annually from the African continent through illicit financial transactions. Nigeria’s Minister of Finance, Dr. Ngozi Okonjo-Iweala, said this yesterday at Spring Meetings of the World Bank and IMF during a briefing with Nigerian journalists in Washington D.C. Okonjo-Iweala, who is also the Coordinating Minister of the Economy, said the rebasing of Nigeria’s Gross Domestic Product (GDP), which placed the country as Africa’s largest economy, has attracted private sector investments into the country – the latest being Blumberg Green that has made a commitment to invest $250 million in the agricultural sector of the economy. Last week’s rebased nominal GDP saw estimates for 2013 hitting $509.9 billion from $285.56 billion. The minster, who was accompanied by the Acting Central Bank of Nigeria (CBN), Mrs Sarah Alade and other top gov-

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

There have been some suggestions among delegates that this conference should take its time to sit and resolve all the issues while the forthcoming elections should be put on hold to allow Jonathan run a Government of National Unity (GNU) for two years. Human rights activist, Ms Annkio Briggs, a delegate to the conference told New Telegraph that given the volume of work before the delegates it would not be fair to expect them to conclude everything within a space of three months. “I think that we would

ernment officials, said the group of African Finance Ministers urged the World Bank and IMF to look into the issue of illicit financial transactions. She said: “We have persisted in this demand and Africa Finance Ministers are saying based on a finding of a panel chaired by former South Africa President Thambo Mbeki that about $50 billion a year is disappearing from the continent, we asked the World Bank and the Fund to talk to the receiving countries, through capacity building. “How is the money going? It goes through those companies that should be paying taxes who are finding good ways to avoid taxes. Something called transfer pricing, their profits are exported to jurisdiction where they pay less tax and we cannot tax them because of over-invoicing and underinvoicing of goods and services that they bring into our countries and corruption of officials in the continent especially as it relates to natural resources. Almost every country in the continent has one mining or the other and the contracts are not favourable to us. “They (World Bank) will supply two things, one is capacity, you need specialised skills to be

L-R: Dr. Gbolahan Elias (SAN); Mr. Demola Akinrele (SAN); Chief Executive Officer, Eventful Limited/Alumnus, Oxford & Cambridge Club of Nigeria, Mrs. Yewande Zaccheaus; President, Oxford & Cambridge Club of Nigeria, Mr. Akinfela Akoni and Vice President, Dr. Timi Austen-Peters at the Club’s Business Forum on “Recognising Opportunities” held in Lagos

able to deal with transfer pricing, over invoicing, missed pricing and they also share information. Developed countries now have automatic tax information exchange; they get tax information automatically if you request, for people operating within their jurisdiction. We are not included, we are asking to be included so that developing countries can also get this information. And they should also help us with their authorities to repatriate.” Acknowledging that Nigeria’s rebased GDP was very favourably accepted at the meetings, the minister said: “The

fact that Nigeria now has a better measurement of its GDP, elicited a lot of interest among participants and even some private sector operators who were coming to say they are interested in investing and one of them is Blumberg Green. They have already sent a team to Nigeria that is working with the Minister of Agriculture to make Nigeria the hub for grain and cold storage. They want to invest $250 million. They were looking around countries in Africa to see where they could set up the hub. “The fact that Nigeria now has the largest economy in Africa is making

them feel that the hub should be in Nigeria if we handle this well, and that decision is made. So, we met them here with the Minister of Agriculture. That is just an example of interest.” She, however, noted that the N53 bilion added to the country’s proposed N4.642trillion has added a little to the fiscal deficit, which has moved from 1.9 per cent to 2.1 per cent of GDP. Noting that Nigeria’s fundamentals remain strong, the minister said what the uncertainty in the global environment is telling the country is that it must continue to build

fiscal buffers. She said that the need to build fiscal buffers becomes more imperative “because they (the World Bank and the IMF) are telling us they are not sure which direction the Euro economy is heading, although the European banks say they will do the necessary, and if needed inject more stimulus into the economy. They have told us that each country, should build its buffers and it means we have to build our reserves and excess crude account, which is what we are doing, we have to maintain our macro framework, we must continue on that.”

Conference may exceed three months not be fair to Nigerians on whose behalf we say we are here if we cast three months in iron. If we say that we must finish by three months, how are we assessing what we are doing in three months? We could finish in two months if it is a win-win situation or we could finish in three months. “We could also finish in five or six months but we have to start working first. We have not started working yet unless you people think that we are working now. We are just

getting the things in order. People are still discussing in three minutes what they feel the President has said and by their presentation you can begin to see where the real work will go,” she said. According to the Niger Delta activist, harmonizing the differences in the opinion of people from the various regions might take a longer time than envisaged because each group had taken positions even before coming to the conference. “We are here to bring

our different positions from where we are coming from. What I mean by where we are coming from is who are you? You are from a particular ethnic group, a particular state, a particular local government and a particular region of Nigeria. We are seated here but we’ve not started the real discussion of our issues. People are misunderstanding what is going on here as part of the discussion we came here to hold. No it is not part of it. When we start the work is when we go into

the different committees. So, whether we put political issues on hold or not, truly we are all here with different agenda because of the different people that we are. “Some people are for federalism while some people are not for federalism. We are for federalism because we know the benefits of federalism. There are people who don’t want federalism and want the status quo to remain because federalism will not work for their personal interest. There are people who

believe that federalism is the only way this country can develop and move forward and they are all here to push these positions,” Briggs said. On why the conference devoted a whole two weeks instead of going straight to business, Briggs explained that the strategy was designed to help delegates understand the issues that brought them to the conference as well as the peculiar positions of every group on the cardinal issues before the conference.

NEWS

Monday, April 14, 2014

2015: South South youths mobilise for Jonathan CONTINUED FROM PAGE 2

agreement with Jonathan for him to run only in 2011. Obasanjo assured us that Jonathan would only run for one term in office. The agreement is with the Niger State governor and he can produce it. “Jonathan should be a man of honour and stick to the agreement he signed with the northern governors. This country needs leaders who are honest so that they can be trusted and respected,” he said. According to him, Jonathan was number 73 on the list of those who signed the agreement and he cannot now turn round to deny what he validly endorsed. “We all agreed based on the plea made to us by Obasanjo that the 2007 and 2011 presidency belonged to the North. Jonathan was number 73 as the deputy governor of Bayelsa State. “So when they came and asked me to sign that he (Jonathan) had agreed that he would not contest the 2011 presidential election and I objected to it because he did not give his pledge to the agreement signed in 2003, they persisted and I signed. “After that, the Niger State Governor took the paper to Jonathan and he signed. Obasanjo can confirm that he came here with Jonathan and pleaded with me to support Jonathan to contest the 2011 presidential election.” Meanwhile, the APC has described President Jonathan’s last Friday Unity Rally in Enugu as a violation of the Electoral Act calling on the Independent National Electoral Commission (INEC) to stop the infringement. The APC, in a statement issued in London yesterday by its Interim National Publicity Secretary, Alhaji Lai Mohammed, said the president had exhibited a gross abuse of executive power by leading his party to prematurely kick-start the campaign for the 2015 elections, in violation of the law. The party lamented that President Jonathan by the action was engag-

ing in electioneering, rather than reunification campaign, noting that he and his party were engaging in crass lawlessness by their serial violation of the country’s electoral law under the guise of liberation, family or unity rallies across the country. APC said if the president’s action is anything to go by, the 2015 general elections will be anything but free, fair and credible. The party called on INEC to assert its independence, if it has any, by sanctioning the lawbreakers since no one is above the law. APC warned that if INEC fails to act, it loses any moral authority to stop other parties from also hitting the hustings ahead of time. “Hiding under nomenclature, this president has led his party to engage in brazen lawlessness and shameless impunity. They have gained an undue advantage over other parties, or beaten the gun, in athletics parlance. Therefore, they should suffer the consequences of their action, the least of which is a strong public rebuke, to be followed by stipulated sanctions if they persist. “If nothing is done to check this lawlessness, Nigerians should brace up for more in the days ahead. What example is the president laying by violating the law? What signal is he sending to Nigerians about the need to respect the laws of the land? When a president brazenly violates the electoral law under the guise of some rallies, has he not started election rigging? Has he not already started compromising the electoral umpires and the security agencies?” The party said when President Jonathan boasted in Enugu on Friday to capture the South-East in 2015, he was engaging in electioneering, rather than reunification campaign. But PDP youths in the South South have called on President Jonathan to declare his interest to contest the 2015 presidential election. This was contained in a statement signed

by Mr. Edet Asia, Zonal Coordinator, PDP Rural Empowerment Advocacy Programme (PDP REAP), South South at the end of its conference yesterday in Calabar. The group said one of the cardinal objectives of PDP REAP was to fully mobilise support for the president for a second term in 2015. The statement read: “We also declare our unflinching support to the

leadership of our dear party, PDP, at all levels. “The PDP National Youth REAP will continue to initiate programmes that will create empowerment and opportunities in line with the Transformation Agenda of Mr. President and to promote the unity of Nigerians irrespective of tribe, religion or affiliation.” Asia said the group would leave no stone unturned to ensure that the

president returns to the office in 2015 and called on all well-meaning Nigerians to support the cause. According to him, the situation requires perseverance and hard work, and urged members to brace up to the challenge. The group, he said, had resolved to ensure victory for the PDP in all South South states come 2015. He enjoined all the state coordinators in the zone to continue to mobilise

the youths in their states in order to realise the organization’s dream. In an interview, National Director, Contact and Mobilisation of PDP REAP, Dr. Asuquo Archibong, said the President has done well to deserve a second term. “We have looked everywhere for a good replacement, but found none. Therefore, we have no option than to give our full backing to a great achiever.”

L-R: Governor Mukhtar Ramalan Yero of Kaduna State; Speaker House of Representative, Alhaji Aminu Waziri Tambuwal; Vice President Namadi Sambo and Sultan of Sokoto, His Eminence Alhaji Muhammadu Sa’ad Abubakar, during the Jama’atu Nasril Islam (JNI) 50th Anniversary in Kaduna…yesterday. Photo: Ibraheem Musa

Gas supply: Nigeria pays $10m damages to Ghana CONTINUED FROM PAGE 2

significantly reduce the effect of shale oil discovery on the country’s revenue. He said shale oil discovery has created a lot of opportunities for international oil companies, IOCs, and has brought about stiff competition among crude oil producing countries. The KPMG boss also noted that oil producing countries will soon be in fierce competition with one another to attract investments and market their crude. Meanwhile, the Federal Government has paid $10 million damages to Ghana over its failure to meet gas supply agreement it signed with the latter. Ghanaian government, which confirmed the receipt of the damages, declared that it was aware that Nigeria has similar challenges of gas shortage for electricity generation before it signed the agree-

ment with it. Power generation in Nigeria last week crashed below 2, 500 Megawatts (MW) due to this gas supply shortage. The agreement, which the Federal Government signed, however required Nigeria to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day despite its similar gas challenges. Nigeria, however, failed to meet that target, supplying 30 MMBtu/d and less sometimes. Director of Planning and Business Development of the Volta River Authority (VRA), Kofi Ellis, told TV3’s Sandra Amarquaye at the weekend that Ghana has been paid some damages by Nigeria over the shortfall as stipulated in the contract. “The contract already stipulates some liquidated damages for reduction in supply,” Ellis said. “I know that already we have been paid some

damages for the reduction in supply.” A recent visit of the Minister of Energy and Petroleum, Emmanuel Armah-Kofi Buah, to Nigeria culminated in West Africa’s biggest gassupply nation promising to supply a constant 50 MMBtu/d. Ellis commended the intervention by government, admitting that in as much as Nigeria would want to help Ghana, they are also facing challenges. “I guess Nigerians also share in our problems. They understand. The unfortunate thing is that this is a commodity that both countries need for themselves. So, it is a matter of trying to see how best you can help your neighbour.” He said the contract signed “many years ago” will not be abrogated though one party is facing challenges in meeting the terms. The recent below-expectation supply of gas

from Nigeria has been cited as one of the causes of challenges in the energy sector. Power generation in Nigeria has fallen below N2,500 Megawatts (MW) as the shutdown of forcados pipeline began to take a toll on the power sector. New Telegraph gathered that the country suffered a power supply dip of 1,000 Megawatts due to shutdown of the 400,000 barrels capacity Trans Forcados pipeline, which suffered a leakage close to the Forcados export terminal. The pipeline conveys condensate and gas. The shutdown of the pipeline has suspended the 220 million standard cubic feet (scf) of gas supply to the national grid. A report by the Financial Derivatives (FDC) obtained by New Telegraph shows that the market size is growing, but electricity supply is dwindling “and the standby generator has now become a must buy.”

NEWS

Monday, April 14, 2014

NON-COOPERATION Senate committee accuses NNPC of witholding documents required for probe of financial activities Chukwu David Abuja

hairman, Senate Committee on Petroleum Resources (Downstream), Senator Magnus Abe has threatened that his Committee would summon the Minister of Petroleum, Mrs Diezani Alison-Madueke, if the Nigerian National Petroleum Corporation (NNPC) failed to furnish the committee with documents relating to the expenditure and other financial transactions of the corporation since 2012. Abe made this threat while briefing journalists in Abuja at the weekend on how the NNPC had consistently refused to cooperate with the committee in its quest to get the details of the corporation’s expenditure and other financial transactions in the last two years. This was even as the House of Representatives has concluded arrangement to investigate the

NNPC not cooperating with us on probe - Senate panel corporation over the alleged N10 billion expenditure on the minister’s private jets, speculated to have been from the NNPC’s account. The House has fixed April 28 for commencement of the probe of the N10 billion expenditure, allegedly spent on the minister’s private jets within and outside Nigeria. The Public Accounts Committee of the House investigating the expenditure disclosed that it had secured the aircraft travel logs to kick off the probe. Abe, in his briefing, noted that the NNPC had consistently failed to give information to the committee since October 2013. His words: “We have not informed the minister of the delay from NNPC and there are issues we know will involve the minister; but I don’t think this, at this point, involves the minister. But if we can’t resolve it, we will ask the minister to come with them. But at the moment, it’s between

the committee and the NNPC. The NNPC is a corporation. We believe we can sort this out. “We asked about the crude swap transactions, to know exactly what volumes are being swapped, what the country is getting in return. We haven’t seen that. We also wanted information on the rehabilitation of the refineries to know exactly how far they have gone with those programmes, we haven’t seen that. “We wanted information about the volumes

of products that are being sold via the PPMC. We actually haven’t seen that. We wanted information on the aircraft that has now become an issue. We have actually asked for this information since last year and we haven’t seen that. “So, there are lots of what I would call routine information from the NNPC which should be between us, the committee and the NNPC. Oversight is not just visiting the facilities to walk around. It also in-

volves taking a detailed look at how things are done, what’s being done and how the country is benefitting from some of these things that are happening and how we can work together to improve what is being done. Unfortunately, we haven’t received the kind of cooperation I would like to see from the NNPC and we are still believing they would step up their game and work with us so that we can get the best for the Nigerian people. “The last sitting of the

committee where we required for these information was particularly bad. They didn’t send anybody; it was only when I got back to the office that I saw a letter from the NNPC, saying that they were still trying to collate these information. Since last year, they have been collating this information. We believe that at this point, whatever they have or don’t have, we need to actually sit down and look at them together in the best interest of the Nigerian people.”

L-R: First Lady, Dame Patience Jonathan; son-in-law to the president, Mr Godswill Edward; daughter of the president, Mrs Faith Edward and President Goodluck Jonathan during their thanksgiving at the Aso Villa Chapel in Abuja on Sunday.

FG to extend emergency rule in Adamawa, Borno, Yobe Philip Nyam and Emmanuel Onani

ndications have emerged that President Goodluck Jonathan may extend the period of the emergency in the three North-East states of Adamawa, Borno and Yobe, to create enough time to wipe out Boko Haram. New Telegraph gathered that though the Service Chiefs seem favourably disposed towards lifting of the state of emergency on Adamawa State, no concrete decision has been reached on the matter. Our source said: “We have recorded successes against the insurgents, but what we are desirous of, is having total victory. And based on this, we are going to recommend to Mr. Presi-

dent for an extension of the State of Emergency.” New Telegraph gathered that the military top echelon has been holding series of crucial meetings with a view to adopting a common position at the enlarged security meeting that may hold on or before Friday with President Jonathan, Vice President Namadi Sambo, the National Security Adviser (NSA), Col. Sambo Dasuki (rtd), the Chief of Defence Staff and the Service Chiefs. Another dependable source within the security circle confirmed: “I can tell you authoritatively that the Service Chiefs will certainly call for an extension of the State of Emergency in Adamawa, Borno and Yobe states to enable them flush out the

insurgents completely. The military does not want to leave the job half done. If the military withdraws now, the pockets of the insurgents scattered around will regroup and start again. “If we don’t crush the insurgents totally, then we would have lost the battle and initiative to them. We cannot afford that because it will be disastrous,” the source added. The other reasons the military are demanding an extension is to enable its officers and men conduct searches, hold suspects beyond 48 hours for proper investigation. Another top shot in the military told New Telegraph correspondent: “Honestly speaking, the State of Emergency has not deprived the people of any-

thing, except the occasional restrictions in movement.” The emergency rule expires this Friday, April 18. In another development, the ongoing military onslaught against armed militia terrorising local communities in some North-Central states has resulted in the recovery of arms, ammunition as well as rustled livestock. The disclosure was made in a statement signed by the Director of Defence Information (DDI), Maj. Gen. Chris Olukolade. According the statement, a total of six rifles, 25 dane guns, 10 locallyfabricated pistols, as well as four revolvers, were recovered from armed militiamen, during the troops’ offensive in parts of Plateau and Kaduna

states. It added that over 140 cows and 90 sheep, believed to have been rustled during herdsmen/locals encounters, were also recovered, even as same have since been returned to traditional rulers in the affected areas. Olukolade warned traditional rulers “against shielding or harbouring armed gangs in the precinct of their domain.” On the counter-terrorism campaign to stamp out insurgency in the NorthEast states of Borno, Yobe and Adamawa states, Olukolade said “troops have been directed to maintain the aggressive patrols of the local communities to complement the assault on the terrorists,” even as he confirmed that “the presence of famished and

unarmed members of the terrorists groups wandering around has been noted in some villages.” Part of the statement reads: “The military assault on camps of armed militia men in Kaduna and Plateau states has led to the recovery of arms and some stolen livestock. The operations in Dahia Luka, Makera and some communities in Plateau and Kaduna states, resulted in the arrest of three wounded armed men after the encounter in which some of them died. “Armed gangs have been engaging troops in gun battles as the forests are being combed for remnants of criminal elements who have been wreaking havoc in various communities of the North Central.”

NEWS

Sanctity of Truth

Monday, April 14, 2014

Lagos PDP shops for Jonathan’s conduct unpresidential, Fashola's successor says South East APC Wale Elegbede

DP frantic search for the candidate that would succeed Governor Babatunde Fashola of Lagos State has commenced within the state chapter of the Peoples Democratic Party (PDP), just as the party vows to wrestle power from the All Progressives Congress (APC) in 2015. Speaking exclusively with New Telegraph, the deputy chairman of the PDP in Lagos, Chief Ola Apena, said the party was gearing up to win elections at all levels in the state and has narrowed its searchlight for a gubernatorial candidate with goodwill, intelligence, ca-

pability and integrity. He said, “We are mobilising and giving our people asense of belonging using the tactics of relevance, reference and recognition by way of delegation of assignments. The reconciliation and restructuring we are driving will reflect the structure of a party that is ready to win elections in Lagos.” Debunking insinuations that the party has picked its gubernatorial candidate ahead of the 2015 election in the state, Apena said the party would not engage in dark room selection of candidates, adding that the party has already thrown the door open for aspirants.

TALKBACK

PDP and APC continue their verbal war and the latter describes the President as desperate Leo Sobechi

he leadership of All Progressives Congress, (APC) in the South East has reacted to the tirades directed at the party by President Goodluck Jonathan during the recent ‘Unity

32.5%

The female percentage of internet users of Montenegro in 2011. Source: Itu.int

Lawmaker debunks Muslim/Muslim ticket Muhammad Bashir Lokoja

member of the House of Representatives from Kogi State, Jubril Umar Buba, has said the rumour making the rounds that the APC is shopping for a Muslim/Muslim presidential ticket, is a mischievous handwork of the Peoples Democratic Party (PDP). Buba who is repre-

Osogbo

DP Osun State chapter of the All Progressives Congress (APC) yesterday countered the PDP National Chairman, Alhaji Adamu Muazu, on his recent comment that, “it is difficult but possible for Omisore to lead the PDP to victory in the August 9 governorship election in the State of Osun." In a statement made available to newsmen in Osogbo, the APC described the comment as a mere dream that could never come to pass. "Muazu’s wish to replace APC’s Aregbesola

ident Jonathan’s claim that the APC was progressing nowhere in particular but to hell and that PDP was the only truly democratic party in Nigeria, the party, through its South East spokesman, Mr. Osita Okechukwu, queried: "How can a president throw caution to the winds, mount the rostrum only to cast aspersions on our great party, the APC? It means he has not found time to read the manifesto of the APC, which has war against corruption as the first

N907.9m

The IGR realized from other revenue sources of developing countries in 2012. Source: National Bureau of Statistics

cardinal programme. A war Jonathan detests.” Okechukwu, who spoke to New Telegraph in Enugu shortly after his election as a national delegate from the Udi Local Government Congress of the party held at the weekend recalled how penultimate week, during the North East zonal rally in Bauchi State, the president evaded giving account of his efforts at combating the Boko Haram insurgency and resorted to blame games, insults and invectives.

1,584m

The number of individuals using the internet in developing countries in 2012. Source: Itu.int

senting Lokoja/Kogi Federal Constituency under the platform of the All Progressive Congress (APC), said the PDP was only desperately using every trick to vilify the APC. Buba, who was speaking with newsmen shortly after his party's council congress in the state, stressed that the PDP was afraid of becoming an opposition party after the 2015 elections.

‘Omisore defeating Aregbesola is dream impossible’ Adeolu Adeyemo

Rally’ in Enugu, saying that the rally exposed the president’s desperation for re-election in 2015. APC South East contended that “President Jonathan's verbal attack on the party in Enugu gave him out as one obsessed with do-or-die politics in his bid for second term adding that Mr. President was “uncouth in his speech and unpresidential, (even as) it showcases a desperate president in his quest for a second term.” While dismissing Pres-

with PDP’s Omisore is “more impossible than difficult. His imagination cannot come to pass and his prediction will not see the light of the day," the APC declared. According to the party, what Muazu wants to do is like replacing a Winston Churchill with an Adolf Hilter in Great Britain, the party said. “Omisore is the antithesis of Aregbesola in every material particular of the Osun political landscape,” the APC said, adding that “these two people are poles apart; the one notorious for violence and terror while the other is popular for development.

Former Vice President and chieftain of All Progressives Congress (APC) Atiku Abubakar (right); his son/groom, Abba; and his wife Marina, and mother of the bride at the wedding ceremony of son of the former Vice President in Jada, Jada Local Government Area of Adamawa state …at the weekend.

FCTA to carry out NEEDS assessment of people living with HIV Johnchuks Onuanyim Abuja

he Federal Capital Territory Administration is planning to carry out Needs Assessment of people living with HIV in the Federal Capital Territory with the aim of identifying indigent members, current level of care and additional services and support requirements. The FCT Minister, Senator Bala Mohammed, made this disclo-

sure at the weekend after meeting with top management of the FCT Agency for the Control of AIDS (FACA) led by its Project Manager, Dr. Uche Okoro, in his office in Abuja. Dr. Okoro also revealed that FACA was able to secure grant from GLOBAL Fund for 13 Support Groups of People Living with HIV in FCT to provide HIV care and support services to their members to the tune of N60,723,000.

According to a statement from minister's Chief Press Secretary, Muhammad Hazat Sule, the minister said that the FCT Administration has focused attention on support groups living with HIV in health facilities and communities. He said. “This would enable the FCT Administration deal directly with the people living with HIV for maximum result and benefit.” The minister re-

marked that the Administration intended to map out hotspots in the Federal Capital Territory for continuous direct services to the people living with HIV. He stated that the FCT has decentralised its HIV services from urban centres to Primary Health Care Centres in the rural areas which, he noted, was paying off in providing comprehensive quality, accessible, affordable HIV/AIDS services in the Territory.

NEWS

Sanctity of Truth

Monday, April 14, 2014

PUNISHMENT For crying out against outage, Aladja residents are kept in the dark Joe Obende Warri

ollowing last week’s protests by residents over epileptic power supply and outrageous bills. Aladja community in Udu Local Government Area of Delta State has been thrown into darkness. Irked by the blackout as punishment for the protest, the community promised a total show down with the Benin Electricity Distribution Company (BEDC). One of the residents of the community, Mrs. Augustina Edirin, told New Telegraph: “That the

Power company throws Aladja into darkness over protests electricity company cut off our light for daring to protest what we perceived as injustice is the height of it. “They should never bring light bills too, because we will not pay for what we do not consume. Do they expect us to clap for them while they milk us dry for services they do not render? “They should keep their light, but we will resist them when they come with light bills.” Another resident, Mr. Kingsley Ikpimogi, condemned BEDC’s action, insisting that Aladja would not succumb to such blackmail.

1,240,000

The total area (in sq. km) of Mali. Source: Worldfactsandfigures.com

“We will protest again and fight this battle to its logical conclusion. What do they take us for? We protested peacefully what were our pains, instead of addressing the issue, they cut off our supply. “Within the next three days, if we do not have light, we will embark on violent, co-ordinated protests. It will involve the young and the old, male and female. “Our voices will be heard in Abuja, we have a commissioner and a House of Assembly member, yet we suffer blackout because they said there is no transformer.” A community leader,

8,091m

The peak height of Annapurma I (in Nepal). Source: Blatantworld.com

who declined to give his name, debunked BEDC’s claim that the protesters destroyed their facilities. “That is a lie; the protest was a very peaceful one. “They (BEDC) are hiding behind their inadequacies to black us out. We are waiting for them to continue to black us out, but we won’t pay for bills we never consumed. “We shall resist them, we have been exploited for too long, but now we are ready to fight the injustice. It is their duty to give us light and transformers and not to shut us out for protesting high bills and epileptic power supply,” he said.

54.1%

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

Speaking on the development, Corporate Affairs Officer at the Warri District Office of BEDC, Gbiwen Edmund, said the action by residents resulted in the shutdown of their operation in the community.

The real issue, which most residents and their leaders were aware of was that of a weak, overloaded transformer. The wisest option was to do load shedding to avoid it packing up in the absence of immediate replacement.

Centenary birthday: Jonathan felicitates with Olubadan Sola Adeyemo Ibadan

resident Goodluck Jonathan has sent words of felicitation to the Olubadan of Ibadan, Oba Samuel Odulana Odugade, who is celebrating his centenary birthday today. Towards the anniversary, the Oyo State capital, has been agog to receive President Jonathan and many other dignitaries, who would be coming to celebrate with the monarch. The President is also expected to join the monarch’s well-wishers at the St. Peter’s Anglican Cathedral, Aremo, Ibadan, to give thanks to God for preserving the life of the Olubadan, whose birthday coincides with the centenary anniversary of Nigeria. President Jonathan, who recently paid a private visit to the Alaafin of

Oyo, His Imperial Majesty, Oba Lamidi Olayiwola Adeyemi, without visiting the Olubadan, had in response, said that he did not visit the Olubadan, because it had been part of his itinerary that he would attend his birthday. Other activities lined up for the one week celebration include the conferment of awards on the Senate President, David Mark and his wife, Randa; and Nobel Laureate, Prof. Wole Soyinka, as well as an international historian based in America, Prof. Toyin Falola. According to Olutunde Aboderin, who is the chairman of the marketing committee of the centenary celebration, the awardees were carefully chosen based on their outstanding contributions to the development of Nigeria, Ibadan and humanity in general.

2015: We don’t need LP support to win – PDP Bayelsa State Governor, Seriake Dickson (right), congratulating his new Commissioner of Power, Chief Jim Ogbolo Partner-Edward, during the swearing-in ceremony, at the Exco Chambers, Banquet Hall, Government House, Yenagoa…at the weekend

Babatope Okeowo

Gas explosion kills one in Benin City

Cajetan Mmuta BENIN

here was pandemonium in parts of Benin City at the weekend, following a deafening explosion that killed one person in the Edo state capital. The explosion caused confusion among residents of the popular Sakponba road and Agba-

do Market in Akpakpava area of the city. Reports said the explosion claimed the life of a 40-year-old businessman, simply identified as Mr. Steve. He was said to have opened his gas shop located at 2, Aruosa Street, when suddenly one of the gas cylinders exploded and killed him. According to sources close to the scene, the blast

shattered his limbs and in the process sent residents of the area scampering for safety, thinking it was an attack by insurgents. Another eye witness said; “This is a very sad day for us, because late Steve was a good man. When we heard the loud bang, we thought it was a Boko Haram bomb, because we have never heard this kind of explosion be-

fore. “Immediately the explosion occurred, people started running up and down fearing that it was a Boko Haram attack.” He said soon after the blast, Steve’s lifeless body was found few meters from his shop, in the pool of his blood. The remains of the deceased has been deposited at the morgue.

Akure he Ondo State chapter of the Peoples Democratic Party (PDP) yesterday tackled its rival Labour Party (LP) over threat to withdraw support for President Goodluck Jonathan in the 2015 elections. The PDP said it did not need the support of the LP in the state to win the election. The LP had threatened to withdraw its support for President Jonathan if the party’s candidate in Ilaje/ Eseodo bye-election, Mr. Kolade Akinjo, was not

declared the winner of the election. The party through its Director of Publicity, Mr. Ayo Fadaka, said the support of LP is surplus to requirement as the PDP had the capacity to win any election without the support of any other political party in the state. There has been dispute between PDP and LP over the bye-election in Ilaje/Eseodo federal constituency, which the Independent National Electoral Commission (INEC) declared inconclusive despite the fact that the LP was leading with about 1, 300 votes.

across The Nation

Sanctity of Truth

Monday, April 14, 2014

Anambra AWKA

Rousing welcome for Ojukwu’s son in Nnewi Nnewi, home of the late leader of the defunct Biafra and former leader of the All Progressives Grand Alliance (APGA), Dim Chukwuemeka Ojukwu, was agog at the weekend as his son; Emeka was treated to a rousing reception in the ancient town. The reception followed the younger Emeka’s appointment as the Sole Administrator of Nnewi North Local Government Area of Anambra State.

State Governor, Willie Obiano, had told newsmen in Awka on Wednesday that he has appointed Chief Emeka Ojukwu Jnr sole administrator of the local council area where last year’s local government council chairmanship poll in the state was inconclusive and has remained thus till now. His appointment by Obiano is the second time the son of the late elder statesman was being appointed to serve the state government.

FCT ABUJA

‘Decision not to join issues with APC,not a sign of weakness’ G ov e r n o r s h i p candidate of the Peoples Democratic Party (PDP) in Ekiti State, Mr. Ayodele Fayose, yesterday said that his decision not to join issues with the ruling All Progressives Congress (APC) is not a sign of

weakness or admittance of such propaganda. Fayose, who spoke with newsmen in Abuja, said he was determined to make the campaign an issue-based one no matter the provocative statements from the APC. “Between now and June 21, my priority is to concentrate on this election.”

OYO

NIGER

BORNO

Ibadan

MINNA

MAIDUGURI

Centenary birthday: Olubadan, greatest hero of our time –Senator As activities marking the centenary birthday celebration of the Olubadan of Ibadanland, Oba Samuel Odulana, Odugade 1, formally take off, Vice-Chairman, Senate Committee on National Planning, Economic Affairs and Poverty Alleviation, Senator Olufemi Lanlehin, has

described the monarch as the greatest living hero of contemporary Africa. Senator Lanlehin, who is the Ekarun Bamofin of Ibadanland said in a statement issued in Abuja by his media aide, Olawale Sadare, that Oba Odulana has a rich credential of excellence which he has achieved in all the facet of life since he was born in 1914.

KWARA ILORIN

UNILORIN don wants N1bn for anti-malaria drugs A lecturer at the Department of Biochemistry, University of Ilorin, Prof. Elizabeth Balogun, yesterday said that she wanted authorities of the institution to set aside N1billion for patenting and marketing of anti-malaria drugs produced from an interdis-

ciplinary research at the university. Balogun, who made the request in her inaugural lecture at the university, said there is an avalanche of research outputs on malaria by the multi-disciplinary team, adding that the N1billion would enable the team in the production, quality control and marketing of the drugs.

Polio:2.2mchildrentobe immunisedinNiger

DikwaLGbossdebunksattack onJAMBcandidates

To ensure that polio disease is completely eradicated from the state, the Niger State governor, Dr. Babangida Aliyu, yesterday said that no fewer than 2.2 million children will be immunised against polio in the state. Speaking during the third Immunisation Plus Days campaign in Minna, Governor Aliyu said the vaccines to be administered on the children have been sent to the various cold chain stores in the state.

The Caretaker Chairman of Dikwa Local Government Area, Alhaji Ali Modu Gana, has debunked reports that candidates on their way to write the Unified Tertiary Matriculation Examination (UTME) held last Saturday nationwide, were attacked and killed by insurgents. The report came as the authorities of the Joint Admissions and Matriculation Board (JAMB) in Yobe and Borno States also denied any attack on any of its candidates as widely insinuated. It will be recalled that a serving senator representing Borno Central, Senator Ahmed Zannah, was quoted by some journalists in Abuja that between Thursday and Friday last week, about 210 people were killed by Boko Haram terrorists.

EDO BENIN

2015:Ogbemudiacarpets EdoPDPleadership Heir apparent of the Chief Samuel Ogbemudia dynasty and eldest son of the member of Board of Trustees of the Peoples Democratic Party in Edo State, Mr. Sam Ogbemudia Jnr, has carpeted the leaders of the party in the state. He said only a positive reorganisation of the party in the state would pave way for it towards winning the forthcoming the presidential and National Assembly elections in 2015 and that of the governorship polls come 2016 in the state.

ANAMBRA AWKA

Stakeholders issue ultimatum on insecurity

L-R: Alake of Egbaland, Oba Adedotun Gbadebo; keynote speaker, Prof. Oye Ibidapo Obe; guest speaker, Mrs. Abike Dabiri; Honouree, Chief Emeka Anyaoku and Deputy British High Commissioner to Nigeria, Mr. Carter Peter, during the 4th Chief Emeka Anyaoku lecture series on Good Governance and book presentation in Ogun State.

BENUE

KWARA

MAKURDI

ILORIN

UTME tragedy: Critic calls on Wike,Registrar to resign A social critic based in Benue State, Mr. Patrick Agbo, has called on the Minister of Education, Nyeson Wike and the Registrar of the Unified Tertiary Matriculation Examination (UTME) to resign for failing to make appropriate arrangement to protect the lives of the murdered candidates who were killed in Borno State.

At least 210 Borno State candidates, who were to sit for the examination were said to have lost their lives to the Boko Haram sect on their way to the examination. But, speaking in an interview in Makurdi, Mr. Agbo said it was gross negligence on the part of the minister, in particular, for failing to take in cognisance of the security situation in Borno State.

Speaker,LG boss hopeful APC’ll bail Nigeria out

The Speaker of the Kwara State House of Assembly, Alhaji Razak Atunwa and the Chairman of Ekiti Local Government area, Mr. Akintoba Fatigun, at the weekend, expressed confidence that the All Progressives Congress (APC), if elected next year, will address the myriad of challenges bedeviling the nation.

Both spoke in separate interviews with reporters at the end of the local government congresses of the party in their respective council areas. But, the exercise was not so successful in Baruten Local Government area of the state as it was declared inconclusive by party officials. It is the council area of the Chairman, House Committee on Media, Alhaji Zakari Mohammed.

Stakeholders at the two-day security summit convoked by Governor Willie Obiano of Anambra State at the weekend issued a 14-point communiqué on how to manage the worrisome state of insecurity in the state. The stakeholders identified the struggle for supremacy between traditional rulers and the presidents-general of town unions in the state as one major source of problem. The summit has advocated the setting up of Anambra State Security Trust Fund Agency to help the state government provide adequate funding for execution of its current programme of fighting crime head on as has been flagged off.

BENUE MAKURDI

Committee calls for cooperation from Fulani leaders The Resolution and Peace Building Committee constituted by the Benue State government that is looking into the Fulani/Tiv crisis has called on leaders of the Fulani nation to cooperate with the state and the Federal Government to bring to an end the current security impasse in state. The committee made the call in separate visits to by the delegation to the Lamido of Adamawa, Alhaji Mohammed Bakindo and the Sarkin Fulani of Nassarawa State, Senator Waheed Jibril.

KWARA ILORIN

Kwara debunks double bond rumour The Kwara State government has debunked insinuations that the N23 billion loan it was to access from the capital market is different from an initial N30 billion it had earlier proposed under the same scheme. The government response was sequel to allegations by the PDP, which expressed disappointment over the proposed loan.

NEWS

Sanctity of Truth

Monday, April 14, 2014

PALM SUNDAY

Pope Benedict XVI celebrates the Palm Sunday mass at the Saint Peter Basillicaâ&#x20AC;Śyesterday

Former Governor of Abia State, Dr. Orji Uzor Kalu, during the Palm Sunday Mass at Holy Cross Catholic Church, Gwarinpa Abuja â&#x20AC;Śyesterday

Palm Sunday Service at the Cathedral Church of Christ, Tinubu, Lagos.

Youth members of Army of Salvation, Motailatu Church Cherubim and Seraphim Worldwide, Restoration Parish, Akute, Ogun State during Palm Sunday service...yesterday

Faithful at the Bishop Tugwell Anglican Church, Odunlami Street, Lagos.

At the St. Peter Church (Faji), Lagos.

Master Adegbite Adeseye, on a donkey and supported by Joel Samson, during the Palm Sunday Service for the commemoration of Jesus triumphal entry into Jerusalem, by the Cathedral Church of Christ, Tinubu, Lagos.

At the First Baptist Church, Broad Street, Lagos.

PHOTOS: TONY EGUAYE

10 NEWS

EQUITY

No region should have undue advantage over the other, party chief advises as he canvasses six-year term for governors, president Ikechukwu Ucheoma Umuahia

chieftain of the All Progressive Congress (APC) Joshua Akomas, has reiterated the need for an additional state in for the South-east geopolitical zone. Akomas, who disclosed this in an exclusive chart with New Telegraph in Umuahia, the Abia State capital, insisted that the issue

Sanctity of Truth

Monday, April 14, 2014

South East deserves one more state, says APC chief of unequal number of states in the zone is a disadvantage to Ndi Igbo since resources are distributed on state basis. He maintained that adding at least one more state to SouthEast should be one of the basic issues to be addressed in the ongoing national conference in Abuja, adding, " there should be three zones up in the North and down in the South thereby making it a bi-regional arrangement where no section will have an advantage over the other.

But the current situation where the North has more states than the South, if they get together on any issue they have the day, "he said. Akomas further noted that more vibrant men should be given the opportunity to speak on national issues, rather than the older men, arguing that though the elders may have good ideas, their self-interest and personal consideration may not allow them push ahead with those ideas. The APC stalwart noted further that Nigeria

is ripe for single term of six years for the offices of governor and the President. In his words: "I agree with those who believe that single term will reduce rancour and cases of incumbents manipulating the polity to win elections even when they have not performed, if anyone in power can deliver in six years let him leave for others to try, that is my personal opinion.” He also pointed out that the ongoing National Conference will reposition the country if criti-

L-R: Actress, Mrs. Gloria Anozie-Young; Executive Producer, Mr. Biyi Bandele and Principal Actor, Mr. Chiwetell Ejiofor during a World Press Conference on African Premere of Half of a Yellow Sun in Lagos…at the weekend. PHOTO: GODWIN IREKHE

Omisore accuses Aregbesola of importing arms; It is not true – Aregbesola Adeolu Adeyemo Osogbo

he flag-bearer of the Peoples Democratic Party (PDP) in Osun State, Senator Iyiola Omisore, at the weekend accused Governor Rauf Aregbesola of importing arms and police uniforms for militants groups ahead of the August 9 governorship election in the state. Omisore’s director of information and strategy, Diran Odeyemi, in a statement made available to newsmen in Osogbo, remarked, "We are aware

of the Boko Haram elements the governor has been nursing for the past two years as well as several thugs he is training in several locations in Lagos state." "We urgently call on the security agencies to probe the governor and call him to order... However, Governor Aregbesola in his reaction described the claims of Omisore as untrue and misleading, saying PDP is known for violence and killing and members of the public should disregard the allegations.

Aregbesola's spokesman, Semiu Okanlawon, said securitymen should be more vigilant In the state over Omisore's outburst and keep their eyes on PDP members whom he described as blood suckers. Odeyemi added: "We watch with surprise and trepidation and we condemn in the strongest possible terms the call to violence by the Osun State Governor Ogbeni Rauf Aregbesola in a live television programme on Osun State Broadcasting Service aired on April 12,

2014. "This open call to arm is the final stage of the governor and his party's desperation in view of their imminent defeat in August. "We take these utterances by a man who is supposed to be the Chief Security Officer of the state to be a manifestation of gross irresponsibility , a direct threat to peace in the state and a reflection of defeatist attitude by the All Progressive Congress even before the actual election."

cal areas concerning the existence of the country are addressed with no no-go areas, adding that Nigerians have to resolve several issues if they

wish to remain together, for instance, the type of relationship that will exist between the regions and the mode for revenue allocation.

Research institutes' pensioners may sue FG over alleged scam Sola Adeyemo Ibadan

ome aggrieved pensioners of research institutes in the country have challenged the Federal Government over alleged fresh frauds in their pension funds domiciled in the Office of the Accountant General of the Federation. The pensioners under the auspices of the Severed Staff of Research Institutes at the National Cereal Research Institute Badeggi, and Cocoa Research Institute of Nigeria (CRIN), Ibadan, have specifically accused some unnamed personnel in the Office of the Accountant General of

deliberately manipulating the computation and payment of their gratuity and pensions. The pensioners alleged that the unnamed personnel were using forged documents in the computation, thus short-paying the beneficiaries to the tune of millions of naira. In their petition dated March 24, 2014 and signed by their counsel, Mr. Femi Falana (SAN), the aggrieved pensioners threatened to initiate legal actions against those behind the forgery if, according to them, within 21 days, the Accountant General of the Federation fails to correct the identified anomalies.

2014 guber race: Ekiti needs critical intervention – Opeyemi lWhy Tinubu can't support me Philip Nyam Abuja

ubernatorial candidate of the Labour Party in the forthcoming election in Ekiti State, Bamidele Opeyemi, has said the state needs critical intervention to salvage it from bad governance. The guber hopeful also declared that his political foster father, Bola Tinubu, would not support his governorship aspiration because he was running on the platform of a different party other than the All Progressives Congress (APC). He said "I am convinced that what Ekiti needs now is critical intervention. Since the creation of the state, no

governor has completed his tenure and the politics has been volatile. The state has been placed in a barbers chair that keeps revolving. "For me, I think there is need for an unusual leadership and I believe I have the capacity to be an unusual governor; a governor that will truly serve; a thinking governor that can deliver." Opeyemi, who is chairman of the House of Representatives Committee on Legislative Budget, spoke in Abuja at the weekend. The governorship hopeful said he was still loyal to Tinubu but the gubernatorial election was about Ekiti and not APC or Lagos.

metr

NEW TELEGRAPH

www.newtelegraphonline.com/metro

ABIODUN BELLO FEATURES Editor

abiodun. bello@newtelegraphonline.com

MONday, APRIL 14, 2014

0802 393 8212

Ikorodu General Hospital: Deaths resulting from alleged negligence Many avoidable deaths have been recorded at the Ikorodu General Hospital because of alleged negligence of health personnel, reports ELIJAH SAMUEL

any people have gone to the hospital, particularly the public health facilities, to get medical attention only to lose their lives in suspicious circumstances. Many of such deaths have been as a result of negligence on the part of medical personnel. Most culpable in this are the nurses who are expected to yield tending hands to the sick. This has been the lot of many Nigerians patronising the Ikorudu General Hospital. Mrs Rita Mokwue, who accompanied her husband to the hospital, has a gory tale about the lackadaisical attitude of medical personnel in the hospital. According to her, she was stunned by the callous neglect which has become the fate of most patients in public hospitals. Recently, the woman, in company with others, rushed her husband, Mr Phillip Mokwue, who suddenly took ill to the Ikorodu General hospital. She said: “We took my husband there on Sunday morning and he was admitted. He suddenly developed high blood pressure on Saturday and was rushed to a private hospital where he was first attended to. But we were told on Sunday morning to take

him away because they could no longer handle his case. So we took him to the general hospital. “In the evening, the nurses drove everybody out of the ward. They said relatives were not allowed to stay inside the ward in the night. I passionately pleaded that they should allow me to stay with him. I couldn’t leave him because of his condition. Somehow, they acceded to my request.” Granting her request might seem good but what she saw during her one-night-stay in the male ward where her husband was admitted, sent shivers down her spine. She said: “While in the ward, beside my husband’s bed, I looked round and realised that I was the only one allowed to stay with patient inside the ward for the night.” Rita had pondered but did not know whether it was a right or privilege for her to be allowed to stay close to her husband on the sick bed. That thought had lingered in her mind and lasted throughout the night until she yielded to slumber. Alas, she was jolted back to consciousness by a heavy thudding: the man on the next bed had fallen, face down and convulsing. That sight made her raise the alarm. She said: “I was awakened by a heavy sound. By the time I woke up, I saw the man next to my husband’s bed had fallen. There was nobody around; I ran to where he was lying, I saw that he was convulsing and ran to where the nurses were. “The nurses, who apparently were in deep sleep, came out and followed me to where the man was lying. They observed

and confirmed him dead. This was in the dead of the night. “In the morning, the relatives of the dead man brought food for him but they were told that he was dead. “Shortly afterwards, the nurses warned that I must not say what I saw to anyone. I was terrified. Perhaps the man would have survived if there had been nurses around. At least, they are expected to keep constant watch over their patients.” It was Monday morning, those that were supposed to be on duty resumed and activities had gone on as usual throughout the day. But Rita’s husband had also been terrified by what happened to his ward mate, and thus prayed that such fate should not be his portion. When at night that day, Rita had hoped to enjoy the kind of ‘luxury’ of the previous night. But she got it wrong: she was told she could not be allowed to stay with her husband in the ward. She tried a protest but that fell on deaf ears. Reluctantly, she stayed and passed the night on the corridor outside the ward where her husband was. But not comfortable, Rita sneaked into the ward around 10pm to see

In the morning, the relatives of the dead man brought food for him but they were told that he was dead

how her husband was faring and bade him peaceful night rest. But that was the last time Rita saw her 67-year-old husband alive. She said: “When the day broke on Tuesday, I made to go inside and see my husband but I was not allowed. “Later, one of the nurses told me that my husband was dead. I couldn’t believe it. But when I went inside with other relatives, we confirmed he was truly dead; he had been packed, prepared for the mortuary. “But we noticed some signs which gave clues to how he might have died. We noticed that there were bruises on his face which could have been sustained apparently from a fall; we also noticed that his slippers were at the entrance to the bathroom. “Apart from these leads, they had claimed that he died around 9pm on Monday. This was contrary to the fact that I saw and spoke with him on his bed inside the ward the same Monday night around 10pm before I left the ward.” Incidents like the aforementioned, obviously, have become a recurring occurrence in many of the public health institutions across the state. This has left many to ponder the safety of patients, the kind of care and the competence of the medical practitioners in these institutions. When contacted, the state Commissioner for Health, Dr Jide Idris, became enraged when he was informed of this latest development at Ikorodu General Hospital. The commissioner requested to be furnished with the details, promising to take up the issue.

METRO

Monday, Ap

Two UTME candidates, five others die in road crash TRAGEDY Auto crash claims candidates going for UTME and others in Ondo Babatope Okeowo Akure

even persons, including two candidates sitting for the Universal Tertiary Matriculation Examination, died in a road accident on Owo - Ikare Road in Owo Local Govern-

ment Area of Ondo State on Saturday. Apart from those who lost their lives, three other occupants of one of the vehicles sustained serious injuries. The crash, according to witnesses, involved a white Volvo tipper, an orange Nissan Almera and a white Peugeot J5 vehicle. Witnesses told journalists that two of the vehicles involved were coming from Offa in Kwara State when the incident occurred. The tipper was said to have overtaken the Peugeot J5 while trying to negotiate a bend before it ran into the Nissan Almera car

conveying the candidates. Confirming the incident, the Head of Operations of the Federal Road Safety Commission (FRSC) in Ikare Akoko, Mr Samuel Ibitoye, disclosed that two of the five candidates died instantly while the others were badly injured. Ibitoye said the injured were rushed to the Ikare Specialist Hospital and Iwaro General Hospital for treatment. Bodies the candidates were deposited at the hospital’s morgue. The identities of the candidates could not be ascertained at press time.

The mangled bodies of the students

Boat mishap claims five in Niger MFM pastor hang • Lagos committee gets 10 days to submit report Muritala Ayinla and Dan Atori

ive persons drowned on Saturday afternoon when a passenger boat capsized in Egah River in Edati Local Government Area of Niger State. The boat left Gbanchi in Edati for Sofanla village in the fast flowing Egah River about 2:30pm, when it hit a rock, thereby spinning before it eventually capsized. It was gathered that villagers and fishermen in the area have been making frantic efforts to recover their bodies, while the boat operator was the only survivor. A witness, Mallam Iliyasu Gambo, told our correspondent that the passengers would not have drowned if they wore lifejackets. He said: “The state government has told passengers and operators of boats and ferries to always wear lifejackets whenever they are travelling, but these people did not wear lifejackets.

File picture of a boat mishap

“The truth is that when the accident happened they would have been floating in the river and we would have been able to save their lives, if they wore the jackets. Now they are dead because of disobeying the law.” The state Police Public Relations Officer, Mr Richard Oguche, confirmed the accident. He said the police had dispatched its Marine personnel to the area to assist in the recovery of the remains of the passengers. Oguche listed the victims as Baba Mohammed, Abu Yaba, Audu Saidu, Jibrin Mohammed and Aisha Usman. At press time, he said none of the bodies had been recovered. Meanwhile, Lagos State Government has given the 11-man committee investigating causes of accident of an Ikorodubound boat which claimed nine of its passengers recently 10 days to submit its report. The government also urged commuters to always wear lifejackets while trav-

elling on water, even as it promised to enforce its usage by the boat operators. Inaugurating the committee, the Commissioner for Transportation, Comrade Kayode Opeifa, said the report of the committee would determine the drastic measures to be taken by government on water transportation. Noting that water transportation still remains the safest, fastest and most comfortable in state going by the traffic gridlock usually experienced by motorists and commuters, Opeifa described the incident as unfortunate. He added that the government was deeply saddened by the boat accident. The commissioner urged the public to assist the committee with information that could help in designing policies that would enhance safety of water transportation. He said: “The 11-Man Inter-Ministerial Fact Finding Committee will ascertain and determine the immediate and remote causes of the 2nd April, 2014 boat mishap at Ikorodu and such other similar incidents in the past. “The committee will ascertain and confirm details of the accident including the roles of all concerned persons, institutions and agencies.” Responding, the committee Chairman, Mr Olajide Tairu, said his members would devote all their energy to unravel the cause of the incident and several other boat mishaps so as to come up with recommendations to forestall future occurrence. Other members of the committee are Mr Kehinde Olanipekun, Mr Sina Thorpe, Mr M Loya, with other representatives drawn from the Ministries of Justice, Works, and Environment. Representatives of the Lagos State Safety Commission, Lagos State Emergency Management Agency (LASEMA) and the Lagos State Fire Service are to also serve as members of the committee.

SUICIDE A cleric kills himself after delivering a sermon at a vigil Taiwo Jimoh

ragedy struck on Saturday as the residents of Elepete Village in Ogijo, Sagamu Local Government Area of Ogun State woke up to find the body of a middle-aged man dangling on a tree in a bush. The man was identified as Pastor Kayode Oyebode of the Mountain of Fire and Miracles Ministry (MFM), Ishawo Road in Ikorodu, Lagos State. An elder in the community, Pa Sanya Odusanya, told our correspondent that a passer-by, who saw the dangling body, raised the alarm which attracted the people to the scene of the incident. He said: “I and some other elders in the community went to the scene to identify who exactly the person was. It was when we got there that we discovered that the man was not from our community. He only came to check a friend who lives in the community, before he committed suicide.” The late pastor was said to have gone to a vigil on Friday with his family members. Oyebode even preached in the church before he left for home in the morning. His wife, Mrs Margaret Oyebode, said her husband had been complaining of nightmares for more than a month.

She said: “As Christian we both prayed over it. B lately he started behavi strangely. There was ev a time he wanted to st himself to death but he w rescued. “We went to vigil on F day together with our fam members. He even preach in the church before we l for our home on Saturd morning. “When we got home fro church, the children and went to sleep. But when woke up, I could not find hi in the compound. “I called my younger s ter’s husband, Baba Toyo who lives in Elepete villa along Ita Oluwo, Ogijo th we couldn’t find Daddy in t house. My sister’s husba told me to wait for him th he was coming to pick me that we could both search f him. “As our search continue someone called my siste husband and said that a m

The hung body of Oyebode

Nasarawa: A tale of two governors / PAGE 17 | Wada: A governor’s unending travails / PAGE 18

POLITICS

NEW TELEGRAPH

newtelegraphonline.com/politics

ayodele Ojo

Confab’ll bring about wonderful development –Izuogu

Deputy Editor, politics

ayodele.ojo@newtelegraphonline.com

ayodeleojo@yahoo.com

p-17

Monday, April14, 2014

2015: 500 POLITICIANS TO WATCH

Ibori, Uduaghan hold the ace in Delta Onwuka Nzeshi

he nature of the Nigerian state produces a rare breed of people and a peculiar brand of politics. And as the train moves towards the 2015 general elections, the politics of Delta State will largely revolve around the agitations for power shift, inclusiveness and equity. The agitation which dates back to 2006, is built on the feelings of marginalisation and exclusion of the North Senatorial District and the push by the political elite of the district to catch up with the rest of the state. The state was created out of the defunct Bendel State in 1991. Since its creation, Delta State has so far been governed by three democratically elected governors, namely Olorogun Felix Ibru, C h i e f James Ibori a n d D r . E m manuel Uduaghan, the incumbent. The first two were from the Central Senatorial District, the home of the Urhobo ethnic group, while the serving governor hails from the South Senatorial District, populated by the Ijaw, Itsekiri and Isoko ethnic groups. Although, the state capital, Asaba is located in the North Senatorial District, populated by the Anioma ethnic group, no politician from the zone has had the opportunity of presiding over the state. In the build up to the 2015 elections, a number of politicians in the state will pay critical roles that would either frustrate or make the

dreams of the Anioma people come true.

James Onanefe Ibori The former governor of the state, Chief James Ibori is still a factor to be reckoned with in the politics of Delta State. Almost eight years after he left office, he remains a colossus standing astride the political terrain with his shadows looming large on the current political actors in the oil-rich state. Although incarcerated in far away London, United Kingdom, Ibori is so rich, powerful and influential that he cannot be ignored in the political calculations. In 1998, the then youthful politician took the state by storm while the old political elite were yet to recover from the shock of June 12 annulment and were reluctant to play politics with another military regime. Ibori came with a heavy war chest that even those who thought he was too young and politically

inexperienced to govern the state surrendered. His brand of politics is that of a domineering figure who is in charge and able to galvanise a mass followers hip. Although he was beset by a number of obstacles particularly the exconvict saga that nearly robbed him of a second term, he was able to weather the storm for as long as it lasted. When the drum beats of power s h i f t sounded towards the end of his administration, Ibori was somewhat uncomfortable because Delta Central was unwilling to let go. He too was unwilling to let Delta North pick the baton. So he brought some creativity into play and successfully chose and planted his cousin as his successor. How did he do it? He knew whom he wanted as his successor and acknowledged the uproar that arose out of the choice but he tactically became an advocate of power shift knowing that head or tail he was winning. Thereafter, Ibori played a major role in the making of the administration of the late President Umar Musa Yar’Adua. His deft political manoeuvrings saw him planting his surrogate and former CommissionCONTINUED ON PAGE 14

14 POLITICS

Sanctity of Truth

Monday, April 14, 2014

2015: 500 POLITICIANS TO WATCH

Clark, Ogboru, Orubebe, Okowa, Ochei, CO N T I N U E D F R O M PA G E 1 3

er for Finance, Mr. David Edevwie as Yar’Adua’s Principal Personal Secretary before the cookies crumbled. As the 2015 elections approach, there are reports that many Delta politicians have been paying their way to London to see him. It is said that those who know the depth of his involvement in the political decisions of the state since he came to limelight still consult him like an oracle. Emmanuel Uduaghan The incumbent chief executive of the state has been a key player in who becomes what in Delta State since 1999. Uduaghan, a medical doctor-turned politician was part of the new breed politicians that came on the scene during the short political transition piloted by the then Head of State, General Abdulsalami Abubakar. He was a member of the Grassroots Democratic Movement (GDM), one of the groups that later fused into the Peoples Democratic Party (PDP). He worked closely with others for the election of Ibori in 1999. He served as the Commissioner of Health for four years and was made the Secretary to the State Government (SSG) during Ibori’s second tenure. Political pundits believe that Uduaghan’s political graph was deliberately plotted by Ibori to produce the results that came thereafter. He is often seen as a surrogate planted to cover the tracks of his master. Like his predecessor, Uduaghan is interested in who succeeds him, but unlike Ibori, he has kept it close to his chest. In other states like Anambra, Enugu, Abia and Akwa Ibom, governors have spoken openly and freely about their desires to have power moved to a particular zone but in Delta, Uduaghan has been rather dodgy about it. Uduaghan, to a large extent, will ultimately determine who gets what in 2015. He is likely going to contest for a senatorial seat like most of his governor-colleagues who are on the last lap of their second term. Edwin Kiagbodo Clark Elder statesman, former senator and former Federal Commissioner for Information during the regime of General Yakubu Gowon is a hard nut to crack. He is seen as a father to President Goodluck Jonathan and he is very influential in the administration. As a chieftain of the PDP in Delta State, Clark has been a critical factor in the politics of the state. He was one of the elders who supported Ibori at the beginning of his tenure. He, however, fell out with him and for many years, led a faction of the party that was opposed to the administration in the state.

Ibori

Uduaghan

Clark

Okowa

Ochei

Monye

This octogenarian is very vocal, principled and influential particularly among the Ijaw ethnic group that he could swing votes depending on where his interest lies. He bitterly criticised Ibori on account of his choice of a successor, but gave up when it became obvious that he would not have his way. He has also criticised the former Minister of Niger Delta Affairs, Chief Godsday Orubebe for claiming that it would be the turn of the Ijaws to rule Delta State after Uduaghan, an Itsekiri man. In that light, Clark has exhibited a soft spot for the power shift agitation and the need for the three political blocks to be fair to one another. He is the godfather of politics in Delta State and would be a major factor in the 2015 elections. Ifeanyi Okowa Dr. Okowa is a medical doctor and serving senator, representing Delta North Senatorial District at the National Assembly. His political career began at the local government level

years before the Abubakar transition programme. In 1999, he was made the Commissioner for Agriculture and later became Commissioner for Health during the second tenure of Ibori. He was one of the strong contenders for governorship ticket in the build up to the 2007 elections. He had as much chances as the man who finally clinched the ticket, but he was a team player who understood the power dynamics of the state.

Although, the state capital, Asaba is located in the North Senatorial District, populated by the Anioma ethnic group, no politician from the zone has had the opportunity of presiding over the state

When he lost the ticket to Dr. Uduaghan, he was compensated with the post of Secretary to the State Government, a position he held until 2011 when he joined the senatorial race. Today, he is one of the strong contenders for the gubernatorial ticket and would be working towards it on three advantageous fronts. He has a wealth of experience in politics down to the grassroots; he has been part of the Ibori political dynasty that has ruled the state for almost 16 years and he comes from Ika Land, one of the sub-groups of Anioma, Delta North. Clement Ofuani He is a former Commissioner for Economic Planning in the State. Ofuani, a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) is believed to be warming up for the race to Government House Asaba. Those who have worked closely with him testify that as Commissioner for Economic Planning, he raised service

POLITICS

Sanctity of Truth

Monday, April 14, 2014

2015: 500 POLITICIANS TO WATCH

Emerhor battle for the Big Heart Ibori is still a factor to be reckoned with in the politics of Delta State. Almost eight years after he left office, he remains a colossus, standing astride the political terrain with his shadows looming large on the current political actors in the oil-rich state low profile. He is said to be oiling his political machinery again to launch another offensive on the political turf. Orubebe

Olejeme

Obielum

Gbagi

delivery benchmark to a height yet to be equalled in the State’s economic management and resource allocation mechanism. Though between serving as commissioner and now, Ofuani has served in the Presidency as Senior Special Assistant on Policy, he is still largely believed to be very much at home with the economic terrain of the state desperately in search of diversification module for sustainable development. He is said to have an innate quality for disciplined application and prudent management of resources. Ofuani has garnered some good measure of experience on how to diversify the resource and revenue base of the state through Internally Generated Revenue (IGR) in line with the new mantra of ‘Delta Beyond Oil.’ Besides, he is also from Delta North Senatorial District. Sylvester Monye Prof. Monye is the Special Adviser to the President on Project Monitoring

Ogboru

Emerhor

and Evaluation. Like many of the contenders, Monye has not declared his ambition but he is certainly among those to be watched as far as the gubernatorial race in Delta State is concerned. He is a technocrat who is believed to have the backing of the Minister of Finance and Coordinating Minister for the Economy, Dr. Ngozi Okonjo Iweala who has also introduced him to Clark, the godfather of politics in the state. Ngozi Olejeme Dr Olejeme, the incumbent Director General of the Nigeria Social Insurance Trust Fund (NSITF) has been all over the place consulting with stakeholders on her gubernatorial aspiration. Before now, she was largely unknown in the politics of the state but seems to be displaying an uncommon enthusiasm that has made not a few politicians either bewildered or amused. There are feelers that Olejeme may be drawing some inspiration from the office of the First Lady, Dame Patience Jonathan and

hopefully working towards benefitting from the 35 per cent affirmative action in the forthcoming election. She has embarked on aggressive media campaign and tour of the state with rash of endorsements. Godswill Obielum Chief Obielum, a retired Police Commissioner is also one of the gubernatorial aspirants in the state. Obielum practically seized the Delta political terrain in the build up to the 2007 elections. He came at a critical period when the then governor, Ibori and his disciples were at loggerheads with the national leadership of the PDP over who controls the party at the state level. The battle was so fierce that Ibori and his men were said to had literally but secretly funding the defunct Action Congress (AC) in case they lost out to Obielum and his men. When the Ibori dynasty recovered from that battle, they consolidated and Obielum has since then maintained a

Festus Okunbo He is the Chief of Staff, Government House Asaba. He has been around the corridors of power for more than a decade. He is believed to be the dark horse who may suddenly emerge as Uduaghan’s successor. He once served as Commissioner of Information and Director of Protocol under Ibori and Uduaghan. He has embarked on consultation over his governorship ambition. Ovuzorie Macaulay Comrade Macaulay is the Secretary to the State Government (SSG). He had previously served as Commissioner for Inter-Ethnic Relations. He is a journalist, trade unionist and someone who also understands the power play in the state. He recently ran into a controversy over his alleged pronouncements dismissing the power shift agenda. He is a major contender and a prominent figure in the Isoko speaking area of the state. He is one of those angling to succeed Uduaghan in 2015. Kenneth Gbagi The former Minister of State for Education has been a gubernatorial aspirant since 1999. Although he never made it to the real contest on the platform of any of the political parties, he is unrelenting. Currently, his posters have been sighted on the streets in major towns such as Warri, Effurun and Asaba, but it is not certain he would run. He is from Delta Central Senatorial District and among those politicians who do not believe in power rotation in the state. Otega Emerhor Olorogun Emerhor is a banker and an industrialist of no mean repute. He is a member of the All Progressives Congress (APC) and participated in the last by-election to fill the Delta Central Senatorial District seat that became CONTINUED ON PAGE 16

16 POLITICS

Sanctity of Truth

Monday, April 14, 2014

2015: 500 POLITICIANS TO WATCH CO N T I N U E D F R O M PA G E 1 5

vacant following the death of Senator Pius Ewherido. Emerhor has been in the governorship race before this time, and he is likely to try his luck again in 2015. Ndudi Elumelu He is a serving member of the House of Representatives. In the last few months, he has also given indications that he would be joining the gubernatorial race. He would be banking on a rich war chest that would come from his family as well as the fact that he is also from Delta North, the zone that is likely to clinch the ticket. Godsday Orubebe Although the odds have been against him because he is from Delta South as the incumbent governor, Orubebe, the immediate past Minister of Niger Delta Affairs may still throw his hat in the ring. He has garnered some experience but his rather low performance at his last duty post may hunt him politically. He was dropped from the Goodluck Jonathanâ&#x20AC;&#x2122;s cabinet, so as to allow him â&#x20AC;&#x153;pursue his political interest.â&#x20AC;? Though he is very close to the President, it is unlikely if Ibori and Uduaghan would ever back him for the governorship. Orubebe has declared his interest for the governorship and has been going round Delta State consulting with stakeholders, to sell his aspiration. He is a major figure in the 2015 governorship contest. Patrick Aziza Maj. Gen. Aziza, the former Minister of Communications and current President General, Urhobo Progress Union (UPU), would also be a factor in 2015 elections. He might not join the race but he sits and presides over the affairs of a socio-cultural organisation, UPU, which had in the past played active role in the politics of the state. Benjamin Elue He was deputy governor during the Ibori administration. Elue is eminently qualified for the race to the Government House and had ran the race before but lost at the preliminaries. He is a delegate at the ongoing National Conference and could use it as a springboard to relaunch his political career. Victor Ochei Hon. Ochei, the immediate past Speaker, Delta State House of Assembly is no doubt in the race to succeed Governor Uduaghan. It is generally believed that he was forced to resign as Speaker because his ambition was beginning to get in the way of his parliamentary duties. Now that he is not holding the gavel any longer, perhaps the coast is clear for him to launch a full scale electioneering campaign. The engineer turned-politician is so rich that prosecuting the governorship election may not be hard for him in 2015.

Elumelu

Macaulay

Aziza

Elue

Ofuani

Okunbo

But the forces that sent him packing as Speaker are still very much around to work against his governorship ambition.

ernorship election but lost. Since then, he has moved to the Democratic Peoples Party (DPP) from where he launched two or three unsuccessful gubernatorial battles. Recently, he defected to the Labour Party (LP). There are feelers that he is already dusting up his battle gears for another contest in 2015 on the platform of LP.

found his way back home. Utomi who recently declared his interest for the plum job at his country home in Ibusa, Oshimili North Local Government of the state, said his campaign would be hinged on good governance. His chances seems slim. He lacks grassroots surport as many perceive him as a Lagosbased politician. Also, there are stories that the professor may not get the nod of his party chieftains at the national level because he is considered as the head of the economic team of the APC. One thing is clear, however, that the candidacy of Utomi will set fresh and innovative standards for governance in Delta State. Also, his goodwill and the advantage of coming from Delta North may count for him at the long run.

Ibori, Uduaghan hold the ace in Delta Ighoyota Amori He is a former Commissioner for Education during the administration of Ibori. He later became a Special Adviser to the Governor on Political Matters and now Senior Special Assistant to the Governor on Political Matters. His last outing as a contestant was during the primaries for the Delta Central Senatorial race. This loud politician is not likely to pick a form for any contest in 2015 but would certainly determine those who would pick the forms and how far they would go. Great Ovedje Ogboru He is the opposition figure in the state. He has become a serial gubernatorial aspirant since he first made his debut in 2003. Ogboru came on the scene with a pressure group, South South Rainbow Coalition and later adopted the Alliance for Democracy (AD) as his party. He contested the 2003 gov-

Peter Nwaoboshi He is the current chairman of PDP in Delta State. He is also a contemporary of Uduaghan and Okowa having served as commissioner under the Ibori era. He was at one time out of the mainstream and campaigned vigorously for power shift to Delta North. The fact that he is from Delta North and chairman of the ruling party places a lot of responsibilities upon his shoulders. He is also likely to contest for governorship seat in 2015. Pat Utomi After two failed attempts for presidential election, the Anioma born professor of political economy seems to have scaled down his ambition and

Peter Okocha He contested on the platform of the Action Congress (AC) against Uduaghan in 2007 and lost. The businessman is from Delta North and a member of the PDP. His comeback may ruffle a few feathers. Political pundits see his various philanthropist schemes as a key ingredient to attract support.

POLITICS 17

Sanctity of Truth

Monday, April 14, 2014

Nasarawa: A tale of two governors A drama is currently going on in Nasarawa State as the deputy governor is being addressed as “governor” by supporters of the Peoples Democratic Party (PDP). Muhammad Ahmad reports on the tale of two governors

The deputy has since after his declaration and defection to PDP hoisted the party’s flag both in his office and vehicle. He is now being addressed by some PDP stalwart as ‘our governor’

hen the Nasarawa State chairman of the Peoples Democratic Party (PDP), Chief Yunana Iliya during a thank-you-visit to Akwanga Local Government Area by the state working committee of the party threw a bombshell that some political appointees in the Governor Umaru Tanko Almakura administration would defect from the All Progressives Congress (APC), nobody looked the way of Deputy Governor Damishi Luka. Luka was the last person anyone perceived to throw in the towel because of his loyalty to the governor. There was an assumption that he is one of the most influential individuals in the government whom Governor Almakura listened to. Until last few weeks when he finally threw in the towel, political analysts found it difficult to ascertain what really went wrong at a crucial time when politicians were scheming to put their house in order ahead of the 2015 elections. Almakura negligence The machinery of the PDP was well articulated that it perfected a plan that made the All Progressives Congress (APC) went to sleep because all along, Almakura was only looking at Minister of Information, Labaran Maku, as PDP leader in Nasarawa, and the anointed flag bearer of the PDP. The governor did not consider Maku as a threat to his reelection bid in 2015. Hence, Almakura went to sleep and

The inventor of Nigeria’s first indigenous car Z-600, Engr. Ezekiel Izuogu, representing South-East, explains what an inventor is doing at the confab and shares perspectives of his zone’s agenda with LOUIS ACHI and ONWUKA NZESHI What’s an inventor doing at the national conference? Through history, inventors invent political systems that are new, that change everything. If you remember, when the great inventor in the US invented a device, his Israeli counterparts called him to be president of Israel. That is history. So, inventors have a lot to do with politics. This is because if you can invent with technology you can also invent with politics.

Almakura

thought nobody could challenge him. Worse still, he stopped most patronages to politicians including political appointees, while PDP was busy making serious arrangements to divide his house. Although many people attributed the impasse to the suspension of the deputy governor by the state interim leadership of the APC when he was away for a religious engagement in the United States of America. Luka had challenged the directives of APC leadership to its National Assembly members to block all executive bills. On return from the foreign trip, the deputy governor said he stood by his earlier statement that the directive by the national secretariat of the party to block executive bills was harsh on Nigerians. Before challenging the directive of his then party, the deputy governor had been sidelined in the running of APC in the state. Stanley Buba, who is believed to be the deputy governor’s political rival and kinsman, was made the APC interim state chairman.

Luka

The implication Although most people would rather see the development as a common phenomenon of politicians, the danger and the political dimension of Nasarawa seems very uncommon especially with the State Assembly predominantly PDP. Recently, the deputy governor attended a PDP North Central rally in Minna, Niger State where he was named among the 18 governors to attend. At the event, Senate President David Mark made remarks that North Central is a PDP zone which was why the Nasarawa Deputy Governor defected to the PDP. The deputy has since after his declaration and defection to PDP hoisted the party’s flag both in his office and vehicle. He is now being addressed by some PDP stalwart as ‘our governor’. Already, the deputy governor has been unofficially baptized as one of the PDP governors in the country. Although Almakura has promised to ensure that all his rights are observed and fulfilled as the state deputy governor, penultimate Tuesday while the governor was meeting with traditional rulers at the Government House, which ordinarily

the deputy governor ought to have been part of that meeting, Luka was on his part holding a meeting at the state PDP secretariat where he brought the message of President Goodluck Jonathan of his intention to visit the state on May 10 to receive defectors. Ordinarily, no matter party differences, the governor as the chief security officer is supposed to handle the president’s visit but with the recent event, Almakura has lost out to the deputy governor. It was expected that Almakura would have handled the deputy governor’s issue with care being an orphan in the state assembly, but he rather choose to resort to sentiment which might eventually consume his administration with the turn of events. Almakura is gradually slipping to unimaginable circumstances that if care is not taken, he would lose grip of the state. The recent local government election has already predicted the future and the direction the state will swing come 2015 elections. The PDP was clear ahead of the governor’s party, APC, until election in some council areas were declared inconclusive.

Confab’ll bring about wonderful development –Izuogu Are you worried about the no-go areas already imposed by the organisers of this conference? Yes, am worried. I don’t know why they should impose no-go areas. If I have a relationship with you, I should be able to discuss anything in that relationship. If you begin to impose nogo areas it seems you have a hidden agenda. That’s my thinking. You are from the South-East. Are you bringing a consensus regional position to this conference? Yes, where it is possible. Coming from the South-East, most of us seem to have their ideas which they may think is the best and having a consensus position appears difficult. But as much as possible we shall try to gravitate towards a consensus position. Can you let us into some of the issues you are

that the system should be so structured that every Nigerian, irrespective of his age or tribe or religion can have a space where he can operate and be rated on the strength of his achievement not because of where he comes from. We also believe in revenue allocation that recognises that something comes from a particular place.

Izuogu

bringing to the conference from your zone? We believe in equality; we believe

What are you expecting from this conference? I have high hopes about this conference. Every inventor always has high hopes. He believes that what he is working on will work and bring solutions to society. So, in spite of the negative feeling, I have high hopes that this conference can bring a wonderful movement for Nigeria; that Nigeria’s problems can be solved through this conference if the people are genuine and sincere.

18 POLITICS

Sanctity of Truth

Monday, April 14, 2014

Idris Wada: A governor’s unending travails The legitimacy or otherwise of the election of Capt. Idris Wada as the governor of Kogi State was, again, brought to the fore recently by a group of protesters. WALE ELEGBEDE reports

he atmosphere at the corporate headquarters of the Independent National Electoral Commission (INEC) in Abuja was serene that Thursday. Workers and visitors were going about their business freely, oblivious of what was in the offing. By noon, that feeling and state of tranquility was shattered by some guests from neighbouring Kogi State who came in their numbers to prompt the commission to have a rethink on the governorship election that it (INEC) conducted in the state almost three years ago. The protesters, who described themselves as members of the Association for Justice and Good Governance of Kogi State, displayed placards with various inscriptions which included: “INEC must conduct fresh election as ordered by Supreme Court.” Some of the other placards read: “We demand justice and good governance in Kogi,” “Kogi must be free from illegal hands,” and “On Supreme Court judgement of 27/01/12 we stand”, “Wada must go.” Specifically, they are asking the commission to cancel the process and the outcome that threw up Captain Idris Wada as the governor of the Confluence State. Pointedly, they told the electoral body to conduct a fresh governorship election in Kogi State. Numbering about 2,000, they urged the commission to hearken to their call which they hinged on a Supreme Court ruling of January 27, 2012. In the ruling, the apex court declared as null and void, the continued stay in office of the governors of Sokoto, Adamawa, Bayelsa, Cross River and Kogi states and ordered INEC to conduct fresh elections in the affected states. Speaking on behalf of the group, the Chairman, Mr. Umar Goodman Akwu, who had initially submitted a letter to the commission’s chairman, Prof. Attahiru Jega, faulted the swearing-in of Wada, describing it as illegal. Making reference to the Supreme Court judgement, Akwu said, the Supreme Court ordered that the speakers of the State Houses of Assembly be inaugurated, pending the conduct of fresh governorship election. He stressed that the five Speakers were indeed inaugurated as acting governors on the same day of the judgement, including that of Kogi State, who was inaugurated by the State Chief Justice, Justice Nasir Ajanah. According to him, in an action calculated to ridicule and rubbish the Supreme Court, Governor Wada procured the services of a Customary Court of Appeal Judge to swear him into office

Wada

on that same day and was thereafter accompanied by heavily armed policemen into the governor’s office in Lokoja. He said: “The 1999 Constitution of the Federal Republic of Nigeria, as amended, provides that the swearing-in of state governors be performed by the State Chief Judge or in his absence by the Grand Khadi. The President of the Customary Court of Appeal is not vested with such power. No state governor has ever been sworn into office by the President of the Customary Court of Appeal. “In compliance with the January 27, 2012 Supreme Court decision, INEC held governorship elections in Adamawa State on February 4, 2012, in Bayelsa State on February 11, 2012, in Sokoto State on February 18, 2012 and in Cross River on February 25, 2012. Surprisingly, INEC did not hold fresh governorship election in Kogi State despite the subsisting Supreme Court judgement ordering it to do so. “The Supreme Court had held that the tenure of office of the last holder of the office of governor of Kogi State terminated on May 28, 2011. The state by application dated February 1, 2012, prayed the court to exempt Kogi State from the effect of the January 27, 2012 judgement, arguing that the commission had already conducted governorship election in Kogi State on December 3, 2011.” He, however, said that the Supreme Court, in a ruling dated February 16, 2012, dismissed INEC’s application for the validation of its December 3, 2011 governorship election in Kogi State. “In other words, the Supreme Court ordered INEC to comply with the January 27, 2012 judgement by conducting fresh governorship election in Kogi State. INEC has been served with a copy of the January 27, 2012 Supreme Court order,” he said. He added that “The people of Kogi State hereby call on the Chairman of INEC, Prof. Attahiru Jega and the entire leadership of the Commission to imme-

The last judgement of the Supreme Court that has to do with Kogi election has put in proper perspective the question of legitimacy of the election of Governor Wada diately implement the Supreme Court order by conducting fresh governorship election in Kogi State. Special Adviser to Wada on Media and Strategy, Mr. Jacob Edi, in his reaction to the protests said, “First of all, the people behind the protest are behind time. Kogi State government, governor and Kogi people have since moved on. “The last judgement of the Supreme Court that has to do with Kogi election has put in proper perspective the question of legitimacy of the election of Governor Wada. “The group in question must be made up of rabble-rousers and ordinarily we would not have dignified them with a response but for the benefit of unsuspecting Nigerian publics, we need to make a response as we have done.” Prior to the current episode, a member of his party, the Peoples Democratic Party (PDP) in the state, Alhaji Jibrin Isah Echocho, had taken the governor to the Supreme Court to challenge his substitution as governorship candidate by the PDP. In its judgement, the Supreme Court affirmed the election of Wada as the duly elected governor of the state on the platform of PDP. The apex court dismissed the appeal filed by Echocho, seeking the nullification of the election. In a unanimous judgement, the court held that Isah had no locus standi to challenge the election he did not participate in. The court held that since the appellant

was challenging a concluded election, he ought to have gone to the state Election Petition Tribunal, which sat in Lokoja, the state capital, to ventilate his grievances against the poll. Justice Bode Rhodes Vivour, who wrote the lead judgement which was delivered by Justice Binta Clara Ogunbiyi, affirmed the decision of the High Court and the Court of Appeal. The apex court said the two courts were right in law in refusing to entertain the suit on merit, since they cannot constitute themselves into election petition tribunals. The latest onslaught against the governor is coming from Alhaji Mohammed Jamiu Audu, who is asking a Federal High Court to declare the primaries that brought Wada in as the PDP governorship candidate as illegal, null and void. Joined in the suit include INEC, Wada, Jubril Echocho, the PDP, a former governor of the state, Alhaji Abubakar Audu and the Attorney-General of the Federation. In a written summon filed by the lawyers to Audu, a copy of which was made available to newsmen during the week, Audu who is the plaintiff is seeking five issues for determination by the court, which include whether it was valid for former Governor Ibrahim Idris and the state chapter of the PDP to conduct the primaries that threw Idris up as the party’s candidate as the former governor’s tenure had lapsed as at the date the said primaries were conducted. The court is also to determine if INEC was right to have conducted the said election at the time the polls were conducted in the state and that if the defunct Action Congress of Nigeria (ACN) had the rights to substitute the names of its candidates for the polls. That based on the pronouncement of the court in the case of Amaechi vs INEC and others, whether the plaintiff should not be the rightful occupier of the office of the deputy governor of the state and finally that based on the Supreme Court refusal of the second defendant’s application for tenure elongation that either the second defendant (Wada) be declared the rightful holder of the office of Kogi State governor. Presided by Justice Abdulkadir Kafaratim, the court fixed May 12 for ruling after listening to arguments from lawyers to parties in the suit. Plaintiff ’s lawyer, Mackings Nezianya adopted his final written address filed with his originating summons arguing in his counteraffidavit to the separate objections filed by INEC, Wada and PDP. The other defendants failed to respond to the case. In relation to the substantive suit, Nezianya urged the court to grant his client’s prayer and discountenance the counter arguments by the defendants. He argued that as against the contention by the defendants, his client had the locus standi to institute the suit. Whatever it is, Jamiu will have to wait till May to know whether the court will hearken to or not but what is certain is that this is not the best of times for the Wada governorship due to ceaseless onslaught on him.

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

Our MISSION

Sanctity of Truth

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

EDITORIAL

Sanctity of Truth

Monday, April 14, 2014

w w w.new telegraphonli ne.com

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

MONday, APRIL 14, 2014

The unfortunate arrest of Citizen Onimisi

hat we are living in a time of serious security challenges is very o bv i o u s e s p e c i a l ly given the ebb and flow of the Boko Haram insurgency. On March 30, this year, a severe gun fight took place at the Abuja headquarters of the State Security Service (SSS). The SSS itself has not helped matters about what really ensued on that day, given that its spokesperson has been serially contradictory in the versions given. This lack of consistency has raised more than a few eyebrows. What is certain is that something did happen and in the aftermath about 21 alleged Boko Haram suspects who had been in the facility were shot. Another fallout was the disappearance of Citizen Yusuf Siyaka Onimisi, who had tweeted images of the situation as it developed at the SSS Headquarters. An employee of the defunct power company, Power Holding Company of Nigeria (PHCN) at the Presidential Villa substation, he was on duty on the day of the event and apparently capitalised on the proximity of his location to take the pictures. In one of the photos, Mr. Onimisi is seen offering a bottle of water to one of the soldiers. The account of his disappearance was shrouded in mystery. But as bits and pieces were pieced together, the scenario appeared to be that he had been taken away on the same day by the SSS. Efforts by some media

It is necessary in such difficult times for the SSS and other security services to realise that winning the hearts and minds of the citizenry is paramount organisations to get a clarification from the security agency were met by non-committal responses. Thereafter, concerned Nigerians took to the social media to raise an alarm. The general worry was that the country appeared to be sliding back to the Abacha days of sudden disappearances orchestrated by those charged with securing the lives and properties of citizens. The social media outcry grew into a frenzy and by the eleventh day of Onimisi’s disappearance, Amnesty International waded in with a statement calling for his release. “Nigerian security forces should immediately disclose the whereabouts and legal status of Yusuf Siyaka Onimisi. If he is in detention, Nigerian authorities must either charge him with a recognizably criminal offence or release him immediately,” said Netsanet Belay, Research and Advocacy Director for Africa at Amnesty International. A few hours later, Onimisi was released. We are in total agreement with

the essence of the statement by Amnesty Inter national. The abduction of citizens by the SSS or whoever without any concrete case against them is not acceptable. By the laws of the land, the proper thing is to charge whoever is seen to have committed an offence to court if the infraction warrants court action. In the case of Onimisi, if the security agencies did not want the pictures published, they should have done their job more meticulously to ensure that nobody including government officials came near the place during the operations. The fact that the pictures were available for Onimisi to post means it was already in the public domain for public consumption. If there is no case established against him, the security agencies or whoever has taken him captive should publicly apologise to him. Our security agencies must realise that they ought to have long dropped mentality of an ar my of occupation if positive impact must be made in the affairs of the state and its citizens today. Premium value must at all times be placed on the lives of Nigerians and they must no longer be “wasted” as we usually hear, since they are human and not oranges and tomatoes. Enough of our march to infamy. If he got the picture by his own ingenuity, the security agancies should rather embrace him and seek how to engage him

for their own benefit and should be in the forefront for the search for him to end his disappearance. The SSS has not helped its image or that of the other security services given the unending accusations of extra-judicial killings that come in the wake of their operations. Amnesty International has had cause to note that “the escalation of violence in north-eastern Nigeria in 2014 has developed into a situation of non-international armed conflict in which all parties are violating international humanitarian law. We urge the international community to ensure prompt, independent investigations into acts that may constitute war crimes and crimes against humanity.” The Onimisi situation only serves to reinforce the general feeling that in the March 30 incident, something unlawful took place which the SSS is not comfortable about. It is necessary in such difficult times for the SSS and other security services to realise that winning the hearts and minds of the citizenry is paramount. The citizens have an important role to play in providing information and they cannot do so if they do not trust or respect the security agencies. It is not all about brutal force, especially when it is applied in utter disregard of subsisting laws. We all must recognise the supremacy of the rule of law and the established rules of engagement even in a time like this. GABRIEL AKINADEWO Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALLA Managing Editor, North AYODELE OJO Acting 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 GEOFFREY EKENNA News Editor PADE OLAPOJU Production Editor TIMOTHY AKINLEYE Head, Graphics ROBINSON EZEH Head, Admin.

OPINION Big country, big economy, big cynics! Hamisu Abubakar

“H

ow does this affect the price of fish?” was the cynical rider to a newspaper report early in the week that Nigeria has overtaken South Africa as Africa’s leading economy. This followed the cheery news coming from the National Bureau of Statistics, which confirmed, of course, what many had long believed- that the Nigerian economy has been understated. From the rebased Gross Domestic Product (GDP) figures, our country’s GDP has catapulted from $262 billion to $510 billion representing an increase of 94.6%. The new figures firmly put Nigeria ahead of South Africa with a GDP of $370.3, as the king of African economy. Not only that the newly rebased figures confirm Nigeria as the 26th largest economy in the world. By rebasing the country’s GDP figures, what NBS has just done is to recalculate our GDP to more accurately reflect the nation’s changing economic configuration over the last twenty-four years. To be sure, the last time this rebasing took place was in 1990. What the newly rebased GDP figures simply do is to present the truest picture of the size of the Nigerian economy by including sectors like the film and video industries, telecoms, as well as information technology, hitherto not considered in the last rebasing exercise. Given some of the knee-jerk and overly jaundiced criticism of the rebasing coming from some quarters, especially the opposition politicians, one is tempted to ask the following questions: Was rebasing the GDP figures necessary? Is the outcome correct and dependable? Are there benefits derivable from the rebasing?

From the different accounts coming from experts and economy watchers the world over, there is nothing controversial about the rebasing of the GDP figures, which the government has just done. If anything, the exercise ought to have been carried out many years ago and even on a more regular basis. Rebasing the GDP figures is a global best practice that affords countries the opportunity to update their templates for measuring growth in the economy more accurately. For instance, the newly rebased Nigerian GDP captures the activities in the emergent economic centres like Nollywood (the Nigerian entertainment industry),which has grown exponentially in the past ten years creating incomes, providing jobs, happiness and shared prosperity in the land. It is on record that no other entertainment industry anywhere in the world can match Nollywood’s rapidity in growth even as unorganised as it still remains. It is interesting to note that cynics are not quarrelling with the newly rebased GDP figures for Nigeria. Instead, they are raising the issue of its utility. Yet, there are many who still believe that the size of Nigerian economy is larger than the picture painted by the new figures. And this group points to the fact that the value of the volume of trade and transactions that goes on daily in the effervescent informal sector is never tracked and consequently not captured by the rebased GDP figures. The daily activities of that seemingly poor food vendor at every motor park, street corners and even beside public buildings are never taken into considerations. The value of goods in the spare parts markets at Ladipo and other markets in Lagos did not contribute to the rebased figures. What about the roadside mechanics, carpenters and other artisans? There is no doubt that if an accurate tab is kept on the value of the volume of goods and services in the informal

Monday, April 14, 2014

sector, the newly rebased Nigerian GDP will outstrip that of South Africa by miles. Those cynics who rubbish the rebasing by suggesting that it means nothing and adds no value to the economy miss that point badly. Since rebasing illuminates the picture of the size of the economy, it is therefore axiomatic that it provides the accurate indicators for investors and economy minders. It vividly speaks to investors of sectors in an economy that are growing and attractive. In the same way, it provides policy makers the data on the sectors that need to be cultivated. A ready example of this is what has been happening in the telecoms sector in the country. With the advantage of hindsight, it is now obvious that the telecoms sector was undervalued prior to its liberalisation and this explains why the sector has grown in our country faster than anywhere else in the world with about 120 million telephone lines sold by operators just in a decade! As an analyst has pointed out, the result of the rebasing has shown also that the nation is not taking full advantage of the size of its economy especially in the area of tax revenue. Yes, the rebasing does not automatically translate to increased purchasing power for citizens yet it carries the potential of attracting more investments into the country, which will eventually improve living standards. And this is the challenge that rebasing poses to the government. Yet, it is baffling that some of our politicians are ever willing to play politics with everything. Their off-hand dismissal of the new status of Nigeria as the largest economy in Africa, simply because it happened under the watch of President Goodluck Jonathan, is petty and not statesmanlike. Why is it difficult for some people to see the good others see in us as a nation? Big country, big economy, big cynics! • Hamisu Abubakar contributed this piece from Abuja.

Can prayers alone save us? (1) Victoria Anozie

f it were in my power, I would have given this title to Henry Onwubiko’s ‘Religion and the Nigerian state’. It is true and it seems to be getting out of hand that in recent times, eminent Nigerian personalities have been appearing in churches, mosques, doing pilgrimages, etc. in the print and television media, perhaps trying to canvass votes for themselves in the coming elections. Common also, and alarming, is the fact that some students spend their time in school ‘working for the Lord’ instead of studying their books and attending classes, that some others employ the least qualified applicant because he/she is their ‘brother/ sister in Christ’, that many people are shoddy workers yet claim to believe in God and are staunch members of one Christian or Muslim community etc. But above all these, we must distinguish the objective reality called religion from the subjective attitudes of some towards it. Religion, according to the Concise Oxford dictionary, is the belief in and worship of a superhuman controlling power, especially a personal God or gods. It is also a pursuit or interest followed with great devotion. I am going to take

it for granted that God exists and in this piece, I’ll examine man’s response to the Christian religion especially as it is the one I am very familiar with. So man acknowledges that God exists; what does he do next? He wants to worship and to love Him, trying to reciprocate this Love of God for man in the first place. But it is not enough for him to do this in his heart, in the privacy of his room; he wants to meet with others of whom he shares the same faith. Pushing religion to the private realm alone is an illogical conclusion from, and more still is not the solution to, the ills mentioned above. The so-called ‘progressive’ countries that have followed this path, besides having done it for reasons other than the latter, are the worse for it. Nowadays, parents are so busy that they cannot take effective (emphasis on ‘effective’) care of their children. The child doesn’t hear about God from his parents; he/she is not introduced to any religion at all. Thus, the family and the Church are struck out of the list of primary providers for his complete formation. The only item on the list is the school, but ‘religion is a private matter’they have said – so the child is not taught that he/she is a substantial unity of body and soul, that he/she is made in the image and likeness of God and this confers

on him the greatest possible dignity, that he is the head of the visible creation but he is not the creator and as such, he is accountable to the Being who created him. He is not taught these basic truths and if left on his own, some day when life looks so dismal, he will choose an easy way out and, like Paris Jackson - daughter of Michael Jackson, he will try to take his life. Why should he continue to live? When we try to remove God and Religion, from our society, relegating God and Religion to the ‘private sphere’, then we can truly talk about ‘the grand delusion called man’. But with God, man realises his worth, his dignity; he is no longer just food for worms. No! He has a soul which, in its spiritual nature, is like God and is immortal. Ah, ‘Religion is a private matter’ so I should not invite my friends to pray with me; I should not remind him/her to go to Jesus for light in difficult situations. When she decides to commit an abortion or he appropriates company’s funds – I will keep my mouth shut and not say anything to him/her because the first thing I may say is that this behaviour is not in keeping with her status as a Child of God and it is wrong to say that – I will thus let his/her soul die slowly. Then when he is fed up with it all and decides to kill himself physically, I should – as they do in the

so-called ‘progressive’ countries – utilise tax payers’ money to persuade, cajole and coerce him to save ‘his body’. Sad, isn’t it? True religion is not a private issue even though the response is personal, because the nature of the response is a global one – it affects man in all his dimensions – his word, his conduct, external manifestations, etc. Man is a social being, his ‘natural instinct moves him to live in civil society, for he cannot, if dwelling apart, provide himself with the necessary requirements of life, nor procure the means of developing his mental and moral faculties. Hence, it is divinely ordained that he should lead his life - be it family, or civil - with his fellow men, amongst whom alone his several wants can be adequately supplied’ (Leo XIII’s encyclical on the Christian constitution of states, ‘Immortale Dei’). Thus, religion has always been linked to the life of a community and has been sustained by it. One would not be able to say ‘I believe’ if there was not an institution that says ‘We believe’. An evidence of the fact that Religion has a social dimension is that even when a person leaves a group, he does not remain on his own. He either joins or forms another group. • Anozie wrote in from Lagos.

INVESTIGATION

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

BIODUN DUROJAIYE Editor, INVESTIGATION

biodun.durojaiye@newtelegraphonline.com

Monday, APRIL 14, 2014

Churches as big business ...acquiring factories, warehouses in Lagos

Nigeria’s business climate is depressing with industries collapsing in many cities across the country. Yet, factory sites and warehouses are fast being acquired by churches as if in a contest to buy up every available site with the government literally turning a blind eye to what many termed an unfortunate development, writes ISIOMA MADIKE

Victorious Army Church, ACME Road, Ogba, Ikeja, Lagos. Inset: Household of God Church, Oregun, Lagos.

time was, specifically in the 1980s and ‘90s, when French tyre maker, Michelin and its major competitor, Dunlop, whose factory is sited along Oba Akran Road, Ikeja, were the cynosure of all eyes. Their buildings, scattered on large expanse of lands, were magnificent. So were their special designs and colours that stand them out in their neighbourhood. The manufacturing concerns were factories to work in those days, according to those who witnessed that phase. They were famous for the manufacture of durable tyres; they soon spread across different locations in the country. Their operating environments glittered like other progressive firms of that era, with a combined workforce of over 15, 000 Nigerians and non-Nigerians alike. However, both companies claimed high production cost, resulting from the near absence of available electricity supply as the major reasons for closures. They have since

relocated to neighbouring West African country, Ghana, where their businesses are thriving once again. Dunlop compound is at present serving as a mini stadium for Guinness factory workers, who frequent the complex for games at intervals. Some Pentecostal churches have also made the factory, home to their weekly church services and vigil centres. The gigantic machines that used to compete with those of the neighbouring Guinness now lay in solitude with no hope of ever getting attention again. But, Michelin and Dunlop were not the only manufacturing outfits in Nigeria to have closed shop. Eleganza industries, located along the Oregun industrial axis, also in Ikeja, faced similar situation before it packed up. The manufacturing firm, which is a few poles away from 7-Up Bottling Company, was equally a wonder to behold in its good days. It was famous for the manufacturing of plastic products and ball pens. Indeed,

Eleganza industries practically produced all manner of household goods and utensils including cutleries, food warmers, ice chest, electric fans, cosmetics and ballpoint pens. But, that was then! The flamboyant and ageing owner of Eleganza, Rasaq Okoya, has since retreated, quietly to his Lekki Peninsula abode. Okoya had responded to the effect of the Japanese economic incursion on the global market in the 1970s and ‘80s. He bought into the new ideas, philosophies, trends and aspirations because he was disposed to the entrepreneurial ideology. Unfortunately, the harsh climate for industrial boom in Nigeria halted what was seen as a nationalist spirit. Today, the once conglomerate is deserted and left to rot. It now houses all manner of miniature business concerns; from an outlet of “I beta pass my neighbour generator” to uncoordinated carpentry works. It has also been home at different points to destitute

in the city, even as church services hold at intervals during the week days. Incidentally, as the businesses are collapsing in the mega city, factory sites and warehouses are fast being acquired by churches. The contest to buy up every available site, including closed down factories is intense among the Pentecostal faithful. Between economy and development, the sustainable debate is being titled towards the churches. This is strongly so because that appears to be the only booming industry in Nigeria at present. Many also believe it is where to read the mood of Nigerians. Churches, only booming industry Around the Oregun industrial axis, the churches are buying up almost everything in a desperate effort to assert dominance over the area. The Mountain of Fire Miracles Ministry (MFM) opens the CONTINUED ON PAGE 22

22 INVESTIGATION

Sanctity of Truth

Collapsing factories, gain for churches

Monday, April 14, 2014

Eleganza Industry, Oregun, Lagos.

Once busy Dunlop factory, Oba Akran, Ikeja, Lagos

CAN President, Pastor Ayo Oritsejafor CONTINUED FR O M PAGE 21

stretch of churches along No 2 Kudirat Abiola way from the Ikeja end, facing Zenith Bank Plc at the opposite side. The imposing church occupies what used to be showroom of a Lebanese company that imported generators and the spare parts from Japan. According to those in the neighbourhood, the generator sales shop was doing well around the mid1990s, until the arrival of the rampaging Chinese, whose aggressiveness squeezed the market against Japanese products. MFM took advantage of the collapsed business to establish its presence in the locality. Chinese, captured Nigeria’s economy The church shares a boundary with two barren warehouses, though a small printing press warms the premises of the one in the middle with very scanty workforce. Ironically, the company had a bold signboard with inscription, Agat Ltd: Apex Aluminum Technologies. Yet, no one was ready to confirm whether the organisation with the inscription was one of the original ones that owned the warehouses or a new group managing the small printing company in the premises. “The company started experiencing hard times and before one could say Jack Robinson, they have moved and were replaced by MFM. The church started in a small portion of the big warehouse and

spread within a short period. In fact, the rate of growth of the church was phenomenal,” said a man, who refused to give his name. In-between MFM and Mobil filling station is a small close leading to another street behind the Mobil station. Within that enclave is a cluster of dormant warehouses. These stockrooms, it was gathered, used to serve big manufacturing companies around the Oregun industrial zone until the parent companies went under. Though, names of the firms could not be ascertained from the informants, they nonetheless, informed that some of the companies were into production of household items and textiles materials. However, some of those storehouses have been “captured” and cornered by some pastors, who claimed to be led by the Holy Spirit. At present, religious groups such as the Lighted Church, Sanctuary of Grace and another without an identifiable signboard adorn some of the warehouses. Household of God, owned by flamboyant preacher, Pastor Chris Okotie, occupies another stretch of land by clay bus stop, off the same Kudirat Abiola way. Okotie and his Household members, according to information, had been on the acquisition spree in the area for more than 30 years now. He is said to have gradually but steadily forced every other company, including a bank to relocate

from that vicinity. It was even speculated at a time that the church was planning to establish a broadcasting house within the community, though, that is yet to materialise. In the neighbourhood of Household of God church is Christ Embassy cathedral, whose pastor, Chris Oyakhilome, like Okotie, currently occupies another long stretch off Kudirat Abiola road. The church is housed in a brilliant glass building with blue and gold colours that stands it out in its class within that environs. Those familiar with the location of the two churches would agree that the Edo State-born preacher and his Delta State-born counterpart love life and seem to be in competition to outdo each other in the race for a finer complex. Victorious Army conquered ACME Road In like manner, Victorious Army church appears to have conquered ACME Road, off Agidingbi Road, Ikeja. Although, there is a parish of the Redeemed Christian Church of God (RCCG) in the neighbourhood, it stands no chance in competition with Victorious Army in terms of size. Mama Ngozi, who sells close to the entrance of Victorious Army, says the owner of the church bought over seven buildings and two virgin lands, which they merged together to get to the state it is now. RCCG has also bought over the com-

pound that once housed the Okada Microfinance Bank, owned by billionaire businessman, Gabriel Igbinedion, at Palm grove. Igbinedion, who could not bring his “Midas Touch” to bear in the business, abruptly closed the company within the first year it operated. That was in the 1990s, when many went into micro financing, as it was the fad then. At the Ilupeju Industrial Estate, almost all the churches are located in places that were formerly warehouses. Prominent among them is the Fountain of Life church, led by Pastor Taiwo Odukoya. The church is located at 12 Industrial Estate Road, off Town Planning way, by PZ Industries Plc, Ilupeju. PZ is the only notable company in the area that is still functioning; it manufactures consumer goods. A bakery at No 13 Kukoyi Street, Olodi-Apapa was closed and the place sold to a worship centre, named International Gloryhouse Christian centre. According to neighbours, the bakery had more than a 15-man workforce and was the major supplier of bread in the locality before its demise. Those who claimed to know the former owner said the place was sold about 12 years ago after the man had complained of high cost of producing the confectionery. Another hotel at No 144 Idowu Street, CO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, April 14, 2014

Hold government responsible for this trend -Osu Monsignor Gabriel Osu is the Director of Social Communications, Catholic Archdiocese of Lagos. He tells ISIOMA MADIKE in this interview that government and not the churches should be blamed for failing to provide the enabling environment for companies to thrive in the country. Churches appear to be the only thriving industry in the nation today. What does that say of a country like Nigeria? I do not understand when you say thriving industry. But, if it connotes growth within the Christendom, then, that should be cheering news, because the whole essence of preaching and teaching the way of Christ is to draw mankind back to God. Sin separated man from God and if more Nigerians are being won back to their creator then it’s a welcome development. So, if you ask me, the church should continue to preach the right doctrine, capable of drawing many back to God and grow in that direction. But many argue otherwise, insinuating that they are in competition only to buy up premises of dead firms and warehouses for worship and make more money. Does that not place a moral burden on the churches? Are people blaming the churches for the dying industries? How is it the fault of the church? If government has done the right thing, would the church come to acquire these premises? Well, I’m not holding brief for those doing

that but the truth is that government has failed overtime to provide the enabling environment for the factories to thrive and that is what gave birth to this trend we are talking about now. Come to think of it, are the churches the only once buying up these premises? If people are seeing this as an anomaly, then the government should be blamed for it. It is not fare for us to judge anybody; no one should make the church take blame for what they did not cause. However, I really do not see any moral burden in this. Would you also disagree with those who believe that this trend has diverted the attention of the churches in recent past? The Bible spelt out the model; Jesus is the model any Christian should strive to follow. No one, like I said earlier, is competent to judge. God knows those who worship Him in truth and faith. We should leave it at that. Why in your opinion is the government feeling unconcerned about this? It’s simple; government knows it has failed in its responsibilities to create an enabling environment for firms

Osu

to thrive in the country. And this is so because of the high rate of corruption in the system. If the government decides to do the right thing, the trend will be reversed. What should the government do in this circumstance? Fundamentally, it should work on power to stimulate the economy.

Without functional electricity, not much could be achieved. That is the first step. Again, it should be sincere in the fight against corruption coupled with providing the needed infrastructure. When all these are done, manufacturing would be revived. Let us stop lamenting but urge the authorities to do the right thing.

‘Firms closed for harsh operating environment’ CON TINUEDFR OM PAGE 22

The study listed the South-West area, comprising Oyo, Ogun, Osun, Ondo, Ekiti, Kogi and Kwara states, as having lost 225 member companies during the same year in review. It said the Lagos area, covering Ikeja, Apapa, Ikorodu and other industrial divisions in the state, followed closely with 214 manufacturing firms going moribund before the end of 2009. The South-West manufacturing axis, according to the survey, suffered the highest casualty rate in terms of operational stoppage, owing dominantly to the impacts of some negative policies of some state governments in the zone, especially policies bordering on multiple taxation and levies.

also in Olodi-Apapa went under and the one-storey building housing it now hosts a church at the ground floor known as Christ Bible Church while the upper floor has been converted to a residential place for the church’s pastor. The owner was said to have taken that decision about six years ago, to, according to him, “make more money from the church pastors.” Several warehouses scattered around Ibafon area of the Ajeromi-Ifelodun local development council have also been converted to churches. The most prominent is Day to Day Prayer Ministries. Another named The Sowers Church is at N0 4 Kirikiri Road in Apapa, Lagos. Industrial zones turned grave yards It is the same sorry tale that has trailed the multitude of crashing and even outrightly dead companies, multinationals and corporations around Nigeria. Many of the industrial zones in the country have turned into grave yards as no visible activities take place in those places. Erratic power supply presents itself as the reason behind the closure of the numerous small and medium scale industries and enterprises across the land. However, the cessation of tyre manufacturers, Michelin, Dunlop and other companies that closed shop abruptly,

Mountain of Fire Miracles Ministry, Kudirat Abiola Way, Oregun, Ikeja, Lagos.

sparked off questions on industrial progress in the country. According to the Manufacturing Association of Nigeria (MAN) survey in December 2010, a total of 834 manufacturing companies closed as a result of their inability to cope with the challenges posed by the harsh operating environment in Nigeria. The figure represents the cumulative aggregate of firms that shut down their operations in 2009 across the nation. The report classified half of the remaining operating firms as “ailing”, a situation it said possess great threat to

the survival of manufacturing in the country in the next few years. It equally showed that in 2009, a total of 176 firms became terminally sick and collapsed in the Northern area, comprising the Kano and Kaduna manufacturing axis. In the South-East area with Anambra, Enugu, Imo, Ebonyi and Abia states, a total of 178 businesses closed shop during the period, while in the South-South area, which consists of Rivers, Bayelsa, Edo, Cross River and Akwa Ibom states, 46 companies shot down operations before December 2009.

1,673 companies closed shop in 2009 It was, however, silent on the number of firms that had relocated from Nigeria to neighbouring countries, particularly Ghana as a result of the hostile operating environment in the last few years. Information on such firms had always been scanty and difficult to get due to the unwillingness of the managements of such firms to make it public. This huge number of closed manufacturing firms, according to experts, has worsened the country’s growing unemployment rate and may be responsible for CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, April 14, 2014

Some pastors are gold diggers - Makinde

Okotie

Ogedengbe CON TINUED FR O M PAGE 23

the sluggish economic growth. According to the former United Nations Development Programme (UNDP) top economist, who commented on the survey, Dr. Warea Thomas, “the fact is that when a company stops operation, the workers there become frontline victims. If 834 firms were officially given by MAN to have closed shop in 2009, it is easy to speculate that not less than 83, 400 jobs were lost in that year alone; if we assume that they were all medium-size manufacturing firms, with each having 100 workers. “Apart from job losses, the depletion in the national Gross Domestic Product (GDP) and a scare syndrome it creates to the outside investment market are serious reasons why the government should consider tackling the problems associated with the declining trend head on,” he suggested. Depletion of employment opportunities Another industry player, Wole Madio-

of Nigeria, Dr. Ola Makinde, described some Pentecostal pastors as “gold diggers.” For Peter Akinola, another former prelate of the Anglican Communion, “the way and manner some pastors have turned churches into business outfits is disturbing.” Like Makinde, Akinola said that most of them have deviated from the teachings of Christ in pursuit of business. Yet, ArchBishop of Gospel Baptist Conference of Nigeria and Overseas, Lagos, Magnus Atilade, says “what we are concerned about is the spiritual content of the churches involved in this acquisition spree. Are they Bible-based? If they are, then, it’s all well and good. If they are doing that to expand the work of God in a genuine way, I do not have problems with that. They should be encouraged. Whether the churches are in school premises or warehouses of dead factories, does not matter much provided they are preaching the correct version of the gospel according to God’s injunctions.” In like manner, Bishop Steven Ogedengbe, General Overseer, Wisdom Chapel Church, Akowonjo, Lagos, is of the belief that if the companies are not dead, the churches would not acquire their premises. He added that most of the factories folding up are as a result of faulty foundation and “that should not be blamed on the churches.”

Oyakhilome

Pastor Joseph Agboli of Victorious Army Church

la, attributed divestment from Nigeria to other countries to survival strategy. “Most companies go into the neighbouring countries with a different name. This is because they want to be cautious, and to gauge the mood of the Federal Government against such more,” he added. Kola Jamodu, former president of MAN, had pointed to power supply as the debilitating factor among the challenges faced by manufacturers in Nigeria. He equally noted that dilapidated infrastructure, policy inconsistency, multiple taxation and lack of adequate take-off incentives for new business, conspire to stiffen manufacturers. “A situation where the manufacturer is the government onto himself; providing power, water, roads and other infrastructure, and at the same time, paying a plethora of taxes and levies that are not coordinated, is enough to kill any business. The problem is also often compounded by government’s penchant for reversing industrial policies haphazardly from time to time. These, coupled

with the general poverty in the land, place serious strain on manufacturing firms,” he said. To former MAN Director-General, Jide Mike, “the drift had worsened the unemployment situation nationwide.” He stated that job lost between the time of the MAN survey and now may have been tripled. “Approximately, one million jobs may have been lost from then till date in view of the continually failing firms,” he added. Past president, Lagos Chamber of Commerce and Industry, Otunba Solomon Onafowokan, in his assessment blamed the trend of collapsing industries on successive administrations’ lack of political will to tackle the protracted power and infrastructure problems in the country. However, some men of God have also reacted to condemn the trend, with many insisting that some in their fold have become businessmen other than preaching, which they were called to do. For instance, former prelate of the Methodist church

Power, major challenge to manufacturers Ogedengbe, however, stressed that the churches should strive to use the acquisition strategy to develop other sectors of the economy. “They should also ensure that people are empowered as well as invest in other sectors of the economy. There is nothing wrong in Christians taking over the economy if the people running it now continue to fail because I believe that they are less corrupt. It’s that way all over the world; people with focus are buying up dead companies and turning them into more useful ventures. “In Nigeria, it is the church because they are the ones that are vibrant for now. It’s time the children of God should assert their dominance to propel the economy. So, they should not limit the acquisition to building of worship centres only; that’s the way I see the exercise.” Andrew Rice, writing in The New York Times, may have given a gleam of what may have informed the motive for what the Pentecostal churches are doing in Nigeria. He calls the RCCG “one of Africa’s most vigorously expansionary religious movements, a homegrown Pentecostal denomination that is crusading to become a global faith.” Similarly, Daniel Ajayi-Adeniran, a pastor in that flock, in his submission said one of the church’s missions is “to have a member of RCCG in every family in every nation.” But, are these assertions justification for the acquisition policy? Would it not live a moral burden on the churches that are taking over facilities of troubled companies and warehouses?

BUSINESS Sanctity of Truth

Monday, April 14, 2014

MONDAY, APRIL 14, 2014

WHAT'S NEWS 17 oil blocks redundant 11 years after award –Investigations About 17 marginal fields of 2003 are redundant eleven years after they were given out, investigations by New Telegraph have revealed.

}p-26

Nigerians still poor, despite rebasing – FDC Any impact that a rebased Gross Domestic Product (GDP) may have will sadly be lost on the majority of Nigerians as an estimated 60 per cent of them live in abject poverty, Financial Derivatives Company (FDC) has said in its latest report.

}p-27

IMF renews battle against money laundering, terrorism financing The Executive Board of the International Monetary Fund (IMF) has reviewed recent developments in anti-money laundering and combating the financing of terrorism (AML/CFT) and discussed proposals for the Fund’s future strategy on AML/CFT.

}p-32

Insurance: Gasping for space in rebased GDP Last week, the management of Mutual Benefits Assurance Plc did what could be termed unusual in the insurance sector by launching 36 products into the market at a go.

}p-36

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

INFLOWS Nigeria has scored another first in Africa in terms of remittances Ayodele Aminu

WASHINGTON D.C.

espite more deportations from some host countries, Nigerians abroad remitted $21billion to their relatives last year to emerge the fifth country with the highest remittances in the world and first in Africa, the World Bank has said. In its latest issue of the Migration and Development Brief released at the weekend, the World Bank said that India remained in the top spot, with $70 billion in remittances in 2013. Other large recipients were China ($60 billion), the Philippines ($25 billion), Mexico ($22 billion), Nigeria ($21 billion), Egypt ($17 billion), Pakistan ($15 billion), Bangladesh ($14 billion), Vietnam ($11 billion) and Ukraine ($10 billion). It noted that Nigeria remains the largest recipient by far in sub-Saharan Africa, with migrants sending about $21 billion in 2013. Acknowledging that remittances to region grew by 3.5 per cent in 2013 to reach $32 billion, after remaining broadly unchanged in 2012, it said flows are

Siaka Momoh

he Minister of Agriculture and Rural Development, Akinwunmi Adesina, has accused civil servants of conspiring with illegal fish importers for selfish gains. Consequently, he has decided to put a stop to their nefarious activities.

CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter

www.newtelegraphonline.com/business

MEGGISON }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

Nigerians remitted $21bn in 2013, says World Bank Developing countries to send $436bn this year Global remittances to hit $581bn

L-R: French Ambassador to Nigeria, Jacques Champagne de Labriolle; President, Lagos Chamber of Commerce and Industry, Alhaji Remi Bello and Chairman, Africa Committee, Medef International/Head of Delegation, Partrick Lucas during a working visit to the Chamber by a French Business Delegation in Lagos

forecast to rise to $41 billion in 2016. It noted that remittances to countries in East Africa also continued to grow robustly last year, by 10 per cent to Kenya and 15 per cent to Uganda. In contrast, West African countries, such as Cote d’Ivoire and Senegal, saw only modest increases in 2013, after a slowdown in 2012.

Acknowledging that remittances to developing countries would be robust this year, the World Bank said that international migrants from these countries are expected to send $436 billion in remittances to their home countries. This year’s remittance flows to developing countries, according to the World Bank, will be an increase of 7.8 per cent over

Adesina, while reacting to a publication in one of Nigeria’s national dailies in which some staff of the Federal Department of Fisheries alleged irregularities and corruption in the Federal Department of Fisheries said that “as a responsible public servant, totally committed to public probity, transparency and accountability, I will not allow

corruption or rent seeking to occur under my watch.” It would be recalled that the minister recently descended on some fish importers in Lagos who smuggled fish (including unwholesome fish) into the country by impounding their stock. The civil servants in quesCONTINUED ON PAGE 26

the 2013 volume of $404 billion, rising to $516 billion in 2016, according to revised projections from the latest issue of the brief. Global remittances, including those to high-income countries, are estimated at $581 billion this year, from $542 billion in 2013, rising to $681 billion in 2016. “Remittances have become a major component of the balance of payments of nations. India led the chart of remittance flows, receiving $70 billion last year, followed by China with $60 billion and the Philippines with $25 billion. There is no doubt that these flows act as an antidote to poverty and promote prosperity. Remittances and migration data are also barometers of global peace and turmoil and this is what makes World Bank’s KNOMAD initiative to organise, analyse, and make available these data so important,” said Kaushik Basu, Senior Vice President and Chief CONTINUED ON PAGE 26

Rates Dashboard

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

NEW TELEGRAPH

Minister chides civil servants over alleged conspiracy

WOLE SHADARE, Aviation Editor CHRIS UGWU, Capital Market Editor

WHY INTERVENTION FUNDS 25 BUSINESS | BRANDS & ADVERTISING DIDN’T IMPROVE AVIATION, BY

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 April 11)

USD . . . . . . . . . . . . . . . . . . . . . . N170 Pounds . . . . . . . . . . . . . . . . . . N282 Euro . . . . . . . . . . . . . . . . . . . . . N235

EXCHANGE RATE

(Official As at April 11)

USD . . . . . . . . . . . . . . . . . . . N155.74 Pounds . . . . . . . . . . . . . . . N260.56 Euro . . . . . . . . . . . . . . . . . . . N216.15 Source: CBN

26 BUSINESS | NEWS LOBBYING President fails to invoke paragraph 16A of PA on license revocation Adeola Yusuf

bout 17 marginal fields of 2003 are redundant eleven years after they were given out, investigations by New Telegraph have revealed. The Department of Petroleum resources (DPR), which awarded these fields, had threatened to withdraw them, a decision that led to scheming by owners of the oil blocks. The DPR, which has started the process for the award of new marginal fields, has yet to announce the identities of the

17 oil blocks redundant 11 years after award –Investigations new blocks for bids. “The owners of the redundant oil blocks from 2003 bid round are afraid that the DPR may withdraw their ownership of the blocks for the new bid round, thus operators of these undeveloped marginal fields have begun intensive lobbying at the Presidency to avert the withdrawal of their licenses,” a source at the Presidency told this newspaper. Marginal Fields in Nigeria evolved from the Petroleum Amendment Act 1996, which

Rebasing: $240bn previously unaccounted for, say experts Sunday Ojeme

he recently rebased Gross Domestic Product (GDP) by the Federal Government has shown that about $240 billion was previously unaccounted for within the Nigeria economy. The figure represents about 77 per cent more than the GDP of all other West African countries, approximately $135 billion put together. A report released last Friday by Financial Derivatives Company Limited (FDC), said the fact that there were effectively eight “Ghana” unaccounted for in the Nigerian economy was staggering, adding that it increased the GDP of the entire continent by 20 per cent to $1.42 trillion. The report added that on a per capita basis, Nigeria was still the lowest among the Organisation of Petroleum Exporting Countries (OPEC) and

Sanctity of Truth

Monday, April 14, 2014

on the continent lagged behind South Africa, Egypt, Angola and even Papua New Guinea. On the essence of rebasing, the report said it was carried out to give the most up-to-date and accurate picture of the economy as possible, one that mirrors the realities. FDC said, “Economies are not static, they are dynamic. They constantly evolve, adding new sectors and new technologies and behavioural patterns are usually altered as it shrinks or grows. “By gathering very recent data, the National Bureau of Statistics overcomes issues bordering on data integrity, reliability and punctuality that have hampered evidence-based decision-making in the past. The exercise received full supervision, verification and wholehearted endorsement from the International Monetary Fund, World Bank and African Development Bank.

introduced paragraph 16A into the First Schedule to the Petroleum Act. This amendment provides that the holder of an OML can farm out any marginal field which lies within the OML. Also under the amendment, the president may cause the farmout of a marginal field, which has been left unattended for a period of not less than 10 years from the date of the first discovery of the marginal field. For there to be a valid Farmout, there must be the consent of the President of the Federal

Economist of the World Bank. Serbia and Kosovo In terms of remittances as a share of Gross Domestic Product (GDP), the top recipients were Tajikistan (52 per cent), Kyrgyz Republic (31 per cent), Nepal and Moldova (both 25 per cent), Samoa and Lesotho (both 23 per cent), Armenia and Haiti (both 21 per cent), Liberia (20 per cent) and Kosovo (17 per cent). “In addition to the large annual flows of remittances, mi-

grants living in high income countries are estimated to hold savings in excess of $500 billion annually. These savings represent a huge pool of funds that developing countries can do much more to tap into,” said Dilip Ratha, Manager of the Migration and Remittances Team at the Bank’s Development Prospects Group. Nigeria is readying a diaspora bond issue to mobilise diaspora savings and boost financing for development. World Bank noted that efforts are required to lower the cost of sending money through official

lobby for them.” The marginal fields were allocated to local companies in 2003 as part of efforts to build indigenous capacity in oil exploration and production. These are fields considered to be commercially unviable by the oil majors because of their small production level, usually between 1,000 and 5,000 barrels per day and with reserves of not more than 10 million barrels. Twenty four of the fields were awarded to local companies in the 2003 rounds.

L-R: Commissioner for Economic Planning and Budget/co-chair, Lagos Economic Summit Group, Mr Ben Akabueze; Chief Executive Officer, Stanbic IBTC Holdings, Sola David-Borha; and Commissioner for Finance, Lagos State, Ayo Gbeleyi, at the 7th Lagos State Economic Summit in Lagos. C O N T I N U E D F R O M PA G E 2 5

tion were apparently trying to undermine the minister’s drive to sanitise the Federal Department of Fisheries. Adesina said: “The same disgruntled staff members are the same that have perpetuated wastage, corruption and the undermining of laws

Nigerians remitted $21bn in 2013, says World Bank C O N T I N U E D F R O M PA G E 2 5

Republic of Nigeria. The source however added: “These affected operators, majority of who are politicians, have begun serious lobbying at the Presidency to avert the sledge hammer. “The threat to withdraw their licenses is real and I believe that they already know this and that is why they are now fighting tooth and nail to retain the fields. Many of them have the backing of politicians and these politicians have already been coming around (at the Presidency) to

channels, although inroads are being made. During the first quarter, the global average cost for sending money fell to 8.4 per cent of the transaction value, compared with 9.1 per cent a year earlier. However, the average cost of remittances to subSaharan Africa has remained stubbornly high at around 12 per cent. Also, South-South remittances, which are on the rise, are in many cases either not permitted or very costly due to outward exchange controls in many developing countries, such as Gambia, Ghana and Venezuela.

Minister chides civil servants over alleged conspiracy and regulations that were to guide the fisheries sector and protect Nigerians from nefarious activities of illegal operators in the fisheries sector. They are clearly uncomfortable with the searchlight being beamed on their professional misconduct and activities and those of their associates who continue to avoid government scrutiny of their business operations in the fisheries sector.” He declared that he would not spare efforts to stamp out corruption in the Federal Department of Fisheries, regardless of spirited attempts to misinform the public by the same people who caused the mess now being cleaned up. “I fully expect that corruption will fight back. This government is fully ready and will ensure everyone in the fisheries industry complies fully

with the law. There will be no sacred cows. We must grow our domestic fish production, protect consumers, especially the poor who are being exploited and save Nigeria’s artisanal fishermen and fish marketers from the economic strangle holds of foreign fish importers who treat them as economic slaves,” he argued. Adesina explained: “We inherited a totally dysfunctional Federal Department of Fisheries. The old glory of the department had disappeared due to complicity in how some staff had compromised the laws, rules and regulations for pure personal gains. Nigeria, which has the ocean, lakes, estuaries, rivers, ponds and other water bodies had been allowed to become a dumping ground for imported fish, spending over N 170 billion importing fish.

BUSINESS | NEWS

Sanctity of Truth

Monday, April 14, 2014

Nigerians still poor, despite rebasing –FDC IRONY Nigeria has the biggest economy in Africa but ranks among the top five countries where hardship is most pervasive. Siaka Momoh

ny impact that a rebased Gross Domestic Product (GDP) may have will sadly be lost on the majority of Nigerians as an estimated 60 per cent of them live in abject poverty, Financial Derivatives Company (FDC) has said in its latest report. “This figure,” according to FDC, “was 52 per cent in 2004; the worsening statistic is indicative of the absence of inclusive growth in Africa’s most populous nation.” It noted: “The unemploy-

L-R: Chairman, Leadcapital Plc, Mr.Ayo Ajayi; CEO of Nigeria Stock Exchange, Mr.Oscar Onyema; Chairman Lead Securities & Investment Plc , Mr.Abimbola Olashore; Director of Leadcapital Plc, Mr.Dan Ngerem and Chairman of Nigeria Shareholders' Association, Sir Sunny Nwosu, at the official/media launch of Leadtrader, held at the Nigerian Stock Exchange, Lagos.

ment figure at 30 per cent is still largely underestimated and is much worse among the youth. Unequal distribution of wealth over the years has engendered a persistent inequality problem, which is largely to blame for a

great number of socio-economic issues faced by the country in recent times like kidnapping, militancy and even terrorism. The misery Index, defined as unemployment rate plus inflation is 37.7 per cent. Pre-rebas-

FG inaugurates N8.22bn IlorinKabba-Obajana road repairs ...to be completed in 36 months Dayo Ayeyemi

he Federal Government has flagged-off the second phase of rehabilitation works on the Ilorin– Kabba– Obajana road. The road, according to the Minister of Works, Mike Onolememen, would be completed within 36 months at the cost of N8.22billion. Onolememen stated that upon completion, the road, which was awarded to Messrs CGC Nigeria Limited, will reduce travel time and cost of vehicle maintenance while socio-economic activities in the country will increase, thereby contributing to an improved National Gross Domestic

Product (GDP). According to the minister, the 80 kilometre road which serves as a major economic artery by providing access to not only the biggest cement plant in Africa, Obajana Cement factory, also provides access to the nation’s premier Steel Plant in Ajaokuta, Kogi State. Furthermore, the road connects Kogi and Kwara states while also serving as a connector-highway that links the North-South Arterial route A1 (Lagos-IbadanIlorin-Kaduna-Katsina) to the North-South Arterial route A2 (Warri-Benin-Lokoja-AbujaKaduna-Katsina). The highway is a 2 lane 7.3 metre single carriageway with 2.5metres wide shoulders on

Dangote Cement to double production capacity in 2014 Segun Edwards

igeria's largest cement manufacturer, Dangote Cement, said it intends to double its production capacity across Africa in 2014 to 40 million metric tons (44.092 million tons).

This was disclosed by the company’s Chief Executive Officer, Devakumar Edwin, who said that nine million tons would be added by the firm to its operations in Nigeria, which would make up a capacity of 29 million tons. The company would also

both sides. In his speech at the event, Kogi State Governor, Idris Wada, promised to provide all necessary security and support to the contractors to ensure successful completion of the project. He, however, called for compliance with the terms of the contract and asked the contractor not to cut corners but stick strictly to specifications. The Obaro of Kabba land, HRM Oba Michael Olabayo and Senator Smart Adeyemi in whose kingdom and constituency the road traverses, promised to provide support in form of accommodation, manpower and security, among other requests, as may be required by the company until the completion of the project.

commission plants across the continent that has been in the making for several years. This, he said, will add a further 11 million tons. “The key driver is the increase in volumes,” said Devakumar, who added that although the company has focused on cost control, it has also ensured to focus on volume growth, which has increased profits.

ing, potential GDP Growth had been estimated at 10.6 per cent. The 3.8 per cent differential between “what is” and “what could be” reflects constraints and sub-optimality.” FDC argued that poverty in

the midst of high crude oil prices and robust growth figures points to the neglect of labourintensive sectors like agriculture and manufacturing in favour of capital-intensive sectors like the oil and telecommunications sectors. “The challenges of poverty, unemployment and inequality require not just economic growth but also job creation and investments in improving the productive capacity of the economy and its people.” Many, experts at FDC argue that the rebasing exercise “is, at most, cosmetic, as it effectively changes nothing of much substance like the ease of doing business and labour market weaknesses.” The World Bank Ease of Doing Business survey recently ranked Nigeria 147, slightly ahead of Iraq and Sudan. South Africa and Ghana on the other hand, are ranked much higher at 41 and 67 respectively.

Nigeria spends N9bn to import champagne –Audu Ogbe EXPORTATION Over 1.9 million bottles of champagne are being exported to emerging markets in China, Nigeria, Russia and Mexico Bayo Akomolafe

former Peoples Democratic Party (PDP) chairman and farmer, Chief Audu Ogbe, has disclosed that over N9 billion is being spent yearly to import champagne into the country. He, therefore, advocated that high import duty should be slammed on the product to discourage its importation Also, a research by Euromonitor International revealed that 1.9 million bottles were exported to markets outside the EU in 2012 due to high demand in emerging markets in China, Nigeria, Russia and Mexico. Speaking at a breakfast meeting organised by Quintessential Diamond Limited, a company that deals in agro-products, in Abuja, Ogbe pushed for special banks funded by the treasury and targeting industrial and agricultural growth at one digit interest rate. He noted that if this was not done, the economy might head

for trouble, recalling that a few years ago when he warned Kano State government against militant activity, he was accused of raising false alarm. He said: “With the current interest rate, you can’t manufacture. The next thing is that we have got to create special development banks. We had them before – Nigeria Industrial Development Bank (NIDB) and Nigerian Bank of Commerce and Industry (NBCI). They were there focusing on industrial growth. Some of these reforms have deformed this country’s growth. And those banks should charge one digit interest rate. This business of throwing the whole thing wide is not helping the country. I don’t care which economist is preaching this stuff. “I challenge such an economist that since 28 years ago when we began this programme (the country’s economic programme), poverty crisis has worsened by the day. We must have special banks funded by the treasury targeting industrial and agricultural growth at one digit interest rate. Otherwise, we are heading for trouble.” Last year, Euromonitor International explained that the country’s middle class who are seeking an alternative to beer have been consuming 849,000 litres of champagne yearly.

28 MONDAY| INTERVIEW

Sanctity

Why intervention funds didn’t improve aviation, by Meggison

Monday, Ap

Nogie Meggison is the chairman, Airline Operators of Nigeria. He is a consummate aviator, a successful entrepreneur with close to three decades of experience in aviation. In this interview with WOLE SHADARE in Johannesburg on the side-line of the 23rd MRO Africa conference, organised Meggison spoke on the challenges facing the sector in Nigeria and proffers solutions on how to get out of the woods. Excerpts Meggison

The 23rd MRO Africa conference is an eye opener to many who attended. What is the way forward for Nigeria? We need to brace up. It is either we wake up or remain where we are. By the time Kenya Airways’ official who was sitting down next to me talked about the airline delivering Boeing 787 and operating a Boeing 747 cargo and I knew that 80 per cent of their market is from Nigeria, I realised that we are sleeping while people are taking advantage of us. It is either we start to eat or we continue to allow them to eat us. It is an embarrassment to know how back we have fallen. That is why I could not talk anymore. I was shocked to know how we have been ripped off by foreign airlines. What is the way out of this situation? It is a shame, which reflected recently when Immigration had its aptitude test. It goes back to government policies, which have failed to protect Nigerian market and labour. It is the same thing in aviation today. I am the grand patron for unemployed pilots. We have about 180 unemployed pilots. Bombardier placed 47 airplanes in Nigeria. We have close to 100 private jets, which order have been placed in Nigeria in the past three years and yet we still have unemployed pilots. Kano State is training 100 pilots in Jordan today. The Nigerian College of Aviation Technology (NCAT), Zaria, has students pilots 26, 27, 28, 29 and 50 in class today, which is another 100; that makes it 380. Kwara State has roughly about 40 student pilots. If you add that to it, we have 470. We still have those training in the US and in South Africa; we still have the Niger Delta Amnesty training another 57.

We have the same issue where we have pilots trained without jobs. We have allowed the foreigners to take the pilots jobs; we have allowed the foreigners to do multiple entries into our airports because our policies are so lose and allow them to take all the passengers at the detriment of the Nigerian carriers. As it is said, in every four black men, one is a Nigerian. There is really no reason on earth today that for every four aviators out of Africa, one should not be a Nigerian because of our educational background and our strength. If you go into Emirates today, you go into Qatar and you go into Saudi Arabia Airways, from the cabin to the cockpit, to technical personnel, you see a lot of Kenyans, Ethiopians and South Africans; you will not find Nigerians there. And these are countries that have trained their people at the expense of the Nigerian market. That is training for human capital. Is there any implication for the economy? Now, when we are talking about aviation, financial capital, Gross Domestic Product (GDP), that is money going into the purse of government, Ethiopian Airways generates the country’s main income. What is the population of Ethiopians travelling? What is the population of Ethiopia as a country? Nigeria has slept; it has opened its doors out of being friendly, naïve, confused, dazed, lackadaisical, selfish, self-centred and uncontrolled. I don’t wish to use the word corrupt, but these have gotten into the fabric and people are using Nigeria’s income to develop their countries. I was shocked and flabbergasted when a Kenya Airways official was talking about delivering a Boeing 787 airplane. Nigeria should develop and protect her market...

because for you to develop your market, you have to protect your market, these two airlines (Kenya and Ethiopian Airlines) will go out of business. We need to start to restrict the way people come into aviation, dive into our market and walk away with cash. We have the potential to become number one in Africa; not just the gateway, but the number one in Africa. Today, Nigeria can only put a collection of old airplanes. International carriers like Lufthansa are talking about E90 engines and they are talking about an engine of $30 million. Kenya Airways acquiring Boeing 787 is using Nigerian money to put down $30 million for spare engine. When are we going to wake up? That is why I have called and I will continue to call that they should put a technocrat with a track record as the Minister of Aviation that knows what he is doing, who can turn aviation around. The mistakes have been made, we have thrown our borders open. If we have a new minister, can these things be corrected? For example, stopping an airline that flies into the country three times a day, what do you think are the corrective measures? If you put the right person there, the law to stop them is an international law; it is a cabotage law, the Fifth Freedom Rights. So, it is an international law that you invoke, saying, you cannot come and take passengers out of my backyard to another country before your own country. The minister can stop that. You encourage all of them, you make one gateway into Nigeria: Lagos or Abuja; you choose one and then work

and interline with a local carrier and you develop a local carrier by that. You don’t come and struggle with the local carrier and kill the local carrier. At the rate Nigeria is going, in five years, quote me, we shall have no local carrier in Nigeria again. This is because you have opened your borders with financial might and strength to come in there and take away your passengers. Their financials are more than yours, you need to close your borders and develop your market. And if you close your borders and ask them to interline with First Nation, Arik Air, Aero and others, they will start to pick up and learn the trade because if they interline with you they get into your reservation system and your engineering system and know how they work. Aviation is not mere transportation for Nigeria, but a sector that should be contributing to the nation’s GDP and also our labour force. It is painful to sit down and be laughing as Nigeria is being discussed. Nigeria has thrown its borders open that we have allowed Emirates and we were even clapping. Ethiopian Airlines to go into Kano and Enugu respectively to operate and to do between two to three stops. The national carrier grew and led to the training of skilled personnel and the development of MRO facility. These are key issues we need in Nigeria, but how do we develop the aviation industry without a national carrier? I don’t think the national carrier is the issue. Our policies are the issue. We had a national carrier in the defunct Nigeria Airways. If you have a national carrier and you don’t exercise the cabotage law or the

MONDAY| INTERVIEW 29

of Truth

pril 14, 2014

Fifth Freedom Right, you are putting water down the drain. If you have a national carrier and you don’t have MRO, of what use is that? Seychelles, at the conference, talked about their starting with a line station and today they service everybody. One of the officials told me that it was British Airways that actually had the line station, but when government policy changed, British Airways gave the facility to the locals to manage and handle British Airways in conjunction with British Airways staff. British Airways has been coming into Nigeria for about 75 years, so I challenged the British Airways official at the conference and reminded her that the airline did not have any Nigerian it trained to a standard or has retired in Nigeria. The official said she would discuss it with her office. Today, we have engineers trained at NCAT, Zaria, roaming the streets, but the airlines will tell you they don’t have skills but by the time you have people that had worked with British Airways Boeing 747, that had worked for the past 20, 30 years, those guys would have been retiring by now from British Airways and they could have been handling all the airlines that come into the country. They said 32 airlines come into the country but I told them it is more than that because some of them operate multiple entries. So, if you take the multiplication of their multiple times, we shall be talking about them doing close to 80 international flights a day. How many Nigerians do you know that have been trained on the Boeing 777 engine? Even Arik Air still contracts its maintenance to Lufthansa Technic and TAP and they don’t allow the locals to touch a spanner. We need a Minister of Aviation that knows what he is doing and who should know that these changes can be made and that the changes are possible. He should think about how to train manpower and put skills into our country. We cannot insist that the airlines must employ our locals in the technical areas because we do not have the skills, but after about 75 years’ operating in Nigeria, British Airways has not been able to train one person? Lufthansa has not been able to train one Nigerian; Air France has not been able to train any Nigerian. British Airways most profitable route is Nigeria and the same with Lufthansa. Emirates also said that second most profitable route in its operations is Nigeria; the same with South Africa Airways. But the question is: What are these airlines putting back to Nigeria?

in the world. What are we doing with this intellect? We are letting them rot. So gradually, we build MRO from the line stations in five years’ time. But we need a government policy to back us up, to tell British Airways that your line station should employ Nigerians. Government will put a supervisor that will see to the employment of Nigerians; that 50 to 60 per cent of Nigerians should be employed.

Meggison

And by the time a guy works in a line station and goes for training for five years, we will be able to step up after that period to MRO because the guy has been dealing with the aircraft for five years, pumping tyres, changing gears. So, after five years,

How quickly can Nigeria have MRO facility? From what I understood from the conference, the MRO has long gone. It is too expensive to start the MRO. What I gathered is that we have to start line maintenance gradually. We have to put a line station in Nigeria, get a technical partner and get Nigerians involved in the line stations.

Bombardier placed 47 airplanes in Nigeria. We have close to 100 private jets, which order have been placed in Nigeria in the past three years and yet we still have unemployed pilots

Meggison

he becomes an expert. We are not dumb. We have Nigerians with first class degrees. Nigerians are some of the most educated people on earth. One of the guys at the conference said that Nigerians have the most PHDs in America than any other country

Many years ago they talked about national hangar and they gave the contract to one company. What could be responsible for it not being completed because it was a very good plan; secondly, in Nigeria, there is allegation of multiple taxes levied against airlines, how do you think high taxes and high cost of fuel could be tackled? Nigerian government has done well in terms of good intentions, but the policy people could not translate it to improve the aviation sector. Funds had been given on two occasions that I know of in the past four years. Those intervention funds did not filter down to the aviation sector. The last one, N350 billion was given to aviation and power sectors, the one for aviation actually went to the banks. It did not come to aviation and as far as the president is concerned, he would be thinking that it came to aviation because they called it aviation intervention fund. The other one got misdirected because of those at the helm of affairs. Till today, they are dragging about what happened to the money. The money can be utilised properly. Intervention funds have been given to aviation on several occasions but it has not been applied in the proper way. As we have said and know today, it is clear that for you to grow more than five airplanes, you need to establish MRO. If some of those intervention funds were used to build a national hangar, today, at least at the maintenance side, we would have known where we are. Today if you go to Libya, if you go to some African countries that produce fuel, they charge local rates, which are lower than the international rates. Our fuel is expensive. We are importing kerosene from Dubai and from Europe. Those intervention funds should have been used to develop the section of the Warri Refinery that produces Jet A1 and make it working and the product should be sold back to us at N120 per litre and you will see that other African airlines will come in to buy aviation fuel from Nigeria. This goes back again to the policy and who is driving the policy? Today, for you to get land and build a hangar is very difficult. The rates on the land are so high that it is impossible to get back your money on investment. It is like borrowing funds to somebody to do business at 35 per cent interest rate, the person is not going to pay back, but if you give a loan for two, three per cent interest rate, you know he will get back the money and give it to you. They have to look at the taxes. The airlines are supposed to be laying the golden eggs, but the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Airspace Management Agency (NAMA), are seeing it that they are not only to lay the golden egg but see it as an avenue for them to generate their own income and carry out their projects.

30 BUSINESS | FINANCE

Sanctity of Truth

Monday, April 14, 2014

Nigeria’s credit rating: Between

Jonathan

Ayodele Aminu

itch Ratings and Standards & Poors are among the “Big Three” credit rating agencies (Moody’s, Standards & Poors and Fitch Ratings) — controlling approximately 95 per cent of the ratings business globally. So, when any of the trio gives a verdict on the state of affairs of a country, company or debt instruments, hardly can it be faulted. However, the financial crises in 2007/2009 have proved otherwise, culminating in questioning of the value of credit ratings for securities. Companies with highest ratings were downgraded to junk during these periods. What is a rating agency? A credit rating agency (CRA) is a company that assigns credit ratings — rating of the debtor’s ability to pay back by making timely interest payments and of the likelihood of default. An agency may rate the creditworthiness of issuers of debt obligations, the debt instruments, and/or in some cases, the servicers of the underlying debt, but not individual consumers. Debt instruments the agencies rate may include government bonds, corporate bonds, CDs, municipal bonds, preferred stock, and collateralised securities, such as mortgage-backed securities and collateralized debt obligations. The issuers of the obligations/securities may be companies, special purpose entities, state and local governments, non-profit organisations or sovereign nations. A credit rating permits or facilitates the trading of securities on a secondary market. A credit rating affects the interest rate a security pays out, with higher ratings leading to lower interest rates. Individual consumers are not rated for credit-worthiness by credit rating agencies, but by credit bureaus

Okonjo-Iweala

(also consumer reporting agencies, credit reference agencies), which issue credit scores. Just last Friday, Fitch affirmed Nigeria’s long-term foreign and local currency Issuer Default Ratings (IDR) at ‘BB-’ and ‘BB,’ respectively. It also asserted the Nigeria’s outlooks are stable. “The issue of ratings on Nigeria’s senior unsecured foreign and local currency bonds have also been affirmed at ‘BB-’ and ‘BB,’ respectively. The agency has also affirmed Nigeria’s short-term foreign currency IDR at ‘B’ and Country Ceiling at ‘BB-’; Fitch stated in its report. These new ratings, however, contradicts Standard & Poor’s, which revised its outlook on Nigeria’s sovereign credit to negative from credit watch negative some 20 days ago, citing “continued infighting within the ruling party (Peoples Democratic Party), which has heightened political and institutional risks.” It nonetheless affirmed its ‘BB-’ longterm sovereign credit rating on Nigeria. Fitch’s verdict In justifying its ratings, Fitch listed key rating drivers such as the nation’s foreign exchange and foreign reserves, which it insisted are stabilising after the shock of Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi’s suspension on February 20, 2014. Fitch noted: “Demand for FX in the official auction reverted to normal levels in March and CBN intervention in the inter-bank market has fallen away. The inter-bank naira/US dollar rate has strengthened from its lows, although it remains outside the upper limit of the N155 plus or minus 3 per cent band. “Official reserves rose in March, helped by an increase in the ECA fiscal buffer (Excess Crude Account). Although reserves have fallen appreciably

over the past year, they remain in line with ‘BB’ category peer medians at a Fitch projected 4.6 months current account payments (CXP) at end 2014, although weaker than similarly rated oil exporters (Angola and Gabon).” Besides, Fitch stated that the Monetary Policy Committee (MPC) has continued the gradual tightening of liquidity seen over the past year, with an increase in the private sector cash reserve requirement to 15 per cent. Inflation, it also noted, fell to a new low of 7.7 per cent in February, within the target range of 6 per cent-9 per cent. Fitch said it believes that as an institution, the CBN has been strengthened in recent years and should retain its autonomy over monetary and financial policy, notwithstanding Sanusi’s suspension. However, the rating agency noted that oil production remains volatile but rose in the first quarter of this year to average 2.25mb/d, in line with the trailing 12-month average, and above the recent low of 2.1mb/d in November/December 2013. “Improved production and increased efforts to tackle pipeline vandalism and oil theft may help explain the increase in the ECA in March. The issue of corruption in the oil sector and lack of transparency in oil flows has gained heightened prominence this year and the president has agreed to a forensic audit of the flows between state-owned oil company, NNPC and the budget,” Fitch said.

The financial crises in 2007/2009 have proved otherwise, as the value of credit ratings for securities has been widely questioned

Moreover, the rating agency observed that Nigeria has a tight budget, assumed a conservative oil price of USD77.5/bl and a more realistic oil production assumption of 2.39mb/d. While maintaining that production shortfalls are likely to continue, allowing further drawing on the ECA, it said that the Federal Government aims to increase the ECA this year. “The budget envisages a fall in revenue and spending, although the latter will be achieved mainly through a more realistic assessment of capital spending capacity,” it added. Other factors listed by Fitch to support the affirmation of its rating include Nigeria’s low debt burden, which after the recent Gross Domestic Product (GDP) re-basing is just 12.6 per cent of GDP (general government) at end-2013, is well below medians throughout the rating scale. Fitch said its debt sustainability analysis shows Nigeria’s debt ratio would remain well below the ‘BB’ median in any plausible scenario. Furthermore, Fitch acknowledged Nigeria’s continued strong growth, which has averaged 6.8 per cent over the past five years, led by non-oil growth of an average 7.7 per cent. Revised national accounts, it added, show growth accelerated to 7.4 per cent in 2013, with a 5.2 per cent increase in the energy sector as gas production increased, notwithstanding a fall in oil production. Additionally, it said that the GDP rebasing shows a more diversified economy, with the non-oil sector comprising 86 per cent of GDP and services now put at 52 per cent of GDP (previously 29 per cent) with the oil and agriculture sectors now having a reduced share in GDP. Also, it noted that Nigeria’s sovereign and overall external balance sheets, current account surplus, debt service ratio and external liquidity are all stronger

BUSINESS | FINANCE

Sanctity of Truth

Monday, April 14, 2014

Fitch and S&P than ‘BB’ category medians. However, the current surplus, according to Fitch, has been declining (4.1per cent of GDP in 2013) and may be overstated given large errors and omissions. Describing Nigeria’s reform progress as mixed, Fitch noted that electricity generators and distributors are now in private hands but transmission remains a problem and output remains volatile, affected by gas supply and other problems. Agricultural reforms, it observed, continue to gain traction, leading to higher output and a reduced import bill. However, the Petroleum Industry Bill (PIB) remains stalled, stressing that strong vested interests make structural reform a continual struggle. Nigeria’s ratings, according to Fitch, are constrained by weak governance, as measured by the World Bank, low per capita income, even after the 89 per cent uplift to 2013 GDP due to rebasing and vulnerability of public finances and reserves to oil price volatility. In addition to these, the rating agency noted that political noise has increased this year ahead of the February 2015 presidential and gubernatorial elections. The Boko Haram insurgency has also intensified this year though is geographically contained. It listed the main positive factors that individually or collectively might lead to rating action to include accelerated structural reforms that bring faster, more inclusive growth and higher employment and per capita incomes and signs of a sustained increase in electricity production and passage of the PIB. Also included are a longer track record of low single-digit inflation, improved external buffers, either in the ECA or the new Sovereign Wealth Fund (NSIA) and improved governance as reflected in World Bank and anti-corruption indicators. On the negative trajectory, it listed renewed pressure on reserves that further depletes Nigeria’s fiscal and external buffers, reversal of key structural reforms and a serious deterioration in domestic security, whether stemming from terrorism or election-related violence. In its key assumptions, it noted that Nigeria is highly dependent on oil for fiscal and external revenue; Brent crude will average USD105/bl in 2014 and USD100/bl in 2015; the current stance of relatively conservative macro policy and incremental structural reform will remain in place in the forecast period, which goes up to the election year of 2015. In particular, no significant fiscal spending overruns are assumed. At the same time, no significant acceleration in non-oil growth or net exports has been assumed nor any further reduction in petroleum subsidies, which would benefit public and external finances. Fitch believes passage of the Petroleum Industry Bill (PIB) before the election is unlikely, but failure to do so is assumed not to have any serious short-term

impact on oil production. However, oil theft and associated capacity shutdowns are assumed to continue, although not worsen, meaning average oil output will remain around 2.2mb/d, significantly below potential of 2.5mb/d. It is also assumed that there is no major resurgence of violence in the Delta region. Besides, it assumes that the Boko Haram terrorist insurgency will remain contained and not to have serious consequences for economic performance. Standard & Poors’ findings S&P had put Nigeria on a credit watch following its decision to review the country’s rating from “stable outlook,” citing lack of new information on the country and the uncertainty surrounding monetary policies after Sanusi’s suspension. The rating agency had declared its intention to review Nigeria’s rating over a month ago, an action which the Federal Government had since appealed. Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, had said that the Federal Government had questioned the reasoning behind the review on the country’s stable outlook, stating that there had been positive macroeconomic developments since the release of the agency’s last rating on Nigeria. She insisted that the move by the agency was unacceptable, especially on the issue of lack of information. The minister said that the agency should have upgraded its information on the country by reaching out to the

relevant contacts and agencies it deals with during the rating exercise. She explained that S&P was under pressure three weeks ago to file its ratings on sovereign countries and other obligors owing to the change of regime imposed on rating agencies by the United Stated government, which requires them to submit reports twice a year. “So when they called last week (three weeks ago) saying they were changing their outlook for Nigeria from stable due to the unavailability of information and had a deadline to meet, we asked why? “If they cannot send someone to come to the country for information, they should have at least called or reached the relevant contacts through their agents to get the relevant information needed for their assessment,” she said. The minster added that the appeal was to give them room to upgrade their information before making public their rating report on Nigeria. S&P had specifically given the suspension of Sanusi as reason for the impending change in the country’s outlook, stating that the suspension amounted to government interference with monetary policies. It therefore placed the country on a credit watch for a period of one week as a result of the appeal by the Federal Government. “As a result, we are placing our longterm sovereign credit ratings on Nigeria on CreditWatch with negative implications,” S&P had stated. However, Okonjo-Iweala specifically said that the monetary policy regime

was not a decision made by one man, noting that the decisions on monetary policies are made by a 12-man committee, which was recently appointed for another four-year term. “So I informed them about the newly appointed committee, which S&P claimed they were unaware of,” she said. The minister said she also apprised them of other macroeconomic developments in the country, which included: a rise in the Excess Crude Account (ECA), growing from $2.11 billion to $3.45 billion in March and the deceleration in the rate of inflation to 7.7 per cent. All her pleas, however, fell on deaf ears as S&P went ahead to slam Nigeria. S&P rates borrowers on a scale from AAA to D. Intermediate ratings are offered at each level between AA and CCC (e.g., BBB+, BBB and BBB). However, all these explanations by the minister did not stop Fitch from revising its outlook on Nigeria’s sovereign credit to negative from credit watch negative, citing “continued infighting within the ruling party (PDP), which has heightened political and institutional risks.” Commenting on this development, Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, had said that the review was expected given the fact that Nigeria had been on the watch list. “S&P are very thorough. If they had acceded to Nigeria’s plea, it sound as if they have been compromised,” he said. In February 2013, the United States government had filed a $5 billion lawsuit against S&P for allegedly inflating the ratings that it assigned to mortgagebased bonds and misleading investors from 2004 to 2007. Inflated ratings by all of the major credit rating agencies (CRAs) contributed to the 2008 financial crisis and have led to expanded regulation of the CRAs and calls for even more regulation. But a new Mercatus Center at George Mason University argues that piling more regulation on the CRAs is unlikely to make the ratings market work better. Instead, less regulation and more competition among the providers of creditworthiness information - of which the CRAs are just one category - would improve the workings of this sector and could spark innovation with respect to methodologies, technologies and perhaps even new business models for this sector. For almost 80 years, US financial regulators, first with banks and subsequently with insurance companies, pension funds, broker-dealers, and money market funds, have required their financial institutions to heed the ratings of the major CRAs (which, in addition to S&P, include Moody’s and Fitch). This “regulatory reliance” has ensured an audience for the major CRAs and their ratings, thereby enhancing their position in the financial markets. Simultaneously, this regulatory reliance has made it harder for smaller providers of creditworthiness information to gain traction.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, April 14, 2014

IMF renews battle against money laundering, terrorism financing

NEW APPROACH IMF reviews anti-money laundering, terrorism finance combating strategy

able to New Telegraph, the IMF Executive Directors welcomed the opportunity to review the Fund’s strategy on AML/CFT. They agreed that the Fund’s work has significantly contributed to the international community’s response to money laundering and the financing of terrorism, and encouraged continued cooperation in this area with the World Bank, the Financial Action Task Force (FATF) and the FATF Style Regional Bodies (FSRBs). Directors also highlighted the important role played by the Fund in capacity building efforts in member countries on AML/CFT. Besides, they welcomed the 2012 revision of the AML/CFT standard by FATF and the recent update of the assessment methodology, in particular the greater attention to risks and country context, which should result in more focused and meaningful assessments. They therefore endorsed the revised FATF standard and the new assessment methodology for the Fund’s operational work. The directors noted that deficiencies in a country’s AML/

Ayodele Aminu WASHINGTON D.C

he Executive Board of the International Monetary Fund (IMF) has reviewed recent developments in anti-money laundering and combating the financing of terrorism (AML/CFT) and discussed proposals for the Fund’s future strategy on AML/CFT. For over a decade, the Fund has made important contributions to international efforts to fight money laundering and terrorist financing. Originally, the Fund’s AML/CFT programme focused primarily on AML/ CFT assessments – as part of the Reports on the Observance of Standards and Codes (ROSC) programme and of the Financial Sector Assessment Program (FSAP) – and capacity development activities. More recently, AML/CFT issues have also been increasingly included in other areas of Fund work, namely surveillance and Fund-supported programmes. In a statement made avail-

CFT regime can have important implications for macroeconomic and financial stability. They, therefore, broadly supported the direction taken by staff in including financial integrity issues in Article IV consultations and Fund supported programmes. They encouraged staff to continue its efforts to integrate AML/CFT issues into its surveillance and in the context of Fund supported programmes when financial integrity issues are critical to financing assurances or to achieve programme objectives. Some directors emphasised the need for evenhandedness in the coverage of these issues in surveillance and Fund programmes. Directors reaffirmed that AML/CFT assessments are an important part of the ROSC and FSAP programmes, and stressed the importance of ensuring adequate quality of assessment reports across the range of assessor bodies. They noted that with the expansion of the FATF and FSRBs network in recent years, the Fund has increasingly drawn upon

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

Offer 163.5000 Source: FMDQ

the FATF/FSRBs assessments for the purposes of its own work, in application of the burden sharing arrangements between the international financial institutions and the FATF/ FSRBs. In this respect, directors welcomed the steps taken by the FATF to strengthen quality and consistency controls for future assessment reports and looked forward to all assessor bodies implementing similar controls. They encouraged staff to participate actively in the review mechanisms, as resources permit. A number of directors supported, or were open to, the staff ’s proposal to limit the conversion of FATF/FSRB assessments into ROSCs to the FSAP context where the assessments have undergone a satisfactory quality and consistency review

and are not clearly deficient. However, many other directors, representing a majority of the board, preferred to continue converting all assessments into ROSCs, underscoring that the FATF’s strengthened controls will ensure that these reports meet the requisite quality standards. In light of this, the current system of converting all assessments into ROSCs following a pro forma review will be maintained. Moreover, they stressed the importance of timely and accurate AML/CFT input into every FSAP. They agreed that, where possible, this input should be based on a comprehensive quality AML/CFT assessment and, in due course, on targeted updates/ROSCs, in line with the approach taken under other standards and codes.

Enterprise Bank’s Simplesave Account eyes the unbanked

nterprise Bank Limited has introduced a new product, SimpleSave, to reach the financially excluded persons (FEPs) or “unlettered” persons of the society. This, according to a statement from the lender, is geared towards broadening the retail segment of the financial market where it plays a key role. The efforts of the bank at developing SimpleSave are in line with the initiative of the Central Bank of Nigeria (CBN) to bank the unbanked, which has been currently put at 46.3 per cent of the adult population of the country. The product, which is in two variants, SimpleSave and SimpleSave Plus accounts, according to the statement signed by Enterprise Bank’s Head, Corporate Communications, Igwe U. Igwe, is designed for individuals in informal employment such as personal security guards, cooks, valets, petty traders, small-time farmers, road-side auto tyre repairers (vulcanizers) and mechanics. Also included are labourers, tricycle operators, garage boys and bus conductors, among others. These products, according to the bank, are beneficial to largely uneducated individuals above 18 years of age who perform menial tasks for a living and neither have statutory means of identification nor access to banking facilities because of

Enterprise bank MD, Ahmed Kuru

the heavy documentation often required for the commencement of banking relationships. As such, documentation is made very simple to enable the subscribers experience stressfree banking relationship with Enterprise Bank. To open a SimpleSave Account, the physical presence of the customer is not required. On the other hand, for the SimpleSave Plus variant, any form of identification subject to authentication by the bank will be acceptable. These, according to the bank, include valid Identification cards such as national identification card, voters’ card, international passport, association identification cards, drivers’ license and employer’s staff identification cards, among others. The Enterprise SimpleSave account requires zero opening and minimum balances and comes with the enjoyment of the Enterprise MasterCard Debit Card which is optional to the customer.

BUSINESS | STOCK WATCH 33

Sanctity of Truth

Monday, April 14, 2014

Skye Bank: 2013 results may spur investors’ interest OUTLOOK Bargain hunters may take position on future prospects

espite the fact that share price of Skye Bank Plc is not standing tall among its competitors on the floor of the Nigeria Stock Exchange, the bank achieved a significant leap in bottom line. With a 27 per cent growth in profit, the bank broke the jinx of downward movement in profit which has been witnessed by some of the top customer centric banks in its category. Stockbrokers attributed the impressive performance in the midst of tight regulations to the company’s strong fundamentals. This, according to them, will shore up investors’ confidence in the stock as bargain hunters will begin to jostle to take position on the back of 2013 full year results and prospects. The share price which closed at N4.73 per share on January 2, 2013, when the stock market opened for the year, declined marginally as number eight in the banking sub-sector and the 32 most capitalised stocks in the equities market. When the closing bell rang on Friday, the bank’s share price stood at N3.49 a decline of N1.24 or 26.2 per cent year to date. According to market pundits, Investors’ appetite for the stocks will be strengthened not only on its 2013 financial year results, but also as the bank reported to be planning to shore up its capital base in the near future. Financials Skye Bank recorded a 27 per cent growth in its profit after tax (PAT) for the financial year ended December 31, 2013. In its 2013 audited year end released to the Nigerian stock exchange (NSE), PAT went up from N12.644 billion in 2012 to N16.023 billion in the review period of 2013. However, profit before tax (PBT) grew slightly by 3.8 per cent as the Nigerian bank posted N17.136 billion in 2013 audited year end compared to N16.510 billion recorded in 2012. Gross earnings dropped to 0.3 per cent as Skye Bank declared

Share price movement of Skye Bank Plc 2013 May 31

N5.50

June 30

N4.78

July 31

N4.57

Aug 31

N3.92

Sept

N4.10

Oct 31

N4.63

Nov 30

N3.98

Dec 31

N4.40 2014

Durosinmi-Etti

N127.340 billion in 2013 compared to N127.730 billion in the previous year. Commenting on the company’s performance, Group Managing Director/Chief Executive Officer (GMD/CEO) of the bank, Mr. Kehinde DurosinmiEtti, said in a year beset with various regulatory headwinds on the backdrop of monetary policy tightening and its attendant impact on liquidity, cost, fees and overall earnings, the bank’s results showed positive growth on all performance indices. “Having recorded gross earnings of N127.340 billion, we grew our interest income by four per cent year-on-year, from N101 billion to N105.3 billion, while our interest expense reduced by 23 per cent to close at N43.6 billion from N56.5 billion. This reflected our focus at replacing relatively expensive term deposits with low-cost funding and the continuous use of our branch network to mobilise less costly deposits. “With this, we increased our net operating income year-onyear from N56.7 billion to N68.5 billion, representing a 21 per cent growth. Our operating expense increased by 28 per cent, from N40.2 billion to N51.4 billion as a result of increased statutory payments and other operating costs,” DurosinmiEtti said. Meanwhile, the bank has

The bank has proposed to pay its shareholders a 30 kobo dividend for its 2013 audited year end proposed to pay its shareholders a 30 kobo dividend for its 2013 audited year end. Skye Bank’s nine months 2013 results had showed significant growth in net interest income both y/y and q/q. Conversely, net fee and commission income declined significantly. The bank also made significant improvement in reducing funding cost as interest expense declined 12 per cent y/y and 32 per cent q/q on the back of an eight per cent y/y and 9 per cent q/q decline in deposits. Analysts Opinion Despite a weak Q3, analysts at CSL Stockbrokers, a division of FCMB (UK) Limited, agreed that the bank appeared to be on course to meet its/consensus FY 2013 PBT estimate of N19 billion and the bank’s nine months annualised ROAE of 14.7 per cent compared with our FY estimate of 14 per cent. Skye bank’s interest income was up 14 per cent y/y and 3 per cent q/q. Due to a significant decline in interest expense however,

Jan 31

N3.88

Feb 28

N3.70

Mar 31

N3.67

Apr 11

N3.49

Plan to raise capital According to the report, Skye Bank is preparing to raise additional tier-1 and tier-2 capiwhich was down 12 per cent y/y tal before the end of the second and 32 per cent q/q, the bank’s half of the year. The fresh capinet interest income grew 42 per tal is expected to enhance its cent y/y and 29 per cent q/q. operations. Liquidity has been The analysts viewed the q/q a major constraint for banks increase in interest income in recent times in the country positively considering expected following the 75 per cent Cash strain on interest income after Reserve Requirement (CRR) the implementation of the 50 on public sector deposits inper cent CRR on public sector troduced by the CBN. deposits and a 4 per cent decline Financial analysts had in loans and advances in Q3. predicted that the significant They also view the 32 per cent earnings growth recorded by q/q decline in interest expense Nigerian banks in 2012 would (which was achieved on the be challenged in 2013 followback of only a nine per cent ing an anticipated lower yields decline in deposits) positively outlook for fixed income secuas it implies the bank is get- rities as well as increasing cost ting rid of expensive deposits. in the industry. Skye Bank’s financial reAfrinvest Securities Limsults for the nine-month pe- ited, a Lagos-based investment riod ended September 2013 firm, indicated this in its report showed that its gross earnings titled: “Nigerian banking sector climbed to N101.25 billon, com- report –Standing on the fourth pared to the N93.491 billion it pillar,” which focused on the stood as at December 2012. 2012 financial reports on banks. Also, its interest income “Our 2013 model forecasts increased to N86 billion as at a decline in yields to about 12 September last year, from N76 per cent, which suggest that billion as at December 2012. banks will strategically realIn the same vein, its total locate assets in favour of risk operating expenses increased asset creation. Additionally, we to N46.50 billion at the end of are projecting a decline in the September 2013, compared to contribution of non-interest the N33.722 billion the bank re- income to profits (from 27 per alised as at December 2012. Its cent industry average in 2012 profit before tax however de- to sub 15 per cent in 2013, based clined to N14.51 billion in the on our estimates) as the finannine-month financial results cial inclusion strategy of the in 2013, from N16.552 billion CBN takes effect and indirectly as at December 2012, while it reduces potential fees and commade a profit of N11.606 bil- mission income to banks,” the lion in the comparable period. analysts said.

BUSINESS | CAPITAL MARKET REPORT

Sanctity of Truth

Monday, April 14, 2014

Floor of the Nigeria Stock Exchange

Stock Market sustains northward trajectory BULLISH Equity market closes the week in green territory

he stock market, at the close of transactions on Friday, sustained northwards movements despite the bear run witnessed on Monday and Thursday. Investors got excited over the rebasing of the country’s GDP to jostle for position on the equities market. Analysts had predicted that the rebasing that saw Nigeria becoming the largest economy in the continent would shore up investors’ confidence and place country as an investment destination to foreign investors. Trading activities on the floor of the Nigerian Stock Market on Monday opened the week in a negative note as the stock market lost points and returned to red territory following sell pressure on blue chip companies. The twin market performance measures, the NSE ASI and market capitalisation, drop by 22 per cent as the market tempo lowered. At the close of trading in the day, 16 stocks recorded price appreciation, while 28 others constituted the losers table. The twin market indicators, the All-Share Index, rose by 86.65 basis points or 0.22 per cent from 38.712.76, last Friday to close at 38,626.11, while the market capitalisation dropped by N27 billion or 0.22 per cent from N12,434 trillion to N12,407 trillion. Further analysis of the day’s trading showed that UBA Capital Plc topped the day’s gainers table with 4.90 per cent to close at N2.57 while Honeywell Nigeria Plc followed with 4.87 per cent to close at N3.23 per share. Tranex added

4.86 per cent each to close at N3.67. In all, investors exchange a total of 542.8 million shares, worth N6.2 billion in 4,127 deals. On Tuesday, the activities closed on the upward trends as the bulls staged back to shore up investors’ interest after the bear took center stage at the opening of transactions the previous day. The return of bullish sentiments was on the backdrop of price appreciations gained by major blue chip companies. Banking Sector Specifically, at the close of transactions, the banking subsector of the financial sector remained the most active stock in volume terms with 241.1 million shares valued at N3.4 million in 1,889. The sub-sector was activated by the shares of GTB and Zenith Bank. Other financial institution services sub-sector enhanced by the shares of FCMB followed with a turnover of 54.3 million units valued at N260.8 million in 731 deals. On the whole, investors exchanged a total of 359.3 million shares valued at N4.9 billion in 4,655 transactions. Further analysis showed that at the close of trading session, the NSE All-Share Index was UP by 255.65 basis points or 0.66 per cent to close at 38,881.76 while the market capitalisation appreciated by N82 billion or 0.66 per cent to close at N12.489 trillion. The number of gainers at the close of trading session closed at 24 while decliners closed higher at 17. Fidelity Bank Plc led on the gainers’ table with a gain of 8.21 per cent to close at N2.11 per share while Sterling Bank Plc followed with a gain of 4.80 per cent to close at N2.62 per share and Continental Insurance Plc gained 4.21 per cent to close at

99 kobo per share. The Nigerian equities market on Wednesday continued its general northwards price movement as investors sentiment on equities remained green following a 0.35 per cent gains recorded by the twin market indices, NSE All Share Index and Market Capitalisation. NSE-ASI grew by 135.90 points, to close at 39,017.66 points from the 38,881.76 points recorded on Tuesday. The market capitalisation appreciated by N82.12 billion to close at N12.53 trillion as against the N12.49 trillion achieved on Tuesday. The appreciation was on the back of price gains by some blue chip companies. A breakdown of the price movement chart indicated that Nestle has continued to lead the gainers’ chart as it gained N22.10 to close at N1,182.10 per share. Forte Oil followed with N5.10 to close at N111.30 per share while Cadbury gained N3.55 to close at N74.75 per share. UACN rose by N2.17 to close at N57.08, while Presco gained N0.90 to close at N41 per share. On the other side, Total Nigeria led the losers chart with N9.07 to close at N172.38 per share. Guinness Nigeria lost N6.99 to close at N188, while Julius Berger dipped by N2.35 to close at N68.50 per share. In all, a total of 290.97 million shares worth N4.31 billion were traded by investors in 4,248 deals compared with 354.03 million shares valued at N4.88 billion achieved in 4,533 deals on Tuesday. FBN Holdings emerged as the most traded equity, accounting for 61.32 million shares worth N760.03 million. Access Bank came second on the activity chart with an exchange of 47.77 million shares valued N353.52 million, while Zenith Bank sold 46.79 million shares worth N1.03

billion. Transnational Corporation of Nigeria recorded a turnover of 17.40 million, valued at N63.24 million, while UBA accounts for 11.14 million shares worth N78.87 million. However, trading activities closed in the red on Thursday as the bears staged back to cull gains recorded during the past days. Bearish sentiment The return of bearish sentiments was on the backdrop of the bargain hunters jostling to take profit which consequently lead to price losses suffered by major blue chip companies. Specifically, at closed of transactions, the banking subsector of the financial sector returned the most active stock in volume terms with 155.2 million shares valued at N1.8 million in 1,583 deals. The subsector was activated by the shares of Zenith Bank and Skye Bank. Insurance services sub-sector enhanced by the shares of Wapic Insurance Plc followed with a turnover of 28.1 million units valued at N27.3 million in 185 deals. On the whole, investors exchanged a total of 256.9 million shares valued at N3.7 Billion in 4,181 transactions.

Five most capitalised stocks as at April 11, 2014 Dangote Cement Plc

N4tn

Nigeria Brewery Plc

N1.1 tn

Nestle Nig Plc N939.2bn

GTB Plc

N808.7bn

Zenith Bank Plc

N681.3bn

Further analysis showed that at the close of trading session, the NSE All-Share Index was down by 48.4 basis points or 0.12 per cent to close at 38,969.26 while the market capitalisation depreciated by N15 billion or 0.12 per cent to close at N12.517 trillion. The number of gainers at the close of trading session closed flat at 24 while decliners closed higher at 26. Forte Oil Plc led on the gainers’ table with a gain of 10.24 per cent to close at N122.70 per share while Prestige Insurance Plc followed with a gain of 5 per cent to close at 63 kobo per share and CCNN added 4.98 per cent to close at N9.03 per share. The market closed the week on Friday in the green as the both performance indices appreciated by 0.30 per cent. Specifically, at closed of transactions, the banking subsector of the financial sector remained the most active stock in volume terms with 148.5 million shares valued at N1.17 billion in 1,646. The subsector was activated by the shares of Access Bank and Sterling Bank. Other financial institution Other financial institution services sub-sector enhanced by the shares of Custodian and Allied Plc followed with a turnover of 74.6 million units valued at N408 .9 million in 731 deals. On the whole, investors exchanged a total of 308.2 million shares valued at N4.07 billion in 4,409 transactions. Further analysis showed that at the close of trading session, the NSE All-Share Index was UP by 114.4 basis points or 0.30 per cent to close at 39,083.66 while the market capitalisation appreciated by N37 billion or 0.30 per cent to close at N12.554 trillion.

BUSINESS | MANAGEMENT AND APPOINTMENTS

Sanctity of Truth

Monday, April 14, 2014

FG names Jack as DG of NITDA

r Peter Jack has been appointed the Director-General of the National Information Technology Development Agency. A statement signed by Mr Sam Nwaobasi, Special Assistant, Media, to the Secretary to the Government of the Federation. said the appointment was for a first term of four years, with effect from April 7, 2014. Jack holds a BSc. in Chemical Engineering, from Obafemi Awolowo University Ile Ife, a Masters Degree in Chemical Engineering and an MBA, both from the University of Lagos. He also attended the International Information Technology Policy Programme, College of Engineering, Seoul National University, South Korea. He was until January 2007, the Director/Technical Assistant to the Director General NITDA, the late Prof. Gabriel Ajayi, a position he held for

seven years. Jack designed and implemented the Niger Delta Youth Computer Training Program for Niger Delta Development Commission in 2003. NITDA was headed by Prof. Cleopas Angaye, who retired in

July 2013, having served for a maximum term of eight years. Angaye, however, handed over to a Director in Software Outsourcing, Mr Ashiru Daura, who acted as the Director General of the agency until Jack’s appointment.

Agboarumi becomes GM Corporate Communications at SAHCOL

r. Agboarumi Basil Udukhokhe has been elevated to the position of General Manager, Corporate Communications of Skyway Aviation Handling Company (SAHCOL), as part of the company ongoing restructuring. Until his recent appointment, he was the Assistant General Manager, Corporate Communications. SAHCOL is an aviation ground handling company fully by the SIFAX Group). Among the things it does are passenger handling, ramp handling, cargo handling/ware-

Agboarumi

Okigbo emerges president Software Practitioners Institute of Nigeria

Jack

housing, aviation security, baggage reconciliation, crew bus and executive lounge services. A statement by the firm said Agboarumi is an astute professional, a result-oriented, team player, motivator, and possesses an excellent people’s skill. He also has a successful track record in Leadership, Public Relations and Communications which has contributed in no small way to affording him this recent appointment. Agboarumi, holds a National Diploma (OND) in Mass Communication from the Federal Polytechnic, Auchi, and

a Higher National Diploma (HND) in Mass Communication from the Federal Polytechnic, Oko. He also a Masters in Communications Studies (MCS) from the Lagos State University, and a Certificate in Creative Design & Digital Communication from the School of Media & Communications of the Pan-Atlantic University, Lagos. He is a member of the Nigerian Institute of Public Relations (MNIPR) and an Associate Member of the Advertising Practitioners Council of Nigeria (arpa). After his National Youth Service with the Kanji Lake National Parks, New-Bussa, Niger State in 1997, Basil then joined Skypower Aviation Handling Company Limited (SAHCOL, then a subsidiary of Nigeria Airways Limited) in 2000, as the pioneer staff and Head of the Public Affairs Unit. Following the subsequent privatization and takeover of the company by the SIFAX Group in 2009, he was appointed as Head of Corporate Communications, with a mandate to spearhead the re-branding of the new company having the same acronym but now known as Skyway Aviation Handling Company Limited (SAHCOL), a member of the SIFAX Group.

ius Okigbo Jr has been elected the new president of the Institute of Software Practitioners of Nigeria (ISPON) following the election of a new National Executive Council (NEC) that will run the institute till 2016. Okigbo is the chief executive officer, Infosoft Nigeria Ltd, a Lagos-based information technology consultancy. He has been a champion of local software and Intellectual Property (IP) and is taking over the reins of power from the Information Technology (IT) evangelist and chief executive officer, Connect Technologies, Chief Chris Uwaje. Anew national executive council of ISPON emerged after the March 25 annual general meeting (AGM) of the software body “and it served as a platform for the discussion of pertinent issues bordering on the achievements and challenges of the association”, ISPON said on its website. Okigbo in his acceptance speech described the new council as dynamic and strong, saying the members are a reflection of an eclectic mix of industry leaders in software and services across economic sectors from start-ups to mature champions of the IT Industry. “In furtherance of the goals of ISPON, the next two years would focus on an aggressive push for Software Nigeria emphasising a software-centric local content agenda under-

pinned by a nation-wide software capacity-building initiative to establish the industry as the engine of Nigeria’s The software body was formed in 1999 with the mission to create an enabling environment for local content developers to thrive locally and internationally. According to ISPON, membership of the association cuts across different categories tailored to fit a diverse range of software developers, software testers and users. So far the body has facilitated international trade, organized trade missions and ensured that international enquiries for trade opportunities are channeled through to members, ISPON says. Alongside Okigbo Jnr, James Emadoye was also elected First Vice President while Yele Okeremi became Second Vice President.

Okigbo

Assessing career competencies and gaps: Measure your progress regularly

s working professionals, we all need to invest time regularly to assess our performance. Ideally, the best time to review is after each major project. At the very least, plan to conduct an assessment annually. These performance assessments will help you determine what you have accomplished, which approaches provided the best results, and the degree to which you are reaching your career goals. According to Vern Johnson and Judy Edson, in an article titled “Assessing Career Competencies and Gaps,” they advised that working professionals that aside assessing their performances, also need to assess their career abilities, so that they can identify com-

petencies and gaps. Competencies are the skills, knowledge and attitudes (SKAs) with which you demonstrate a high degree of professional ability. Gaps, on the other hand, describe the differences between desired abilities and measured performance. Assessments can involve the results of your supervisor’s reviews as well as peer evaluations, but the major focus should be on your own view of what occurred during the assessment period. Assessing personal progress helps guide career improvement efforts; it is not meant to bolster your ego or to create feelings of guilt. It is a necessary part of the personal improvement loop.

LACKLUSTRE

Insurance

Sanctity of Truth

Monday, April 14, 2014

Nigeria’s underwriting sector’s contribution to the Gross Domestic Product (GDP) is still far from expectations Sunday Ojeme

ast week, the management of Mutual Benefits Assurance Plc did what could be termed unusual in the insurance sector by launching 36 products into the market at a go. Apart from the quantity so put forward before potential policyholders, the launch also came with an admixture of what hitherto could be referred to as isolated products. Products such as Hair Salon Insurance, Fast Food Restaurant Insurance, Landlord Tenants Insurance, Lady Life Assurance as well as Church and Mosque Insurance, among others, are some of the products, the company’s agents and marketers will henceforth drive into the consciousness of their clients. Coincidentally, Mutual Benefits’ strange step came a few days after Nigeria also rebased its Gross Domestic Product that eventually redefined its economic status with its emergence as the largest economy in Africa and the 26th in the world. For the first time in two decades, Nigeria rebased its GDP, which increased from $258,555.58 billion to $509.9 billion. According to reports, the dramatic increase in GDP was largely due to services, which increased more than threefold in nominal terms. Services’ share of GDP jumped to 53 per cent, vs 29 per cent previously. This is partly due to the surge in telecoms’ contribution to nine per cent of GDP, vs one per cent previously, and the emergence of a new sector, ‘Nollywood’ (1.2 per cent of GDP). The National Bureau of Statistics said that the nominal gross domestic product was $510 billion in 2013, 89 per cent larger than previously estimated, and $190 billion more than South Africa's slow-growing economy, making it larger than the 40 per cent to 60 per cent bump most economists expected. Just like the Nigerian situation, the product launch by Mutual also comes with some elements of rebasing as their successful marketing would not only shore up their financial fortune, but also enhance the entire industry’s contribution to the nation’s GDP. For quite sometime, debates over insurance sector’s contribution to the GDP have maintained a consensus position with stakeholders and observers agreeing that the industry performs far less than what it should be in terms of its contributions to the nation’s economic growth. Whereas South Africa’s underwriting industry contributes about 12 per cent to the country’s GDP, that of Nigeria with the largest population in the

Commissioner for Insurance, Fola Adeola

Dr. Ngozi Okonjo-Iweala

Insurance: Gasping for space in rebased GDP continent is still dangling around 0.5 per cent so far achieved after several reforms. The major reason that has been attributed to this abysmal performance is poor penetration caused mainly by the operators’ concentration more on general business than life business, corruption in the entire Nigerian system, which gives room for fake documents to pass as genuine insurance certificates, poor awareness campaign by the regulator and the insurers as well as inability of stakeholders to design attractive products. In addition to these, the industry has also been bedeviled by challenges stemming from some of the reforms initiated by the regulator to boost profile. For instance, there is currently an ongoing battle by some of the operators in their bid to adapt their accounting details to the International Financial Reporting Standard. The situation, which they are not finding easy, is dragging the industry behind the yearly calendar as some are yet to properly clear their 2012 accounts, while less than five out of the 58 companies have so far submitted their 2013 compilation for clearance by the regulator. While recent rebasing of the GDP is expected to open more vistas of opportunities for the industry to thrive, some observers, however, believe that the sector is already on the path of redefining its slow drive and contributing more to the GDP especially with recent developments stemming from reforms carried out by the National Insurance Commission under the leadership of

Mr. Fola Daniel. This will, however, not come as a free fall as the operators must work harder by not only designing new and attractive products, but also by spending money on capacity building to enable them underwrite big ticket risk. As unattractive as the sector may appear to some analysts, the recent entry of at least 10 foreign investors is a pointer to the fact that things may actually be looking up in the industry. Late last year, the Managing Director of Leverage Insurance Brokers Limited, Hon. Lanre Laoshe, said that the contribution of the sector to GDP had risen by as much as 40 per cent over the last two years, going up from 0.5 per cent in 2010 to 0.7 per cent in 2012. He said that the industry had continued to grow with the number of policyholders rising from 0.5 million in 2010 to 1.5 million 2012. According to him, “the Nigerian insurance industry is a dynamic and rapidly growing one. It is supervised by the National Insurance Commission (NAICOM), which is poised to ensure that the market grows to a level commensurate with contemporary econo-

The challenges of the Nigerian insurance industry include dearth of human capital, unethical practices by some insurers and operational inefficiencies

mies. The number of policyholders has increased from 500,000 in 2010 to 1,500,000 in 2012. During that period, the ratio of premium income to GDP increased from 0.5 per cent to 0.7 per cent.” A look at some of the reforms that have given the industry a new direction revealed that some of them that are backed by law were never fully implemented as a result of cut-throat competition embarked upon by some of the operators. Despite this optimism, a report released last week by top Nigerian rating agency, Agusto & Co, said that while the industry’s Gross Premium Income (GPI) grew by 19 per cent over previous year, the penetration ratio was still below one per cent, lagging behind the BRIC countries with Brazil having 3.65 per cent; Russia at 1.29 per cent; India at 3.82 per cent and China at 2.98 per cent. Agusto & Co. estimated that composite underwriters (though only eight insurers) contributed about 42.9 per cent of GPI, while non-life underwriters (composed of 22 insurers) accounted for 43 per cent of Industry’s GPI. The market share by composite insurers was supported by firms’ ability to underwrite both general and life insurance business. The reported noted: “In addition, the industry witnessed a rise in underwriting activity in the oil and gas and marine insurance business segment driven by the enforcement of regulations in the sectors. “The insurance sector also witnessed CONTINUED ON PAGE 37

BUSINESS | INSURANCE 37

Sanctity of Truth

Monday, April 14, 2014

Custodian and Allied declares N4.3bn profit PERFORMANCE Year end result reveals profit in all areas of operation

ustodian and Allied Plc, a wholly owned Nigerian investment holding company, has recorded a profit of N4.3 billion for the year ended December 31, 2013. The underwriting firm quoted on the Nigerian Stock Exchange with significant in-

vestments in general and life insurance businesses, pension fund administration, trusteeship and property holding businesses, is one of the two firms which accounts have be cleared and approved by the National Insurance Commission. The results show a strong performance across all of its operations. According to the detail, the Custodian Group’s total asset base stood at N45.6 billion, while profit before tax and profit after tax of N4.3 billion

and N3.6 billion respectively were achieved. The result was achieved on the back of robust insurance subsidiaries whose Gross Premium Income rose to N22.9 billion and Gross Premium Earned was N18.7 billion plus notable fees and investment income contributions from the pension fund administration subsidiary and the holding company. Custodian remains a leader in the Other Financial Services sector and its subsidiaries lead in their respective sectors. Go-

ing by the achievement of the Group this year, Custodian has once again lived up to its promise to always exceed stakeholders’ expectations. A Director of Custodian, Mr. Wole Oshin, said: “Our performance demonstrates Custodian’s commitment to its clients and shareholders. We will always endeavour to remain one of the most attractive stock options in the financial sector, through innovative services, expanded product portfolio, improved operational efficien-

cies and stronger financial capacity. The merger exercise we concluded last year is yielding favourable results and we will not rest on this performance. We have expanded services offered from General Insurance to Life Business, Pensions and Trusteeship and remain committed to upholding the best standards and practices in the financial sector in Nigeria.” The Custodian and Allied Plc. Group is involved in investments, insurance, pensions and trusteeship.

Insurance: Gasping for space in rebased GDP C O N T I N U E D F R O M PA G E 3 6

a growth in claim payments and underwriting expenses which hampered underwriting performance.” Nevertheless, the report showed that insurers were able to capitalise on favourable interest rate regime in their full year 2012 results to generate investment income. Agusto & Co. also estimated a 53 per cent increase in the industry’s investment income for the period ended December 31, 2012, which translated to an average return on investment portfolio of 8.7 per cent, adding that the industry’s capitalisation remained good with a solvency margin of 177.1 per cent, significantly higher than the statutory solvency margin of 15 per cent. In addition to increased regulatory oversight in a bid to grow premiums, Agusto & Co. believes that the effective implementation of the microinsurance and Takaful insurance scheme would deepen insurance penetration. The reported said: “The challenges of the Nigerian insurance industry include dearth of human capital, unethical practices by some insurers and operational inefficiencies. “Nevertheless, we remain optimistic that the growing presence of foreign insurers and rise in mergers and acquisitions will drive innovation and sanitise the industry.” However bleak the industry appears before some observers, Daniel, who oversees affairs at the commission, believes that recent reforms put in place by the commission will go a long way in transforming the sector, which, prior to its consolidation in 2006, was reputed for various

misconducts due to cut-throat competition. According to him, the Nigerian insurance industry has witnessed tremendous changes in recent times owing to the new reforms embarked upon by NAICOM. These reforms include the introduction of RiskBased Supervision, migration to International Financial Reporting Standard (IFRS) from the Nigerian Generally Accepted Accounting Principles (NGAAP); Market Conduct Reforms, Claims Settlement Reforms and Financial Inclusion, among others, all geared towards developing the industry and improving the general perception about insurance. He said: “Reforms are in line with the Federal Government’s Vision 20:2020 of deepening insurance penetration to become the insurance industry of choice among the emerging markets in terms of capacity, safety, transparency and efficiency. In order to ensure adequate understanding and build capacity amongst the stakeholders, the commission resolved to conduct series of workshops and seminars for all our stakeholders. “Public forum is an appropriate channel to raise public awareness on the key initiatives of the commission aimed at further opening up the insurance market and by extension increase the sector’s contributions to the Gross Domestic Product (GDP) of the nation. “Nigeria is much likely to attain a sustained economic growth and development if it can adapt its insurance industry with innovative ways that will bring on board the generality of the country’s population.”

L-R: Chief Financial Officer, GTBank Plc, Mr Banji Adeniyi; Head of Investor Relations Group, Mr Muyiwa Teriba; Managing Director, Mr Segun Agbaje and General Manager, Communication and External Affairs, Mrs Lola Odedina, in a forum with journalists in Lagos.

Mutual Benefits splashes more policy options on Nigerians PENETRATION Company deepens penetration with affordable products covering large span of human endearvour

Sunday Ojeme

n its usual way of designing products to capture a large chunk of the insurance market, especially at the grassroots, Mutual Benefits Assurance Plc, last week, launched 36 new products that are certain to deepen penetration in the sector. Still smarting from the success recorded in its empowerment programme among low income earners, a project that also ensures an indirect insurance cover for the beneficiary, the management in the latest initiative is out to cover a lot of risks in every aspect of human endearvour. The products include Motor Dealers Complimentary Insur-

ance, which enables the vehicle dealer to offer insurance services to his customer, Event Centre Insurance, Corporate Office Insurance, Hair Salon Insurance, Law Firm and Accounting Firm Insurance, Fast Food Restaurant Insurance, Nollywood Insurance as well as Church and Mosque Insurance. Others are Lady Life Assurance, Juvenile Life Assurance, Pilgrims Welfare Insurance Policy, Mutual benefits School Fees Guarantee Scheme, among a number of others that cover all aspects of human activities. Presenting the products to journalists last week, the Group Managing Director of the company, Mr. Akin Ogunbiyi, said it had never happened that a company would introduce 36 products in a day. He noted that the firm was adding the 36 products to its existing 76 products that were doing very well in the market, and that the products would be deplored through the firm’s 60 offices and 7000 agents that have been trained to market them.

He said: “In the last seven years, Mutual has been in the forefront of deepening insurance. Insurance in Nigeria has taken the back bench. In Mutual we spend quality time and money on research and we found out that if people are buying minimum of Third Party insurance, they get from fakes and touts because that is what has been made available to them. “What proportion does insurance take in the rebased GDP? Statistics have it that insurance contributes less than 0.5 per cent to the GDP. If you look at the number of new entrants of foreign investors in insurance, it is because of the singular opportunity that Nigeria presents. “The numbers are there but we have always relied on corporate insurance to survive, but seven years ago we embarked on a paradigm shift and located the masses of the people in the market. If the people see the value proposition in insurance they will buy irrespective of poverty. But where are the products to add value to their lives?”

38 BUSINESS | FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, April 14, 2014

FMDQ Daily Quotations List

11-Apr-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

Issue Date

Coupon (%)

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

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

TOTAL OUTSTANDING VALUE Rating/Agency

Price

Outstanding Value (N'bn)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

0.22 0.47 1.03 2.35 3.04 3.29 3.39 4.13 5.22 5.53 7.80 9.92 14.63 15.11 15.61 16.28

11.37 12.75 13.21 13.08 13.05 12.94 12.94 12.96 13.05 12.97 13.04 13.05 13.35 13.38 13.42 13.52

10.68 12.40 13.04 13.00 12.93 12.82 12.82 12.86 12.98 12.88 12.98 13.00 13.30 13.33 13.35 13.47

99.48 98.45 91.37 99.90 105.00 91.88 90.37 92.92 110.85 76.92 116.05 106.25 110.48 94.25 68.16 77.00

99.63 98.60 91.52 100.05 105.30 92.18 90.67 93.22 111.15 77.22 116.35 106.55 110.78 94.55 68.46 77.30

Maturity Date

TTM (Yrs)

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

4,132.04 Issuer

Agency Bonds AMCON FMBN

***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

0.56 1.12 1.60 2.66 3.03 3.24

1.00 2.63 2.27 2.00 1.49 1.00

14.04 15.82 15.39 14.98 14.43 13.94

92.78 84.33 102.57 92.44 89.73 88.31

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

0.32 0.51 1.39 0.99 1.29 1.30 3.02 1.85 3.72 2.69 4.48 2.70 2.70 3.28 3.34 5.62 3.31 4.02 6.63 4.03 4.07

4.88 5.99 4.44 3.23 4.46 3.48 5.59 7.60 1.79 1.80 1.00 1.00 1.21 1.00 2.46 1.94 2.74 2.74 1.00 1.44 1.95

17.52 19.01 17.59 16.44 17.63 16.65 18.53 20.68 14.74 14.77 13.96 13.97 14.18 13.94 15.40 14.91 15.68 15.69 13.98 14.39 14.90

98.80 97.66 93.92 97.10 96.14 99.06 80.91 89.91 97.88 98.43 100.12 101.32 109.40 101.45 100.27 98.42 97.76 97.35 97.94 106.88 106.53

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

17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00 12.00 27.00 20.00 80.00 30.00 11.40 87.00 5.00 5.00

TOTAL OUTSTANDING VALUE

567.90

Corporate Bonds A+/Agusto; AA/GCR

LAFARGE WAPCO

Aa/Agusto

GTB µ NGC

Nil

*UPDC

BB+/GCR

*CHELLARAMS

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

13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015

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

11.50 LAFARGE WAPCO 7-OCT 2014

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016

NAHCO

13.00 NAHCO 29-SEP-2016

FSDH UBA

13.00 UBA 30-SEP-2017

14.25 FSDH 25-OCT-2016

*C & I LEASING # *DANA *TOWER#

18.00 C&I LEASING 30-NOV-2017

UBA

14.00 UBA II 22-SEP-2018

*LA CASERA # *CHELLARAMS

MPR+5.00 CHELLARAMS II 17-FEB-2019

*TOWER#

MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 15.75 LA CASERA 18-OCT-2018

NAHCO

15.25 NAHCO II 14-NOV-2020

IFC

10.20 IFC 11-FEB-2018

07-Oct-11

11.50

11.80

07-Oct-14

0.49

1.00

13.99

98.85

18-Dec-09

13.50

13.17

18-Dec-14

0.69

5.21

18.30

96.96

01-Apr-10

17.00

2.00

31-Dec-14

0.72

8.71

21.81

96.83

17-Aug-10

10.00

15.00

17-Aug-15

0.87

4.88

18.04

93.90

09-Dec-10

12.00

37.50

09-Dec-15

0.95

1.00

14.19

98.27

06-Jan-11

14.00

1.50

06-Jan-16

1.03

2.63

15.84

98.68

29-Sep-11

13.00

15.00

29-Sep-16

2.47

1.00

14.00

97.96

25-Oct-13

14.25

5.53

25-Oct-16

2.54

1.34

14.33

99.81

30-Sep-10

13.00

20.00

30-Sep-17

3.47

4.52

17.46

88.72

30-Nov-12

18.00

0.94

30-Nov-17

2.09

1.88

14.93

106.52

09-Apr-11

16.00

8.01

09-Apr-18

2.24

3.48

16.51

99.13

09-Sep-11 09-Sep-11

18.00 16.00

3.63 1.00

09-Sep-18 09-Sep-18

2.41 2.41

5.20 5.06

18.21 18.07

99.82 101.88

22-Sep-11

14.00

35.00

22-Sep-18

4.45

3.06

16.02

93.72

18-Oct-13

15.75

3.00

18-Oct-18

2.27

2.29

15.31

100.89

17-Feb-12 14-Nov-13

17.00 15.25

0.54 2.05

17-Feb-19 14-Nov-20

2.60 6.59

6.11 2.76

19.09 15.74

96.24 98.00

11-Feb-18

3.84

1.00

13.95

89.10

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

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

5.27

5.13

108.33

109.20

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.39

4.20

102.81

103.55

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.70

5.58

104.77

105.70

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

3.73

3.23

113.34

114.27

GTBank PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.16

4.54

104.57

105.84

GTBank PLC II

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.09

5.77

99.63

100.89

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.98

6.48

100.76

102.23

B/S&P; B/Fitch

Fidelity Bank PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.40

7.91

94.83

96.46

B/Fitch

Afren PLC II

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.08

4.68

114.25

115.08

B/S&P; B-/Fitch

First Bank PLC

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.15

6.71

103.99

105.67

B+/S&P; B+/Fitch

Afren PLC III

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.22

5.96

101.60

102.64

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

TOTAL OUTSTANDING VALUE

2,960.00

**Treasury Bills DTM 13 27 34 41 48 55 69

FIXINGS Maturity 24-Apr-14 8-May-14 15-May-14 22-May-14 29-May-14 5-Jun-14 19-Jun-14

Bid Discount (%) 12.00 11.80 11.70 12.00 11.95 11.70 12.00

Offer Discount (%) 11.75 11.55 11.45 11.75 11.70 11.45 11.75

Bid Yield (%) 12.05 11.90 11.83 12.16 12.14 11.91 12.28

Tenor CALL 7 DAYS 30 DAYS 60 DAYS 90 DAYS 180 DAYS

NIBOR

Money Market Rate (%) 10.8333 11.1667 11.4167 11.7917 12.0833 12.3333

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.25

Tenor

Bid ($/N)

Offer ($/N)

10.50

Spot 7D 14D 1M 2M

160.95 162.07 162.33 162.92 164.07

161.05 162.35 162.71 163.65 165.40

O/N Tenor Call

REPO

Rate (%) 10.25

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-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

9.85 9.35 10.70 16.00 7.00 16.39 14.20 15.00 12.49 8.50 10.00

TOTAL OUTSTANDING VALUE

20.00 100.00 300.00 351.30 233.90 600.00 50.00 75.00 150.00 200.00 591.57

4,132.04

Sanctity of Truth

Monday, April 14, 2014 Rating/Agency

Description

Issuer

Issue Date

Coupon (%)

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

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

3.29 3.39 4.13 5.22 5.53 7.80 9.92 14.63 15.11 15.61 16.28

12.94 12.94 12.96 13.05 12.97 13.04 13.05 13.35 13.38 13.42 13.52

12.82 12.82 12.86 12.98 12.88 12.98 13.00 13.30 13.33 13.35 13.47

91.88 90.37 92.92 110.85 76.92 116.05 106.25 110.48 94.25 68.16 77.00

92.18 90.67 93.22 111.15 77.22 116.35 106.55 110.78 94.55 68.46 77.30

BUSINESS |FINANCIAL MARKET NEWS 39 #

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

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

0.56 1.12 1.60 2.66 3.03 3.24

1.00 2.63 2.27 2.00 1.49 1.00

14.04 15.82 15.39 14.98 14.43 13.94

92.78 84.33 102.57 92.44 89.73 88.31

22-Nov-19 12-Dec-19 30-Sep-20 27-Nov-20 31-Dec-20 06-Jan-21

5.62 3.31 4.02 6.63 4.03 4.07

1.94 2.74 2.74 1.00 1.44 1.95

14.91 15.68 15.69 13.98 14.39 14.90

98.42 97.76 97.35 97.94 106.88 106.53

4.20

102.81

103.55

5.58

104.77

105.70

Rebased GDP’ll attract foreign investors –FDC Agency Bonds

AMCON FMBN

***LCRM

ATTRACTION

TOTAL OUTSTANDING VALUE

Analysts see newKWARA GDP as a NIGER pointer to ginger investors’ KADUNA confidence *EBONYI

Chris Ugwu

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

he newly rebased GDP numbers implies that the Nigerian market has potential and will serve as an alternative investment destination to international investors, the Financial DeTOTAL OUTSTANDING VALUE rivative Company Limited Corporate Bonds (FDC) has said. A+/Agusto; AA/GCR LAFARGE WAPCO FDC in a report issued on the Aa/Agusto GTB Nil rebasing of NigerianNGC GDP noted µ

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

*UPDC

A+/Agusto; A-/GCR

NAHCO FSDH

*FLOURMILLS

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

that as Nigerian government officials bask in the afterglow of a14.00 nominal increase in its GDP, KWARA 5-AUG-2014 14.00forecast NIGER 15-OCT-2014 the of a lower rate of 12.50 KADUNA 31-AUG-2015 inflation for March will come as 13.00 EBONYI 30-SEP-2015 14.00 BENUE more good30-JUN-2016 news. 15.50 IMO 30-JUN-2016 The analysts at the FDC dis10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 closed that the National head14.00 EDO 31-DEC-2017 line inflation rate (CPI) has 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 been on a declining trend since 14.50 EKITI 09-DEC-2018 14.00 NIGER 2013 III 12-DEC-2018 January which, according 15.50 ONDO 14-FEB-2019 to15.50 them, reflects the result of the GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 sustained contradictory con14.75 OSUN 12-DEC-2019 tractionary monetary policy of 14.75 OSUN II 30-SEP-2020 13.50 LAGOSand IV 27-NOV-2020 the CBN eases the pressure 14.50 EKITI II 31-DEC-2020 on the apex bank, giving the 15.00 NASARAWA 06-JAN-2021 CBN Governor-designate more options and room to operate. 11.50 LAFARGE WAPCO 7-OCT 2014 “We are forecasting a mar13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014in the national ginal decrease 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015

GTBank seeks expansion in Tanzania, Mozambique A-/Agusto

A/GCR BBB-/GCR

BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR

AAA/DataPro†; A+/GCR

A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR

*CHELLARAMS

UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA

Bayo Akomolafe *LA CASERA BBB-/DataPro†; BB+/GCR A+/Agusto; A-/GCR

*CHELLARAMS# NAHCO

TOTAL OUTSTANDING VALUE

uaranty Trust Bank Plc Supranational Bond has resolved to expand AAA/S&P its operationsIFC in the rest TOTAL OUTSTANDING VALUE of Africa over the next three yearsRating/Agency in a bid to triple the pace Issuer of earnings growth. FGN Eurobonds Its Chief Executive Officer, BB-/Fitch; B+/S&P Segun Agbaje said the bank BB-/Fitch; FGN

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

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 plans to open in one other counMPR+5.00 CHELLARAMS II 17-FEB-2019 15.25 NAHCO II 14-NOV-2020 try , probably Tanzania, Mozambique or Angola to deepen its retail banking in that region. 10.20 IFC 11-FEB-2018 He noted that another country would give the a critical Descriptionto drive a mass of population very profitable franchise. Agbaje declared that the ex6.75 JAN 28, 2021 pansion would support a target 5.13 JUL 12, 2018 6.38 JUL 12, 2023

headline inflation to 7.64 per cent in March. This could bring the CPI to its lowest14.00 level since 05-Aug-09 15-Oct-092008. The14.00 January benign in31-Aug-10 12.50 flationary a rebased 30-Sep-10 trend in 13.00 GDP30-Jun-11 environment14.00 multiplies 30-Jun-09 15.50 the options for fiscal and mon19-Apr-10 10.00 30-Jun-10 13.75 etary policy makers. Nigeria’s 30-Dec-10 14.00 30-Sep-11now at $510bn 14.00 economy ahead 04-Oct-11 14.00 South Africa as the largest in 09-Dec-11 14.50 12-Dec-13 14.00 Africa implies that Nigerian 14-Feb-12 15.50 market has potential15.50 and will be 02-Oct-12 22-Nov-12to international 14.50 attractive insti12-Dec-12 14.75 tutional investors,” they said. 30-Sep-13 14.75 27-Nov-13 13.50 The analysts noted that the all 31-Dec-13 14.50 06-Jan-14 15.00 share index of the Nigeria stock exchange gained 5.06 per cent in the last month after a sharp YTD 07-Oct-11 11.50 decline of 8.99 per cent, 18-Dec-09 13.50 adding that01-Apr-10 the index rally 17.00 was buoyed

80.00 30.00 11.40 87.00 5.00 5.00

18-Dec-09

5.13

01-Apr-10

6.38

They noted that the low rate of inflation in addition to the bearish stock17.52 market enhanced 4.88 98.80 5.99 19.01 97.66 ininvestor sentiment for fixed 4.44 17.59 93.92 come securities, adding 3.23 16.44 97.10that 4.46 17.63 96.14 YTD bond yields averaged 13.46 3.48 16.65 99.06 per5.59 cent compared to 13.39 18.53 80.91 per 7.60 20.68 89.91 cent recorded in 2013, strength1.79 14.74 97.88 1.80 investors’ 14.77 appetite 98.43 for ening 1.00 13.96 100.12 bonds in a stable inflation en1.00 13.97 101.32 1.21 109.40 to vironment as14.18 an alternative 1.00 13.94 101.45 equities. 2.46 15.40 100.27

Chams posts 21 per cent growth in revenue

Chris Ugwu

567.90

hams Plc, an identity man07-Oct-14 0.49 and payments 13.17 agement 18-Dec-14 0.69 2.00 transaction 31-Dec-14 company,0.72 has 17-Aug-10 10.00 15.00 17-Aug-15 0.87 recorded a 21.3 per cent growth 09-Dec-10 12.00 37.50 09-Dec-15 0.95 06-Jan-11 14.00 1.50revenue during 06-Jan-16the financial 1.03 in 29-Sep-11 13.00 15.00 29-Sep-16 2.47 for accelerating profit growth to year ended 2013. 25-Oct-13 14.25 5.53 25-Oct-16 2.54 30-Sep-10 13.00 3.47 15 per cent a year in 2016 from 20.00The result30-Sep-17 of its financials 30-Nov-12 18.00 0.94 30-Nov-17 2.09 4 per09-Apr-11 cent. showed the company’s revenue 16.00 8.01 09-Apr-18 2.24 09-Sep-11 18.00 3.63 09-Sep-18 2.41 He said: “Acquisitions would grew by 21.3 per cent, from 09-Sep-11 16.00 1.00 09-Sep-18 2.41 also 22-Sep-11 help boost the contribution N2.84 billion in 2012 to N3.44 14.00 35.00 22-Sep-18 4.45 18-Oct-13 15.75 3.00 18-Oct-18 2.27 of earnings outside Nigeria to billion in 2013, while its total 17-Feb-12 17.00 0.54 17-Feb-19 2.60 10 per cent of the total by that assets rose by 22.9 per cent 14-Nov-13 15.25 2.05 14-Nov-20 6.59to 175.67 date.” N10.7 billion in 2013, from N8.7 Guaranty Trust Bank bought billion the previous year. 11-Feb-13 10.20 11-Feb-18 3.84 70 per cent of Fina Bank Group 12.00The company also posted 12.00 two months ago to gain entry to a 115.3 per cent growth in its markets in Kenya,Coupon Rwanda and profit afterMaturity tax during the peIssue Date (%) Issue Value ($'mm) Date Bid Yield (%) Uganda, adding to its presence riod under review. in five West African nations 500.00Its profit 28-Jan-21 after tax stood at 07-Oct-11 6.75 5.27 aside from Nigeria.” N188.5 million in 2013 from

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

by companies year- end results as investor interest in tier-one banks remained strong. 0.32 17.00 05-Aug-14 6.00The financial 15-Oct-14 services 0.51 sec8.50 31-Aug-15 1.39 tor staged a comeback, riding 16.50 30-Sep-15 0.99 13.00 30-Jun-16 on the impressive full year1.29 2013 18.50 30-Jun-16 1.30 results. 57.00 19-Apr-17 3.02 50.00 30-Jun-17 However, the recent gain1.85 is a 25.00 31-Dec-17 3.72 50.00 30-Sep-18 relief rally and the market is2.69 not 9.00 04-Oct-18 4.48 expected to record any signifi20.00 09-Dec-18 2.70 12.00 12-Dec-18 2.70 to cant rise in the near term due 27.00 14-Feb-19 3.28 profit taking by investors. 20.00 02-Oct-19 3.34

1,304.32

11.80

500.00

12-Jul-18

4.39

500.00

12-Jul-23

5.70

N87.5 million in 2012, representing an increase of 115.3 per cent. The company’s sharehold1.00 13.99 98.85 ers’5.21 funds rose18.30 from N4.596.96 billion 8.71 21.81 to N4.7 billion, reflecting96.83 a five 4.88 18.04 93.90 per1.00 cent increase in the period 14.19 98.27 2.63 review,15.84 98.68 under while its earnings 1.00 14.00 97.96 per1.34 share stood at N0.07. 14.33 99.81 4.52 17.46 88.72 The company , in a statement, 1.88 14.93 106.52 described the results as an indica3.48 16.51 99.13 18.21 99.82 tion5.20 of strong quality of products 5.06 18.07 101.88 and3.06 services that from 16.02 emerged 93.72 15.31 100.89 its 2.29 operations in the last two 6.11 19.09 96.24 years. 2.76 15.74 98.00 The Group Managing Director, Chams, Mr. Ademola 1.00 13.95 89.10 Aladekomo, said the products and services led to significant growth company’s marOffer Yield (%)of the Bid Price Offer Price ket share in the identity manPrices & Yields agement and 108.33 payments transac5.13 109.20 tion business.

1,500.00

11-Apr-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

08-Nov-13

B+/S&P

Access Bank PLC

7.25 JUL 25, 2017

25-Jul-12

B/S&P; B/Fitch

Fidelity Bank PLC Issuer

Description

6.88 MAY 09, 2018

Coupon (%)

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 12.00 11.75 9.35 31-AUG-2017 31-Aug-07 11.80 11.55 10.70 30-MAY-2018 30-May-08 11.70 11.45 16.00 29-JUN-2019 29-Jun-12 12.00 11.75 7.00 23-OCT-2019 23-Oct-09 11.95 11.70 11.70 11.45 16.39 27-JAN-2022 27-Jan-12 12.00 11.75 14.20 14-MAR-2024 14-Mar-14 12.30 12.05 15.00 28-NOV-2028 28-Nov-08 11.95 11.70 12.49 22-MAY-2029 22-May-09 10.70 10.45 8.50 20-NOV-2029 20-Nov-09 11.80 11.55 11.95 11.70 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 27 NA 34 41 48 55 69 76 83 90 97 104 111 TOTAL OUTSTANDING 118 125 132 146 Rating/Agency 237 272 286 Agency Bonds 300 314 328

Maturity 24-Apr-14 8-May-14 NA 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 24-Jul-14 31-Jul-14 VALUE 7-Aug-14 14-Aug-14 21-Aug-14 4-Sep-14 Issuer 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15 AMCON 19-Feb-15 5-Mar-15

FMBN

Issue Date

10.25 APR 08, 2019

12.10 11.85 11.75 11.50 12.10 11.85 12.00 11.75 12.25 Description 12.00 11.85 11.60 12.05 11.80 12.10 11.85 12.30 12.05 0.00 AMCON 31-OCT-2014 (SR.5 TR.1) 12.40 12.15 0.00 FMB 12.10 24-MAY-2015 11.85

17.25 FMB II 03-APR-2017 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 NA

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 (%) 12.05 9.35 11.90 10.70 11.83 16.00 12.16 7.00 12.14 11.91 16.39 12.28 14.20 12.62 15.00 12.28 12.49 10.99 8.50 12.18 12.37 10.00 12.56 12.21 12.62 12.54 12.88 Issue Date 12.84 13.24 13.37 13.68 28-Dec-11 13.88 13.58 24-May-10

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

Bonds

11.50

450.00

01-Feb-16

3.73

3.23

113.34

7.50

500.00

19-May-16

5.16

4.54

104.57

6.00

400.00

08-Nov-18

6.09

5.77

99.63

7.25

350.00

25-Jul-17

6.98

6.48

100.76

102.23

300.00

TTM (Yrs)

02-May-18

8.40 Bid Yield (%)

Bid94.83 Price

96.46 Offer Price

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-14 535.00 23-Apr-15 2,960.00 327.47 16-Aug-16 452.80 FIXINGS 27-Apr-17 NIBOR 20.00 27-Jul-17 Tenor Rate (%) 100.00 31-Aug-17 CALL 10.8333 300.00 30-May-18 7 DAYS 11.1667 351.30 29-Jun-19 30 DAYS 11.4167 233.90 23-Oct-19 60 DAYS 11.7917 90 DAYS 12.0833 600.00 27-Jan-22 180 DAYS 12.3333 50.00 14-Mar-24 365 DAYS 12.6250 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

5.08

07-Aug-20 0.22

7.15 11.37 09-Dec-20 6.22 0.47 12.75 1.03 13.21 2.35 13.08 Money Market13.05 3.04 Tenor Rate (%) 3.29 12.94 3.39 12.94 OBB 10.25 4.13 12.96 O/N 10.50 5.22 13.05 5.53 REPO 12.97 Tenor Rate (%) 7.80 13.04 Call 10.25 9.92 13.05 1M 11.08 14.63 13.35 3M 12.17 15.11 13.38 6M 12.50 15.61 13.42 16.28 13.52 NOTE:

Offer Yield 7.91 (%) 4.68

3M 6M 9M Coupon 12M

0.00/16.50 0.00/16.50

116.70 66.49

20-Apr-17 06-Jul-17

105.84

Price

114.25

100.89

115.08

6.71 103.99 105.67 10.68 99.48 99.63 5.96 101.60 102.64 12.40 98.45 98.60 13.04 91.37 91.52 13.00 99.90 100.05 12.93 Exchange 105.00 105.30 Foreign (Spot & Forwards) 12.82 91.88 92.18 12.82 90.37 90.67 Tenor Bid ($/N) Offer ($/N) 12.86 92.92 93.22 Spot 160.95 161.05 12.98 110.85 111.15 7D 162.07 162.35 12.88 76.92 77.22 14D 162.33 162.71 1M 162.92 163.65 12.98 116.05 116.35 2M 164.07 165.40 13.00 106.25 106.55 3M 165.34 167.30 13.30 110.48 110.78 6M 169.02 173.24 13.33 94.25 94.55 1Y 176.01 185.09 13.35 68.16 68.46 13.47 77.00 77.30

11.7954 :Benchmarks 11.9065 12.2854 * :Amortising Bond # 12.5718 µ :Convertible Bond Risk Avg. Life/TTM 13.0849 AMCON: Asset Management Corporation of Nigeria (%) Issue 13.9018 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 0.56 Company1.00 NAHCO: Nigerian Aviation Handling NGC: 24-May-15 Nigeria-German Company 0.00Current Price ($/N)24.56 1.12 2.63 BID($/N) 17.25 160.8500 UBA: United Bank for Africa 1.60 6.00 03-Apr-17 2.27 OFFER ($/N) 160.9500 UPDC: UAC Property Development Company 0.00/16.00 112.22 09-Dec-16 2.66 2.00 WAPCO:West Africa Portland Cement Company

4,132.04 2M

114.27

3.03 3.24

1.49 1.00

0.32 0.51 1.39 0.99 1.29Yield Implied 1.30 3.02 13.14 1.85 13.20 3.72 13.52 2.69 13.32 4.48 2.70 2.70 3.28 3.34 5.62 3.31 4.02 6.63 4.03 4.07

4.88 5.99 4.44 3.23 Implied 4.46 Portfolio Price 3.48 5.59 110.2684 7.60 122.3994 1.79 84.2466 1.80 108.6096 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

14.04 15.82 15.39 14.98 14.43 13.94

92.78 84.33 102.57 92.44 89.73 88.31

†: 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

TOTAL OUTSTANDING VALUE

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 801.19 780.27 13.75 BAYELSA 30-JUN-2017 1,078.33 951.30 14.00 EDO 31-DEC-2017 455.51 591.57 14.00 DELTA 30-SEP-2018 2,335.03 2,323.14 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 33.59 34.31 0.34 30-Jun-10 13.75 50.00 40.95 46.18 0.41 30-Dec-10 14.00 25.00 25.46 19.51 0.25 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

567.90

05-Aug-14 15-Oct-14 31-Aug-15 30-Sep-15 % Exposure_ 30-Jun-16 Mod_Duration 30-Jun-16 19-Apr-17 17.45 30-Jun-17 40.94 31-Dec-17 41.61 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

17.52 19.01 17.59 16.44 17.63 INDEX 16.65 18.53 1,047.32 20.68 1,036.43 14.74 1,019.87 14.77 1,030.56 13.96 13.97 14.18 13.94 15.40 14.91 15.68 15.69 13.98 14.39 14.90

98.80 97.66 93.92 97.10 YTD Return 96.14 (%) 99.06 80.91 4.7325 89.91 3.6431 97.88 1.9873 98.43 3.0564 100.12 101.32 109.40 101.45 100.27 98.42 97.76 97.35 97.94 106.88 106.53

Daily Summary as of 11/04/2014

Printed 11/04/2014 17:31:18.018

40 BUSINESS | CAPITAL MARKET

Sanctity of Truth

Monday, April 14, 2014

Daily Summary (Bonds)

Daily Summary as of 11/04/2014 Printed 11/04/2014 17:31:18.018

No Debt Trading Activity

The Nigerian Stock Market Exchange as at April 11, 2014 Daily Summary (Equities)

Activity Summary on Board EQTY AGRICULTURE Crop Production FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Daily Summary (Equities) Symbol FTNCOCOA OKOMUOIL PRESCO

No. of Deals 1 6 13 20

Current Price 0.50 42.00 42.00

Quantity Traded 500 5,591 55,700 61,791

Value Traded 250.00 223,080.90 2,261,737.00 2,485,067.90

Symbol LIVESTOCK

No. of Deals 31 31

Current Price 3.00

Quantity Traded 581,817 581,817

Value Traded 1,775,724.09 1,775,724.09

643,608

4,260,791.99

Current Price 1.43 3.84 59.05

Quantity Traded 6,002 40,897,527 853,088 41,756,617

Value Traded 8,728.00 149,274,930.46 50,457,685.94 199,741,344.40

41,756,617

199,741,344.40

AGRICULTURE Totals Daily Summary as of 11/04/2014 CONGLOMERATES Printed 11/04/2014 17:31:18.018 Diversified Industries

A.G. LEVENTIS NIGERIA PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

51 Symbol No. of Deals AGLEVENT 4 TRANSCORP 249 UACN 70 Daily Summary (Equities) 323

Activity Summary on Board EQTY CONGLOMERATES Totals CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other Published by COSTAIN The Nigerian Exchange © (WStock A) PLC.

323 Symbol COSTAIN

No. of Deals 12 12

Current Price 1.25

Quantity Traded Page 471,312 471,312

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

Symbol JBERGER ROADS

No. of Deals 14 1 15

Current Price 69.90 8.46

Quantity Traded 146,332 3,000 149,332

Value Traded 10,076,130.57 25,440.00 10,101,570.57

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

Symbol UAC-PROP

No. of Deals 41 41

Current Price 25.00

Quantity Traded 190,825 190,825

Value Traded 4,757,502.79 4,757,502.79

811,469

15,459,336.01

Building Structure/Completion/Other Totals

CONSTRUCTION/REAL ESTATE Totals CONSUMER GOODS Automobiles/Auto Parts DN TYRE & RUBBER PLC Automobiles/Auto Parts Totals Daily Summary as of 11/04/2014

Printed 11/04/2014 17:31:18.018 Beverages--Brewers/Distillers

GOLDEN GUINEA BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. Beverages--Brewers/Distillers Totals

68 Symbol DUNLOP Symbol GOLDBREW GUINNESS INTBREW NB

Daily Summary

Current Price 0.50

Quantity Traded 276,441 276,441

Value Traded 138,220.50 138,220.50

No. of Deals 1 36 23 (Equities) 112 172

Current Price 0.68 190.00 26.30 149.00

Quantity Traded 2,218 26,741 1,002,264 8,641,600 9,672,823

Value Traded 1,574.78 5,009,427.00 26,360,397.82 1,288,409,370.26 1,319,780,769.86

CONSUMER GOODS Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

Page

Symbol 7UP

No. of Deals 11 11

Current Price 90.00

Quantity Traded 24,936 24,936

Value Traded 2,132,278.50 2,132,278.50

Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. U T C NIG. PLC. Food Products Totals

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

No. of Deals 56 55 30 22 15 2 2 182

Current Price 8.10 9.85 68.49 3.54 11.90 22.01 0.53

Quantity Traded 627,011 952,001 71,283 648,962 65,156 7,200 323 2,371,936

Value Traded 5,064,962.80 9,326,344.26 4,813,345.86 2,359,480.02 749,673.66 150,552.00 174.42 22,464,533.02

Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Food Products--Diversified Totals

Symbol CADBURY NESTLE

No. of Deals 84 47 131

Current Price 79.00 1,185.00

Quantity Traded 5,388,985 47,387 5,436,372

Value Traded 425,800,256.33 54,511,670.90 480,311,927.23

Symbol VITAFOAM

No. of Deals 22 22

Current Price 4.00

Quantity Traded 307,645 307,645

Value Traded 1,234,927.01 1,234,927.01

Symbol No. of Deals Daily Summary (Equities) PZ 33 UNILEVER 44

Current Price 32.00 46.00

Quantity Traded 105,846 168,669

Value Traded 3,529,986.10 7,907,020.24

Current Price

Quantity Traded 274,515

Daily Summary as of 11/04/2014 Household Durables Printed 11/04/2014 17:31:18.018

VITAFOAM NIG PLC. Household Durables Totals

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.EQTY Activity Summary on Board CONSUMER GOODS Personal/Household Products Personal/Household Products Totals

Symbol

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC Daily Summary as of 11/04/2014 GUARANTY TRUST BANK PLC. Printed 11/04/2014 SKYE17:31:18.018 BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC.

No. of Deals 77 597

Symbol No. of Deals ACCESS 162 DIAMONDBNK 79 ETI 67 FIDELITYBK 143 GUARANTY 318 SKYEBANK 129 STERLNBANK 150 UBA 188 UBN 52 UNITYBNK 1 Daily Summary (Equities) WEMABANK 37

Current Price 7.78 6.17 13.00 2.15 27.48 3.49 2.62 7.40 10.00 0.50 0.98

Page

HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC Pharmaceuticals Totals

Value Traded 11,437,006.34

18,364,668

1,837,499,662.46

Quantity Traded 58,398,443 15,480,490 12,341,666 19,775,570 4,289,800 3,987,273 16,232,010 6,694,547 296,524 500 1,525,137

Value Traded 446,149,850.63 95,485,135.78 159,256,060.32 42,768,315.29 116,313,218.92 13,718,194.86 42,622,318.47 48,737,347.39 2,953,757.05 250.00 1,467,449.51

Symbol ZENITHBANK

No. of Deals Current Price 320 21.70 1,646

Insurance Carriers, Brokers and Services Symbol No. of Deals Current Price AIICO INSURANCE PLC. AIICO 19 0.79 CONTINENTAL REINSURANCE PLC CONTINSURE 10 0.95 CORNERSTONE INSURANCE COMPANY PLC. CORNERST 7 0.50 GREAT NIGERIAN INSURANCE PLC GNI 1 0.50 GUINEA INSURANCE PLC. GUINEAINS 3 0.50 CONSOLIDATED HALLMARK INSURANCE PLC HMARKINS 4 0.50 INTERNATIONAL ENERGY INSURANCE COMPANY PLC INTENEGINS 17 0.62 LASACO ASSURANCE PLC. LASACO 1 0.50 MANSARD INSURANCE PLC MANSARD 23 2.25 MUTUAL BENEFITS ASSURANCE PLC. MBENEFIT 1 0.50 N.E.M INSURANCE CO (NIG) PLC. NEM 18 0.77 NIGER INSURANCE CO. PLC. NIGERINS 1 0.50 Daily Summary as of 11/04/2014 OASIS17:31:18.018 INSURANCE PLC OASISINS 8 0.59 Printed 11/04/2014 PRESTIGE ASSURANCE CO. PLC. PRESTIGE 8 0.60 REGENCY ALLIANCE INSURANCE COMPANY PLC REGALINS 2 0.50 SOVEREIGN TRUST INSURANCE PLC SOVRENINS 1 0.50 Daily Summary (Equities) STANDARD TRUST ASSURANCE PLC STACO 1 0.50 WAPIC INSURANCE PLC WAPIC 40 0.72 Activity Summary on Brokers Board EQTY Insurance Carriers, and Services Totals 165

FINANCIAL SERVICES Micro-Finance Banks Published by The Stock Exchange NPFNigerian MICROFINANCE BANK©PLC Micro-Finance Banks Totals

Quantity Traded 9,480,489 148,502,449 Quantity Traded Page 614,401 254,025 357,211 2,000 150,200 840 350,987 48,780 2,934,700 1,000 1,706,000 500 319,000 347,335 700 500 100 326,370 7,414,649

Quantity Traded 150 100 250

Value Traded 793.50 1,520.00 2,313.50

Processing Systems CHAMS PLC Processing Systems Totals

Symbol CHAMS

No. of Deals 12 12

Current Price 0.50

Quantity Traded 73,740 73,740

Value Traded 36,870.00 36,870.00

Symbol MTI

No. of Deals 3

Current Price 0.50

Quantity Traded 32,284

Value Traded 16,142.00

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

Page

Daily Summary (Equities)

Symbol

No. of Deals 3

Current Price

39 Symbol

No. of Deals

Daily Summary (Equities)

Current Price

Quantity Traded 32,284

Value Traded 16,142.00

823,786

475,907.34

Quantity Traded

Value Traded

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER FIRSTALUM PORTPAINT WAPCO

No. of Deals 23 11 22 12 61 1 2 1 44 177

Current Price 16.62 8.90 37.75 9.21 235.00 1.16 0.50 4.10 106.00

Quantity Traded 89,782 901,686 74,918 126,881 502,350 1,200 11,125 1,000 609,164 2,318,106

Symbol CUTIX NIWICABLE

No. of Deals 10 2 12

Current Price 2.00 0.50

Quantity Traded 912,182Page 500 912,682

INDUSTRIAL GOODS Totals OIL AND GAS Energy Equipment and Services Daily Summary as of 11/04/2014 JAPAUL OIL & MARITIME SERVICES PLC Printed 11/04/2014 Energy17:31:18.018 Equipment and Services Totals Integrated Oil and Gas Services OANDO PLC

Quantity Traded 420 324,219 324,639

Value Traded 655.20 162,109.50 162,764.70

Other Financial Institutions AFRICA PRUDENTIAL REGISTRARS PLC CUSTODIAN AND ALLIED PLC FBN HOLDINGS PLC FCMB GROUP PLC. ROYAL EXCHANGE PLC. STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 64 36 430 51 4 33 113 731

Current Price 2.97 2.24 12.25 3.51 0.62 20.45 2.61

Quantity Traded 3,352,146 21,175,956 21,828,305 388,536 18,500 305,251 10,485,779 57,554,473

Value Traded 10,048,778.66 52,206,647.33 269,114,241.25 1,367,816.92 10,915.00 6,118,449.96 26,877,494.88 365,744,344.00

214,092,760

1,548,330,534.44

Quantity Traded 360 360

Value Traded 655.20 655.20

189

Value Traded 1,484,410.78 8,015,734.45 2,939,347.76 1,168,731.78 118,042,394.17 1,452.00 5,562.50 4,300.00 64,632,466.50 196,294,399.94 Value Traded 81,756,923.78 of 12 250.00 1,757,173.78

3,230,788

198,051,573.72

Symbol JAPAULOIL

No. of Deals 8 8

Current Price 0.50

Quantity Traded 186,700 186,700

Value Traded 93,350.00 93,350.00

Symbol OANDO

No. of Deals 176

Current Price 15.96

Quantity Traded 4,460,106

Value Traded 71,257,056.59

Daily Summary (Equities)

Page

Activity Summary on Board EQTY OIL AND GAS 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

Symbol

No. of Deals Current Price 176

Quantity Traded 4,460,106

Value Traded 71,257,056.59

Symbol CONOIL ETERNA FO MOBIL MRS TOTAL

No. of Deals Current Price 11 51.90 6 3.80 131 135.27 31 123.99 5 54.44 26 170.00 210

Quantity Traded 39,076 84,530 821,315 39,871 2,317 114,517 1,101,626

Value Traded 1,830,956.60 305,153.30 107,859,878.42 4,876,288.99 119,835.24 19,456,709.60 134,448,822.15

5,748,432

205,799,228.74

OIL AND GAS Totals SERVICES Automobile/Auto Part Retailers R T BRISCOE PLC. Automobile/Auto Part Retailers Totals

Value Traded of 12 483,846.78 241,837.75 178,605.50 1,000.00 75,100.00 420.00 211,592.20 24,390.00 6,629,349.10 500.00 1,301,483.55 250.00 183,930.00 213,801.00 350.00 250.00 50.00 230,563.33 9,777,319.21 Value Traded of 12 282,004.50 282,004.50

Current Price 5.56 15.99

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

No. of Deals 3 1 4

Activity Summary on Board EQTY

Current Price 1.64 0.50

Page

Symbol CWG NCR

No. of Deals 3 2 5

IT Services COMPUTER WAREHOUSE GROUP PLC NCR (NIGERIA) PLC. IT Services Totals

INDUSTRIAL GOODS Building Materials

Symbol INFINITY UNHOMES

Current Price 1.91

Value Traded 420,581.84 420,581.84

Printed 11/04/2014 ICT Totals17:31:18.018

Mortgage Carriers, Brokers and Services INFINITY TRUST MORTGAGE BANK PLC UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

No. of Deals 1 1

5,260,921.36

Quantity Traded 717,512 717,512

ICT Telecommunications Services Telecommunications Daily Summary as of 11/04/2014 Services Totals

Quantity Traded Page 296,550 296,550

Symbol MORISON

420,590

Activity Summary on Board EQTY

Current Price 0.95

2,558

Value Traded 9,125.70 236,138.84 4,559,142.92 428,086.20 27,772.50 5,260,266.16

Current Price 0.61

No. of Deals 11 11

HEALTHCARE Medical Supplies MORISON INDUSTRIES PLC. Medical Supplies Totals

Quantity Traded 4,218 81,521 65,556 248,810 20,125 420,230

No. of Deals 20 20

MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC

Symbol NPFMCRFBK

FINANCIAL SERVICES Totals

Current Price 2.12 2.92 70.00 1.72 1.45

Symbol COURTVILLE

Daily Summary as of 11/04/2014 Telecommunications Services Printed 11/04/2014 17:31:18.018

Value Traded 202,892,203.81 1,172,364,102.03

No. of Deals 4 17 19 11 4 55 56

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

Activity Summary on Board EQTY FINANCIAL SERVICES Banking ZENITH INTERNATIONAL BANK PLC Banking Totals

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH

HEALTHCARE Totals

Value Traded 1 600,262.65 of 12 600,262.65

No. of Deals 2 2

Activity Summary on Board EQTY

Daily Summary as of 11/04/2014 Courier/Freight/Delivery Printed 11/04/2014 17:31:18.018 RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Employment Solutions C & I LEASING PLC.

394 Symbol RTBRISCOE

No. of Deals Current Price 21 1.10 21

Quantity Traded 653,120 653,120

Value Traded 722,388.40 722,388.40

Symbol REDSTAREX TRANSEXPR

No. of Deals Current Price 16 4.18 8 2.35 24

Quantity Traded 348,790 293,388 642,178

Value Traded 1,474,111.90 689,461.80 2,163,573.70

Daily Summary (Equities) Symbol No. of Deals Current Price Quantity Traded CILEASING

500

Value Traded 250.00

Page

Employment Solutions Employment Solutions Totals

Symbol

No. of Deals Current Price 1

Quantity Traded 500

Value Traded 250.00

Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals

Symbol IKEJAHOTEL

No. of Deals Current Price 7 0.57 7

Quantity Traded 57,180 57,180

Value Traded 32,902.20 32,902.20

Printing/Publishing LEARN AFRICA PLC STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC. Printing/Publishing Totals

Symbol LEARNAFRCA STUDPRESS UPL

No. of Deals Current Price 11 1.78 5 2.40 8 3.70 24

Quantity Traded 39,550 650 3,071,318 3,111,518

Value Traded 67,563.00 1,560.00 10,481,103.00 10,550,226.00

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals Current Price 10 0.89 10

Quantity Traded 155,300 155,300

Value Traded 138,772.00 138,772.00

Symbol AIRSERVICE NAHCO

No. of Deals Current Price 13 2.46 34 5.05 47

Quantity Traded 79,258 516,495 595,753

Value Traded 186,279.72 2,579,888.60 2,766,168.32

134

5,215,549

16,374,280.62

4,409 4,409

291,108,267

4,031,253,581.08 4,031,253,581.08

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Daily Summary as of 11/04/2014 Transport-Related Services Totals Printed 11/04/2014 17:31:18.018

SERVICES Totals

EQTY Board Totals

Equity Activity Totals

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

0.50

Daily Summary (ETP) Symbol NEWGOLD VETGRIF30

Page No. of Deals 2 4 6

Current Price 2,058.00 17.58

Quantity Traded 70 21,216 21,286

Value Traded 147,595.00 373,201.28 520,796.28

ETF Board Totals

21,286

520,796.28

ETP Activity Totals

21,286

520,796.28

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

NEW TELEGRAPH

newtelegraphonline.com/entrepreneur

MONDAY, APRIL 14, 2014

Raising capital to start your business money. Of course, we paid back the money. Today, our business has grown into a multi-million Naira business. Thanks to foresight, thanks to social capital and even more importantly, thanks to God.

Dr. Chris Williams, a leadership coach and entrepreneur is the Convener of the celebrated business boot camp - Head2Head With Gurus. For more on his business campaigns, visit Facebook : Head 2 Head with Gurus: Season 2 or call: 08028509077 Chris Williams

know there are several ways to raise capital. I’ll just focus on a few. My primary interest in this article is to address people who are in paid employment and hope to start their own business someday. Before discussing how to raise capital, let me just advise that your period of employment is a great opportunity to learn the skills you will definitely need when you start your own business. It is not a time to pretend to be doing great work; it is actually time to invest yourself in great work. Remember, you’ll reap what you have sown. Now back to the issue of raising capital. Let’s move away from the usual bank lending troubles and look at four other ways you can raise capital for your business as an employee. Save from your salary Look at it this way – money saved is money gained. While working for your employer, make effort to save something for your future business. I know the argument will be the usual, “You don’t really know how much I make!” Well, I don’t have to know. I just know you can save something from whatever you make monthly, weekly or hourly. Beyond the money saved, you are actually learning a habit that will become useful in your entrepreneurship years. Make it a habit to keep some money aside. Some people earn up to Four Hundred Thousand Naira monthly and have nothing but a car and a well furnished house to show off to family and friends. Some other people earn 50% of that amount, live a moderate lifestyle, and have enough savings to start “something small”. The reason many are afraid to leave

paid employment is because they can’t imagine how they will fund a financially draining lifestyle that has become a habit. It’s never too late to start saving for your business. Invest in lands I speak as someone who has gotten his hands burnt in the land business. Yet, I insist that investing in lands is a good way to raise money for your future business. Today, I can confidently say the reason I got my hands burnt was sheer ignorance of how the real estate business works. You can buy a house or houses in the hope that you can always sell it off at a much higher price and use the money to start your business. That is great particularly if you have a good bargain. But if you don’t have enough to buy a house, I suggest as soon as you raise a reasonable amount, please ask someone you trust to refer you to an estate practitioner you can trust. Don’t get carried away by every juicy land deal you see. Many are fraudulent. There are still plots or acres of land you can get in the outskirts of town for as low as N1,000,000 or even N500,000. Just ensure you are buying from the right person and you have the right documents. There may be need to quickly fence your land and even get people to farm on it. The simple idea here is that the value of land appreciates quickly particularly around commercial cities or locations. Some parts of the outskirts of Lagos is an example. By the time you are ready to resign from your work, your N500,000 land would have yielded some extras that if sold can enable you add or borrow some money

Look at it this way – money saved is money gained. While working for your employer, make effort to save something for your future business and start something. Again, please be cautious of scammers. From friends and family The reason I discussed the first two points is because a lot of times when we try to use this third method to raise capital for our business, those who would love to loan or give you some money would like to

SME L AW

DISCLAIMER

QuickLAW™ is a free newsletter created for general information and enlightenment only. Please, consult a lawyer for individual professional advice. You may send your questions to lawrookies@gmail.com. However, we cannot guarantee an answer, and if we do answer, that does not make us your lawyer. We do not answer questions privately; please, do not send any question if it is not for publication.

see your level of commitment to the business. We started our pharmacy business with just N100, 000. After using N75, 000 to get a sales point, all we had was N25, 000 left. What did we do? We prayed and looked out for someone who would give us the additional N200, 000 we needed to run the business. Guess who gave us? A friend who had seen our level of commitment and trusted us enough to believe we can pay back. The quality of relationship with your family and friends that has the capacity to be translated into business gains is called SOCIAL CAPITAL. Many people don’t have it. Are you trustworthy? Can people vouch for your integrity? For some people, not even their parents or siblings can trust them when it comes to

Prayers I know many would wonder why I have to discuss that here. I can almost hear you say, “This is not corporate!” First apart from being a pastor, I believe in the power of prayers enough to advise those who do business to take it very seriously. So you ask - how does one raise capital through prayers? Sounds funny but it is a reality. I speak from experience. Don’t take things on face value. If your rich uncle or mentor could not give you the money you need to start your business, it may be because he doesn’t have. It may also be because you did not clearly demonstrate the workability of your business plans. It is also possible that he wants to give because he has but just doesn’t seem to know the reason he can’t give. I don’t mean to sound spooky but forces may be at work. It’s time to stop complaining and start praying. It’s time to call those things that be not as though they were (Romans 4:7) Stop condemning your should be financiers and start thanking God for them. In any event, God doesn’t have to supply your needs through them; he can supply your financial needs through the most unlikely of sources. I pray the best for you. May you find help when and where you least expect. Enjoy your week!

A company is a legally separate person

hen you decide to form a limited liability company with one or more persons, you should understand the concept of separate personality. This means that the company becomes a separate person at law, separate and distinct from you and the other person(s) who formed it. The implication of this is that since it is regarded as a separate per-

son at law, it bears its own debts and liabilities. The company can, all by itself, own property, enter into agreements, make promises and be liable for its own actions. The company can also sue and be sued in its own capacity. Being a separate, standalone person, it also continues to be in existence when you and the other founding members leave the company or die.

42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 14, 2014

B U S I N E S S O P P O RT U N I T I E S

Business ideas: Act while you can!

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/richnigerianpharmacists Emmene Ifeanyi

few years ago, my wife wanted to start a business on personal coaching for women. The idea was to help women organise and grow their finances. She would help the women who subscribe grow their finances by developing a financial plan for them and making sure that they stick to their financial plans. She also planned to organise financial lectures for them, invite people to teach them important facts about finance and how to grow their money. When she had the idea, we were so excited about it and really wanted it to start. We bought her some consulting books, office furniture and she even wrote a business plan for the business. All these happened in 2008. By

30 SECONDS LECTURE

2011, nothing more had been done about the business. One day, I came across a woman who was doing exactly what my wife described and was very successful at it. I then wondered why my wife and I failed in a wonderful business that is now fetching another person millions. I have found out a very simple reason why a lot of people fail to achieve their dreams even after realising a very viable project that can transform their lives. I know because it has held me down a lot of time. It is called Retrogressive Do Nothing Syndrome. Let’s say you hit on a very bright idea today that you are very sure would work. You will become very excited about it and will want to execute it immediately but then you do nothing. The next day, you are sure the idea will work but you are not very excited still you do nothing. You will delay still for some days, and then think about the idea again. By now, you are no longer excited about it and so you do nothing. By the next few

POWER POINT

“We are not just into fast foods. We are also into other areas of business. People sometimes ask me why we are not expanding our fast food outlets like competitors. All I can say is that we have learnt to do business for the right reasons. Business is not a POPULARITY contest; it’s a PROFITABILITY contest” – Prince D. Okonkwo, Chairman, Board of Directors, Tetrazzini Group

One day, you will walk on the road and see somebody executing the idea successfully and you will wonder why you did not give yours the needed push days, you are not sure the idea will work so you do nothing. After about one or two weeks, you are now sure the idea will not work and abandon it all together. One day, you will walk on the road and

see somebody executing the idea successfully and you will wonder why you did not give yours the needed push. Again, you will tell yourself that you can do it better than that person but you still do nothing. And the Great Idea will just die a natural death. I am speaking from experience. I have suffered this blow several times in my lifetime. Now I have changed my strategy. I do not wait till the next day to start executing an idea that I like. I start to do something about it immediately. Even if it means just committing the idea to paper or typing it out on my computer. Then, I make sure that every now and then, I add something new to that idea.

If I develop cold feet along the way and leave it for a long while, I will definitely come back to it just because I have started something. I have realized before long, the idea soonw becomes a reality. Permit me to be your doctor today. If you are suffering from the ailment I just described, you can enjoy a permanent cure with the prescription below: 1. Several tablets of “DO SOMETHING” twice daily for one year 2. Once a month MOTI-VITAMIN BOOK Syrup to keep you motivated 3. A capsule of BETTER NETWORKER-VITE daily to keep you connected to your dream

Sales: Finding and identifying your prospects Cold canvassing You call without notice on a large number of people and hope some of them may be interested in your product or service.

Referrals When you sell a product or service, you ask the buyer for names of friends who may also be interested

Influence centre By building relationships with people in prominent positions, you can have access to a larger group of buyers

Direct mail Direct mails pinpoint people to whom you may write. It covers wide territories inexpensively

Bidding Much of your business may come through bidding. Although some request for bids may come directly to you, most bids are published in the news media.

Personal alertness Your eyes and ears should be open for business all the time. You must be alert to actions, conditions, and suggestions that may lead you to a potential customer.

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, April 14, 2014

ENTREPRENEUR OF THE WEEK

Tinukemi Alabi, Legal Educationist:

I’m grateful for the privilege to contribute to the growth of the country in any way I can THE GOAL

It is a challenge to make sure that any piece of legal information we give is sound, relevant and timely. Tell us about yourself, particularly your business? My name is Tinukemi Alabi. I’m a lawyer by training. My business is called Law Rookies. Law Rookies is a legal education enterprise that seeks to educate members of the Nigerian public on different areas of the law and how it affects their lives and businesses. This is mostly done through www.lawrookies.com where we currently have a free e-book which is a legal guide to starting and growing a business in Nigeria. We also have a free subscription to a weekly newsletter on different areas of the law. Our offline offerings include

holding relevant seminars and trainings on the knowledge and application of the law. How does your work serve other businesses and the economy in general? I believe we serve other businesses by the provision of legal know-how, especially in the area of legal consulting. I have personally realised that one of the major reasons that people don’t start businesses or flourish in businesses is because they do not know the right thing to start or sustain their businesses, legally. Our core business is knowledge dissemination, and when people and businesses know the right thing to do, they can leverage on their knowledge to have profitable and legally sound businesses. This would naturally have a trickle-down effect on the economy. What is the attraction for you? The attraction for me is basic, really. I am a lawyer with

years of practice and I love writing and educating. When I noticed that many educated people didn’t have basic legal knowledge, I naturally started Law Rookies, even before I really understood what I was doing. It just made sense to share what I knew to make things a little easier for others. How has it been since you started? Exciting, difficult or satisfying? It has been exciting because

Our core business is knowledge dissemination, and when people and businesses know the right thing to do, they can leverage on their knowledge to have profitable and legally sound businesses

I’m grateful for the privilege to contribute to the growth of the country in any way I can. It has been quite challenging, too. This is because the law is constantly evolving and new and peculiar situations are coming up all the time. Thus, it is a challenge to make sure that any piece of legal information we give is sound, relevant and timely. What stands you out from the competition? To be honest, since our goal is the dissemination of general and particular legal information, I don’t see anyone who does the same thing as a competitor. I’d prefer to think we are collaborating and working together. Having said that, I’d still like to say what we do is peculiar because its brand is not just about educating people on the law, it is about making it EASY for them to understand. We stand out because every offering that comes from us is easy, regular English, without legal jargons (something I like to call ‘legalese’). For example, many people have attested to the fact that they enjoyed the colorful and witty language of the e-book, especially. Like we say: ‘Know the law; it’s easy!’ Did you always know you’ll be an entrepreneur? I always knew that I had a creative and innovative personality, but I didn’t know that I would start something at this time. I always thought that it would come much later in life. What would you say is the biggest challenge of entrepreneurs today? What’s your biggest challenge? I can only speak from personal experience. My biggest challenge has been having to let people know that they actually need what you are offering. Knowledge is power and leverage, and it shouldn’t be difficult for people to see that. Many people see an opportunity to learn for free and take it for granted until they run into murky waters, legally speaking. What’s your turning point in business? It has always been a big deal to me to know that I have something of value to offer others. Realising this has to be my turning point, even though I didn’t know it then. How do you see the economy in the next 5 and 10 years? I see a thriving economy with sound leadership and better values. What’s your advice to those coming into your line of business? Well, I’d say, ensure that you have something of unique value to offer and be consistent. At some point, value will always return to you in whatever form you need it.

BUSINESS

P RO D U C T I V I T Y

3 pitfalls to watch out for in your business! Remi Dairo

oing business in Nigeria can be very profitable and rewarding but many still wonder why some are doing well while their own business is nothing to write home about. Anybody can start a business but not everyone who starts a business can still soar after 3 year or 5 years; many great business ideas die along the way. What could be responsible for this? In this edition, I will share with you three practices that easily kill businesses. I’ll also share some experiences with you and hopefully bring out the lessons so that you can identify the mistakes that could drown your business, and take precaution. 1. Recruiting staff on emotions: Many businessmen see their business as way to make some people happy or as a means of paying back “bad” people in their own coin. They employ unskilled family members as well as friends in order to make someone happy and perhaps also compensate some other person for the goodwill shown to them at one point or the other. Please note that there is nothing wrong with employing family and friends. The problem only arises when those you employ are not skilled or qualified for the post you give them; they can run you out of business. In another vein, some businessmen employ their newly found “love” to sit at the helm of affairs. Emotion can help build business but when wrongly used, it’s an expressway to an early business grave. Obahan and Sons is a business center based in Lagos. By her kind nature, Mrs Obahan sees her business center as a haven for all unemployed graduates from her village as well as family members who are searching for jobs. She bothers less if these graduates have appropriate skill for the business, rather, she sees her business centre as a compensation center for family and friends. In less than 2 years, the unskilled staff perfect the C O N T I N U E D O N PA G E 4 4

44 BUSINESS | ENTREPRENEUR

B U S I N E S S P RO D U C T I V I T Y

Sanctity of Truth

Monday, April 14, 2014

3 pitfalls to watch out for in your business!

Remi Dairo is the CEO, Solvere Word Consult and President, School of Productivity. You can reach him on : +235 815 397 6354, +234 803 590 0175T or E-mail: info@schoolofproductivity. org C O N T I N U E D O N PA G E 4 3

habit of offering bad services to .customers and the customers, in return, desert the business for better business centers. Just like a dream, the incompetent staff reduced her once thriving business into a ruble of disaster. Lesson: Don’t put emotions first when recruiting your staff; it will always haunt you. 2. Doing business just to outcompete others: Many business men go beyond their capacity; they borrow and run a self inflicting race because they just want to “beat” their “competitor”. They forget their strength, and take no cognizance of what makes them tick, their weakness, opportunities and their uniqueness. They forget every business has it’s unique DNA and simply run and run until they breakdown along the track. They go to several banks to borrow money; they buy buildings, rent offices beyond their financial capacity just to be able to match up with the competitor. They forget that

the assumed competitor actually grew to they currently occupy. They on the other hand, groan to meet up. Hibiscus Fashion is a fashion design outfit in city of Port Harcourt. This company is just one year in business yet they do everything they possibly can to beat their “major” competitor (Glimmer) that has been in business for more than 10 years. Glimmer has 2 offices in Lagos and Abuja, they have turnovers running into tens of millions. Hibiscus Fashion went to the bank to borrow money to buy pool of cars, rented a big show room in the heart of town paying millions they do not have. They became stretched and stressed in just 2 years. In those 2 years, they made little or no sales while their competitor enjoyed steady progress. Hibiscus Fashion was out of business and was chased out of their office. Of course, the banks had to extract their funds at all cost! Lesson: Don’t compete with anyone in business; compete with yourself. Run your race and as you do that, you’ll

When you make money in business, pay yourself and others a salary, reinvest a portion and save the rest for the rainy day win more customers from your competitors. 3. No distinction between business and private purse: I have seen many businesses fail just because there’s no clear distinction between business and personal purse. When business money is mixed with personal money, the future of

the business is doomed. People tend to turn gross money from their business as harvest for their personal spending, this is dangerous! When the Self employed or CEO does not have a salary structure but rather spends all the money the business makes on himself and his family, the implication is that there is nothing left for the business, and anytime the business needs cash flow to survive, it simply goes into strangulation mode. Mr Alabi is a spare part merchant who spends all the money he gets from his business. He spends the money arbitrarily as it comes in. After paying his staff, the rest of the money is his to spend. One day his shop was stark empty and as one of

his staff brought it to his notice, he said, “No problem, we would make more sales and buy more.” Unfortunately, he had a friend’s party to attend that weekend. Out went all the money the business made that week. At the end of the day he had no option but to close the business because they could not raise enough money to buy more goods. Suppliers couldn’t trust them enough to give them credit lines either. Lesson: When you make money in business, pay yourself and others a salary, re-invest a portion and save the rest for the rainy day. I’ll hopefully give you a few more points in subsequent editions. Until then, keep doing business the right way!

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.

START YOUR OWN BUSINESS

The only start up book you will ever need

was originally skeptical when I received an early copy of Start Your Own Business. Part of my skepticism was the “ONLY startup book you’ll ever need” banner on the front cover. However, after living with Start Your Own Business for several months, and finding myself not only referring back to it, but also recommending it to family members and friends, I now realise the banner isn’t a claim.

It is a credible statement. The amount of detail inside, along with dozens of worksheets, makes this an ideal handbook to be kept within reach at all times. The book’s length, 700+ pages, also was an initial concern. Who has time to read 700+ pages? But, that’s not a valid concern, for the same reason that the Physician’s Desk Reference doesn’t have to be “read” as much as “referred to” as needed. The detailed table of contents, which organizes chapters into 8 main sections, makes it easy to locate the information you desire. Start Your Own Business is a great resource that brings everything together in one place for both startups and serial entrepreneurs - Reader’s review from AMAZON

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

pril 14, 2014

We are working with NNPC officials - Vandals COLLUSION Oil pipeline vandals say they conspire with security agents and NNPC officials to steal petroleum products

Taiwo Jimoh

Nwoke Ochi, were arrested with the fuel in 50-litre kegs, drums, and water pots stored in their residential apartment at Lukosi village in Ogijo, Sagamu Local Government Area of Ogun State. The NSCDC Public Relations Officer, Kareem Olanrewaju, said the residential building where the three suspects were arrested served as the distribution centre where all petroleum products, such as PMS, diesel, and other

products stolen from NNPC pipeline were received, stored and supplied to their customers at cheap price. Olanrewaju said that in their confessional statement, the suspects pointed out that regular supply of the products was guaranteed “through their collaborators who are members of the security agencies and officials of the NNPC”. He said: “The anti-vandal

hree pipeline vandals arrested by the Nigeria Security and Civil Defence Corps (NSCDC) claimed they were colluding with some security operatives and officials of the Nigeria National Petroleum Corporation (NNPC) to carry out their operations. The suspected petroleum pipeline was here today. The eagerness vandals were that we were searching for arrested for behim prompted me to search ing in possesthe neighbourhood. I discov- sion of a large ered his lifeless body dangling volume of Preon the tree.” mium Motor Some senior pastors of Spirit (PMS). MFM later arrived the scene The susto console Oyebode’s wife. pects, identiThe widow said, “pastor, fied as 32-yearyou see what your pastor has old Sekinat turned me to, leaving his chil- Yusuf, Rahmon Suspected vandals with the seized kegs of fuel dren behind for me to cater Yusuf and for”. It was gathered that six months ago, the late pastor was posted to his new church where he presided over until Saturday. One of the church members, who craved anonymity, said for seven years, Oyebode’s It was gathered that trees predecessor could not comMuritala Ayinla plete the church building. were uprooted in Ijede and He said: “But when the arly morning downpour some other parts of the state late pastor came, he comin Lagos State yesterday where the impact of the pleted the building within wreaked havoc on vari- storm was more. six months. He also set up a ous parts of the state, In some places, the elecpanel of enquiry to look into destroying property such as tricity poles which fell down the financial recklessness in vehicles, houses and others and the cables littered the the church. worth millions of naira. roads. “This is a satanic manipuThe government had earAreas badly affected inlation in the house of God.” lier warned the residents to clude Ijede, Ondo, Abeokuta, The late pastor’s son was expect 263 days of rainfall Tapa, Osholake and Bola said to be studying in a Ghawith strong wind, lightning streets, all in Ebute Meta in naian university. and thunderstorm this year, Logos Mainland Local GovThe body has been saying the impact would be ernment Area. deposited at the Ogun persistent in the coastal citAbout 15 buildings were State University Teaching ies, with occasional flash destroyed in Ebute Meta Hospital (OSUTH), Sagamu. flood and ocean surges. alone. Contacted, the Public ReMany of the residents Also, more than 10 vehiwere rendered homeless cles, including two Spots Utililations Officer of MFM, Mr as a result of the violent ty Vehicles (SUVs) were badly Odugbesan, said he could not speak on the issue because storm which accompanied damaged on these streets. One of the detached roofs he was not aware of the inthe downpour and blew cident. away roof tops. Several ve- also fell on some vehicles Odugbesan promised to hicles had their windscreens parked inside Obadare link our correspondent with smashed by the violent wind Church at Olokodana in a man who could speak on it. as some roof sheets landed Ebute Meta. He, however, failed to do that on vehicles parked in some Meanwhile, to avert elecat press time. of the affected areas. trocution, the residents in

team of the corps has been on the trail of the suspects since December 2013 before they were finally arrested.” Olanrewaju added that exhibits recovered from the suspects included 1,645 litre of PMS, one long hose, two short hoses, two phones and a cash sum of N75,000. He said that after the investigation, the suspects would be charged to court.

gs self in Ikorodu

ns, But ing ven tab was

Frimily hed left day

om dI nI him

sisosi, age hat the and hat e so for

ed, er’s man

wanted to commit suicide in Odo Afa in Ishawo that morning but he was rescued. “We immediately rushed down there, but we did not see him. Then we decided to go back to my sister’s husband’s house in Elepete to strategise on how to search for him further.” Baba Toyosi told our correspondent that the late pastor’s wife called him in the morning that she could not locate her husband. He said: “Before then, my wife had left for Mile 12 market to buy some food stuffs, leaving our daughter with a neighbour. “Before I and the pastor’s wife got back home, the deceased had entered my house, changed the soaked shirt and trousers he wore to the river and put on my clothes, with my shoes. He also picked up a cutlass and went to a nearby bush and committed suicide. “It was my daughter, Toyosi, who told me that ‘Daddy’

Rainstorm wreaks havoc on Lagos, destroys houses, cars

the areas have called on the power Distributing Company (DISCO), emergency agencies and the state government to come to their rescue. They expressed fear that the cables on the streets pose threat to lives of the

residents. Meanwhile, the General Manager, Lagos State Emergency Management Agency (LASEMA), Dr. Femi Oke-Osanyintolu, did pick his call to confirm level of destruction.

Stolen vehicle

etectives from the Lagos State Police Command are searching for a grey Toyota Camry (1998 model) car with registration number AGL 339 CL. The car was stolen from where it was parked by unknown persons. The vehicle, belonging to Mr Femi Kolade, with chassis number 4TIBG22KOWU376144 and engine number 5S1406312, was stolen in the early hours of March 15 in Oke-Ira, Ogba,

Ikeja. The owner’s driver’s licence and vehicle particulars were also in the car when it was stolen. All efforts by the owner to recover it have proved abortive. The state command has urged patriotic Nigerians to alert the Pen Cinema Police Station, Area ‘G’ Police Command, Ogba or any other police station, if they have any information on the stolen vehicle.

46 NEWS

Sanctity of Truth

Ladoja canvasses agric development in Oyo North FLASHBACK

meaningful development in the state should start from that area. He said, "Oyo North; being an agrarian environment, should kick-start the state’s development if there was to be any meaningful development." Ladoja made the observation in the Oke-Ogun area of the state while receiving new members from the All Progressives Congress (APC) to the Accord Party. The Accord Party leader said he regretted that his efforts to totally

Seven years after leaving office, former Oyo Gov. speaks on what he could not do Sola Adeyemo Ibadan

ormer Oyo State governor, Senator Rashidi Ladoja, at the weekend, canvassed for the development of agriculture in the northern part of the state, saying any

212,800

The total number of internet users in Trinidad & Tobago in 2007. Source: Blatantworld.com

turn around the fortunes of the zone when he was governor of the state was truncated as a result of the illegal impeachment that saw him out of government and that also frustrated his second term ambition. To him, "with the type of land that is available at Oke Ogun area, the sky is the limit for any meaningful economic development programme embarked upon by the state, the present administration has not done enough in this direction."

22%

The percentage of male in El Salvador in 2012. Source: Itu.int

He assured that an Accord Party administration in the state would ensure that Oke-Ogun, as well as other parts of the state, are developed to enable Oyo take its pride of place among other states in the country. While addressing the defectors from Iseyin, Atisbo and Saki West, Ladoja assured both old and new members of the party of a level-playing ground for those among them aspiring to any position in the party and in the 2015 election.

N2.85bn

The IGR of Kogi State in 2011. Source: National Bureau of Statistics

Monday, April 14, 2014

‘You cannot build a nation on dishonesty’ Leo Sobechi

Catholic prelate and Director of the Catholic Institute for Development, Justice and Peace (CIDJAP), Prof. Monsignor Obiora Ike, has said that it is impossible to build a nation on dishonesty and expect it to progress. He said the country’s development would continue to be jeopardised if businesses continued to be prone to bribery and corruption while the citizens also continued to cut corners and breach the law. The prelate, who spoke while delivering the 2014 ESUT Business School, Distinguished Lecture Series, said the contents of a new book titled; “Global Corruption” by Laurence Cockcroft, shows that Nigeria was not the only country afflicted by the malaise; that corruption is a

universal phenomenon that requires a universal cure. The event, which was held at Oakland Arena, Enugu, at the weekend, was chaired by an alumnus of the London School of Economics (LSE), Senator Emmanuel Onwe. While saying that corruption has become a fast spreading disease, Monsignor Ike said people are “dying because of lack of food, housing, water, just for the simple reason that corruption costs.” He said sustainability concerns should motivate businesses into ethical practices. The guest speaker, who added that selfish agenda cannot lead the nation anywhere, said: “We are discussing not the level of survival, but companies that are prone to greed. These are those who have satisfied basic needs.”

Rep wants Ogun congress committee chair removed Kunle Olayeni Abeokuta

A Prof. Monsignor Obiora Ike (left), receiving a plaque from Ms. Uche Asogwa, during ESUT business school distinguished lecture series in Enugu...at the weekend. With them is Senator Emmanuel Onwe

NUJ to NANS: You’ve rubbished students’ unionism Joe Obende

Warri

he Nigerian Union of Journalists (NUJ) at the weekend accused the National Association of Nigerian Students (NANS) of rubbishing students’ unionism in the country. It also called on the national body of NANS to return students’ unionism to its former glory, up from the doldrums it is in today. Chairman, NUJ Warri chapel, Michael Ikeogwu,

tasked the students at the weekend when the body of journalists hosted the Joint Campus Committee of the National Association of Nigerian Students, Delta State chapter. Ikeogwu, while regretting that students’ unionism had been reduced to a beggarly association, told the visitors; “You have all compromised the force and carriage that made the union tick. I urge you to rise and return the union to the days of glory where resolving the pains of students super-

ceded parochial interests. “You can unite and form a formidable force that can challenge wrong government policies, so go back and put your house in order. We are with you.” Earlier, the Delta State Chairman of NANS and Joint Campus Committee, Comrade Solomon Ogoron, said; “We have come to partner the NUJ because of your contribution to national growth and democracy. “We strongly believe that together we can fight

for justice and peace. NUJ is the voice of the voiceless in our society. “We plead with you to assist in fighting the myriad of problems students are currently facing. Our Colleges of Education are on strike, students in Federal University of Petroleum Resources (FUPRE) are under daily attacks. Just last Wednesday, one FUPRE student was shot and another was raped. We need the media to help fight these injustices,” he said.

House of Representatives member, Abiodun Abudu-Balogun, yesterday called on the national headquarters of the All Progressives Congress (APC) to remove the State Congress Committee (SCC) Chairman of Ogun State, Ope Salami. Abudu-Balogun, representing Ijebu North/ Ijebu East and Ogun Waterside Federal Constituency, spoke with reporters while reacting to claims by Salami that he had withdrawn petitions written to protest the conduct of APC ward congresses recently. He said the SCC chairman had compromised, adding that his removal would restore peace in the party. Salami had said that the lawmaker was among those that contacted him to withdraw their petitions. Abudu-Balogun, how-

ever, debunked the allegation, saying he only submitted a letter from his constituency, where his people expressed their unwillingness to participate in the proposed rerun of ward congresses. He said, "Where did I withdraw petition? Several petitions were written; we at the National Assembly Caucus led by Senator Gbenga Kaka wrote one, Ijebu East wrote theirs and Ijebu North did too. So, why should I now go and withdraw the petitions that I did not write? That will show you that the man is up to something. "I only met with the man once and it was around last week when I went to submit the letter from my constituency that my people said they are not interested in the rerun congress because they were the only contestants that complied with the party guidelines and should therefore be returned as the party wards officers.

Sanctity of Truth

Monday, April 14, 2014

Elechi moves to douse security concerns in Ebonyi community

Appoints activist as coordinator of troubled community Leo Sobechi

ollowing the unease and general apprehension in Okposi community over insecurity in some communities in Ebonyi State, Governor Martin Elechi has appointed the former Director of Centre for Media and Development, (CMD) Mr. Magnus Eze as the Coordinator of Okposi Development Centre in a move to arrest any forceable threat to security. Eze’s appointment followed the sacking of the former Coordinator, Mike

Onu, who was accused of being inattentive to the preservation of peace and harmony in the area. Immediately the name of the new Coordinator was announced, there was spontaneous expression of joy in Okposi. In a bid to regularize the appointment, last Thursday, Ebonyi State House of Assembly confirmed the appointment of the former Chief Executive Officer of CMD as the Coordinator of Okposi Development Center in Ohaozara Local government Area of the state.

Mimiko disburses five ambulances to councils Babatope Okeowo Akure

overnor Olusegun Mimiko of Ondo State has distributed five ambulances to five local government areas of the state as parts of effort to further enhance the state’s Primary HealthCare Centres for effective service delivery. The council areas which benefitted from the first phase of the government’s gesture at the weekend included Akure South, Ondo West, Akoko North West, Ose and Odigbo Local Government Areas.

While speaking at the presentation of the ambulancesattheGovernor's OfficeinAkure,thestatecapital shortly after a stakeholders' meeting of the state task force on polio eradication and routine immunization, the Governorassuredthatalllocal government areas in the state wouldbenefitfromthegesture. He warned that the ambulances should be used strictly for the Primary Health Care Services alone like the free shuttle buses that are strictly meant to convey students to and fro the schools.

Delta bemoans alleged N2b bursary scam

Cross Section of delegates at the governorship primaries where Governor Rauf Aregbsola emerged the candidate of the All Progressive Congress, held at the Nelson Mandela Freedom Park, Osogbo, State of Osun….at the weekend. Inset is Governor Rauf Aregbesola (second left), displaying his Certificate of Return, after his emergence as Governorship candidate of the party, with him are, Chairman, Osun APC Primary Nomination Committee, Mallam Nasir El-Rufai (left); Secretary of the Committee, Sir Emeka Akamukali (2nd right); Member, Hajiya Ramatu Aliyu (right) and others.

426 Lagos retirees to get N1.62b PENSION

There is better life after service for workers in Lagos who joined just before Fashola was sworn in 2007 Muritala Ayinla

bout 426 employees who retired from the Lagos State Public Service whose names are listed in the Contributory Pension Scheme will be paid an estimated N1.62 billion. Director-General of

the Lagos State Pension Commission, Mr. Rotimi Hussain who disclosed this in a statement made available to New Telegraph, said the retirees would receive their retirement bond bond certificates on Thursday April 17, 2014 at the Nigeria Employers' Consultative Association (NECA) Hall in Ikeja. The LASPEC boss said the ceremony, which is the first tranche of the 11th Re t i r e m e n t Bond Certificate presentation ceremony, is a means of appreciating the retirees for showing

g reat commitment and resourcefulness to the State government during their service years. Majority of the beneficiaries of this first tranche are drawn from Local Gover nment Areas and State Universal Basic Education Board (SUBEB). New Telegraph leant that with the 11th retirement bond certificate presentation, Lagos State has so far paid a total accrued rights of N22.7bn to 4,199 retirees from the public service from inception of the Contributory Pension Scheme till date, thus

making it the only State in Nigeria to have attained this status. Meanwhile, the LASPEC boss, in the statement, added that the ceremony is another confirmation of the commitment of the Governor Babatunde Fashola-led administration to make life worthy and remarkable for all its employees in retirement. He described the achievement so far made by the Lagos State Pension Commission as a product of the unflinching support and commitment the current administration placed on the pension Scheme.

Commission runs to court

Group faults Chikwe’s comments on Anyanwu

Dominic Adewole

 Says the PDP leaader'll fall again

Asaba

he Delta State Government has bemoaned an alleged N2 billion scam uncovered in the State School Scholarship Board. The government said the scheme has, since 2007, been one of Governor Emmanuel Uduaghan’s major projects aimed at alleviating poverty and cushioning the burden of school fees on parents. In a statement signed by Commissioner for Higher Education, Prof. Hope Egh-

agha, and made available to New Telegragh in Asaba yesterday, the Commissioner in anger has sought redress in court. Besides, the N2 billion scam, the statement alleged that some Delta students University of Lagos had recently protested over fraud being perpetrated by the board. He said: “I have been in government, trying to practice what I preached as a critic, by ensuring judicious use of public funds. I have never been involved in fraud and will never get into fraudulent actions.

Steve Uzoechi OWERRI

group under the platform of Imo Women Professionals in Politics, led by one Mrs. Rita Agomuo, a lawyer, has faulted the comments of the People’s Democratic Party (PDP) National Woman Leader, Mrs. Kema Chikwe, on a fellow female politician. In a chat with newsmen in Owerri, Agomuo

described Chikwe’s statements as unfortunate and unbecoming of a person of her status. Chikwe, a former ambassador, had in a recent interview, dismissed Senator Chris Anyanwu, representing Imo East Senatorial District at the National Assembly, as lacking the capacity to beat her in the forthcoming senatorial primaries of the PDP. Chikwe had averred that the Senator

had no political structure on ground, capable of defeating her. While opposing any political antagonism among female politicians whom they said, are in the minority in the country’s political landscape, the group reminded Chikwe that Senator Anyanwu had already overwhelmingly, beaten her twice in two senatorial primaries conducted by the party.

The feminist group also noted that it had been expected that Chikwe’s defeat by Anyanwu in the subsequent general election same year, would have sobered the PDP woman leader enough to realize that her so-called political structure needed to be re-examined. Agomuo urged women politicians to close ranks and work together to advance the political interests of the women folks.

48 NEWS

Sanctity of Truth

Monday, April 14, 2014

Nigeria witnesses drop in child and maternal mortality Ummal-fadal Babagirei

L-R: Chief of Staff to Niger State Governor, Dr Joshua Bawa (Kauran Kontagora); Niger State Governor, Dr. Mu'azu Babangida Aliyu (Na'isan kontagora); Hon member, Niger State House of Assembly, Hajia Sa'adatu Kolo (Sagin Nupe Kontagora) and the Sarkin Sudan of Kontagora, Alhaji Sa'idu Namaska, during their turbaning ceremony by the Sarkin Sudan in kontagora. ..at the weekend

6,835m

The number of mobile-cellular subscriptions of the world in 2013. Source: Itu.int

3.8m

The number of adults and children estimated to be living with HIV in South and Southeast Asia in 2008. Source: Blatantworld.com

11.29m

The total population of Manila, Philippines in 2010. Source: Blatantworld.com

Warri BRT to gulp N6bn TRANSPORT Delta set to roll out mass transit buses in Warri Joe Obende Warri

he Delta State Government has dropped hints that the Bus Rapid Transit (BRT) it is embarking on in Warri and neighbouring Effurun could gulp up to N6 billion. Deputy Governor, Prof. Amos Utuama, made the disclosure at the weekend, while pay-

ing homage to the Warri monarch, Ogiame Atuwase II in his palace, accompanied by top government functionaries. Work On the BRT lane, which would run from Effurun roundabout to NPA through Warri/ Sapele and Effurun/ Sapele roads is in full throttle. Utuama boasted that the Warri/Effurun BRT system would dwarf that of Lagos as it comes with innovations According to him, government had already engaged the services of about 750 persons, who would act as traffic con-

trollers on the BRT route, pointing out that many more hands would be required by the sector in the future. Utuama told the Olu of Warri that the government was poised to return the major cities to their pristine natures, which, he stressed, informed the aggressive sanitation campaigns it was embarking on. The deputy governor announced the prohibition of all illegal motor parks, markets which hitherto dotted Warri and environs, stressing that street trading had also been outlawed.

Government, he emphasized, would no longer condone any deviant attitude that would bring abuses to Warri and called for attitudinal change from the populace, so as to ‘’return our cities to decency and neatness’’. He vowed that ‘’anyone who abuses our environment in any form will be arrested and prosecuted’’. To give muscle to that, he disclosed that 1000 environmental ‘’enforcers’’ to ensure that the environment was kept clean and arrest offenders for prosecution would resume duty shortly.

Gas supply: Nigeria pays $10m damages to Ghana Adeola Yusuf

he Federal Government has paid $10 million damages to Ghana over its failure to meet gas supply agreement it signed with the later. Ghanian government, which confirmed the receipt of the damages, declared that it was aware that Nigeria has similar challenges of gas shortage for electricity generation before it signed the agreement with it. Power generation in Nigeria last week crashed below 2, 500 Mega watts

(MW) due to gas supply shortage. The agreement, which the Federal Government signed, however required Nigeria to supply Ghana with 123 Million Metric British Thermal Units (MMBtu) per day despite its similar gas challenges. Nigeria however failed to meet that target, supplying 30 MMBtu/d and less sometimes. Director of Planning and Business Development of the Volta River Authority (VRA), Kofi Ellis, said at the weekend that Ghana has been paid

some damages by Nigeria over the shortfall as stipulated in the contract. “The contract already stipulates some liquidated damages for reduction in supply,” Mr. Ellis said. “I know that already we have been paid some damages for the reduction in supply.” A recent visit of the Minister of Energy and Petroleum, Emmanuel Armah-Kofi Buah, to Nigeria culminated in West Africa’s biggest gas-supply nation promising to supply a constant 50 MMBtu/d. Mr. Ellis commended

that intervention by government, admitting that in as much as Nigeria would want to help Ghana, they are also facing challenges. “I guess the Nigerians also share in our problems. They understand. The unfortunate thing is that this is a commodity that both countries need for themselves. So it is a matter of trying to see how best you can help your neighbor.” He said the contract signed “many years ago” will not be abrogated though one party is facing challenges in meeting the terms.

he Federal Government of Nigeria has affirmed that the rate of Child and Maternal Mortality in the country is witnessing a steady reduction. According to a statement issued by the Deputy Director of press, Ministry of Women Affairs, Sagir el Mohammed, the Minister of Women Affairs, Hajiya Zainab Maina disclosed this when she received the Country Director of IPas Nigeria, Dr. Lola Mabogunje, in her office today.

“We are half way to meeting the 2015 target for infant mortality rate and one-third from the under 5 mortality rate” Maina said. She disclosed that the rate of women who die during child birth has reduced drastically to 350 per 100,000 live births in 2012 as against 800 and 545 figures recorded in 2004 and 2008 respectively. "These successes were recorded as a result of deliberate interventions from her Ministry and other line government Ministries and agencies, as well as development partners.

Ekiti 2014: Gbonyin PDP supports Fayose Adesina Wahab Ado-Ekiti

he Gbonyin Local Government chapter of the Ekiti State Peoples Democratic Party (PDP) has expressed its support for the party's candidate in the June 21 governorship election, Mr Ayodele Fayose. In a statement signed by the Chairman, Chief Israel Ajayi and a leader of the party in the area, Senator Shola Akinyede, they called on aggrieved members of the party to bury the hatchet and move forward as a team. The statement was made available at the weekend in Ado-Ekiti. According to the PDP

stalwarts, as loyal and disciplined party men, PDP members across the state would support Fayose in the coming poll. "We are using this opportunity to express our support for the PDP candidate in the coming election, former Governor Ayodele Fayose. The March 22 primary election has come and gone and party leaders at state and national levels have spoken. "Whatever any complaint anybody has about the exercise should become a thing of the past now going by the efforts of our leaders including President Goodluck Jonathan who waded into the matter," they said.

Lagos begins N6.2m surgery on goitre victims today Appolonia Adeyemi and Muritala Ayinla

he Lagos State Government said it has deployed experts to Badagry area to investigate possible cause of rising cases of goitre among the populace. The government said about 48 residents suffering from the disease would benefit from free surgical procedure to address the conditions. According to the Lagos State Commissioner for Health, Dr. Jide Idris, as surgeons and other medi-

cal experts immediately commence scientific survey with a view to finding the root cause of the neckswelling disease, surgical treatment for affected patients will begin at the Lagos State University Teaching Hospital (LASUTH) today. Many of the residents erroneously thought they contacted the diseases because they don't use cup to drink. Majority of them, who are within the age bracket of 30-59 years had been infected from the age of 5.

NEWS 49

Sanctity of Truth

Monday, April 14, 2014

Confab: Muslims lament marginalisation SAD Muslim leaders decry ratio of Muslims to Christians at the Confab

Ibraheem Musa Kaduna

he lopsidedness of the composition of delegates at the ongoing National Conference echoed again as Muslims complained of marginalisation during the Golden Jubilee celebration of Jamaátu

N8.52bn

Nasril Islam (JNI) held in Kaduna yesterday. Sultan Muhammad Saád Abubakar, the President General of JNI, Professor Shehu Galadanci, the Guest Speaker at the occasion and Sheikh Alhassan Saidu Jos, a cleric with JIBWIS all raised the issue, as well as others. However, Vice president Namadi Sambo, who represented President Goodluck Jonathan on the occasion, reassured Muslims that a positive action will be taken on the matter. In his welcome address, Sultan Abubakar thanked

The IGR realized from PAYE (taxes) of Ogun State in 2011. Source: National Bureau of Statistics

President Jonathan for granting them audience when he led a delegation to Aso Rock Villa to complain about the marginalisation of Muslims at the confab. ‘’We want to thank Mr President for taking interest in what we told you and your comments thereafter,’’ he said, adding that Muslims take exception to the criticisms that followed that visit. According to the Sultan, Muslims do not need permission from anybody in order to express their views regarding their religion. He called on non

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

Muslims to listen ‘’to us in order to find common ground instead of inflaming passions.’’ While advising that Nigerians should all respect each other’s religions, the Sultan also said that Muslims will give their support to the present administration. ‘’We are committed to peace and development of this country, ‘’ he added. Sultan Abubakar, who noted that Allah gives leadership to whoever He wants, said that Muslims ‘’will always tell a leader the truth where he goes wrong and applaud him

30.2%

The percentage of households with a computer worldwide in 2007. Source: Itu.int

L-R: Mother of the Bride, Alhaja Idayat Amosun; Father, Alhaji Abioye Amosun; Governor Ibikunle Amosun; the couple, Rahman and Anifat Amosun; Ogun State First Lady Olufunso Amosun, during the wedding of Rahman and Anifat in Lagos...at the weekend

Muhammad Ahmad Lafia

he youth wing of the National Association of Ndigbo, Nasarawa State Chapter, has declared its support for the Peoples Democratic Party (PDP) This was disclosed by the group’s president, Inyangu Micheal yesterday when he led other executive members of the association on a courtesy visit to the state PDP Chairman, Yunana Iliya, in Lafia. He said that their action followed the national outlook of the party and its robust manifestos. Micheal opined that the PDP was the only

Nasarawa Ndigbo youths declare support for PDP party with an umbrella large enough to accommodate all and to deliver the much-needed dividends of democracy to all and sundry, irrespective of religious, ethic or cultural differences. Michael also appealed to the leadership of the party in the state to formally recognize Ndi Igbo youths in the party’s activities as well as their active involvement in President Jonathan’s visit slated for May 10, this year. “We will mobilize our

youths who are resident in the state to vote for PDP during the forthcoming 2015 general elections,” he pledged. Micheal stated also that other reason for their visit is to familiarize with the chairman of the party in the state and to p pledge their loyalty to the party’s leadership. “We want to commend your philanthropic, benevolent and humanitarian way of handling the affairs of the party in the state.” Responding, Iliya

thanked the youths for the visit and for identifying with PDP. Iliya however appealed to the members of the youth wing to join the party’s struggle to take over Nasarawa State in 2015 from the APC. “I know Igbo’s are united, we will count on you to convince others in the state to support the winning party in the over all interest of both indigenes and non-indigenes in the state,”Iliya said.

when he is right.’’ The Sultan said that the most pressing problem in the country now is insecurity, especially in the North East geopolitical zone. He pointed out that the insecurity

has now spread to other parts of the country as hundreds of lives are lost almost on a daily basis. He further said that "we will continue to talk about it until something is done.’’

Nigeria on verge of a new dawn - Nebo Anule Emmanuel

inister of Power, Prof. Chinedu Nebo, yesterday declared that irrespective of the challenges currently facing the country, Nigeria was on the verge of a transformation that would bring about a new dawn. The minister stated this in his sermon, "Jehovah, the omnipotent is our refuge and strength" which he delivered at the Aso Villa Chapel during a special thanksgiving on the wedding of President Goodluck Jonathan's daughter, Faith, and her husband, Godswill. "Nebo said" Nigeria is now at the verge of a new dawn. The enemy of mankind knows what God is going to use Nigeria to achieve, that is why he will fight but he will not succeed. The great enemy has been beheaded." "The devil is just using these people to see what

they can do. Some of us are close to our promised land good health, spiritual breakthrough and promotion as individuals." "But there are trials, obstacles, hindrances and banana peels. They will frustrate you, but it is left for you to keep keeping on." "Nobody cannot stop Nigeria from getting to the promised land. Neither the country nor our President will be put to shame according to the word of God because if God be for us, nobody can be against us." Professor Nebo admitted that there was was spiritual warfare raging in the country. He assured Nigerians that God was in control. "We are in spiritual warfare and many do not realise this. Our military will continue to do their work and God will help them, intelligent agencies will continue to do their work and God will help them."

We won’t back down on our demands - COEASU Yekeen Nurudeen Abuja

he Colleges of Education Academic Staff Union (COEASU), has said that its members will not back down on their demands from the federal government even in the face of any possible blackmail or intimidation from the government or its agencies. The union which is the umbrella body of all academics in Colleges of Education in Nigeria has been on strike since the December 18, 2013 over issues bothering on discrimination, better welfare package and better funding for the institutions.

Supervising Minister of Education, Barrister Nyesom Wike had accused the union and that of Polytechnic lecturers of misleading Nigerians by embarking on negative political propaganda against the President Goodluck Jonathan administration. But in a statement jointly signed and issued by the National President and General Secretary of the union, Comrades, Emmanuel Asagha and Nuhu Ogirima respectively, said that despite the long history of the union’s agitations which dated back 2010, the federal government and some state government have not shown concerns.

50 FOREIGN

Sanctity of Truth

Monday, April 14, 2014

Libyan Prime Minister to step down

ibya's government said yesterday that the interim prime minister had declined a parliamentary mandate to form a new government and will instead step down, in a move likely to compound the difficulties facing a government already divided and facing widespread unrest and militia violence. Interim Prime Minister Abdullah al-Thani announced on the interim government's website that he was leaving his post, but would stay on as head of the Cabinet until a replacement could be found.

He is the second Libyan prime minister to leave his post in as many months, underlining the North African nation's instability, three years after the ouster and killing of longtime dictator, Moammar Gadhafi. He said that he had made his decision "to protect the interests of the country and so as not to drag different sides into fighting when there can be no winner." He said his decision also was related to an armed attack against him and his family on Saturday night in a residential neighborhood that, according to him, put the lives of its residents at risk.

He did not want to be the cause of any fighting or bloodshed because of his position, he explained. Officials at Libya's nascent security forces could not be immediately reached to comment on al-Thani's claim. Al-Thani served as Defence Minister under the previous prime minister, Ali Zidan, and was detained several times under Gadhafi's rule because of his brother's criticism of Libya's intervention in the internal affairs of neighboring Chad. The Libyan government has been in turmoil in the three

years since Gadhafi's overthrow. The Western-backed Zidan was pushed out of office in a no-confidence vote by parliament on March 11. The vote followed a standoff between the central government in Tripoli and powerful militias in eastern Libya over oil sales, as well as a power struggle within parliament between Islamists trying to remove him and anti-Islamist political factions. Zidan was Libya's first democratically chosen leader who had struggled for 15 months to

16 dead, thousands evacuated in Chile blaze

People wait in queue to cast their votes during the first phase of elections in Agartala, in the northeastern state of Tripura, India. India started the world's largest election on Monday, with voters in the remote northeast making their way past lush rice paddies and over rickety bamboo bridges to reach the polls. The country's 814 million electorate will vote in stages over the next five weeks.

Guinea-Bissau vote Syria planes hit rebel aims to bring stability bastions in Damascus

he people of GuineaBissau went to the polls yesterday and the question on everyone's mind is whether this tiny West African nation, known as a transit hub for cocaine traffic, will finally find stability through democratic elections. The presidential and parliamentary vote opens almost exactly two years to the day after the last coup, which short-circuited elections between two rounds of voting. The 2012 putsch hardly came as a surprise in the former Portuguese colony: No leader in Guinea Bissau's 40 years of independence has finished his time in office.

But on Sunday â&#x20AC;&#x201D; and in the weeks and months that follow â&#x20AC;&#x201D; GuineaBissau will try to defy it tumultuous history and achieve stability. Voters flocked to polling stations throughout the country during the day. The streets of the capital were largely empty except for security forces and some journalists as people generally did their duty and then went home. Yesterday's voting was going relatively smoothly and polls are expected to close at 1700 GMT. Results are expected within a week, and if no candidate wins a majority of the votes, there will be a runoff.

yrian warplanes yesterday launched an offensive against a string of opposition bastions on the edges of the capital, including the besieged Eastern Ghouta area, a monitoring group said. "Warplanes carried out two air strikes against areas of Douma," northeast of Damascus, said the Syrian Observatory for Human Rights. "Three children and four men were killed," it said. One of the strikes on Douma, an opposition stronghold since early in the revolt against President Bashar alAssad, hit a crowded marketplace, said the

Syrian Revolution General Commission, a network of activists on the ground. Douma and other towns and villages in Eastern Ghouta have been under army siege for a year. The Observatory also reported air strikes against Hammuriyeh, east of Damascus, and highly destructive barrel bomb attacks on Daraya, an opposition bastion southwest of the capital. The air raids came as fighting raged on the edges of Daraya between rebels and the army, which for more than a year has battled to secure the capital.

halt the country's descent into chaos in the face of formidable obstacles. In the absence of a strong military and police force, the Libyan state relies on militias to keep order â&#x20AC;&#x201D; but many defy the government, with one of them briefly abducting Zidan himself last year. Al-Thani did not say who attacked him and his family on Saturday night, but his account of what happened, if independently verified, bears the hallmarks of militiamen.

t least 16 people were confirmed dead and more than 10,000 evacuated yesterday after a huge fire tore through Chile's historic port city of Valparaiso, officials said. The blaze, which started in nearby woods on Saturday, gutted 500 homes as a wall of flames advanced on the city of 270,000, famed for its UNESCO-listed center. "It is a terrible tragedy, without doubt the worst fire in the history of Valparaiso," President Michelle Bachelet declared after arriving in the city to oversee the emergency response to the disaster. "Families have not only lost their homes and their possessions, but also their family memories," she lamented during a tour of the worst-hit areas. The cause of the inferno remains under investigation. Bach-

elet has declared the area a disaster zone, allowing the armed forces to assist in the relief efforts. The stench of smoke and charred wood shrouded Valparaiso as dawn broke, with firefighters still working to battle the flames that so far has ravaged just under 2,000 acres (809 hectares). Residents who had been evacuated returned to their neighborhoods to discover their homes reduced to smoldering ruins. Mother-of-four Monica Vergara said she had lost everything, but voiced relief that her children were safe. "I heard a huge explosion and it felt like our house lifted up. A fireman evacuated us," she told AFP. "I've lost everything but my four children are safe and that's all that matters."

At least 36 dead in Mexico bus crash

bus slammed into the back of a parked trailer-truck and burst into flames in Mexico yesterday, killing at least 36 people and injuring four others, authorities said. Most of the roof and tyres of the bus were reduced to ashes by the accident in the southeastern state of Veracruz, according to television images. "The trailer-truck was on the shoulder of the highway at kilometer 135 (mile 84) ... when the bus hit the back of the trailer, which caused this regrettable accident," Governor Javier Duarte said. "In addition to crashing, the bus caught fire, which makes the investigative work to identify bodies more difficult," he

told Milenio television. At least 36 people were confirmed dead, said government spokesman, Alberto Silva Ramos. Duarte had earlier reported 25 deaths. Silva Ramos said the truck was badly parked. A state prosecutor was sent to investigate the crash. The accident took place between 1:30 am and 2:00 am local time (0630 GMT and 0700 GMT) as the bus took passengers, mostly shopkeepers, from the southeastern Tabasco state city of Villahermosa to Mexico City. The tragedy occurred as Mexicans are set to begin Holy Week in the predominantly Roman Catholic country.

Controversy trails appointment of Maurice Greene Charles Ogundiya

he appointment of Maurice Greene as Team Nigeria relay coordinator by the Athletics Federation of Nigeria continues to generate more controversy as

analyst, coaches and ex-internationals berate the federation for going abroad instead of looking inward for talents. Our correspondent learnt reliably that some members of the AFN were not happy with the de-

cision to engage Greene for Team Nigeria. Reacting to the appointment, Sunday Osunkwo, a journalist said; â&#x20AC;&#x153;For AFN to employ Maurice Greene is a big slap on the face of our athletes that have won

SPORT

AUTHORITATIVE VOICE IN GLOBAL SPORT

laurels for Nigeria. Ex stars like Uchenna Emedolu and Olusoji Fasuba can train the 100m hopefuls, while the duo of Innocent Egbunike and Enefiok Udo-obong can train our 400m athletes as CONTINUED ON PAGE 55

NEW TELEGRAPH

Did you know?

ADEKUNLE SALAMI, DepUTY Editor, SPORTS

That Brazilâ&#x20AC;&#x2122;s Mario Zagallo became the first man to win the World Cup as a player and a coach. He won his first title while playing in 1958 and as a coach in 1970

newtelegraphonline.com/sports

kunle.salami@newtelegraphonline.com adekunles@yahoo.com

Monday, APRIL 14, 2014

Brazil 2014:

Imoke mayhead Presidential TaskForce Keshi

Gov. Imoke

}P.55

Pacquiao too much for Bradley in rematch

Utaka, Onazi, Musa on target in Europe

Red-hot Liverpool close in on EPL title

}p-52

}p-54

52 SPORT

Sanctity of Truth

Monday, April 14, 2014

Pacquiao too much for Bradley in rematch

Manny Pacquiao landing a right hand to the head of Timothy Bradley in their WBO welterweight title boxing fight in Las Vegas on Saturday.

early two years later, Manny Pacquiao finally got the decision most people thought he deserved the first time against Timothy Bradley. Pacquiao won a unanimous decision in his rematch with Bradley on Saturday night, avenging his 2012 loss and claiming the WBO welterweight title.

Pacquiao (56-5-2) pursued and peppered the previously unbeaten Bradley around the MGM Grand Garden ring with an aggressive effort occasionally recalling the Pacman in his prime. Bradley fought back with counterpunching and elusiveness, but Pacquiao kept up his attack while Bradley (31-1) struggled down the stretch.

In the same arena where the fighters met for their first bout, Pacquiao left little doubt about the result - although that’s what he thought last time, too. Bradley’s split-decision victory astonished most ringside observers, who felt Pacquiao had earned a clear decision. “I knew I had to do more in this

Lagos to model league after EPL -Ikuforiji Adekunle Salami

Ikuforiji

on facilities. There will be accelerated development together with results because we expect LAFA to be bigger. We have the population to bring back the excitement expected in the football arena. “Sad that our teams are not in the elite cadre but we are going to start something attractive very soon”.

percent of his 627 blow. Pacquiao’s jab was much more effective, landing 23 percent to Bradley’s measly 11 percent, and the Pacman had a slight edge in landing 148 power punches to Bradley’s 109. Pacquiao’s performance righted one of the biggest perceived wrongs in recent boxing history. Pacquiao was an eight-division world champion on 15-fight winning streak when Bradley was awarded a split decision in their last bout. Pacquiao was more aggressive and accurate from the opening minutes of the rematch, sticking to trainer Freddie Roach’s pleas to take the action to Bradley. They exchanged big shots in the opening rounds, but Pacquiao appeared to wear out Bradley with the heavy early pace - and the Pacman never slowed down. “I didn’t want to get careless,” Pacquiao said.

Utaka,Onazi,Musa on target in Europe Emmanuel Tobi

here are plans by Lagos State to develop the football association league to the level of the English Premier League. Speaker of the Lagos State House of Assembly, Adeyemi Ikuforiji, who revealed this to New Telegraph stated that the foundation for the project has been completed. Ikuforiji said at various levels of planning the state de- vate and corporate sponsors to cided to opt for developmental collaborate with us. Things like approach to sports development this take time.” and this informed the average The Speaker predicted that performance of the state at the results of the sports investnational meets including the ment in the past years could National Sports Festivals in start manifesting with the next regime in the state. recent time. He said, “For over 10 years, Ikuforiji said, “The Bola Tiwhat we have been doing in nubu and the Raji Fashola adLagos State is to build facili- ministration worked so much ties and deals with all aspects of sports development including football. We want to boost our league to be like the EPL in Ifeanyi Ibeh Lagos. osnia and Herzegovina coach, “We developed Teslim BaSafet Susic, is confident of logun Stadium and also made progressing to the knockout Row Park a better sports arena. We have done much more and rounds of the 2014 World Cup in we are also encouraging pri- Brazil at the expense of Nigeria.

fight than I did in the last fight,” Pacquiao said. Judges Craig Metcalfe and Michael Pernick scored the rematch 116112 for Pacquiao, while Glenn Trowbridge favored the Filipino congressman 118-110. The Associated Press scored it 116-112 for Pacquiao. After the fight, Bradley said he injured his right calf early on. But he also applauded the decision when it was announced, and he congratulated Pacquiao in the ring. “I tried, I really tried,” Bradley said. “I wanted that knockout. Manny is a great fighter, one of the best in the world. I lost to one of the greatest fighters in boxing. I kept trying to throw something over the top. That’s what we worked on in camp. That was the plan, but Pacquiao has great footwork.” Pacquiao landed 35 percent of his 563 punches, while Bradley connected with just 22

igerian trio of John Utaka, Ogenyi Onazi and Ahmed Musa were on target for their respective European clubs on a weekend that saw Vincent Enyeama and his Lille teammates maintain their push for a Champions League spot with a 1-0 win over Valenciennes in the French Ligue 1. Utaka, who is desperate to make a return to the Super Eagles’ fold ahead of the Brazil 2014 World Cup, did his chances of securing a spot in Stephen Keshi’s squad a world of good as he scored for Sivasspor in a hard-fought 2-1 win over Galatasaray in the Turkish Super League. Utaka scored the match winner for Sivasspor on the hour mark to record his sixth goal of the season, and his third in his last three games. In Italy, Onazi grabbed his first goal of the season, and his first Se-

rie A goal for Lazio in close to a year, but it wasn’t enough to prevent the Rome-based side from going down 4-2 to Napoli whose Argentine forward, Gonzalo Higuain, grabbed a hat-trick. Onazi last struck in the Serie A on May 8, 2013 in Lazio’s 3 - 1 win over Inter Milan at the San Siro. In Russia, Ahmed Musa continued his impressive run of form as he found the back of the net for CSKA Moscow in the first half of their 1-0 win over Ural Yekaterinburg as the Army Men kept up their quest for the league title. Isaac Success and Odion Ighalo were on the substitutes’ bench as Granada ran out with a 1-0 win over Barcelona in Spain. Success, who, like Ighalo, is on loan from Italian side Udinese, has played three times for Granada’s reserve side, netting on his debut three weeks ago against La Roda.

Brazil: Nigeria not better than us –Bosnia coach

Bosnia and Herzegovina’s rivals in the group stage are Argentina, Nigeria and Iran and the former PSG star has tipped Argentina to secure Group F’s top spot. “Argentina is the best team in

our group and they should win the first place,” said Susic in an interview with a Bosnian news portal, SportKlub. “Our goal is to join them, to qualify for the next round. We have a real chance, because at

this moment, Nigeria and Iran are not better than us. I expect us to qualify for the next round.’’ “We have to play like that. It might sound risky, but I think it would be wrong to change our playing style,” said Susic.

SPORT 53

Sanctity of Truth

Monday, April 14, 2014

Pillars still unbeaten in DStv B’ball League

AWC qualifiers: Falcons sing revenge song Mercy Jacob

Ifeanyi Ibeh

eigning champions of the DSTV Premier Basketball League, Kano Pillars, at the weekend maintained their unbeaten run with an 82-75 win over Plateau Peaks of Jos to remain top of the Savannah Conference. Star-studded Mark Mentors of Abuja, who in the penultimate round of matches lost their first game of the season to the Coach Sani Ahmed-tutored Kano Pillars, returned to winning ways with an easy 7840 win over visiting Nigeria Immigration of Kaduna, while new entrants, Gombe Bulls, were also in splendid form with a 60-50 win in Kaduna over home side Kada Stars. Bauchi Nets also picked an away win

Seyi Ayodele (right) of Lagos Islanders trying to dribble Lanre Alimi of Kwara Falcon during the 2014 Nigeria DStv Premier Basketball League at the Indoor Sports Hall of National Stadium, Surulere. Lagos Islanders won by 73-55 points.

with a 64-58 points victory over Niger Potters in Minna. In the Atlantic Conference, Islanders’ inspirational guard, Chiwendu Nwaigbo, was in superb form on Friday as he posted a double-double in his side’s 7355 win over Kwara Falcons of Ilorin at the National Stadium, Lagos.

Nwaigbo, who was on the court for 28.50 minutes, posted 18 points and grabbed 10 rebounds for the former league champions, currently handled by former national team star, Lateef Erinfolami. He also had six assists and two steals for Islanders who now have now won five of their last six games of the

campaign. In the other game played in Lagos, Coach Scott Nnaji’s Nigeria Customs shook off a lacklustre first quarter performance to defeat Dodan Warriors 62-53, with Customs guard, Emmanuel Balogun, leading his side in the scoring department with 15 points.

ormer Super Falcons skipper and first choice goalkeeper, Precious Dede has boasted that the April 29 international friendly match against the Indomitable Lionesses of Cameroon in Abuja will be a perfect opportunity to avenge the 1-0 loss at the last African Women Championship in Equatorial Guinea. “The Cameroon match, will afford us the chance to take our pound of flesh from them. Losing the third place to Cameroon was very painful and we want to use this match to make up for it and boost our confidence before the Rwanda game” she stated. Meanwhile, Super Falcons second choice goalkeeper, Tochukwu Oluehi, has left the country to the United Arab Emirates to sign for Al -Wahda FC. The fair skinned goalkeeper said she is ready to pursue her professional career in the gulf state.

Lagos Junior League begins screening Brazil: Laloko kicks against Yobo’s inclusion Charles Ogundiya

he Lagos State Junior League has concluded arrangement to unearth new talents as the management begins a one week screening exercise on Monday in Alade Stadium, Command Area, Lagos. The Junior League being competed for by local government teams in Lagos State produced two of the stars that helped Nigeria win their fourth U-17 World Cup in Dubai. Goalkeeper Dele Alampasu and Flying Eagles stand-in captain, Wilfred Ndidi were both discovered in the junior league competition. Twenty-three players will be drawn from the 200 selected from the Lagos State Junior premier league and pro league that ended recently, to form an All Stars team according to Coach Tunde Disu, an official of the league body. Speaking with New Telegraph, Coach Disu, said: “The essence of the screening is to be able to have a standing team that can represent the state in major

competitions such as the national sports festival. “Lagos state won the football event of the last sports festival with bulk of the players coming from the all-stars team with some of the players making it to the U-17 national team.” The coach added that the selected players were all below the age of 20 as the target was for the future. The screening exercise holds from 9am to 4pm daily from Monday to Friday.

Jude Opara Abuja

Yobo

s Nigerians await the release of the list of Super Eagles players for the World Cup, former technical director of the Nigeria Football Federation, Kashimawo Laloko, has cautioned Head Coach Stephen Keshi against the inclusion of captain Joseph Yobo in the squad. There are calls for the in-

Maigari explains partnership with Orlean Invest

resident of Nigeria Football Federation, Alhaji Aminu Maigari, at the weekend described as a huge boost to Nigeria football, the partnership agreement that the NFF sealed on Thursday with Port Harcourtbased oil services company, Orlean Invest West Africa Limited. He said: “I must say that this partnership is a brilliant one. Orlean Invest will provide so many good things for Nigeria football. This is a technical partnership that is a win-win situation for our country. Certainly, the partnership with Orlean Invest West Africa is a wa-

tershed in the history of Nigeria football.” “This gesture of provision of facilities and equipment, and to facilitate technical and administrative training, deserves praise from the Nigeria football family, coming at a time that facilities and equipment are needed to further spur extensive and speedy growth of the Nigerian game. Maigairi added that, “Orlean Invest could not have come with their proposal at a better time than now, when Nigeria football is witnessing true renaissance under the present NFF administration. “These facilities and equip-

ment will benefit not only the NFF and the National Teams, but scores of clubs in our various Leagues as well.” Orlean Invest West Africa, which has been operating in Nigeria for the past 26 years, was represented at the signing by Capt. Damir Miskovic, a Director of the company and Vice President of Croatia Football Federation, Alhaji Husseini Garba (Director of Abuja Football College), Mr. Bojour Majetevic (Technical Adviser), Mr. Kumbi Titiloye (Sole Administrator, Abuja Football College) and Alhaji Aminu Balele, Consultant to Orlean Invest.

clusion of the Norwich of England defender even as Laloko believes he has no business in Brazil. Laloko, who was a resource person at the just concluded C-License Coaching Course in Abuja, told New Telegraph that apart from the desire to chase record as having appeared in about three World Cups, Yobo is not supposed to be in the team. He then urged the NFF and the media to desist from actions capable of influencing the coach, so as to enable Keshi, select the players he believed he can work with. ``It’s the coach who knows what he wants and will stand by his selections and in doing so, it has to be picked on merit. ``At the end of the day, Keshi has the final decision. What we should guard against is the pressure from those who are influencing him, to begin to force players on him. Nigeria is in Group F of the 2014 FIFA World Cup alongside Argentina, Iran and Bosnia-Herzegovina.

54 SPORT

Sanctity of Truth

Monday, April 14, 2014

Red-hot Liverpool close in on EPL title

Guardiola takes blame for successive defeats

Liverpool 3 Man City 2

iverpool took a giant stride towards the Premier League title with a thrilling 3-2 victory over Manchester City on an emotionally-charged afternoon at Anfield.

Philippe Coutinho scored the winning goal after City had fought back from 2-0 down with a superb first-time finish from the edge of the box 12 minutes from

FA CUP: Hull book final date with Arsenal

ull City staged a stirring second half fight back to book their first FA Cup final appearance with a thrilling 5-3 win over Sheffield United at Wembley on Sunday. Steve Bruce’s side survived a stern test from the League One underdogs in a sensational semi-final and will face Arsenal in the first major Cup final in Hull’s 110-year history. United led through Jose Baxter and although Yannick Sagbo equalised Stefan Scougall restored their advantage before half-time. The Premier League team finally made their extra quality tell after the interval and goals from Matty Fryatt, Tom Huddlestone, Stephen Quinn and David Meyler secured victory in Hull’s first FA Cup semifinal for 84 years despite Jamie Murphy’s late reply for United. PREMIER LEAGUE SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

TEAM Liverpool Chelsea Man City Everton Arsenal Tottenham Man United Southampton Newcastle Stoke City West Ham C/Palace Hull City Aston Villa Swansea City West Brom Norwich City Fulham Cardiff City Sunderland

PTS

34 34 32

77 75 70 66 64 60 57

33 33

34 33 34 34 34 33 33 33 33 34 33 34 34 34

48 46 43 37 37 36 34 33 33 32

Bruce

Glen Johsnon (right) turning Silva’s cross into his own goal to make it 2-2

time after a blunder from Vincent Kompany as the Reds secured their 10th win in succession. The Merseyside club, who paid tribute to the 96 supporters who lost their lives in the Hillsborough disaster 25 years ago prior to kick-off, now have a seven-point cushion on Manuel Pellegrini’s men, although the Etihad side still has two games in hand. Liverpool roared out of the blocks and took the lead with just six minutes on the clock as Raheem Sterling was picked out by Luis Suarez’s excellent pass and the youngster showed incredible composure to bamboozle both Kompany and Joe Hart before rolling

home. Hart produced a superb save to deny Steven Gerrard who was given a free header from Coutinho’s corner, but the lead was doubled from the captain’s resulting kick as Martin Skrtel got away from Kompany at the near post to glance home. City hit back in style in the second half with David Silva (57) converting James Milner’s low cross, before Glen Johnson could only divert the Spain international’s shot beyond Simon Mignolet at his near post, but Liverpool were not to be denied, although Jordan Henderson saw red deep into added time.

Copa del Rey final

Ancelotti not bothered about Barca slip

eal Madrid coach Carlo Ancelotti does not think Barcelona’s shock defeat at Granada will have any bearing on Wednesday’s Copa del Rey final between the arch rivals. The reigning Primera Division champions went down 1-0 in Andalusia on Saturday, allowing Ancelotti’s men to climb into second place following a 4-0 home win over Almeria in the late kick-off.

But Real’s Italian coach reckons Gerardo Martino’s side will not be affected by Saturday’s setback. “It was a surprise because Barcelona has more quality than Granada, but at this time of the season all teams are fighting for a goal and those fighting for salvation are the most dangerous,” he said at his post-match press conference. “I think Barcelona are

thinking they can still win the league. There are many surprises in this league, and I think they will fight to the end. It will not change the dynamic of Wednesday’s match. “In our heads, we do not consider what will happen with the other teams. We must look at our games. We have an incredibly important match on Wednesday, and we don’t have time to think about anything else.”

Ba plots Chelsea exit

30 29 Ba

emba Ba wants to leave Chelsea this summer, according to quotes attributed to the striker in the Sunday People. He is quoted as saying by the Sunday People: “I’m looking to leave Chelsea. I want to play the full 90 minutes, get the maximum number of games and enjoy myself. I’ve not done that very much this season, and I doubt things will change for me here. “I could well imagine myself at PSG. That is even though they have taken on a new dimension, and seem to be looking for inter-

national stars in the £50million bracket rather than steady performers costing £10m. “But if PSG are looking for someone to play alongside Zlatan (Ibrahimovic), then I’m their man. They will win the Champions League sooner or later, and not just the one time. “Jose Mourinho has never explained his decisions to me. I am honestly surprised that I have been this patient. Earlier in my career I would have cracked up or blown a fuse. My friends Eden Hazard and Samuel Eto’o have been important.

ep Guardiola suggested his heavy rotation policy could have been to blame as Bayern Munich suffered back-toback league defeats for the first time since November 2011. A 3-0 loss at home to Borussia Dortmund on Saturday will not affect the destiny of the Bundesliga title, which has already been wrapped up by Bayern, but it did show that the Bavarians are fallible after a 53-game unbeaten streak was ended by Augsburg a week ago. “It happened to me in Barcelona too that, after we had clinched the league title, we really struggled to raise our game again,” he told Sky Sport. “The aim as coach now is to build the team up again. Maybe I made a mistake. “Maybe it was a mistake not just to carry on as we were, but I don’t want to make rotation out to be an excuse.”

Barca fans racially abuse Neymar

small group of Barcelona fans awaited the team as they arrived at the Camp Nou from their 1-0 defeat at Granada and greeted the players with abuse. Jeers and whistles along with foul language were aimed at the squad who had just lost to Granada, putting their title hopes in grave danger as they now sit in third place in La Liga. The worst of the abuse was aimed at Brazilian star Neymar who was met with racist abuse, as monkey chants were hurled at the 21-year-old in a video released by Spanish newspaper AS. A number of verbal attacks were made at the team, at goalkeeper Pinto, vice-captain Xavi and even Lionel Messi. “Pinto, get out of Barça,” was heard as the reserve goalkeeper made his way into the stadium while Messi’s commitment was questioned as fans shouted “you are only thinking about the World Cup” while “sons of b*tches” was yelled at the team.

Neymar

SPORT 55

Sanctity of Truth

Monday, April 14, 2014

Imoke may head Presidential Task Force Ajibade Olusesan

arring unforeseen circumstances, Governor of Cross River State, Liyel Imoke, will head the proposed Presidential Task Force on World Cup, New Telegraph Sports can exclusively reveal. There are plans by the Presidency to set up a committee to support the Nigeria Football Federation in its preparation of the Super Eagles for the 2014

World Cup in Brazil. According to our source, President Goodluck Jonathan is skeptical about the ability of the NFF to deliver a credible outing for the Super Eagles at the World Cup and might announce a committee which will be led by Imoke. The choice of Imoke for the job by the Presidency was informed by the Governor’s support for football in recent times and his cordial relationship with

the NFF. The source said, “I can confirm to you that the idea to have Presidential committee was considered by the Presidency but plans are not concrete to the best of my knowledge. The 2010 World Cup Presidential Task Force was reporting to President Jonathan, then he was the vice president and he understands how it works and he’s thinking about doing a similar thing, but I can’t confirm to

you now why actions have not been expedited on the constitution of the committee. “Some names were mentioned including that of Governor Imoke. He is being considered to head the committee because of some reasons; one, he has a good relationship with the NFF and of course he has been supporting the team in recent times. He hosted most of the team’s matches in the qualifying round and he also sup-

Sport Trending

Controversy trails appointment of Maurice Greene

TWITTER |@NTelegraphSport

Luis Suarez Great game from all the Team!! We Fought hard to get this great win. Now thinking about the next game!! You’ll Never Walk Alone. @luis16suarez

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

well. If we are talking about the female we have Falilat Ogunkoya-Omotayo and Mary Onyali-Omagbemi. “Employing Greene shows that the AFN officials are lazy and don’t know what they are doing.” In the same vein, an athletics coach working with Delta State, Obodoechina Iwonoh, who spoke to New Telegraph in Abuja during the AFN Golden Meet, was of the opinion that it would have been better if Nigerian coaches were taken abroad for training rather than employing an expatriate. “There is nothing anyone can do again, they have already employed him, but I would have loved a situation whereby Nigerian athletics coaches were sent abroad for training, this will increase their knowledge and in turn impact on the athletes. “We have so many good coaches here and they only need the exposure to be better,” he said. When contacted on the telephone, former international, Yusuf Alli, said he has nothing to say on the appointment, that he would rather keep his comment for now.

Daniel Sturridge Not ashamed to tell the world. I’m blessed and I thank God for all that has come my way. Giving God the glory always. @D_Sturridge Peter Odemwingie Justin Timberlake my guy. Was a good show. He is a cool guy. Obviously girls enjoyed him more at the arena. Sang MJ’s Human Nature that made my day. lSuper Eagles forward, Osaze Odemwingie, after attending Justin Timberlake’s show in London. @OdemwingieP George Abbey Great night with Justin Timberlake & @OdemwingieP. @GeorgeAbbey15 Peter Okoye Just went skinny dipping in da pool... all because my team won. lOne-half of P-Square, Peter Okoye, takes to Twitter after a Chelsea win. @PeterPsquare Samuel Eto’o Bravo to Chelsea and an Enormous Bravo my brother Demba Ba and to the brave strikers. @setoo9

Andres Iniesta battling Nigeria’s Nosa Igiebor at 2013 Confedration Cup

Flying Eagles to get more test games Ifeanyi Ibeh

n the aftermath of their recent friendly matches against Morocco, Nigeria Football Federation General Secretary, Musa Amadu, has disclosed that the Flying Eagles will get more top-grade friendly matches, with the team’s Head Coach, Manu Garba, praising the NFF for organising the two games against the North African nation’s U-20 side. The Flying Eagles were forced to a 2-2 draw in the first match in Rabat last Wednesday and were again held to a 1-1 draw in the second friendly game two days later, and Garba, whose side will be taking on the winner of the Kenya-

ported the Golden Eaglets and some other national teams. As much as the President wants the task force, he does not want it to create distraction for the World Cup with unnecessary rancor between the task-force and NFF hence the choice of Imoke who has dealt with the federation in recent times. But like I said, things seem to have cooled down on Presidential Task Force, maybe in the coming days Nigerians may hear more about it.”

Tanzania tie in the next round of the qualifiers ahead of next year’s African Youth Championship in Senegal, said the matches against the Moroccans have given him a better idea of what to expect at the U20 level, which is a lot higher than the U17 level. Garba, who coached Nigeria

Kelechi (left)

to success at last year’s FIFA U-17 World Cup in the United Arab Emirates, further said he would wish for more such top friendlies for his team. And NFF scribe, Amadu, has declared that the football body will look into the possibility of arranging more friendly games for the Flying Eagles. “We plan to get more test matches for the Flying Eagles before their African Youth Championship qualifier early next month,” Amadu announced. “Like always, we want all our teams to be well prepared for the challenges and that is why all the national teams have been engaged in one friendly or the other lately.”

Hulk Hogan We talked, both forgave each other, we hugged , we shook hands as we told each other I love you, I am so sad, God bless his beautiful family. RIP WARRIOR. lFormer WWE superstar, Hulk Hogan, paying tribute to the late Ultimate Warrior. @HulkHogan

10 Warri tennis kids for South African trip Emmanuel Tobi

rganisers of the on-going Warri tennis clinic have penciled down names of 10 kids who have distinguished themselves so far in the clinic. Over 300 children drawn from various schools in Warri and environs are doing battle in the clinic, a youth development exercise meant to teach children basic tennis techniques. It is taking place at the Shell Club, Ogunnu, Warri, and is organised by Iso-Black Concept, a Logos based outfit. The kids who will be given more training in Lagos, are expected to make the trip to South Africa later in the year. Other kids are expected to emerge within the week.

The Warri tennis clinic is the first of its kind in that part of the country. Five veteran tennis coaches, led by former national tennis player, Roy Odoko, are on ground in Warri teaching the kids the basic techniques of the game. The clinic is scheduled to end on April 19. Some of the schools participating in the clinic include: Urhobo College Effurun, Yonwuren College, Our Lady’s High School, Hussey Boy’s Model College and Federal Government College, Warri. The Chairman of Delta Sports Commission, Amaju Pinnick, paid a surprise visit to the venue at the weekend and was shocked by the knowledge displayed by the kids within a short time of training.

World Record

On Marble Don’t cry because it’s over, smile because it happened. – Dr. Seuss

Kenya marathon road relay team set a world record of 1hr 57mins 06 secs in Chiba, Japan, November 23, 2005.

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, APRIL 14, 2014

N150

Greening Africa’s economy

he Green Economy is based on the premise that social and economic progress must be achieved in ways that will not exhaust the earth’s finite natural resources and that will cope with the concerns over lack of natural resources, environmental devastation, and climate change. The concept is a culmination of extensive thinking, discussion and analysis that can be traced back to the 1980’s. At the UN Conference on Sustainable Development of 2012 in Rio de Janeiro, it was confirmed as one of the tools for maintaining, enhancing and rebuilding natural capital, viewed as a critical economic asset giving rise to new economic activities and a real opportunity change for social change. Since the 1930s, the most widely used measure of the strength of a nation’s economic progress has been the Gross Domestic Product (GDP); a measurement of both the consumption and production within a country. This measure falls short of capturing the contributions to the economy of natural capital and ecosystems that are actually necessary for growth. Studies have shown that when GDP growth is adjusted to account for the actual loss of natural capital, in most instances growth actually becomes lower, and in some cases even negative. For example, if measured by GDP, the economies of China, the United States, Brazil and South Africa grew by 422 per cent, 37 per cent, 31 per cent, and 24 per cent respectively between 1990 and 2008. However, when assessed by the Inclusive Wealth Index[1] based on UNEP and UN University calculations, the Chinese and Brazilian economies only increased by 45 per cent and 18 per cent. The United States’ grew by just 13 per cent, while South Africa’s actually decreased by 1 per cent. So while the exploitation of natural resources may generate economic benefits in the short term, resource depletion will decrease the potential for economic growth and development in the long term. We need a system of valuing resources to link economic concerns, natural resources, ecosystems, and human capital as part of development planning. Although quantifying costs of ecological and environmental damage can be challenging, a true measure of transformation must be able to cost to countries if resources are lost. Greening Africa is not a fallacy Time has come for Africa to make the switch to a green economy. Natural resources are the backbone of the continent’s recent economic growth,

Guest Columnist Carlos Lopes

amongst the strongest in the world. In 2011, for instance, raw and semi-processed goods accounted for about 80% of African export products, compared with 60% in Brazil, 40% in India and 14% in China. Agricultural commodities, timber, metals and minerals, and hydrocarbons combined have accounted for approximately 35% of Africa’s growth since 2000[2]. They provide a basis for the livelihood of millions of people who depend on fertile soil, forest, fishery and other resources from nature for survival. Natural resources also sustain much of the tourism and associated service industries. We are at a juncture where most of the world has already been industrialized. Now its Africa’s turn. But we have to admit that it is not easy to be a late comer. Africa’s structural transformation towards more value-added activities and modern jobs is closely linked to a strong natural-resource sector. This presents challenges. Since the start of the Industrial Revolution more than two centuries ago, industrialization has been a primary contributor to environmental degradation and global warming. Prosperity has been gained at the cost of the environment’s regeneration, despite enormous socio-economic gains. Africa was a provider of the raw materials that altered progress in other parts of the world. The paradox of Africa being one of the regions causing the least harm to the planet, with CO2 emissions per capita less than one ton per annum and yet nit having benefitted from its record is already bad enough. But as a result being at the end of the scale is no longer accepted. It accounts for just 2.4 per cent of world emissions yet climate damage as a percentage of GDP is higher in Africa than elsewhere in the world. The good news is that Africa can contribute to climate change solutions while industrialising! For that some key conditions must come into play, such as a global acceptance of common but differentiated responsibilities principle. Those who have most responsibility for greenhouse gas emissions, and most capacity to act, must cut emissions first. Africa needs recognition of climate

Dr. Nkosazana Dlamini Zuma, AU Chairperson

justice to allow it to at least have some external help in its industrialization path. But Africa also has a variety of enabling opportunities of its own. By 2050, the continent’s youth will constitute over a quarter of the worlds labour force. This represents a huge advantage and potential for human resource capital. As a latecomer at the early stage of industrialization, Africa actually has the advantage of leapfrogging technology preferences to deploy those that are clean, efficient, and resource-saving. These would mitigate against wasteful consumption and resource depletion. While the technological and financial requirements of green industrialization are considerable, reallocating investments towards the green economy will result in faster economic growth. The urban renewal potential Urbanization in Africa is growing at a rate that is more than twice the world’s urban growth rate of 3.7 percent a year[3]. This presents a rare and historical opportunity for rapid industrialization. Africa stands to benefit from the rapid expansion of its cities much the same way Asia did. With the right public policies in place, marrying prosperity and density will result in economies of scale. Dense and compact cities can lower per capita emissions per square meter, providing greater accessibility in terms of infrastructure and basic services. This in turn, can

be a magnet for new talent and private capital investment[4]. 62 per cent of all urban dwellers in Africa live in slums, compared to 24 per cent in Asia or 43 per cent in Latin America. Between 2005 and 2010, the combined population of African cities increased by 17.3 million and projections indicate that between 2010 and 2050, African urban populations will triple, reaching 1.2 billion people. However, in contrast to early-urbanized countries, Africa’s urbanization is occurring at low-income levels and with enormous infrastructure gaps, especially in energy and transport. Here lies an opportunity. Climate change presents cities with an incentive for better urban planning and service delivery. Urbanization is already jump-starting industrialization; 40 percent of Africa’s population that now lives in cities produce 80 percent of its GDP. The continent is projected to be 50 per cent urban by 2030, so potential for economic growth is formidable. UN-Habitat projects that by 2050, 20 African cities will be among the largest 100 cities in the world. For example Kinshasa will grow to 35 million inhabitants, Lagos to 33. New cities are also likely to emerge as industrialization and inter-regional trade generate increased activity. Cities are therefore central to realizing the benefits of a green economy and gaining from employment opportunities, access to social services for human well-being, reduction of resource depletion and ecosystem degradation.

OmoBaba

ONLY PEOPLE, GOD CAN DECIDE MY SECOND TERM - Dickson

... and Goodluck Jonathan!

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja. Advert Hotline: 01-8541248, Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Acting Editor: AYODELE OJO.