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Monday, June 23, 2014 Vol. 1 No. 125

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CBN probes banks’ foreign exchange deals Ayodele Aminu

n a bid to sanitise the foreign exchange market, the Central Bank of Nigeria (CBN) has launched a ‘special examination’ into

the foreign exchange transactions by banks. New Telegraph gathered at the weekend that the investigation includes a review of the foreign exchange utilisation at the

twice-weekly Retail Dutch Auction System (RDAS) and interbank market where banks purchase foreign currencies. According to a source, the probe, which has be-

gan on June 9, will cover between January when Nigeria’s foreign reserves took a hit and May 2014. The source said although the probe was billed to have ended last

Friday, it was extended until the end of this week to give the investigators more time to do a more thorough job. The reason for the exCONTINUED ON PAGE 2

Emefiele

Ekiti Governorship election

Fayemi accepts defeat lFayose dedicates victory to people lGovernor, successor-to-be meet today lJonathan, Mark, Ekweremadu, govs, Kalu, PDP, others congratulate gov-elect lOmisore: I’ll take over Osun in August lHe’s daydreaming, says Aregbesola }4 Our reporter

n a display of sportsmanship that is uncommon in Nigerian politics, Ekiti State Governor, Dr. Kayode Fayemi, yesterday accepted his defeat by the

Details of results on page 2 Peoples Democratic Party (PDP) governorship candidate, Mr. Ayodele Fayose, in Saturday’s election in the state. CONTINUED ON PAGE 2

Fayose...yesterday.

2015: 500 politicians to watch

PHOTO: GODWIN IREKHE

...EFCC suspends gov-elect’s corruption trial Emmanuel Onani Abuja

Anambra: APGA, PDP, APC bigwigs rekindle rivalry } 13-18

L-R: Vice-President Namadi Sambo; President Goodluck Jonathan and Peoples Democratic Party (PDP) National Chairman, Alhaji Adamu Mu’azu, celebrating Fayose’s victory in Abuja...yesterday. Photo: Timothy Ikuomenisan

he Economic and Financial Crimes Commission (EFCC) yesterday announced its decision to suspend the trial of Ekiti State Governorelect, Mr. Ayodele Fayose, for corruption. Fayose, before his participation in the governor-

ship election, which he won yesterday, was standing trial before a Federal High Court, sitting in AdoEkiti. EFCC’s Head of Media and Publicity, Wilson Uwujaren, said with his victory in Saturday’s election, he now enjoys automatic im-

munity which protects him from trial. The EFCC had on November 22, 2012 rearraigned Fayose over a N416, 138, 360.75 scam. He was put on trial on a 27-count charge before Justice Adamu Hobon and pleaded not guilty to the

charges which border on conversion of public funds for personal use and abuse of office while he was Governor of Ekiti State. Fayose was first arraigned in 2007 at the Federal High Court, Lagos for allegedly misappropriating public funds when he

was governor but he challenged the jurisdiction of the court on the grounds that the alleged offence was not committed in Lagos but in Ekiti State. Asked if the anti-graft agency would file a notice of discontinuance or seek CONTINUED ON PAGE 3

Moves to remove Nyako suffer setback

NEWS

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Monday, June 23, 2014

CBN probes banks’ foreign exchange deals CONTINUED FROM PAGE 1

amination, according to the source, is to determine if the foreign exchange purchased during this period, is being utilised for eligible transactions as presented by the banks and that all extant rules and to ensure that regulations are complied with. The examiners, among other things, are expected to get transaction details of the bureau de change (BDC) operators that purchased foreign exchange from banks during the period under review, match them with the books of the BDCs along with their colleagues from the Other Financial Institutions Department (OFSID), and find out the ultimate users of the foreign exchange. Thereafter, the source said the examiners, drawn from the CBN, were expected to submit their reports on July 20 to the management of the Central Bank, which would sanction the banks or the BDCs that were found wanting. The thinking of the banking watchdog is that some of these transactions are spurious since the BDCs have no ceiling on the amount they can

purchase from the banks. “The CBN is concerned that the foreign exchange demands are going up and this is affecting reserves. We are also working on the theory that some of these BDCs may have been used for money-laundering because they require minimum documentation unlike banks, which have to do detailed documentation before they can wire money abroad,” said the source. The CBN targets a range for the naira threepercentage points above or below N155 per dollar at its twice-weekly currency auctions. The naira

has weakened 0.8 per cent against the dollar since the start of the year to trade at N161.55 at the interbank market, N156.73 at the RDAS and N167 at the parallel market. Nigeria’s foreign exchange reserves declined about 13.5 per cent this year to $37.08 billion as at June 19 as the CBN sold dollars to prop up the naira and as oil production missed estimates. Nigeria has a hearty appetite for imports but the challenge arises because of oil sector losses/leakages, which have reduced foreign exchange supply and led to drawings from

the Excess Crude Account (ECA), which stood at $3.5 billion as at March 28, 2014. Offshore portfolio inflows have largely compensated for the losses in terms of foreign exchange supply but they have slowed under the cloud of tapering in the United States. The last time a special examination of banks was conducted was about two years ago, when it scrutinised banks’ foreign exchange transactions to verify their huge demands at the foreign exchange market. The results of the audit were made available to the managing directors of all

the banks and those that contravened were sanctioned by the CBN. Twenty one banks were examined. In the first batch were banks that are top foreign exchange players. These were Stanbic IBTC, Citibank, Standard Chartered Bank, Guaranty Trust Bank, Zenith Bank, United Bank for Africa (UBA) and Access Bank. The other 14 banks were examined in the second and third phases of the plan. The three-bridged banks (Keystone, Mainstream and Enterprise) are excluded because they were new in the system.

29oC 24oC Storms

ABUJA

30o C 23oC Thunder Storms

PORT HARCOURT

28oC 23oC Storms

KANO

36oC 24oC Sunny

ENUGU

30o C 23oC Thunder Storms

IBADAN

29 C 23 C o

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CALABAR

26oC 23oC Storms

MAIDUGURI

ONITSHA

36oC 26oC Storms

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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

TODAY’S WEATHER FORECAST LAGOS

FLIGHT SCHEDULE

L-R: Osun State Governor, Rauf Aregbesola; former Lagos State Governor, Senator Bola Tinubu; former interim National Chairman, All Progressives Congress (APC), Chief Bisi Akande; Major Gen. Muhammadu Buhari and National Chairman, APC, Chief John Odigie-Oyegun, during the presentation of the award of Constatine (Superlative Leadership Performance) to Akande at St. Matthew’s Anglican Church, Ila Orangun, Osun State…yesterday

Fayemi, Fayose meet today on transition CONTINUED FROM PAGE 1

Fayemi, who ran on the platform of the All Progressives Congress (APC), in a state broadcast, said the people had spoken and he had called Fayose to congratulate him on his victory. Hours after the state broadcast, Fayose, at a news conference, dedicated his victory to the people and said there were no winners and losers. He added that he would work with Fayemi and the Labour Party (LP) candidate, Mr. Bamidele Opeyemi, to make Ekiti a better state. Besides Fayemi and Opeyemi, who also congratulated the governorelect, President Goodluck Jonathan; Senate President David Mark; his deputy, Senator Ike Ekweremadu; Ondo State Governor, Dr. Olusegun Mimiko; Osun State Governor, Mr. Rauf Aregebesola; Benue State Governor, Mr. Gabriel Suswam, former Abia State Governor, Dr. Orji Uzor Kalu and Chair-

man, Senate Committee on Environment, Senator Bukola Saraki, congratulated Fayose on his hardwon victory. The Independent National Electoral Commission (INEC) had in the early hours of yesterday officially declared Fayose winner of the election having polled 203,090 to defeat 18 others, including Fayemi and Bamidele. Fayemi trailed behind the PDP candidate with 120,433 votes while Bamidele came third with 18,135 votes. Fayose, who won in all the 16 local government areas of the state, scored about 60 per cent of the total votes cast in the election. The Returning Officer, who is also the Vice-Chancellor, Federal University, Oye-Ekiti, Prof Isaac Asuzu, who announced the results, said Fayose satisfied all the requirements to be declared the winner of the election. There was jubilation in Ekiti State and at the Presi-

dential Villa, Abuja yesterday as thousands of Fayose’s supporters poured into the streets to celebrate the return of the governorelect, after his first tenure in 2003 was truncated by his impeachment in 2006. Jonathan and PDP lead-

ers also celebrated the victory, which they took as an opening for the party to make inroad into the South-West, where the ruling party held sway until after the 2007 elections. Reacting to his loss in CONTINUED ON PAGE 4

Breakdown by local government Local Govt

APC

PDP

Emure LG

4,332

1,527

7,086

Oye LG

10,176

512

11,200

Ikere LG

7,989

585

16,197

Ilejemeje LG

3,336

165

3,670

Efon LG

3,422

358

5,335

Ikole LG

8,804

1,259

14,238

Ekiti South West LG

6,746

1,413

11,038

Ijero LG

9,348

1,554

13,814

Irepodun/Ifelodun LG

6,834

3,555

13,038

Ekiti East LG

8,584

762

12,498

Moba LG

7,994

1,000

8,878

Ise/Orun LG

5,809

600

10,136

Gboyin LG

8,138

714

11,046

Ekiti West LG

7,860

884

10,702

7,134

13,045

13,927

2,065

41,169

Ido/Osi LG Ado LG TOTAL

120,433 18,135 203,090

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

NEWS

Sanctity of Truth

Monday, June 23, 2014

Moves to remove Nyako suffer setback

lHe must go, PDP insists Ibrahim Abdul Yola

lans to remove Governor Murtala Nyako of Adamawa State and his deputy, Bala James Ngillari, may have suffered a major setback,

as 11 members of the state House of Assembly have allegedly backed out of the move following the intervention of prominent Nigerians, including former Vice-President Atiku Abubakar and former boss of the Economic and

Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu. This is as the clerk of the House, Francis Gbensenso, confirmed that he was yet to serve Nyako and his deputy the notice of the impeachment.

Sources within the opposition All Progressives Congress (APC) revealed that the intervention of major stakeholders of the party had started yielding results, as 11 members of the House of Assembly have been convinced to back out of the plan. The move, initiated

L-R: Chief of Staff to the Managing Director, Federal Airports Authority of Nigeria (FAAN), Mr. Kabir Mohammed; Mrs. Vivian Menyanga of the Training Department; Managing Director, FAAN, Mr. Saleh Dunoma and Mr. Emmanuel Chidera of Airport Operations Department, during the graduation ceremony of Airport Management Professional Accreditation Programme in Lagos…at the weekend

N10bn jet probe: Reps take decision on Alison-Madueke tomorrow Philip Nyam Abuja

he House of Representatives will on Tuesday decide on whether to suspend or continue with its pending investigation of allegations of reckless spending of over N10 billion by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke on the charter of private jet. An Abuja Federal High Court last week restrained the House from investigating the minister over the alleged aircraft lease. Justice Ahmed Ramat Mohammed gave the order at the resumed hearing of the legal action instituted by the minister against the House and the Senate. The order came on the heels of the plan by the House Committee on Public Accounts to carry out the probe on June 25, 26 and 27. A principal officer of the House told New Telegraph in Abuja that the leadership was still weighing options and would take decision whether to obey the court directive or go

ahead with the probe. He said the leadership was yet to be served with the ruling but can still deliberate on the matter and decide appropriately. “We only read on the pages of newspapers the ruling of the court. We are yet to be served but that notwithstanding, when we reconvene on Tuesday, we will discuss and take an appropriate decision,” he said. The House resumes plenary tomorrow after a two-week break. It will be recalled that the minister and the House have been locked in a battle of words over attempts to investigate the allegations of N10 billion jet charter. Meanwhile, the All Progressives Congress (APC) caucus in the House of Representatives has accused the Peoples Democratic Party (PDP) of being insensitive, arguing that the APC “is only rebellious against structures that have left Nigerians with no hope of a better country.” The PDP national publicity secretary, Olisa Metuh, had in a statement referred to APC as a politi-

cal party, acting like a rebel group driven by “frustration and bitterness”. But the minority leader, Femi Gbajabiamila, who is also APC leader in the House in a statement signed by his media aide, Wasiu Olanrewaju-Smart, yesterday in Abuja expressed discontentment over the inability of the PDP-led Federal Government to decode the mood of it citizens whom he claimed are brazenly against “a mentally fatigued government.” He said: “The ruling party must understand and accept that all of Nigeria has rebelled against its misrule, nay the international community has rebelled and this rebellion will be manifested at the polls in February 2015. We have rebelled against the ineptitude of a do-nothing government that has no answer to the kidnap of over 200 schoolgirls for over two months. “There will be continuous rebellion against a mentally fatigued government whose only answer to a terrorist menace on Nigerians is to point an accusing finger at the op-

position while the carnage continues and the terrorists are emboldened.” The APC leader also faulted the approach of the PDP-led government towards fighting corruption. “We have rebelled against the disappearance of $20 billion from our collective patrimony. Yes as a party we have rebelled against the continuous kleptomania of a clueless government. We will continue to rebel against the illegal and unconstitutional violation of the fundamental human right of freedom of movement in the name of election security whilst PDP ministers are ferried to Ekiti.” He added that: “Yes, APC, Nigeria and the rest of the world will rebel against such naked abuse of power. We will and must continue to rebel together with Nigerians against nepotism in appointments to sensitive positions in offices such as the NDLEA. Indeed, we will continue to rebel against accidental public servants who have no clue and are illprepared for the responsibilities of their offices.”

last Wednesday, June 18, was endorsed by 19 out of the 25 members of the allPeoples Democratic Party (PDP) House of Assembly, meaning that six of the members had opted out. The lawmakers who had declined to endorse the impeachment move included former Speaker of the House and supporter of Governor Nyako, Sadiq Dasin from Fufore council; former Deputy Speaker, Mrs. Wale Fwa from Demsa council; Musa Mahmud from Mayo Belwa council, Nyako’s local government; Abuzzari Suleiman Ribadu from Yola South council; Juggal Abdulsalam from Shelleng and the Speaker of the House of Assembly, Ahmadu Umaru, from Madagali Council. But the refusal of the Speaker of the House to append his signature to the impeachment notice has rankled many because he was seen to be the brains behind the impeachment move and the major beneficiary if it sailed through — as he would be the acting governor. A source said the move to enlist the support of the 11 lawmakers was a shrewd political calculation, for if it sails through it would put a spanner in the works of the removal plan since 16 members are needed to effect the impeachment of the governor. But the Chief Press Secretary to the Speaker of the House of Assembly, Mr. Solomon Kumangar, denied knowledge of the

back out. “I am not aware that any member has backed out from the move but you should ask those making the insinuation to mention the names of those who backed out. It is apparent that people are ignorant about House resolutions because whenever resolutions are passed no one can infringe on them as they are irreversible,” Kumangar noted. Meanwhile, the clerk of the state Assembly, Gbensenso, has confirmed that he is yet to serve Nyako and his deputy, Ngilari, the notice of the impeachment as directed by the Speaker since Wednesday, June 18, 2014. According to him, the House’s next line of action is to publish the letters in at least two national dailies which he said was a right alternative as advised by the Assembly’s lawyers. This, the clerk explained, was because both the governor and his deputy had sealed off their offices since the impeachment directive was given. He said that he had made several attempts to deliver the letters but all his efforts proved futile. New Telegraph investigation revealed that both Nyako and his deputy were out of the state. However, the PDP and its chieftains have declared that they are behind plans to remove Nyako. Speaking in Yola, the state secretary of the PDP, A.T Shehu, said they were compelled by the maladministration being enCONTINUED ON PAGE 5

EFCC suspends Fayose’s corruption trial CONTINUED FROM PAGE 1

an indefinite adjournment of the case in view of Fayose’s new status, he said: “There are some matters that are obvious and do not require any comment. “A governor automatically assumes immunity against prosecution, upon election.” In supporting the commission’s position, a Senior Advocate of Nigeria (SAN) and senior prosecutor, Chief Godwin Obla said: “Once he (Fayose) is sworn in, his immunity is absolute. Every pending legal matter against him will automatically abate.” Another lawyer, Chief Mike Ozekhome (SAN), said the EFCC’s new position was legally justified as “under Section 308 of the 1999 Constitution, Fayose immediately dons the

garb of immunity against criminal prosecution.” “Fayose’s trial must be put in abeyance; he is now a sacred cow, under the 1999 Constitution,” he added. Also, a former Abia State Attorney-General and Commissioner for Justice, Chief Solo Akuma (SAN), said the criminal trial would either be struck out or the prosecution would withdraw the case because the matter cannot be pending. Corroborating these respective positions, Mallam Yusuf Ali (SAN), said: “Once you acquire immunity under the constitution, your trial waits just like it happened when Aregbesola became governor in Osun; his criminal trial was put on hold.”

NEWS

Sanctity of Truth

Monday, June 23, 2014

Fayose’s victory: I’ll take over in Osun in 49 days, says Omisore lAregbesola: He is dreaming lCelebration ends in violence in Osun Sola Adeyemo, Adeolu Adeyemo and Adesina Wahab

he victory of the Peoples Democratic Party (PDP) governorship candidate in Ekiti State, Mr. Ayodele Fayose, in Saturday’s election, has given his counterpart in Osun State, Senator Iyiola Omisore, the confidence of victory in the election in the state, slated for August. An upbeat Omisore told reporters in Ibadan yesterday that with the outcome of the Ekiti governorship election, he was sure of taking over the reins of power in Osun State in the next 49 days. Omisore spoke after he paid tribute to the family of the late Aare Musulumi

of Yorubaland, Alhaji AbdulAzeez Arisekola-Alao. But Osun State Governor, Mr. Rauf Aregbesola, who is flying the All Progressives Congress (APC) flag in the August 9 election, dismissed Omisore’s optimism, which he described as daydreaming. Omisore said with what happened in Ekiti, “We’re taking over the government of Osun State in 49 days. I can assure you that by God’s grace, on August 10, we’ll have cause to celebrate. “Obviously, you can go and see what is happening in that state now. There is total rejection of APC in my state. Today, APC has only been able to touch about five per cent of people’s lives. “All you see on papers

and television are not on the ground. There are bad roads everywhere; no water, no facility. Workers are not being paid, schools are closed, teachers and pensioners are not paid, retirees are not paid. So, there is consensus of exit of APC in Ekiti and Osun states for now and probably in South-West in the next few months,” Omisore stated. On the victory of his party in Ekiti, Omisore explained that the success of that election was made possible by the consciousness of security agents who were in control and who arrested some suspected hoodlums. He said both local and foreign observers adjudged the election as freest and fairest.

Reacting to Omisore’s optimism about victory in the August 9 election, Aregbesola said yesterday that the PDP candidate could never outsmart the APC government in the forthcoming election. The governor said in a statement by the state Director, Bureau of Communication and Strategy, Mr. Semiu Okanlawon, that Omisore was only dreaming. “If wishes were horses, beggars would ride. Let Omisore continue to live in self-delusion, thinking what happened in Ekiti will be repeated in Osun. “Has he finally resolved how he wants to campaign before the people of Osun who have rejected him and his brand of politics? “Once again, we wish

L-R: Executive Director, British American Tobacco Nigeria Foundation, Mrs. Oluwasoromidayo George; Ogun State Commissioner for Commerce and Industry, Mr. Bimbola Ashiru; Special Adviser to the Governor on Commerce and Indutsry, Mrs. Tinu Sopeju and Director, Kinderlech Centre, Mrs. Ewajesu Fasina, during the Ogun State Entrepreneurship Training programme in Abeokuta

to remind him that his most humiliating defeat will come August 9 when he will be so devastated that never will he come near any contest for political office again,” he said. However, while congratulating Fayose, Omisore in a statement in Osogbo by his Director of Publicity and Strategy, Mr. Diran Odeyemi, described the victory as classical and the true reflection of the wishes of Ekiti people. “Ekiti people have spoken with their votes and they have chosen a courageous leader that will protect their interest and return their pride stolen by imported leaders foisted on them by a Lagos-based emperor, who has annexed commonwealth of states in the region to himself and few acolytes all the while. “With Fayose’s victory, the coast appears clear for other states to fight and win their freedom from the political aliens that have taken states in South-West by storm in the last four years. We are assuring our people in Ekiti that the baton handed to Osun people will also spur us to victory on August 9,” the statement said. A PDP chieftain in Ekiti State, Mr. Dayo Adeyeye, however described Fayose’s victory in Saturday’s governorship election as a sign of the imminent death of the APC in the South-West. He told reporters in IseEkiti yesterday that the APC was suffering from

arrogance and pomposity and its leaders had lost touch with reality. He congratulated Fayose, for his landslide, saying: “The victory is the end of the All Progressives Congress (APC) in Ekiti State.” Adeyeye, who also saluted the people of Ekiti State for standing firmly in their rejection of the APC government, said: “With what happened yesterday, Ekiti people have once again demonstrated to the entire world that whoever takes them for granted will be roundly rejected.” But the celebration of Fayose’s victory turned bloody on Saturday night as Aregbesola and Omisore’s supporters clashed in Ile-Ife, during which many were injured. The clash was said to have occurred when Omisore’s supporters, while celebrating, were accosted by Aregbesola loyalists who warned them against disturbing the neighbourhood. The altercation degenerated into a bloody clash during which they attacked one another with weapons. It was learnt that some of those injured were taken to the Obafemi Awolowo University Teaching Hospital (OAUTHC) Ile-Ife for treatment. A member of the state House of Assembly, Folorunsho Bamisayemi and Chairman Campaign Committee for the reelection of Aregbesola confirmed the incident.

Governor, successor-to-be meet today in Ado-Ekiti CONTINUED FROM PAGE 2

the election, Fayemi said he had no choice other than to bow to the will of the people. The people’s will, he added, was displayed in the manner they voted. According to him, he has no option other than to accept the results of the election and congratulate Fayose, “if indeed the outcome of the election is the will of the Ekiti people.” He said he had spoken with Fayose, congratulating him on his victory, and he would be meeting him “in the next few hours” to fashion out ways to institute a smooth transition programme. New Telegraph gathered that the meeting between the governor and his successor-designate is billed to hold today in Ado-Ekiti.

Fayemi described the election as a hard fought one, adding, however, that despite party affiliation, Ekiti people should see themselves as one. According to him, the record of performance of his administration will continue to be a reference point in the history of the state, stressing that he has succeeded in raising the bar of excellence in governance. He said: “If indeed this is the will of the Ekiti people, I stand in deference to your will. If the result of the election is an expression of the voice of our people, we must all heed your voice. “I have just spoken with my brother, Mr. Peter Ayodele Fayose, congratulating him on his victory. In a few hours from now, I would

be meeting the governorelect to discuss the future of our dear state and how we would work together to institute a smooth transition programme. “It has been a hardfought election. As expected, in the course of the campaigns, there were unsavoury episodes as the candidates toured the nooks and crannies of the state to sell ourselves to the people. Elections tend to be highly divisive affairs that often see brother rising against brother. “Despite our diverse party affiliation, and regardless of which way we voted on Saturday, we must remember that we are all sons and daughters of Ekiti State. Ekiti is ours to build together.” He added: “On our part, over the course of the cam-

paigns, we presented our scorecards before the people of Ekiti State. We never at any point took your support for granted. We campaigned, we canvassed and we traversed the nooks and crannies of this state. “Our performance and achievements in office will remain the backdrop against which the next government and indeed future governments will be assessed. We are proud that with the support of Ekiti people, we have raised the bar of excellence in governance. In all, we gave our best, for conscience and for posterity. For us as an administration and a cadre of political leaders in Ekiti State, we have fought a good fight, we have kept the faith. “To members of our party, our campaign team

and indeed all Ekiti people who defied the siege on our state to cast their votes for our party, I salute your exemplary courage and doggedness in the face of harassment. Thank you for staying the course.” On his part, a victorious Fayose, praised Fayemi, saying he holds him in high esteem as he had contributed his quota to the development of the state. He explained that although he had been declared winner of the election, there was neither a winner nor losers in the governorship just as he thanked the people for voting him as their next governor. He said: “To Governor Kayode Fayemi, my brother Opeyemi Bamidele and others that we contested to-

gether, that have conceded and accepted me as their governor, I want to thank them. I want to assure them that I will work with all of them. The government belongs to all of us. “Four years is a very short time in the life of any administration, I want to let them know that it will be four years of all of us in government. There is no winner, no loser. “Governor Fayemi has called me to concede defeat and I will see him tomorrow, hopefully for us to let the public know that we are together, irrespective of our past. Ekiti belongs to all of us because a governor has only got a term and tenure but Ekiti will remain forever. I salute Fayemi’s courage for accepting me and his readiCONTINUED ON PAGE 5

NEWS

Sanctity of Truth

Monday, June 23, 2014

Governor, successor-to-be meet today on Ekiti future CONTINUED FROM PAGE 4

ness to allow peace and love reign in our state. I am assuring you that this is Ayo Fayose, who is older, wiser and ready to work with everybody.” “Fayemi is a leader in the state and has done his best and his place in history is guaranteed. I commend him and will work with him. Though I won in his local government, that did not subtract from the fact that he is a respectable leader. “I never insulted Fayemi for once during the campaign. We may be different in ideology. I will complete all Fayemi’s projects in the overall interest of the people of the state. The issue is not about Fayose and Fayemi, it is about the people of the state,” Fayose stated. Thousands of PDP supporters poured into the streets of Ekiti State to celebrate the victory of the party’s candidate. In Ado-Ekiti, the state capital, a horde of motorcycles, cars and commercial buses sped around celebrating the victory. A civil servant, simply identified as Mr. Idowu, said it was a double celebration for them with Fayose’s election victory and the victory of the Super Eagles in the ongoing World Cup.

“This is the first time elections have counted in this country. Fayose is our choice. I won’t go to church today and I know that God understands,” he said. At Afao-Ekiti, the hometown of Fayose, his kinsmen jubilated into the night as some of them were awake to watch a live telecast of the results’ collation. However, congratulating Fayose, Jonathan in a statement by his spokesman, Dr. Reuben Abati, urged him to be magnanimous in victory. He also commended INEC, the security agencies and the people of the state for the successful and peaceful conduct of the election. “As Mr. Fayose readies himself to assume office in fulfilment of the clearly expressed wish of his people, President Jonathan urges him to be humble and magnanimous in victory and commit himself to forming an administration that will work for the advancement of the interests of all Ekiti people irrespective of their political affiliations or loyalties,” the statement added. Jonathan urged Fayose to consider his second chance to serve as a sacred mandate from God and the people, calling on him to “discharge with immense

dedication, wisdom and vigour to achieve a much more rapid pace of socioeconomic development in Ekiti State for the benefit of its people.” Besides the congratulatory statement, Jonathan hosted members of the PDP National Working Committee (NWC) where they popped champagne in celebration of the victory. The NWC members who were led by the party’s National Chairman, Alhaji Adamu Mu’azu, also commended the president for the peaceful conduct of the election. The president said what gave him joy in the Ekiti election was the fact that it had been adjudged as free and fair. He explained that he was quite pleased that results have been announced, with no issues of deaths and destruction of property recorded. Vice-President Namadi Sambo who offered the toast at the brief event noted that he was glad to have chaired the campaign committee which led to the victory of the party in Ekiti State. He said: “We are here particularly to commend your efforts. You must have been very patient with me, especially on the Ekiti palaver as you gave me the freedom to get a very reli-

New Emir of Gummi, Justice Lawal Aliyu Gummi (right), exchanging pleasantries with former Vice-President Atiku Abubakar, at his installation at Gummi, Zamfara State…yesterday

Moves to remove Nyako suffer setback CONTINUED FROM PAGE 3

trenched by the Nyako-led administration to move for his removal in order to save the state from total collapse. “People are disenchanted by the bad leadership being promoted by Nyako’s administration. And as patriotic citizens we will not fold our arms to watch few individuals

running the state aground. “Despite Nyako collecting huge sum of money amounting to hundreds of billions of naira in his seven-year stewardship, yet the state is grappling to meet up with basic infrastructural facilities.” Also commenting on telephone, a former gubernatorial aspirant of the PDP, who challenged

Nyako at the 2011 PDP primaries, Dr. Umar Ardo, said that the PDP stakeholders within and outside the state were behind the move to impeach Nyako and his deputy. “I supported the impeachment of the governor and the deputy, and even before the move I have made that position very clear,” Ardo said.

able candidate. “Fayose, ordinarily if the Nigerian factor comes in, would never have been our candidate, but you and I know that even when he emerged, the sort of groups that came to you to report me that I have done the wrong choice.” Mark was also exultant about Fayose’s victory and congratulated him for the second chance given him by the electorate. He also commended security operatives and INEC for the smooth conduct of the election. Mark told Fayose to justify the mandate of the people by embarking on projects and programmes that would have direct positive impact on their well-being. Mark, in a statement by his Special Adviser on Media and Publicity, Mr. Kola Ologbindiyan, urged the governor-elect to bring all interest groups on board and ensure that no section of the state would be marginalised by his administration. According to Mark, “your victory at the poll shows that the people of Ekiti State clearly endorsed your candidature. It is therefore your responsibility to reciprocate this mandate by serving them honestly and effectively. “The people of Ekiti desire to see functional education system, effective health care facilities, infrastructural development as well as employment opportunities for the youths. All these, you can do with a clear focus and direction.” Mark’s deputy, Ekweremadu also congratulated Fayose, saying that his victory was an important win for the PDP in the SouthWest. He however stressed that the free and fair electoral process that threw up the winner was vital for the growth of democracy in the country. Ekweremadu in a statement by his Special Adviser on Media, Mr. Uche Anichukwu, urged Fayose to justify the confidence reposed in him by his people by aggregating the bountiful human resources available in Ekiti for the speedy transformation of the state. He also extolled Fayemi for his efforts at developing Ekiti State for the four years he has held sway, but called on him and others to join hands with the winner to develop the state. In its reaction to Fayose’s victory, the PDP described his election as an indication of the acceptability of the party and its candidate by the people. The party in a statement by its National Publicity Secretary, Olisa Metuh, described the election that produced Fayose

as credible, free and fair, adding that it was a victory for democracy. “We are particularly elated that the will of the people of Ekiti State prevailed and we sincerely congratulate them for realising their yearning for a truly democratically elected administration in their dear state,” it added. The statement urged the APC to imbibe the spirit of sportsmanship by accepting defeat and congratulating the PDP and the governor-elect for the victory. The PDP Governors’ Forum (PDPGF) said the victory recorded by Fayose had shown the confidence that Nigerians reposed in the ruling party and pledged that governors elected on the platform of the party would continue to execute programmes that would better the lives the people. The forum’s Chairman and Governor of Akwa Ibom State, Chief Godswill Akpabio, on behalf of his colleagues congratulated Fayose. Akpabio expressed delight that the ranks of the forum has swollen with the election of Fayose and said other states whose elections were pending should take a cue from Ekiti people and trust the ruling party to continue to deliver dividends of democracy to the people. While also congratulating Fayose, Mimiko commended Jonathan for the political will to provide the conducive environment which made possible the successful holding of the governorship election in Ekiti State. Mimiko hinged the generally adjudged credibility of the election on the sincere demonstration of Jonathan’s determination to ensure results of elections in the country reflect the true wishes of the people. The governor in a statement by the state Commissioner for Information, Kayode Akinmade, said Jonathan had set the template for the successfully held election in Ekiti with the earlier held gubernatorial elections in Edo and Ondo states where the APC and the LP candidates emerged winners respectively. While reacting to the outcome of the election, Aregbesola said the beauty of democracy was that the will of the people must prevail at all times. According to him, if the results of the Ekiti election are the true reflection of the people’s decision and desires, his party would have no option but to abide by the outcome. He said in a statement by his Director, Bureau of Communication and Strategy, Semiu Okanla-

won, that a true democrat must be ready to embrace defeat just as he will be quick to embrace victory in all genuine democratic contests. Kalu, in congratulating Fayose, commended the large turnout of voters and the peaceful conduct of the election. In a message by his Special Adviser, Prince ‘Kunle Oyewumi, Kalu said: “The congratulatory message of Governor Fayemi to Mr. Fayose shows that the election was credible and generally acceptable. The election is a testimony that democracy has come to stay in Nigeria.” Kalu acknowledged the political maturity and display of sportsmanship by the duo of Fayemi and Opeyemi after the declaration of Fayose as the winner, adding that the victory is for all, irrespective of political divides. However, Saraki said the loss of the Ekiti gubernatorial election by the APC was a lesson to Jonathan not to trust in the power of office. Saraki in a statement in which he praised INEC for the successful conduct of the governorship election, said INEC had shown remarkable improvement in the conduct of election in the country. According to the legislator, despite heavy military presence, the election recorded a high turnout of over 51 per cent of the electorate. Saraki while congratulating Fayose, attributed his victory to his “doggedness and closeness to the grassroots.” He also saluted Fayemi, saying: “I congratulate Governor Fayemi for the great work he has done. To me, this is not a defeat to him, but a win for democracy. He has given his best to his state and as a good Nigerian despite the party difference, I am certain he will continue to give his support to his people and to the country at large for a better Nigeria.” Suswam on his part, said the outcome of the governorship election was a clear indication that Nigerians were tired of politics of deceit and falsehood. Meanwhile, the Inspector General of Police (IG), Mr. Mohammed Abubakar, has expressed his appreciation to the people and other security agencies for the successful conduct of the election. He told State House correspondents that he was happy that the people of Ekiti conducted themselves in an orderly manner and commended all officers and men of all security agencies for discharging their responsibilities professionally.

EKITI 2014

NEWS

Orji congratulates Fayose

he Abia State Governor, Chief Theodore Orji, has congratulated the Peoples Democratic Party (PDP) governorship candidate in Ekiti State, Mr. Ayo Fayose, over his victory at the justconcluded governorship election in Ekiti State. Fayose polled 203, 090 votes while Fayemi came second with 120, 433 votes and Labour Party’s Opeyemi Bamidele a distant third with. In a statement by his Chief Press Secretary, Charles Ajunwa, Governor Orji who expressed happiness over Fayose’s landmark victory, thanked the people of

Ekiti State for remaining peaceful during and after the election. Orji who also thanked officials of the Independent National Electoral Commission (INEC), Police and other security agencies for the professional manner they discharged their duties, said the people of Ekiti State made the right choice by voting massively for the PDP candidate, Fayose. The governor charged the people of Ekiti State to give Fayose all the needed cooperation and support to enable him realize his dream of taking the state to greater heights.

Bamidele thanks supporters Adesina Wahab Ado-Ekiti

abour Party's governorship candidate in Saturday's election, Opeyemi Bamidele, has expressed appreciation to Ekiti people for their support for him during Saturday’s gubernatorial election in the state. He said as a mature politician, he saw the conduct of the election as scheduled by the Independent National Electoral Commission, (INEC), as a true reflection of true democracy. Bamidele said this in a statement signed by his media aide, Ahmed Salami, shortly after INEC made public announce-

ment of the election results. He hailed INEC and all security agencies involved in the entire process for their roles and for allowing Ekiti people to be involved in the nation's democratic process. He especially thanked those from Iyin-Ekiti, his hometown, for staying by him through his campaign rallies and the election, which assisted him to victory over other political parties in the town. He said their support was attributable to the tremendous spread and acceptability of Labour Party across the state despite being introduced to them barely five months ago.

Sanctity of Truth

Monday, June 23, 2014

APC's loss, chance to rebuild party – Ojudu Adesina Wahab Ado-Ekiti

n All Progressives Party (APC) Senator, Babafemi Ojudu, representing Ekiti Central Senatorial District, has said the defeat of the party in the justconcluded governorship election in the state is an opportunity to rebuild

the APC and create a party that will subscribe to ideas and ideals. "We have to re-organise our party. Mistakes have been made, lessons have also been learnt. It appears that a few of us who are leaders seem to be miles ahead of our people. It is time for us to build a party that will subscribe to our vision,"

he said. Ojudu, in a statement in Ado-Ekiti yesterday, therefore urged members of the APC not to give in to despair or be distraught, noting that "democracy is about the majority who have spoken clearly about their preference." Ojudu congratulated the Governor-Elect, Mr.

Ayodele Fayose, expressing the hope that he would not see his victory as a whip against perceived opposition, but rather as an opportunity to correct mistakes of the past and plan a better future for Ekiti State. He urged Fayose to eschew violence and allow peace to reign in the state.

Police will re-enact Ekiti feat in Osun, says IGP Emmanuel Onani Abuja

he Inspector General of Police (IGP, Mr. Mohammed Abubakar, has assured that the Force will deploy the massive deployment of police personnel and equipment that ensured a peaceful Governorship election in Ekiti state last Saturday, will be replicated in the forthcoming poll in Osun state. Apart from officers and men that were de-

ployed from the Force Headquarters few days before the June 21 poll, Abubakar had ordered the deployment of 3 helicopters, 5 Armoured Personnel Carriers (APCs), as well as patrol and crowd control vehicles in Ekiti state. He had justified his decision thus: “Knowing what the state used to be during elections, we have gone a step further to do all the things we are supposed to do in terms of materials and human

resources. "It is one of the highest numbers we can ever expect to deploy more than any other state that we have been because we must look at history", the IGP noted. While pledging the readiness of the police for Osun and subsequent elections, in a statement signed yesterday by the Force Public Relations Officer (FPRO), Frank Mba, a Chief Superintendent of Police, the police boss commended the orderly

conducts of Ekiti electorate, as well as that of personnel. He, therefore, enjoined citizens to, at all times, support the police in the discharge of their duties. The statement reads in full: "The Inspector-General of Police, IGP MD Abubakar, has commended Nigerians, particularly the people of Ekiti State for their enviable peaceful conduct before, during and after the June 21, 2014 Gubernatorial election held in the state.

It's victory well-deserved, says Oke Adeolu Adeyemo Osogbo

Chieftain of the Peoples Democratic Party (PDP) and former chairman, House of Representatives Committee on Defence, Hon Oluwole Oke, yesterday congratulated the newly-elected Governor Of Ekiti State, Mr. Ayo Fayose desfribing his victory as a deserved one. Oke in a congratulatory message made available to newsmen in Osogbo by his media aide, Yemi Giwa, said t "the hypocrisy of the APC and their anti-people programmes had been exposed and that is why they were

flushed out of Ekiti State." "What happened in Ekiti State was a positive signal to what is expected in Osun come August 9, 2014. There is need for us the PDP members in Osun not to under-estimate our opponents," he added, praying that, "the lord that saw Fayose through would see our popular and credible PDP governorship candidate, Senator Iyiola Omisore, through during the election." “It is high time we in Osun PDP sank our differences and work collectively and assiduously for the triumph of our party because in unity, there is strength," he added.

Pro-Jonathan group celebrates Johnchuks Onuanyim Abuja

he Coordinator of Jonathan Actualization Movement (JAM), Basirat Nahibi, has congratulated Fayose on his victory. The coordinator spoke in a letter sent to Fayose and made available to the Media. According to Nahibi, the victory of Fayose was consistent with the demo-

cratic belief of President Goodluck Jonathan: one man, one vote. She also asked Fayose to use his new office to work for the Peoples Democratic Party (PDP) and President Goodluck Jonathan’s second term ambition. Her words: "On behalf of the entire members of Jonathan Actualization Movement I write to congratulate you on your victory as the Governor-elect of Ekiti State."

L-R: Michael Opeyemi Bamidele; his wife, Oluyemisi; Oluyin of Iyin Ekiti, Oba John Ademola Ajakaiye and his Olori, during the Appreciation and Thanksgiving Service at Babamuboni Anglican Church, Iyin Ekiti…yesterday

Oyetibo commends Fayemi for conceding defeat STATESMAN

Ekiti governor gets kudos for accepting defeat like a gentleman Mojeed Alabi

enior Advocate of Nigeria (SAN) and founder of Tayo Oyetibo and Company, a law firm, Mr. Tayo Oyetibo, has commended the outgoing Governor of Ekiti State, Dr. Kayode Fayemi, for what he described as his forthright, mature, ciSola Adeyemo Ibadan

or mer Oyo state governor, Adebayo Alao-Akala, has also congratulated Fayose. Alao-Akala in a

vilised, honest and candid response to the result of the governorship election in the state. Oyetibo, in a press statement issued yesterday in Lagos and made available to New Telegraph, urged Nigerian politicians to emulate Fayemi’s character, saying they must learn that there is honour in accepting defeat and congratulating the winner in a contest. He said: “Politics and elections should be seen as a medium whereby the contestants offer to serve

the people. The people should therefore be allowed to be the judge as to who should serve them. After all, no one has a fundamental right to be the governor of a state or the representative of the people. It is against this background that the response of Dr Kayode Fayemi should be seen as the act of a man of character and honour.” He therefore advised the governor-elect to ensure that the people form the nucleus of his programmes and policies,

Alao-Akala calls it liberation

statement signed by his media consultant, Mr Abraham Ojo, and made available to newsmen in Ibadan yesterday, said it was a mani-

festation that the PDP was on ground in the South-West and that the governor-elect was popular. "The era of one par-

insisting that the masses of the state have only proved their importance in the ways and manner they are governed. As for Mr. Fayose, the Governor Elect, he should see his election as an uncommon second chance to serve in an office from which he had previously been removed. He must devote his energy and resources of the state to the service of the people. He must learn from the reasons why the people voted against the incumbent governor.” ty cajoling the people with cosmetic achievements was over. The people have learnt from their mistakes and have known those who really care for them," he said.

Sanctity of Truth

Monday, June 23, 2014

Amaechi, Ikoku warn against politicising Boko Haram convoy Leo Sobechi ome prominent Igbo leaders, including first republic Minister of Aviation, Chief Mbazulike Amaechi and Omenife Guy Ikoku, have expressed dismay over the attempt to politicize the large move-

ment of young men and women of Northern extraction in a convoy of 35 buses. In a letter written to Ohanaeze Ndigbo, copy of which was made available to New Telegraph, Ikoku urged the apex socio-cultural organization to set up “a

The number of Juventus FC players that will participate in the 2014 World Cup. Source: Goal.com

committee that should critically look at the security implications of the 486 people caught in 35 buses in Abia”. He said "every Eze, local government council, vigilante, church, state government, police and security operatives should document

N3.96bn

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

all those operating in the state as herdsmen, in the Garkis, houses, motorparks explaining that they could be used as Boko Haram cells in the South East. On his part, Amaechi, who spoke during the Ndigbo Consultative Assembly meeting

120m

The number of individuals using the internet in Africa region in 2012. Source: Itu.int

in Enugu, weekend, wants the security agencies to establish those behind the 35 buses and their human cargo, recalling how shortly after the war, one Igbo housed a battalion of Nigerian Army in his country home only to be rewarded with a ministerial appointment later. He remarked that if indeed the travelers were actual tradesmen or artisans, the security agencies should

be allowed to establish their line of trade, bank account details, place of apprenticeship, last residence and expected point of abode at the final destination. The elder statesman called on governors of the South East not to be intimidated but feel free to consult widely so as to ensure that the South East was not used once again to destabilize the socioeconomic stability of the country.

Jang denies receiving N50 billion SURE-P Funds Musa Pam

Jos

L-R: Chairman, Lekki Free Zone Community Relations Committee, Hon. Muslim Folami; Lagos State Commissioner for Commerce and Industry, Mrs. Olusola Oworu; Permanent Secretary, Ministry of Commerce and Industry, Mr. Wale Raji; and Chairman, Lekki Coastal Area Development Association Resettlement Community, Ibeju - Lekki Area, Alhaji Tajudeen Jegede, during the presentation of Certificate of Occupancy for 375.09 hectares of land in line with the Memorandum of Understanding on the Lekki Free Zone at the Conference Room of the Lekki Worldwide Investment Limited, Ibeju Lekki, Lagos

5m people displaced by insurgency, says Owan-Enoh

Chibok girls: Baraje preaches negotiations

Sola Adeyemo

Biodun Oyeleye

Ibadan

hairman, House Committee on Appropriations in the House of Representatives, Hon John Owan-Enoh, has said that Nigerians now live in a state of nature where life is short, nasty, solitary and brutish due to Boko Haram insurgency. The lawmaker said this while delivering the 2014 Annual World Refugee day lecture organized by the Centre for Peace and Conflict Studies, University of Ibadan entitled: “Conflict and the Family: The humanitarian impacts of War and Insurgency on the Nigerian Family”. He called on the National Assembly and government at all levels to reach out to families torn

change of name

david

I, formerly known and addressed as MISS KELECHI REX GEORGE now wish to be known and addressed as MISS ESTHER IFEANYI DAVID. All former documents remain valid. General public should please take note.

apart by conflict irrespective of religious/political affiliation, race or tribe, adding that every life in each family counts. Owan-Enoh lamented that owing to Boko Haram and other internal crises, the number of internallydisplaced persons in Nigeria has increased to over 5m people. “The Nigerian legislature should be at the fore front of bringing solution to the problem of insurgency in the country by providing solutions and not contribute to the problems”, he said. According to him, apart from the Boko Haram insurgency which has ripped apart the fabric of the Nigerian society, violent and ethnic conflict has increased the number of internallydisplaced Nigerians. He added: "Since the emergence of Boko Haram in Nigeria, life is no longer normal for the people. People have been denied their freedom of movement and are constantly living in fear because of various shades and dimensions of Boko Haram attacks."

Ilorin

chieftain of the All Progressive Congress (APC), Alhaji Abubakar Kawu Baraje has urged the federal government to use everything strength it could muster to secure the release of the kidnapped Chibok girls. Baraje spoke with newsmen in Ilorin, Kwara state during the graduation of 136 students of his school, Baraje Centre for Arabic and Islamic Studies. He said that no sacrifice will be too much to make by the Nigeria government to secure the release of the girls. Baraje, while lamenting that Nigeria is in its worst security situation so far argued that if powerful nations like the United States of America could swap five prisoners to secure the life of an America soldier, it will not be too much for the federal government to negotiate and meet conditions allegedly set by the Boko Haram sect for the release of the abducted girls

His words: "Whatever kind of appeasement that will appease those holding these girls should be done, whether negotiation or transition, we saw America do it. Just for one person, America released about five insurgents. Asked if he was satisfied with government's efforts on the abduction so far, the APC chieftain said until the girls were released nobody would believe that any efforts were being made by the federal government to bring them back. He stated that efforts were in top gear to affiliate his Islamiya School with Al-Ansur University in Saudi Arabia to further provide opportunities for graduates to attain higher education. He also donated an American made 80 seater bus to the school to ease the movement of students and staff. He expressed delight that the school which started with just four pupils had grown beyond expectation saying" admission will now be on first come first served basis."

lateau state Governor Jonah David Jang over the weekend denied receiving the sum of N50 billion SURE-P funds meant for the state. According to him, the accusation is baseless and does not contain any single truth or fact, saying people are just peddling rumours of falsehood to deceive the citizens of the state. Jang stated this while inspecting the old Airport Road construction, linking Rayfield and Abattoir towns. He said: "We thank God who has enabled us to build these roads. In fact, I don't even know how we get the money

which we use in constructing these roads, yet somebody will be peddling false rumours that I stole N5O billion. If I have N50 billion, we would have finished all these roads in the state before now." The governor challenged Journalist in the state to tour all the seventeen Local governments to witness what he has done. "I challenge you all to investigate whether Jang has received any N50 billion SURE- P", he said. A group known as Plateau Patriotic Front had petitioned the House of Assembly stating sundry allegations of gross financial misconduct. They accused the governor of embezzling N50 billion SURE-P funds meant for the State.

Ogun sensitises 11,000 CDA members on insurance scheme 11,000 Community Otionver Development Associa(CDA) members have

been sensitised on Community-Based Health Insurance Scheme (CBHIS) to enable them educate other members of their community on the importance of participating in the scheme. The programme, which involves state and local governments, will result in an accelerated upgrading of Primary Healthcare Centres (PHCs). Commissioner for Health, Dr. Olaokun Soyinka, said CBHIS will also lead to an increase in the number of healthcare workers with regular training to boost their effectiveness, greater community participation and an expansion of emergency services. “In short, it will lead to a state-wide resuscitation of primary healthcare services evidenced of the people-oriented nature of the Governor Ibikunle Amosun's administration,” he said.

According to a press statement by the Information Officer in the Ministry, Mrs. Seun Makinde, the commissioner enumerated some of the benefits of the scheme to include self-sustaining health care delivery system, community involvement and participation in dayto-day running of health facilities, job creation and economic empowerment, among others. Soyinka also revealed that the first of the nine model hospitals to be constructed across the state has been completed at Totoro, Abeokuta North and will be commissioned soon, saying that the project ‘is ongoing and we expect to complete the majority of the rest in the next one year.’ The commissioner emphasised that there are steady improvements taking place in every single area of the health sector. “Cumulatively, this is resulting in measurable improvements in the health status of Ogun State residents,” he submitted.

NEWS

Sanctity of Truth

Monday, June 23, 2014

FG to spend N268.37bn SURE-P fund on infrastructure

he Federal Government would spend N268.37 billion on infrastructure in the country in 2014 under the Subsidy Reinvestment and Empowerment Programme (SURE-P). SURE-P Chairman, Gen. Martin Luther Agwai (rtd), said this when he featured at the News Agency of Nigeria (NAN) Forum in Abuja. “The president promised the Nigerian people that the money from the partial removal of subsidy would be set aside and judiciously used to be managed by a group of credible Nigerians,” he said. According to Agwai, the Federal Government takes 41 per cent of the subsidy money with 51 per cent going to states and local governments while five per cent is left for ecological matters. He said that the Federal Government appropriated N180 billion yearly as SURE-P federal money, adding that the current budget included the roll over from 2013 budget. Agwai explained that N88.37 billion of the amount appropriated for SURE-P in 2013 was not accessed as some of the programmes set aside for intervention did not meet required criteria.

He said: “In the budget of last year, N88.37 billion was not assessed by some of the programmes. And, we have criteria that we measure for us to intervene in the tune that government has asked us to intervene in a project or in a programme. “And if you do not meet those criteria we will not release the money. So, because of that we now have to roll over N88.37 billion from last year’s budget to 2014 budget. “And that is why if you add N180 billion to N88.37 billion, it will give you the N268.37 billion that we have in the budget this year.” According to Agwai, government has designed SURE-P as an instrument that will build the capacity of Ministries, Departments and Agencies (MDAs) on project implementation. He said this was why the managers of SUREP were working with the MDAs through their Projects Implementation Units (PIU). He explained that the PIUs were the link between SURE-P, the project and the benefiting ministry, adding that this was meant to ensure proper project monitoring and evaluation.

NBA commends INEC on Ekiti poll Adesina Wahab Ado-Ekiti

he Election Working Group (EWG) of the Nigerian Bar Association (NBA) said yesterday that the Ekiti State governorship election was free and fair. It said there was hope for the nation if the Independent National Electoral Commission (INEC) could maintain the transparent manner it conducted the poll. The EWG stated this in its report on the Saturday’s election. The report was signed by the Chairman of the group, Dafe Akpedeye, a Senior Advocate of Nige-

ria, SAN. The group deployed a total of 36 observers, which included members of the NBA in all its branches in Ekiti State. The governorship poll was won by the candidate of the Peoples Democratic Party, PDP, Ayo Fayose, a former governor, who polled 203, 090 votes, while the incumbent governor and candidate of the All Progressives Congress (APC), Kayode Fayemi, polled 120, 433 votes. The Labour Party candidate, Opeyemi Bamidele, got 18, 135. Fayemi has since congratulated the winner of the poll.

Ekiti 2014: Wada congratulates Fayose Muhammad Bashir Lokoja

ogi State Governor, Idris Wada, has congratulated the Ekiti State governor-elect, Dr. Ayodele Fayose, over his victory at the just concluded gubernatorial poll. Wada, in a message signed by his Special Adviser on Media and Strategy, Mr. Jacob Edi, described the outcome of the election as a ‘loud voice of the masses’ and an endorsement of programmes of the Peoples

Democratic Party (PDP), the party under which Fayose contested the election. The governor went further to advise the governor-elect to pursue programmes and policies that will put the people first thereby justifying the confidence the electorate re-posed in him. The governor also felicitated with the people of Ekiti State, the Peoples Democratic Party, PDP, and the Independent National Electoral Commission, INEC for a successful election.

L-R: Vice Chancellor, University of Lagos, Prof. Rahaman Bello; Guest Speaker, Mallam Nasir El-Rufai and Chairman of the occasion, Otunba Lateef Owoyemi, during a National Discourse, entitled “Corruption and the Challenge of Good Governance” Organised by The Companion Association of Muslim Men in Lagos…at the weekend

37.5%

The percentage prevalence of diabetes (20-79 years) in Tokelau in 2013. Source: Idp.com

80,000

The total number of internet users in Niger Republic in 2010. Source: Blatantworld.com

1.04

The number of fixed-telephone subscriptions per 100 inhabitants of Ethiopia in 2010. Source: Itu.int

Akwa Ibom Assembly plans welfare packages for ex-lawmakers WELFARE

Akwa Ibom House of Assembly plans benefits for its former members Tony Anichebe

orried by the plight of former lawmakers in Akwa Ibom State, Speaker of the House of Assembly, Elder Sam

Ikon, had concluded arrangements to rehabilitate them to enhance their economic fortunes once again. To this end, a steering committee to run the affairs of congress of former legislators in Akwa Ibom State has been inaugurated. The steering committee has Hon. Ignatius Kevin Edet, as chairman and Hon. Nse B. Ekanem, as secretary. Other members of the committee are Hon. Adasi Obolum, Hon. Peter

Linus Umoh, Hon. (Mrs.) Sarah Essikot, Hon. (Sir) Joseph Umana and Hon. Aniedi Ndem. Inaugurating the committee, the Speaker, Akwa Ibom State House of Assembly, Hon. Samuel Ikon, said the steering committee will run the affairs of the congress till election into various offices. The Speaker listed the term of reference of the committee to include the day to day running of the conference, the unification of the conference and

to frame a bill that will take care of the welfare of former legislators. While congratulating members of the committee, the Speaker said henceforth, no statement issued by any other person on behalf of the congress will be honoured anywhere in the state. The Speaker assured them that the fifth Assembly will work hard to ensure that the proposed bill will be passed within the life span of the fifth Assembly.

Ondo PDP ask APC to congratulate Fayose as Oke congratulates Ekiti gov-elect Babatope Okeowo Akure

he Ondo State chapter of the Peoples Democratic Party(PDP) and its candidate in the last governorship election, Chief Olusola Oke yesterday congratulated the governor-elect of Ekiti State, Mr Ayo Fayose and advised the opposition All Progressive Congress(APC) to accept defeat in the election. Both the PDP and Oke said the victory of the PDP's candidate in the Ekiti election showed that the people of the Southwest are tired of the 'misrule' of the rival APC. In statements signed by Messrs Ayo Fadaka and Kunle Adebayo, the Publicity Secretary of PDP and Media Adviser to Oke, respectively also advised Fayose to live to the expectations of the people who voted him into office. Fadaka said "We also congratulate the PDP in Ekiti State for bouncing back to power in grand style, by this victory, the PDP has emphatically

signified its determined resolve to overtake and vanquish the boisterous APC and the pretending Labour Party in the a South West in the coming elections. "We also praise the people of Ekiti State for taking a bold decision to liberate their State from the vice grip of deceit, grandstanding and mere symbolism that characterized the outgoing APC administration in the State. "The landslide victory of Fayose in this election not only clearly gives expression to the complete disenchantment and detachment of the people with the outgoing administration, it indeed signify a challenge and immediate call to duty to both Fayose and PDP to put in place a proactive government that will engender capacity building and constructive development of the State.We encourage Dr Kayode Fayemi and the APC to accept this result of this election as the outright desire and wish of the people."

Describing Fayose's victory as true' victory for the People', Oke said the victory has significantly end the reign of the APC in the southwest geopolitical zone. His words "For every season there is always an end, just as there is time to sow, so also is there time to reap. As there is time to manipulate so also is there time for the repercussion.The APC has gone just as it came and the results of the contest is the recessional hymn commending it to past memories in Ekiti. "This deserved landslide victory of Mr Peter Ayodele Fayose is therefore a confirmation that the people of Ekiti and indeed the Yoruba people have always loved and preferred the PDP as the most credible driver of true development, opportunities and change. "The success of Fayose is not surprising considering the fact that the people of Southwest and Ekiti state in particular have tasted the tenures of the two parties, and have gone

back to the basics and chosen a candidate, whose records and antecedents show performance, originality and true love for the people. "Unlike in Ondo state where a bat has been pretending to be a bird, Mr Fayose, as the only PDP Governor in the southwest, will provide an effective and genuine platform as well as credible rallying point for the entire PDP in Yorubaland. "By this victory, the road is hereby closed to fake, inferior and pretentious politicians who have always sought to take advantage of Mr President and the national leadership of our party with subversive friendship, opportunistic hugs and poisonous kisses. "Mr Fayose will provide a truly authentic platform for campaign and solidarity for our great party throughout southwest unike some "friendly" governor who prefer to "campaign" for the President and his party in other places except their own states.

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MONday,JUNE 23, 2014

A sinking house

0802 393 8212

A street which has become impassable

Another abandoned road

Eleshi community: Living on the precipice

Eleshi community, a slum on the outskirts of Lagos metropolis, is a disaster in waiting, writes CAMILLUS NNAJI

lums are natural components of many urban cities of the world. Across the globe, there are those who live in the fringes. But Eleshi community in Ogudu in Kosefe Local Government Area of Lagos State is probably one of the dangerous slums to live. At Elechi, many houses have either collapsed or on the verge of collapsing. About 80 per cent of the houses are sinking. Several others are disasters in waiting. Those who could afford to leave have relocated, while others are living in uncertainty. The residents of Elechi community are only hoping the government may one day remember them in its distribution of social amenities. The community has no good roads and drainage channels; though these amenities may not solve the people’s problems. The community is located in a swamp. According to the residents, when it rains, the canal over flows its banks and empty its contents into the community. Also, the people battle with perennial flooding. As a result, household items and other valuables worth several millions of naira have been lost. One of the residents, Mrs Ifeoma Okafo, said the people lived at the mercy of flood and dangerous reptiles. She said: “This canal overflows between September and December every year. There is a type of water that the flood brings which is called ‘Iya Laro’ that flows

all the way from Benin. The water is very dangerous as it brings all sorts of dangerous animals and reptiles like snakes, etc. The water is very salty and when we step inside it, our legs will be peeling off. This is true and it happens every year.” On why the people are still living at the area and building more houses, Okafo said there was nothing like government presence in the community. She added: “When they come, they will only stop on the hills without descending to the valley where Eleshi people are living. “The Lagos State Waste Management Authority (LAWMA) does not come here. We throw away waste and live on it again. Sometimes waste also blocks the free flow of the canal which is dangerous to us and causing building collapse.” Despite the environmental degradation in the area, living in Elechi is still expensive. According to Okafo, a room costs as much as N4,000 per month. “You can see my compound, it was flooded about five times last month and all the water entered inside the rooms which we rented N4,000 a month,” she said. Elechi community has a private nursery primary school which is over-populated. Proprietor of the school and secretary of the landlords’ association, Mr Osita Stephen, said lack of good roads was a major problem confronting the people. He said: “We do not have a good drainage system to channel rainwater to the ca-

nal. When it rains, the water from Ogudu area and the GRA will flow downhill to meet us. “The canal is another problem because it sometimes overflows unexpectedly, wreaking havoc here. “We have made efforts to help ourselves Another sinking house to construct drainage on our own, but the and drainage channels in the area. cost is too high. Again, the residents are He said: “We see your medium as an not supporting our efforts. The local gov- opportunity to tell the Lagos State Government started a road construction and ernment and the Kosefe Local Governstopped midway. It is time the government ment Area to assist Ogudu in the area of came to our aid.” road construction and drainage. Even the Stephen also spoke on the security street leading to the palace is not motorsituation in the community, which he de- able. “The government should help rescue scribed as very porous. “One man was killed here by assassins the situation there at Eleshi. Some people in the middle of the night last month. are living on the waterways, while others There is no security here,” he added. are displaced. Another resident, Godwin Dike, said “As for accessibility to the area, you that the community needed drainage will need rain boots to visit the area now.” channels that would take away rainwater Reacting on the issue, the Public Redisturbing the people. lations Officer of Kosefe Local GovernDike said that the people were living ment, Mr Kehinde Daniels, said the adat the mercy of the flood because, accord- ministration based execution of projects ing to him, when it rains, every house is on people’s need. flooded. He said: “On a yearly basis, we have He said the residents could only do a people-oriented stakeholders’ forum their own part by pouring granites on where representatives of different conthe roads to check flooding. stituencies and communities meet with The Oba of Ogudu, Oba Waheed Faho- the management of the council on the la, also bemoaned the poor state of roads requests of their people. “We have done a lot of projects at Ogudu. We have completed the Ogudu-Ojota Road. We have given Ogudu a borehole at Balogun Street. We have renovated and One man was killed equipped the community health centre. here by assassins in Now, the Alhaja Abass Street Road conthe middle of the night struction is on at Ogudu. last month. There is no “Eleshi is one of the small communities under Ogudu. So, once we approve security here project for the area we shall do it.”

METRO

Night guard dies inside well

Fire fighters trying to recover the body. Inset: The well

DEATH For an offer of N19,000, a security guard at a filling station, loses his life while attempting to clean a well Taiwo Jimoh

night guard, identified as Abubakar Mukthar, has died in a well at No 79, Aina Street, Ojodu Berger area of Lagos State. It was learnt that the deceased, who

hailed from Zamfara State, was contracted by the landlord to evacuate dirt inside the well. It was also gathered that the late Mukthar, who was also a cobbler, knew nothing about well but was attracted because of the offer of N19,000 to clean the well. When our correspondent visited the scene of the incident, officials of the Lagos State Fire Service were trying to bring the body out of the well. A witness said that one of the fire fighters, who went into the well to bring out the body, also fainted inside the well.

He was brought out and resuscitated by officials of the Lagos State Ambulance Service (LASAMBUS). Ismaila Hassan, a Hausa in the community, said the late Mukthar was a cobbler and guard at filling station in the area. He said: “We were surprised to hear about his death this morning. I don’t know when he became a well digger. I knew he was a cobbler and night guard at a filling station.” The late Mukthar brother, Muhammed Ali, also expressed surprise the man wanted to clean a well. A resident, who claimed anonymity, the man had died inside the well about 11am while they thought he was working inside. She said: “It took the fire service men hours to bring out the body from the well. Policemen from Ojodu Police Division were there to control the crowd who gathered to have a glimpse of the man.” After the body was recovered from the well, policemen from Ojodu Division almost stopped his family members from taking it away, saying that they were not yet done with their investigation. This led to an altercation between the Hausa community and the police who later released the body for burial. After that, the Muslim community in Ojodu took the body away for burial at Isheri Muslim cemetery.

NSCDC urges private security firms to share information Taiwo Jimoh

he Lagos State Commandant of Nigeria Security and Civil Defence Corps (NSCDC), Mr Donatus Ikemefuna, has called on private security guards to share information to tackle the insecurity challenge in the country. Ikemefuna made the call in Lagos yesterday at a one-day sensitisation workshop for private guard companies in the state. According to him, the national security agencies such as the police, the military, the NSCDC, the State Security Service (SSS) cannot secure the nation alone. He said that the workshop with the theme: “Imperative of Training of Efficient Security Service Delivering,” was informed by the recent security challenges in the nation, adding that it was to ensure safety of lives and property in Lagos State. Ikemefuna, who spoke through the Deputy Commandant, Mr Daniel Apeh, said the security of the nation should be taken seriously by every concerned citizen. The commandant advised that security matter should not be left in the hands of

Stakeholders after the workshop

security operatives alone. According to him, security challenge in the country needs proactive measures. He said: “The people should be conscious of what is happening around them and endeavour to alert any security agency around them for immediate action.” Ikemefuna said gathering information, if channelled to appropriate quarters, would help in combating crime. “Security operatives are not magicians but they need information and collaboration from the public. If there is enough

synergy between the security agencies, information will flow freely across board and this will ensure efficient security service delivery,” he added. Ikemefuna further said training and re-training of private guards’ personnel would enhance security operation and reduced loss of lives. The Commandant said the workshop featured lectures on drills, code of conduct for private guards, office etiquette, courtesy on beats and work places, public relations and customer satisfaction among others.

Monday, June 23, 2014

19-year-old boy steals car during church vigil

Ahmed

Juliana Francis

19-year-old Libyan, Jimoh Ahmed, who specialises in stealing choice cars, is now telling the police some of the secrets of his trade. Ahmed was arrested by men of the Special Anti-Robbery Squad (SARS), Ikeja, Lagos, after reportedly stole a Honda car parked in a church premises, during a vigil. The suspect said that his best friend introduced him to robbery when they were still in secondary school. Ahmed, who claimed that his father is a Libyan and mother a Chadian, said he was arrested for removing a car parked in the street. Once he removed the cars, he tries to locate a buyer. He confessed that he does nothing useful with the money, aside from buying designer clothes and shoes. The suspect said that he was nabbed at Mile 12 area of Lagos State by the owner of the Honda ‘Bulldog’ car, who alerted the police. He said: “I was arrested in possession of Honda Accord car. I removed the car from where it was parked at Iyana-Oworo area. I had somebody who used to sell the cars for me, but he was not around, so I tried to sell the Honda, but buyers keep leaving, saying I was too young. It was because of that the car stayed too long in my possession.” Since nobody was willing to pay for the car, Ahmed decided to start cruising about town with it. One fateful day, he was driving along Mile 12, with a friend in the car, when a car suddenly overtook him. A woman came out and held Ahmed, screaming that the Honda was her stolen car, which she had been searching for. He said: “She was right behind me, inside another car, when I was driving her Honda car. It was actually the number plate that made her to know it was her car. I was later blocked by policemen.” According to him, the adult who used to assist him in selling the stolen cars knew that he is a robber. “I started driving when I was 16. I wanted to become a professional driver. My ‘mechanic friend’ used to give me car keys which I used to unlock the doors of any Honda product. Once the door opens, I’ll try the ignition and once it starts, I drive off,” Ahmed said.

METRO

Monday, June 23, 2014

Driver, commuters must wear uniforms from July, says Opeifa Muritala Ayinla

agos State Government yesterday announced that it would commence full enforcement of the Lagos Traffic Law 2012 on July 1. The Commissioner for Transportation, Kayode Opeifa, who made the disclosure at the weekend, said the government had issued a final ultimatum to recalcitrant commercial bus drivers and conductors to register their business with the government or stop doing business in the state by next Monday or have their vehicles impounded. Opeifa said the delay in the implementation of new transportation policies such as the use of uniforms and badges by commercial bus drivers and conductors was

due to low level of compliance of drivers in the on-going accreditation exercise. The full accreditation of the transport operators, according to the commissioner, will fast rack the enforcement and implementation of uniform policy for commercial bus drivers which will further enhance the security of commuters’ lives and properties. He disclosed that out of the estimated 80,000 commercial vehicles and drivers in the state, only 24,257 vehicles and 28,902 drivers had registered, while 7,637 taxis had also complied with the documentation of commercial vehicles. Opeifa said despite the extension granted, the government was unimpressed and disappointed with the low level of compliance which had slowed down the need-

LASTMA officials, tricycle riders clash Juliana Francis

fficials of the Lagos State Transport Management Authority (LASTMA have seized over 20 tricycles, popularly called Keke Marwa. Attempts by the tricycle riders led to a clash with LASTMA officials. The clash, which broke out on Saturday at the PWD area of Ikeja, caused disruption in the movement of commuters in the axis. Many commuters were forced to trek long distances because the tricycle riders decided to withdraw their services. Those heading towards Ikeja, Con-Oil, Police Command, General Hospital, among other places, were forced to trek to their destinations. The riders also accused LASTMA officials of demanding N20,000 from owners of the impounded tricycles. Some of the riders, seen at Police Command, POWA axis, could not explain why LASTMA officials started to impound their tricycles. The President of Path of Peace Initiatives, a Non-Governmental Organisation, Mr Dandy Eze, fighting on behalf of the riders, said that the LASTMA officials were fond of impounding the tricycles wherever they ‘needed money’. According to him, whenever they seize such tricycles, they demand between N5,000 and N10,000 from each of the owners. He said: “On Saturday, a LASTMA official and a man

in a private vehicle had a problem at the PWD, close to where the riders have their park. The altercation between the LASTMA official and the driver of the car, led to exchange of fisticuffs. Other LASTMA officials came to arrest the man. “Barely some minutes after the arrest of the driver, they reenforced and came out to start impounding tricycles at the PWD Park. They seized over 20 tricycles at PWD branch. “This is what they used to do every time. They will pounce on them and demand N5,000 or N10,000 bribe before they release the tricycles. If they fail to give the bribe, they will give them ticket to pay N50,000. “Governor Babatunde Fashola should call LASTMA officials at PWD to order. We have discovered that LASTMA officials are more corrupt than the police. “Right now, they are demanding N20,000 each from those whose tricycles were impounded on Saturday.

ed reform in the public transport sector. The reform, he said, was intended to create jobs, wealth for existing operators and enhanced sustainability to improve service delivery. He said: “The state government is committed and ready to implement this policy to the letter having waited for another six months to ensure strict compliance. “The full enforcement must commence immediately as transport unions with their documentation had made us believe that there are only 24,257 vehicles, 28,902 drivers, 591 conductors and 7,637 taxis in the state. “To this end, with effect from July 1, 2014, only the registered

comply with the police, which began since November 2013. The commissioner added that with effect from July 1, operators who were yet to be documented would do so at the stipulated cost of N20,000 for the commercial vehicle owners, N5,000 for drivers and N2,000 for conductors accreditation. He said: “In addition, apprehended offenders will be fined the minimum of N20,000 as stipulated in the Lagos State Road Traffic Law 2012. “I implore those who have complied with the documentation to feel free to go about their normal business activities at the commencement of the full enforcement.”

Nursing mother accuses policeman of assault Juliana Francis

nursing mother with a monthold-baby has accused a policeman attached to the Special Anti-Robbery Squad (SARS) in Awkuzu, Anambra State, of slapping her after she was arrested along with her husband. Mrs Ifeyinwa Ihejiagwa said that she heard of her husband’s arrest but before she could get to the shop where her husband sells wine to ascertain what the matter was, the policemen had whisked her husband away to an undisclosed location. She was attempting to find Ihejiagwa out from neighbours where her too long and stepped into the mathusband, Chiagorom Ihejiagwa, ter, insisting that Ihejiagwa’s fun31, had been taken to, when the damental human right had been policemen returned and arrested infringed upon. Ihejiagwa’s wife was released her. It was gathered that Ihejiagwa, the next day and she reported that a businessman who has a wine she was ‘physically and emotionshop at ‘Triple M Plaza,’ Asaba, ally molested and detained’ and Delta State and his wife, Ifeyinwa, that one of the officers slapped a nursing mother of a month-old- her. But Ihejiagwa has been in baby were arrested and detained custody for almost three weeks. on May 29 by some operatives of NOPRIN National CoordinaSARS, Awkuzu, Anambra State. tor, Mr Okechukwu Nwanguma The Network on Police Re- said Ihejiagwa’s family members forms in Nigeria (NOPRIN), felt and counsel had not been allowed Ihejiagwa had been detained for access to him and they believed

that he was being tortured to make ‘confessions’, as was the common practice in SARS. He said: “NOPRIN is informed that prior to the arrest of Ihejiagwa, one of the policemen, nicknamed, ‘Pele’ was calling him, accusing him of having bought a stolen vehicle and demanding that he should bring his ‘own share’. “Ihejiagwa denied the allegation of buying any stolen vehicle and refused to give ‘Pele’ the money he demanded. It was after this that ‘Pele’ and others arrested and detained him.” According to Nwanguma, 16 days after Ihejiagwa’s detention, the police have continued to deny him access to family and legal representation and have not disclosed any intention to charge him to court for any offence. “About 7pm on that same day, Ihejiagwa’s younger brother, Callistus, a lawyer, based in Owerri, Imo State, who had also been informed about the aforementioned development, called his arrested brother’s wife to know where she was. But her phone was switched off,” said Nwanguma.

‘We’ve ensured judicious use of SURE-P fund’ Muhammad Bashir Lokoja

Kayode Opeifa, Commissioner for Transport

drivers and conductors on our database are permitted to operate commercial passenger vehicles in the state and all others found on our road ways will be apprehended. “All law enforcement agents, such as the Vehicle Inspecting Service (VIS), Lagos State Transport Management Authority (LASTMA), the police and the Federal Road Safety Commission (FRSC) have been directed to ensure strict compliance with the law. “While the documentation exercise is supposed to be at a cost to the operators, we have for the last eight months provided the services free of charge.” Opeifa regretted that some commercial vehicle drivers refused to

he Chairman of IgalaMela/ Odolu Local Government Area of Kogi State, Zakito Umar, has said that the money under the Subsidy Reinvestment and Empowerment Programme (SURE-P) had been judiciously applied to projects with direct impact on the lives of the people. Addressing journalists on an assessment tour of projects executed by the chairman under SURE-P, yesterday in Ajaka, headquarters

of the local government, Umar said that all the projects executed were products of town hall meetings to ascertain the different needs of each community. He said the control of erosion menace at Ajaka, which was a threat to the entire community, was one of the achievements of the intervention, noting that more steps still needed to be taken to fully secure the area in subsequent phases of the programme. According to him, the construction of a bridge at Alaba has brought great relief to the com-

munities in the area as the journey, which usually takes several hours before, can now be undertaken in less than 30 minutes, saying that farm produce can now be conveyed to the markets very easily. He said he has been able to open up roads in several villages which previously has no access to other communities, even as he noted that his administration has undertaken several other projects outside SURE-P, in the areas of rural electrification, supply of transformers to boost electricity, youths and women development.

12 NEWS

Sanctity of Truth

Monday, June 23, 2014

Unions kick against choice of professors as provosts in Edo OUTSIDER

Colleges of Education and Institutes also want insiders to be rewarded Cajetan Mmuta BENIN

coalition of unions of Edo State tertiary institutions yesterday tasked the state government to ensure strict adherence to the templates of the National Commission of Colleges of Education, (NCCE), 2006 and the Ministry of Education in appointing provosts. This followed an in-

53.%

tense lobby for the post of provost of the College of Education, Igueben. Members of the unions also frowned at the appointment of persons from universities as provosts into the Colleges of Education, Ekiadolor; College of Education, Igueben; School of Agriculture, Iguoriakhi and the Institute of Management and Technology, Usen. They stated that keying into the standard of the template would eliminate possible acrimony and crisis that usually trail such appointments. President of the Coalition of Unions of Edo State Tertiary Institutions, Fred Omonuwa, expressed satisfaction at the cordial relationship between unions of

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

tertiary institutions and the state government. He however appealed to the state government to ensure the payment of their 16 months arrears. He said, “The issue of appointing provosts into our institutions is very dear to us. We found out that there is this tradition of always appointing provosts into these colleges from outside which is not in tandem with the regulation of the National Commission for Colleges of Education (NCCE) and the agreement we had with the Federal Ministry Education in 2003." According to him, “If you see the templates for the appointment of provosts, you will find out that a provost into any college of Education must be

The number of players from the Spanish Premier Division that will participate in the World Cup in 2014. Source: Goal.com

a chief lecturer for at least five years and must not be more than 55 years old at the time of assumption of office. But most times, they bring in professors from universities which is unacceptable to us." The body stressed that the template for appointment must be strictly adhered to in line with what the Ministry of Education says presently. We know right now that College of Education, Igueben is about to have a new provost because the tenure of the current provost has expired and we are hearing that there are attempts to bring in a provost from outside. In any case, we want to urge the government to use the existing template for appointment."

N5.2bn

The IGR realized from PAYE (taxes) of Cross River State in 2012. Source: National Bureau of Statistics

Ihenacho hails Umeh's victory, urges APGA to close ranks Steve Uzoechi OWERRI

overnorship aspirant and chieftain of All Progressives Grand Alliance (APGA) in Imo State, Emmanuel Ihenacho, has described the appeal court judgment that upheld Chief Victor Umeh as the national chairman of the party as a clear vindication of the stand of his camp that had remained consistent and solidly behind Umeh's leadership. He however noted that it was neither time for the blame game nor time to even scores, but time for stakeholders in the party to close ranks and rally round the party leadership, insisting that continued crisis can only dim the chances of the party in 2015. The Emekuku-born politician and businessman who spoke with newsmen in Owerri, Imo State, expressed optimism that Umeh's victory marked the end of an inglorious era of crisis and divisive politics in the party. "The appeal court victory which upheld

Chief Victor Umeh as the national chairman of APGA is obviously consistent with our stand since we joined the party. We have always believed and worked with his leadership as we never had doubt of the authenticity of his national executive. We publicly made known our stand on the leadership tussle that bedevilled APGA even at the point of joining the party. This victory has, among other things, brought to an end the crisis and divisive politics which portend grave implications including creation of undue disaffection within the ranks of our great party. I strongly believe that with this latest victory, APGA stakeholders will definitely close ranks and strategize ahead of the 2015 general elections," he said. The former Interior minister reaffirmed his commitment and desire to work with other chieftains of the party both in the state and at the national level to rebuild and reposition APGA towards reclaiming Imo State in 2015.

Group opposes Nwapa's second term ambition Charles Onyekwere ABAKALIKI

Youths jubilating in Ado Ekiti over Ayo Fayose's victory in Ekiti State…yesterday.

PHOTO: GODWIN IREKHE

Brazil 2014: Wike hails PDP Rivers chieftains

Joe Ezuma

Port Harcourt

eoples Democratic Party (PDP) faithful and party officials were at the weekend urged to gird their loins in readiness for the battle ahead in 2015 just as they were commended for their resilience, consistency and hardwork despite all odds. The supervising Minister for Education, Mr. Nyesom Wike, gave the commendation in Port Harcourt at the orientation of chairmen of the party in the 23 local government areas of the state and other stakeholders sponsored by the party to travel to Brazil

to cheer the Super Eagles to victory at the ongoing 2014 world cup. Wike who was happy about the growing strength of the PDP in the state and the doggedness of its members said: ''We are not in government but we are in government. The so- called government we have in the state is a comatose government. We have already taken over the reigns of power.'' He told the over 50 party beneficiaries of the Brazilian tour and crowd of party members at the PDP Secretariat in the Rivers Capital that their sponsorship was part of compensation for hardwork and warned them

to brace up for more challenges and harder work after the tour. ''This time around, you must work and work because from July, we want to make sure that our party gets more strength. So, as you return know it that you are coming to work even harder and be committed, so that we can flush out those of them who are still remaining here,' he charged He challenged the Rivers State Government to sponsor its chairmen and party faithful to the World Cup, adding however, '' But I will not be surprised if tomorrow they say all APC chairmen will travel . But we have set the standard for

them.'' He thanked Presidnent Goodluck Jonathan for his statecraft exemplified in the reform agenda and support for the party in Rivers State, saying, '' It has not been easy, he has been giving us support and we in turn, we will have to give him the necessary support.” The minister commended the PDP Chairman in the state, Chief Felix Obuah, for what he called his exemplary leadership and coordinating ability in piloting the affairs of the party in the state, praising him for selflessness and broadmindedness in handling the chairmen’s sponsorship to Brazil.

group that goes by the name, Eye of Niger Delta (END), has threatened to frustrate the second term ambition of Ernest Nwapa, the Executive Secretary, Nigerian Content Development Monitoring Board (NCDMB). The group, which spoke yesterday in Port Harcourt, Rivers State capital, during their emergency meeting, briefed journalists on the planned protest against Nwapa’s second tenure ambition which has been scheduled to hold on today in Yanagoa, Bayelsa state capital. The leader of the group, Tari Victor Ben, said the youths would barricade the office of the NCDMB in Bayelsa State during the planed peaceful protest in the state. He said his members and other youths in the Niger Delta region had been mobilized to participate in the peaceful demonstration to ensure that Nwapa did not come back to NCDMB as the Executive Secretary. Explaining the NCDMB’s boss offence, Tari said Nwapa failed to promote the purpose for the creation of the board by President Goodluck Jonathan’s

administration whom he said initiated the idea to encourage local contractors. He said Nwapa’s tenure as NCDMB boss did not only fail Nigerians, but was robbing Nigerians by allying with foreign contractors to jeopardise the chances of local contractors to get contract in Nigeria. Tari said: “There is no going back on the Monday protest. We will do anything to stop Nwapa from seeking his second tenure bid. His tenure ends on April 2014, yet he has refused to leave the office; instead, he has been mobilising everywhere to come back as the executive secretary of NCDMB. “It is time to stop all those who have betrayed Nigeria especially the Niger Delta region from occupying position of trust. END is made up of youths with high sense of decency and integrity, we cannot succumb to threat or intimidation but to do what is right for Nigerians, particularly the Niger Delta region. Efforts made to reach Nwapa to react on the issue proved abortive as he did not pick his calls, though a text message detailing the issue was forwarded to him.

POLITICS MONDAY, JUNE 23, 2014

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DEPUTY EDITOR, POLITICS

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Not even in the worst days of the abhorrent military dictatorship were things done this brazenly, with citizens being denied their fundermental rights of free movement, free assembly and free expression. -Lai Mohammed

2015: 500 POLITICIANS TO WATCH

Anambra: APGA, PDP, APC bigwigs rekindle rivalry Uwakwe Abugu AKWA

ne of the states where governorship election would not hold in 2015 is Anambra; its gubernatorial poll holds in 2017. For the general election, Anambra promises to be a major battleground in the South-East. There is so much diversity in the state. Presently, the state is being governed by the All Progressives Grand Alliance (APGA) but the state House of Assembly is dominated by the Peoples Democratic Party (PDP), which also controls two senatorial seats, while the All Progressives Congress (APC) has one seat in the Senate. The House of Representatives’ seats are shared among the three parties. With the governorship election out of the way in Anambra in 2015, the battle would centre on the presidential and legislative polls. As usual, APGA is expected to support the PDP and President Goodluck Jonathan’s re-election in particular, but the PDP, APGA and APC will slug it out for the legislative seats. APC chieftains are also expected to mobilise support for its presidential candidate in the state. Since the advent of democracy in 1999, Anambra has been noted for its perennial intraparty and interparty rivalries. It has been, most of the time, a parasitic instinct of some of the gladiators playing out to the detriment of the people of the state. The fate of the state in the hands of some prominent personalities was largely a huge irony in view of the enormous wealth held by the people of the state. Over the years, observers of the Anambra scenario found it inexplicable that instead of fostering political development for its citizenry, moneybags, who are indigenes of the state, have all these years diminished and undermined its political development, because of the impunity of a few political merchants. The State Assembly as well as the National Assembly elections are sure to heat up the polity going by the recent intense underground moves by some individuals and groups to effect political changes and counter the moves of some of their rivals. In the 2015 general election, a lot of personalities will shape the political direction of the state. These personalities are politicians, businessmen and professionals who will either contest for elective position or support potential aspirants. Willie Obiano Some politicians in the state believe that Governor Obiano does not appear to display a kind of mien of a political personality that would go into the rigour of a second term election in a state like Anambra always filled with many booby traps set by moneybags who would not let go when they are entangled in political battles. One of those who hold this view recently told New Telegraph that “he will not go for a second term. He will not want to go through this kind of Anambra rigours during election of governor and what follows after.” However, it has become quite clear that they have read a different personality in the governor. Obiano’s elaborate plans for governance and his aggressive moves to tackle problems hitherto seen as no-go areas by his predecessors do not portray him as

someone not made of the sterner stuff required to do a second tenure. Even his recent utterances, making references to an eight-year period punctures that line of argument. Hence, the man is an outstanding political personality to watch come 2015 in his state. He is certain to be interested in determining who gets what during next year’s national and state Assembly elections. The governor whose character seems to run quite deep is likely to form the central force of APGA, the political party on whose platform he was elected during the November 2013 governorship election in the state. With his elaborate governance programmes, Obiano is seen to be already digging deep to get a firm grip and grasp of the mechanisms that would enable him pull multi vital strings next year to call a lot of shots before, during and after the elections come 2015. Chris Ngige Still drawing much inspiration from his outstanding performance as governor of the state, and for the fact that the ovation from the populace has yet to be blown off, Ngige and his APC may not be pushovers during the 2015 elections in the state. It is on record that he contested the last governorship election and came a distant third, but the APC strongman has continued to command quite a visible following. Not known to be easily cowed politically, he is not likely to fold his arms and allow himself and his flock swept into the political wilderness next year. A reason it is believed that he would go for another term of four years next year. Ngige currently represents Anambra Central Senatorial zone in the National Assembly. Candidates angling to contest the elections in 2015 under his party would naturally rally around him. However, apart from the factional war in the state chapter of the APC in which he seems to be winning, there will be a possible formidable opposition from APGA where Chief Victor Umeh, the APGA national chairman, is warming up to grab the senatorial ticket. Yet, those who read the political pace of the state quite closely have in the past few days continued to say that Obi appears set to join the league of former serving governors angling to join the senatorial race in their respective states, a situation that would add more clogs in Ngige’s ambition for a third term in the Senate. Peter Obi Having governed the state for close to eight years and having put up what was seen as a performance far better than many of his predecessors, Obi’s political influence is not likely to wane abruptly. He hails from the same central senatorial district as Umeh and Ngige. Some political observers say he could still influence CONTINUED ON PAGE 14

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2015: 500 POLITICIANS TO WATCH

Obiano, Umeh, Obi lead APGA’s

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

some of the decisions Obiano may take in view of their cordial relationship by virtue of the fact that he (Obi) drafted the governor into the gubernatorial race. Besides, Obi’s end of tenure programme, which he christened ‘final push’ was believed to have literally bought him a sizeable part of the stakeholders across the state, including some powerful traditional rulers and opinion leaders. The former governor is likely to continue to wield some influence among such persons. However, the larger part of the population who were angered by the brazen act of doling out free cash to select institutions and personalities are wont to oppose him should he move to vie for any position, or do a political king-making act come 2015. Shortly after he left office, it was speculated that he may vie for the Senate seat but the presidential promise of ministerial appointment which now appears evasive has further made conjectures around the former governor more intractable. If he decides to run for the senatorial seat, the development will worsen the political tension that may bog down that senatorial zone. Yet, what would have given him a new relevance and currencya promise of ministerial appointment by President Jonathan- may have been shot down by bigwigs of the PDP in the state who are said to have tackled the presidency over plans to empower the man who is not of the ruling party. Victor Umeh His perennial involvement in the past years in the crises that have been bogging down APGA where he has served as national chairman until recently when Chief Maxi Okwu appeared to be having the upper hand through court pronouncements makes him a politician ideally bred for the turbulent political game usually offered by Anambra political terrain. Those who have followed his recent engagements believe that but for the lingering litigations currently shaking the roots of APGA, he looks good to floor Ngige in their “zone of death”. Umeh is said to have become more popular in his Central Senatorial zone than both Obi and Ngige because his grassroots connection has increased with the last local council elections that held in the state. Umeh is said to have been instrumental to the emergence of quite a good number of those serving now as chairmen of the local councils. This was made possible by the fact that the intermittent feud that usually came between his relationship with Obi was resolved at the time the election of the chairmen and councillors held. Hence, he exercised his influence as the national chairman of the party maximally during the exercises – primaries and the council election. In the meantime, Umeh has continued to make himself available in most political functions relating to his party while also attending social functions where masters of ceremonies would clearly and always introduce him as national chairman of APGA. With the Court of Appeal ruling in his favour, observers believe that the fortunes are likely to smile on him in his quest to occupy a senatorial seat. Andy Uba For many years, the very visible political bigwig in the Anambra South Senatorial District bestrode the state’s political landscape in a menacing manner. Now, with the whittled down overriding influ-

Obiano

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ence of the South since the emergence of Ngige, Obi (Central) and now, Obiano from the North, it is not likely that the influence of the South will be as noticeable across the state as it used to be come 2015. What is clear however is that Senator Uba is still a political figure to watch in the South zone. Having built a formidable political relevance from his days in the presidency when he served as Special Assistant on Domestic Affairs to President Olusegun Obasanjo, to the days when he contested and won governorship election in the state under PDP but served for only 17 days, before losing to a devastating judicial pronouncement that reinstalled Obi, Uba’s capacity to win elections in the state has improved by leaps and bounds. He has lost two attempts to become governor. He once contested for the governorship election on the platform of the Labour Party (LP) and lost to Obi. In the 2013 governorship, he made an attempt

to fly the PDP’s ticket but he lost, though a faction of the party produced him as candidate. But the court ruled against him. Although the scenarios that may play out in the senatorial contest in his zone are not yet evident, it may be difficult to see an aspirant who could easily upstage Uba in that zone except that sentiments against a third term quest may dim his political influence that looms large in the area Chris Uba A businessman who has in the past years maintained a perennial attachment to powers-that-be in Aso Rock, Nigeria’s seat of power. Uba, younger brother of Senator Andy Uba, has always been a political figure to watch each time an election holds in Anambra State since the days of the administration of former governor, Dr. Chinwoke Mbadinuju. Along with Sir Emeka Offor, another

business mogul whose tentacles reside in and draw lifeline from relating with the nation’s top political leaders, Uba had stood ever present like the Shakespearean northern star in the affairs of Mbadinuju administration. This overriding influence of Uba was to be replicated in the succeeding administration of former Governor Ngige who became a puppet of “godfatherism” in its early days. The businessman and chieftain of the PDP has a firm grip of Anambra South. Those that aspire for any political office in the zone refer to him. It would be no surprise if he plays very outstanding roles in determining who gets what in 2015, especially in the South Senatorial Zone. Annie Okonkwo He is a wealthy businessman turned politician. He was elected to the Senate and served two terms on the platform of the PDP. However, his political fortunes appeared to have dipped in 2011 when he

POLITICS

Sanctity of Truth

Monday, June 23, 2014

2015: 500 POLITICIANS TO WATCH

assault against PDP, APC

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sought the ticket of the party for a return to the National Assembly where he had been representing the Central Senatorial District of the state but met a brick wall. From the, he defected to Accord Party where he lost his return bid to the Senate. He is now a stalwart of the APC where he was national vice chairman (South) until the national convention of the party recently. After the recent state congresses, the party in the state split into two along each of these two dramatis personae – Ngige and Okonkwo – in a factional war. As it is now, although Okonkwo’s body language has not betrayed clear direction as to whether he would run for any position come 2015, he is sure to influence much of what would happen in his party and beyond next year. Uche Ekwunife One of the outstanding female politicians that abound in the state, Hon. Uche Ekwunife transmuted from her banking profession where she had risen to the position of zonal general manager of the defunct Standard Trust Bank to become a politician of note in the state. Quite visible in the House of Representatives where she currently represents Anaocha/Njikoka/Dunukofia federal constituency, she is believed to be warming up for another tenure and

commands not a lean following. She lost the APGA governorship ticket to Obiano last year. Yet, some close observers of the woman have recently indicated that she may be warming up to fly the APGA senatorial flag for the central senatorial zone. If that is true, she would be contesting against Obi and Umeh for the APGA ticket of the zone that is likely to hold itself out as the hottest bed in the state come 2015. Nicholas Ukachukwu This Osumenyi-born politician and notable businessman whose business tentacles have dovetailed into manufacturing, social services, especially education, among others have shown his political astuteness within and beyond Anambra, his home state. In 1999, he achieved the rare feat of winning the House of Representatives seat for the Federal Capital Territory (FCT), Abuja. In pursuit of his political targets, he has journeyed through the defunct All Nigeria People’s Party (ANPP), Hope Democratic Party (HDP) and the PDP while during the last governorship election in the state, he was believed to have worked for APGA. Those who know him closely say he is a most outstanding force to reckon with in his Nnewi South local council just as his relevance in the politi-

cal scheme of things in the state would not be questionable in 2015 as he would always deliver his Osumenyi area to his preferred inclinations. Ifeanyi Ubah The owner of Capital Oil and Gas Ind. Ltd, Ubah will remain a visible politician in the state for a long time in view of the aggressive electioneering, which he engineered during November last year’s governorship election in the state. His undisputable relevance is the reason the council election held last December remains stalemated and unresolved in his Nnewi North local council area, home town of the late Dim Emeka Odumegwu Ojukwu. It is believed that his Labour Party (LP) won the council chairman seat, but the election remains stalemated. Hence, not only will his visible control of that local government area still be relevant in 2015, but it is believed that if he thrusts the same quantum of energy into next year’s election, then, it will be quite a battle to defeat him or any candidate he decides to support or sponsor. It is uncertain whether he would run for any elective position. Bianca Ojukwu Widow of the Ikemba of Nnewi, Dim Chukwuemeka Ojukwu, Bianca has

stepped into the political shoes of the former Biafran leader and National Leader of APGA. Although many claim that the shoes are too big for her, the former Nigeria’s most Beautiful Girl, however cannot be wished away in 2015, given the place of the Ojukwu family in Anambra politics. At the moment, she is Nigeria’s ambassador to Spain and is believed to be close to the Presidency. Sure, her closeness to Abuja would be exploited by her party and its candidates in the forthcoming polls. Joy Emordi Senator Emordi has remained a powerful female politician in Anambra North Senatorial Zone, even largely in the state, in the past decade. A senator who once represented the Anambra North district in the National Assembly, she was, in 2011, appointed the Special Adviser to the President on National Assembly Matters, a position which added to the enormous influence she wields to make her a very formidable political force in the area. She lost that position in September 2013 in a controversy over allegedly dispensing of huge amounts of hard currency to legislators, an insinuation she denied vehemently at that CONTINUED ON PAGE 16

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2015: 500 POLITICIANS TO WATCH

Eze

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Ngige, Uba brothers, Eze, Soludo, Okonkwo, CO N T I N U E D F R O M PA G E 1 5

time. She is one of the politicians from the state to watch come 2015. Margery Okadigbo A serving senator also from the North Senatorial Zone who is the widow of former Senate President, Chuba Okadigbo, Margery won her seat at the Senate through a tortuous legal battle which eventually earned a judicial pronouncement that firmed up her position. It is not clear if she would run for second term in 2015. She is rarely seen in the state. Arthur Eze A notable business magnet and chieftain of the PDP, Prince Arthur Eze is known to be a perennial political godfather, always calling the shots from the political backstage in a very dogged manner. He has been in this business for decades and is said to have remained close to the succeeding powers that be in Aso Rock Villa from where he also draws much of the confidence he exudes in the political terrain. The Dunukofia-born businessman also has his immense philanthropic spirit working for him. Sources in the state stated that though his party lost the last November governorship election in the state, he is not one to give up fighting for the desired relevance of his party in the state. And he is sure to deploy so much of his

arsenal to achieve this for the PDP. He bankrolled Tony Nwoye of the PDP in the 2013 governorship election. He will definitely bankroll PDP in the state for the election, especially the re-election of President Jonathan. Emeka Offor He was quite visible in the political scheme of things in Anambra during the administration of Chinwoke Mbadinuju. Sir Offor was largely seen as the governor’s political godfather. A multi-billionaire of note, this politician has in the past two decades been making his mark in the business world with interests spanning many spheres just as he has remained a friend of successive occupiers of the Aso Rock Villa like his compatriot, Arthur Eze. Also a philanthropist of note, a biographer once described him as a political kingmaker who pulls the strings behind thrones. He once donated one million dollars to Rotary’s Polio Plus Programme, making him one of the most outstanding donors of that dimension. Yet, this spirit of philanthropy notwithstanding, Offor’s political inclination is such that he does king-making even beyond normal partisan political games. His watchers say the Oraifite-born politician is sure to pull all his strings during the 2015 general election in the state.

Chike Obidigbo Dr. Obidigbo is an industrialist who recently went into partisan politics, causing some stir and upset for Governor Obiano. Obidigbo recently lost his case at the Anambra Governorship Election Petition Tribunal where he had claimed to be the rightful candidate of APGA during the primary that produced Obiano. His admirers said the business mogul who has been fighting the APGA factional war on the side of Maxi Okwu faction has become quite popular with his political forays that brought him into the epicentre of the party’s intractable crisis. In his North Senatorial District, Obidigbo who comes from the same zone as the state governor is unlikely to be wished away as the political drums are beginning to sound for the 2015 electioneering. Godwin Ezeemo Ezeemo is an international business mogul who has been domesticating his business exploits in recent times, investing in manufacturing, agriculture and distribution of imported goods. His foray into politics, especially during the last governorship election when he was a towering figure in the primary election of the main opposition APC from where he defected to the Progressive People’s Alliance (PPA) has made him a force to reckon with politically in the state. Back home in his native Umuchu land

in Aguata council area of the state where his massive agricultural establishments and other manufacturing concerns are sited, he has built increasing relevance. The man is also a quiet philanthropist penetrating communities and getting out from the hinterland unto the state capital where he has single-handedly built a secretariat complex for the state council of the Nigerian Union of Journalists. He may be running for the South senatorial seat. Whether he wants to realise that under his present party, the PPA or another party is yet be known. Victor Ogene Ogene is the current deputy chairman of the House of Representatives’ Committee on Information. He represents the Ogbaru Federal Constituency in the National Assembly. Having passed through the crucible of fighting an intense legal battle to consolidate his victory after the last general election, the journalistturned politician is already warming up for a second term. Recently, he trained some youths in his area, and to whom he doled starter packs and cash worth tens of millions of naira. Political leaders of the area, which is also the home front of former Aviation Minister, Stella Odua, used the occasion to drum support for him. However, it was gathered that the same forces that dragged him through a long legal

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2015: 500 POLITICIANS TO WATCH

Uba (Chris)

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Oduah, Metuh test strength in Anambra battle after the last election may still be arrayed in yet another battle with him come 2015. Ogene is said to be working with Sir Dubem Obaze, a former commissioner in the state who is revered as the political leader of Ogbaru. Obaze, who is the younger brother of Oseloka Obaze, current Secretary to the State Government, is said to hold the key to a successful outing of political office seekers in the area. ABC Orjiakor Like Sir Emeka Offor, Prince Arthur Eze, Ubah, Orjiakor who is a surgeon and billionaire is a friend of the Presidency. He is believed to be close to a powerful minister in the government of President Jonathan. Orjiakor who hail from Uli in Ihiala Local Government Area of the state as Mbadinuju, is not known for now to be nursing the ambition of vying for an elective post but he is said to have become a force to reckon with in determining what takes place in the political scheme of things not only in his South senatorial zone but even within the state chapter of the PDP. Charles Soludo The former governor of the Central Bank of Nigeria (CBN) who immediately after serving out his tenure in the apex bank moved into his state’s very murky political waters, have had his bitter

experience but still remains a force to reckon with in Anambra politics. He has lost elections in both the PDP, his first party of choice when he joined politics, and APGA where some forces stopped him from getting the ticket of the party after he defected to the ruling party in Anambra after an alleged due consultation. However, it is believed that he may make another attempt come 2015, perhaps to make it to the Senate to represent the southern zone or in the alternative support others who would run for state or National Assembly elections in his Isuofia, Aguata local council area. Tony Nwoye He flew the flag of PDP during last year’s governorship election in the state and was one of the four petitioners who dragged Governor Obiano to the tribunal that recently wound up its sitting in Awka, the state capital. Nwoye, a former leader of the National Association of Nigerian Students (NANS), has worked with the leaders of the PDP for quite some time before fortune shone on him last year when he was given the ticket of the party to run for the governorship. He came second during the election and is believed to have used that opportunity to garner followership and become more popular in the political workings of the state. It is not certain what his plans are for 2015.

Alex Ekwueme Dr. Ekwueme was Nigeria’s vice president in the Second Republic. Ekwueme can be said to have passed through most political crucibles in the nation’s everfledgling democratic experiment. He is known to have exhibited outstanding patriotic spirit at moments when the federation totters on the brinks of anarchy and disintegration. Ironically, as he has always risen to the occasion to salvage the nation, he has not been quite lucky in having a serene political environment in his home front – Anambra, and it does appear that what has been seen of the statesman has been a golden silence. This is a source of worry for many observers. However, it is believed that, somehow, Ekwueme relates with the political players behind the scene, but whether his inputs have been helping to reshape the state’s politics, especially as it concerns next year’s elections in Anambra, cannot not be outrightly gauged at the moment. Stella Oduah This former Aviation Minister and a princess of the Oduah royal family of Akili-Ozizor in Ogbaru Local Government Area of Anambra had in the past few years loomed large politically from her exploits in 2011 when she initiated a strategic campaign group – Neighbour

To Neighbour – to drum support for President Jonathan. After the polls, she was to be appointed minister of Aviation in recognition of the effort of her group. At the Aviation ministry, she visibly made her mark as she rose to fame in performance. Back home, her political relevance appreciated considerably not just within her Ogbaru local council but also in Anambra State. Hence, not minding the downside of her political career following her sack over alleged scandal in the purchase of bullet proof cars, political leaders of Ogbaru recently lauded her in view of her outstanding performance which left the Aviation ministry under her watch better than it had ever been. Events of last week when she was honoured by the people of Ogbaru shows that Princess Oduah’s political value has not diminished the way outsiders thought. So, she is a big political force to reckon with and those warming to run for any elective post within Ogbaru and beyond (within the North senatorial zone) have not lost sight of this. She would be in the class of decision makers in 2015. Olisa Metuh Metuh, the National Publicity Secretary of the PDP took to Law profession after his father, and owned a law firm CONTINUED ON PAGE 18

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Will the godfathers have their way?

Orjiakor

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in many top political positions. In 2003, Obi ran for senatorial election and won the Anambra Central seat in the Senate on the platform of the PDP. In 2007, he defected from PDP to Action Congress (AC) to stand as running mate to former Vice President Atiku Abubakar during the 2007 presidential election. With over 35 years political experience, Obi is definitely going to be a voice to reckon with in Anambra politics, considering his closeness to the presidency.

velopment hit the constituency, Nwogbo has been frequenting home and about a fortnight ago, a statement from his office countered what it called the antics of the “so-called stakeholders”. The scenario building up around this legislator makes him one of the very outstanding politicians to watch in 2015. The two lawmakers are building up their defence bases to wrestle the stakeholders who are said to have their preferred aspirants for the positions.

Emeka Nwogbo He contested and won the National Assembly election in 2011 to represent Awka North and South Federal constituency in the House of Representatives. However, in view of his second term ambition, his name has been associated with controversies in recent time. This is because, a group of stakeholders within his constituency led by Chief Austine Ndigwe, have passed a vote of no confidence on him, and even posturing to bar him from running for another term. In a swift reaction, a group of women dismissed the stakeholders’ posture and decision as untenable. The stakeholders had also banned Hon. Kenechukwu Chukwuemeka of the APC in the State House of Assembly from contesting the 2015 election. The state legislator represents Awka South 1 constituency in state House of Assembly. Recently, one of the stakeholders calling for Nwogbo’s head, a former commissioner for education in the state addressed newsmen in Enugu to advance the group’s clamour to stop the representative. Since last month when the de-

Austine Ndigwe Ndigwe, a powerful chief in Awka, is a businessman who has also made forays into politics. He is reported to be the leader of a group of stakeholders within the Awka North and South local councils, which also constitute the Awka North and South Federal constituency. His group has passed a vote of no confidence on two legislators and advised them against running for their second terms come 2015. He is known to be an effective mobiliser and opinion moulder in the area. That means that if he would have his way with his group of stakeholders, the two legislators in focus would either have their return tickets ceded for others waiting in the wings, or they would have to fight with all the elements within their reach to have their way.

National Assembly on the platform of APGA. As it is now, it is not certain what his relationship with Governor Obiano is in relation to his perceived quest for a second term. He is one of those who may have to contend with the challenge from PDP and APC candidates. And with the expected desire of Governor Obiano to get candidates who would run under his party beat their opponents, it is plausible to speculate that Azubogu is likely to get the ticket of the party as one of the five House of Representatives members on the platform of APGA. He raised the stakes for his second term bid last week when his pet project- completion of the Nnewi Prison by the Federal Government was opened.

before his foray into partisan politics in November 1999, at the first National Convention of the PDP when he contested and won election as an Ex-Officio member of the party’s National Executive Committee (NEC). Subsequently, Metuh became the first Youth Leader of the South-East zone of the PDP, a post he combined with his membership of the NEC. He has held many other posts in the party. He was National Vice Chairman (South-East) before his present position. The PDP spokesman will clearly got the political voice to be heard later this year when primary elections for his party would hold to choose the party’s standard bearers for the 2015 polls. Although some critics are wont to think that his capacity to deliver during elections have yet to crystallize, Metuh who hails from Otolo Nnewi area of the state would not be wished away, especially in view of his strategic position as the spokesman of the ruling party. His vantage position will make him stay ahead of the PDP political kingmakers in the state, the usual fight of the titans in the state notwithstanding. Ben Obi Senator Obi, the Special Adviser to the President on Inter-Party Affairs is one of the politicians in Anambra that are going to play crucial roles in the 2015 general election. Since he ventured into politics in 1978 as a founding member of Tunji Braithwaite-led Nigeria Advancement Party (NAP), he has served

Chris Azubogu He represents Nnewi North, Nnewi South and Ekwusigo federal constituency in the House of Representatives. The legislator who trained as an engineer at the University of Nigeria, Nsukka is currently serving his first term in the

Charles Odedo This National Assembly member represents Idemili North/South federal constituency in the House of Representatives. A holder of Bachelor of Science degree in Estate Management, he has been passionate about how to use his present platform to further realisation of the Millennium Development Goals on education. Recently, he caused a stir in the dwindling fortunes of APC in the state when he defected to the PDP, leaving his former party with no member of the House of Representatives. It was gathered in Awka that he has been consulting widely for the possibility of contesting for the Anambra Central senatorial seat currently occupied by Ngige, who has been his leader until his recent defection. If he joins the senatorial race, the development would add to the expected fierce fighting in the senatorial zone come 2015.

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Monday, June 23, 2014

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MONday, JUNE 23, 2014

Akpabio’s healthy Pension Law turnaround

overnor Godswill Obot Akpabio literally walked into a firestorm on May 26, this year when the Akwa Ibom State House of Assembly passed into law a revised pension bill. Although it derived from an existing law passed in 2006 and which is applicable to all former democratically elected governors and their deputies, the new version had additions which did not go down well with a lot of Nigerians. The President of the Nigeria Labour Congress, Mr. Abdulwaheed Omar, for instance, described the “Akwa Ibom State Governors and Deputy Governors Law 2014” as a shocking absurdity which must not be allowed to stand. Omar’s remarks in comparison to others’ could easily be described as tepid. Easily one of the most progressive and passionate leaders in the current dispensation, in terms of zealously providing feasible infrastructural development for his state, the outrage and unsparing criticisms of Godswill Akpabio seemed like a gigantic tidal wave that would submerge his gallant achievements in Akwa Ibom. The portion of the Pension Law, which received the most knocks was that which pegged the amount expendable for former governors and deputies annually on medical bills to N100 million and N50 million respectively. A minority opinion though held

that the Law was misconstrued by the public who seized upon it to portray Akpabio as the spiteful face of the corrupt Nigerian ruling class, whose mundane pursuit of wealth and mindless self-enrichment at public expense is the very virus eating away our nation. Sensing the danger of allowing such strongly held perceptions to prevail, Akpabio tactically backed down and speedily initiated the repeal of contentious aspects of the Law. Akpabio has ingeniously turned what would have been a needless career disaster into a commendable feat. He has shown that he has the ability of a leader to respond effectively and timely to public outcry. This act of reversal is a plus that runs against the grain in this clime where citizens’ outcry on policy issues is usually deliberately ignored, in furtherance of the vain notion that leaders are strongmen and therefore infallible. Akpabio in yielding to public opinion has strengthened the chords of our still growing democracy and has challenged the culture of impunity, lack of accountability to the people and stiff-necked intransigence most political office holders habitually manifest once their methods and conducts run foul of public acceptability and decorum. It needs be stressed that, in hearkening to the people, Akpabio lost nothing as his opponents are wont

to spread. Rather, he has gained a notable redemption. He redeemed his image and restored a high-flying rating which he has worked hard to earn since he worked his way into our socio-political radar and consciousness. It is a healthy development for governance in our evolving democracy and affirms the importance of being on the side of the populace when it matters. Leadership, especially in the context of a democracy, is about service to the people based on giving an ear to the people at critical moments of decision making. Other leaders in the country, whether in the public or private sectors, must pause for a moment and appreciate the courageousness that the Akwa Ibom governor has shown in reversing himself without dillydallying and looking for excuses. It is no longer a secret that similar laws exit in states like Gombe, Lagos, Kwara and Rivers. It is incumbent on the leadership in those states to take the path of honour as Akpabio has done. They must not forget that democraticallyelected leaders are accountable to those whose votes made it possible for them to get into the exalted positions of leadership and must not betray the people’s trust by acting in contentious ways that will swallow their career. We had noted in our June 4 editorial on this controversy thus: “Majority of the electorate that employed them as public servants

wallow in decimating unemployment, poverty, lack decent shelter and no institutionalised economic safety nets. The same electorate only cast their votes for governors and their deputies, and not their spouses whose lavish interests have also been deliberately accommodated in the new despicable bill. Such perverse laws that evolve at the twilight of various administrations at federal and state levels are telling us that Nigerians are not all equal before the law. “We urgently need to emulate global best practices and embrace transparency, credibility and fairness to all. We insist that making provisions and allowances for the comfort of leaders past and present must have a human face and the appurtenances of good governance at all times.” Our position has not changed. As Akpabio has proved, there is no shame in submitting to the voice of the people as a servant leader. As has been noted elsewhere, a servantleader focuses primarily on the growth and well-being of the people and the communities to which they belong. While traditional leadership generally involves the accumulation and exercise of power by one at the “top of the pyramid,” servant leadership is different. The servantleader shares power, puts the needs of others first and helps people to develop and perform as highly as possible. He must also be sensitive to public opinion.

GABRIEL AKINADEWO Managing Director/Editor-in-Chief IKE ABONYI Deputy Managing Director/DEIC FELIX OGUEJIOFOR ABUGU Managing Editor, South SULEIMAN BISALLA Managing Editor, North YEMI AJAYI 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.

Sanctity of Truth

Monday, June 23, 2014

OPINIONA Promise fulfilled Ernest Omoarelojie

n June 11, 2013, Edo State government formally announced the proscription of commercial motorcycle, better known as Okada. It gave sundry reasons (with security concerns as the major issue) for the action. The state government was also specific on the areas, mostly within the Benin City metropolis, where the ban order would be enforced. The reaction that followed was not unexpected. While a large number of residents hailed the move as long overdue, others saw it as totally uncalled for. More than that, many of those who opposed the ban, bike riders and or owners in particular, felt betrayed because it came into effect despite assurances by the governor that no such action was in the offing. All said and done, the ban was put into effect with a promise by the governor, Comrade Adams Aliyu Oshiomhole, that the state would introduce palliative measures to cushion its effects. On Wednesday, May 14, this year, the governor fulfilled the promise when he commissioned 300 cabs and handed them over to members of the Okada Riders Association. The delivery of the cabs, which is in the first phase, effectively brings to an end the politicisation of a strictly security issue. The action of the state government, which is receiving plaudits from a large segment of the public, is also drawing considerable ire from some sectors backed by the opposition. While the first group is commending the government for living up to its promises, the latter is dismissing it on the grounds that it came a little too late even as they refused to

Chuks Iloegbunam

“T

he price of liberty is eternal vigilance.” There is some controversy regarding the exact origin of this quotation. What is not in doubt is that those who negate it invariably pay dearly for their folly. With the rampant terrorism of the Boko Haram sect, can it truly be said that Nigerians are eternally vigilant? Hardly. Let’s examine three recent developments on the security front. There is this report that a consignment of military uniforms, flak jackets and boots was impounded at the Lagos ports by Customs officials. Since the Federal Government of Nigeria knew nothing of the importation, who had brought these items into the country? Only last week, hundreds of Boko Haram suspects travelled in a convoy of many vehicles from northern Nigeria but were not apprehended until they were only kilometres to their destination of Port Harcourt. How come they hadn’t been seen and intercepted even before they drove across the River Niger, heading south? Only last week also, the authorities reported that the terrorists plan to plant explosives in fuel tankers in order to cause widespread carnage in the Abuja metropolis. In the light of the doomsday scenario possible from such a contingency, what is

consider the reasons for the delay. However, while commissioning the taxi cabs, the governor explained why it took so long to concretise the promise he made to the former okada riders. According to him, it took so long to fulfill the promise because of the intricacies that characterized the negotiation process. As it turned out, the seriousness attached to the issue by the administration became a deciding factor, which not only culminated in the fulfillment of the promise but also came handy in shelving off about 15 per cent of the total cost in favour of the beneficiaries with the balance to be paid by the government. “Government gave 15 per cent subsidy on the price of each of the vehicles and the subsidy is a grant that we are giving to each of the beneficiaries. We are not expecting you to pay back to the government of Edo state,” the government explained. Aside the subsidy, the beneficiaries will also have reasons to be grateful to the Oshiomhole administration. In the first instance, it negotiated with the facilitating bank to reduce the interest rate charged on each of the vehicles. Thus, from the prevailing 21 per cent chargeable interest rate, the bank was persuaded to accept 18 per cent interest on each vehicle. On the other hand, the administration also provided comprehensive insurance cover for all the vehicles. There are other reasons members of the defunct Okada Riders’ Association will remember Oshiomhole for a long time. For instance, each beneficiary is expected to pay only N48, 000 as first installment in order to be given one of the cars. Thereafter, each of them is expected to produce same amount as monthly repayment bill till the debt is completely written off. What

it translates to is that on the average, each beneficiary is expected to pay back N2, 000 daily. Yet, the beneficiaries are up in applause for the governor for another reason. In line with terms of the agreement, each of them has three years to offset the entire debt. What it translates to is that for an average new car which requires at least four years before developing any fault, the lucky owners have enough time not only to repay the debt but also to make enough investment for a better life. If the words of Comrade Peter Adoroh, leader of Okada riders are anything to go by, there is no doubt that the beneficiaries, at least majority of them, are ready to take advantage of the opportunity to reach greater economic heights. “We are with you, come rain or shine,” Adoroh said in an apparent expression of gratitude to the governor over the gesture. The governor used the occasion to explain circumstances that made the ban inevitable even after repeatedly assuring the riders that there was no plan to ban commercial motor bikes. According to him, the decision became imperative as evolving security concern could no longer be ignored. “I found myself taking a tough decision after repeatedly assuring the okada riders that okada would not be banned in the state. When I said that, I meant it. Indeed, after my second tenure election, I renewed that assurance and I know you were really shocked that after reassuring you repeatedly, you woke up one day to hear that the same governor had decided to prohibit okada and to give you a very short notice that was less than one week. That was a tough decision for me.” • Ernest Omoarelojie wrote from Benin City.

#Bring back our lives the proper way to respond to the threat? A good way to begin to address these challenges is to highlight the wrong way of combatting them. When the Chibok girls were kidnapped months ago, it rightly shocked world consciousness. The terrible development brought to the fore the extreme difficulties facing Nigeria in the security terrain. The situation for the victims and those closest to them is, to put it mildly, absolutely traumatic. But there is another side to the coin. More girls of the age bracket of those kidnapped have been killed over time by Boko Haram. Yet, neither the instant #Bring Back Our Girls demonstrators nor the world at large appeared to have taken even the most fleeting of notices. Why? Suddenly, there were all over the place daily demonstrations by those agitating for our girls to be brought back. Something didn’t quite sit together in those demonstrations. If Wole Soyinka, say, was arrested and detained by the Police or the Department of State Security because of his attitude to political developments in the country, there would be justifiable cause for railing at government to effect his immediate and unconditional release. To protest drone attacks in Pakistan, Imran Khan, the former cricket star and rising Pakistani politician, organized demonstrations against the United States. That too is understandable. The Chibok girls were not abducted by

the Nigerian government. The uncompromising stance of the abductors, a priori, is eternally anti-rationale. A million years of demonstrations will not change their disposition one iota. The abductees themselves, as all experts averred, will come to grievous harm if direct military operation is lunched to free them. So, what was the point in using the unfortunate development as excuse for railing at government on a daily basis? The price of liberty is eternal vigilance. An aspect of vigilance is to insist that all those in executive political authority, who collect every month funds by the hundreds of millions in the name of security votes, must demonstrate to what use they are putting the money for the benefit of the masses. Imagine what difference it would make to the security profile of the nation if every governor had in his state payroll at least 2000 men and women trained in intelligence work, while carrying out other functions like road maintenance, traffic directing and environmental sanitation. If such trained personnel exist – three weeks crash programme in intelligence training makes tremendous difference – a convoy of countless vehicles carrying nearly 500 people of undetermined motives cannot move 50 kilometres without detection. But, alarmingly, those caught in Abia State had done nearly a thousand kilometres. This absurdity is better to rail at

than the exhibition of finery and frippery that passed for #Bring Back Our Girls demonstrations at choice Abuja locations. People should agitate on some other scores. It is their right, for instance, to insist that the brains behind the imported military gear impounded by Customs officials are exposed and prosecuted. Then there is the dreadful matter of causing conflagrations in crowded metropolises by exploding tankers laden with highly combustible substances. Agitators have the right to demand that the authorities compel fuel distribution to now take place in cosmopolitan areas only in the dead of the night, the operations carried out by properly vetted tanker drivers accompanied by adequately trained security personnel. It is achievable. It is not rocket science. As for the 460 suspects arrested in Abia State, the right and proper thing is to allow the security people do their work. Most of the blames incessantly heaped on those with the primary responsibility of ensuring national security are, in fact, misplaced. They have been making a lot of sacrifices, fighting against daunting odds, donating their lives for the rest of society. They need all-round support and understanding. The point is that, by everyone playing conscientiously at their wings, the chorus will sooner change to #Bring Back Our Lives!

INVESTIGATION Monday, JUNE 23, 2014

21 NEW TELEGRAPH

www.newtelegraphonline.com/investigation

ISIOMA MADIKE Editor, INVESTIGATION

isioma.madike@newtelegraphonline.com isiomamadike69@gmail.com

Open defecation

Shame of a nation Most Lagos outskirts are known to be dangerous slums. Across Nigerian urban communities, the story is no different. But, beneath the relentlessly slummy surfaces of these communities lie a kind of moral discomfort. The drainage ditches are frequently blocked with faeces, which often overflows during the rainy season into houses and streets, such that most paths are wholly composed of human waste, reports ISIOMA MADIKE

jegunle. A young man dashes out of his room with clenched teeth, pulls open his zippers, takes a quick look to his right and left, retires to a small bush by the school building, and drops off lumps of smelly faeces. This surprises not a few, for it is a tradition of sort in this part of the megacity.

In virtually every open space in and around Ajegunle, heaps of faeces literally jostle for space with human beings. From the homes, faeces wrapped up in newspapers are launched from windows, scattering into a spatter mess; it piles the streets as though they are articles of ornament. Yet, no one seems to bother

Two men emptying their waste at the Third Mainland Bridge pavement

about it. “This is how we do it here. You can hardly find a toilet in most homes and where you find one, it is in untidy; not good for any decent use. Most times, what you find is a makeshift toilet in which wooden plank platform are constructed with buckets under it. The sight of such is quite disgusting. For all these, we consider it convenient and comfortable doing it in the open, and since it suits us, it should not be anybody’s headache,” says Johnson Uwa, adding, “this practice is common in our society, especially in cities where toilet facilities are a luxury. When nature calls, everyone responds differently.” However, Uwa’s excitement, many believe, is simply a collective adaptation to extreme hardship. He, like many oth-

ers in Ajegunle, were born and bred in that ghetto. Though, Uwa and his likes seem to have a fascination for defecating in public places and in bushes, they are not alone in this act and Ajegunle is not an isolated case. It is a common practice in the city of Lagos. But, such behaviour, according to some, clearly portrays the level of helplessness and frustration in most Nigerian communities. Whatever will make a man or a woman discard civility so easily to wind and defecate on a field without caring a hoot, to others, must be really grave. About 0.4% Lagosians lack toilets Mallam Adamu Musa, a skinny, solCO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, June 23, 2014

Several buttocks spew faeces into the lagoon

A man answering the call of nature outside his home CONTINUED FR O M PAGE 21

emn 42-year-old itinerant trader with anxious eyes, shares an eight-by-10-foot room with three other young men, on an alley in Mushin, several hundred feet from Oshodi, another densely populated slum in the mainland. Musa came to Lagos from Kano In 1998. Upon arriving in the megacity, he went straight to Mushin to settle among his kinsmen that were long established in that locality. In Mushin, rectangular concreteblock houses squeeze seven or eight people into a single, mosquito-infested room, in bunks or on the floor, along a narrow corridor of opposing chambers. This arrangement is known as “face me I face you.” One compound can contain 15 people or more. And data collected from residents revealed that portable water is none satisfactory in this area and safety is eroded by the non-availability of latrines or non-latrine coverage in households within the community, even as residents coexist uneasily. On the night of February 2, 2002, a Hausa youth, sources said, saw a Yoruba boy squatting over a gutter on the street and demanded, “why are you shitting there?” In a city where only about 0.4 per cent of the inhabitants, according to available statistics, have a toilet connected to a sewer system, it was more of a provocation than a serious question. The incident that night led to a brawl. Almost immediately, the surrounding compounds emptied out, and the streets filled with Yorubas and Hausas, armed with machetes and guns. The fighting lasted four days and was ended only by the military occupation of Mushin. By then, more than a hundred residents had been killed, thousands had fled the area, and hundreds of houses burnt down. Just like Ajegunle and Mushin, the Island end of the megacity also presents an interesting twist. The bridges that connect it to the mainland are looping ribbon of concretes. Most of them were built in

the 1970s. Parts of a vast network of the bridges, cloverleafs, and expressways intertwined to them were intended to transform the districts and islands into an efficient modern metropolis. As the bridges snake over sunken piers just above the waters of Lagos Lagoon, they passes a floating slum: thousands of wooden houses, perched on stilts a few feet above their own bobbing refuse, with rust-colored iron roofs wreathed in the haze from thousands of cooking fires. Fishermen and market women paddle dugout canoes on water as black and viscous as an oil slick. The bridges then passes the sawmill district, where rain-forest logs—sent across from the far shore, 30 miles to the east—form a floating mass by the piers. Smouldering hills of sawdust landfill send white smoke across the bridges, which mix with diesel exhaust from the traffic. Beyond the sawmills, the old waterfront markets, the fishermen’s shanties, the blackened façades of high-rise housing projects, and the half-abandoned skyscrapers of downtown Lagos Island loom under a low, dirty sky. Around the city, faeces dumps steam with the combustion of natural gases, and auto yards glow with fires from fuel spills. All of these parts of the city seem to be burning and stinking. For those, who are working on the Island or just visiting for the first time, the aquatic scenery of the lagoon ought to present an uncommon beauty to behold. But, it is not so for Christopher Awolo. His experience, according to him, is everything but pleasing. Driving through the Third Mainland Bridge en route for Obalende-CMS on Thursday, Awolo saw several buttocks spewing shit into the lagoon; “it was quite disgusting,” he said, adding, “it is awful seeing Lagosians defecate in the open as if they don’t have toilets in their homes. Government should provide public toilets In a city with a population of over 21

Children caught in the act also

Another man doing his thing in an open field

million, many say, the act could only be curbed by providing more public toilets for Lagosians. “There are adequate spaces in Lagos for people to have everything in their homes. No office or residential building should be without a good toilet. Nigerian governments should provide more public modern toilets with the taxpayers’ money. In some countries, a good toilet is located for every five minutes’ walk. This is also possible in Lagos,” says Williams Appiah, a Ghanaian Urban and Town planning expert. In Ibadan, a public refuse dumping site close to Yidi Agodi is also said to be packed always as early as 5am on a daily basis by individuals, who have found the place most convenient to defecate. This is in total disregard to a bold notice threatening 'open defecators' with arrest and huge fines. What makes the site unique is its closeness to a stream that empties into a major river. Flies around the area easily perched on uncovered foods; they fortify such meals with potentially harmful ingredients. This shameful act is replicated at major refuse dumping sites across the city. Many, living in houses without iden-

tifiable toilets, are said to be compelled to defecate at open spaces such as dump sites and on the bank of slowly flowing streams and rivers. However, owners of such houses have come to believe that toilets would be an additional burden since money would be needed to keep it clean and usable. There are others in that neighbourhood, who also believe, though wrongly, that faecal material should incinerate or be allowed to decompose on such sites. Also in the Federal Capital Territory, virtually all residents in its suburbs suffer similar fate. This has become a striking irony of Abuja. Behind the allure of expansive roads and rising buildings that make the Nigerian capital Africa’s most expensive and one of the world’s fastest growing cities, several poor communities in the suburb live without toilets. “It’s bad; very terrible,” Ms. Augusta Nmakwe, one of the residents in Mararaba, said. Suburbs leave with serious health challenges Mararaba, a sprawling community CO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, June 23, 2014

Story, not significantly different in tertiary institutions

Ban Ki-Moon

Ojo

Sakai

Aregbesola

Bello

act of defecating in the open has become almost a ritual and routine that some people indulge in at any time of the day. At times, they do it, religiously as if it is a spiritual exercise. A report from a workshop in Jos that preceded the Water Supply and Sanitation Sector Reform Programme (WSSSRP) funded by the European Union in Nigeria in 2002, pointed to taditional belief also. It claimed that a representative of one the LGAs in Plateau State stated that his community believe it is a taboo to excrete on another person’s waste. This in effect, supposedly does away with the use of toilets. Each morning, the report said, one would watch as scores of people line up along the rail line doing their own thing. The story is not significantly different in the nation’s tertiary institutions as some of campus communities also spread intense odour as many students, in the absence of clean toilets in the hostels, use any available space as convenience. Experts have consistently warned that when large numbers of people are defecating outdoors, it is extremely difficult to avoid ingesting human waste, either because it enters the food or water supplies or because it has to be spread by flies and dust. Aside Nigeria, there about 2.5 billion people living without regular access to an adequate toilet around the world, according to the United Nations statistics. The African continent, though, is worse, the reports said. In the wake of worsening sanitation situation occasioned by unbridled open defecation

practice in parts of Africa, the African Civil Society Network on Water and Sanitation has tasked governments in the continent and their development partners to publicly scale up national and local sanitation plans in the region.

CONTINUED FR O M PAGE 22

of over 100,000 people is one of Abuja’s outskirt towns where residents struggle to find a space to build homes, much less toilets. For those without a toilet, the routine is simple: convert everything, from old sewage pipes to polythene bags to roads kerbs, to one. More than 60 per cent of the population living in other suburbs within the FCT are equally affected by shortage of toilets, making them to leave with a very serious health challenge. At present, deaths from diseases such as cholera, dysentery, diarrhea, typhoid, as well as malaria, according to reports, are very rife within these communities. Sadly, women and children are the worst hit. In April this year, there was a reported outbreak of cholera in some of the communities, which allegedly send many souls to their untimely grave. Dr. Goji Sunday, Head, Health Department of the Bwari Area Council reportedly responded by despatching medical team to handle the situation. “We mobilised our teams to the community, and sensitised them on what to do and the need to maintain a higher personal hygiene. We discovered that structures were not properly planned; no good drainages, a factor that encouraged the outbreak of vomiting and diarrhea,” he disclosed. Poor sanitary condition resulting from absence of proper human waste management facilities has haunted residents of many other communities around the country. The low-cost settle-

ment, a magnet for thousands of poor Nigerians and low-income earners, has all the compliments of a typical ghetto with most houses lacking toilets, water, electricity and other basic social amenities that make life worth living. Nigeria, one huge field where people defecate It is, indeed, obvious that sanitation is a major challenge in the country. The evidence is everywhere. Nigeria appears to be one huge field, where people defecate, without shame, and without putting into consideration the impact of their action on the health of others. Travellers are not left out of this “madness.” For anyone, who has travelled from Lagos to the East by road, knows that there is not one single rest area with toilet facilities along the route. At stops in Ore or Benin City, pressed passengers hurry off into the brushes, gingerly skating around others’ faeces, in order to relieve themselves. Toileting in most villages are equally an awful experience. In many rural communities, people still build houses without provision for toilets, or as the case may be, latrines where human waste can be emptied without others coming in contact with it. In many rural communities, people defecate in the bushes and other isolated places when they are pressed. They consider this a safer option to the city’s ‘Shot Put’ style where shameless people defecate in polythene bags or old newspapers and fling on the roadside and gutters. Yet, there are other villages where the

Sanitation situation in Africa at crisis level The network in its message to the 3rd Africa Sanitation Conference (AfricaSan 3), which took place in Kigali, Rwanda recently, observed that the sanitation situation in the region had reached crisis level. According to the organisation, more than 584 million people in Africa lacked access to improved sanitation facility, thereby resulting in open defecation by an estimated 231 million people with its public eyesore and health hazards. It laments that sanitation is the most off-track target of the Millennium Development Goals (MDGs) that will not be met in sub-Saharan Africa for another two centuries. This will, undoubtedly, undermine progress against the health, education, gender and poverty components of the MDGs. Available statistics show that an outrageous 2.1 million children under the age of five have died from diarrhea caused by poor water sanitation and hygiene since the last AfricaSan, three years ago. As a result of the enormity of the problem, it urged governments and development partners to marshal out a clear timetable for achieving the expenditure of 0.5 per cent of Gross Domestic CO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, June 23, 2014

‘85,000 mothers in Nigeria lose a child to diarrhea' In light of the ever increasing population rates, it means that rural areas and, especially urban centres are more than ever facing threats of disease due to lack of access to basic sanitation facilities, particularly toilets. As a result, many say, governments at all levels in the country, should, as a matter of necessity, increase its investments in the area of provision of sanitation facilities, new policies and enlightenment campaigns to tackle the cultural and religious beliefs that continue to be a setback in achieving better sanitation. The failure to do this, no doubt, would see a Nigeria that is more disease ridden in the future and consequently even more unproductive socioeconomically. The local governments, in particular, must, according to this school of thought, ensure that toilets are built in the markets, village squares and open spaces that serve as recreation centres.

Another person discharging into a drainage CONTINUED FR O M PAGE 23

Product (GDP) on sanitation as recommended in the 'eThekwini Declaration adopted at AfricanSan 2 in Durban, South Africa in 2008. It has been observed also that one of the major contributors to the prevalence of diseases in West Africa stems from the lack of adequate and improved toilet facilities in both urban and rural areas, which leads to the problem of defecating in the open. According to a WaterAid report, the consequences of open defecation are many: it pollutes, according to the organisation, underground water sources, contaminates agricultural produce, breed diseases such as cholera, diarrhoea and bilharzias. 34m Nigerians use the open field In Nigeria, many have argued that one easy way to gauge how badly Nigerians have been animalised, is to pay attention to how, and where, many of them defecate. Just recently, the United Nations Children’s Fund (UNICEF) reported that about 34 million people in the country use the open fields, forests and bushes as well as bodies of water as convenience. But the cost of these unhealthy living conditions - of indiscriminately polluting the environment - is expensive. Lack of toilets and inadequate sanitation has been linked to some of the health challenges afflicting the nation today, many of them fatal, particularly to children. According to the joint UNICEF and the World Health Organisation report, lack of toilets remains one of the leading causes of illness and death among children. The report said that diarrhea, a disease often associated with poor sanitary condition, and respiratory infections resulting from poor hygiene, kills about 400,000 children, under the age of five, annually. “These are largely preventable with improvements in water, sanitation and hygiene,” said Geoffrey Njoku, UNICEF Communication Specialist (Media and External Relations) in

Fashola

Njoku

Nigeria. Earlier in the year, in a related report, both organisations ranked Nigeria only ahead of China and India on the list of countries without access to potable water and where 20 per cent of its population indulged in “open defecation”. This latest report is evident that the country had not made any progress. Indeed, the figure is suggestive that more Nigerians now use the outdoors to ease themselves. According to UNICEF’s country representative, Dr. Suomo Sakai, the unwholesome practise leads to the depositing of about 1.7 million tonnes of faeces into the environment annually. This statistics from West Africa most populous country paints a general picture for the region with respect to this problem. However, lack of sufficient infrastructure has been identified as a contributory factor to the problem with the failure of governments to effectively address these in rural and urban settlements. Add to this, is the behavioural attitudes across communities, which play a major role in this menace. Concepts of hygiene, cleanliness, purity, and beliefs about sanitation and disease are also deeply ingrained through religious and cultural beliefs. The UNICEF report was amplified by Dr. Michael Ojo, Country Repre-

sentative of WaterAid to Nigeria, who brought the shame to almost every home. He said every seven in 10 women in the country have no access to a safe toilet, and more than 50 million Nigerian women and girls lacked safe and adequate sanitation, while 17 million do not have access to toilets at all. “Every year, over 85,000 mothers in Nigeria lose a child to diarrhoeal diseases caused by a lack of adequate sanitation and clean water,” said Ojo. “Women and girls living in Nigeria without toilet facilities spend 3.1billion hours each year finding a place to go to toilet in the open,” he added. Sanitation vital for improving the live of poorest people Ban Ki-moon, the United Nations secretary general, also declared not too long ago, that sanitation is “a vital tool for improving the lives of millions of the poorest people.” Indeed, potable water and improved sanitation services are verifiable measures for fighting poverty and diseases. Perhaps, that is why it is an essential part of the Millennium Development Goals. The danger, though, is that increasing population within city centres from increased birth rates and the rural-urban drift are continuously posing a challenge to the attainment of MDG’s set figures as 2015 approaches.

Government should deploy massive enlightenment campaigns There are also those, who say that government should deploy massive and sustained public enlightenment campaigns in Pidgin English and indigenous languages in both print and electronic media as well as other indigenous forms of communication in remote rural areas. Authorities, they say should equally enact laws to checkmate open defecation practice, and ensure its diligent enforcement. Such a law, according to them, would go a long way to halt the shameful and unhealthy practice. Above all, members of the public should imbibe attitudinal changes that would help make open defecation a thing of the past. Apart from its unhygienic nature, defecating in the open does not add to environmental aesthetics. It is undignifying. Perhaps, this may be the reason why the wife of Lagos State Governor, Abimbola Fashola, has appealed to Lagos residents to stop the habit of defecating in open places. According to her, public defecation and urination are two habits that everybody must fight because they affect the citizenry negatively. Also, the Commissioner for the Environment, Tunji Bello, has said it was incumbent upon government to discourage unwholesome act of open defecation by enlisting the support of well-meaning Lagosians to actualise its vision of making Lagos a cleaner, healthier and environmentally friendly haven. According to him, the cost of open defecation and urination was too much to be ignored. In like manner, Mrs. Sherifat Aregbesola has described open defecation as dangerous to human health. She noted that while the trend in the rural areas has been decreasing, that of the urban centres has been on the increase. According to her, “participatory approach, which facilitates a process of positive behavioural change on sanitation among the people, is the way to go.

BUSINESS MONDAY, JUNE 23, 2014

WHAT'S NEWS NCAA to support interlining of airlines Airlines willing to interline their operations would be encouraged, the Nigerian Civil Aviation Authority (NCAA) has said.

}p-26

New N4.6bn passenger train grounded The Nigerian Railway Corporation's (NRC) newlylaunched Diesel Multiple Unit (DMU) train has developed fault, three weeks after it was launched.

NEW TELEGRAPH

www.newtelegraphonline.com/business

25 ‘REVENUE COLLECTORS ON HIGHWAYS ARE OFFICIAL ARMED ROBBERS’ }p-28-29

AYODELE AMINU, DEPUTY EDITOR, BUSINESS

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

SSS, EFCC probe Shell's $3bn assets sale SCRAMBLE Africa's richest man, Aliko Dangote, with a personal fortune of $20 billion, and local firm, Sahara Energy, had bid for the other three blocks

}p-26

‘90% African varsities don’t offer courses in innovation, technology’ Ninety per cent of colleges and universities in sub-Saharan Africa do not offer courses in innovation and technology, a survey report by Omidyar Network in partnership with Monitor Group has revealed.

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Why retail investors failed to return, by analyst Investors that exited the Nigerian market during the 2008/2009 recessions have failed to return due to shallow knowledge of the market, a financial analyst and President of David School of Financial Graduate, Mr. Tunde Adeyemi, has said.

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

Adeola Yusuf

he Department of State Security (DSS) and the Economic and Financial Crimes Commission (EFCC) are beaming their searchlights on the on-going transactions of Shell assets worth $3 billion, New Telegraph learnt at the weekend. A source close to the deals, who disclosed this to this newspaper, said that the probe is a statutory requirement before the deal can be consummated. Shell is divesting its 30 per cent stake, while Total and ENI are set to sell 10 per cent and five per cent respectively in four Nigerian oil blocks – Oil Mining Leases (OMLs) 18, 24, 25 and 29. The Nigerian National Petroleum Corporation (NNPC) shall retain ownership of the remaining 55 per cent in each of the four leases. “The SSS and EFCC have confidential documents on the transactions while all the preferred and reserved bidders are also put on the spotlights,” the source said, adding that this is “needed as a requirement before the completion of the transactions.” Under the ongoing divestment programme, Midwestern Oil & Gas Plc/Mart Resources/Suntrust Oil, under the Erotron Consortium, won the bid for OML 18. OML 29 and the Nembe Creek Trunkline were won by Aiteo/Taleveras in conjunction with four other compa-

L-R: Managing Director/CEO, Interswitch Limited, Mr. Mitchell Elegbe; President, Information Security Society of Africa Nigeria (ISSAN)/General Manager Union Bank Plc, Mr. David Isiavwe; Managing Director/CEO, EDP Audit & Security Associates, Mr. Chris Ekeigwe; Director, Banking Supervision, CBN, Mrs. Tokunbo Martins; Managing Director/CEO, Digital Encode Ltd, Mr. Wale Obadare, and Chairman, Committee of Chief Internal Auditors of Banks in Nigeria, Mr. Joseph Esenwa, after the banking industry roundtable for Chief Internal Auditors and Chief Information Officers in Lagos.

nies in the consortium, having submitted a $2.5 billion bid for the assets. OML 29 is the most prolific oil lease under the current asset sale. Pan Ocean Oil Corporation Nigeria Limited, operator of the NNPC/Pan Ocean Joint Venture, clinched OML

24 valued at between $500 million and $1 billion, while Lekoil, Crestar, GreenAcres/CCC/Signet Petroleum, NDPR/SAPETRO and Essar submitted bids for OML 25. OML 24 currently delivers 25,000 barrels of oil equivalent per day from three fields

and outputs eight million standard cubic feet per day of gas (MMscf/d). The divestment by SPDC is part of the Anglo/Dutch giant’s plan to dispose of $15 CONTINUED ON PAGE 26

Nigeria, India plagued by similar mobile money problems IRONY Both countries are witnessing low patronage in mobile phone markets despite very large markets and highly unbanked poor people Jonah Iboma

eports on mobile money services in Nigeria and India have showed that both countries are plagued by

similar problems, which are stifling the growth of the offering in the two nations. Comparison of the latest reports by Quartz, an India-based research firm, and Nigeria’s Ciuci Consulting, show that both Nigeria and India are currently witnessing low uptake of mobile money despite the fact that both countries have very large mobile phone markets and high levels of rural unbanked poor people. In India, which has 904million mobile subscribers, less money moves through wireless transfers than in either Pakistan or Bangladesh, both of which have smaller, poorer

populations. Similarly, less money moves the mobile money services in Nigeria where there are over 170million connected subscribers than in Kenya and Uganda with less than a combined customer base of 60milion. Currently, Nigeria and India share a similar mobile money regime, where the service is bank-led, as against the common practice where it is telecom operators led. Quartz said that in India, the fact that telecom operators do not own their own agents is holding back the service, a position that has also CONTINUED ON PAGE 30

WOLE SHADARE, Aviation Editor DELE ALAO, Brands/Marketing Editor CHRIS UGWU, Capital Market Editor ABDULWAHAB ISA, Finance Editor CHUKS ONUANYIN, Energy NNAMDI AMADI, Reporter JOHNSON ADEBAYO, Asst. Production Editor

Rates Dashboard INFLATION RATE April 2014...............................7.9% March 2014............................7.8% Feburary 2014 ........................7.7%

LENDING RATE

EXCHANGE RATE

(Parellel As at June 20)

USD . . . . . . . . . . . . . . . . . . N166.50 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N284 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . N227.50 Maximum Lending Rate..25.83% • Foreign Reserves – $37.08bn as at 19/06/2014

EXCHANGE RATE

(Official As at June 20)

USD . . . . . . . . . . . . . . . . . . . N156.73 Pounds . . . . . . . . . . . . . . . N266.36 Euro . . . . . . . . . . . . . . . . . . . N212.62 Source: CBN

26 BUSINESS | NEWS

Sanctity of Truth

Monday, June 23, 2014

NCAA to support interlining of airlines UNDER-CAPACITY

Wole Shadare

The highly patronised routes are the LagosAbuja-Port-Harcourt, which are described as the triangular routes

irlines willing to interline their operations would be encouraged, the Nigerian Civil Aviation Authority (NCAA) has said. A source in NCAA, who spoke under the condition of anonymity, said that it makes

sense for three or more airlines operating to the same destination to pull resources together to pick all their passengers in one airplane, rather than operate as individual airline with less than 50 passengers at off peak period. Already, the NCAA has commenced consultations with stake-

L-R: MTN Ambassador Praiz; Director, Lagos State Ministry of Education, Mrs. Olayinka Bello; Chief Executive Officer, MTN Nigeria, Michael Ikpoki, and Corporate Services Executive, Mr. Akinwale Goodluck, at the closing ceremony of the 2014 edition of MTN 21 Days of Y’ello Care, entitled “Education in a Digital World”, held in Lagos.

UNFORTUNATE Government imports faulty train for Lagos, Ogun states passengers Bayo Akomolafe

he Nigerian Railway Corporation (NRC)'s newlylaunched Diesel Multiple Unit (DMU) train has developed fault, three weeks after it was launched. The train was purchased at a whopping N4.6 billion from China and launched by the Vice President, Namadi Sambo, early this month, to move passengers between Lagos and Ogun states. A source in the corporation confirmed this development, describing it as unfortunate. He added that the issue had generated controversy among the management staff. According to a commuter, Mr Kamardeen Agbaje, the DMU developed fault at Itoki last Thursday on its way to ijoko, Ogun State, when he was going back home from office. He said that it took several hours before the train could get to its destination. Also, last Friday, the DMU could not leave Kajola in Ogun State for Lagos, forcing commuters to join the old train. Another commuter, Tinuke Olawunmi, said that the corporation had wasted her time, explaining that she had an appointment, which the train

New N4.6bn passenger train grounded frustrated. She said: “The new railway is convenient but it is too early to start developing fault because I don’t think there is any explanation for a rail system that is not up to two months to develop fault.” The Federal Government had recently launched the two DMU engines in an elaborate ceremony where the Vice President, Namadi Sambo,

Deputy Governor of Lagos State, Adejoke Adefulure and members of the National Assembly commissioned the engines amid fanfare. Speaking during the commissioning, President Goodluck Jonathan, who was represented by Sambo, promised to bring the country’s rail sector at par with the modern railway available in other countries of the world.

holders on the interlining of tickets among domestic airlines, as part of efforts to assist them to harmonise their operations. The airline Interlining, also known as interline ticketing, is a voluntary commercial agreement between individual airlines to handle passengers travelling on similar routes, without being surcharged. This initiative has drawn applause from stakeholders, who lauded the aviation regulatory agency for its initiative to simplify air travel. They disclosed that airlines would have a lot to gain if it is successfully implemented. They attributed the short life span of Nigerian airlines to their inability to work together in the area of interlining and code-share. Investigations by New Telegraph shows that the average age of most of the airlines in Nigeria, are about 10 years as the carriers close shop shortly after they begin operations due to low patronage. The highly patronised routes are the Lagos-Abuja-Port-Harcourt, which are described as the triangular routes. These routes are flown by virtually all the airlines, leading to undercapacity, which has eroded their bottom-line. Speaking in the same vein, Secretary General, National Union of Air Transport Employee (NUATE), Abdulkareem Motajo stated that virtually all airlines in Nigeria operate to Abuja from Lagos, a route regarded as the busiest. He explained that not only do they operate to Abuja, they also share almost the same schedule, adding that one would have expected that two or three airlines would combine their passengers and travel in one aircraft. “Most of them, particularly in the afternoon carry less than 40 passengers in a 120-seater aircraft. A more reasonable and cost effective way for the operators would be for them to agree to combine passengers in a single aircraft to take the passengers to their destination,” he said. He said in doing that, the operators would minimise their losses by saving aviation fuel,

which has shot up to the roof top, cut down on airport taxes, navigational charges and in turn become more profitable. A former Assistant Secretary-General of Airline Operators of Nigeria (AON), Mohammed Tukur had enjoined Nigerian carriers to embrace interlining, stressing that the policy is being practiced in other parts of the world. According to Tukur, “airlines benefit from increased revenue. The two airlines may offer a highly competitive joint fare that attracts customers to their particular routing. Long-haul carriers also add incremental passengers to their flights. “Cash flow also benefits the airline that issues the ticket since ticket revenue for both airlines is collected by the issuing carrier. Internal accounting procedures process tickets via industry clearing houses, and the issuing carrier then pays other airlines for travel over their routes based on the interline prorate agreement”. He stated that the agreement also simplifies customer claims for baggage irregularities and provides a system for settling claims internally after final customer settlement. The pact also allows each airline to accept the other’s ticket and covers baggage transfers and liability. Both international and domestic airlines traditionally participate in the agreements. However, one of the potential downfalls is that interlining can cause contractual nightmares and baggage transfer headaches. It is also important to note that when interlining passengers, often the passenger is not aware of what airline they are flying on. As a result, bad service offered by one of the interlining airlines can be associated with a particular airline. On the other hand, a positive experience may also be associated with the airline. Most times, new entrant airlines find it beneficial not to interline with competing carriers in order to keep operations simple.

SSS, EFCC probe Shell's $3bn assets sale C O N T I N U E D F R O M PA G E 2 5

billion of assets globally in 2014 and 2015. Shell, which declined comment on the deals it described as confidential, has said that it might take over one year before winners would be announced. But the source said that part of what is holding the announcement of winners is the need for evaluation by “a team comprising of technical people; engineers, lawyers, accountants and we also have Economic and Financial Crimes Commission (EFCC), the States Security Service (SSS) and others.” Nigerian firms Taleveras and Aiteo have made the highest bid of $2.85 billion

for the biggest of four Shell assets up for sale. Choosing the right buyer, rather than the highest bidder, can be crucial to securing sales, in a country where political influence can decide deals and legal disputes or financial problems can scupper them. "Taleveras is resisting because it wants the block for itself, not in partnership with Seplat," one source said. The source also said Africa's richest man Aliko Dangote, with a personal fortune of $20 billion, and local firm Sahara Energy, had bid for the other three blocks, OMLs 18, 24 and 25, and were in late-stage talks for at least one of them.

Neither Dangote nor Sahara responded to requests for comment. Dangote, who owns two power plants and several cement factories, is more interested in the gas, two sources said. The blocks between them have more than 1.5 trillion standard cubic feet (scf) of gas, they said. The Nigerian sales are part of a wider plan by Shell to dispose of $15 billion of assets this year and next, in order to slim down operations after a profit warning. Commodity trader Glencore said this month it was interested in the assets. Sources said it had since backed away. Glencore officials declined to comment. Shell faces a dilemma: sit tight and try to force a mar-

riage between Seplat and the other two, or dispose of the block and face the criticism that it did not do so to a proper operator. There is high demand for assets in the Niger Delta, which holds a large portion of Nigeria's 37 billion barrels of oil reserves. The oil is high-quality, relatively easy to drill, and some Nigerian companies have said they can better handle the security challenges faced by oil majors. Consensus estimates of the value of the combined 45 per cent stake in all four blocks are around $3 billion, showing how asset values are being inflated by a scramble among Nigeria's increasingly wealthy elites, analysts say.

BUSINESS | NEWS

Sanctity of Truth

Monday, June 23, 2014

Singapore billionaire eyes Nigeria’s gas fortune INVESTMENT DESTINATION Nigeria’s oil and gas sector remains the toast of foreign investors despite prevailing socio-political crisis

Sunday Ojeme

ew Zealand–born billionaire, Richard Chandler, is mulling plans to invest in Nigeria’s gas sector. Chandler, who is not new to Nigeria, is said to own 13.4 per cent shares in Union Bank of Nigeria Plc. Bloomberg report said that Chandler Corporation, which owns an almost 20 per cent stake in InterOil Corporation, an oil and gas company that controls 35.5 per cent of an exploration licence that contains Papua New Guinea's biggest undeveloped gas fields, is also hunting for further riches in Africa’s petroleum reserves. The company also holds a 9.9 per cent stake, valued at $220 million, in Africa Oil Corp., a Canadian company that discovered Kenya’s first crude with a partner, Tullow Oil Plc, in 2012. Africa Oil is a logical choice for bargain hunters such as Chandler, said Stuart Amor, London-based head of oil and gas research at RFC Ambrian Limited, a natural resources adviser and broker.

The report said, “Recent crude discoveries in Kenya may generate about $10 billion in revenue in three decades of production, London-based GlobalData said in May. In Nigeria, the continent’s biggest oil producer, Chandler Corporation owns 13.4 per cent of Union Bank of Nigeria Plc. The lender has more than 350 branches that offer credit to a rising middle class. “This should enable businesses and entrepreneurs to flourish, supporting and accelerating Nigeria’s economic growth,” Richard Chandler was quoted to have said in an October 19, 2012, statement. One of Chandler Corporation’s current emerging-markets bets is liquefied natural gas. Last year, Asia accounted for 75 percent of global LNG demand of 236.9 million tons, according to the Paris-based International Group of LNG Importers. Africa is growing as a gas supplier. More than 14 trillion cubic meters (500 trillion cubic feet) has been discovered in Angola, Ghana, Mozambique, Nigeria and Tanzania, according to Seah Moon Ming, CEO of Pavilion Energy Pte, the LNG unit of Temasek Holdings Pte, Singapore’s state-owned investment company. “You can make a fortune in Africa if you can find oil and gas and if it’s economical to get it out of there,” says Jim Rogers, chairman of Singapore-based Rogers Holdings, who correctly predicted a com-

World Bank to oil firms: Stop gas flaring by 2030 LAUDABLE In Nigeria, shell is investing $4 billion to reduce flaring from local oil fields Dayo Ayeyemi

WITH AGENCY REPORT

here are indications that the World Bank will urge oil producers to stop flaring natural gas by 2030. This becomes more imperative as the amount of fuel wasted could generate enough power to meet all of Africa’s demand for electricity. The World Bank, in a report by Bloomberg at the weekend, is leading 33 companies and nations in the Global Gas Flaring Reduction partnership that seeks to shrink the industry custom by 30 per cent in the five years to 2017. Gas is pumped from fields when companies drill for oil. “It will be voluntary but we hope that both companies and countries will see the sense in what we are proposing,” Anita George of the bank’s extractive industry unit said in a Moscow

interview. “We are planning to propose it in September.” Halting the burning of about 140 billion cubic meters of gas globally every year would reduce carbon-dioxide emissions equivalent to taking about 70 million cars off the roads. Mexico and Azerbaijan have reduced flaring by about 66 per cent and 50 per cent, respectively, in the past two years, George said. In Nigeria, Royal Dutch Shell Plc is investing about $4 billion to reduce flaring from local oil fields. BP Plc’s biggest flaring occurs at its crude production in the Rumaila oilfield in Iraq, said Bob Dudley, chief executive officer at the London-based company. It’s proposing to pump gas to Kuwait to reduce the country’s liquefied natural gas imports. “That would be a big step forward for the world,” Dudley said in an interview. He downplayed the World Bank initiative. “Zero is like saying never or nothing,” he said. “So that’s probably not realistic, that’s an aspiration to go. According to satellite data, Russia is by far the largest flarer of gas,” George said at the World Petroleum Congress in Moscow.

modities rally in 1999. Asia’s deep-pocketed investors are expanding globally by acquiring LNG assets. Pavilion Energy said in November it had invested $1.3 billion in Tanzanian gas blocks. In May, Cheung Kong Group, owned by Li Ka-shing, Asia’s richest man, agreed to acquire Envestra Ltd., an Australian natural gas distributor, for A$2.4 billion ($2.2 billion). “LNG is the future,” says Chua Ma Yu, executive chairman of CMY Capital Markets Sdn. in Kuala Lumpur. “Throughout Asia, governments are building LNG terminals and gas pipelines as they respond to this seismic shift.” Chandler Corporation is

also pursuing geothermal energy through Orka Energy, which operates in China, Iceland and the Philippines; coalbed methane gas in China via Hong Kong–based Green Dragon Gas Ltd.; and natural gas and power in Indonesia and the Philippines with Energy World Corp. Behind the silence, Chandler, 55, is amassing a fortune that the Bloomberg Billionaires Index estimated at $3.7 billion on June 18. Energy-related companies account for at least $1.2 billion of his wealth. The firm invested in InterOil Corporation, which has offices in Singapore and Port Moresby, Papua New Guinea. InterOil controls 35.5 per cent of the exploration license that

contains Papua New Guinea’s Elk and Antelope fields - the island nation’s biggest undeveloped gas plays, according to InterOil. Chandler Corp.’s 19.6 per cent InterOil stake was valued at $639 million on May 30. His investments in Southeast Asia extend beyond energy to consumer goods and financial services. The firm holds a $366 million stake in Vietnam’s Masan Group Corp. The company makes foods and beverages, offers banking services and mines tungsten and bismuth. In health care, Chandler Corp. owns a minority share of Medical City, a network of three hospitals and 23 outpatient clinics in the Philippines.

(R-L) President, National Groundnut Producers, Processors and Marketers Association, Aimu Foni; Group Head, Agric Finance, Sterling Bank Plc, Mrs. Bukola Awosanya and National Secretary, National Groundnut Producers, Processors and Marketers Association, Mr. Adeniyi Adebayo, during a courtesy visit by the leadership of the association to the corporate head office of Sterling Bank in Lagos.

NIPC, Iranian ministry explore investment prospects Amadi Nnamdi ABUJA

s part of its mandate to attract and promote foreign investments in the country, the Nigerian Investment Promotion Commission (NIPC), at the weekend in Abuja, met with an Iranian delegation of investors led by the Vice Minister of Iranian Ministry of Industry, Mine and Trade, Mr. Valiollah Afkhami. The minister, who doubles as the President of Trade Promotion Organisation of Iran (ITPO), led some investment delegations from the country to Nigeria on a fact-finding mission. The investors indicated interest in mines, information and communication technology and pharmaceutical sectors. Executive Secretary of NIPC, Mrs. Saratu Umar, who received the Iranian delega-

tion, stressed the need for the two countries to partner and collaborate in order to promote Nigeria’s abundant investment opportunities to Iranian investment community. Briefing the delegation, Mrs Umar thanked them for showing interest in Nigeria, stressing that “the investment climate of the country is very conducive and friendly.” She added that the Commission, as the foremost investment promotion agency, is ready to attract and facilitate foreign investments into the country. Mrs Umar promised to assist the Iranian investors by providing relevant information that will guide them in making their investment decisions and also provide both pre and after care services. She took them on a tour of One Stop Investment Centre

(OSIC) facilities and enjoined them to register their individual companies with the Commission. Earlier, Mr. Valiollah Afkhami, said that they were in the country to get first-hand information on Nigeria investment climate and seek possible collaboration with NIPC for them to invest in the country. The Minister disclosed that there are about 30 Iranian companies presently operating in the country, stressing that more Iranian investors are desirous to invest in Nigeria. He called for closer working relationship between his ministry and NIPC in order to attract more investment from Iran to Nigeria. “From this visit, there is the need for closer cooperation between our two organisations in order to attract more Iranian investors into the country,” he said.

28 MONDAY| INTERVIEW

Sanctity

Monday, Ju

‘Revenue collectors on highwa Managing Director of Johnson Products Nigeria Limited (JPN), Mr. Olaitan Adeniyi, in this interview with the duo of Biodun Durojaiye and Ann Okafor, bears his mind on the numerous challenges facing manufacturing companies in Nigeria and suggests possible solutions. Excerpts: When was the company founded and what has the journey been like? The company was founded some years before 1970. Most of the company’s products then came from abroad, from Chicago in the United States. It was Johnson Products Chicago (JPC). JPC later transformed to JPN. The company was owned wholly then by the Americans. In the 1970s, they came to Nigeria and established this factory (at Oregun in Lagos) and brought in equipment. They saw the prospects in selling the only ‘Black’ cosmetics in Nigeria. It worked in America. So, they asked themselves where is the largest population of black people? And they found out it is Nigeria. So they came in with the product ‘UltraSheen’ and it was selling like hot cake. When we were young, we also used it to ‘perm’ our hair to imitate Jeffrey Daniels and the rest. The journey, so far is so good. It’s been ups and downs... As with many businesses in Nigeria, change of government policy, power problem, double taxation and the likes have had negative impact. These were the factors responsible for the closure of several industries in the 1980s and 1990s. That is why you now see what used to be factories have been turned to event centres, churches, and the like. But, so far so good, Johnson Products has been able to manage the ups and downs and now we are coming back with new and repackaged products. What are the unique things about your products that set them apart? Let me take hair care products first, JPC or JPN was the pioneer. We still remain the master even though things went rough at a time. Our formulation remains second to none. Right from the time UltraSheen was being brought from Chicago. We remain like the premium of the local brands. Only some of the foreign brands play premium over us. But for Nigeria, ask anybody, Johnson Products, AfroChic, the most expensive, the most effective. Do you sell outside Nigeria? Yes, we do in some West African coast. Angola, Togo, Ghana, Tanzania. Are there plans to embark on new projects in the nearest future, and the ones you have done in the past, what impact have they made? In terms of future plans, we have the plan to change the face of most of our packaging. Rebrand and add some product portfolio. For instance, the kitchen wash, we have one called Kitchen Mate, it is a premium product. We are coming up to match the top rank in the market. We are not coming as economy brand, because the formulation is right. And we are also coming up with car wash. I am sure that would precede the Kitchen Mate. What are some of the challenges you are facing as an industry? Are these challenges peculiar to you or are they general? I think they are general. I won’t say there is a particular challenge that is synonymous only to Johnson Products... There is

Adeniyi

the general power problem. It affects even the pure water seller. How do you chill your pure water? You go out to look for ice block, and it is not there. Not to talk of a company that has machines, motors to be run by electricity. It (power problem) brings about unnecessary costs incurred daily. At the end of the day, you just find out that you are doing the business and not making what you are supposed to make. All goes to diesel, generator maintenance, unnecessary overhead, LASEPA (Lagos State Environmental Protection Agency) will come, everybody wants to grab out of nothing. So, in what ways do you think government can help? I think the main solution to the problem of power or to reduce cost of what we are doing is for government to make power supply stable. There is no how I’m going to pay more than N300,000 if I am using 80-90 per cent of public electricity. But with epileptic power supply, I am still paying over N200,000 for power supply. And I still pay over N480,000 on diesel. Over 3,000 litres of diesel in a month. If public power supply should fail now, we won’t put on the generator unless we have something very strategic to do in the factory. That is how we have been cutting down. Yet we still consume a minimum of 3,000 litres. But government has privatised electricity generation and distribution. The privatisation does not make any difference for now. As it is now, they gave us one or two out of three phases which can’t power the machines. I keep running the generator. I can’t stop production. Customers want the product. You can’t give them excuses. And the more you use diesel to produce, the more the cost you incur. And you will still sell at the old price. You cannot just increase price. Those are the challenges. But if power supply is made regular, no epilepsy, then most companies, including Johnson Products, would do better in busi-

ness. What has been your experience in terms of taxation and revenue officials, like those who stop distribution vans that have logos, among others? To most companies like us that have trucks, to do business is tough with those people. Early in the year, in January, we get emblems. But they have their ways. Once you give them even the emblems, they will spot one that is supposed to be included but is not. At times, because the emblems are about 15 to 20, those people would cunningly extract one, maybe after distracting you, and will now say ‘There is no emission, emission is not here.’ Then you would become confused. You would have believed that you had everything. That you could not be faulted. They’ll say, you don’t have emission. Go to our office and pay N25,000. I call them armed robbers. Official armed robbers. Yes. I have a Tundra, it is a private car. Yet they want me to get emblems. They would disturb you. So, I keep paying for that. Get to any state outside Lagos - Osun, Oyo, going towards Ondo or the east, you are in trouble. They begin to talk about Niger Delta gaseous whatever, petroleum whatever, agricultural whatever... So, it is alarming. It is not helping matters at all.

At the end of the day, you just find out that you are doing the business and not making what you are supposed to make. All goes to diesel, generator maintenance and unnecessary overhead

What I expect government to do in that aspect is that if I’m coming to register my car, you have seen the type of the car, tell me the levies I have to pay. Once I pay, let that cover the whole country. Not that when I get to somewhere one tout will hold stick and jump in front of my car... It is alarming. Are you advocating the use of one emblem that can cut across the country? Yes. And they should eradicate or remove all those touts used as revenue collectors from the roads. Because, at times, armed robbers used that as a disguise. They behave like those boys, and at times even those touts behave like official armed robbers. They would stop you and delay you. They know you would want to go and they would capitalise on that to milk you and get your belongings. At times so steal your phones. I experienced a lot. I was working in the East, and I moved from Lagos to the East often every month. I know what they do on the roads So far, how has your company contributed to the growth of the economy? This company has given employment to lots of individuals. I just mentioned permanent workers. About 50. We have casual workers, who otherwise would have been roaming the streets. These people are given employment. They are working, they are sure of getting something at the end of the month. That is creating employment. Then most of our distributors are in business and we also contribute to their well-being. It is a win-win situation. They help us, we help them. Also, we have contributed in terms of export. We load containers (of our products) here to Angola, to Togo... Government is also enjoying the benefit of the importation and exportation by us. Do you go to Angola by road or through the sea? Through the sea. But we go to Togo by road. Looking at the real sector, what are the

MONDAY| INTERVIEW 29

of Truth

une 23, 2014

ays are official armed robbers’ BIODATA Qualifications: BEd. Hons in Home Economics (Obafemi Awolowo University, Ile-Ife) Work Experience: Acting Brand Manager, Tea, Lever Brothers of Nigeria (LBN), now Unilever PLC; Operations Mgr, Friends Fast Foods;vOperations Manager, Cook and Baker; General Manager, Choicest Place, Festac; CEO, Foodnase; MD, Kennis Fried Chicken, Calabar; MD, Trend's Fried Chicken, Owerri; MD, Johnson Product of Nigeria Ltd Years of Experience: About 15 years

things that are not in place that you think government should attend to? They are a lot. You find it difficult to move finished product from one part of this country to the other. It was only of recent that they started patching the roads. For instance, if you are taking goods to Ibadan, you know what you’ll face. The roads are not good in Nigeria. We just do patching at times... It is like setting death traps. You can’t even time your journeys. It takes my driver about five to six days to go to Kano and back... You’ll run into traffic, bad roads, accidents caused by bad roads and the likes. Government should build roads, should ensure adequate and constant power supply. There are several ways we can go through our power generation. For instance, we need gas here (Oregun industrial area). There is no gas pipeline passing through here. Government should make that available to industrial areas. They have done that in some areas, but it hasn’t gone round yet. Is this an industrial area? Yes, Oregun Industrial Area that we were taught about way back in secondary school. But it has turned to something else. Only a few industries or companies still exist on this axis. But we can still regard the place as an industrial area. Then, they (government) should also cut down on taxation. There are some businesses, for instance, we are not making profit as I am talking to you. But you still have to pay tax. They have so done the template that whether you make profit or not, provided that you are operating, you made some sales, they’ll calculate based on your turn over and they will come up with a figure, like N1.5 million, and you will have to go and pay. And I’ll look at myself, where do I get this N1.5 million? If there is constant power supply and I am saving N480,000 (on power) in a month, in a year, that would be in twelve places. If government then wants to take N1.5 million, would I raise any eyebrow? I won’t. But I am giving this (N480,000 every month) to diesel supplier, and I am still paying about N200,000 for electricity every month, whether or not I use electricity. About N195,000 is constant whether you use light or not for any industry. Do industries use prepaid metre? No, because they have transformers. The one here I bought. But it belongs to PHCN… Yes, I bought it, but it now belongs to PHCN. The day you bought it and they come to install, it has become their property. And you will be paying N195,000 ( per month) because you are using that transformer. Whatever you now consume would be added to that N195,000. So, there is no way you can escape paying less than N200,000. From the look of things, do you foresee some changes that would lead to growth in this (cosmetics) industrial sector in the nearest future?

Adeniyi

Except if government take some right steps. There are some goods that come into this country that are of far less standard. They are low standard goods coming from the far East. China and the rest. They come in here in multiple of 40-feet containers. They can afford to sell them at any amount. It doesn’t cost them anything. It is not damaging anything on them, it is you that it is damaging. You don’t know their formulation, you don’t know anything. Even we that buy chemicals here, we run away from chemicals from China. Yes, because nothing good comes out of anything that comes from there. Except what they do for themselves, or what they do for Europe spec, American spec... But anything coming to Nigeria from them, forget about it. Unfortunately, our government has given them that open cheque, that they should just bring their goods and sell, regardless of the quality. And with that, they are gradually killing the local industry. And the local industry is our own basis for economic growth. There is no way we can run away from that. If manufacturing ceases in Nigeria today, it would tell on the economy because it would just make Nigeria a dumping ground for all these substan-

dard goods. So, what government should do is: one, reduce importation to the barest minimum, especially of goods that we can manufacture here. For instance, this is our own product for the hair. The Chinese man does not need this to make his hair long or stranded. But we need it here and that is why this thing is developed for the black. As a Caucasian, you just need a normal soap to bath, and you are done. You don’t need a special thing to stretch your hair, it is already stretched. So, we have the better formulation. We know the directive and how to use it. They can’t teach us how to use it better. And government should also make interest on loans to be in single digit. For everybody or for industrialists only? Or importers included? For the industries. What is our business with importers? Except those that import the raw materials and machinery. If I want to get a loan, I’ll have to disclose what I want to use it for and it should be purely monitored. For instance, if I’m trying to get a loan to build a modern factory, the bank that wants to give me money, be it Bank of Industry

(BoI) or a commercial bank, will monitor and supervise. That is what banks do nowadays. We would build the place together. The manager in charge would be there with you. They’ll see the project as it progresses. They’ll disburse in stages. With that they’ll know that the business they are funding is doing well... The interest rate should be between two and five per cent. But what we have now is twenty-something per cent. And hidden charges, here and there... at the end of the day, you find out that these loans (of nowadays) are not being serviced. And the banks come looking for the debtors, trying to take an arm and tooth, and in the process the person might just die. And then for the banks, the money they won’t see. By the time they sell the collateral the person pledged, they may not get up to the loan value. If government wants to face reality, they should work on Central Bank, and the Central Bank works on the commercial banks, peg the interest rate, and any bank that charges more than that should face the sanction. The Chinese man that is importing things from China does his business at 0.2 per cent or thereabout. Less than 1 per cent and he is bringing the goods here. The materials he uses are cheap. Everything is cheap. And he imports in quantity. That large-scale production advantage is also there. And he comes into the Nigerian market to compete favourably with you. Look at these hotel amenities, they are from China. Look at these other ones (cream, shampoo and others, packaged and branded for hotels). These are ours. The cost of these ours are far higher. But people still bring these things from China, to counter Nigerian products. We don’t have a government that protects its own industries. We are saying we want to encourage importation. But you should determine what you want to import. You should capitalise on what you cannot produce. What you can produce, why import? Instead of giving foreigners that boost to import, develop your own local manufacturers, give them what it takes, give them the enabling environment to produce the same thing. And definitely you will get it at good price, and you are sure of what you are getting. What is your assessment of the current Minister of Industries who is saying that he is on a mission to revitalise industries, and has put in place some policies like the vehicle assembly revival policy and a few others. I won’t lie to you, I lost interest in anything coming from one minister or the other. The Manufacturers Association of Nigeria (MAN) is a very bogus body. We know the government, with their policies, they are taking us nowhere. So, we meet regularly and decide this is how we want to go. Even the minister you are talking about, we gave him ideas, what to do, to save the manufacturing industry. But all these bogus policies that are coming up still favour the foreigners, the importers. So, what are we talking about? Most times, their policies even affect (negatively) what we do. I won’t lie to you; I don’t have much interest... What I expect from such ministries is, assess most of these manufacturing companies, move close to the Manufacturers Association of Nigeria, try to solve their problems. But, most of the times they are not out to solve problems, they are always thinking of what they want to make from these industries. They’ll say ‘Oh, manufacturing is big.’ But it has started shrinking. In our own sector, Toiletries and Cosmetics, we know the number of companies that have closed shop. What has the ministry done about this? The existing ones, have they brought out any policy that would enable them to grow?

30 BUSINESS | NEWS

Sanctity of Truth

Monday, June 23, 2014

‘90% African varsities don’t offer courses in innovation, technology’ SKILL GAP Only seven per cent of varsities in subSaharan Africa have entrepreneurship centres Siaka Momoh

inety per cent of colleges and universities in SubSaharan Africa do not offer courses in innovation and technology, a survey report by Omidyar Network in partnership with Monitor Group has revealed. According to the report, stakeholders generally agree that the education system tends to focus on theoretical teaching and harnessing skills most useful in corporate firms, failing to offer more practical curricula that can adequately prepare youth to work in entrepreneurial enterprises. Said the report: “Among colleges and universities in Sub-Saharan Africa, only 7 per cent have an entrepreneurship centre dedicated to entrepreneurial development; 28 per cent offer courses specialising in entrepreneurship; and 10 per cent offer a course in innovation and technology.” It explained limited opportunities for hands-on learning and managing small projects means that students are not afforded clear paths for cultivating competencies related to practical thinking and creative problem-solving—skills needed to successfully build and manage a business. “As a result, most Afro-entrepreneurs do not feel adequately trained to manage a new firm, which for many leads to the tendency to look for jobs in well-established firms and corporations.” According to the report, the percentage of Afro-entrepreneurs who believe they have the skills to manage new firms

is quite low as follows: 9 per cent in South Africa; 14 per cent in Ghana and Nigeria; 19 per cent in Ethiopia; 22 per cent in Tanzania; and 23 per cent in Kenya. It added that the lack of a basic business culture in most small-scale enterprises, evidenced by traits such as procrastination, poor client management and missing deadlines, may be attributed to the fact that few formally educated employees have worked at entrepreneurial ventures. “Such employee challenges in most small businesses reduce their ability to retain long-term clients or acquire new ones. The informal sector is pervasive in Africa; as a result the continent sees a significant amount of informal entrepreneurism. This reality often prevents SMEs from professionalising and thus scaling their operations. In cases where entrepreneurs have more technical backgrounds, such as information technology or engineering, or where they have received little to no business management training, the need for experienced managerial talent to complement a company’s technical talent is all the more critical,” it noted. It added further: “The challenge entrepreneurs in Africa—and elsewhere—face is the ability to attract and retain such managerial talent, especially in light of severe competition with well-established corporate firms that have the means and security to hire that talent. Hence, most African education systems focus on preparing the workforce for employment by more-established firms.” Entrepreneurs in Africa, it said, require training and education to allow them to succeed in starting or growing a business. “Furthermore, entrepreneurs need a skilled workforce to meet their business goals.”

L-R: MultiChoice Super Dealer, Tochukwu Okere; Winner of electricity generating set, Adewale Adesanya and Marketing Manager, GOtv, Oludare Kafar, during the GOtv Vendors Forum and Prize Presentation in Lagos.

Amadi Nnamdi ABUJA

he Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Industrial Training Fund (ITF) have resolved to drive the National Enterprises Development Programme (NEDEP), which they described as a catalyst for strengthening the entrepreneurial spirit of Nigerians. The two agencies saddled with the responsibility of addressing the challenges facing Micro, Small and Medium Enterprises (MSMEs) in Nigeria made the resolve at the weekend in Abuja when the Director General of ITF, Dr. Mrs Juliet Chukkas Onaeko, visited the Director General of the Small and Medium Enterprises SMEDAN, Alhaji Bature Umar Masari.

Nigeria, India plagued by similar mobile money problems C O N T I N U E D F R O M PA G E 2 5

been canvased by many experts in Nigeria. “India requires mobile operators to work with banks to provide the services. Mobile networks would like instead to have their own agents who can cash out the digital money into hard currency. Much of the infrastructure is already in place, because there are so many locations where customers can top up on airtime. But the mobile operators aren’t allowed to use those sales outlets as financial agent,” the report said. The reports identified that both Nigeria and India also have the highest number of mobile money providers. India has 15 mobile money providers, second only to Nigeria, which has

20, but this has not transferred into improved uptake. Kenya is ahead of Nigeria, while although India may have a more users in numbers, actual value of transaction is less than what obtains in Pakistan Other similar problems in both countries are the facts that the potential of the markets are not yet fully exploited and investment is limited. “The uptake has been limited,” says Graham Wright of MicroSave, a financial-inclusion organisation working in India, while commenting on the quartz report. “And because of those challenges, the mobile operators are unsure about how much to invest in this business.” According to Ciuci Consulting, in a report titled: “Mak-

ing Mobile Money Move: Keys to Accelerating the Growth/ Development of the Mobile Money Industry in Nigeria,” Safaricom invested over $30 million into M-Pesa, Vodacom spent $25 million, while MTN Uganda invested about $10 million in its initial investment in that space. The report added: “What is crucial to mobile-money success is the willingness of the business to make significant upfront investments and patiently wait for impact at scale.” This is similar to India. “The business case for providing mobile money services to the unbanked in the most remote rural areas of India is not appealing to banks,” reports the GSM Association, a trade body of mobile operators.

SMEDAN, ITF to partner on devt programmes Masari emphasised the need for the agencies to be fully committed to the NEDEP programme as it was designed to address the challenges that are stifling the growth of SME sector in the country. He said: “All stakeholders are engaged to ensure a holistic framework is put in place to directly address these barriers and the ITF is there to ensure SMEs have the requisite skills while SMEDAN will provide business support services working with SME to prepare bankable business plans and the Bank of Industry (BOI) will provide funding for eligible small businesses.” The SMEDAN Director General noted that the programme pulls together public sector capacity and private sector expertise in addressing these challenges. He noted that NEDEP was expected to create jobs for millions of Nigerians, adding that so far over 40 cooperative societies have been formed. He said that the ITF’s visit was timely as it will further strengthen the collaboration between both agencies in their quest to develop the SMEs in Nigeria. Masari further said that SMEDAN identifies with ITF’s National Industrial Skills Development Programme (NISDP), which is meant to turn Nigeria’s quantitative human and physical resource advantage to productive advantage as well as providing skills to

support the National Industrial Revolution Plan (NIRP). He reiterated the readiness of SMEDAN to make available the 23 Industrial Development Centres (IDC) in the country for the implementation of NISDP as requested by the ITF chief executive, stressing that the centres have enough facilities to train youths under the scheme. “NISDP, like NEDEP, have lofty goals, which are the promotion of enterprise and skills, and through the centres these goals can be achieved. Therefore, SMEDAN has a role to play in NISDP while ITF also have a role to play in NEDEP; it is a synergy, which is in the interest of the nation,” he said. Earlier, ITF’s Director General had reiterated the need for agencies to synergise as both have crucial and important roles to play in the economic development of Nigeria. She lauded the role of SMEDAN in the implementation of the National Industrial Skills Development Programme. Onaeko said: “ITF can also provide support to SMEDAN in the implementation of its One Local Government One Product (OLOP) scheme as it needs skill development and the fund is open for collaboration.” She said that NEDEP and NISDP are central to whatever they do as parastatals under the Federal Ministry of Industry, Trade and Investment.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, June 23, 2014

Agriculture: Sterling Bank to allot 7% of loan portfolio OPTIMISTIC

on the various Central Bank of Nigeria schemes and our Bank’s funds for lending to the sector. The Bank had also been in the forefront of the Growth Enhancement Scheme (GES) initiated by the government since inception and has been actively involved in financing Agro dealers under the scheme”, she restated. Mrs. Awosanya also said Sterling Bank was also involved in the financing of one of the largest rice mills in Nigeria, a state of the art soya bean oil milling plant and poultry, which is regarded as a high risk business venture. Sterling Bank, she also added, provides advisory services to operators in the business. The expect expressed her optimism that the Agricultural Transformation Agenda will make Nigeria an agriculturally industrialised economy in the medium to long-term especially as the efforts of the government has attracted new investors and unprecedented foreign direct investment to the sector. She explained: “Agricul-

The lender is bullish about Nigeria’s Agricultural Transformation Agenda Godson Ikoro

n bid to adequately support the agricultural sector of the Nigerian economy, Sterling Bank Plc has concluded arrangement to raise its funding of the segment, from five per cent of its loan portfolio to seven per cent by year-end, the lender’s Group Head, Agriculture Finance, Mrs. Bukola Awosanya, has said. She said this while receiving the leadership of the National Groundnut Producers, Processors and Marketers Association of Nigeria at the bank’s Head Office in Lagos. “At the moment, we had utilised 3.5 per cent out of the five per cent budgeted for the sector this year. We also have plans to increase this to about seven per cent by year-end. We leverage

ture was the main source of the country’s foreign earnings before the discovery of oil. At that time, Nigeria was the leading exporter of groundnut, cocoa, groundnuts, palm oil and cotton to mention a few. Prior to the recent rebasing of the economy, agriculture was one of the largest contributors to the country’s Gross Domestic Product GDP and provided 60 per cent of employment opportunities in the country. The major problem with the sector came after oil was discovered as successive governments shifted their focus from agriculture to oil. This led to the near collapse of the sector. This was the situation with the sector until the present government came up with the transformation agenda to reposition the sector to drive Nigeria’s economy. Through the various items under the agenda, a lot has been done to bring back the lost glory of the sector”. She restated the bank’s commitment to the strategic growth of the agricultural sector, stressing that Sterling

Nigerian bond yields to fall

igerian bond yields are likely to fall this week as state agencies get their national budget allocations, flooding the market with cash. Bond yields according to Reuters, have hovered around 11.6-11.7 per cent at the short end of the curve and 12.15-12.35

per cent on longer-tenure paper, in a week characterised by strong demand from local pension funds. "We expect demand for debt paper to rev up next week when portions of budgetary allocations to government agencies hit the market, with yields fall-

ing to around 11.25 per cent on the 3-year paper," one dealer said. The Federal Government issued N168.28 billion ($1 billion) in treasury bills with maturities ranging from three months to one year last week. Yields were lower than at its previous auction.

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

Bank intends to achieve this by providing adequate funding in alignment with the on-going reforms in the segment. This, according to her, is aimed at repositioning the sector “as an attractive business proposition and an input provider for the manufacturing sector and a key foreign exchange earner.” She assured that the Bank would continue to provide the much-needed financial support

to all stakeholders in the value chain to ensure the revival of the sector in the country. In his remarks, the President of the Association, Hon Aimu Foni applauded the Bank for its support to the agriculture sector, adding that the Association was willing to partner with the Bank to support farmers in the production, processing and marketing of groundnut in the country.

AFC’s lead arranger of $1.3bn Glencore Energy facility Siaka Momoh

he Africa Finance Corporation (AFC) is a Mandated Lead Arranger of a $1.305 billion pre-payment facility for Glencore Energy UK. The facility will be used by Glencore to provide financing of up to US$1.450 billion to Société des Hydrocarbures du Tchad (“SHT”), the National Oil Company of Chad. The prepayment facility will, in turn, be used by SHT to acquire Chevron Global Energy Inc’s. Chevron has 25 per cent participating interest in the Doba consortium, which owns and operates oil producing assets in Chad. AFC was one of the six Mandated Lead Arrangers of the pre-payment facility. The others are Credit Agricole Corporate and Investment Banking, Deutsche Bank, FBN Bank (UK) Ltd, Natixis, and Société Generale Bank, with Citibank N.A. as the Account Bank. AFC’s contribution to the financing was USD100 million. The Doba Consortium owns and operates the Doba Consortium petroleum assets in Chad, together with the pipeline companies responsible for transporting crude oil to Cameroon for export. The Consortium comprises ExxonMobil Corpo-

ration (ExxonMobil), Chevron Global Energy Inc. (Chevron), and Petroliam Nasional Berhad (Petronas). The field is operated by ExxonMobil. The Natural Resources sector is a core investment priority for AFC. The Corporation is playing an active role in supporting the acquisition of assets by indigenous entities. This forms part of the Corporation’s wider objective to support the enhancement of local content, and local ownership, in the natural resources sector across the continent. This investment marks the first project for the AFC in Chad, which joined the Corporation as a member country in October 2012. AFC, a multilateral finance institution, was established in 2007 with an initial capital base of USD1 billion, to be a catalyst for private sector infrastructure investment across Africa. AFC was established to help fill a critical void in providing project structuring expertise and risk capital to address Africa’s infrastructure development needs, and is increasingly being seen as the benchmark institution for private sector-led investment in the core infrastructure sectors of power, natural resources, heavy industry, transport and telecommunications.

Jaiz Bank awaits CBN’s nod to go national Abdulwahab Isa ABUJA

he Jaiz Bank PLC is awaiting the Central Bank of Nigeria's (CBN) nod to spread its services to all 36 states of federation as a national bank, its Managing Director of the bank, Muhammad Nuru Islam, has said. The lender had already, formally applied to the apex bank to operate as national bank. The JAIZ Bank boss said these in Kano when he led members of his management team to visit the newly installed Emir of Kano, His Royal Highness Malam Muhammad Sanusi II. He said: “We have submitted our application in December 2013, it has to follow the rudiment and the normal regulations. Hopefully, we would secure the national operation license very soon. We are very pleased with CBN’s regulation

and as soon as this permission is granted, we would move fast and spread across the country before the end of 2014". The Chairman, Board of Directors of the bank, Umaru Abdul Mutallab led the management team of Jaiz Bank on visit to the new Emir of Kano, to congratulate him on his assumption to the throne, Jaiz Bank said in a statement. The Chairman used the occasion to condole the new Emir over the death of the late Emir Alhaji (Dr.) Ado Bayero. Mutallab expressed confident that the new Emir would help in bringing about the needed peace and development of Kano. He said: “We are at the Emirs palace to pay our homage, first to condole his Royal highness over the demise of the late Emir, Alhaji Ado Bayero and to very importantly, congratulate you on your accession on the throne of Kano emirship.

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, June 23, 2014

UACN: Investors bank on business expansion ACQUISITIONS Integration of recent acquisitions is expected to increase earnings Chris Ugwu

hallenges of erratic supply of electricity, weak logistics, insecurity and other high costs of operations attributable to poor infrastructure, made the operating environment, especially for the real sector of the economy, difficult in 2013. However, while it was accepted generally that the overall economic and business climate was a mix due to mounting economic challenges, United Africa Company of Nigeria Plc (UACN) has fairly maintained an upward trend in share price and financials. The company sustained its stellar performance in 2013 through innovative and proactive responses to market dynamics and competitive pressures. Market watchers believe that the relative patronage the stock enjoyed could be attributed to high liquidity of the shares due to high level of confidence investors have had on the stock for some time now as a result of its consistency in releasing significant results. They also aligned the patronage on the growth prospect of UAC in the medium-term following the recent acquisition of Livestock Feeds Plc and Portland Paints and Products Plc. The group has continued to retain the top spot among the industry competitors listed on the conglomerate sector in terms of share price and it is number two in market capitalisation. Despite the recent lull in the market following massive profit-taking that saw the market lose considerable chunk of investors’ wealth, the share price, which closed at N61.20 per share on July 31, 2013 stood at N59.52 when the closing bell rang last Friday, a decrease of N1.68 or 2.8 per cent year to date.

and Grand Groundnut Oil, Vital Feeds, Livestock Feeds and Sandtex. UAC has evolved into a holding company with strong regional and international partnerships in a bid to enhance sustainable growth. The partnerships are: UAC Foods Limited - a business partnership between Tiger Brands Limited holding 49 per cent of the equity and UAC controlling 51 per cent; MDS Logistics Ltd, a joint venture with Imperial Logistics, which holds 49 per cent equity with UAC holding the majority stake of 51 per cent and UAC Restaurants Ltd, where Famous Brands holds 49 per cent of the equity. UAC also holds the remaining 51 per cent. UAC operates successful joint ventures in the real estate business and technical collaboration in its paint business.

Profile UAC of Nigeria Plc (UAC) is a leading diversified company, operating in foods and beverage, real estate, paints and logistics sectors of the economy. The conpany has remained a foremost and active participant in Nigeria’s economic landscape since 1879. It’s brand portfolio includes leading brands such as Gala Sausage Roll, Mr Biggs, Snaps, Funtime Coconut Chips, Supreme Ice cream, Delite Fruit Juice, Swan Natural Spring Water, Gossy Warm Spring Water, Dulux, Grand Soya Oil

Recent acquisition The company’s business expansion drive has led to acquisition of 51 per cent equity in Livestock Feeds Plc, foremost manufacturers of poultry feeds and 51 per cent equity stake in Portland Paints and Products Nigeria Plc, makers of Sandtex paint. These acquisitions have deepened the company’s play in the paints and feeds markets. Chairman of the company, Senator Udo Udoma, said that the group acquired the two new companies and will continue to build its strategy of working with partners who bring value

Ettah

to the group’s businesses. “We currently have strategic partners in Tiger Brands Limited for UAC Foods Limited, Imperial Logistics for MDS Logistics Limited and Famous Brands for our restaurants Limited businesses. These bold initiatives have repositioned our group for sustainable growth and improved performance in the years ahead,” he said. Financial performance The company posted a commendable top –line growth of 13 per cent, from N69.6 billion in 2012 to N78.7 billion in 2013. Operational profit grew from N11.5 billion to N15.3 billion, while profit after tax went up by 41 per cent, to N9.95 billion in 2013 to N7 billion in the comparable period of 2012. As a result of the perfor-

We currently have strategic partners in Tiger Brands Limited for UAC Foods Limited, Imperial Logistics for MDS Logistics Limited and Famous Brands for our restaurants Limited businesses

mance, the board recommended for approval a dividend of N3.3 billion or N1.75 kobo per ordinary share of fifty kobo each, less withholding tax. The dividend declared in the review period was a 9.4 per cent increase in dividend payment to investors of the company when compared with the N1.60 kobo paid in year 2012 end. UACN’s Group Managing Director/Chief Executive Officer, Mr. Larry Ettah, said that 2013 had been a good year for UAC on both operational and strategic criteria. “I am delighted to announce a strong set of results along with the following strategic achievements: Partnership with Imperial Logistics leading to their purchase of 49 per cent equity in MDS Logistics Limited; Partnership with Famous Brands leading to their purchase of 49 per cent equity in UAC Restaurants Limited; acquisition of 51 per cent stake in Livestock Feeds Plc; acquisition of 51 per cent stake in Portland Paints and Products Nigeria Plc; disposal of 100 per cent stake in UAC Registrars Limited; divestment from GM Nigeria Limited via liquidation; listing of a Real Estate Investment Trust on the Nigerian Stock Exchange; commencement of work on a 12,000 square meter shopping mall and significant expansion of capacity in our animal feeds and snacks categories,” he said. Outlook Ettah said that the group’s focus for 2014 is to consolidate its achievements in 2013 through a comprehensive review of existing operations and integrate newly acquired subsidiaries, up skill the staff, upgrade tech-

UACN's share price movement 2013 July

N61.20

Aug 31

N55.00

Sept 30

N58.50

Oct 31

N64.99

Nov 30

N63.75

Dec 31

N67.00 2014

Jan 31

N68.01

Feb 28

N65.22

Mar 31

N56.41

Apr 30

N56.56

May 30

N65.00

June 13

N59.52

nology capabilities, manage enterprise risks, mitigate the impact of margin pressures in the group’s food and beverages category through volume ramp and profitable innovation. “We recognise the challenges in the environment but we are confident that the group is well positioned to deliver sustained performance and improved long-term returns to all our stakeholders,” he said. Udoma said that the prospects for growth in 2014 remain modest given the economic and business risks earlier enunciated. “However, we are very optimistic as to the growth prospect of UAC in medium term as we integrate the two newly acquired businesses –Livestock Feeds Plc and Portland Pints and Products Plc into the UAC family and continue to build on the synergies created by our various strategic alliances with other industry leaders. The future of UAC is indeed bright as we are poised to reap the benefits of the investments we are currently making, as well as the capacity upgrades we are undertaking in our various businesses,” he said. “As we continue to align our businesses to deliver good returns to our shareholders, we have taken other strategic initiatives geared towards minimizing our business risk and exposure. These include ongoing implementation of enterprise wide risk management framework and the deployment of SAP (System Application Products in Data processing) as our enterprise resource planning software.” Analysts’ perspectives Analysts at Meristem Securities said that though the 13.04 per cent turnover growth is much in line with their full year estimate for the conglomerate sector giant, they however, noted that the earnings growth was buoyed by a marked jump in other income, which is attributable to the 100 per cent disposal of UAC registrars and fair value gain and profit from transfer of REIT and investment properties. “We also attribute this sustained top-line growth to the company’s diversified business model, which continues to thrive on a portfolio of well diversified Strategic Business Units (SBUs),” they said. Also, analysts at CardinalStone Partners Limited, said that they expect recent investments and strategic partnerships to further improve revenue and earnings in 2014. “In the food segment, the capacity expansion by Grand Cereal in Onitsha should boost revenue and increase the company’s coverage area as business activities in the north eastern region of the country remains low. The acquisition of Portland Paints is expected to increase revenue and reduce cost, as UACN would be able to streamline certain activities that involve Portland Paints and CAP. The technical expertise from the partnership with Imperial Logistics is also expected to reduce costs going forward,” they said.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, June 23, 2014

NEGATIVE The bears had a field day at the local bourse

Profit taking persists at NSE

Chris Ugwu

he stock market sustained southward movements at the close of transactions last Friday in spite of two days bullish run witnessed last the week. The bears had continued to ravage the market, as gains recorded during the week were totally submerged. Market watchers believed the tempo for position taken by bargain hunters remained low as they picked profits from the gains recorded recently. These triggered a loss in the stock market, necessitating just as in the previous week, following sell pressure on blue chip companies. Negative sentiment The bears had last Monday regained their stronghold in the capital market following 0.16 per cent drop in both market performance indices, reflecting profit taking, amid drop in investment activities. Amongst sector gauges, the performance of financial services stocks were mixed; the NSE Banking Index slipped 47 basis points; but the NSE Insurance Index rose marginally by six basis points. Consequently, the All-Share Index shed 67.59 basis points to close at 41,449.51 as against 41,517.10 recorded on the previous day, while the market capitalisation of equities depreciated by N22 billion or 0.16 per cent as market sentiments turned red. Meanwhile, a turnover of 182 million shares worth N1.9 billion in 4,517 deals were recorded in the day’s trading. As usual, the banking subsector of the financial services sector was the most active during the day (measured by turnover volume) with 66.1 million shares worth N948.2 million exchanged by investors in 1,528 deals. Volume in the banking subsector was largely driven by activity in the shares of UBA Plc and GT Bank Plc. Also, insurance sub-sector of the financial services sector, boosted by activity in the shares of Wapic Insurance Plc, followed with a turnover of 36.6 million shares valued at N28.8 million in 215 deals. On the gainers’ chart, maker of fizzled drinks, 7up Bottling Company, firmed by N1.00 to close at N91.00 per share. Refined petroleum products marketers, Oando Marketing and Mobil Oil Nigeria, rose by N1.00 and N0.94 to close at N21.00 and N132.00 respectively. Also, The Caverton Offshore Group advanced by N0.50 (the maximum 10 per cent), while commercial banking services provider, Guaranty Trust Bank, inched up by N0.34 to close at N31.60 per share. On the flip side, maker of building materials, Lafarge Cement WAPCO, dipped by N1.94 to close at N108.06 per share while brewery major, Nigerian Breweries, moderated

Trading floor

by N1.64 to close at N173.00 per share. Similarly, financial services providers, Stanbic IBTC Holdings, Ecobank Transnational Incorporated and Zenith Bank, lost N1.07, N0.83 and N0.11 to close at N24.83, N15.87 and N25.19 per share respectively. Sell pressure Last Tuesday, the market depreciated for the second day on sustained bear activity following sell pressure on blue chip companies. The twin market performance measures, the NSE ASI and market capitalisation, dropped 0.76 per cent as the market tempo fell on the back of Nestle Nigeria Plc and Nigeria Breweries Plc. At the close of trading, 27 stocks appreciated, while 31 constituted the losers’ table. The twin market indicators, the All-Share Index fell by 314.11 basis points or 0.76 per cent from 41,449.51 the previous day to close at 41,135.40, while market capitalisation of equities dropped N104 billion or 0.76 per cent from N13.686 trillion to N13.582 trillion. Further analysis of the day’s trading showed that MRS Plc topped the day’s gainers’ table with N3.36 to close at N51.36 while Oando Plc followed with N2.15 to close at N23.15 per share. Dangote Cement added N2.00 to close at N229.00. On the flip side, Nestle Nigeria Plc led the losers with a drop of N10.00 to close at N1, 060, Nigeria Breweries shed N8.58 to close at N164.42, while Conoil dipped by N7.08 to close at N72.73. On the activity chart, the banking sub-sector dominated in volume terms with 88.5 million shares worth N1.2 billion in 1,500 deals. The sub-sector was enhanced by the activities in the shares of Zenith Bank and GTB Bank Plc.

Five most capitalised stocks as @ June 20, 2014 Dangote Cement Plc

N3.8tn

Nigeria Brewery Plc

N1.3tn

GTB Plc

N848.5bn

Nestle Nig Plc N832.3bn Zenith Bank Plc

N747.2bn

Other financial services sector boosted by the activities on the shares of Custody Insurance followed with 83.8 million units, worth N490.7 billion in 726 deals. In all, investors exchanged a total of 313.08 million shares worth N4.05 billion in 5,066 deals. Signs of recovery However, on Wednesday, the NSE saw the return of bulls, which lifted the overall market indicators, the NSE ASI and market capitalisation, higher by 0.08 per cent each. The rise in the index was partly driven by gains on shares of Nestle Nigeria Plc and MRS Oil Plc. The NSE had the previous day depreciated on sustained bear activities following sell pressure on blue chip companies on the back of Nestle Nigeria Plc and Nigerian Breweries Plc. At the close of trading, 32 stocks recorded price appreciation, while 32 others constituted the losers’ table. The twin market indicators, the All-Share Index rose by 35.76 basis points or 0.08 per cent from 41,135.40 the previous day to close at 41,171.16, while market capitalisation of equities dropped N12 billion or

0.08 per cent, from N13.582 trillion to N13.594 trillion. Further analysis of the day’s trading, showed that Nestle Nigeria Plc topped the gainers’ table with N10.00 to close at N1, 070, while MRS Plc followed with N5.25 to close at N56.61 per share. On the flip side, Conoil Nigeria Plc led the losers with a drop of N6.38 to close at N59.27 per share, Mobil Oil Nigeria Plc shed N3.00 to close at N129.00, while Dangote Cement dipped by N1.99 to close at N227.01. On the activity chart, the banking sub-sector dominated in volume terms with 89.7 million shares worth N1.07 billion in 1,837 deals. The sub-sector was enhanced by the activities in the shares of UBA and Diamond Bank Plc. Insurance sub-sector boosted by the activities on the shares of Wapic Insurance followed with 41.6 million units worth N31.03 billion in 322 deals. When the closing bell rang, investors staked a total of 295.9 million shares worth N5.4 billion in 6,336 deals. Nestle Nigeria Last Thursday, the stock market returned to bearish trend as negative sentiment pervaded trading activities. At the close of trading, investors lost N34 billion following a drop in market confidence. The twin market performance measures, the NSE ASI and market capitalisation, fell by 0.25 per cent as the market tempo lowered on the back of Nestle Nigeria Plc and Nigeria Breweries Plc. At the close of trading, 32 stocks appreciated, while 26 others constituted the losers’ table. The twin market indicators, the All-Share Index fell by 102.23 basis points or 0.25

per cent from 41,171.16 the previous day to close at 41,068.93, while market capitalisation of equities dropped N34 billion or 0.25 per cent, from N13.594 trillion to N13.560 trillion. Further analysis of the day’s trading showed that Conoil Plc topped the day’s gainers’ table with N2.96 to close at N62.23, while MRS Plc followed with N2.83 to close at N59.44 per share. On the flip side, Nestle Nigeria Plc led the losers with a drop of N20.00 to close at N1, 050, while Nigeria Breweries shed N2.00 to close at N167.00. On the activity chart, the banking sub-sector dominated in volume terms with 108.6 million shares worth N1.5 billion in 1,643 deals. The sub sector was enhanced by activities in the shares of Access and GTB Bank Plc. Bargain hunters return The stock market however returned to positive trajectory last Friday as bargain hunters took positions on some net worth stocks. At the close of trading, 29 stocks recorded price appreciation, while 26 others constituted the losers’ table. The twin market indicators, the All-Share Index rose by 60.34 basis points or 0.15 per cent from 41,068.93 the previous day to close at 41,129.27, while market capitalisation of equities gained N20 billion or 0.15 per cent from N13.560 trillion to N13.580 trillion. Further analysis of the day’s trading showed that Conoil Nigeria Plc topped the gainers’ table with N6.37 to close at N68.60, while MRS Plc followed with N4.56 to close at N64.00 per share. On the flip side, Julius Berger Nigeria Plc led the losers with a drop of N1.52 to close at N69.35 per share while Dangote Cement Plc shed N1.19 to close at N225.01.

UPDATE Fifteen out of 58 insurance companies have so far had their 2013 accounts approved

Insurance

IFRS: NAICOM approves more underwriters’ accounts

Sunday Ojeme

he National Insurance Commission has approved the 2013 accounts of 15 insurance companies out 23 so far forwarded. The approval followed the companies' ability to meet with the regulator's directive on the application of the International Financial Reporting Standard (IFRS). A notice posted on NAICOM's website also revealed that eight other companies' accounts were at different stages of review by the commission. The notice titled: 'Submission status of 2013 financial statements of insurance companies' as at Monday June 16, 2014, listed the approved accounts as those of Mansard Insurance, Custodian General Insurance Plc, Custodian Life Assurance Limited, Cornerstone Insurance Plc, Zenith Life Insurance Limited, NSIA Insurance Limited and FBN Life Assurance Limited, Wapic Insurances Plc, Wapic Life Assurances and Regency Alliance Insurance.

L-R: Chairman of the event, Segun Osunkeye; past president of Chartered Insurance Institute of Nigeria, Fatai Lawal; new president, CIIN, Oyebola Temowo and his wife, at the investiture in Lagos.

Others are Law Union and Rock Insurance Plc, AIICO Insurance Plc, UBA Metropolian Life Insurance, Oasis Insurance and Leadway Assurance. The accounts being reviewed

are those of Zenith Insurance, Continental Reinsurance, Niger Insurance Plc, Lasaco Assurance Plc, Linkage Assurance Plc, Lasaco Life Assurance, Royal Exchange Prudential Life and

Sovereign Trust Insurance Plc. Commissioner for Insurance, Mr. Fola Daniel, has been taking on the operators over their inability to adapt to the financial standard, saying that their ac-

Wiggle now NIA chairman Guinea Insurance certified for energy risks T

uinea Insurance Plc has been certified to undertake large energy businesses, a feat attributed to the strategic reengineering initiatives launched by the underwriter in recent time. The certification came just as the insurer has been readmitted into the African Insurance Organisation (AIO). A statement from the company said that the insurer was given a clean bill of health to handle large accounts following the successful conclusion of the prequalification audit recently conducted by the Nigerian Petroleum Exchange (NIPEX). The statement said “The NIPEX certificate affirms Guinea Insurance as a viable player in the industry and attests to its capacity to take on mega oil and gas businesses in Nigeria. Meanwhile, the insurer's membership was reinstated at the regional body's (AIO) 41st Conference and General Assembly held in Kigali, Rwanda. “The readmission will avail Guinea Insurance the privilege to subscribe to the African Oil and Gas and Aviation pools. It will also enable the company to place part of its Energy and Aviation acceptances/risks businesses with the mega pools in Africa.” Managing Director of the company, Polycarp Didam, said that the feats were results of the company's deter-

Sanctity of Truth

Monday, June 23, 2014

mination to become insurer of first choice, stressing that the company was committed to enhancing capacity building and continually exploring opportunities in the industry. His said, “We have finally received our certificate from NIPEX to bid on large ticket energy deals, with this approval, we are now set to participate in energy related deals in Nigeria, which is a very serious achievement for our company. "Moreso, our company was reinstated as a full member of the AIO and with the opportunity to participate in Energy and Aviation pools of the Association in Africa, this is a pointer to a better future for our company." Also, the Team Lead, Energy and Special Risks, Evwaire Godwin, said the company was set to fully explore opportunities in the sector. “Frantic efforts are underway to revitalise and position the brand on a higher pedestal that would generate positive emotional after-taste and propel confidence and equitable service delivery to enable the company take its rightful place in the Nigerian insurance industry," he said. Industry analysts have, however, described this latest achievement by Guinea Insurance Plc as a major breakthrough which will help the company consolidate its footing in the insurance sector.

he Managing Director Linkage Assurance Plc, Godwin Wiggle will be sworn in as the new Chairman of the Nigerian Insurers Association (NIA) at the association’s 43rd Annual General Meeting (AGM) which will hold later this week. A statement by Head, Corporate Communications NIA, Iyasere Davis, quoted the Director-General of the Association,

Sunday Olorundare Thomas, as saying that the occasion would provide an opportunity for the outgoing Chairman, Dr. Remi Olowude, to address the general assembly of insurers on his stewardship and developments in the insurance sector. He said representatives of member companies of the association would also be electing a new deputy chairman and

CHI retains African aviation board position

onsolidated Hallmark Insurance (CHI Plc) has been re-appointed into the board of the African Aviation Pool. A statement from the company said CHI's re-appointment was conveyed to the firm during the just concluded 27th annual general assembly of the African Insurance Organisation held in Kigali, Rwanda. The re-appointment was with two other Nigerian insurance companies. African Oil and Energy and Aviation Insurance Pools were formed by the African Insurance Organisation (AIO) to boost the capacity of oil and energy and aviation insurance, in order to deepen the African insurance market to take up large risks in the volatile oil, energy and aviation insurance sector through capacity building. The aviation pool has about 37 insurance and reinsurance companies from 14 African countries and underwrites busi-

ness from a number of African and international airlines. CHI has been a member of the African Aviation Pool since 2010 in recognition of the key role it plays in the underwriting of aviation risks in Nigeria. The Managing Director and Chief Executive Officer, Mr. Eddie Efekoha, in his reaction attributed the reappointment to the affirmation of faith in CHI by fellow risk underwriters, not only in Nigeria, but the entire African continent on the company's leadership role in aviation underwriting. He said the company would not relent in providing the very best services in all areas of general business risks underwriting, including oil and gas through well trained and highly skilled manpower, but would also continue to expand capacity in order to take advantage of favourable policies especially the local content.

tion was sending a wrong signal to the world about the health of the industry. The commission he further said, had written letters to the chairmen of the companies that were yet to submit their accounts and have asked them to dig into the competency of the management of their companies. He said: the commission had no apologies for not approving the result of the insurance firms that have submitted, insisting that NAICOM was not ready to bend the rules. He said, “The commission will not compromise but will ensure that the companies abide by the rules and regulations. We have no apologies or excuses for not approving accounts that are not correct. We will rather delay clearance of accounts than allow such accounts to be passed. “The biggest problem that we have had in the past is accounts coming from the industry that are not trusted by investors. That is why they do forensics on accounts that have been passed by regulators. This is not a good thing for the companies, the industry and the nation.” other principal officers of the Governing Council. The General Assembly will also consider the following: Presentation of chairman’s statement and report of the Governing Council; consideration and adoption of the audited accounts for year ended 31st December 2013 and the treasurer’s report thereon; appointment of new auditors; election of officers to fill vacant positions in the Governing Council. Thomas said that the association considered and if thought fit, approve the following as a special resolution to alter the Articles of Association of the Nigerian Insurers Association: that a new Article 6 (4) be inserted as follows: “The Governing Council meeting shall be held on the last Thursday of every month except the month of December of every year. If, however, for any reason a change in the meeting date is deemed necessary, not less than five (5) members shall consent to the change which must be communicated to the Governing Council members at least seven days prior to the Governing Council meeting before notice of such change shall be communicated to all Governing Council members. Failure to obtain such consent shall render the change of date ineffective. “This year’s annual general meeting will provide the needed opportunity for the Association to present a scorecard of its activities in the last one year as well as release vital statistics on the performance of the insurance industry,”

BUSINESS | INSURANCE

Sanctity of Truth

Monday, June 23, 2014

AWARENESS The need to take insurance to the grassroots receives a boost as private firms join campaign

Sunday Ojeme

s part of initiatives aimed at boosting insurance awareness in the country, a private firm, Transparent Protection Limited (TPL), has gone into partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to map and build capacities of micro and small enterprises in the areas of micro-insurance and risk management. Disclosing this in Abuja last week, the Programme Manager, TPL, Godson Ibekwe-Umelo, said the fellowship was also aimed at driving insurance awareness in Nigeria, and particularly to introduce the soon to be flagged-off Micro and Small Enterprise Insurance Initiative (MASI). He said, “Pursuant to its mandate of promoting insurance development through awareness creation and strengthening transparency in the insurance sector, TPL has initiated partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to map and build capacities of micro and small enterprises in Nigeria in the areas of micro insurance and risk management. “The outcome of the partnership is MASI which is an initiative put together as a means of addressing the unfortunate trend of low insurance awareness in the grassroots especially among the micro and small enterprises in Nigeria. The objective is to help reduce the risk profile of the relevant enterprises and have them more properly packaged for increased sustainability. The programme will cover the entire 36 states of the federation including the Federal Capital Territory (FCT).” Umelo, who presented a paper titled, “Enhancing Economic Growth Through Insurance Awareness in Nigeria: The New Option,” expressed concern over the fact that more than 70 per cent of micro enterprises in Nigeria lacked any form of

Firm partners SMEDAN to promote micro-insurance, risk mgt insurance protection. He pointed out that a 2010 study jointly undertaken by SMEDAN and the National Bureau of Statistics (NBS) confirmed this position, stressing that there was an urgent need to mobilise this important sector through microinsurance awareness, which will not only enhance productivity but will also ensure overall economic growth. According to him, “While economic growth can potentially enhance human development, it has become increasingly important and widely understood among the development community that special efforts must be made to ensure poorer sections of society are able to participate in and benefit from the process. The on-going reforms in the Nigeria insurance sector focuses on deepening insurance penetration through coordinated insurance awareness at the grassroots and strategic development of Microinsurance. “Micro-insurance is already working and lifting many out of poverty in many climes, especially those with relative huge population like India, Bangladesh and Malaysia. Micro-insurance has potential for growing the real sector in Nigeria if well coordinated. This is because the cheapest insurance policy with lowest premium rate can translate to trillions of naira by reason of large number.” He said TPL believed that the insurance sector in Nigeria had a great future and critical role to play in the economic development of Nigeria having regard to the country’s huge population advantage and many development drivers, adding that the firm was categorical in affirming its commitment and determination to make the difference by pushing this new frontier. In his words, “Apart from the capacity building programme, TPL has deployed its information and communication platform, the Underwriter quarterly newsletter to promoting insurance awareness and financial literacy in Nigeria. Till date, over thirty thousand copies in six editions have been

CIIN boss pledges to raise insurance education

he newly elected President of the Chartered Insurance Institute of Nigeria (CIIN), Oyebola Temowo, has pledged to raise the bar of insurance knowledge in the country through improving on the standards set by his predecessors and initiating new measures. He disclosed this at his investiture ceremony in Lagos. He noted that his administration would consolidate the efforts made by past leaders of the institute and ensure that the insti-

tute and the insurance industry take their rightful places in the scheme of things. Chairman of the event, Segun Osunkeye, urged insurance operators to be proactive and ensure that they affiliate with local and international recognised organisations to boost their operations. He noted that insurers must rise to the challenge of standing as the pillar of the economy, adding that the progress of nations hinges on good insurance practices.

produced and circulated nationwide to stakeholders. Through the editorial pages and executive platforms, TPL has used the medium as a veritable tool for raising awareness and policy advocacy on important issues around insurance issues in Nigeria. “The last of current pro-

grammes deserving special attention and mention here is the insurance cooperative society. Recently, TPL facilitated and launched an insurance cooperative society as one of the key strategies aimed at promoting insurance culture and access to micro finance among members and micro enterprises in

Nigeria. This insurance platform is a unique effort at promoting financial inclusion and bringing insurance products to members and critical segment of our economy, many of whom are illiterate and uninformed requiring special protections in their relationship with the insurers.

L-R Chairman/CEO, Phillips Consulting, Foluso Phillips; Chief Executive Officer, Old Mutual Nigeria Life, Keith Alford; Consul-General of South African High Commission, Mokgethi Monaisa and Distribution Director, Old Mutual Nigeria, Bayo Adeyeye, at the June Breakfast Meeting of the Nigeria-South Africa Chambers of Commerce sponsored by Old Mutual Nigeria held in Lagos.

Stanbic IBTC takes pre-retirement seminar to Rivers

ort Harcourt, the Rivers State capital, is set to host the third in the series of extensive public awareness campaigns being undertaken by Stanbic IBTC Pension Managers Limited to raise awareness of pensions and retirement planning in Nigeria. A statement made available to New Telegraph said that Nigeria’s biggest Pension Fund Administrator, a subsidiary of Stanbic IBTC Holdings PLC, had last year launched a comprehensive engagement and enlightenment initiative aimed at highlighting the significance of early retirement planning. The seminar, with

the theme, “Life renewed at 55 and beyond,” has so far been organised in Lagos and Abuja. Chief Executive Officer of Stanbic IBTC Pension Managers Limited, Dr. Demola Sogunle, who confirmed that the Port Harcourt event would hold on July 10,2014, said the seminar would provide a veritable platform to appeal to Nigerians, especially those resident in Port Harcourt and its environs, to recognise the country’s Contributory Pension Scheme as a powerful tool with which to set future goals and create the comfort and security necessary to enjoy fulfillment in retirement.

'Crash for cash' car insurance scams double in 2013 "

rash for cash" car insurance scams rose by 51 per cent last year, according to one of the United Kingdom's biggest motor insurers. The British Broadcasting Corporation reports that Aviva, which insures one in 10 of the cars in the UK, detected about 820 "induced accidents" in 2013. These faked accidents led to around 2,200 fraudulent claims for personal injury, according to Aviva. It is calling for harsher

sentences for the fraudsters, complaining that the most common punishment is a community order. Typically, the accidents are caused deliberately by gangs who put in claims for whiplash compensation. Aviva says that the number of suspicious accidents is likely to be much higher than the hundreds its fraud team has discovered. The cost of the compensation is borne by honest motor insurance customers through

Sogunle said that as the industry leader Stanbic IBTC Pension Managers Limited had an obligation to highlight the benefits of the contributory pension scheme, which presents a clear path for employees to maintain a stable standard lifestyle even well after retirement. The seminar will also provide a platform for the company to forge closer ties with its customers as well as to enlighten the public on developments in the pension industry. Other activities expected to feature at the event are expert presentations on lifestyle and health living. increased premiums. The company has issued a video showing one crashfor-cash incident, filmed by a camera installed in its customer's vehicle. Two drivers in front stop suddenly, forcing the car behind to crash into the rear of one of the vehicles. It is thought that a growing crackdown on speculative whiplash claims is prompting criminals to create real accidents, where they can point to more convincing evidence. Insurers are sharing information on claimants and working more closely with police.

36 BUSINESS |FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, June 23, 2014

FMDQ Daily Quotations List

20-Jun-14

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

Bonds

Price

FGN Bonds Issuer

Rating/Agency

Description 9.20 29-JUN-2014 9.25 28-SEP-2014 4.00 23-APR-2015 13.05 16-AUG-2016 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 16.00 29-JUN-2019 7.00 23-OCT-2019 16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

Issue Date

Coupon (%)

Outstanding Value (N'bn)

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

45.00 100.00 535.00 500.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 165.17 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Bid Price

Offer Price

0.02 0.27 0.84 2.16 2.85 3.10 3.20 3.94 5.03 5.34 7.61 9.73 14.44 14.92 15.42 16.09

10.40 10.87 10.99 11.68 11.70 11.64 11.64 11.62 11.67 11.67 12.21 12.28 12.75 12.80 12.86 12.99

4.58 10.32 10.33 11.61 11.64 11.52 11.52 11.52 11.60 11.58 12.15 12.23 12.71 12.76 12.80 12.94

99.96 99.51 94.51 102.50 108.00 95.43 94.01 97.14 116.10 81.79 120.30 110.70 114.65 97.90 71.04 80.00

100.11 99.66 95.01 102.65 108.15 95.73 94.31 97.44 116.40 82.09 120.60 111.00 114.95 98.20 71.34 80.30

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

4,420.01 Issuer

Agency Bonds AMCON FMBN

Bid Yield (%)

Offer Yield (%)

***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

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

0.36 0.93 1.41 2.47 2.83 3.04

1.00 2.63 2.27 2.00 1.00 1.00

11.78 13.65 13.51 13.58 12.62 12.64

95.92 88.49 104.98 97.88 96.33 93.83

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 31-Dec-20 06-Jan-21

0.13 0.32 1.20 0.80 1.10 1.10 2.83 1.66 3.53 2.50 4.29 2.70 2.70 3.08 3.15 5.42 3.21 3.83 6.44 6.53 3.84 3.87

1.56 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 4.78 1.00 1.00 1.00 2.74 1.00 1.00 1.94 1.44 1.95

12.12 14.03 15.57 14.21 15.54 14.57 17.21 12.36 13.42 13.38 12.61 12.61 16.39 12.64 12.64 12.69 14.37 12.62 12.90 13.86 13.06 13.57

100.16 99.88 96.70 99.65 98.36 101.16 84.31 102.26 101.58 101.47 104.44 104.15 95.17 104.59 107.32 106.92 100.93 106.15 102.53 104.77 115.61 115.29

07-Oct-14 18-Dec-14 31-Dec-14 17-Aug-15 09-Dec-15 06-Jan-16 29-Sep-16 25-Oct-16 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 22-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 14-Nov-20

0.30 0.50 0.53 0.68 0.99 0.84 2.28 2.35 3.28 2.09 2.05 2.22 2.22 4.26 2.33 2.41 3.53 6.40

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 1.00 1.88 3.48 5.20 5.06 1.35 2.29 6.11 2.16 2.76

11.72 16.10 19.62 15.83 12.03 13.62 12.56 12.91 12.63 13.42 15.01 16.75 16.61 12.96 13.85 17.68 13.79 14.66

99.86 98.80 98.72 96.20 100.08 100.53 100.80 102.60 100.91 108.93 102.00 102.59 101.96 103.25 103.89 98.97 106.02 102.37

11-Feb-18

3.65

1.00

12.63

93.05

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

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; BBB+/DataPro A/Agusto A-/GCR

KWARA NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN *OSUN LAGOS KOGI *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 15.00 KOGI 31-DEC-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 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 15.00 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 5.00

TOTAL OUTSTANDING VALUE

572.90

Corporate Bonds A+/Agusto; AA/GCR Aa/Agusto Nil Bbb-/Agusto A-/Agusto BB+/GCR A+/Agusto; A-/GCR A-/Agusto A/GCR BBB-/GCR BBB+/DataPro†; BB+/GCR A-/DataPro†; BB-/GCR AAA/DataPro†; A+/GCR A/Agusto; A/GCR Bbb+/Agusto; BBB+/GCR BBB-/DataPro†; BB+/GCR BBB/GCR A+/Agusto; A-/GCR

LAFARGE WAPCO GTB µ NGC *UPDC *FLOURMILLS *CHELLARAMS NAHCO FSDH UBA *C & I LEASING *DANA# *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA NAHCO

11.50 LAFARGE WAPCO 7-OCT 2014 13.50 GUARANTY TRUST 18-DEC-2014 17.00 NGC 31-DEC-2014 10.00 UPDC 17-AUG-2015 12.00 FLOURMILLS 9-DEC-2015 14.00 CHELLARAMS 06-JAN-2016 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 22-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.25 NAHCO II 14-NOV-2020

07-Oct-11 18-Dec-09 01-Apr-10 17-Aug-10 09-Dec-10 06-Jan-11 29-Sep-11 25-Oct-13 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 22-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 14-Nov-13

11.50 13.50 17.00 10.00 12.00 14.00 13.00 14.25 13.00 18.00 16.00 18.00 16.00 14.00 15.75 17.00 16.00 15.25

11.80 13.17 2.00 15.00 37.50 1.50 15.00 5.53 20.00 0.94 8.01 3.63 1.00 35.00 3.00 0.54 4.50 2.05

TOTAL OUTSTANDING VALUE

180.17

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

Maturity Date

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

4.94

4.80

110.05

110.90

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.25

4.05

103.22

103.99

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.33

5.21

107.45

108.36

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

Corporate Eurobonds AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.90

3.19

111.67

112.86

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.15

4.26

104.19

105.85

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.24

5.96

99.09

100.14

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.92

6.53

100.90

101.99

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.67

8.27

94.18

95.46

AFREN PLC

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.19

4.53

113.18

114.42

ZENITH BANK PLC FIRST BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.45

6.25

99.16

99.98

B/S&P; B-/Fitch

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.13

6.72

103.92

105.44

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

5.94

5.69

102.66

103.64

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

ACCESS BANK PLC FIDELITY BANK PLC

TOTAL OUTSTANDING VALUE

3,460.00

**Treasury Bills DTM 13 20 27 34 41 48

FIXINGS Maturity 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14

Bid Discount (%) 10.30 8.00 10.20 10.10 10.20 10.00

Offer Discount (%) 10.05 7.75 9.95 9.85 9.95 9.75

Bid Yield (%) 10.34 8.04 10.28 10.20 10.32 10.13

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.6083 12.2083 13.2255 14.0524

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.29

Tenor

Bid ($/N)

Offer ($/N)

10.54

Spot 7D 14D 1M

162.80 163.03 163.28 163.88

162.90 163.29 163.63 164.54

O/N Tenor

REPO

Rate (%)

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

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

14.20 15.00 12.49 8.50 10.00

165.17 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Description

Issuer

Agency Bonds

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

AMCON

Sanctity of Truth

FMBN

Monday, June 23, 2014 NA

***LCRM

CONFIDENCE TOTAL OUTSTANDING VALUE

12.28 12.75 12.80 12.86 12.99

12.23 12.71 12.76 12.80 12.94

Issue Date

Coupon (%)

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

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

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

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

Stories by Chris Ugwu

nvestors that exited the Nigerian market during the 2008/2009 recessions have failed to return due to shallow knowledge of the market, a financial analyst and Presi-

978.35 24.56 6.00 112.22 116.70 66.49

hareholders of VALUE Chemical TOTAL OUTSTANDING

and Allied Products (CAP) Corporate Bonds Plc have endorsed N1.575 A+/Agusto; AA/GCR LAFARGE WAPCO billion amountAa/Agustodividends, GTB ingNilto N2.25 kobo perNGC every 50 Bbb-/Agusto *UPDCfinankobo share, for the 2013 A-/Agusto *FLOURMILLS cial year at their 49th Annual BB+/GCR *CHELLARAMS General Meeting (AGM). A+/Agusto; A-/GCR NAHCO The shareholders who A-/Agusto FSDH A/GCR UBA commended the company for & I LEASING theBBB-/GCR dividend payout*Csaid they BBB+/DataPro†; BB+/GCR *DANA appreciated the company’s efA-/DataPro†; BB-/GCR *TOWER forts to increase return on AAA/DataPro†; A+/GCR its *TOWER A/Agusto; A/GCR investment. UBA Bbb+/Agusto; CASERA They saidBBB+/GCR over the*LA years, the BBB-/DataPro†; BB+/GCR *CHELLARAMS company has been very consisBBB/GCR *DANA tent in delivering results. A+/Agusto; A-/GCR NAHCO Addressing shareholders at TOTAL OUTSTANDING VALUE the meeting in Lagos, ChairSupranational Bond man of CAP Plc, Mr. Larry EtAAA/S&P tah, said that despiteIFCthe chalµ

# #

TOTAL OUTSTANDING VALUE

dent of David School of Financial Graduate, Mr. Tunde Adeyemi, has said. Adeyemi, who spoke with financial journalists in Lagos, stressed the need for human capital development in

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 15.00 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 5.00

finance that would drive the needed local investors’ participation in the market and deepen it. He said that Nigerian capital market would achieve competitiveness if companies are

0.36 0.93 1.41 2.47 2.83 3.04

0.13 0.32 1.20 0.80 1.10 1.10 2.83 1.66 3.53 2.50 4.29 2.70 2.70 3.08 3.15 5.42 3.21 3.83 6.44 6.53 3.84 3.87

raising money successfully within six months with at least 10 per cent retail investors’ participation. “We have serious gap of knowledge and for the market to pick, we need to develop

lenging operating environment in 2013, the company ended the year with an impressive perfor11.50 LAFARGE WAPCO 7-OCT 2014 mance. 13.50 GUARANTY TRUST 18-DEC-2014 17.00noted NGC 31-DEC-2014 He that the company 10.00 UPDC 17-AUG-2015 recorded a turnover of N6.2 bil12.00 FLOURMILLS 9-DEC-2015 lion, a growth of 18 per cent over 14.00 CHELLARAMS 06-JAN-2016 the13.00 previous year and a profit NAHCO 29-SEP-2016 14.25 tax FSDHof 25-OCT-2016 before N2.1 billion, which 13.00 UBA 30-SEP-2017 represents an increase of 26 per 18.00 C&I LEASING 30-NOV-2017 cent over the previous year. MPR+7.00 DANA 9-APR-2018 EttahTOWER said: “In view of MPR+7.00 9-SEP-2018 theMPR+5.25 good TOWER performance of the 9-SEP-2018 14.00 UBA, II the 22-SEP-2018 company Board has rec15.75 LA CASERA 18-OCT-2018 ommended a final dividend MPR+5.00 CHELLARAMS II 17-FEB-2019 of 16.00 N700 million, representing DANA II 1-APR-2019 10015.25 kobo forII 14-NOV-2020 every 50 kobo orNAHCO dinary share to shareholders in the Register of Members at the close of business on May 10.20 IFC 11-FEB-2018 19, 2014 for your consideration

and approval. This is in addition to the interim dividend of 125 kobo per share paid 07-Oct-11 11.50on November 19, 2013. This brings the 18-Dec-09 13.50 01-Apr-10 total Dividend for 201317.00 financial 10.00 year to17-Aug-10 N1.575 billion, represent12.00 ing 22509-Dec-10 kobo per share.” 06-Jan-11 14.00 Reviewing the operations of 29-Sep-11 13.00 the company 25-Oct-13 during the 14.25period, 13.00 Ettah 30-Sep-10 said: “We expanded our 30-Nov-12 18.00 spread during the year with 09-Apr-11 16.00 the opening of eight18.00 new Du09-Sep-11 lux colour shops in Umuahia, 09-Sep-11 16.00 22-Sep-11 14.00Abuja, Dopemu, Akure, Jigawa, 18-Oct-13 15.75 Katsina, Aba and Ughelli. We 17-Feb-12 17.00 successfully executed the Du01-Apr-14 16.00 lux Mobile Room Makeover, an 14-Nov-13 15.25 innovative marketing campaign in the Nigerian clime, to the delight of our teeming consumers. 10.20 “We11-Feb-13 commenced ink jet cod-

ing 572.90of our product packages, making adulteration of the product more difficult. 0.30 We 11.80 07-Oct-14 will our products 13.17 ensure that 18-Dec-14 0.50 2.00 31-Dec-14 0.53 continue to meet global quality 15.00 17-Aug-15 standards; hence retained0.68 the 37.50 09-Dec-15 0.99 NIS ISO 9001: 2008 certification 1.50 06-Jan-16 0.84 of15.00 the Standards Organisation 29-Sep-16 2.28 of5.53Nigeria (SON).” 25-Oct-16 2.35 20.00 3.28 He noted30-Sep-17 that CAP PLC’s 0.94 30-Nov-17 consistent drive to conduct2.09its 8.01 09-Apr-18 2.05 operations in a ‘healthy 2.22 and 3.63 09-Sep-18 safe manner, complying with 1.00 09-Sep-18 2.22 35.00relevant 22-Sep-18 4.26 all laws and regula3.00 18-Oct-18 2.33 tions and ensuring minimal 0.54 17-Feb-19 2.41 impact on the environment, 4.50 01-Apr-19 3.53 was rewarded in the year with 2.05 14-Nov-20 6.40 the award for the first time, of 180.17 ISO 14001:2004 Environmental Management System (EMS) 12.00 11-Feb-18 3.65 certification.’ 12.00

Oando shares rise on ConocoPhillips deal Rating/Agency

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

Why retail investors failed to return, by analyst

Shareholders approve CAP’s N1.6bn dividend

Description

Issuer

111.00 114.95 98.20 71.34 80.30

6.75 JAN 28, 2021

BB-/Fitch; B+/S&P

hares of Oando Plc rose rose to N30.37 ($0.19) per share, FGN 5.13index JUL 12, 2018 the maximum 10 per cent helping lift the of Nigeallowed on the Nigerian ria’s top five oil and gas firms BB-/Fitch; 6.38 JUL 12, 2023 BB-/S&P Stock Exchange (NSE) last Fri- by 4.51 per cent. TOTAL day afterOUTSTANDING the oil firmVALUE said it had Oando said that on June 18 gotten the government approval it had received government apCorporate Eurobonds to B-/S&P; complete a $1.65 billion acqui- proval to complete the deal that 11.50 FEB 01, 2016 B/Fitch AFREN PLC I sition of ConocoPhillips’ Nige- it had agreed 7.50 lastMAY year but was 19, 2016 GTBANK PLC I B+/S&P; B+/Fitch rian assets. delayed several times due to 6.00 NOV 08, 2018 GTBANK PLC According to Reuters news, 7.25 JUL funds, 25, 2017 oil inB+/S&P ACCESS BANK PLC problems of raising 6.88 MAYsources 09, 2018 said. Oando, which has triple listings B/S&P; B/Fitch FIDELITY BANK PLCdustry and banking 10.25 APR 2019 had PLC in B/Fitch Johannesburg andAFREN Toronto, The Nigerian oil08,firm BB-/Fitch; BB-/S&P

6.25 APR 22, 2019

B/S&P; B-/Fitch

ZENITH BANK PLC FIRST BANK PLC

8.25 AUG 07, 2020

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

Valuation Yield (%)

Indicative Price

1.00 2.63 2.27 2.00 1.00 1.00

11.78 13.65 13.51 13.58 12.62 12.64

95.92 88.49 104.98 97.88 96.33 93.83

the skill and human capital to drive the market. Innovations are coming up in the market but1.56 the skill to transform it is 12.12 100.16 not3.29 there.” 14.03 99.88 4.44 pointed15.57 96.70 He out that foreign 14.21 99.65 and3.23 institutional investors 4.46 15.54 98.36 who understand the rudi3.48 14.57 101.16 ments market are 5.59 of stock 17.21 84.31 in1.00 12.36 102.26 vesting heavily in the market. 1.79 13.42 101.58 He said, “From the last 1.80 13.38 101.47 public offer we had in the 1.00 12.61 104.44 country, we discovered that 1.00 12.61 104.15 the4.78 investors16.39 relied on 95.17 infor1.00 12.64 mation. But today, over 104.59 80 per 1.00 12.64 107.32 cent don’t 1.00of stockbrokers 12.69 106.92 go out 2.74 to market 14.37 companies 100.93 1.00 anymore. 12.62 106.15 stocks 1.00 “They sit 12.90 down in 102.53 their 1.94 13.86 104.77 offices on their 115.61 previ1.44 based13.06 ous1.95 experience. why 13.57 That is 115.29 you see foreign investors dominating the market. The foreign investors are 99.86 being 1.00 11.72 driven 5.21 by some 16.10 fund manag98.80 19.62 to them 98.72 ers 8.71 that explains that 4.88 15.83 96.20the despite the insecurity in 1.00 country, they12.03 can make100.08 40 per 2.63 13.62 100.53 cent interest in the country 1.00 12.56 100.80 every 1.34 quarter.” 12.91 102.60 1.00 noted that 12.63 there100.91 He is ur1.88 108.93 gent need for13.42 marketers that 3.48 15.01 102.00 can5.20 explain to16.75 the local 102.59 investors5.06 reasons why 16.61 they should 101.96 1.35 in the 12.96 invest market. 103.25 2.29 13.85 Adeyemi explained103.89 that 17.68 98.97 this6.11 challenge can be ad2.16 13.79 106.02 dressed by developing people 2.76 14.66 102.37 that are actually understand the financial market, saying that for the economy grow, 1.00 there is need 12.63 for human93.05 capital development. He said, “The problem we Offer Yield (%) Bid Price Offer Price are having in the country is that Prices we have the people that & Yields have the money and the people 4.80 110.05 110.90 that have the idea, what we are 4.05 103.99 waiting for is103.22 people that will bring the two107.45 parties together, 5.21 108.36 which is the financial market. “We don’t have venture capitalists and private equities3.19 investors111.67 or fund manag112.86 ers.4.26 The regulators are105.85 com104.19 ing5.96 out with99.09 different100.14 ideas and6.53innovations peo100.90 but the 101.99 ple 8.27 that will actualise the idea 94.18 95.46 113.18 114.42 are4.53 not there.”

Coupon (%)

Issue Value ($'mm)

Maturity Date

Bid Yield (%)

07-Oct-11

6.75

500.00

28-Jan-21

4.94

22-Apr-14

6.25

500.00

22-Apr-19

6.45

6.25

99.16

99.98

07-Aug-13

8.25

300.00

07-Aug-20

7.13

6.72

103.92

105.44

360.00

09-Dec-20

5.94

5.69

102.66

103.64

paid $550 million to Cono18-Dec-09 5.13 coPhillips for the acquisition and secured bank financing to 01-Apr-10 6.38 complete the payment. Analysts expect the deal to contribute a significant proportion to Oando’s profit and 01-Feb-11 11.50 plan to re-rate the stock. 19-May-11 7.50 Oando shares have 08-Nov-13 6.00 risen 13.7 per cent this year,7.25valuing 25-Jul-12 09-May-13 6.88billion the oil firm at N269.4 10.25 ($1.65 08-Apr-12 billion).

"We believe this is a mate500.00 catalyst12-Jul-18 4.25 rial for Oando that should lead 12-Jul-23 to the ultimate 500.00 5.33 re-rating," analysts at Renais1,500.00 sance Capital wrote in a note. Oando hopes the acquisition will help it make the transition 450.00 01-Feb-16 3.90 from 500.00 a marketer 19-May-16 of refined 5.15 petroleum products into6.24an 400.00 08-Nov-18 upstream business focused 350.00 25-Jul-17 6.92 300.00 02-May-18 on oil and gas exploration 8.67 and 300.00 08-Apr-19 5.19 production.

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

Issue Date

FGN Eurobonds

B+/Fitch; BB-/S&P

110.70 114.65 97.90 71.04 80.00

BUSINESS | FINANCIAL MARKET NEWS 37 1,304.32

Expert seeks Sub-National Bonds A/Agusto KWARA enlightenment to boost A-/GCR NIGER market A+/Agusto participation KADUNA

9.73 14.44 14.92 15.42 16.09

4,420.01

Rating/Agency

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; BBB+/DataPro A/Agusto A-/GCR

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

09-Dec-13

6.63

3,460.00

20-Jun-14

The FMDQBills Daily Quotations List (DQL) comprises market and model prices/rates of foreign exchange ($/N) products, FIXINGS fixed income securities and instruments in the OTC market. The use of this report is subject **Treasury Money Market Foreign Exchange (Spot & Forwards) to the FMDQ of Use and Disclaimer Statement. DTMOTC PLC TermsMaturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) FGN

13 20 Bonds27 34 41 48 Rating/Agency 55 62 69 76 83 90 97 104 111 118 153 NA 167 202 216 230 244 258 293 307 321

TOTAL OUTSTANDING VALUE

3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14 31-Jul-14 7-Aug-14 Issuer 14-Aug-14 21-Aug-14 28-Aug-14 4-Sep-14 11-Sep-14 18-Sep-14 25-Sep-14 2-Oct-14 9-Oct-14 16-Oct-14 20-Nov-14 NA 4-Dec-14 8-Jan-15 22-Jan-15 5-Feb-15 19-Feb-15 5-Mar-15 9-Apr-15 23-Apr-15 7-May-15

10.30 8.00 10.20 10.10 10.20 10.00 Description 10.25 10.20 9.20 29-JUN-2014 10.30 9.25 28-SEP-2014 10.30 4.00 23-APR-2015 10.70 13.05 16-AUG-2016 10.45 10.50 15.10 27-APR-2017 10.75 9.85 27-JUL-2017 10.65 9.35 31-AUG-2017 10.75 10.70 30-MAY-2018 10.30 16.00 29-JUN-2019 10.35 7.00 23-OCT-2019 10.30 10.60 16.39 27-JAN-2022 10.40 14.20 14-MAR-2024 10.60 15.00 28-NOV-2028 10.40 12.49 22-MAY-2029 10.30 8.50 20-NOV-2029 10.45 10.00 23-JUL-2030 10.20

10.05 7.75 9.95 9.85 9.95 Issue9.75 Date 10.00 9.95 29-Jun-07 10.05 28-Sep-07 10.05 23-Apr-10 10.45 16-Aug-13 10.20 10.25 27-Apr-12 10.50 27-Jul-07 10.40 31-Aug-07 10.50 30-May-08 10.05 29-Jun-12 10.10 23-Oct-09 10.05 10.35 27-Jan-12 10.15 14-Mar-14 10.35 28-Nov-08 10.15 22-May-09 10.05 20-Nov-09 10.20 23-Jul-10 9.95

Issuer

Agency Bonds AMCON NA

FMBN Modified Duration ***LCRM Buckets

TOTAL OUTSTANDING VALUE 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†

<3 3<5 >5 KWARA Market NIGER KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI

Description

Tenor O/N 1M 3M Outstanding 6M Value

(N'bn)

Rate (%) 10.6083 12.2083 13.2255 14.0524 Maturity Date

45.00 NITTY 100.00 535.00 Tenor 500.27 1M 2M 452.80 3M 20.00 6M 100.00 9M 300.00 12M 351.30 233.90 600.00 NIFEX 165.17 Current Price ($/N) 75.00 BID($/N) 150.00 OFFER ($/N) 200.00 591.57

Issue Date

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 Porfolio Market Total Outstanding 0.00/16.50 LCRM II 20-APR-2017 Volume(Bn) Value(Bn) 0.00/16.50 LCRM III 06-JUL-2017 1,001.80 1,129.66 656.10 14.00 KWARA 5-AUG-2014 2,787.56 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

NIBOR

Bonds

29-Jun-14 28-Sep-14 23-Apr-15 Rate (%) 16-Aug-16 10.2207 10.3678 27-Apr-17 10.5947 27-Jul-17 10.9220 31-Aug-17 11.3003 30-May-18 11.7592 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 162.8200 22-May-29 162.9200 20-Nov-29 23-Jul-30

OBB O/N

10.29 10.54

REPO Tenor TTM (Yrs) BidRate Yield(%) (%) Call

10.25

Tenor Spot 7D 14D Offer1M Yield (%) 2M 3M 4.58 6M 10.32 1Y

1M 11.92 0.02 10.40 3M 12.71 0.27 10.87 6M 13.48 0.84 10.99 10.33 2.16 11.68 11.61 NOTE: 2.85 11.70 11.64 :Benchmarks 3.10 11.64 11.52 * :Amortising Bond 3.20 11.64 11.52 µ :Convertible Bond 3.94 11.62 11.52 AMCON: Asset Management Corporation of Nigeria 5.03 Government 11.67 11.60 FGN: Federal of Nigeria 5.34 Mortgage Bank 11.67of Nigeria 11.58 FMBN: Federal IFC: International Finance 12.21 Corporation 7.61 12.15 LCRM: Local Management 9.73 Contractors Receivables 12.28 12.23 NAHCO: Nigerian Aviation Handling Company 14.44 12.75 12.71 O/N: Overnight 14.92 12.80 12.76 UPDC: UAC Property Development Company 15.42 12.86 12.80 WAPCO:West Africa Portland Cement Company 16.09 12.99 12.94

Bid ($/N) 162.80 163.03 163.28 Bid163.88 Price 165.03 166.37 99.96 170.01 99.51 177.85

Offer ($/N)

Price

162.90 163.29 163.63 164.54 Offer Price 166.22 168.02 100.11 173.64 99.66 184.88

94.51 95.01 102.50 102.65 108.00 108.15 NA :Not Applicable 95.43 95.73 # :Floating Rate Bond 94.01 94.31 ***: Deferred coupon bonds 97.14 97.44 116.10 †: Bond rating expired116.40 81.79 82.09 120.30 120.60 110.70 111.00 NGC: Nigeria-German Company 114.65 114.95 UBA: United Bank for Africa 97.90 98.20 71.04 71.34 80.00 80.30

4,420.01

*from the Amortising # bonds, the average is Risk Premium is a life combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Rating/Agency

10.34 8.04 10.28 10.20 10.32 10.13(%) Coupon 10.41 10.38 9.20 10.50 9.25 10.53 4.00 10.97 13.05 10.73 10.80 15.10 11.09 9.85 11.01 9.35 11.14 10.70 10.76 16.00 10.86 7.00 10.92 11.31 16.39 11.13 14.20 11.41 15.00 11.23 12.49 11.23 8.50 11.46 10.00 11.21

953.07 951.30 756.74 2,661.11

28-Dec-11 24-May-10 03-Apr-12 09-Dec-11by Weighting 20-Apr-12 Vol Outstanding 06-Jul-12

Coupon (%)

Issue Value (N'bn)

0.00 BOND INDEX 978.35 FMDQ FGN

35.81 35.75 28.44 05-Aug-09 100.00 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

0.00 17.25 0.00/16.00 Weighting by Mkt 0.00/16.50 Value 0.00/16.50

35.94 40.53 23.54 14.00 100.00 14.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

24.56 6.00 112.22 Bucket Weighting 116.70 66.49

1,304.32 0.36 17.00 6.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00

0.36 0.28 1.00

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

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

0.36 0.93 1.41 2.47 Implied 2.83Yield 3.04

1.00 2.63 2.27 2.00 Implied 1.00 Price Portfolio 1.00

18.32 36.28 45.40 05-Aug-14 100.00 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

11.69 12.05 12.82 0.1312.33 0.32 1.20 0.80 1.10 1.10 2.83 1.66 3.53 2.50 4.29 2.70

115.6637 131.0024 94.7574 1.56 115.2019 3.29 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00

Valuation Yield (%) 11.78 13.65 13.51 13.58 INDEX 12.62 12.64 1,098.57 1,109.28 1,105.42 12.12 1,094.29 14.03 15.57 14.21 15.54 14.57 17.21 12.36 13.42 13.38 12.61 12.61

Indicative Price 95.92 88.49 104.98 97.88 YTD Return 96.33 (%) 93.83 9.8569 10.9278 10.5422 100.16 9.4295 99.88 96.70 99.65 98.36 101.16 84.31 102.26 101.58 101.47 104.44 104.15

Daily Summary as of 20/06/2014 Printed 20/06/2014 16:29:55.055

Daily Summary (Equities) Activity Summary on Board EQTY HEALTHCARE Pharmaceuticals NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Daily Summary as of 20/06/2014

Printed 20/06/2014 16:29:55.055

38 BUSINESS | CAPITAL MARKET

Symbol NEIMETH PHARMDEKO

No. of Deals 11 2 99

Current Price 1.24 1.57

Quantity Traded 235,272 510 4,737,363

Symbol COURTVILLE

No. of Deals 49 49

Current Price 0.58

Quantity Traded 19,106,900 19,106,900

11,082,012.00 11,082,012.00

Symbol CWG NCR

No. of Deals 3 3 6

Current Price 4.95 15.20

Quantity Traded 106,200 42,300 148,500

Value Traded 525,690.00 639,553.11 1,165,243.11

Symbol CHAMS

No. of Deals 1 1

Current Price 0.50

Quantity Traded 200 200

Value Traded 100.00 100.00

HEALTHCARE Totals

Daily Summary (Bonds)

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

No Debt Trading Activity

Value Traded 289,145.00 800.70 47,892,512.18

4,737,363

47,892,512.18

Sanctity of Truth

Monday, June 23, 2014 Value Traded

The Nigerian Stock Market Exchange as at June 20, 2014 Daily Summary (Equities)

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

Activity Summary on Board EQTY AGRICULTURE Crop Production OKOMU OIL PALM PLC. PRESCO PLC Crop Production Totals

Livestock/Animal Specialties LIVESTOCK FEEDS PLC. Livestock/Animal Specialties Totals

Symbol OKOMUOIL PRESCO

No. of Deals 50 15 65

Current Price 33.50 36.00

Quantity Traded 481,054 107,300 588,354

Value Traded 15,847,168.47 3,895,676.70 19,742,845.17

Symbol LIVESTOCK

No. of Deals 37 37

Current Price 3.05

Quantity Traded 1,375,670 1,375,670

Value Traded 4,218,842.78 4,218,842.78

1,964,024

23,961,687.95

AGRICULTURE Totals

102

CONGLOMERATES

Diversified Industries Daily Summary as of 20/06/2014 A.G. LEVENTIS NIGERIA PLC. Printed 20/06/2014 16:29:55.055 CHELLARAMS PLC.

Symbol No. of Deals AGLEVENT 5 CHELLARAM 1 JOHNHOLT 1 TRANSCORP 675 Daily Summary (Equities) UACN 64 746

JOHN HOLT PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

Activity Summary on Board EQTY

CONGLOMERATES Totals

Current Price 1.38 3.95 1.15 4.89 59.52

746

CONSTRUCTION/REAL ESTATE Building Structure/Completion/Other Published by The Nigerian Stock Exchange © COSTAIN (W A) PLC. Building Structure/Completion/Other Totals

Quantity Traded 48,829 500 15,000 80,195,033 427,369 80,686,731

Value Traded 69,650.10 1,880.00 16,500.00 392,800,891.52 25,428,872.18 418,317,793.80

80,686,731

418,317,793.80

Processing Systems Daily Summary as of 20/06/2014 CHAMS PLC Printed 20/06/2014 16:29:55.055 Processing Systems Totals ICT Totals

CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE WAPCO PLC. Building Materials Totals

Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals

No. of Deals 10 10

Current Price 1.40

Quantity Traded Page 640,950 640,950

1Value Traded of 13 897,330.00 897,330.00

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

Symbol JBERGER

No. of Deals 11 11

Current Price 69.35

Quantity Traded 208,861 208,861

Value Traded 14,532,021.29 14,532,021.29

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

Symbol UAC-PROP

No. of Deals 26 26

Current Price 17.65

Quantity Traded 185,045 185,045

Value Traded 3,295,457.75 3,295,457.75

Real Estate Investment Trusts (REITs) UPDC REAL ESTATE INVESTMENT TRUST Real Estate Investment Trusts (REITs) Totals

Symbol UPDCREIT

No. of Deals 1 1

Current Price 10.47

Quantity Traded 250 250

Value Traded 2,487.50 2,487.50

1,035,106

18,727,296.54

Quantity Traded 75,000 89,136 233,952 91,500 667,479 1,157,067

Value Traded 802,500.00 16,047,136.90 6,101,209.12 260,775.00 110,920,049.13 134,131,670.15

48 Symbol No. of Deals CHAMPION 5 GUINNESS 32 DailyINTBREW Summary (Equities) 21 JOSBREW 3 NB 126 187

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 Food Products--Diversified CADBURY NIGERIA PLC. NESTLE NIGERIA PLC. Daily Summary as of 20/06/2014 Food Products--Diversified

Printed 20/06/2014 16:29:55.055 Household Durables VITAFOAM NIG PLC. Household Durables Totals

Totals

Personal/Household Products P Z CUSSONS NIGERIA PLC.

CONSUMER GOODS Published by The Nigerian Stock Exchange © Personal/Household Products

Personal/Household Products Totals

FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED Daily Summary as of 20/06/2014 Printed 20/06/2014 FIDELITY 16:29:55.055 BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. Activity UNITY Summary BANK PLC on Board EQTY FINANCIAL SERVICES Banking WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC Banking Totals Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. Published by The Nigerian Stock Exchange © LASACO ASSURANCE PLC. LINKAGE ASSURANCE PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. OASIS INSURANCE Daily Summary as of 20/06/2014 PLC PRESTIGE ASSURANCE CO. PLC. Printed 20/06/2014 16:29:55.055 SOVEREIGN TRUST INSURANCE PLC STANDARD TRUST ASSURANCE PLC STANDARD ALLIANCE INSURANCE PLC. UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, and Services Totals Activity Summary on Brokers Board EQTY FINANCIAL SERVICES Micro-Finance Banks Published by The Nigerian Stock Exchange © NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC Mortgage Carriers, Brokers and Services Totals 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 Daily Summary as of 20/06/2014 FINANCIAL Totals Printed 20/06/2014SERVICES 16:29:55.055 HEALTHCARE Pharmaceuticals EVANS MEDICAL PLC. FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. Activity Summary on Board EQTY MAY & BAKER NIGERIA PLC. HEALTHCARE Pharmaceuticals Published by The Nigerian Stock Exchange © NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals

Value Traded 2 of 13 1,127,111.39 1,127,111.39

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR NASCON NNFM UTC

No. of Deals 44 67 45 41 49 3 7 256

Current Price 8.50 9.60 77.00 4.07 11.52 20.78 0.54

Quantity Traded 359,926 3,117,155 140,573 1,334,001 1,406,127 15,434 226,312 6,599,528

Value Traded 3,026,715.75 29,654,154.62 10,768,583.23 5,413,428.59 16,513,243.95 308,488.00 123,208.48 65,807,822.62

Symbol CADBURY NESTLE

No. of Deals 31 57 88

Current Price 81.89 1,050.00

Quantity Traded 63,681 535,014 598,695

Value Traded 4,737,268.56 561,761,734.56 566,499,003.12

Symbol VITAFOAM

No. of Deals 9 9

Current Price 4.72

Quantity Traded 91,600 91,600

Value Traded 411,394.00 411,394.00

No. of Deals 37 53

Current Price 38.00 50.03

Quantity Traded 264,284 335,726

Value Traded 9,808,622.17 16,619,877.56

No. of Deals 90

Current Price

Page Quantity Traded 600,010

3 of 13 Value Traded

643 Symbol No. of Deals ACCESS 115 DIAMONDBNK 75 ETI 108 FIDELITYBK 92 GUARANTY 330 SKYEBANK 133 STERLNBANK 72 Daily Summary (Equities) UBA 199 UBN 40 UNITYBNK 13 Symbol WEMABANK ZENITHBANK

Current Price 9.80 6.47 15.99 2.07 28.83 3.36 2.42 8.00 10.00 0.50

794,405,501.01

Quantity Traded 6,117,545 3,391,187 2,793,915 9,448,164 23,250,741 9,049,163 10,176,004 23,743,997 262,644 746,115

Value Traded 59,851,881.21 21,707,496.65 44,040,867.29 19,407,930.10 673,745,999.87 30,795,465.05 24,177,156.45 190,187,325.09 2,633,752.03 373,057.50

Current Price 0.94 23.80

Quantity Traded 1,416,701 10,243,904 100,640,080

Symbol No. of Deals AFRINSURE 1 AIICO 43 CONTINSURE 6 CORNERST 5 LASACO 3 LINKASSURE 1 MANSARD 23 MBENEFIT 13 NEM 29 NIGERINS 1 OASISINS 16 PRESTIGE 21 SOVRENINS 2 STACO 3 STDINSURE 3 Daily Summary (Equities) UNIVINSURE 2 WAPIC 103 275

Current Price 0.50 0.88 1.06 0.50 0.50 0.50 2.65 0.54 0.85 0.50 0.52 0.50 0.50 0.50 0.50 0.50 0.72

Quantity Traded 10 4,787,889 616,957 129,035 Page 115,400 78,467 1,687,500 15,589,037 3,822,971 500 3,488,000 2,529,251 2,000 11,100 120 116,825 69,703,465 102,678,527

Current Price 1.02

Quantity Traded Page 6,100 6,100

Symbol ABBEYBDS

No. of Deals 1 1

Current Price 1.36

Quantity Traded 90 90

Value Traded 117.00 117.00

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 64 15 408 93 5 29 117 731

Current Price 3.20 3.54 15.39 4.25 0.53 25.80 2.35

Quantity Traded 1,929,447 10,580,007 13,304,003 7,206,642 1,145 899,225 10,802,183 44,722,652

Value Traded 6,146,924.95 36,212,005.90 205,139,712.35 30,567,457.78 629.75 23,170,716.44 25,613,375.56 326,850,822.73

248,047,449

1,716,296,514.39

Quantity Traded 14,000 3,216,173 564,443 706,965

Value Traded 33,600.00 9,568,971.46 36,814,816.55 1,185,178.47

2,459 Symbol No. of Deals EVANSMED 6 Daily Summary (Equities) FIDSON 33 GLAXOSMITH 25 MAYBAKER 22 Symbol NEIMETH PHARMDEKO

No. of Deals 11 2 99

Current Price 2.52 2.99 66.00 1.65 Current Price 1.24 1.57

Quantity Traded Page 235,272 510 4,737,363

47,892,512.18

No. of Deals 49 49

Current Price 0.58

Quantity Traded 19,106,900 19,106,900

Value Traded 11,082,012.00 11,082,012.00

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

Symbol CWG NCR

No. of Deals 3 3 6

Current Price 4.95 15.20

Quantity Traded 106,200 42,300 148,500

Value Traded 525,690.00 639,553.11 1,165,243.11

Processing Systems CHAMS PLC Processing Systems Totals

Symbol CHAMS

No. of Deals 1 1

Current Price 0.50

Quantity Traded 200 200

Value Traded 100.00 100.00

19,255,600

12,247,355.11

Quantity Traded 1,600,856 115,078

Value Traded 46,780,407.56 1,033,792.00

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC Published by The Nigerian Stock Exchange ©

56 Symbol ASHAKACEM BERGER

No. of Deals 120 11

Current Price 28.90 9.00

Page

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

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals Daily Summary as of 20/06/2014 Printed 20/06/2014 16:29:55.055 Employment Solutions C & I LEASING PLC. Employment Solutions Totals Hospitality TANTALIZERS PLC

Activity Summary on Board EQTY SERVICES Published by The Nigerian Stock Exchange © Hospitality Hospitality Totals

Symbol CAP CCNN DANGCEM IPWA PAINTCOM PORTPAINT WAPCO

No. of Deals 17 62 35 2 2 3 49 301

Current Price 42.00 11.00 225.01 0.50 1.38 4.81 109.99

Page Quantity Traded 157,901 967,005 1,176,521 7,565 10,000 5,000 773,903 4,813,829

7 of 13 Value Traded

Symbol CUTIX

No. of Deals 8 8

Current Price 1.90

Quantity Traded 1,203,000 1,203,000

Value Traded 2,315,700.00 2,315,700.00

Symbol BETAGLAS

No. of Deals 5 5

Current Price 16.59

Quantity Traded 47,711 47,711

Value Traded 764,494.89 764,494.89

Symbol

No. of Deals 1 1

Current Price 7.46

Quantity Traded 5 5

Value Traded 35.45 35.45

6,064,545

422,113,416.06

315 Symbol BOCGAS Symbol ALEX

No. of Deals 1 1

Current Price 6.06

No. of Deals 1 1

Current Price 10.50

6,546,714.15 10,700,178.58 268,842,082.77 3,858.15 14,400.00 25,250.00 85,086,502.51 419,033,185.72

Quantity Traded 299,816 299,816 Page

Value Traded 1,816,884.96 1,816,884.96 of 13

Quantity Traded 10 10

Value Traded 99.80 99.80

299,826

1,816,984.76

Symbol JAPAULOIL

No. of Deals 45 45

Current Price 0.56

Quantity Traded 4,686,117 4,686,117

Value Traded 2,623,225.52 2,623,225.52

Symbol OANDO

No. of Deals 446 446

Current Price 30.37

Quantity Traded 17,487,992 17,487,992

Value Traded 531,079,933.04 531,079,933.04

Symbol No. of Deals BECOPETRO 1 CONOIL 65 ETERNA 82 FO Daily Summary (Equities) 276 MOBIL 19 MRS 57

Current Price 0.50 68.60 4.58 250.01 129.00 64.00

Quantity Traded 1,000 2,399,334 6,158,982 754,495 25,205 337,016

Value Traded 500.00 158,673,699.21 28,167,430.53 172,295,106.75 3,357,193.58 21,482,625.33

Page

Symbol TOTAL

No. of Deals 11 511

Current Price 170.51

Quantity Traded 27,379 9,703,411

Value Traded 4,699,213.40 388,675,768.80

Symbol SEPLAT

No. of Deals 23 23

Current Price 670.00

Quantity Traded 45,950 45,950

Value Traded 30,976,909.00 30,976,909.00

31,923,470

953,355,836.36

1,025 Symbol RTBRISCOE

No. of Deals 50 50

Current Price 1.01

Quantity Traded 3,174,203 3,174,203

Value Traded 3,208,853.00 3,208,853.00

Symbol REDSTAREX TRANSEXPR

No. of Deals 8 2 10

Current Price 4.98 2.24

Quantity Traded 153,504 2,062 155,566

Value Traded 765,149.92 4,418.31 769,568.23

Symbol CILEASING

No. of Deals 53 53

Current Price 0.50

Quantity Traded 6,789,067 6,789,067

Value Traded 3,398,533.50 3,398,533.50

Current Price 0.50

Quantity Traded 100

Value Traded 50.00

Page Quantity Traded 100

Daily Summary (Equities) Symbol No. of Deals TANTALIZER

No. of Deals 1

Current Price

Hotels/Lodging IKEJA HOTEL PLC TOURIST COMPANY OF NIGERIA PLC. Hotels/Lodging Totals

Symbol IKEJAHOTEL TOURIST

No. of Deals 6 2 8

Current Price 0.82 3.88

Quantity Traded 181,209 110 181,319

Value Traded 147,711.20 405.90 148,117.10

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

Symbol ACADEMY LEARNAFRCA UPL

No. of Deals 2 9 4 15

Current Price 1.71 1.61 4.57

Quantity Traded 12,548 305,000 21,311 338,859

Value Traded 20,453.24 491,850.00 92,702.85 605,006.09

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Symbol ABCTRANS

No. of Deals 15 15

Current Price 0.85

Quantity Traded 1,385,315 1,385,315

Value Traded 1,168,176.83 1,168,176.83

Symbol INTERLINK

No. of Deals 1 1

Current Price 4.90

Quantity Traded 6 6

Value Traded 27.96 27.96

Symbol AIRSERVICE

No. of Deals 9 39 48

Current Price 2.54 4.80

Quantity Traded 51,983 2,587,807 2,639,790

Value Traded 128,886.84 12,537,767.78 12,666,654.62

Symbol CAVERTON

No. of Deals 42 42

Current Price 6.29

Quantity Traded 1,352,590 1,352,590

Value Traded 8,222,996.70 8,222,996.70

243

16,016,815

30,187,984.03

5,738

419,090,083

4,439,322,882.19

Quantity Traded 250 250

Value Traded 320.00 320.00

250

320.00

Quantity Traded 2,500 2,500

Value Traded 1,250.00 1,250.00

2,500

1,250.00

Daily Summary as of 20/06/2014 Specialty Printed 20/06/2014 16:29:55.055 INTERLINKED TECHNOLOGIES PLC Specialty Totals

Transport-Related Services AIRLINE SERVICES AND LOGISTICS PLC NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Daily Summary (Equities) NAHCO

Activity Summary on Board EQTY

Page

SERVICES Support and Logistics CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

SERVICES Totals

EQTY Board Totals

Daily Summary (Equities)

10 of 13 Value Traded 50.00

Symbol

Activity Summary on Board ASeM CONSUMER GOODS Food Products MCNICHOLS PLC Food Products Totals

Symbol MCNICHOLS

No. of Deals 1 1

CONSUMER GOODS Totals OIL AND GAS Petroleum and Petroleum Products Distributors CAPITAL OIL PLC Daily Summary as of 20/06/2014 Petroleum and Petroleum Products Distributors Totals Printed 20/06/2014 16:29:55.055 OIL AND GAS Totals

Current Price 1.34

1 Symbol CAPOIL

No. of Deals 1 1

Current Price 0.50

Daily Summary (Equities)

Page

Activity Summary on Board ASeM

Traded13 6 Value of 289,145.00 800.70 47,892,512.18

4,737,363

Value Traded 46,780,407.56 1,033,792.00

OIL AND GAS Totals

Value Traded 5 of 13 5,917.00 5,917.00

Symbol COURTVILLE

ICT Totals

Exploration and Production SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD Exploration and Production Totals

Value Traded 5.00 4,105,814.26 654,274.42 64,517.50 4 of 13 57,700.00 39,233.50 4,529,413.45 8,192,617.51 3,255,395.64 250.00 1,748,001.00 1,266,120.48 1,000.00 5,550.00 60.00 58,412.50 50,931,176.57 74,909,541.83

No. of Deals 2 2

Daily Summary as of 20/06/2014 Petroleum and Petroleum Products Distributors Printed 20/06/2014 16:29:55.055 BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC.

Activity Summary on Board EQTY

Value Traded 1,341,777.95 246,267,406.64 1,314,530,115.83

Symbol NPFMCRFBK

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals

OIL AND GAS Published by The Nigerian Stock Exchange © Petroleum and Petroleum Products Distributors TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

26,428,499.73

9,059,154

No. of Deals 32 241 1,450

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

OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Equipment and Services Totals

Quantity Traded Page 12,254 12,254

CONSUMER GOODS Totals

Quantity Traded 1,600,856 115,078

NATURAL RESOURCES Totals

Current Price 91.00

Symbol

Current Price 28.90 9.00

NIGROPES Daily Summary (Equities)

NATURAL RESOURCES Chemicals B.O.C. GASES PLC. Chemicals Totals Published by The Nigerian Stock Exchange © Metals ALUMINIUM EXTRUSION IND. PLC. Metals Totals

No. of Deals 13 13

Symbol PZ UNILEVER

12,247,355.11

No. of Deals 120 11

Activity Summary on Board INDUSTRIAL GOODS Totals EQTY

Symbol 7UP

Daily Summary (Equities)

ActivityUNILEVER SummaryNIGERIA on Board EQTY PLC.

Current Price 11.26 180.00 26.00 2.85 166.50

Packaging/Containers Daily Summary as of 20/06/2014 BETA GLASS CO PLC. Printed 20/06/2014 16:29:55.055 Packaging/Containers Totals Tools and Machinery NIGERIAN ROPES PLC Tools and Machinery Totals

19,255,600

Symbol ASHAKACEM BERGER

Daily Summary (Equities)

Symbol COSTAIN

CONSTRUCTION/REAL ESTATE Totals Daily Summary as of 20/06/2014 CONSUMER GOODS Printed 20/06/2014 16:29:55.055 Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. PLC.EQTY Activity NIGERIAN SummaryBREW. on Board Beverages--Brewers/Distillers Totals CONSUMER GOODS Beverages--Non-Alcoholic Published by The Nigerian Stock Exchange © 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC Activity Summary on Board EQTY BERGER PAINTS PLC

ASeM Board Totals

2,750

1,570.00

Equity Activity Totals

5,740

419,092,833

4,439,324,452.19

Daily Summary (ETP) Exchange Traded Fund

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

Symbol NEWGOLD VETGRIF30

No. of Deals 1 6 7

Current Price 2,047.00 18.86

Quantity Traded 113 20,455 20,568

Value Traded 231,311.00 385,156.38 616,467.38

ETF Board Totals

20,568

616,467.38

ETP Activity Totals

20,568

616,467.38

Page

BUSINESS | MOVERS, SHAKERS & CAREER 39

Sanctity of Truth

Monday, June 23, 2014

Sterling names ex-CBN boss, others directors S

terling Bank has appointed six distinguished men and women to its board, in what it described as a renewed effort to strengthen its board and maintain a good corporate governance and sustainability culture. The inclusion of women is in line with the gender ratio requirement of the Central Bank of Nigeria (CBN). The new board members whose appointments have been approved by the apex bank include: Ms. Tamarakare Yekwe; Dr. (Mrs.) Omolara Akanji; Asue Ighodalo; Raghavan Karthikeyan; Mr. Kayode Lawal (Executive Director); Mr. Abubakar Suleiman (Executive Director. The bank said in a statement that the appointment of these six seasoned professionals with diverse experience in the private and public sectors, would further enhance the capacity of the board to deliver on its corporate goals. The Bank’s Chief Executive Officer, Mr. Yemi Adeola expressed his optimism that the Bank would benefit immensely from the wealth of experience of the six directors as their appointments were carried out on the basis of skills, rich professional experience and corporate governance best practice. “We are also mindful of the need to be gender sensitive in the constitution of our Board”, he added. His words: “The track record of the six new appointees typifies the value system of the bank which is hinged on integrity, dynamism, excellent service delivery and entrepreneurship“. Tamarakare Yekwe, the current Principal Partner, ‘Kare Yekwe & Co. (Legal Practitioners & Consultants) was a member of the Governing Council, Nigerian Institute of International Affairs (NIIA) and the Presidential Technical Committee on Housing and Urban Development. She was the pioneer Attorney General and Commissioner for Justice, Bayelsa State; and has also served as a director in a number of institutions including the Federal Savings Bank of Nigeria. She holds a Bachelor of Laws (LL.B) degree from the University of Lagos and was called to the Nigerian Bar in 1981. Omolara Akanji, a member of the Petroleum Revenue Special Task Force, started her career with the Central Bank of Nigeria (CBN) in 1978 as an Assistant Economist. She rose through the ranks, retiring in December 2007 as the Director, Trade and Exchange Department. She holds a B.Sc. in Agricultural Economics from the University of Ibadan, an M.Sc. in Agricultural Economics from the University of Reading, a Diploma in Statistics from the University of Kent, Mathematical Institute, and a PhD. Finance from the European-American University, Commonwealth of Dominica. Asue Ighodalo is a Partner in Banwo & Ighodalo, a lead-

Continental Re names new Cote d’Ivoire head

an-African insurer Continental Re has appointed Ibrahima Ndoye as the regional director for Cote d’Ivoire. Ndoye has worked in Cote d’Ivoire and the surrounding region over the past 16 years. The Chief Executive Officer of Continental Reinsurance, Dr Femi Oyetunji, said he was confident the appointment would support the company’s pan-African growth

strategy and development in the reinsurance market in Cote d’Ivoire. “Africa has vast potential to develop a world-class reinsurance market; however, to achieve this we need reinsurance skills including analytical, actuarial, underwriting and asset management skills as well as local knowledge to grow and support Africa’s renaissance,” said Oyetunji.

Wapic Insurance gets non- Executive Director Abu

Akanji

Yekwe.

Kathikeyan

apic Insurance Plc has approved the appointment of Mrs. Ifeyinwa Osime as an independent non-Executive Director on the board of the company. A statement announcing the appointment added that Ifeyinwa Osime holds a Law Degree (L.L.B), and Masters (LL.M) in Commercial & Corporate Law from the University of Benin and London School of Economics, University of London respectively.

She is also a Barrister at Law (BL) of the Supreme Court of Nigeria. She has over 24 years professional experience in law and insurance and was the Company Secretary of African Development Insurance Company Limited from 1989 to 1997 with oversight over claims settlement. She is an alumnus of the Harvard Business School and is currently a Partner at McPherson Legal Practitioners.

Sulaiman is NIM's chief executive

Lawal

Asue

ing corporate and commercial law firm in Nigeria, which he founded in partnership in 1991. His core practice areas are corporate finance, capital markets, mergers and acquisitions, banking & securities, foreign investments & divestments, energy & natural resources, privatization and project finance. A product of Kings College, Lagos, Asue obtained a Bachelor of Science Degree (BSc) in Economics from University of Ibadan in 1971, a LL.B in 1984 from London School of Economics and a BL in 1985 from the Nigerian Law School. Raghavan Karthikeyan replaces Mr. Rajiv Pal Singh who completed his tenure as a representative of State Bank of India (SBI) last year. He is presently the Chief General Manager, International Banking in State Bank of India (SBI) Mumbai and a Certified Associate of the Indian Institute of Bankers (CAIIB). Raghavan joined SBI in 1980 and has worked in various capacities across several aspects of banking. He holds a Bachelor of Arts from St. John’s Col-

lege, Tirunelveli, India and a Master of Arts from Madurai University, India. Kayode Lawal started his career with NBM Bank where he worked from 1987 till 2005. During this period, he excelled in various marketing roles and was subsequently appointed as the bank’s Treasurer. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and has professional qualifications from the Chartered Institute of Taxation of Nigeria (CITN) and Chartered Institute of Bankers of Nigeria (CIBN) Abubakar Suleiman started his banking career as a Management Associate in MBC International Bank (now part of First Bank Plc) in 1998. In 1990, he moved to Citibank Nigeria where he worked in roles covering Asset & Liability Management and Market Risk Management. Between 2003 and 2011, he served as Treasurer (in Trust Bank of Africa and subsequently Sterling Bank) before being appointed Integration Director to deliver the seamless merger with the former Equitorial Trust Bank.

he Nigerian Institute of Management, Chartered, (NIM), has appointed Engr. Mohammed Kudu Sulaiman, as its substantive Registrar/ Chief Executive. Prior to this appointment, Sulaiman, a Fellow and former Council member of the Institute, was the Director of Membership Services for several years and the immediate past acting Registrar/Chief Executive of the Institute. A graduate of Mechanical Engineering and Masters of Business Administration of the Ahmadu Bello University, Zaria, Sulaiman is also a registered member of Council for the Regulation of Engineering in Nigeria (COREN). He joined the services of the NIM (Chartered) in April, 2002 as the head of its Abuja Management Centre. In the field structure of the NIM, he served as the Zaria Branch Chairman and North Central Zonal Chairman, a council position in 1995 and 2001 respectively. He was a member of Education, Train-

Sulaimon

ing and Consultancy Committee of NIM Council in 1996. He started his career at the Nigerian Tobacco Company PLC (Now British American Tobacco Company PLC), a multinational company with Headquarters in Southampton, United Kingdom as a mechanical engineer from September 1980, and rose to the position of an assistant factory engineer in 1983 and later appointed plant manager in 1991.

Mukhtar, now Dangote's Chief Strategy Officer

n furtherance of its restructuring for global expansion, Dangote Group has appointed Dr. Abdu Mukhtar, as its Group Chief Strategist. The Pan-African conglomerate said in a statement that he is expected to deploy his rich experience to provide overall management oversight for all the functions within the newly created corporate strategy department. Mukhtar will assist Dangote Group President, Alike Dangote to provide overall strategic direction for the Group and develop short, medium and long-term plans to achieve the

Group’s strategic objectives and long-term vision. Mukhtar has acquired extensive experience in both private and public sectors across Africa, Asia, North America and the Middle East, in areas such as privatisation, public-private partnerships, private equity, management consulting and entrepreneurship development. Until recently, he was the Group Managing Director/CEO of the Abuja Investments Company and chaired the boards of a dozen subsidiary companies. He also sits on the boards of several non-profit organisations.

40 BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, June 23, 2014

IFC investment in Africa hits $4.5bn T he International Finance Corporation (IFC) has declared that Africa accounts for $4.5 billion of the $25 billion of its investment portfolio. It said that Liberia was one of the countries in the sub-Saharan Africa benefiting hugely from IFC interventions. But IFC’s Resident Representative, Frank Ajilore, said the

corporation’s expectation for Liberia was not as it wished or envisaged. He said: “Our investment has not been as we expect it to be. Liberia is just coming out of a conflict situation.” In order to address the situation, he said, the first consideration is the building of an environment which will allow private sector to participate in

Global commercial banks contribute 4.5m transaction at $2.4tr

ajor global commercial banks have contributed over 4.5 million transactions totalling an exposure in excess of $2.4 trillion, International Chamber of Commerce (ICC) Trade Register Report 2014 has said. The ICC Trade Register Report 2014 (“the Trade Register”) empirically demonstrates that trade finance is lower risk than many other types of financing and assets. It records that short-term trade finance customer default rates range from a low of 0.033per cent to a high of 0.241per cent, which is a fraction of the 1.38 per cent default rate reported by Moody’s for all corporate products. First launched in 2009 by ICC’s Banking Commission, the report is widely recognised as one of the world’s leading analytical reports on global risks for the trade finance industry -identifying risks across a range of trade finance products and markets. The report offers those involved in trade -whether in business, finance, government or multilateral institutions a tool for understanding the risks, which should support liquidity and the regulatory oversight of the technique. Around 80-90 per cent of cross-border trading activity relies on some form of trade finance, making the regulatory treatment of instruments such as letters of credit (L/Cs) and pre-export finance vital for the health of the world’s economy. In fact, it was the market’s concern that the regulatory requirements were subjecting trade finance to disproportionately stringent capital-adequacy standards that encouraged ICC’s Banking Commission, through an initial partnership with the Asian Development Bank, to initiate the Trade Register. Those same concerns underpin ICC’s ongoing engagement in this initiative, to empirically support what had previously been only anecdotally known: that trade finance is a low risk asset class for lenders. The findings of ICC’s Trade Register therefore have the potential to transform trade, and, by association, open up trade finance as a lubricant for economic growth. By demon-

strating trade finance is low risk, not just anecdotally, or theoretically, but through data gathered from the major global commercial banks, the Trade Register not only acts as a vital tool for both policymakers and financial regulators, it encourages lenders to finance trade activity in the developed and emerging economies, and for both the short and medium-term. As such, the report could encourage economic recovery and value-creation, as well as enable SME growth, international development and, therefore, the engagement of emerging markets. “The intention of the Register was to progress the understanding of trade finance, its importance to global trade and its highly-effective risk mitigation capabilities,” explained Kah Chye Tan, Chair of ICC Banking Commission. He added: “The impact of the Register, however, is much greater. As the latest results show, the Register provides concrete fact-based evidence that trade finance is low risk which, if fully reflected in capital requirements, would help banks to give companies the financing support they need for their exports, and to contribute even further to the global economy as it recovers from the global financial crisis.” The report demonstrates the low risk nature of both short-term and medium to long-term trade finance. Short-term trade finance (with an average contractual tenor between 90-180 days) customer default-rates for 2008-12 were 0.033 per cent for export L/Cs, 0.117 per cent for import L/Cs, 0.157 per cent for performance guarantees, and 0.241 per cent for loans for import/export. Meanwhile, the report explains that for medium-long term export loans included in the Trade Register - where an export credit agency (ECA) has provided either statebacked Guarantee or Insurance to the financing bank - the expectation is that losses will be very low unless the ECA itself defaults, which is typically considered remote as the loans are governmentsponsored and the ECAs generally have investment-grade ratings.

the economic activities. “So currently, our focus is on building that investment climate to be able to set the platform for private sector entities to be able to participate in the economy,” he said, and reflectively added that since 2010, the IFC only has fifteen advisory programmes; one of which is the collateral launched on Wednesday in Monrovia. The IFC is working with the Commerce Ministry in support of SMEs activities, and at the same time has been instrumental in the establishment of the Commercial Court. IFC also helped in establish-

ing the ASYCUDA system at the ministry of Finance intended to aid the government in its customs and excise operations. “So, the collateral registry is one of those we helped to put in place. “The SMEs and the enterprises majorly have associations that you can tussle, entities like the Liberia Chambers of Commerce,” the IFC resident representative said. Access Bank, according to him, is IFC’s SMEs bank that has over fifteen thousand customers. At the same time, he said that the Liberian government,

as part of its broader economic revitalisation program relying on the goodwill of partners such as the IFC, has asked the entity’s involvement in its listing and local supplies linkage programme. As part of that initiative, a team from the IFC along with the ministries of finance, commerce and justice and National Investment Commission will see a demonstration of the listing of operation in Nigeria. “We believe that this is a very important tour that will open up and able to get backing of government in the program,” Ajilore said.

L-R: Deputy Managing Director, Deutsche Bank Nigeria, Mrs. Adeola Azeez; Managing Director, Ecobank Nigeria, Mr. Jibril Aku, and Managing Director, Deutsche Bank Nigeria, Charles Weller, during the presentation of award in Lagos

More face discipline on Mexico fraud, says Citigroup CEO

itigroup Inc. Chief Executive Officer Michael Corbat said he expects others to be disciplined after the bank fired an employee linked to a suspected $400 million fraud at the company’s Mexico unit. “One person has already been terminated,” Corbat said at the firm’s annual meeting in St. Louis. “I expect that others will be disciplined as well - either for actions, or, just as important, inactions that helped enable this fraud.” The case involved bogus loans to Mexican oil-services firm Oceanografia SA that reduced the New York-based bank’s 2013 profit by $235 million, Citigroup said on Feb. 28. Corbat didn’t name the fired employee. Two people briefed on the incident said earlier this month that a Citigroup worker in Mexico left the bank’s offices with documents related to the suspected fraud. The junior worker at the Banamex unit has since been fired, one of the people said. “I want you to know that I’ve made crystal clear to all our employees that I expect the very highest standards from each and every one of them,”

Corbat, 53, said at the meeting. Corbat faced shareholders disappointed by the losses from fraud and the company’s failure of the Federal Reserve’s annual bank stress tests last month, the second rejection in three years. Shareholders peppered Corbat and Chairman Michael O’Neill with questions about whether more should be done to simplify the bank and whether it’s too large to manage. “It’s Mike’s job to demonstrate” that it can be managed effectively, O’Neill said. “It is a simpler and safer place than it was. Are we happy with where we are? No.” The bank has sold $600 billion in assets and exited more than 60 businesses, O’Neill said. In the last month, Citigroup has said it would sell its Honduran consumer bank and a third of its branches in South Korea. “Arguably we have done more restructuring than any company in history,” the 67-year-old chairman said. Shareholders weren’t angry enough to reject the company’s executive-compensation plan, as they did at the 2012 meeting about six months before thenCEO Vikram Pandit was oust-

ed. About 84.6 per cent of investors voted in favour of the pay plan during the annual meeting today, according to preliminary numbers provided by Rohan Weerasinghe, general counsel and corporate secretary. Each of the nominees for director was elected to the board, according to Weerasinghe. A shareholder proposal to force the bank to disclose more about its lobbying practices was rejected after getting 21.6 percent of the vote. Citigroup fell 8.2 per cent this year through Friday to $47.84, third worst in the 24-company KBW Bank Index, which declined 0.4 percent. “I feel your pain,” O’Neill told shareholders at the meeting, referring to the stock’s performance. The bank, ranked third by assets in the US, posted a surprise increase in first-quarter profit last week to $3.94 billion. O’Neill said next year’s annual meeting will be webcast for shareholders unable to attend, after criticism about its corporate-governance practices from Michael Mayo, an analyst at CLSA Ltd. who had called on the bank to webcast the event.

ENTREPRENEUR

MONDAY, JUNE 23, 2014

NEW TELEGRAPH

newtelegraphonline.com/entrepreneur

BIODUN DUROJAIYE 08023015582 biodun.durojaiye@newtelegraphonline.com biodunduro@gmail.com

5 things the world cup can teach us about entrepreneurship Ryan Sweeney

ll eyes are on the World Cup, the world’s biggest sporting event. Thanks to social technologies and digital media, the global soccer (or fútbol, depending on your location) community shared millions of pieces of content, including more than 140 million related Google searches, before a single match was played. World Cup fans are no longer confined to experiencing the games within their direct community. Rather, this audience taps social platforms like Twitter to share real-time reactions, VSCO (full disclosure - VSCO is an Accel-backed company) to share beautiful images of the sport and Facebook to express patronage with other fans (and foes) on a global scale. Entrepreneurs can learn a lot from how the World Cup has brilliantly navigated the evolving media landscape in support of a more technical audience. Soccer’s global governing association FIFA, advertisers, teams and fans are brought closer together as information transcends borders and demographics in real-time. That brings big opportunities for companies small and large. Globalization has impacted the FIFA fan community and entrepreneurship at large. Soccer talent has long come from all corners of the world. Teams from dozens of countries compete at the World Cup. Similarly, entrepreneur-

ship has broken through geographic boundaries, thanks to social media, venture capital investment and technology. Entrepreneurs with winning startup ideas are surfacing from nations big and small. Here are five specific lessons that the World Cup can teach us about what it takes to be a successful entrepreneur. 1. Embrace change. This year, FIFA integrated new digital media and technology to promote the event and increase anticipation. When compared to the last two World Cup events (2006 and 2010), mobile adoption has skyrocketed to become the primary means of communications for the “mobile-first” generation. The World Cup's adaptation to new technology and consumer trends is an example for entrepreneurs who must continually understand customer behaviors to remain relevant. Startups must be

prepared to iterate a product, service or entire business roadmap based on new trends and customer trends. 2. Utilize engaging content. We’ve seen outstanding content from the World Cup and its advertisers. A steady cadence of visual, engaging content that solicits deep emotional ties to the event and individual teams amplifies anticipation. Ideas that spread are emotional. Only companies that touch a person’s heart will touch a customer’s pocketbook. If you haven’t already, watch the “Game before the Game” video from Beats, which solicits an emotional connection to the World Cup and the Beats brand. Start by understanding which channels your customers acquire information. Develop content that appeals to their needs. Determine the real pain your widget solves and base your company’s con-

tent strategy on that, not what you think will work. Beats found a way to add value to the World Cup conversation through entertaining content, not the other way around. 3. Build a community. Soccer fans are among the most passionate sporting enthusiasts in the world. They eagerly come back with more energy and enthusiasm than ever, even after waiting four years between World Cup events. Similarly, social media enables young companies to build devout communities through a shared passion around a product or service. Entrepreneurs who focus on individual customer desires will build a longterm social following. This following fuels the growth of passionate online and ‘offline’ customer communities. 4. Leverage the ecosystem. FIFA recognizes the vast community of people who are passionate about the very sport its organization represents.

Can entrepreneurship be taught, or are you born that way? George Deeb

re good entrepreneurs born that way, or can entrepreneurial skillsets can be learned over time. Let’s study which skillsets make for a good entrepreneur, and whether or not they can be taught. High Intellect Some people are naturally intelligent and have high IQ scores, while others struggle in this area (with a whole lot of people in between). I am not saying you need to be genius, to be successful as an entrepreneur, as many geniuses are very book smart, but not street smart. But, intelligence certainly goes a long way. But, to be fair, people are not born intelligent, they are most-typically taught the information required to accumulate intelligence. Advantage: Taught. Visionary and Good Instincts Anybody can be smart about the current status quo. But, very few people can actu-

ally see “outside of the box” to imagine new and innovative ways of solving current world problems. You typically cannot teach imagination. You are either imaginative or you are not. Advantage: Born. Passion, Energy and Excitement Nothing helps move a startup along like a good “fire in the belly”. Especially, if that energy is focused around a product that an entrepreneur is passionate about. Passion is particularly important for exciting prospective employees, customers, partners and investors. You either have passion and can instill excitement, or you do not. Advantage: Born. Persistence and Drive Entrepreneurs need a “succeed despite the hurdles” mentality and drive. Most startups have a lot of challenging periods in their growth, and if you are not persistent enough to “slog through the mud”, you are never going to succeed or survive. You can’t teach persis-

tence. Advantage: Born. Fearless and Calculated Risk Taker As far as I know, you can’t teach someone not to be scared, or not to boldly go where others have not gone before. Yes, you can teach a person how to assess or minimize risks, but in my opinion, this category leans more on the side of wired. Advantage: Born. Good Communicator, Listener, Salesperson, Team Builder and Motivator Entrepreneurs need to do a good job of communicating their vision, listening to input from others, selling through the vision to employees/partners/investors, building teams and motivating employees. For the most part, many of these skills are basic business skills which can be taught (although I could have easily shared the vote here with born given the intangibles required here). Advantage: Taught.

Domain Experience In The Industry The most successful entrepreneurs have had some exposure to their industry, typically from a previous work experience, where they had on-thejob training that prepared them for their big venture. Advantage: Taught. So, despite a valiant effort from “taught,” “born” hangs on to win by a nose, 4-3. But, the overall point here is: it really isn’t one or the other, as you really need both to maximize your odds for success, and a 7-0 shutout victory! This post should be read in combination with my “How VC’s Define a Backable Management Team” post, to not only see if you have the right skillsets for entrepreneurship, but to see if you will be perceived as fundable by investors. George Deeb is an author of “101 Startup Lessons–An Entrepreneur’s Handbook”. – Culled from Forbes.com

Similarly, major sponsors like Nike and Kia Motors view the World Cup as an opportunity to position their brand in meaningful way to soccer fans worldwide. Entrepreneurs typically have a much smaller community but keep in mind that other stakeholders - think complementary businesses, media, analysts, customers from your competitor - exist in your startup’s ecosystem. Identify those within your community who share your vision. Develop mutually beneficial and creative partnerships. Expand your influence by supporting your industry’s ecosystem. 5. Expand your network. The World Cup is a global phenomenon linking a global community drawn from every nation and demographic. Entrepreneurs often find themselves surrounded by likeminded people. That often jeopardizes growth opportunities by leveraging a small ecochamber. The best startups think outside of their direct surrounding, and understand how, where, when and why people value their company. While not always convenient, embrace an unfamiliar community and find a way to get true product feedback. You may never make it to a World Cup game, let alone play for a professional soccer team, but the lessons that have made the event a global spectacle for nearly 90 years can help guide an entrepreneurs’ growth, influence and success. - Culled from Entrepreneur.com

5 Questions to determine if you're ready to be an entrepreneur Matthew Toren

he only difference between people who want to be entrepreneurs and the ones who actually are is the work and the risk of getting started. If you feel like you want to be an entrepreneur but aren’t certain if you’re ready yet, here are five questions to help you determine your capabilities. 1. How comfortable are you with being uncomfortable? Entrepreneurship will mean a lot of uncertainty. If you’re the kind of person who needs a lot of control and a strictly scheduled life, you may not be able to handle the ambiguity that surrounds entrepreneurism. That being said, don’t think just because uncertainty makes you nervous you can’t be an entrepreneur. If you find you have a need for a controlled schedule, that trait could actually work in your favor. Entrepreneurship requires long hours, hard work and dedication when you start out. Being able to manage your CO NTINUED O N PAGE42

42 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, June 23, 2014

10 key outsourcing mistakes made by entrepreneurs Martin Zwilling

hese days, it is almost impossible to find a small business where everything is done at the home location, by full-time employees. We are in the age of outsourcing, by any of many popular names, including subcontracting, freelancing, and virtual assistants. These approaches allow your startup to grow more rapidly, save costs, but costly mistakes can lead to business failure. There are many books written on this subject, but a recent one by Chris Ducker, “Virtual Freedom,” manages to pack a lot more practical guidance into a small space that many others I have seen. He is regarded by many as the number-one authority on virtual staffing and personal outsourcing, and is himself a successful entrepreneur based in the Philippines. I was impressed with his summary of the top ten outsourcing mistakes made by entrepreneurs, followed by real guidance on how they can and should be avoided. In terms of quotes I hear too often, here is my interpretation of his most common mistakes, which every entrepreneur should avoid at all costs, before these assume that outsourcing will be their salvation: “With outsourcing, we won’t need many managers.” Contractors and freelancers, like any other business, manage their own internal processes, but they can’t manage your business. Don’t over-manage remote workers, but don’t expect them to manage your business. Hire and train your own managers for internal and external work projects. “With the high-speed Internet, our workers can be anywhere in the world.” Labor rates are lower in some countries, but culture and language match are the real keys to productivity. Countries near you may be in the same time zone for easy communication, but lack the skills you need. As with real estate, it’s still about loca-

With the high-speed Internet, our workers can be anywhere in the world tion, location, location. “Let’s cut costs by outsourcing all from this point forward.” Some entrepreneurs get outsource-happy to save costs and begin outsourcing everything and anything that lands on their desks. Ideal outsourced tasks are outside your core competency, can be specified in detail, and managed with quantified deliverables and checkpoints. “Fixed price bidding is the only effective outsourcing model.” Getting a fixed price bid works for well-defined shortterm projects, like blogging or programming. But trying to use it on call centers, affiliate marketing, or even data entry probably won’t be effective. Do your research with peers, and check the alternatives on every project. Be flexible. “Fair compensation is the lowest price we can negotiate.” Outsourcing won’t work if you don’t keep the virtual team happy. Unhappy workers will do a poor job, so cheap is not a

good deal. Fair compensation is normally something higher than the market price at the outsourcing location, but lower than you would have to pay in your location. “I expect everyone working for me to adopt my culture.” The outsourcing team will always try to adapt to your situation, but success depends on their cultural work ethics, time constraints, social status, language quirks, and an overall attitude. Adapting to culture goes both ways, and training is the key. Recognize and embrace differences. “Current workers will manage the outsourcing as I grow.” Don’t set up outsourced projects under a professional who doesn’t want to manage, or is simply unavailable to the different work hours, or insensitive to cultural differences. Virtual teams need a lot of stability and structure, extra communication, standard protocols, and contingency plans. “My IT budget will go down as remote users use their own tools.” When you sign up remote workers, you’ll start to rely heavily on collaborative tools, Internet bandwidth, and new data security tools. You will need to invest more in training your own team, and increase your capital budget for new hardware and software. Don’t get caught off guard. “Utilization and personal growth of virtual employees is not my problem.” Some entrepreneurs view their outsourced employees as temps, or as a cheap way to staff the company during its startup phase. You should never hire internal or external staff based solely on what they can do now. Bored and unmotivated teams are never cost-effective. “I’ll outsource software development, since I don’t understand it.” Entrepreneurs need to know every component of their business at a management level, or have a cofounder who does. Relying totally on a virtual team implies they are managing your company, not you. If

How failure can make you a more successful entrepreneur Ritika Puri

t’s an unfortunate reality that many small businesses and start-ups fail. But there’s more to the story than statistics. Behind each failed venture is an entrepreneur facing a frustrating—even devastating—career setback. How they cope with that setback, however, is often what differentiates successful entrepreneurs from those whose dreams never materialize. Take the story of Patrick Speijers, CEO and co-founder of ROBIN, a SaaS company based in the Netherlands. Fourteen years ago, Speijers started his first company, a customer service training and consultancy group, with three co-founders. Just over two years later, his team was still struggling to reach a consensus on critical business issues. As a result, they split up and the company failed. “I felt sad—I lost money,

friends and faith,” Speijers said. What followed was a long six months of soul searching and doubt. But it was during this low point that Speijers found the key to building his next venture. “In this failure period, I met the investor of ROBIN, who I probably never would have met if my previous company kept running,” Speijers said. Soon Speijers was moving forward with a new team and new venture—a company that has grown to a team of 11 with $2.5 million in venture funding. Stories like Speijers’ are far from uncommon. In fact, having a failed business on your resume is often considered a badge of honor in Silicon Valley—and a stepping stone to success. Adjust your definition of failure Ellie Cachette, vice president of product marketing at web design and development firm Koombea, emphasized that failure is a normal part of the

entrepreneurial journey. “Before Koombea, I was the founder of one major failure called ConsumerBell and several smaller failures,” Cachette said. “I spent three and a half years building more than 16 products and honing in on a product market fit.” For Cachette, each setback was an invaluable learning opportunity, and her experiences have made her a highly strategic advisor and founder. “In my couple years of ‘failing,’ I learned more about buildCO N T I N U E D O N PA G E 4 3

you don’t know where you are going, you probably won’t get there. In summary, an entrepreneur should never approach outsourcing as an inexpensive and easy method of offloading work. With modern technology, and worldwide reach, it should be seen as an important tool for building an efficient, lean, and competitive business, optimized to give you more time

for strategic focus. As every entrepreneur quickly learns, their time is a scarce resource, and it can’t be outsourced. To grow the business, every entrepreneur needs to spend more time working on the business, rather than in the business. How many hours a day are you working on your company? Maybe it’s time for some smart outsourcing. - Culled from Entrepreneur.com

5 Questions to determine if you're ready to be an entrepreneur CO N T I N U E D F R O M PA G E 4 1

schedule and control your environment could help you with the organization of your business. However, you might want to plan before you leap in. A few great ways to do this are to stockpile savings, already have a business plan you’re prepared to work and seek out a community of support to talk you through the tough times. 2. Are you disciplined? You are totally responsible for yourself. Right now, wherever you’re at, whatever you’re doing -- it’s your choices that got you here. How do those statements feel to you? If you feel yourself bristling and ready to argue, then you might not be in the right mindset for entrepreneurship yet. When you start, you must take full accountability for everything -- there’s no back-up plan on why you got passed over for a promotion or why you didn’t get your report done on time. Clients won’t want excuses and they’ll drop you. Even when it’s their fault you have to be prepared to deal with the possibility that you’ll have to handle it. You need discipline to survive and stay ahead of your work, ahead of your bills and to grow your business. If you struggle with accountability and discipline, don’t rule out entrepreneurship forever. Take stock of ways your current situation could be improved by better decisions and try holding yourself accountable. 3. How’s your health? Taking care of your body is important for everyone, but can have particularly far-reaching implications for the entrepreneur. There are no sick days in entrepreneurship when you’re getting started. There’s a chance there won’t be for years. That’s going to mean you have to be productive, even when you don’t feel good, or risk missing business opportunities. You have to keep yourself in good health with diet and exercise that keeps your body strong and

your mind keen. If you aren’t a healthy person, you may want to figure out a plan for improving your lifestyle before you transition into entrepreneurship. Also important, think of how you’ll cover health insurance and medical needs when you start your journey. Get a plan for your health and work it. 4. Do you love what you do and are you good at it? There are going to be long hours in entrepreneurship. If you enjoy what you’re doing and are passionate about your project, that intense amount of work is enjoyable. Don’t fool yourself into thinking money alone will be enough to motivate you. Make sure you’re passionate about what you’re intending to pursue as an entrepreneur and that you have the skill set to get to work. If you don’t, consider how you can improve your skills before making the leap and how you might get involved in something you’re passionate about doing. 5. Do you play well with others? You might think entrepreneurship is a solo activity, but the truth is that having great relationships is crucial to long-term success. It's not only for the value that comes from referrals and the camaraderie of close relationships, but also for the support you will need. If you’re starting out as an entrepreneur, you’re going to have periods where you need to rely on the strength, wisdom and friendship of others. Look for opportunities to build your network: mentors, mastermind groups and other programs will help you find the right people. Just be sure that you invest in them, too. Relationships are based on give and take. Build strong relationships and open yourself up to the great support and learning that comes from others. - Matthew Toren, is co-founder of YoungEntrepreneur.com - Culled from Entrepreneur.com

BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, June 23, 2014

Alexia LaFata

egatism is “the act of learning from negative outcomes or behaviors” — and boy, will we petition heavily to officially add this word to the dictionary. However, if “negatism” can’t be a real word yet, it sure can be a clever new online forum that appreciates the value in, well, failure. Negatism.com is an advice and sharing company whose mission is to boast the positiveness of, according to the press release, “avoiding business decision pitfalls before making them.” Created by Kevin Wenig, an accountant with over 20 years of experience working with small businesses and of oozing negativity “out of his pores,” Negatism is for business CEOs, entrepreneurs, and those who are beginning to dive into their own startup companies. The website aims to give accurate and genuine advice from business leaders who made some wrong business decisions. It encourages leaders from all walks of business to contribute some failure stories and wisdom for hopefuls. For contributions, the website asks that leaders answer four simple questions:

Why negativity in your startup is a good thing

• What was the biggest mistake you made in business so far? • What lesson did you learn the hard way? • What would you not do again, if given the opportunity? • What is the one warning you wish someone gave you when

you were first starting out? With organized categories like Financial, Advertising, Employees, The Water Cooler, and more, one can easily navigate the website to find a plethora of specific answers to the aforementioned questions. “One of the great benefits of today’s businesses operat-

ing amidst a virtual and social revolution is the ability to amass experts on a wide variety of subjects, with varying experience instantly,” says Wenig, in an official statement. Although one might value the advice of an in-person coffee session with a mentor, nothing beats instantaneous access to trusted resources who are “a bit more weathered” to help readers make decisions right away. Wenig offers some humorous bits of information about his own life on the website’s About Us page. He says that he “subscribes to most conspiracy theories, argues a losing point for no apparent reason, and has an office air filter because someone once told him they create negatively charged ions, whatever that means.” His personal touches actually make me feel comfortable enough to disclose all of my failures to him, so I’d say he’s doing a great job with the website so far. After all, as Michael Porter, Bishop William Lawrence University Professor at Harvard Business School, once said, “The essence of strategy is choosing what not to do.” -

Source: VentureBeat.com

After your first big success, what’s next? Brad Feld

s exits have been flowing nicely again the past few years, many of the entrepreneurs I work with have experienced their first big exit. I refer to this moment as when you find that you have life changing money in your bank account, which I like to call “fuck you money.” You now can do whatever you want with the rest of your life. I was on a walk with an entrepreneur recently who was wrestling with this when we ran into another entrepreneur I had backed who had an exit a while ago and had wrestled with the question of “what’s next.” We chatted briefly and then he hopped on his bike and continued his ride. Later in the day, I got the following magnificent note in my inbox from my bike-riding successful friend. I was thinking about the ‘what’s next’ conversation. I’m sure you’ve seen everything and are all over it, but in my more limited experience, for some people it’s harder than the what’s first conversation (i.e. should I start a company or not?). I find, unfortunately, that a reasonable percentage of people chase their tail endlessly looking for the next big win, but they can never catch it because they have no idea what they are chasing. Their life spirals inward as they get more unsure of themselves, more frustrated, more unhappy. I think this state of uncertainty and self doubt causes more depression, divorce and addiction for some people than starting and running a company. Especially if they’ve never felt failure before. Now they fail all the time and they can’t figure it out. I think it’s mostly because they never find passion again, or they look for it in the wrong places. There are a million things they can do in the world, but the spend most of their time looking for the next great technology company that sells a better widget, but doesn’t necessarily change their life in any meaningful way. They have grand opportunity because they are unbound to do something they

truly love. If you love mentoring, mentor, if you love the environment, help it. If you love children, teach them. If you love your family, share with them. Give back to everyone who gave to you on the path to success, and then give more broadly to everyone who seems deserving. To me, that’s the real grand victory. Totally brilliant. And so simple. I had my first exit when I sold my first company (Feld Technologies) at age 28. After the dust settled and I had sold all the stock I’d received, I’d made somewhere between $1m and $2m after tax. When Amy and I talked about “what’s next” when I was 29.5 (about the time I finished working for the company that bought mine) one of the options for consideration was to retire and move to Homer, Alaska. I was making plenty of money consulting and, while I was investing much of the money I made from the sale into new companies as an angel investor, the idea of living in Homer was attractive. We figured we could easily live for the rest of our life on consulting income and what we’d managed to save, even if none of the angel investments I was making turned into anything. When one of them was acquired a few months

later and we had another $1m after tax, we realized that we could easily live on $40k / year of cash in Homer, which would last us about 25 years if we made no other income. We were deeply in the “should we just call it quits and go live a different life conversation.” But at almost 30, I just didn’t feel done, and in many ways I felt that I was just at the beginning of a new journey (which turned out to be true.) So we packed up, moved from Boston to Boulder, and decided to build a life in Colorado, while I continued to invest. This was 1995 and the path from there has been powerful and dramatic. By 1999 I had to ponder “what’s next” again after a number of my angel investments returned more money to me than I ever thought I’d have, and then again in 2002 after getting massively crushed by the collapse of the Internet bubble and losing even more money on paper than I expected I’d make cumulatively in my lifetime. I’ve been through the “what’s next” discussion with Amy several times, including in 2004 when I doubled down on Mobius Venture Capital (instead of packing it up and calling it quits), in 2006 when we decided to start Techstars and Foundry Group, and again in 2013 after spending six months being extremely depressed. Each time, I’m adjusted how I spend my life in the way my friend talks about in his final paragraph: They have grand opportunity because they are unbound to do something they truly love. If you love mentoring, mentor, if you love the environment, help it. If you love children, teach them. If you love your family, share with them. Give back to everyone who gave to you on the path to success, and then give more broadly to everyone who seems deserving. If you’ve recently had some success, as you go into the weekend, take some time out to ponder how you are you thinking about this. And share if you have any insights! -

Source: Feld.com

How failure can make you a more successful entrepreneur CO N T I N U E D F R O M PA G E 4 2

ing a business and product than many of my friends who had the luxury of financing and scaling teams,” she said. “I’ve also learned more about actual value and company packaging from failing a start-up.” These lessons have been crucial to Cachette’s success with Koombea. “Many of my previous failures save me time and money on a daily basis,” Cachette said. “I would never say that failure fuels my success. But thanks to failure, I find myself on more successful paths faster and more of the time.” Focus on value, not loss Even a failed business has very real worth. Software, equipment, intellectual property, and even a network of contacts all have distinct value—and not just to you. “If you see yourself falling behind… take inventory of all the things you built,” Cachette said. “Then try to offload them, sell them, give them to someone else, or join forces.” “At the end of the day, being a founder is about building value,” said Cachette. If you’ve accomplished that—even on a small scale—then you’ve already laid the groundwork for a future venture. The value you’ve created can be reinvested in your next launch, and what you’ve learned will help you make smarter decisions down the line. Re-evaluate, then get back in the game The definition of failure is subjective. To some, failure means losing a multi-million dollar contract or six figures in revenue. To others, failure might be the decision to give up. That’s why it’s important to take a step back, remember why you became an entrepreneur, and start fresh. According to Speijers, this process is all about asking yourself what you want. Are you looking to get rich? To build a specific product? To solve a problem? “It’s important to be incredibly clear on who you want to serve with what kinds of products,” he said. “Know what kinds of needs you want to fill. This process brings focus.” Once you’ve identified where you want to go next, you’ll likely discover that you’re wiser and more confident this time around. Plus, your network is bound to be filled with valuable contacts who can help you launch faster and reach a wider audience than you could in your first venture. Ultimately, a failed business doesn’t mean you’ve failed as an entrepreneur. It just means you need to try again. After all, as legendary sales guru Zig Ziglar once said, “It’s not how far you fall, but how high you bounce that counts.” Ritika Puri specializes in business, marketing, entrepreneurship and tech. She writes for American Express OPEN Forum, Forbes, Investopedia, Business Insider, CMO, the SAP Innovation Blog, and others. – Culled from Forbes.com

44 BUSINESS | ENTREPRENEUR

Sanctity of Truth

Monday, June 23, 2014

Lessons from a serial entrepreneur A Jeff Engel

lot of entrepreneurs would kill to have Brian Wiegand’s startup success rate. Three of his tech companies—BizFilings, NameProtect, and Jellyfish—achieved exits totaling $87 million, and only one—Alice—bit the dust. (Let’s give another one of his potential ventures, Edine.com, a grade of “incomplete” because it never officially launched, as he quickly pivoted to work on BizFilings.) Now, Wiegand—one of Wisconsin’s few decorated serial entrepreneurs in tech—is leading another promising startup, Hopster. The Middleton, WI-based company provides coupons that can increase in value the more that consumers engage with a brand, say by liking a Facebook page, signing up for a newsletter, or watching a marketing video. Founded in 2012, Hopster has raised $4 million from investors, grown to 16 employees, and accumulated more than 2.5 million users, Wiegand says. The Wisconsin native enjoys coming up with disruptive ideas and serving customers, but says that the most thrilling part of being an entrepreneur is building his startups to an acquisition. Several colleagues have earned six-figure payouts from his past exits, and a few became millionaires, he says. “My favorite thing in the whole wide world is seeing people that come from corporate America or come out of college and they get a job, and you give them [stock] options, and they make this big chunk at the end,” Wiegand says. After graduating from University of Wisconsin-Madison in 1994 with an economics degree, Wiegand (pictured left) moved to Connecticut for a job with FactSet Research Systems in New York City. He caught the entrepreneur bug and started working on Edine, intended as a restaurant delivery service that combined faxes and the Web, he says. But Wiegand struggled to get it off the ground partly because he knew little about the legal paperwork and logistics involved in starting companies. Seeing another opening for a business, he discarded Edine and in 1996 founded BizFilings.com, a website for incorporating companies, with just $5,000. He later moved the operation to Madison. As the Internet surged in the late 1990s, BizFilings was helping 100 businesses incorporate everyday, Wiegand says. The company sold for an undisclosed amount in 2002 to Dutch publishing firm Wolters Kluwer. He co-founded his next startup, NameProtect.com, in 1997 with Mark McGuire—forming one of Wisconsin’s most prolific entrepreneurial duos in recent memory. They raised $4 million from investors for NameProtect, a search engine that crawled the Web for trademark and intellectual property infringement, and sold the company for an undisclosed amount in 2007 to Corporation Services Company. McGuire and Wiegand teamed up again in 2006 for Jel-

lyfish, which developed a shopping search engine with the philosophy that consumers should get some benefit from advertisements, Wiegand says. As brands spent more money to move a product higher in Jellyfish’s search results, buyers would receive some cash back—essentially creating a marketplace in which product discounts were a function of advertising dollars. “I hate advertising. It’s interruptive,” Wiegand explains. “Hopster abides by the same philosophy of giving back advertising dollars to the user or some value back to us. If we’re going to be interrupted with advertising, give us some value.” It took less than 18 months for Jellyfish to lure a suitor. Microsoft acquired the company for a reported $50 million in October 2007, and the Middleton firm’s platform provided part of the framework for Microsoft Bing Shopping. (Microsoft ended up dropping Jellyfish’s cash-back feature in favor of a points reward system, Wiegand says.) “It was a really tumultuous time for them to try to fit into the world with Google,” Wiegand says. “We got caught in that whirlwind of excitement, and it resulted in a nice exit for us.” Wiegand and McGuire’s winning streak ended with their next venture, Alice.com, an online marketplace for selling household goods like toilet paper and toothpaste directly to consumers. Alice raised more than $20 million in venture capital and quickly grew to $12 million in annual revenue, Wiegand says. The startup’s primary goal, Wiegand says, was to help brands like Unilever and Johnson & Johnson create direct relationships with end customers, something that’s difficult to cultivate in a consumer-goods economy dominated by supermarket chains. Alice also provided an opportunity for brands to control pricing of their products on the site, theoretically selling for less than at retail. That could have meant competition for retailers like Walmart and Target that sell their cheaper private-label consumer goods on store shelves right next to the brand-name equivalents. But this disruptive shift never really materialized, according to Wiegand. Clients started saying they would need to treat Alice like any brick-and-mortar retailer, meaning it would have to buy

the goods, rather than simply list them online as a middleman, a la eBay (minus the auctioning), he says. “The brands, for some unknown reason, didn’t capitalize on the market opportunity they had, and started to force this down a traditional ecommerce retail model,” Wiegand says. After a few years, Alice shut down—proving that “you can’t be perfect” in entrepreneurship, Wiegand says. “It’s a really fine line between success and failure,” Wiegand says. “I felt like we executed really well.” After Alice, Wiegand and McGuire went their separate ways, but perhaps not forever. While eating breakfast together recently, Wiegand says McGuire told him he “absolutely” would join forces on another startup. But right now, McGuire is also busy running his own venture, the private social network Nextt, which has raised $700,000 from investors, according to SEC filings. (Wiegand and McGuire have invested in each other’s startups.) “I blend really well with him. He’s a great guy,” Wiegand says. “But I think he wanted to give it a shot to try on his own. I really respected that.” Meanwhile, with Hopster, Wiegand is trying to shake up a coupon industry that has stayed largely static over the past century—92 percent of the $150 billion market is still in paper form, he says. Hopster’s competitors include Coupons.com, a provider of print-at-home coupons. Hopster takes things a step further with dynamic coupons that provide incentive for consumers to interact with brands. Otherwise, Wiegand points out, the average consumer probably wouldn’t join a ketchup manufacturer’s mailing list or follow their cereal maker’s Twitter feed. “These are the largest advertisers in the world, and they’re trying to work one-on-one with us,” Wiegand says. But therein lies another inherent flaw in the newspaper clippings system: brands have virtually no clue who is cutting out and using each of the nearly 1 billion coupons being distributed, on average, each day, Wiegand says. “It’s like dropping money out from the sky,” he says. “Think about a model where you’re spending billions of dollars and have no idea who’s getting that value.” With Hopster, consumers create a profile on the site, and it tracks each user’s purchases with the personalized discounts, which can be redeemed through either printable coupons or syncing the discount with a retailer’s loyalty card, Wiegand says. Individual user data can also be shared with brands if the user agrees to it. “Now they can build a relationship with you,” Wiegand says. “Then they can do targeted advertising to you. That’s the holy grail of advertising.” -

Culled from Xconomy.com

7 tips to guide young entrepreneurs John Pilmer

he world needs new entrepreneurs. Entrepreneurs create jobs, lift the standard of living, usher new technology into society, and keep competition alive in the marketplace. Starting a business is difficult, and it’s crucial that the next generation has as much ammunition as possible. We are all relying on you to carry on the proud tradition of innovation. As the CEO of a successful startup myself, with decades of experience launching prosperous companies, I know what it takes to make it. If I could go back and give my 20-something self a bit of advice about starting out as an entrepreneur, these are the seven tips I’d start with: 1. Passion. You will fail. That is part of the game. Your failures are most likely to lead to success if you get involved with something you believe in. Starting a business just for its own sake will leave you directionless, burned out and ultimately, back where you started. Choose an interest that you can be passionate about. Marrying charity to traditional business models may be a great way to combine the things you – and potential consumers – care most about. 2. Define your market. You’ve heard this before. It’s one of the most common mistakes that entrepreneurs make. Go with something that makes sense for your scope. If you’re a small startup and still a student, staying local or targeting fellow students might be the best direction. The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic, and stick with those who have a reason to be interested. 3. Price point. Risk taking is important in any new business venture, provided that it is sensible. Consider providing your product or service at the most basic level possible (also called minimum viable product). A small investment up front can hook new customers/ donations before risking more money. Your target defines the ideal price. Survey your defined market and adjust accordingly. You can always reevaluate your prices as you grow. 4. Be honest. This advice applies to yourself, your employ-

ees and your customers. Be honest about what you can commit to your business. It doesn’t do any good to over-extend yourself when in truth; you don’t have the cash or the hours to commit to a project. Be honest about what your partners can expect from, and what you expect in return. And be honest with clients. At PilmerPR, our #1 rule is “First be good, then talk about it.” 5. Utilize, but don’t over-use, social media. Young people are always eager to jump online, and that’s not a bad thing. But it is important to think carefully before plastering marketing materials on the Internet. Social media is obviously a powerful tool. Focusing it on your business can get word out quickly and cheaply. That said, be careful not to put all of your eggs in the online basket. Experiment and measure results, then constantly evaluate and decide what is working, and what you are wasting resources on. 6. Don’t forget PR. Traditional and online press relations can yield coverage that has longer shelf life and costs less than advertising. Think about what makes your product new, interesting, and relevant. Then, talk to the media about it. You might get great reviews, mentions on blogs, or even appear on news segments. Many media outlets have sections dedicated to people in the community doing outstanding things. Even an article in your campus newspaper can be a valuable source of publicity. 7. Look for mentors. The beginning of any venture can be exhilarating, frustrating, liberating and terrifying all at once. Remember, although younger generations can be more techsavvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer. These tips won’t earn you certain success, but every bit of knowledge you can gather before you begin your entrepreneurial career can help you avoid serious mistakes. -

Culled from Entrepreneur.com

Sanctity of Truth

Monday, June 23, 2014

Herdsmen: Displaced Tiv farmers send SOS to Suswam sent a Save Our Soul (SOS) plea to Governor Gabriel Suswam, asking Fulani cattle rearers him to urgently deploy have kept Tivs away security men to dislodge the herdsmen occupying from home following their villages so that communal clashes they may return to their ancestral homes. The displaced farmers Cephas Iorhemen are currently camped Makurdi at the LGEA Primary School, Ichwa in Guma nternally displaced Tiv Local Government area farmers affected by the of the state. Fulani herdsmen’s atThe victims said it tack in Benue State, have was disheartening that

REFUGEES

while other displaced persons had since returned to their homes to continue with normal life, those of them camped in Ichwa and other areas are finding it difficult to do so as their homes are still being occupied by the herdsmen. Speaking while receiving some relief materials presented to them by the President, Mutual Union of the Tiv people in America (MUTA), Mr. Joseph Un-

Islamic body seeks credible elections in 2015 Buhari Bello

Jos

n Islamic group, the Jama’atu Izalatil Bid’ah Wa Ikamatis Sunnah (JIBWIS), has harped on the need for a more credible, free and fair election in the country just as the group called for sincere leadership in the nation. The group in its 13-point communiqué presented at the end of its 21st annual national seminar with the theme: “Free and fair election as essential ingredients for sustainable leadership,” which was concluded yesterday in Jos, said it observed with dismay how governance in the country has been bastardised. “The seminar has observed the way and manner our nascent democracy has been mishandled by those in authority by making elections ‘a do or die affair’ and not a free and fair one. “This has jeopardised the tenets of leadership in our society,” the communiqué reads in part. It further said that with the 2015 elections

approaching, the Federal Government should provide a level playing ground for all parties in order to help the electorate elect leaders of their choice. It also observed with dismay the attitude of “some persons disguising as Muslims through the wearing of hijab to implicate Muslims and Islam.” He added that this should be thoroughly investigated by security agencies to ascertain its veracity. “Security agents should be proactive in taming the rising tide in crime and prevent its negative consequences and effects,” it said. The communiqué further resolved that there was urgent need for institutions of learning at all levels to strengthen both conventional and religious knowledge. The group appealed to governments at all levels to revisit the issue of insecurity that is fast destroying the fabrics of the nation, stressing that poverty should also be addressed as it will help in checking rising social vices and insecurity.

Edo deputy speaker frowns on action of court bailiff Cajetan Mmuta

BENIN

eputy Speaker of Edo DHon. State House of Assembly, Festus Ebea,

yesterday condemned in strong terms the action of a court bailiff who sought to serve him the order of court outside his residence and office. He described as ludicrous the court order, which Governor Adams Oshiomhole, referred to concerning the suspension of three PDP lawmakers, including the deputy speaker. Ebea told newsmen in Benin that; “The suspension was quite laughable, because according to rule 38 (3, 4 and 6), the rule back-

ing up the suspension is quite explicit to the effect that for you to be suspended, you must be at the sitting and it is one person at a time. You cannot suspend a group.” Ebea stated that; “In line with the law of natural justice, they did not even give us fair hearing, if they felt they must do it outside the realm, as stated in the rule book. So, if you are going to suspend us when we are not even there, why did you not set up a body to first hear from us? “A situation where some people sat down to take a decision against members with whom they have been working together in the interest of Edo State is also laughable.”

72,773

ongo, on behalf of the beneficiaries, leader of the victims, Mr. Christopher Ilimbee, expressed gratitude to MUTA for presenting food to them, which he said was their major problem. Ilimbee, who lamented their predicament, said they were anxious to retur n to their homes at Barkin Kuta in Guma Local Gover nment, but were afraid of been attacked again, more so

The total number of refugees in Iran at the beginning of 2010. Source: Blatantworld.com

that their homes have been occupied by the ar med Fulani insurgents, appealing to the governor that security operatives be moved to the area to guarantee their safety. Earlier while presenting the items, Unongo said the union was touched by the condition of the displaced persons, who have been subjected to hardship. Unongo, who was

12.8

The number of fixed-telephone subscriptions per 100 inhabitants of developing countries in 2008. Source: Itu.int

represented by Mrs. Miriam Tivzenda, admonished the people to eschew bitterness and remain united in order to forestall such internal and external aggression. He said the donation was their modest contribution to the displaced people and efforts to make them more comfortable. He also commended the efforts of Governor Gabriel Suswam in quelling the crisis.

2bn

The number of people without access to electricity at all worldwide. Source: Unesco.org

L-R: Bishop of Ife East, Rt. Rev. Seyi Oyelade; Diocesan Communicator of Diocese of Ifo, Idowu Sowunmi and Diocesan Bishop of Ifo, Rt. Rev. Nathaniel Ogundipe, during the thanksgiving service for the closing session of the 2nd Synod of Ifo Diocese, at David Adeyemo Memorial Anglican Church in Ifo, Ogun State...yesterday

Insurgency: AREF wants displaced persons protected

SDP appoints 45-member campaign committee in Osun

sun State chapter of Social Democratic Party (SDP) has set up a 45-member campaign committee towards the August 9, 2014 governorship election. The committee, which is headed by a former governorship aspirant of the party and an educationist, Mr. Bibire Abolubode, according to a statement by the Segun Akinwusi Campaign Committee (SACO), has three university teachers as members. SACO explained that membership of the committee cut across the nine geo-political zones of the state and will be inaugurated by the Chairman, Mr. Ademola Isola, today (Monday). Meanwhile, the SDP governorship candidate, Mr. Olusegun Akinwusi, has expressed confidence in his ability to win the August 9 governorship election. He said he would defeat both the incumbent governor, Mr. Rauf Aregbesola, of All Progressives

Congress (APC) and his arch-rival, Chief Iyiola Omisore, of the Peoples Democratic Party (PDP). Akinwusi while addressing chieftains of Accord Party (AP), who crossed to the SDP at the weekend in Ejigbo, the headquarters of Ejigbo Local Government, explained that the impending election won’t be about party affiliation, but about personality. “We have a better chance of winning the August 9 election. I am sure SDP will defeat both the APC and the PDP because Osun people will not vote for a party, but for a personality. “We have seen the best of APC and how they failed woefully except in propaganda and we know PDP left in a hurry in 2010, so people have not forgotten their sins. We have seen the errors of these parties and we will not fall into the same pit. I need just four years to put things aright in Osun,” he stated.

Mojeed Alabi

nresponsetotherisingspate Icountry of violence and crises in the ,a non-governmental

organisation, The African Refugee Foundation (AREF) has expressed concern over the fate of refugees and internally displaced persons, who it says if not catered for by government, may constitute another challenge to the country in the not too distant future. Addressing a media briefing as part of activities marking this year’s Refugee Day, the President of the Foundation, Chief Mrs. Opral Benson, said it was high time Nigeria realised the need to cater for the welfare of displaced persons in the many volatile areas, especially in the northern part of the country. Benson, who acknowledged the legacies of the founder of AREF, late Ambassador Olusegun Olusola, said advocacy towards building peaceful co-existence among community dwellers and dif-

ferent organisations must be enhanced. She said the situations of the abducted girls, the victims of the Boko Haram attacks in the north and the tribal clashes in Taraba, Plateau and Benue States should be adequately taken care of, while also insisting that the fate of refugees in Africa must be strongly considered. The media briefing, which was held at the Moniya House of the late Olusola in Surulere area of Lagos, had in attendance the Coordinator of Southern delegates to the on-going National Conference, Mr. Tony Uranta; son of the late Olusola, Mr. Jimi Olusola and the organisation’s Legal Adviser, Mrs. Bola Olusola. Uranta in his comment, pledged the commitment of AREF to the welfare of refugees and displaced persons, saying government at all levels should to concentrate on how to build peace among the people.

46 NEWS

Sanctity of Truth

Monday, June 23, 2014

I didn’t manhandle Adeleke, says Adesiyan Adeolu Adeyemo

OSOGBO

inister of Police Affairs, M Alhaji Jelili Adesiyan, at the weekend described the

accusation levelled against him by a former governor of Osun State, Alhaji Isiaka Adeleke, that he (minister) beat him during a meeting in Osogbo in April, this year as untrue. Adeleke had alleged that the minister punched him on the chest during a stake-holder's meeting of the Peoples Democratic Party (PDP) at Ideal Nest Hotel, Osogbo, but Adesiyan swore with Holy Quran to dissociate himself from the alleged attack against Adeleke. The minister said; “If I punched Adeleke or involved myself in any disagreement with him, let the Almighty Allah, who I worship punish me till I leave this earth.” He, however, told newsmen that Adeleke was too small to withstand his blow if he were to beat him, stating that "my position as

a member of the Federal Executive Council (FEC) would not even allow me to beat Adeleke." "I didn't touch Adeleke that day. He brought thugs to the venue of the meeting and when his men were arrested, he was furious and rushed inside where we were all seated and started calling me all sorts of names. When Sogo Agboola saw that he was moving too close to where I and Omisore sat , he made attempt to restrain him, but Adeleke hit him with an elbow and Agboola in retaliation, slapped him." “If I had not been a Minister, I would have beaten Adeleke beyond recognition that day but since he claimed that I beat him now, I would fight with Adeleke whenever I leave office as a Minister." “I will one day leave office as a Minister of the Federal Republic of Nigeria and any time I leave office, I will fight Adeleke and see whether he would be able to still become a balanced being."

Imo: Medical mission tackles infant, maternal mortality Steve Uzoechi

OWERRI

United States based AOrganization, Non Governmental Available

for Health International Initiative (AFHII) has concluded arrangement for a free medical treatment in Umuokpo Autonomous Community in Owerri West council area and Isiokwu, Ihioma community in Orlu Local Government areas of Imo State. A release by the National Co-ordinator, Mr. Ikechukwu Nnadozie, says the NGO, led by its founder, Mrs Christine

ABAKALIKI

overnor Martin Elechi Gnullified of Ebonyi State has the Chieftaincy

coronation of the Senator, representing Ebonyi Central senatorial zone, Chief Paulinus IgweNwagu. Also, affected is the former deputy Speaker of Ebonyi State House of Assembly, Mr. Val Okike. The duo were said to have been given titles by the traditional ruler of Ishinkwo Autonomous Community, Eze Josephat Ikegwu, outside his jurisdiction in the community, Ukawu. The state governor,

Leo Sobechi rch b i s h o p of Enugu Province of the Anglican Communion, His Grace, Dr. Emmanuel Chukwuma, has repudiated the suggestions coming from the National Conference seeking to task churches and abolition of government sponsorship of pilgrimages to the holy lands. Chukwuma, who spoke to New Telegraph at the Bishop’s Court, Enugu over the weekend, described the plan as one of the negative things that could come out of the ongoing conference, stressing that if really, “the intention of convening the confab is good, good things can still come out of it”. He contended that the confab was veering off the main issues Nigerians expect them to address maintaining that “they should talk more about security, they

should talk more about employment; they should talk more about fighting corruption and credible election in Nigeria. “These are the things we expect: Principles and policies that will make this country to be governable, in good order and peaceful. Anything out of it is not acceptable,” the Archbishop stated adding that tinkering with government sponsorship of pilgrimage would rob the common man access to dividends of democracy. His words: “Asking the church to start paying taxes or trying to disabuse the mind of government from sponsoring people on pilgrimage. From which area do poor people now have their dividends of democracy; pilgrimage which people can thank God and go to pray for Nigeria either in the Christian or Muslim way? “We agreed that the people that should be

sponsored are those that are indigent, not ministers or ministers’ families. That is not agreeable, but indigent Christians recommended by the church leaders, who will want to perform religious obligations. For that is what the people can gain from the dividends of democracy. So, it is not fair that they should go and be discussing that there, it is out of order!” On the issue of derivation, the prelate argues that the claim for equality does not arise since according to him, the people bringing the oil should benefit more on account of the environmental degradations they suffer saying that in the “talk about resource control, they should give honour, to who honour is due”. Archbishop Chukwuma urged Ndigbo to be selfless and committed to the cause of the race as one, stressing that it was only by having respect for

one another and for the leadership that Ndigbo could surmount sociopolitical problems facing them. He explained that being divided as Ndigbo tended to be in the present times including the absence of a true leader could compound their problem of who becomes the president in future adding that the Ndigbo must begin now to project someone as a leader in Igbo land. “But not where people don’t respect themselves, the traditional rulers are not being respected, you dethrone a traditional ruler and you mesmerize people in leadership. Without respect, you can’t unite anyhow. So, our politicians should learn how to respect themselves, respect traditional rulers and respect religious leaders. And where there is that respect and fear of God, then Ndigbo will have a cause to move,” the prelate counseled.

Oby Egbo–Adinuba, targets to improve the health of women and children within the selected communities. In addition, widows, orphans and the less privileged who cannot meet their health needs would also receive health support and aid from the group. The statement noted that a team of doctors, pharmacists, nurses, laboratory scientists and technicians will be conducting free check up, laboratory tests, free medications and counseling for the indigenes of the two communities.

Igwe-Nwagu stripped of chieftaincy title Charles Onyekwere

Enugu Archbishop rejects plans to tax churches, others

Chief Martin Elechi, stated this at the weekend during the end of the peace talk held on closedoor with stakeholders of Onicha Local Government Area. Elechi said that the act of coronation would not be recognized on the ground that the monarch went beyond the bounds of his domain to officiate in a different community. The governor also declared that there is no traditional ruler for Ukawu Autonomous community and warned that nobody should parade himself or herself as the traditional ruler of the community until a new one was be installed.

L-R: Head, South South Region, Etisalat Nigeria, Enekwachi Aja; Head, Corporate Communications, High Value Events and Sponsorships, Ebi Atawodi; Highlife legend, Bright Chimezie and Head Mass Market, Etisalat Nigeria , Idowu Adesokan, at the Port Harcourt session of Etisalat Cloudnine, Port Harcourt …at the weekend

Elechi may hold stakeholders’ meeting over succession plan Leo Sobechi n a bid to ensure that his succession plan and zoning format sail through without incidents, Governor Martin Elechi of Ebonyi State, is said to be contemplating a stakeholders’ meeting in the second week of July. An influential source within the Governor’s office confided in New Telegraph that the decision to hold a stakeholders’ forum to streamline approaches to be adopted in selecting the possible successor to Elechi was informed by

growing scepticism over the governor’s sincerity to zone the governorship to Ebonyi South senatorial district. He explained that the recent visit by the governor to his predecessor, Dr. sam Egwu; with the full complement of his cabinet and chairmen of local government councils, was a prelude to such consultations, pointing out that Elechi has held meetings twice with the Izzi clan as part of his effort to ensure that the coast remains clear for the emergence of a candidate from the old Afikpo bloc.

“You know, the Izzi have a numerical advantage. So, His Excellency has met with the political leaders of the clan on two occasions and tried to dissuade them from contesting the 2015 governorship. But surprisingly, word started making the rounds that Senator Anthony Agbo from Ohaukwu in Ebonyi Senatorial zone is interested in the governorship. “What the governor is doing therefore is to reach out to all the major stakeholders in the state to push his belief that fairness demands that his successor comes from Ebonyi South

senatorial zone. So far, a prominent politician from Izzi, who holds a federal appointment, has hearkened to the governor’s plea, assuring that he is no longer in the race,” the source explained. However, despite Elechi’s quiet diplomacy, New Telegraph gathered that scepticism to his plan continues to swell, especially against the background of the governor’s statement that the Ebonyi charter of equity, which describes distribution of political power as defective, had not been ratified.

Sanctity of Truth

Monday, June 23, 2014

2015: Female aspirants get NYCN support Ladi Gbegi

Abuja

L-R: Managing Director/CEO, Nigeria LNG Limited, Mr. Babs Omolowa; General Manager, Mr. Kudo Eresia-Eke; Vice Chancellor, University of Ibadan, Mr. Isaac Adewole and Vice Chancellor, Univeristy of Ilorin, Mr. Ganiyu Ambali, during the signing of Memorandum of Understanding on NLNG University Support Programme (NLNG USP) in Abuja...at the weekend

32,146

28%

The number of pending asylum seekers of The proportion of deaths due to diabetes in Austria at the beginning of 2010. people under 60 years of age in Europe region Source: Blatantworld.com in 2013. Source: Idp.com

82.35%

The percentage of individuals using the internet in Australia in 2012. Source: Itu.int

BPE: Electricity consumers beat up power firm personnel over unpaid bills BRUISED Fear continues to grip electricity workers who go to some homes guarded by men is uniform to do their job Abdulwahab Isa

Abuja

irector General of the Bureau of Public Enterprises (BPE), Benjamin Dikki has decried the attitude of some electric consumers that resort to beating up staff of personnel of power companies over unpaid bills. Dikki, was miffed that security agents attached to some residences in Port-Harcourt have taken

to physical assault on personnel of the power companies over unpaid electricity bills. He expressed the concern during post –privatization tour of the Port-Harcourt Electricity Distribution Company (PHEDC). The BPE boss who was represented by Director, Post Privatization Monitoring Department of BPE, Mallam Ibrahim Kashim, BPE. Noted that it was no longer business as usual in the power sector as Nigerians, irrespective of their status must be prepared to pay for the services rendered by the power companies. Dikki in an apparent reaction to complaints by the Managing Director of 4Power Company, the core investor of the PHEDC, Mr. Mathew Edevbie that workers of the utility company were constantly

molested and beaten up by military and paramilitary officers over unpaid electricity bills, said if Nigerians expected efficient and reliable power supply from the core investors “they must be prepared to pay their bills as it was no longer a government asset”. He expressed delight that PHEDC was managed by professionals who were determined to make a difference in the power sector in the country and urged the management to always collaborate with the Bureau to tackle the challenges facing the company. The Director General said the purpose of the post privatization monitoring was to assess the performances of the companies since handover to ensure compliance with all the tenets covenanted with the government on take over.

In his remarks, Edevbie informed the monitoring team that the company had evolved a robust master plan to give efficient and quality service to its customers. While urging all stakeholders to effectively manage expectations in the power sector, he appealed to electricity consumers in the country to be patient with the new owners as effective power supply would not be achieved over night. He decried the attitude of some highly paced persons in the society in the area of coverage of the PHEDC who by-pass meters and deliberately refuse to pay their bills or order the security men attached to their homes to beat up officials of the company who go to disconnect light in their homes over unpaid bills.

head of the 2015 general elections, the National Youth Council of Nigeria (NYCN) has expressed its deter mination to support credible women in achieving the 35 percent af fir mative action championed by the present administration. The National President of the Council, Comrade Yakubu Shemdam stated this at the weekend in Asaba, Delta State during a town hall meeting with youths in the State. This was contained in a statement signed by the president. He said: "women have proved to be good managers both in public and private offices. We urge Nigerian women to take it further by vying for higher elective positions. The statement reads in part: "Fortunately, for you in Delta state, you have a competent woman in Dr. Ngozi Olejeme who has been

tested and trusted in so many spheres", Shemdam said. He stated that Dr Olejeme had proved over time to be a caring mother and manager of resources in several responsibilities she held. "She has awarded several scholarships to young people to study in various disciplines within and outside the shores of Nigeria. At the Nigeria Social Insurance Trust Fund NSITF, Olejeme played a tremendous role in the pursuance and actualisation of employee compensation scheme, a scheme that grants speedy access to Nigerian workers to enhance their access to adequate compensation in the event of injuries, accident and death as the case maybe”, the president noted. Shemdam disclosed that he had set up a committee to plan a mass rally to show solidarity for Olejeme and other women who have made their mark and are aspiring for elective positions.

‘Confab 'll unite us all' Musa Pam

Jos

RepresentDat elegate ing Plateau state the National Con-

ference, Elder Bulus Dareng has expressed optimistic that the outcome of the National conference deliberations will bring Unity and stability to the country. Dareng said this in an interview with New Telegraph yesterday in Jos immediately after the dedication and launching of a book titled “Cor porate Management for church Leaders and Executives” written by Mr. Ado Noma held

at the COCIN Headquarters Jos. He said the outcome of the conference will definitely bring unity a n d b e t t e r u n d e rstanding and hope for the country. Also speaking on the issue of grazing reserves Dareng said: "There is no area for g razing because the land is insufficient for the provision of grazing reserve as a result of growing population in the country. So the only alternative to the grazing reserve is for people to build ranges where animals will be kept for feeding as it is done in advanced countries."

Ahmed tasks Nigerians on equity, justice Speakers want financial autonomy Biodun Oyeleye

Ilorin

wara State Governor, KAhmed Alhaji Abdulfatah has urged Nigerians to forget their differences and emphasize equity and justice in order to succeed and overcome the challenges confronting the nation. Governor Ahmed, according to a Government House statement made the call when a delegation of the National Butchers Union of Nigeria paid

him a courtesy visit. He stressed that Nigeria's strength lies in its diversity and unity. “Those who are bringing religion and ethnic differences into national issues are weak people. Religion is about personal salvation. So why bring it when we are discussing the economy? Anybody who talks about religion in resource sharing is a weak person and must be shunned. Once we have equity, justice and rule of law, everything will fall in

place", he said. Governor Ahmed canvassed the view that professional bodies such as the Butchers’ Association must be involved in the decision making process as the nation strives for inclusive governance. He acknowledged that although running of abattoirs falls within the purview of the local governments, state governments need to play critical role in the standardisation since the health of Nigerians was involved.

Tony Anichebe

Uyo

he conference of speakers Tgeria of state legislatures of Niyesterday rounded off

their three day retreat in Uyo with a call for financial autonomy for the state Houses of Assembly for the effective and efficient discharge of their legislative duties. The retreat with the theme: “The role of legislature as an instrument of stability in democratic governance," saw the immediate past speaker of Malawian

National Assembly Hon. Chimunthu Banda and the former speaker of Osun state House of Assembly Hon. Adejare Bello lecturing the Assembly speakers on the role of the legislature as an instrument of stability in Democratic Governance and constituency Representation: The Art of lobbying and advocacy. The group also endorsed election of its officials. Eugene Odo, Enugu speaker, is the chairman; Terhile Ayua, Speaker, Benue is a member while Larry Odey, Speaker,

Cross-River is also a member. In a communiqué endorsed by the Assembly speakers at the end of the conference, the statement reads in part: “The importance of financial autonomy forthestateHousesof Assembly for effective and efficient discharge of their legislative functions was brought to fore and the state lawmakers reiterated their commitments towards ensuring the passage of the clauses as related to the autonomy of the state legislature in the ongoing constitution amendment exercise.”

48 NEWS

Sanctity of Truth

Monday, June 23, 2014

Clerics urges Boko Haram to release Chibok girls Muritala Ayinla he over 200 abducted female students of the Government Girls Secondary School, Chibok, Borno State may be released during or before the month of Ramadan. The schoolgirls were abducted by the Boko Haram sect in April, 2014. Chairman, League of Imam and Islamic Clerics in Eti-Osa Local Government, Alhaji AbdulBari Yoosuph Afinni, gave this indication yesterday at a special prayer for peaceful coexistence organised by the Council of Islamic Clerics.

L-R: Returning Officer, INEC, Prof. Isaac Asuzu; Ekiti State Resident Electoral Commissioner, Alhaji Halilu Pai and INEC National Commissioner, Dr. Chris Iyimoga, during a press conference on the outcome of the governorship election in Ekiti…yesterday

$3.25bn

The overall company’s profit of BAE Systems in arms sales in 2008. Source: Blatantworld.com

35.1m

The number of fixed-telephone subscriptions of India in 2010. Source: Itu.int

1bn

The number of people that use electricity from uneconomic sources worldwide. Source: Unesco.org

Union petitions Presidency over NCAA DG ...Gives 21-day ultimatum MERGER Government's reluctance to submit Capt Usman's name to Senate may be due to merger plan. ATSSSAN thinks otherwise Wole Shadare he Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) has petitioned the Federal Government over the non-confirmation of a substantive DirectorGeneral for the Nigerian Civil Aviation Authority (NCAA) almost five months

after the announcement of a new boss for the authority. The union equally gave the government a 21-day ultimatum within which to act or they will ground the aviation industry in the country. In a petition to the Secretary to the Government of the Federation (SGF), Ayim Pius Ayim, dated June 18, 2014 and signed by the Deputy National Secretary of ATSSSAN, Captain Tar Tanongo, the union members said the appointment of a substantive directorgeneral was dragging too long, following the inability of government to transmit to the Senate the name of Captain Murktar Usman, for approval. The union also warned

that the Civil Aviation Act does not recognise that office in acting capacity. According to the members, several activities were being performed that might become issues of contention and litigation in future, stressing that the aviation industry had suffered and is still suffering from several decisions taken by the government that caused the agencies billions of naira to remedy. They also said that such has been causing embarrassment to the Federal Government as was the case prior to the confirmation of Captain Fola Akinkuotu, the former director-general in 2013. “We are constrained, but have to do what we have to do for the survival of the industry and NCAA in particular.

“In view of the above, we hereby give the Federal Government, through your office, a 21-day ultimatum to do all the due diligences and give us a substantive directorgeneral, or we will have no other option than to ground all operations in the aviation industry in Nigeria. This sir serves as a 21-day notice of strike action.” ATSSSAN said it had waited patiently, hoping that the issue would be corrected and had endured all the outbursts and accusation from members. Aviation is not an industry to toy with as any negative decision can mortgage safety of operations, the union members said.

Jonathan visits Arisekola-Alao’s family Sola Adeyemo

Ibadan

resident Goodluck Jonathan yesterday paid a condolence visit to the residence of late billionaire businessman and Muslim leader, Alhaji Abdul Azeez Arisekola-Alao. The philanthropist died last Wednesday in London at the age of 69. The President was represented by VicePresident Namadi Sambo, who was received by many other notable politicians, including Governor

Ajimobi, his Deputy, Moses Alake Adeyemo, the DeputySenate Whip, Senator Hosea Ayoola Agboola, Chief Olabode George, Prof. Taoheed Adedoja, Mr. Oba Otudeko, Prince Ajibola Afonja, Alhaji Hazeem Gbolarumi, and some children of the deceased. Sambo described Arisekola’s death as a monumental loss to the nation, while expressing Jonathan’s heart-felt condolence to the government; the family and the entire people of Ibadan and Oyo State in general.

Sambo arrived Arisekola’s residence at about 5.20pm after a former Chairman of the Peoples Democratic Party, Alhaji Bamanga Tukur, had earlier visited the family. Tukur was accompanied on the visit by Aare Alaasa of Ibadan land, Chief Lekan Alabi, Mr Seyi Makinde, who is gunning for governorship ticket in Oyo State PDP, and some members of the party in the state. Meanwhile, a former deputy governor in Oyo State, Alhaji Hazim

Gbolarumi, yesterday revealed that the late business mogul and Deputy National President of the Nigerian Supreme Council of Islamic Affairs (NSCIA), Alhaji Azeez ArisekolaAlao, had no premonition of his death on Wednesday, June 18, when he passed on. According to Gbolarumi, the Aare Musulumi of Yorubaland, had woken up early that day, taken his bath and was prepared to come down to meet with his children and visitors, when the journey to the land of no return commenced.

Afini, who condemned the abduction of the schoolgirls, said the kidnapped girls might regain their freedom and reunite with their families soon, suggesting that they may be released during or before the Ramadan period, if the sect members are truly the Muslims they claimed to be. But the cleric expressed doubt that the sect is a Muslim organisation, adding that Islam accords women and girls special care and attention than what the sect did with the continued incarceration of the schoolgirls.

Ogunlewe canvasses autonomy for federal varsities l As FUNAAB graduates 3,859 students Kunle Olayeni Abeokuta

he Pro-chancellor and Chairman, Governing Council of the Federal University of Agriculture, Abeokuta (FUNAAB), Senator Adeseye Ogunlewe, has stressed the imperative of granting autonomy and self-financing status to all federal universities in the country. Ogunlewe also urged the Federal Government to approve the establishment of additional colleges for FUNAAB, especially the Colleges of Medicine, Law and Social Sciences. He spoke yesterday at the combined 21st and 22nd convocation ceremonies of FUNAAB held in Abeokuta, where 3,859 first degree and postgraduate degree students graduated.

The graduating students were from 2011/2012 and 2012/2013 academic sessions. At the event, Vice-Chancellor of the institution, Prof. Olusola Oyewole, said the university was endowed with over 10,000 hectares of land and adequate facilities to meet the proposed colleges. Ogunlewe, a former Minister of Works, said the additional colleges were needed to meet the yearning of the citizens and reduce the migration of Nigerians to foreign countries. The pro-chancellor, therefore, said the expansion of facilities with additional colleges and faculties in the existing universities was important to bridge the gap in varsity enrolment of Nigerian students.

Aregbesola establishes comfort stations in Osun sun State governor, Oterday Rauf Aregbesola, yessaid his adminis-

tration has established comfort stations at Nelson Mandela Freedom Park and Orisunbare International Market in Osogbo, to give members of the public, including travelers, access to open defecation. Speaking through his Commissioner for Environment and Sanitation, Prof. Olubukola Oyawoye, in a release made available to newsmen in Osogbo, Aregbesola said “the comfort stations would soon be inaugurated officially by Alhaja Sherifat Aregbesola, for public use.” The release added that the government established the stations to make life more comfortable for the

citizenry. It stressed that “the initiative was aimed at completing efforts of the wife of the governor, Alhaja SherifatAbidemiAregbesola, who doubles as the Ambassador of Community Led Total Sanitation (CLTS) in the area of promotion of healthylivingandsustainable environment.” The commissioner, however, hinted that her ministry would engage the servicesof OsunStateYouths Empowerment Scheme (OYES) cadets for proper management of the facility. Oyawoye further maintained that “the facility would give members of the public, including travelers, access to toilets as well as bathrooms in strategic places in Osogbo while government would continue to promote healthy living among citizenry.”

FOREIGN | NEWS

Sanctity of Truth

Monday, June 23, 2014

emember those three Canadian prisoners who flew to freedom a few weeks ago after a daring helicopter escape? Well, they apparently didn't fly far enough. Quebec police arrested the trio early yesterday, and they're right back where they started, at the Orsainville Detention Centre in Quebec City. "The prisoners were arrested at 1:30 in the morning in Montreal. The SWAT team made the arrest and those three people will appear in court ... Monday in Quebec City," Quebec police spokesman Sgt. Ronald Mc Innis told CNN. He declined to say any more about the arrest as the investigation is continuing. The helicopter's pilot hasn't yet been caught, according to police, but more arrests are expected, Mc Innis said. Yves Denis, 35, Denis Lefebvre, 53, and Serge Pomerleau, 49, escaped June 7. Denis and Lefebvre were awaiting trial on charges stemming from a 2010 drug bust that netted weapons, cars and a plane. Officials didn't release any informa-

Greece makes record heroin bust, arrests tanker crew

reek coastguards said yesterday that they had discovered a record two-tonne haul of heroin and arrested 11 crew from a Togo-flagged tanker that they suspected had brought it into the country. Officers working with U.S Drug Enforcement Administration seized 987 kg of the drug yesterday, the coastguard said without going into details on where it was found. Another 1,133 kg was discovered during a raid on a warehouse near Athens last week, it added. The tanker called Noor One was suspected of bringing in both loads, the force said in a statement. The vessel had sailed through Oman and Pakistan before it was seized off the port of Elefsina near Athens on Sunday, the coastguard added. "These coordinated efforts ... led to the largest seizure of heroin on a European level," Shipping Minister Miltiadis Varvitsiotis said. The arrested crew members are expected to appear before a prosecutor on Monday.

Escapees in Canadian helicopter jailbreak captured tion about Pomerleau. The charges against them included murder, according to CNN partner CBC. They were being held under tight security, but a judge had issued a ruling allowing the three of them to be in the courtyard at the same time on court days, after they com-

plained harsh security conditions were making it difficult to plan their defense, the CBC reported last week. The three, however, escaped on a Saturday. It was unclear who allowed them to go outside, the CBC reported. Helicopter escapes aren't common, but they're not un-

heard of, either. In March 2013, two men posing as tourists commandeered a helicopter from a Canadian tour company, ordered the pilot to fly over a detention center near Montreal, hoisted two inmates into the hovering aircraft using cables -- and zipped away.

A Greek prison inmate escaped by helicopter in 2006 and did it again in 2009. Another inmate tried the same trick last year, but was shot. In 1971, Joel David Kaplan escaped from a Mexican jail aboard a helicopter. That escape inspired a book and a movie.

People on the streets of Madrid, Spain welcome the new King Felipe... yesterday

Egypt to set rules next month for parliamentary vote

gypt's President Abdel Fattah al-Sisi announced yesterday that procedures that would pave the way for a parliamentary election would start before July 18, state television reported. It gave no immediate details or dates for the vote itself. The procedures are expected to include the regulations and set the time frame and eligible candidates for the vote.

Sisi orchestrated the ousting in July of the elected Islamist president, Mohamed Mursi after mass unrest against him. He then installed an interim government and set a political plan that promised a presidential and parliamentary vote before the end of the year. In the end, the presidential vote came first, won by Sisi last month. The state this month passed

a law to allow individual candidates to take the majority of seats in parliament, rather than party lists, and which drew criticism from many political parties who said it would weaken them. Most political parties are weak or new, with many created only after a 2011 uprising ousted autocratic president Hosni Mubarak who ruled for 30 years.

Of the 540 parliament members to be elected, 420 will be drawn from individual candidate lists while 120 will be from closed lists. Earlier in the day, Sisi held talks with U.S. Secretary of State John Kerry which were focused on U.S. concerns about Egypt's crackdown on Mursi's now outlawed Muslim Brotherhood, and the unrest in Iraq.

Militants kill 21 in two Iraq towns

ilitants killed 21 leaders in the western Iraq towns of Rawa and Ana during two days of violence, officers and doctors said yesterday, after security forces made a "tactical" withdrawal. Some of those killed were shot dead on Saturday, when the militants moved into the towns, while others were slain the fol-

lowing day. The killings came after Iraqi security forces members departed the towns, clearing the way for the militant takeover. "The military units' withdrawal (from Rawa and Ana and Al-Qaim) was for the purpose of redeployment," Lieutenant General Qassem Atta said, referring to it as a "tactical" move.

Witnesses said insurgents moved into Rawa and Ana, in Anbar province, on Saturday evening, after security officers and witnesses also reported militants entering Al-Qaim, a town on the Syrian border, earlier in the day. Anti-government fighters have held all of one city in Anbar province, where the towns

are located, and areas of a second since early January. Beginning late on June 9, militants led by the Islamic State of Iraq and the Levant (ISIL) but also including a number of other groups such as loyalists of executed dictator Saddam Hussein, overran most of one province and parts of three others north of Baghdad.

50 WORLD | NEWS

.S. Secretary of State John Kerry yesterday made the highest-level American visit to Egypt since President AbdelFattah el-Sissi took office as Washington presses the former army chief to adopt more moderate policies. Economic and security problems are undermining Egypt's stability, and Kerry's visit signals an attempt by the Obama administration to thaw a relationship with a longtime Mideast ally that has cooled in recent years during the country's politi-

US pressing Egypt to adopt more moderate policies cal turmoil. "For Egypt, this is also a moment of high stakes as well as a moment of great opportunity," Kerry told reporters after meeting el-Sissi. Kerry then headed to Jordan as he began a weeklong trip to the Mideast and Europe. Kerry said Egyptians want better economic opportunities, greater freedoms,

UK businesses urge government to block EU red tape

group of banking chiefs, insurance bosses and entrepreneurs urged Prime Minister David Cameron yesterday to safeguard British interests from European Union encroachment amid fears that the U.K.'s dwindling influence in Brussels could hit their industries hard. The 54 leaders, who said they together employ some 1 million people, argued in a letter to the Sunday Times that red tape and plans in the EU to tax financial institutions "will continue to erode Britain's competitiveness in markets in which it has a unique global standing." The letter comes amid a heated debate in Britain about its place in the 28-nation EU. The main political parties have been rattled by the rise of the euroskeptic U.K. Independence Party, which

advocates pulling Britain out of the EU and stopping the unfettered right of EU citizens to enter Britain. Anxious to take a stand, Cameron has actively sought to block former Luxembourg leader Jean-Claude Juncker from becoming the president of the European Commission â&#x20AC;&#x201D; the EU's executive arm. Britain opposes the veteran advocate of EU integration and is pushing for a vote should the council put Juncker forward. Juncker is the candidate of conservatives who finished first in European Parliament elections, but Cameron has also cast him as epitomizing many of his objections with EU policies. German Chancellor Angela Merkel has said she might consider concessions to Britain if they don't get their way on the presidency issue.

Mauritanian leader set to win new term amid poll boycott

he results of Mauritania's presidential election were awaited yesterday with incumbent Mohamed Ould Abdel Aziz expected to win handily after his main rivals boycotted a process they regard as a sham. The former general, who seized power in the northwest African nation in an August 2008 coup, campaigned strongly on his success in fighting armed groups linked to AlQaeda at home and in neighbouring Sahel nations. Men and women voted separately Saturday, in accordance with the country's Islamic law, emerging from voting booths to stain their fingers with ink to show they had voted. One 70-year-old voter who gave his name only as Brahim said the country, wracked by jihadist violence

Sanctity of Truth

Monday, June 23, 2014

up until 2010, "had found peace". "That's important and I want it to continue because peace is irreplaceable." Kidnappings and attacks by Al-Qaeda in the Islamic Maghreb (AQIM) were frequent when Abdel Aziz came to power, but he boasts that he has turned his nation into a regional haven of peace thanks to his reorganization of the military and security forces. "The first point where Abdel Aziz's success is undeniable is indeed that of security and stability in the country, driving away the spectre of the terrorist threat," said Mohamed Fall Ould Oumeire, managing editor of the daily La Tribune. The mainly Muslim republic, sandwiched between the west coast of Africa and the Sahara desert, is seen by Western leaders as a bulwark against Al-Qaeda-linked groups.

a free press and the rule of law. "We talked about that today and I think we really found ourselves on a similar page of changes that have yet to be made, promises that have yet to be fulfilled, but of a serious sense of purpose and commitment by both of us to try to help achieve those goals," he said. Over the last year, in par-

ticular, the U.S. has watched warily as Cairo has outlawed the Muslim Brotherhood, an Islamist political opposition group that was ousted from power last July. U.S. officials cite hard-line policies including the sentencing of hundreds of people to death in trials lasting only a few hours, and the jailing of journalists â&#x20AC;&#x201D; in refusing to

fund all of the $1.5 billion in military and economic aid that Washington usually sends to Cairo each year. The U.S. reluctance has fueled frustration among Egyptians who accuse the Obama administration of favoring the Muslim Brotherhood and starving Cairo of help at a time when the country's economy and security are at risk.

Kerry and el-Sissi in Cairo... yesterday

Putin calls for compromise in Ukraine

ussian President Vladimir Putin publicly expressed support yesterday for Ukraine's declaration of a cease-fire in its battle against pro-Russian separatists and called on both sides to negotiate a compromise. Putin said such a compromise must guarantee the rights of the Russian-speaking residents of eastern Ukraine, who must feel like they are "an integral part" of their own country. Putin's statement appeared to signal that he sees their future in Ukraine. Separatists in the eastern Donetsk and Luhansk regions have declared independence and asked to join Russia. Moscow has rebuffed their appeals, but is seen by Ukraine and the West as actively supporting the insurgency. Putin's conciliatory words came as Russia began large-scale military exercises and after NATO accused Russia of moving troops back toward the Ukrainian border. Putin appears determined to keep up the pressure to

force the Kiev government to give the eastern industrial regions more powers and to prevent Ukraine from moving too close to the European Union or NATO. But he also wants to avoid more punishing sanctions from the U.S. and particularly from the E.U., whose leaders will meet Friday in Brussels, and therefore needs to be seen as cooperating with efforts to de-escalate the conflict. The Kremlin initially dismissed the peace plan that Ukrainian President Petro Poroshenko laid out on Friday. But in a statement issued late Saturday, Putin said he welcomed the cease-fire and Poroshenko's "intention to take other concrete steps to reach a peaceful settlement." As part of his plan, Poroshenko suggested a decentralization of power to give the regions more political authority. He also proposed new local and parliamentary elections, and measures to protect the

language rights of Russian speakers in the east. Putin was more specific yesterday, when he spoke publicly following ceremonies commemorating the Nazi invasion of the Soviet Union on June 22, 1941. "That President Poroshenko announced a truce is without a doubt an important part of a final settlement, without which no agreement can be reached, and there is no doubt that Russia will support this intention, but in the end the most important thing is a political process," Putin said. Putin discussed the ceasefire yesterday with German Chancellor Angela Merkel and French President Francois Hollande, Merkel's office and the Kremlin said. "After the Russian government too referred to the cease-fire in positive terms, the interlocutors emphasized the need for all sides to abide by it now and for a political dialogue to be put in motion," Merkel's office said in a statement.

Bosnia game hardest ever, says Osaze P eter Osaze Odemwingie has admitted that the three points Nigeria earned against Bosnia -Herzegovina is “one of the hardest” in his football career. The Stoke City man swept home the winning goal just half an hour into the match from Emmanuel Emenike’s low cross to

secure a first full points for the African champions at the World Cup in Brazil. It was Nigeria’s first win in a World Cup match in 16 years and it took 10 matches to achieve that. Odemwingie said he was excited with ending that long wait. “We have waited so long for

this victory. I’m so happy for the country, our fans, the team. It was maybe one of the hardest three points in my career, though,” Odemwingie said after the match. Odemwingie also spoke about two key members of the Bosnian team, Emir Spahic and goalkeep-

SPORT

er Asmir Begovic. Spahic was a teammate of Odemwingie while he played for Lokomotiv Moscow and Begovic is Stoke City’s number one. Odemwingie tried to absolve his Stoke team mate of blame in his goal. CONTINUED ON PAGE 55

Osaze

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newtelegraphonline.com/sports

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

AUTHORITATIVE VOICE IN GLOBAL SPORT

Monday, June 23, 2014

Keshi: Eagles sure to make Second Round lBring on Argentina

Keshi

igeria coach Stephen Keshi insisted he has never doubted his team’s ability to reach the last 16 at the FIFA World Cup. Peter Osaze Odemwingie’s 29thminute goal gave Nigeria a crucial 1-0 win over Bosnia-Herzegovina in Recife on Saturday, boosting their chances of advancing from Group F. Nigeria only need a point in their final group game against the already-qualified Argentina, or for Iran to fail to beat Bosnia.

Keshi said he always believed in his team despite a lacklustre 0-0 draw against Iran in their opening game. “Everybody is happy in west Africa - Ghana got their result (a 2-2 draw against Germany) and we won. It’s good for the continent,” he said. “The fighting spirit we showed was good. I never thought that we wouldn’t make the round of 16. I have the players. “But look at Iran today (Saturday), they strived to contain Argentina but for Lionel Messi, whose lone goal on added time gave Argentina, straight qualification to the next round.” He added; “We worked so hard to get the victory. I know I have the boys that can do it. All they wanted was a challenge to bring out the best in them. It was a good performance generally and I know we are still going to do better. Keshi commended the players for winning the three points to put the team back in contention for the second round. The 1-0 victory is Nigeria’s first in the last 16 years.

Nigeria’s Kenneth Omeruo and Joseph Yobo tackling BosniaHerzegovina’s Edin Dzeko

Commonwealth Games: Too late for meaningful preparations –Tosin Oke Charles Ogundiya

A Oke

head of the Commonwealth Games, triple jumper, Tosin Oke, has declared that it was too late to engage in meaningful preparations with the Games just four weeks away. The championship is billed to start on July 23 in Glasgow, Scotland.

Speaking with New Telegraph after claiming his fifth national title at the All Nigeria Athletics Championship in Calabar, Cross River State, the reigning Commonwealth Games triple jump champion, said he is not going to make any promises regarding the defence of the title he won in Delhi four years ago, but insisted he would be giving it his

best shot. “I can’t really say what is going to happen there,” he said. “I am not a prophet, nor an evangelist. There is no church of Tosin Oke for now, but we will see what will happen as I am ready to give my best anytime.” On his preparations for the Games, he said he has been preparing on his own as the federation has

not been forthcoming and according to him, it is already late for preparation. “There is nothing the federation can do now; it is too late to achieve anything except through personal effort. What they are interested in is the results, but how do you get that without putting the right things in place?” he queried.

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Sanctity of Truth

Monday, June 23, 2014

FIFA WORLD CUP

igeria striker Shola Ameobi has spoken of the joy of being part of Nigeria’s World Cup campaign, with the Super Eagles having won their first match at the competition in 16 years. The former Newcastle United striker came on as a second half substitute in Saturday’s 1-0 defeat of Bosnia-Herzegovina in Cuiaba. He was brought on to help protect the lead in his second appearance at the competition. While England have been eliminated from the tournament, the former English U-21 player is on the verge of sealing a second round ticket with the African champions. “This is a dream for me, every second I spend with these guys, with this team is a blessing,” Ameobi said. “I’m just trying to appreciate every minute and enjoy it because it is sup-

posed to be an enjoyable experience. “That is why we play this game. We’re at the top of our game and you just have to grab all the opportunity, take all of them but enjoy most of all.” Coming on for their first game against Iran, the 32-year-old looked like the team’s best striker in a side that struggled to break down Team Melli. However, against Bosnia they looked better put together and played like a team in control of things. “Obviously, after the first game we were disappointed that we didn’t really attack as we wanted to, with the aggression and the style we know we can play with,” he said. But against Bosnia, “We showed that we are ready to fight to stay in this tournament. You need the spirit, you need the commitment and I thought we showed that in truckloads.”

o player is able to conceal the excitement at taking part in the FIFA World Cup even on his fourth trip, because of the trials and tribulations of fitness and injuries that come with age. “It feels just like it was the first time,” were the words of Mexico’s Rafael Marquez, evidence that, he had gone through difficulties before the 2014 World Cup. He first participated at Korea/Japan 2002 at the age of 23; Marquez had proven enough over three seasons at AS Monaco for then coach Javier Aguirre to hand him the captain’s armband. Thus on 3 June that year came his first World Cup appearance, with El Tri sinking Croatia 1-0 thanks to a penalty from Cuauhtemoc Blanco. Twelve years and 18 days on, Marquez is fully immersed in his fourth edition of the global show-piece – having captained his country at all four, a feat never before achieved. In an intriguing twist of fate, the gifted centre-back and his Mexican team-mates are preparing to fight for a Round of 16 berth at Brazil 2014 against none other than Croatia, with Marquez taking time out from preparations to speak exclusively to FIFA. Level on points at the top of Group A with Brazil, having beaten Cameroon 1-0 then held the hosts to a hard-fought 0-0 draw, it hardly seems credible that Mexico were the very last team to qualify: by means of an intercontinental playoff versus New Zealand. Yet for all the travails of North, Central America and Caribbean Zone qualifying, it would ap-

Playing at the World Cup, a dream come true -Ameobi For many periods in the game against the eastern Europeans, the Super Eagles took their feet off the throttle when they could have counter-attacked to score more goals. “In the bigger scheme of things, you want to protect what you have and it’s sometimes very difficult when you’re trying to hold the lead,” he said. “You know that they are pressing because they have got a lot of talent. Automatically you go on the defensive. “There were times where I thought that we could have maybe broken, we threatened them but all in all, we thank God that we were able to hold out and get a great victory for Nigeria.” Nigeria take on Argentina in their final group game in Porto Alegre needing at least a draw to finish second behind the Albiceleste. The talking point has been about facing the super stars of the side like Lionel Mess, Sergio Aguero, Gonzalo Higuain and Angel Ameobi di Maria, but Ameobi says their approach would not be different. in this tournament, but the most “We have our philosophy and we know important thing is for us to focus how the coach wants us to play,” he said. on what we have to do. “We’re going to come up against good teams “You can talk all day about all

the stars in this tournament but if you don’t look after your own house, you’re going to come up short.”

Marquez: Croatia our biggest challenge yet

Marquez

pear that Los Aztecas have found their feet just in time. “Our current coach has been very influential,” said Marquez, on the impact made by Miguel ‘El Piojo’ Herrera, at the helm since October 2013. “We’ve

worked really hard to achieve what he’s asked of us, and he’s brought together a very good squad of players for this World Cup. What’s more, I think that we’ve learned from our mistakes and we’re now stronger than we were during

qualifying. “We’re really happy [with our tournament so far]” continued the former Barcelona stopper. “If you take a look at the quality of the teams we’ve faced, it shows how difficult and tough a task we’ve had. And though we’re not there yet, we’re close to taking an important step. Keeping clean sheets has been key for us and we’re determined to keep that going.” Despite the positive vibe in El Tri’s camp, they are indeed “not there yet”, with at least a point required against the Croatians to secure a spot in the knockout stages. “This is our biggest game,” said Marquez, an Apertura 2013 and Clausura 2014 winner with Mexican club side Leon. “We know we have to keep the momentum going. We worked so hard in our last two games and we don’t want to throw it all away against Croatia. “We’ve always known we were going to face tough opponents,” said the 35-year-old, a two-time UEFA Champions League winner when at Barça. “Croatia have loads of very talented players. They’ve got very quick wingers who can get to the byline and put the ball in the box. They’ve also got a lethal striker and some of the best central midfielders around. They’re a great team, so it won’t be easy. We’ll have to give our best to get at least a point and move on to the next phase.”

Sanctity of Truth

Monday, June 23, 2014

inside eagles camp Samba notes from Brazil

Compiled by Adekunle Salami

Nothing extraordinary about Messi, says Onazi

Jamboree here and there

Nigerians are something else. At the ongoing World Cup, there are numerous people who know next to nothing about football but are here for the event. Some have no business with football whatsoever, but are also here. The jamboree list is actually endless. The soccer ruling body is here with the chairmen of all football associations in the country and we hear this is due to political reasons as the NFF elections is around the corner. The NFF also came to Brazil with some entertainment people and most of these people are just here to see the city. Some states sponsor politicians here to watch games as well. Only on Sunday we got information about the PDP in Rivers sponsoring 50 of its members to Brazil for the World Cup. Delta and Lagos are other states with representation here just to see how the cities of Brazil are. It is well with Nigeria.

Kedu or bawo ni?

Some Brazilians are really at home with Nigerian languages. Most of them here cannot even speak English. If you cannot comprehend Portuguese, staying in Brazil is tough. I was however shocked on Friday night when some Brazilians in Sao Paulo spoke to me in Ibo and Yoruba. I was at the train station when some young Brazilians approached me to ask where I was from I showed them my accreditation tag and as soon as they realised I was a Nigerian, the lady said. “Do I say Kedu or Bawo ni? I was so shocked and the two guys also repeated the same thing. I was in a haste and could not unravel the mystery but I intend to dig deep on the link between Nigeria and Brazil.

Cuddling competition

I have been to France before and saw how couples hold themselves all over Paris, regarded as the most romantic city in the world. But here in Brazil, the situation is ‘hotter’ as couples, young and old, day and night, ‘do their thing’ all over the streets especially at public places like stadia and metro stations. Outside the Corinthians Stadium on Friday, five couples stayed glued to one another. It was like a queue of sort, they were cuddling and kissing as if they were in a contest. I am not sure they bother about one another but for passesby like me, the scene was very funny. Interestingly, the weather was bad as people struggled even with wind cheaters but these couples decided to battle the winter in their own way.

The Cuiaba stress

Logistics of the ongoing tournament is cumbersome. The trip to Cuiaba, where Nigeria defeated Bosnia 1-0 is 26 hours from Sao Paulo and four hours by air. Nigerians have continued to agonise about the trip to and from the match venues. Some did not even sleep at Cuiaba as they started their return journey just after the late match on Saturday. It was reliably learnt that a member of the supporters club on Saturday fainted on the way to Cuiaba due to the stress. She was later revived by members in the vehicle and they continued the journey. More stress is ahead for Nigerians here as Porto Alegre, venue of the match against Argentina, is also said to be a far distance, while the Eagles are on the verge of a second round place.

Onazi

igeria midfielder, Ogenyi Onazi, has said that Argentina talisman Lionel Messi is a ‘normal human being’ and that the Eagles would play him as a team of ahead of

their final Group F game on Wednesday. “Messi is a normal human being, a football player,” said Onazi to journalists. “Of course we have to strategise and make our plans to make sure we

get things done [against Argentina].” After a drab opening game against Iran, the Super Eagles played a better match with Bosnia, scored and defended in numbers. They were sometimes too cautious as they tried to hold on to their lead. “We improved on our passes and our attacking and made sure we did everything as a team,” the Lazio midfielder said. “The coach gave some instructions for me to do, and I had to do it. I’m the one in charge in the midfield and I had to calculate how to move forward, when to come back. It was the game plan for the team.”

Nigeria, Iran may face lottery

igeria and Iran could see their World Cup fate decided by the drawing of lots. Argentina play Nigeria and Iran face BosniaHerzegovina in Group F’s final matches on Wednesday, and if Argentina and Iran were both to win their games by the same

one-goal margin then the FIFA Organising Committee would need to draw lots to determine whether the Super Eagles or Team Melli would advance. Iran and Nigeria drew 0-0 in their opening match, with Iran then losing 1-0 to Argentina and Nigeria beating Bosnia-

Herzegovina 1-0 in their second game. FIFA rules determine that teams should be separated first by points, then goal difference, then goals scored and then their head-to-head record. However, lots are used as a last recourse if they cannot otherwise be set apart.

Arsenal legend heaps praises on Omeruo

ormer Arsenal player, Martin Keown, has praised the defensive abilities of Super Eagles defender, Kenneth Omeruo, just as FIFA named him one of the best players on show, as the World Cup entered Day 10 on Saturday. “He’s a young man, and he’s doing bread and butter

defending. He knows what he’s good at, he’s strong, you just couldn’t move him out of there.” “He’s been at Chelsea now for two years ,been out on loan most of the time, but he might come back in after this sort of performance, because that’s what Mourinho wants, he wants someone who knows what he’s good at.”

Omeruo

Eagles fought hard for victory -Yobo

uper Eagles captain, Joseph Yobo, has described the match against Bosnia-Herzegovina on Saturday as a very difficult one for the team. Osaze Odemwinge recorded the winner for Nigeria in the 29th minute off a pass from Emmanuel Emenike. Yobo said that the team defended well and deserved the full points in the highly

contested Group F tie decided in Cuiaba. He said; “We spoke to

Yobo (left)

ourselves and decided we had to go all out for victory, if not we could be out of the competition. We all defended well and concentration was high all through. “We also decided to step up our game compared to the performance against Iran. Bosnia are also very good and they did well, but we had an edge over them generally. We deserve our three points.”

Nigeria vs Bosnia: How Super Eagles fared Vincent Enyeama: Always very reliable and in the form of his life at the moment. Three times, his saves denied dreaded Edwin Dzeko including a late effort with a minute to full time. Positioned himself well to also make other saves. He made seven saves in the crunch encounter. He did very well overall. RATING: 7 Efe Ambrose: Had a good game. Always going forward to assist in the attack. At a point he also assisted in the central defence to provide more cover for keeper Enyeama. He made wrong decisions upfront on two occasions and provided good crosses also on two occasions. RATING: 5 Juwon Oshaniwa: He is a child of circumstance. The injury sustained by Elderson Echiejile earned him a first team shirt and so he is shaky. Almost always lacking confidence. He is good with clearance but not reliable in a one-on-one with a winger. He made a good run just once in the game to draw a foul. Nigeria has Kenneth Omeruo to thank for providing cover for the left back. RATING: 4 Keneth Omeruo: He was as solid as rock and was the main man in the defence line. He is very strong and did a fantastic job with Edwin Dzeko. Omeruo played in his position and provided cover for three other positions effectively. He was very outstanding even in the air. The performance is an indication that he is fully fit. RATING: 8 Joseph Yobo: His inclusion was due to the injury sustained by Godfrey Oboabona. He coordinated the defence based on his experience. He also gave a good account of himself by clearing dangerous balls in the vital area. Not as agile as before, but he was average on the whole. RATING: 5 Ogenyi Onazi: He was very average on the day. He made costly errors that were corrected by Omeruo and other players. He was unable to provide good cover for the defence. Took four long range shots and two were saved by the Bosnian goalkeeper. RATING: 4

Mikel Obi: Mikel was very ordinary in the middle. He failed to raise his game like many others did against Bosnia. He lost the ball in very dangerous areas on three or more occasions. He also slowed down the game at a time the team should have launched a counter attack. His passes were not deep and positive except the passes made to change from one side to the other. RATING: 4 Micheal Babatunde: He was the surprise of the pack on Saturday. Nobody expected anything good from him except perhaps coach Stephen Keshi. He took on the Bosnian defence at will and was a constant threat all through before he was replaced in the 75th minute with Ejike Uzoeyi due to injury. He had three shots on target saved by the goalkeeper. He did very well in the middle. RATING: 7 Ahmed Musa: He was far below average. He did not stay at the wings. He tried to operate from the middle and only drew a foul with a dribbling run. He was expected to open the game and provide crosses for the strikers but he did not do so at all. It was not a surprise that the coach substituted him. RATING: 3 Osaze Odemwinge: He had a fantastic outing. He played well in the middle, coordinating the attack and putting pressure on the defence of the Bosnians. He had two shots saved and scored the only goal of the match. He also assisted in the defence. At a time he was at the right back for Nigeria. Not a surprise he was voted man-of-the-match. RATING: 9 Emmanuel Emenike: The striker had a better game than the one against Iran. He used his strength to disturb the opposition on many occasions. He combined well with Osaze and provided the assist for the only goal of the match. On two occasions, the Bosnian keeper, Asmir Begovic, denied Emenike from hitting the target. Shola Ameobi and Ejike Uzoenyi : The two came in as substitutes and did not make much impact in the game. It is better to leave them out of the rating.

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Sanctity of Truth

Monday, June 23, 2014

News Updates STANDINGS (Group A-D) Cameroon play for pride against Brazil Group A 1. Brazil 2. Mexico 3. Croatia 4. Cameroon

P W 2 1 2 1 2 1 2 0

D 1 1 0 0

L 0 0 1 2

F 3 1 5 0

A 1 0 3 5

GD Pts 2 4 1 4 2 3 -5 0

last 16, but even a defeat could the capital Brasilia. In terms of team selection, Group B see them advance, although P W D L F A GD Pts that would be dependent upon Tottenham Hotspur full-back 1. Netherlands2 2 0 0 8 3 5 6 the result in Mexico’s encoun- Benoit Assou-Ekotto may be 2. Chile 2 2 0 0 5 1 5 6 ter with Croatia with both of dropped following a physical 3. Australia 2 0 0 2 3 6 -3 0 2 0 0 2 1 7 -7 0 those sides locked on three altercation with teammate 4. Spain points. Benjamin Moukandjo against P W D L F A GD Pts Despite the criticism that Croatia. Alex Song is also ab- Group C 1. Colombia 2 2 0 0 5 1 4 6 greeted the goalless draw last sent because of suspension. 2. Cote d’Ivoire2 1 0 1 3 3 0 3 time out, Scolari is expected to 3. Japan 2 0 1 1 1 2 -1 1 name the same starting line- Head-to-head 1 Brazil Cameroon 4. Greece 2 0 1 1 0 3 -3 up. Hulk may be passed fit, but 4 4 he is likely to have to settle for Matches Neymar trying to get past a sea Group D P W D L F A GD Pts 3 1 a place among the substitutes. Wins of Mexican defenders 1. Costa Rica 2 2 0 0 4 1 3 6 1 3 Meanwhile, Cameroon’s two Losses t will have surprised some that with one group defeats have seen them elimi- Drawn 2. Italy 2 1 0 1 2 2 0 3 0 0 game left to play, hosts Brazil still have some work nated, meaning that they have Goals for 3. Uruguay 2 1 0 1 3 4 -1 3 7 1 to do where their place in knockout stages of the nothing but pride to play for in FIFA ranking 3 4. England 2 0 0 2 2 4 -2 0 56 World Cup is concerned. Having recorded what many believe to be a fortuitous 3-1 win over the Croatians on the opening day and backed that up with a less-than-convincing the Spain boss during ew Chelsea signing Cesc Fabregas has been ing the deposed World Cup training, Fabregas was 0-0 draw with Mexico, Luiz Felipe Scolari’s side go involved in a training ground bust-up champions going from bad seen dejectedly handing into the clash with Cameroon on Monday top of the with beleaguered manager Vicente del to worse. standings with four points to their name. over his training bib to A win or a draw would guarantee their slot in the Bosque, with the state of affairs surroundAccording to the Dai- teammate Xabi Alonso, bely Mail, Fabregas was fore departing the ground asked to leave Saturday’s on a bicycle. training session after Del Spain’s World Cup jourBosque became dissatis- ney came to an abrupt end on Facebook, Twitter, or any other fied with the 27-year-old’s last week, with La Roja social network,” it says. apparent lack of effort and dumped out of the competidifference in England’s second “Celebrities, show business and intensity. Facebook post claiming tion after successive defeats group game, netting twice - one sports news seem to be the hottest that Uruguay and LiverAfter a few words from to the Netherlands and Chile. in either half - which coupled topics. You need to be creative pool star Luis Suarez failed with Costa Rica’s win over Italy for your joke to seem real. This a “match drug test” has fooled the following day has condemned way you will be able to trick your almost 650,000 users. England to their worst World Cup friends!” Uploaded on the Sunday Times elgium left it very late as Kevin Mirallas smashed a performance since 1958. Another fake story, claiming once again, snatching free kick against the base of Daily - a fake news website - it The Sunday Times Daily is a that England will get a second a 1-0 victory over Fabio the upright. Moments later claims that the 27-year-old striker website which allows users to cre- chance at the tournament after a failed a drugs test and that “UruCapello’s Russia with Divock Eden Hazard went on a mazy ate their own fake news, which referee was charged with match guay loose there 3 points and face Origi goal that puts them in run and his finish was deflectthey can then share across the web. fixing offences, has also been doing ed off target. the Last 16. disqualification” (sic) from the “Create your own fake news the rounds, and has been seen by The deadlock was evenThe Red Devils fought back World Cup. and trick your friends by sharing it almost 3.5million internet users. to beat Algeria 2-1 in their tually broken when Hazard It was Suarez who proved the opening game, while Fabio skipped past defenders down Capello’s Russia were pegged the left and pulled back for teenager Divock Origi to blast back 1-1 by South Korea. After a drab first half, the under the bar first-time from osnia-Herzegovina striker, njured Victor Moses has said second half took the same nine yards. It means all three Edin Dzeko, says referee Pehe hopes to be fit for Nige- path but there was finally a Belgium goals in this World ter O’Leary should be sent ria’s last group game against great scoring opportunity Cup have been scored by subhome for two mistakes that led Argentina after he missed the for Belgium on 83 minutes, stitutes.

Fabregas, Del Bosque in training ground bust-up

Hoax: Luis Suarez fails drug test lFacebook post fools users

Belgium edge Russia, into last 16

Dzeko blasts ref after loss

Moses hopes to be fit for Argentina

to his country’s elimination from the World Cup. The New Zealand official chalked off Dzeko’s first half goal for offside, although replays showed he was at least half a yard on. The official then failed to call a foul as Emmanuel Emenike muscled his way past Bosnia captain Emir Spahic to set up Osaze Odemwingie for the game’s only goal. “We are disappointed because I think the referee changed the game today (Sat-

1-0 win over Bosnia in the early hours of Sunday “after a small niggle”. On account of his injury, Volyn of Ukraine winger Babatunde Michael started the game against Bosnia in his place. Moses also commended those who played against Bosnia for a job well done. “Great win for us the lads were brilliant and the fans were amazing. I hope to be fit for the Argentina game after a small niggle #Nigeria,” Moses tweeted.

Dzeko

urday). The offside that he gave on my goal was never offside. And it is not small offside. It was like minimum half-a-meter there between me and the Nigeria defender, so I don’t know how he gave offside.”

Eagles win, sign of great things to come –Jonathan Anule Emmanuel

resident Goodluck Jonathan has described Saturday’s Super Eagles victory over Bosnia-Herzgovina in the World Cup as a sign of greater unfolding things to happen in the country. The President stated this during a church service at the Aso Rock chapel, presidential villa when he was decorated as national grand patron of the

Boys Brigade, Nugeria. The President pointed out that peaceful conduct of the Ekiti polls and the victory of the Super Eagles meant that Nigeria would surely return to great times as good would always eventually overcome evil. He said, “I’m particularly happy today because of the two events that happened on Saturday. First was the election in Ekiti State and the Super Eagles win.”

SPORT 55

Sanctity of Truth

Monday, June 23, 2014

Djokovic counts on Becker to win at Wimbledon

op seed, Novak Djokovic, will be looking to tap into the experience of coach Boris Becker, as he tries to end his Grand Slam drought at Wimbledon. The Serb, 27, has not won a major title since the 2013 Australian Open, and has since lost in three Slam finals. Becker joined his team in January, and Djokovic hopes the three-time champion can help him end that run. “It’s one of the reasons why Boris is on board,” said Djokovic, who won Wimbledon in 2011.

“He is somebody who was a multiple Grand Slam winner and a world number one. “He can definitely identify himself through my own course of life and experience and career. So we’re working on it. It’s a process that takes a little bit of time.” Becker, 46, won three of his six Grand Slam titles at Wimbledon, but since teaming up with Djokovic in January has seen the Serb lose in the Australian Open quarter-finals and the French Open final. Djokovic said defeat in Paris was “not the first or the last final that I lost”,

adding: “I have to keep on moving. “I have to try to improve myself not just on the court, but understand well the mental aspect, what is happening in those finals, why I have not been able to win a Grand Slam title in the last couple of years.” Seven-time champion Roger Federer arrives at Wimbledon in better shape than in 2013, when a back injury hampered him throughout the season. The Swiss, 32, expects to improve on last year’s shock second-round defeat by world number 116 Sergiy Stakhovsky.

Tamgho banned for missing drug tests

riple jump world champion, Teddy Tamgho, has been banned for a year for missing three out-of-competition doping tests. The Frenchman, who became the third man to go over 18m when he leapt 18.04m to win the world title in Moscow last year, is banned until 17 March 2015. The French Athletics Federation said the ban was backdated because of his “good faith” dur-

ing the case. The FFA’s board ruled 25-yearold Tamgho, who has 45 days to appeal, did not deliberately miss the three tests. It found Tamgho missed tests on 19 December 2012, 28 January 2014 and 18 March 2014, the date on which his backdated ban began. Tamgho is currently injured, having fractured a tibia in November 2013.

Bosnia game hardest ever, says Osaze

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

of the stronger sides of his [Begovic’s] game. “He is a great guy. He knows I have a good shot and I tried to shoot a few times today (Saturday). I’m sure he is going to tell me off when I get back to Stoke

[laughs]. “I had to do it for my country but I was so happy to see him on this stage and I exchanged shirts with him at the end of the game,” said Odemwingie about his Stoke City teammate, Begovic.

Ekweremadu hails Eagles’ win over Dragons

he Deputy President of Nigeria Senate, Senator Ike Ekweremadu has congratulated the Super Eagles of Nigeria on their hard-won victory over the Dragons of Bosnia-Herzegovina. An obviously thrilled Senator Ekweremadu noted that it was a night that the Nigerian side found their rhythm to the delight of all football loving fans. He said: “This is a very important victory after 16 years of winless streak at the FIFA World Cup and after the hard start against the Iranians. We saw a much more hard-fighting, confident, brilliant, mobile, blended, and entertaining Super Eagles. I think it was a highly deserved victory and I say kudos to the young men for doing us proud”. The Deputy President of Senate who watched the Super Eagles first match in Brazil,

expressed hope that the victory would give the team the needed confidence and elixir to bring down the Argentines from their high horse.“As far as I am concerned, the Argentines are beatable, their array of stars notwithstanding. From USA 1994 World Cup to South Africa 2010, they have never won us convincingly. We were just a bit unlucky against them. But this time, with harder work and more determination, I have no doubt that the table just has to turn in our favour”, he added. He urged Nigerians to support and pray for the Super Eagles, noting that “at a time of serious national challenges like this, a good outing at the ongoing World Cup will certainly be a great way to remind all of us that we are better off as a united nation, collectively facing and overcoming the challenges of nation-building”.

Djokovic

Odogu, Putubo head Bayelsa United, Queens boards Chimaobi Uchendu

ayelsa state government has appointed Akpofin Odogu and Isaac Mark-Putubo as interim heads of two state -owned football clubs, Bayelsa United and Bayelsa Queens respectively. The appointments were announced through a statement made available to New Telegraph.

The statement also announced the appointment of Ada Gwegwe as the Chief Coach of Bayelsa United. Commissioner for sports, Ebitkitin Diongoli said these appointments are with immediate effect to avoid creating vacuums. Last week, The governor of Bayelsa state, Seriake Dickson, approved the immediate dissolu-

tion of both boards after receiving disturbing report about the activities of the boards. New Telegraph gathered that the boards were earlier dissolved by the Commissioner for Sports Development, Chief Ebikitin Diongoli, but he was overruled by some powerful cabal in the government who insisted he had no powers to dissolve the boards.

Brazil 2014 Group Stage Fixtures

Date

Thursday June 12 A Friday June 13 A Friday June 13 B Friday June 13 B Saturday June 14 C Saturday June 14 C Saturday June 14 D Saturday June 15 D Sunday June 15 E Sunday June 15 E Sunday June 15 F Monday June 16 G Monday June 16 F Monday June 16 G Tuesday June 17 H Tuesday June 17 A Tuesday June 17 H Wed June 18 B Wed June 18 B Wed June 18 A Thursday June 19 C Thursday June 19 D Thursday June 19 C Friday June 20 D Friday June 20 E Friday June 20 E Saturday June 21 F Saturday June 21 G Saturday June 21 F Sunday June 22 H Sunday June 22 H Sunday June 22 G Monday June 23 B Monday June 23B Monday June 23A Monday June 23A Tuesday June 24 D Tuesday June 24 D Tuesday June 24 C Tuesday June 24 C Wed June 25 F Wed June 25 F Wed June 25 E Wed June 25 E Thursday June 26 G Thursday June 26 G Thursday June 26 H Thursday June 26 H

Group Teams

Brazil V Croatia Mexico V Cameroon Spain V Netherlands Chile V Australia Colombia V Greece Uruguay V Costa Rica England V Italy Côte d’Ivoire V Japan Switzerland V Ecuador France V Honduras Argentina V Bosnia & H Germany V Portugal IRAN V NIGERIA Ghana V USA Belgium V Algeria Brazil V Mexico Russia V Korea Republic Australia V Netherlands Spain V Chile Cameroon V Croatia Colombia V Côte d’Ivoire Uruguay V England Japan V Greece Italy V Costa Rica Switzerland V France Honduras V Ecuador Argentina V Iran Germany V Ghana NIGERIA V BOSNIA & H Belgium V Russia Korea Republic V Algeria USA V Portugal Netherlands V Chile Australia V Spain Cameroon V Brazil Croatia V Mexico Italy V Uruguay Costa Rica V England Japan V Colombia Greece V Côte d’Ivoire Nigeria V Argentina Bosnia & H V Iran Honduras V Switzerland Ecuador V France Portugal V Ghana USA V Germany Korea Rep V Belgium Algeria V Russia

Time

9pm 5pm 8pm 11pm 5pm 8pm 11pm 2am 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 10pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 8pm 11pm 5pm 5pm 9pm 9pm 5pm 5pm 9pm 9pm 5pm 5pm 11pm 11pm 5pm 5pm 9pm 9pm

Venue

Results

Arena Corinthians, Sao Paulo Estadio das Dunas, Natal Arena Fonte Nova, Salvador Arena Pantanal, Cuiaba Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Amazonia, Manaus Arena Pernambuco, Recife Estadio Nacional, Brasilia Estadio Beira-Rio, Porto Alegre Maracanã, Rio De Janeiro Arena Fonte Nova, Salvador Arena da Baixada, Curitiba Estadio das Dunas, Natal Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Pantanal, Cuiaba Estadio Beira-Rio, Porto Alegre Maracanã, Rio De Janeiro Arena Amazonia, Manaus Estadio Nacional, Brasilia Arena Corinthians, Sao Paulo Estadio das Dunas, Natal Arena Pernambuco, Recife Arena Fonte Nova, Salvador Arena da Baixada, Curitiba Estadio Mineirao, Belo Horizonte Estadio Castelao, Fortaleza Arena Pantanal, Cuiaba Maracanã, Rio De Janeiro Estadio Beira-Rio, Porto Alegre Arena Amazonia, Manaus Arena Corinthians, Sao Paulo Estadio Nacional, Brasilia Estadio Nacional, Brasilia Arena Pernambuco, Recife Estadio das Dunas, Natal Estadio Mineirao, Belo Horizonte Arena Pantanal, Cuiaba Estadio Castelao, Fortaleza Estadio Beira-Rio, Porto Alegre Arena Fonte Nova, Salvador Arena Amazonia, Manaus Maracanã, Rio De Janeiro Estadio Nacional, Brasilia Arena Pernambuco, Recife Arena Corinthians, Sao Paulo Arena da Baixada, Curitiba

3 - 1 1-0 1 - 5 3 - 1 3-0 1-3 1-2 2-1 2-1 3-0 2-1 4-0 0-0 1-2 2-1 0- 0 1-1 2-3 0-2 0-4 2-1 2-1 0-0 1-2 2-5 1-2 1-0 2-2 1-0 1-0

World Record

On Marble

Every experience in your life is being orchestrated to teach you something you need to know to move forward.

– –Brian Tracy

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, JUNE 23, 2014

Rigobert Song (1994 & 1998) and Zinedine Zidane (1998 & 2002) jointly hold the unwanted record of the highest number of red cards in World Cup history with two each.

N150

Towards the next era of growth: Reforms and rebalancing (2) A Guest Columnist nother region that continues to “rise” is Sub-Saharan Africa—from which I have just returned. Many African countries have managed to weather the crisis well and sustain an expansion of around 5 per cent per year on average— the second highest after Asia. With large untapped potential—both natural and human—the forecast is for this growth to continue. But as well as “rising,” Africa also needs to be “watching”: in some countries, rapid debt accumulation and erosion of fiscal space pose risks that need to be managed. In Latin America, despite a modest acceleration in activity, growth is expected to remain in a lower gear—rising from 2½ per cent in 2014 to 3 percent in 2015. Of course, growth dynamics vary widely across the larger economies: Mexico, for example, is expected to benefit from stronger U.S. growth, while in Brazil, low confidence seems likely to hold back investment and activity. Finally, a word on the Middle East, another region I visited just recently. Even though the situation in several of those countries remains difficult, I was extremely encouraged by the spirit to build a better future. Working together with all partners—including the IMF—is clearly the way forward. 3.Canada—Policies for the Next Era of Growth So where does our hockey game stand? I have talked about the view from the top of the arena; we have analyzed some of the moves of the key players. Which brings me to my third topic— the foundations of the next era of growth and the key elements of a strategy for “driving the puck into the goal”. Clearly, the major challenge for all countries—including Canada—is to make growth stronger, more inclusive, and greener. These are difficult and complicated questions that policymakers are grappling with, and there are no one-size-fits-all solutions. Across the world, many countries are trying to rebalance their economies toward more stable sources of growth—be it China, trying to rebalance away from investment toward consumption, or Germany trying to boost domestic sources of demand. Canada is also rebalancing its economy from consumption and housing towards exports and business investment as key drivers of growth. Last year, and for the first time since 2001, the contribution of net exports to overall growth turned positive, but the performance of non-energy exports and investment remains weak. Looking forward, we expect growth to

Christine Lagarde

Lagarde

pick up to about 2¼ per cent in 2014, with the continued recovery in the U.S. boosting Canada’s exports and business investment. Policies should sustain the acceleration of activity—monetary policy supporting demand until the recovery is cemented and fiscal policy striking the right balance between propping up growth and rebuilding fiscal space. Moreover, Canada’s rebalancing is taking place alongside the transformation of the North American energy sector. It is seeing the contribution of its once dominant manufacturing sector shrinking, without having yet fully tapped the potential of its energy sector. No doubt about it: the energy sector holds large prospects for Canada. Yet these prospects need to be unleashed. How? I see two priorities: First, an expansion in transport infrastructure would allow Canada to tap into favorable growth dynamics in regions beyond North America, especially in Asia. A more open regime for inward foreign direct investment could help in easing infrastructure constraints. By some IMF estimates, full market access to Canada’s energy products

could raise GDP by about 2 per cent over a 10 year horizon. Of course, we need to be watchful that such expansion is not to the detriment of the environment. We at the IMF have begun to look at this from a macroeconomic perspective, with energy prices taking center stage. That means making sure prices cover not only the direct costs of supplying energy but also the environmental externalities associated with production and use of fossil fuels – the waste water (which increases a variety of risks), and the broader side effects from vehicle use – congested roads, traffic deaths, and so on. I am glad to say that, in some respects, Canada has been a pioneer in this area. But more could be done, both in Canada and in other countries, as we will emphasize in a book that is to be published in a few weeks. The second priority is that growth in the energy sector needs to become more inclusive—its contribution to the economy broadened, and its benefits more widely shared. Stronger linkages between the energy sector and the broader economy can certainly help. Removing barriers to internal labor mobility and trade are important elements of this strategy—both to bring people with important skills to the areas where the jobs are, and to bring more jobs to people that are not living in the resource-rich areas. Productivity could also get a boost from these measures. Moreover, actions on these fronts are important not only for the prosperity of the Canadian economy, but for the entire region. After all, it was the expansion in North American oil production that helped keep oil prices stable over the past three years, despite significant geopolitical disruptions in the Middle East and Africa. So as the game wraps up, there are great prospects ahead for Canada to lift its potential and score the goal for the next era of growth ahead. Conclusion Just as our 188 member countries have been changing in the face of the crisis, so has the IMF. In our three main lines of busi-

ness—surveillance, capacity building and lending—we have made dramatic changes in the way we work. My message: this is not your father’s IMF. This is not the place to go into detail, but I do want you to know that the IMF—even more than in the past—is focused on providing an effective forum for global economic and financial cooperation. Why is cooperation important? As any hockey team can attest, team work is key. If countries implement the right set of policies for their domestic welfare, the whole world will get to benefit. Indeed, in the context of the G20 meeting in Sydney, our estimates suggest that cooperative action can increase global output by 2 per cent over the next five years. Reaping these benefits lies in working together in laying the foundations for the next era of growth. This is something that Canada—a staunch supporter of multilateralism—knows well. In that context, let me underscore our appreciation of Canada’s commitment to the Fund and to multilateralism. To paraphrase Lester B. Pearson, Canada’s former Prime Minister and winner of the Nobel Prize for his efforts in establishing the UN Peace Keepers: “We need action not only to end the crisis (fighting) but to make the peace”—that is, to make this recovery broad, strong, inclusive. One that lasts. Concluded •ChristineLagardeisManagingDirector,InternationalMonetary Fund

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PDP, APC BICKER OVER YOUTH LEADER'S AGE - News

– 53 year-old is better as youth leader than 82!

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