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Monday, May 26, 2014 Vol. 1 No. 97

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Shell, Chevron, Total, Agip operate onshore fields with expired licences lFG delays renewal of oil majors’ 20-year lease permits Adeola Yusuf

he Federal Government’s foot-dragging in renewing the 20-year oil leases in Nigeria for Shell,

Chevron, Total and Eni (former Agip), six years after the expiration of their licences, is causing concern in the oil industry, it was learnt at the weekend.

As a result of the government’s delay, the companies, against their wishes, have been operating onshore fields with expired licences since 2008.

The Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, had during the signing of the renewal of document for ExxonMobil, another In-

ternational Oil Company (IOC) in May 2012, told the gathering in Abuja that the licences for the remaining four multinationals would be renewed in June 2012. The minister had in May 2012 pledged govern-

ment’s readiness to renew the licences in June of same year, but exactly two years after, the stalemate lingers. “In order to show our commitment to a vibrant C O N T I N U E D O N PA G E 2

Jonathan: Insurgency won’t stop 2015 polls lSultan urges Muslims to unite against terrorist sect

Anule Emmanuel and Yekeen Nurudeen Abuja

rom President Goodluck Jonathan came an assurance yesterday that the current security challenges facing Nigeria would not stop the conduct of the 2015 general elections. The president, who spoke yesterday in Abuja at an interdenominational service to mark this year’s Democracy Day, also said next year’s celebration C O N T I N U E D O N PA G E 2

2015: 500 politicians to watch L-R: Hon. Edozie Madu; Benue State Governor, Mr. Gabriel Suswam; Mr. Larry Esien; and former Abia State Governor, Dr. Orji Uzor Kalu, at the site of a water project in Makurdi...at the weekend

Battle royale in Coal City State } 13-17 LAGOS

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Boko Haram kills 37 in attacks on Adamawa, Borno villages

lPolice, vandals’ clash claims 14 in Ogun Our Reporters

oko Haram insurgents struck again at the weekend in Adamawa

and Borno states, killing no fewer than 37 persons and injuring scores of others. The gunmen, in the at-

tacks on two villages in Madagali Local Government Area of Adamawa State, killed about 13 persons and also burnt down

many houses. Madagali Local Government Area borders Gwoza Local Government Area of Borno State, which has experienced a series of insurgent attacks since the

Electricity consumers to pay less in June

declaration of the state of emergency in Adamawa, Borno and Yobe states. Twenty-four people were also killed yesterday by the terrorists who invaded Kamuya village in Biu Local Government Area of Borno State. C O N T I N U E D O N PA G E 3

NEWS

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Monday, May 26, 2014

Sultan urges Muslims to unite against Boko Haram CONTINUED FROM PAGE 1

would witness a new government. His assurance came hours before the All Progressives Congress (APC) criticised him for his comments last Thursday that those behind the campaign for the freedom of over 200 schoolgirls kidnapped in Chibok, Borno State, should direct their plea to Boko Haram insurgents who abducted them and not the Federal Government. There have been fears that the insurgency in the North-East, which has also started spreading to other parts of country such as Abuja, Jos and Kano, after some months of lull, may threaten the general elections. Already, the Independent National Electoral Commission (INEC) has warned that it might not be able to hold elections in Adamawa, Borno and Yobe states, which are now under emergency rule, as a result of the insurgency in the three states. But the president told the congregation at the church service that he was optimistic that the nation would overcome its security challenges to be able to conduct free and fair polls in 2015. He said: “After today,

the next Democracy Day will witness a new government. I remember when I was in my village this morning (yesterday) to collect my permanent voter’s card and a pressman asked me whether there will be elections in Nigeria, I told him there would be elections in this country. “This country will continue to move forward in spite of some of the setbacks we are witnessing,” he added According to him, the insecurity in the country spearheaded by Boko Haram is meant to bring down his government if not for God’s intervention. He thanked the congregation for their prayers, noting that without prayers Nigeria would have suffered more from terrorism. The president explained that there are two

types of forces operating in the country; forces of development and forces of retrogression. Despite this, he expressed optimism that Nigeria will overcome all dark forces trying to stunt its development. “Without your prayers, it would have been worse. With your prayers, our girls will be seen by our securitymen. “All these distractions were planned to bring this government down. Since they failed, terror will also fail. Forces of darkness will never prevail over light. I call on all Nigerians to continue to pray and with God on our side, we shall overcome,” he stated Jonathan thanked God for 15 unbroken years of democracy in the country, saying it is the best form

of government and also provided opportunity for governors to compare notes. He said what had been achieved in the last 15 years in the country would not have been possible during the military era. The president also spoke on his administration’s transformation agenda, saying the policies were not mere campaign slogan. According to him, in the last three years, his administration has made giant strides in such areas as rail, roads, airports, agriculture, petroleum, power, industry and housing. Delivering the sermon, Pastor Goodheart Ekwueme, who ministered, said the circumstances in which Nigeria found itself were similar to the period of Mordecai

in the Bible. “The dark moment we find ourselves now will surely transform to greatness. “It is when the time is darkest that God chooses to reveal His glory. I believe Nigeria will arise. A new Nigeria is about to be born,” he added. During the service, intercessory prayers were said for the nation, security, peace and development, victims and families of bomb blasts. Prayers were also said for the successful rescue of the Chibok schoolgirls. Also at the weekend, the Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar, called on Muslims to unite against Boko Haram, pledging the government’s support to defeat terror. CONTINUED ON PAGE 5

33oC 24oC Partially Cloudy President Goodluck Jonathan (left), collecting his permanent voter’s card in Otuoke, Bayelsa State…yesterday

PORT HARCOURT

30oC 23oC Storms

KANO

41oC 26oC Partially Cloudy

ENUGU

33o C 23oC Thunder Storms

IBADAN

31oC 24oC Storms

CALABAR

33oC 23oC Storms

MAIDUGURI

42oC 28oC Partially Cloudy

ONITSHA

34oC 23oC Storms

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 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

TODAY’S WEATHER FORECAST ABUJA

FLIGHT SCHEDULE

Shell, Chevron, Total, Agip operate onshore fields with expired licences CONTINUED FROM PAGE 1

upstream sector, we have started the renewal of leases in good faith… renewals with Chevron and Shell are expected to be concluded by June (2012) at the latest,” Alison-Madueke had said at the signing of the licence renewal for ExxonMobil. New Telegraph however learnt that two years after the minister’s promise, the IOCs are still in the dark on when their operating licences would be renewed. The oil majors, with the exception of ExxonMobil, have been in negotiations, albeit without success, with the Federal Government for several years to renew their licences, which is done every 20 years, on many of their onshore and shallow water blocks. The ExxonMobil’s renewal of licence in 2012 was worth trillions of dol-

lars, while that of Shell, Chevron, Total and Eni, when renewed, will also fetch Nigeria, almost the same amount individually. It was however gathered that the stalemate in the renewal of the licences of the four IOCs was occasioned by the delay in the passage of the controversial Petroleum Industry Bill (PIB) in 2013. “The government does not look optimistic on the renewal of these oil block leases before the passage of the PIB and you are aware that the National Assembly on the other hand does not look optimistic on the passage of the bill. “Possibility of talks on the renewal before the PIB passage in 2014 is very faint and except a miracle happens, there is not going to be a further negotiations until after the bill is passed,” a source said. “I can tell you that ne-

gotiations and meetings have been held on several occasions at several times in Abuja and elsewhere between representatives of government led by the Minister of Petroleum Resources, Diezani AlisonMadueke and the representatives of each of the IOCs namely Shell, Chevron, Eni and Total,” the source added. It was gathered that the negotiations between the Federal Government and the four oil majors had broken down several times. “This situation is not good for the business of oil exploration and exploitation and it is the major reason why many are now saying that the licences might not be renewed until after the passage of the PIB – the bill, which is likely to increase royalties and taxes, when it becomes law. “What this means is that the IOCs are operating

onshore and shallow water acreages with expired licences as required by the Petroleum Act, against their wishes,” the source added. Efforts to get Group General Manager, Group Public Affairs of the Nigerian National Petroleum Corporation (NNPC), Mr. Ohi Alegbe, to explain the government’s position on the oil licences’ renewal were abortive as he did not reply to an SMS sent to him, based on his request. Spokesperson for Shell, Mr. Precious Okolobo, also declined comment on the negotiations. “I have no comment on that,” he swiftly told New Telegraph on the phone. Another source however told New Telegraph on the phone that the delay in renewing the oil licences of the four IOCs was dangerous for the oil and gas industry.

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

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Monday, May 26, 2014

Chibok schoolgirls: No swap deal with insurgents, Mark insists lNdoma-Egba donates 50 cars, N13m Clement James Calabar

enate President David Mark has insisted that the Federal Government will not negotiate with the Boko Haram sect to release the over 200 girls kidnapped at Government Girls’ Secondary School, Chibok in Borno State over a month ago. Mark declared that

there won’t be any swap deal with terrorists, vowing that the Federal Government would mobilise everything within its power to deal with the Boko Haram sect “and their sponsors.” He gave the indication after inaugurating some constituency projects of Senate Leader Victor Ndoma-Egba in Ikom, Cross River State at the weekend. “Every time I have the

opportunity, I try to make this known. This government will not yield to blackmail and will not exchange criminals for our girls. We will mobilise to deal with Boko Haram and their sponsors. There will be no negotiation,” he noted. He said the Federal Government was aware of the efforts of some individuals to blackmail it, but insisted that such efforts would be

frustrated as the government was working hard to bring back the abducted girls. He commended NdomaEgba and the Niger Delta Development Commission (NNDC) for partnering to build a specialist hospital and roads in Ikom and hoped such partnership would continue in the interest of democracy. On his part, Governor Liyel Imoke commended the Senate Leader for bringing democracy divi-

L-R: Federal Capital Territory Minister, Senator Bala Mohammed; Speaker, House of Representatives, Aminu Tambuwal; Shehu of Borno, Alhaji Umar Garbai El-Kanemi; Vice-President Namadi Sambo and Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at a prayer session for peace and security in Nigeria in Abuja…yesterday. PHOTO: TIMOTHY IKUOMENISAN.

Boko Haram kills 37 in attacks on Adamawa, Borno villages CONTINUED FROM PAGE 1

The bloody weekend also extended to Arepo, in Obafemi Owode Local Government Area of Ogun State where about 14 persons were feared killed in a clash between pipeline vandals and policemen. It was learnt that the attacks in Adamawa State took place on Saturday night and in the early hours of Sunday in remote parts of Gubla and Wagra during which many others were injured. Hundreds have fled the villages. Some residents of the affected villages, who fled the area, said they were attacked by gunmen suspected to be Boko Haram members. “They used explosives during the attack on the houses and many people lost their lives; I saw at least 13 corpses on the ground,” a villager said. One of the residents, who identified himself as Apogu Heldia, said: “I cannot actually say how many people were killed

but I saw about 10 dead bodies that were evacuated and five others died at hospital.” Those injured, including a soldier, were taken to Gulak hospital where some are reported to have died while receiving treatment. Another resident explained that some houses were also attacked by the gunmen who took some men as hostages. “I saw some people crying, saying their relations had been taken away as hostages by the gunmen,” the resident, who craved anonymity, said. The insurgents had on Saturday night attacked a military base at Gubla and later burnt down an armoured car, though some of the attackers were said to have been nabbed. Efforts to get military and police authorities to comment on the incident did not yield result but the Chairman of Madagali Local Government Area, James Abawu Watharda,

confirmed the two attacks Watharda however could not give details of the death toll. He said soldiers had sealed up the area and were hunting for the fleeing attackers, adding that “people were killed, and some houses, were set ablaze by the attackers, while all the villagers have fled.” Also, in the Borno attack that led to the death of 26 persons, the insurgents torched many houses and shops. A resident of the area, Audu Ishaku, told New Telegraph that the gunmen came at about 9a.m. and waylaid vehicles plying the Biu-Damaturu Road, mostly those going to Miringa market, killing 24 people. He said: “The insurgents who came on motorcycles started shooting sporadically into the air, setting houses ablaze before waylaying traders that were going to Miringa market day, which is Sun-

day.” He said 21 of those killed were travellers while three villagers were killed in the attack. He added that the gunmen fled the area before the arrival of troops. Another resident, who asked not to be named, said some minutes after the attack, five vehicles conveying troops and members of Civilian JTF arrived in the area and began the hunt for the terrorists. A driver, Idi Ajauna, who narrowly escaped death, said the terrorists operated unchallenged for some hours before they fled. He accused security agents of laxity, saying they have failed to act on the information passed to them on the location of the terrorists’ camp. “It is unfortunate because we have been informing them about the hideouts of the terrorists but it seems government is not serious about the fight CONTINUED ON PAGE 4

dends to the people, noting that he has represented the people well. Imoke, who also inaugurated the water project of the Senate Leader at Akparabong, said the true test of representation lies in selflessness and NdomaEgba has proved this. “All our representatives must engage in empowerment programmes. But we must know that the empowerment of the mind is the most important empowerment. Ndoma-Egba has made Cross River State proud,” the governor said. Imoke’s presence at the occasion put an end to speculations that he and the Senate Leader do not see eye-to-eye because of the ambition of a particular governorship aspirant. Ndoma-Egba donated 50 cars of different brands to individuals and over N13million to different market women groups and widows in Cross River Central. The Senate Leader said he believed in empowering youths in order to contribute to the development of the country. “This is my fifth empowerment programme which include provision of medical services and

scholarship to my constituents. I believe in doing things quietly, but I have been advised to make a show of this one. I believe by this empowerment, youths will make more meaningful contributions to the development of the country,” the Senate Leader said. He used the occasion to announce the donation of N200,000 each to the 121 trainees of Central Bank of Nigeria (CBN) Entrepreneur Development Centre who acquired various skills through his scholarship programme, advising them to utilise the money well to guarantee them a future. The Senate Leader also gave out equipment, video and television sets to those who want to establish viewing centres in their domains. Individuals and groups from Yakurr, Abi, Etung, Boki, Obubra and Ikom local government areas benefitted from the gesture. Other personalities who were at Ikom to support the Senate Leader were the Deputy Senate President, Ike Ekweremadu; the National Chairman of the Peoples Democratic Party (PDP), Alhaji Adamu Mua’zu who was represented by the National Vice-Chairman (South South), Dr. Steve Oru and the Speaker of the State House of Assembly, Rt. Hon. Larry Odey, among others.

Revised GDP shrinks budget deficit to 1% of GDP

igeria’s budget deficit is now 1 per cent of Gross Domestic Product (GDP), down from 1.9 per cent, following the rebasing of the country’s GDP, Coordinating Minister of the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said. The minister gave the new figure in a statement she issued in Abuja after President Goodluck Jonathan signed the 2014 budget into law at the weekend. The president signed the N4.64 trillion ($28.58 billion) budget – or N4.963 trillion, including a rebate from a 2012 cut in fuel subsidies – late last Friday. The budget was passed in April, despite earlier threats by the All Progressives Congress (APC) to block it in the House of Representatives. Nigeria recalculated its GDP last month, which pushed it ahead of South Africa to become Africa’s top economy. The new figure shrank Nigeria’s debt-

to-GDP ratio to 11 per cent for 2013, against 19 per cent in 2012. Nigeria’s economy, according to Reuters, is attracting growing interest from foreign investors, although they worry about the government’s tendency to squander its oil cash as well as mounting security challenges like a deadly insurgency that has killed thousands in the North-East and which hit the capital Abuja twice last month. Most governments overhaul GDP calculations every few years to reflect changes in output, but Nigeria had not done so since 1990. So sectors such as e-commerce, mobile phones and its prolific “Nollywood” film industry had to be factored in. The budget assumes $77.5 a barrel and production of 2.388 million barrels a day. The price assumption is seen as conservative, whereas the output assumption is seen as over-optimistic, according to economists.

NEWS

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Monday, May 26, 2014

Electricity consumers to pay less in June James Nwabueze Abuja

ollowing automatic adjustment that will occur due to a minor review of the Multi Year Tariff Order (MYTO) 2, on June 1, 2014, electricity consumers will pay less for the fixed charge and the energy charge in some

parts of the country, the Nigerian Electricity Regulatory Commission (NERC) has said. The NERC Chairman, Dr. Sam Amadi, who disclosed this in Abuja, said the minor review showed significant difference, which necessitated the amendment of the price that was published in 2012,

Boko Haram kills 37 in attacks on Adamawa, Borno villages CONTINUED FROM PAGE 3

against insurgency that is claiming the lives of innocent citizens,” Ajauna stated. Efforts to get the state Police Public Relations Officer, Mr. Gideon Jibrin, a Deputy Superintendent of Police (DSP) to comment on the attack were abortive as his phone line was not available as at press time. In another tragedy at the weekend, 14 persons, including seven policemen, were feared killed during a clash in Arepo, Ogun State, between pipeline vandals and law enforcement agents. Sources said the incident occurred on Saturday night when the policemen, led by head of the special task force on pipeline vandalism, Mr. Friday Ibadin, an Assistant Commissioner of Police, were attacked by about 100 vandals who bored holes into the pipelines to siphon fuel. On sighting the policemen, the vandals allegedly opened fire on them and in the gunfight, seven of the vandals were killed while many others sustained injuries. Sources told New Telegraph that the vandals were not only armed but were dressed in military uniform during the operation. Yesterday night, policemen combed the bush for their colleagues in a search-and-rescue operation, hoping that they were still alive. Attempts to get the Ogun State Police Commissioner, Ikemefuan Okoye, for comments yielded no result as he was said to be in a crucial meeting over the incident. As a result of the clash which triggered an outbreak of fire at the pipeline, the Nigerian National Petroleum Corporation (NNPC) has shut down the System 2B pipeline, which transports petroleum products from Atlas Cove in Apapa to depots in Mosimi, Ibadan, Ore and Ilorin. Group General Man-

ager, Group Public Affairs Division of the NNPC, Mr. Ohi Alegbe, told New Telegraph on the telephone yesterday that preliminary investigations showed that the incident was caused by vandals. “I can confirm to you that there is a pipeline fire at Arepo, which was caused by vandals. It is true that the fire is still raging at the moment because some of the products are trapped in the incident. “A full-fledged investigation is ongoing on the remote and immediate causes of the incident but preliminary findings showed that there was an act of vandalism.” According to Alegbe, the System 2B pipeline, which supplies product through Arepo to depots in Mosimi, Ibadan, Ore, Ilorin, has been shut down as a part of measures to stop the raging fire. Meanwhile, Plateau State Governor, Mr. Jonah Jang, has urged the people of the state to remain courageous and have faith that the war against terrorism will be won. The governor, in a statement yesterday against the backdrop of the bombing of a viewing centre in Jos on Saturday, described the attack, coming barely four days after a similar incident, as a calculated attempt to disrupt the peace of the state. While sympathising with the victims of the blast, Jang urged security agencies to fish out the perpetrators and their sponsors and bring them to justice. A lawmaker in the state House of Assembly, Ibrahim Baba Hassan, representing Jos North Constituency, also condemned the blast, which he said was an act of total war against Nigerians. “The other time it was a market that was bombed, and now it was a predominantly Muslim settlement, and that is to tell you that they are in war with everybody,” he said in a statement.

to reflect the change. He said: “June 1 is also another time for a minor review. Now, in this particular June 1, the minor review showed significant difference. So, the price that was published in 2012 will now be amended to reflect the change. In 2013, the minor review didn’t show any significant difference. So, two things can happen every year, the minor review may make no impact when it is not significant or it can be significant and arrest the automatic adjustment. “Now what has happened is that the automatic adjustment has been arrested for 2014 and a new price that the minor review has triggered will now replace the published

increase in 2014. “Many of the customers should be paying by June 1 a fixed charge of about N1,500. Now the adjustment has resulted in a decrease in such that the fixed charge will not change. If this review was not done, the fixed charge should have been about N1,500 in some places” He said that based on consumers’ concern, NERC has done the minor review in a manner that the consumers will pay less than they would have paid if there was no review. According to the NERC boss, the implication of the minor review is that if the macro-economic fundamentals are good as they are, it will get better. And if the country has

more power coming to the grid, and is able to reduce losses through regulation, instead of price spiralling up, it may be a reduction in tariff over time because the savings will go back to consumers. He assured that many of the customers who should be paying by June 1 a fixed charge of about N1, 500 will now pay less because the adjustment has resulted in a decrease is such that the fixed charge will not change. Amadi explained that the tariff came into effect on June 1, 2012, adding that every June 1 is another fiscal year for the tariff. He said: “It is already in the MYTO order that every six months there will be a minor review. The minor

review deals with changes that would have happened in the preceding six months in terms of inflation rate, foreign exchange, cost of gas, and generation capacity. So, what we do is that on March 31, we draw the line based on data available at that time from official custody like the Central Bank of Nigeria and the Nigeria Bureau of Statistics. “The MYTO model prescribes that if there is a plus or minus five per cent increase or decrease in difference aggregate of this data, then it triggers a review. But if the change is less than plus or minus five per cent, then it does not trigger a review. So, the review that we just finished, the rate is more or less than five per cent aggregate.”

L-R: Cross River State Governor, Senator Liyel Imoke; Senate President David Mark and Senate Leader, Senator Victor Ndoma-Egba, during the inspection of projects facilitated by Ndoma-Egba for Cross River Central Senatorial District, in Ikom…at the weekend

Confab: It’s regional autonomy or nothing, says Niger Delta group Geoffrey Ekenna

he Niger Delta yesterday declared that it would not accept anything short of regional autonomy or confederation from the ongoing National Conference. The position was contained in a statement issued yesterday by the United Niger Delta Energy Development Security Strategy [UNDEDSS] led by Prof. Pat Utomi. The group also said that it was expecting a new constitution from the conference that would address the needs of the country. UNDEDSS is a coalition of civil societies and ethnic nationalities of the Niger Delta. The group said: “It is becoming clearer, observing the National Conference play out by the day, that certain forces of feudalism and stagnation are fixated with perpetually

entrenching this status quo of corruption, injustice, inequity, regression and murderousness on the Nigerian peoples. “We the leaders and people of the Niger Delta hereby declare unequivocally that we will resist any attempt to bring about regime-change by any means outside the extant electoral laws of Nigeria, and will settle for nothing less than the creation of a New Constitution for Nigeria, where Confederalism/Regional Autonomy is enthroned.” The secretary of the group, Mr. Tony Uranta, who signed the statement observed that “some Northern leaders, for example, do not believe in the genuineness of purpose on the part of the chief convener of the conference; rather they have taken the view that it is a ploy by the President ‘to confiscate all revenues accruing from oil exploita-

tions’ for the Niger Delta without going through the process of constitution amendment; and, the North clearly believes that the present structure of quasi-federalism should remain. In other words, that Nigeria should maintain the status quo. “Well, everybody has a right to his or her opinions, but the Niger Delta knows that Mr. President has only altruistic objectives regarding the conference, and, that Nigeria is in dire need of a holistic restructuring. We also applaud national conference delegate, Ms. Annkio Briggs’ decision to distance herself from the Devolution Committee Report that showed no progressive thought; and hereby serves notice that it will reject in its totality any developmental policy or constitutional structure that would attempt to make states/zones/regions develop at the same

pace, without due regard to their human, capital and resource attribution or aspirations.” Uranta concluded: “The Niger Delta will shortly commence a Restoration Agenda that will trigger parallel non-violent actions to make it clear that all its resources belong to it, though it is prepared to pay a tax [maybe, up to 50% to the Centre]; a Restoration Agenda that rejects all obnoxious extant laws, such as the National Inland Waterways and Land Use Acts as they are presently promulgated; a Restoration Agenda that will actively resist any attempts to dislodge duly elected authority using illegal, violent or regressive modus operandi; and, a Restoration Agenda that will not allow the Niger Delta be part of a Nigeria that is not premised on justice, equity, peace, and progress of regional autonomy.”

Sanctity of Truth

Monday, May 26, 2014

Plot to impeach Nyako thickens as speaker denies inducement Ibrahim Abdul Yola

neasy calm has enveloped the political landscape of Adamawa State over the alleged plans by the Peoples Democratic Party (PDP) to impeach Governor Murtala Nyako. The tense political climate was said to have followed news that members of the state House of Assembly, under the influence of a SouthSouth governor, were being primed to impeach Nyako. The said South-South governor was said to have intimated the Speaker of the Assembly, Ahmadu Umaru Fintiri, with the intention of the Presidency to get the governor impeached on the premise that he has “grossly violated” the constitution through his utterances which have been considered seditious. The Speaker has however denied any impeachment plan against Governor Nyako by the House, saying it was the antics of the enemies of the state who are hell-bent on fuelling anarchy in the land. It was gathered that overtures were made to Speaker Fintiri to help facilitate the impeachment. But the plan suffered a setback when five of the legislators refused to be part of the plot on “principle”. One of the legislators

reportedly confirmed he had been approached with money but that he refused to collect it because the project was in conflict with his conscience. Reports say that the recent decision of members of the Adamawa State House of Assembly to defect from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) was the first step. A source privy to the plot, who spoke on the condition of anonymity, said huge sums of money had been spent on the plot to oust Nyako. He said: “A huge sum of money has been set aside for the project, which enjoys the active support of the Presidency. You will recall that the defection was carried out in a manner that was novel in this country. “The Speaker simply announced to his colleagues that they risked losing their seats if they announced any other party other than the PDP. “The police was brought in and put on notice to march out any member who did not comply while the Independent National Electoral Commission (INEC) was put on standby to declare the seat of such members vacant. It was under such circumstances that each member said he was a member of the PDP.” After the 2011 elec-

tions, the PDP had 20 out of the 25 seats in the Assembly; the defunct Action Congress of Nigeria (ACN) had four while the defunct Congress for Progressive Change (CPC) had one. Two members of the ACN from Gombi and Uba Gaya constituencies later defected to the PDP. This increased the number of PDP seats to 22, ACN was left with two and the CPC retained its lone seat. When the major opposition political parties merged to form the APC, only the two ACN members and the only CPC member of the House registered and obtained

membership cards. The remaining neither collected slips as APC members nor announced on the floor of the House that they had defected to the APC. Though the chairman, House Committee on Information, Adamu Kamale had explained that the defection had not adversely affected the relationship between the legislature and the executive. According to him, there is no other party in the Adamawa State House of Assembly other than the PDP. Kamale said: “Every member of the House is here to serve the interest

of the people of his constituency; and to win your elections, you need your people. “You cannot be an island, you go where your people want you to; they cannot go somewhere and you are somewhere else.” In a swift reaction, the Speaker denied any impeachment plan against Nyako, saying it was the antics of the enemies of the state who are hellbent on fuelling anarchy in the land. The Speaker said the rumour making the rounds that he had disbursed N10million to individual members of the House to perfect the

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impeachment plan was a complete lie to cause disaffected between the governor and himself. “The working relationship between the executive and legislative arms of government is very cordial in Adamawa. The issue of which party one chooses has to do with individual choice as anybody can decide to be in the party of his choice. “I can assure you that the issue of impeachment has never been contemplated by any of the members of the House let alone the Speaker,” he noted. Attempts to get a response from the governor were unsuccessful as at the time of filing this report. Several calls to the mobile phone of the Director, Press and Public Affairs to the Governor, Mallam Ahmad Sajo, were neither picked nor returned.

L-R: Commandant, National Defence College, Rear Admiral Patrick Agholor; Chief of Defence Intelligence, Rear Admiral Gebriel Okio; Director, Project Implementation Monitoring and Evaluation, Rear Admiral James Akinwale and representative of the Chief of Naval Staff, Rear Admiral Ameen Ikioda, during the 2014 Navy Week interdenominational church service in Abuja…yesterday

Sultan urges Muslims to unite against Boko Haram CONTINUED FROM PAGE 2

He also called on the Federal Government to address inequality towards Muslims. “Terrorism has no place in Islam,” he told a congregation, including Vice-President Namadi Sambo, clerics and traditional rulers, at the National Mosque in Abuja, according to an AFP report. “We must rise up, as always, with one voice to condemn all acts of terrorism, condemn those terrorists wherever they are and try our possible best as Muslims to ensure peace reigns in our community,” he stated. The sultan, in his first public comments since the terrorists kidnapped over 200 schoolgirls from Chibok, Borno State last

month, said Muslims were disturbed by the bloodshed. “We are committed to helping the government at all levels to bring peace in Nigeria. Whatever we can do, as long as it is not against Islam, we are ready to do it 100 percent. “We have to make it very clear... that the situation in the country is very serious. You are fighting enemies with no boundary. Terrorists are everywhere. They are among us but we don’t know them.” Abubakar said the situation was worse than during Nigeria’s brutal civil war from 1967 to 1970 because of the shadowy nature of Boko Haram’s fighters and their guerrilla campaign. “In this case, you don’t know the enemy. The per-

son sitting next to you might be one of those terrorists. You don’t know,” he said. Meanwhile, the president came under fire from the APC over his comments last Thursday while addressing protesters demanding urgent action in rescuing the Chibok girls. Jonathan had told the protesters that they should address their demand to the abductors, rather than to him or the government he leads. The APC, in a statement yesterday, accused the Federal Government under Jonathan of abdicating its responsibility to Nigerian citizens with the statement attributed to the president. In the statement by its interim National Public-

ity Secretary, Alhaji Lai Mohammed, the party said there were strong signs that “there is absolutely no hope for Nigeria and her citizens under this capricious government.” ‘’A government that is unwilling to take any responsibility for anything, and one that is unwilling to recognise that its raison d’etre is to ensure the welfare and security of its citizens has simply abdicated its responsibility, and should not be counted upon to do all that is necessary to rescue the over 200 girls who were abducted under its watch,’’ it said. It added that the insurgents, who have inflicted so much pain on the nation, would not have succeeded as much as they have if the government had believed that it had

any responsibility to the people. ‘’If the Jonathan-led government is right, then anytime a country suffers from deadly flooding, for example, the people should rather blame the sea or the sea goddess instead of looking up to their government for succour. If the Jonathan-led government is right, then the US, Britain France, China as well as the UN, which have all been asking the government to do more to secure the homeland, are wrong and do not understand the concept of governance. Certainly, there is a problem somewhere,’’ the party said In a related development, the Presidential Fact-Finding Committee on the Abduction of the Chibok schoolgirls said

yesterday it would make its findings public. Its spokesman, Mr. Kingsley Osadolor, said in a statement in Maiduguri that this would enable the committee to produce credible reports at the end of its assignment. Osadolor said the committee held consultations with a wide range of stakeholders, including the Shehu of Borno, the military and community leaders, during its visit to Maiduguri. “In the course of its mission to Borno State, the fact-finding committee amassed a treasure trove of information on the abduction of the Chibok schoolgirls and insurgency in general. “But specific details cannot be given just yet,” Osadolor said.

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Sanctity of Truth

Monday, May 26, 2014

Ekiti 2014 VISIT Dr. Goodluck Jonathan's campaign tour of Ekiti throws up more politics than tradition Stories by Adesina Wahab Ado-Ekiti

eoples Democratic Party (PDP) governorship candidate in Ekiti State, Mr Ayodele Fayose, has accused Governor Kayode Fayemi and his party, the All Progressives Congress (APC) of

Fayose to Fayemi: You don’t want monarchs to receive Jonathan lYou can’t be serious, says Governor

threatening to deal severely with any traditional ruler in the state who receives President Goodluck Jonathan when he comes to Ekiti State for the flag-off of the PDP gubernatorial campaign. In a statement yesterday in Ado-Ekiti by the Direc-

tor General, Ayo Fayose Campaign Organisation, Chief Dipo Anisulowo, he alleged that the state governor and leaders of his party were making efforts at frustrating the visit of the President. Fayose alleged further that Governor Fayemi sent

a text message to the Chairman, Ekiti State Council of Obas and the Onitaji of Itaji-Ekiti, Oba Idowu Adamo Babalola, telling him to make sure that first class Obas in the state do not attend the reception scheduled for the palace of the Ewi of Ado-Ekiti, Oba

Peoples Democratic Party (PDP) Chieftain, Mr. Bisi Kolawole (left) and Ekiti PDP Governorship Candidate, Mr Ayo Fayose, during a procession to mourn victims of Jos bomb blast in Ado-Ekiti

455,852

The number of refugees in DR Congo at the beginning of 2010. Source: Blatantworld.com

41%

The percentage of women in West and Central Africa that got married before the age of 18. Source: Unwomen.org

Suit: PDP, APC in war of words

kiti State chapter of the Peoples Democratic Party (PDP) has said the rush to the court by agents of the All Progressives Congress (APC)- to stop Mr Ayo Fayose, the PDP candidate in the election is an indication that the APC and its leaders are jittery as defeat is starring them in the face. According to the PDP Publicity Secretary in Ekiti State, Pastor Kola Oluwawole, in Ado-Ekiti yesterday, following the determination of the people of the state to reject the APC in the coming election, the party and its leaders are now trying to hold on to even a straw to stay afloat. "Their party is now a sinking boat and they are now a sinking set of people and you know that a sinking man will want to hold on to air if possible to stay afloat," he said. He added that unlike when the APC and its leaders secured questionable

court rulings to come into government through the back door, they would fail woefully this time around. Oluwawole explained that judges and the Nigerian populace had seen the fraud in the APC and its leaders and would not allow them again. Oluwawolewascommentingonanumberof suitsinstituted by some people against Fayose on whether he is competent to contest the election. However, the Head of Media and Publicity of the APC, Mr Segun Dipe, said being a candidate of a party in an election should not make the person above the law. Dipe added that anybody having any legal issue to clear should do that. "If Kayode Fayemi is confident of winning the election, he and his members will not resort to a subterfuge means to truncate the will of the people of the state by the move to stop Fayose from contesting the governorship election.

32%

The percentage of male internet users of Ecuador in 2011. Source: Itu.int

Wife leads Fayemi's campaign

of the June 21 Ainhead governorship election Ekiti State, wife of the

Governor,EreluBisiFayemi, has advised the electorate against allowing politicians to brainwash them into selling their voters cards or disclosing their Voter IdentificationNumber(VIN). She gave the advice when she led the women wing of the All Progressives Congress on election campaign to Gbonyin, Ekiti East and Ikole Local Governments at the weekend to enhance the support base of Governor Kayode Fayemi. The governor is the APC candidate for the forthcoming poll. Meanwhile, the only female governorship aspirant that scaled the Peoples Democratic Party’s screeninghurdleandwhowasalsoa former State Women Leader of the party, Chief Modupe Ogundipe, has swelled the ranks of the new devotees of the APC. She was part of the APC

womencampaigntrain,which gavehertheopportunitytotell the people why she believed thatonlyFayemihadthemagic wand to take the state to an enviable position among the leading contenders. Besides, it was bumper harvest for traders in select markets in the three LGs visited, as the First Lady also took the APC women campaign to markets where she bought commodities at prices far higher than what obtained before her arrival. At each stop, the governor’s wife engaged in voter education, particularly on the voting pattern, early arrival at the polling unit, accreditation and proper handling of the voter card after thumbprinting to forestall voiding of their votes. Addressing the gathering of women at Ikole, the governor’s wife said that reports suggested that cloning of the voters’ card would be made easier for unscrupulous politicians when the VIN is known.

Rufus Adejugbe. The governorship candidate, who described Fayemi's action as childish and petty, said; "It is regrettable and ridiculous that a state governor would go to such ridiculous and childish level just because of an election that he has already lost." In a reaction, the Head of Media and Publicity, Ekiti APC, Mr Segun Dipe, described the allegation as spurious. He added that Fayemi and APC leaders were too polished and urbane to do such a thing. "What benefit will the governor and our party derive in such a thing? Governor Fayemi will receive the President at the airport, if he is going to do that as protocol demands, he won't stop any person from doing same. Governor Fayemi is a national and international statesman and does not engage in dirty politics," Dipe stressed. However, while describing the APC government as enemy of Ekiti progress, Fayose said; "Meeting with President Jonathan by first class Obas in Ekiti State is a rare opportunity for representations on the state's developmental demands from the Federal Government to be made by the Obas.

"Such a meeting is an opportunity for our Obas to tell the President what Ekiti people want from the Federal Government. But because of parochial partisan politics, Fayemi is threatening the Obas not to come to Ewi's palace to receive the President. "This is no doubt shameful, childish, petty and wicked. We are, however, confident that our Royal Fathers are not robots that can be tossed around by Fayemi. They are not useless Obas as shamelessly alluded by Fayemi's godfather, Senator Bola Ahmed Tinubu. Our Obas are men of honour and integrity, who can never allow anyone to use them to settle political scores," he noted. The Chairman of Ekiti State Council of Traditional Rulers, the Onitaji of ItajiEkiti, Oba Adamo Babalola, said traditional rulers in the state were not into politics. "As far as I am concerned, when I got the information from them (PDP), I sent the information round to all Obas because we had similar issue during the Obasanjo administration and since then, we Obas in Ekiti State resolved not to meet any president elsewhere except the Chairman Council of Obas' palace. "

APC leaders are not progressives, says Mimiko

ndo State Governor, Dr Olusegun Mimiko, who is also the leader of the Labour Party (LP), and LP governorship candidate in Ekiti State, Hon. Michael Opeyemi Bamidele, have described the leaders of the All Progressives Congress (APC) as a bunch of pretenders, whose claim of being progressive politicians is mere deceit and height of hypocritical politicking. This is just at the national leadership of the Nigeria Union of Local Government Employees (NULGE), led by the National President, Comrade Ibrahim Khaleel, have endorsed Bamidele’s candidature, describing him as the best for Ekiti governorship seat. Mimiko, who spoke at a rally held in Ikere-Ekiti on Saturday to drum support for Bamidele’s ambition, said nothing was progressive in some of the policies executed in APC-controlled states across Nigeria.

Such policies, Mimiko opined, had inflicted more suffering on the people. Mimiko said, “These APC people are pretenders, but not progressives.Whatisprogressiveinapartythatexecutesurban renewal in the states underitscontrolandmakemany jobless by pulling down their places of businesses without providing alternatives? “Progressive governance is about the people and only the LP has been doing that due to the fact that we can feel the pulses of the people, because we always identify with them and put them in focus in all our programmes. “I want to assure Ekiti electorate that should they vote for Hon. Bamidele in the June 21 election, he will serve them with good conscience by fighting poverty, hunger, hike in tuition fees in the university, illiteracy and make education affordable for all categories of Ekiti indigenes," he promised.

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Sanctity of Truth

Monday, May 26, 2014

SERAP petitions UN over killing of lawyers in Borno

he Socio-Economic Rights and Accountability Project (SERAP) has petitioned the United Nations Special Rappor-

teur, Ms. Gabriela Knaul, on the independence of judges and lawyers over the killings of lawyers in Borno State. The organisation

‘Chime’s successor won't be underdog’ Leo Sobechi ontrary to speculations about who the successor to Governor Sullivan Chime of Enugu State would be in 2015, facts have emerged that his successor would not be an underdog or an unknown quantity. Also, New Telegraph can reveal authoritatively that the candidate would not be imposed on the Peoples Democratic Party (PDP) as the governorship flag-bearer in next year’s election in the state. Investigation by New Telegraph shows that elder statesmen and eminent stakeholders in the state PDP are involved in the search for an acceptable candidate. It was also gathered that in his desire to have a peaceful and seamless transition, devoid of recriminations and possible anti-party posturing by some powerful politicians, the governor has reached out to wellrespected elder statesmen with the challenge to put up capable candidates from Enugu North senatorial district for support. A source privy to the arrangement said in confidence “Forget what you hear; the governor is not going to anoint any candidate unilaterally.” stressing that the concern of Governor Chime was how to achieve a peaceful transition and

ensure that PDP wins by a landslide. The source disclosed that already, the group working on the governor’s mandate has zeroed-in on a particular candidate even as our source resisted prodding to disclose the likely candidate since, according to him; “It would be inimical to our purpose to reveal the person before the governor acts on it. “The much I can tell you is that the candidate is not a rookie or an underdog; he has been around and fits the bill as the fitting successor to Governor Sullivan Chime. The criteria used in pushing forward the candidate include capacity to engender political peace, genuine development of the state and unity among the citizens,” he added. The source, an influential politician in the state, said the fact that the All Progressives Congress (APC) has also zoned the governorship seat to Enugu North senatorial district, must have informed Chime’s decision to involve a cross section of stakeholders to narrow down the choice of his successor. It will be recalled that at a stakeholders meeting last April, Governor Chime had hinted that stakeholders of the party would meet and select an acceptable candidate for support in the 2015 governorship election in the state.

urged Ms. Knaul to use her “good offices and position to urgently investigate recent reports of killings and attacks against lawyers in Borno State of Nigeria by the Islamic extremist group, Boko Haram; and the failure of the Nigerian government and the Nigerian Bar Association (NBA) to protect and defend lawyers who pay their practising fees to the association.” In the petition dated 23 May, 2014 and signed by Solicitor to SERAP, Mr. Femi Falana, SAN, SERAP expressed “concerns that apart from vi-

10.6m

The number of fixed-telephone subscriptions of Australia in 2011. Source: Itu.int

olating the rights of the lawyers to life, personal security and the freedom to practise their profession, increasing attacks on them also constitute a threat to the independence and operation of the legal profession and the justice system.” “SERAP believes that lawyers should be able to carry out their functions without risking their lives. They should receive adequate protection when their safety is threatened, because of their job. Yet, neither the government nor the NBA has acted to ad-

dress the attack against lawyers,” the organisation also said. SERAP also said that; “Borno State has become one of the most dangerous places for lawyers to work in the world, especially given the continuing attacks perpetrated against lawyers with almost absolute impunity for many years. The perpetrators of the crimes against lawyers and other innocent citizens have not been held to account for their crimes.” The body said: “Zanna Mallam Gana, AttorneyGeneral and Commis-

$470

The average yearly income of each person in Sub-Sahara Africa in 2013. Source: Worldbank.org

sioner for Justice of Borno State, was killed in his home in Bama on 17 September 2012. The killing of Gana has culminated in persistent attacks against lawyers and resulted in the killings of many other lawyers. “Among the lawyers that have been killed by the Boko Haram are: Babagana Alkali, Modu Denjami, Ahmed Wali, Adamu Dugje and Abubakar Sadiq. Many other lawyers like Peter Adebayo Bello and Musa Mohammed, have been seriously injured,” the organisation added.

2.56m

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

L-R: Head, COCAC Nigeria, Mr. Patrick Perez; French Ambassador to Nigeria, Mr. Jacques Champaign De Labrique and Oyo State governor, Abiola Ajimobi, during a courtesy visit to the governor…at the weekend

2015: Nda-Isaiah sure Nigerian children target world record gathering Suswam hails Kalu over of APC’s victory New Telegraph Cephas Iorhemen Makurdi

enue State governor, Bpoured Gabriel Suswam, has encomiums on former Abia State governor, Dr. Orji Uzor Kalu, for establishing ‘another vibrant newspaper, the New Telegraph.’ The governor gave the commendation at the weekend when the publisher of the newspaper visited him in Makurdi, the state capital. Suswam, who hailed Dr. Kalu for assembling qualified hands to man the media outfit, expressed optimism that the establishment of the newspaper would further keep Nigerians abreast of happenings within and outside

the country. He extolled the former governor for effective management and sustainability of The Sun newspapers despite the economic down turn in the country. Suswam, who said no leader or country can operate effectively without embracing the media, added that reporters of the two newspapers covering the state have not derailed so far, indicating his interest to support them. Kalu was in the state to confer with Governor Suswam on the growing insecurity in the state and in the country at large, stressing the need for Nigerians to eschew political bitterness and come together to move the nation forward.

Babatope Okeowo

Akure

aspirant Aofpresidential under the platform the All Progressives

Congress (APC), Mr. Sam Idah-Isaiah, has described the party as antidote to all the problems facing the country. The presidential aspirant, who visited Ondo State at the weekend, to hold a stakeholders’ meeting, said the party was on a rescue mission and it will surely put an end to the current security challenges bewildering the country in the wake of the Boko Haram insurgency, come the 2015 general elections. Nda-Isaiah, the chairman of Leadership Group, held meetings with leaders of the APC in the state to herald a facelift that would champion the cause for the

party to wrest power from the ruling Peoples Democratic Party (PDP) in the country. He said the nation is facing different challenges ranging from insecurity, kidnapping, corruption and armed robbery, which got to a peak under the dispensation of Dr. Goodluck Jonathan. The APC chieftain accused Jonathan of being too weak in ruling the country. He said the APC is on a renewed mission to take over power in 2015, when elections would be conducted. He noted that part of the reasons why the problem of insecurity has not affected Nigeria democratically was that many still have faith in the indivisibility of the nation, adding that most people in the country can’t wait to see the present ruling government out of power.

Jonah Iboma his year’s children’s day could lead to the setting of another world record by Nigerians as the South-West zone of the National Association of Proprietors of Private Schools and UTV Media are hoping to gather one million Nigerian children tomorrow to appeal for peace in the country. According to the details of the programme, children from several schools in the six states of the South-West will come together at designated points at a set time in the various states and appeal for peace in the country. States expected to take part in the gathering are Lagos, Ogun, Oyo, Osun, Ekiti and Ondo. Speaking in a media chat yesterday, Woman of Peace Ambassador for the

project, Miss Feyi Balogun, said the event would also be used to call attention to the plight of the kidnapped Chibok girls and appeal for their release. Each child that will take part in the gathering will be identified by a white ribbon, according to the organisers. Balogun said although the event was initially pursued as a world record, the greater idea was to draw attention to the need for peace in Nigeria and also help to protect children generally. She also said children will be given opportunity to watch a film titled, Boma, which tells the story of the Nigerian civil war in the eyes of a child, thus helping to promote peace in the country, especially as the impact of war could be devastating for children.

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Sanctity of Truth

Monday, May 26, 2014

Dangote endorses new cement classification the release Fc lollowing recently of the assification of

cement and its uses by the Standard Organisation of Nigeria (SON), leading cement manufacturer, Dangote Cement Plc; has expressed

its satisfaction and support for the move, pledging to abide by the classification. Already, the company said it had complied with the grading of cement and had gone ahead to produce to specifications rolled out by the regula-

tory authorities. The SON in the wake of the building collapses across the country and the attendant controversies on the quality of cement being produced, summoned the meeting of stakeholders in the building and construction industry.

Nobody booed Jonathan in South Africa, says Abati Celebrant/father of Ogun State Special Adviser, Governor's Office, Pa Joel Fagbemi; wife of state governor, Olufunso Amosun and Governor Ibikunle Amosun, during Fagbemi's 90th birthday thanksgiving service held at Methodist Church Nigeria, Bodija, Ibadan… over the weekend

Senator’s brother becomes director, after failing exam lI was a victim of vendetta, says Aduda Isioma Madike bother of a serving senator who resigned from the Economic and Financial Crimes Commission (EFCC) after he failed his compulsory promotion examination, has bounced back to the federal civil service. The fellow is Gabriel Aduda, a brother of Senator Philip Aduda, who is the Chairman, Senate Committee on Power. According to Premium Times, Aduda is now a top director in the Federal Ministry of Finance. The online report said that Aduda worked as Head, Strategy and Reorientation Unit of the EFCC in 2012 on Grade Level 15, when he took the compulsory examination.

The examination is compulsory for all officials of the civil service. Aduda was said to have resigned after a re-mark of his papers showed that he performed poorly. But, barely six months after his resignation, Aduda, according to Premium Times, was named Director in charge of Economic Research and Policy Management Department of the Federal Ministry of Finance, an appointment that shocked both his former employers and some top officials of the Federal Civil Service Commission. Incidentally, Aduda is defending this allegation. He was quoted to have said that he was deliberately marked down in the examination. “I am a victim of ‘vendetta attack’ at the EFCC.

The claim that I failed the examination is miles away from the truth. “The truth is that I took the examination as prescribed by law. But, I was shocked when I was told later when the result was out that I failed. “Of course, I rejected the result and called for my papers, which were shown to me by the Director, General Services. “Then I wanted to establish two things. One, to know from the Director what the pass mark was for officers in my grade level, and two, whether the pass mark was fixed prior to the examination or after. “When the answers were not forthcoming, it became clear that it was pure vendetta against my person,” he said.

‘Only state policing can curb bombings’ Muritala Ayinla orried by the spate of bombings and loss of lives of innocent citizens in the country, Lagos State Solicitor-General, Mr. Pedro Lawal, (SAN), has called on the Federal Government and delegates

at the ongoing national conference to reconsider the establishment of the state or community policing, saying only the adoption of community policing can curb activities of insurgents in the country. Lawal said a community

or state police officer would understand the terrain of the local community better than a police officer in the current policing system would do, saying the state policing had proven to be effective in tackling terrorists’ activities in the developed countries.

APC replies PDP over Kwara anniversary Biodun Oyeleye

Ilorin

wara State chapter of KCongress the All Progressives (APC) yesterday

told members of the Peoples Democratic Party (PDP) not to equate what is happening in Kwara with activities of the Federal Government. APC, in a statement to

counter criticism from the PDP over the decision by the state government to mark the 2014 Democracy Day in spite of the security challenges in parts of the country, argued that what the APC administration in Kwara is doing is quite different from the ‘Azonto’ dance President Jonathan went to dance in Kano soon

after a national calamity. The PDP had in a statement by its Publicity Secretary; Chief Rex Olawoye, expressed reservations over the planned activities that were unveiled by the Secretary to the State Government, Alhaji Isiaka Gold. The PDP said the decision was insensitive of the mood of the nation.

Osun, striking workers to dialogue again Adeolu Adeyemo

OSOGBO

sun State government, Osuccumbed at the weekend, to the pressure mounted on it by the striking workers of state-owned tertiary institutions in the state that it should off-set all their outstanding

entitlements as the state Commissioner for Finance, Budget And Economic Planning, Dr. Wale Bolorunduro, assured them of fresh dialogue to resolve the four-month-old strike. The commissioner, who made this known while speaking with newsmen in Osogbo,

said; “The state government is ready to reopen dialogue with the teachers in the interest of the future of the students. “The best way to resolve the issue is to come to a round table meeting for the sake of peace and progress of the future of the state.

spokesman, Phasresidential Dr. Reuben Abati, denied reports that President Goodluck Jonathan was booed during his recent visit to South Africa. The Nigerian media, relying on a report from Agence France Presse (AFP), had published the story of the President being booed in South Africa

for his administration’s poor handling of the abduction of over 200 schoolgirls in Chibok, Borno State, over a month ago. However, Abati told reporters shortly after he arrived from South Africa that there was no embarrassing moment for the President during the visit. He said: “It is unfortunate that on our arrival,

I read one or two reports alleging that the President was jeered at the inauguration ceremony. This is absolutely untrue and those who are peddling that kind of misinformation are being unfair, they are being uncharitable and it fits into an ongoing attempt to throw just about anything at this administration in attempt to discredit it.”

PDP’ll make Niger debtor state for 10 years – APC Dan Atori

MINNA

he All Progressives TState Congress (APC) in Niger yesterday berated the

Peoples Democratic Party (PDP) led government of Dr. Muazu Babangida Aliyu, saying the so much bond borrowed to finance sub-standard projects will turn Niger into a debtor

state for the next 10 years. State Publicity Secretary of APC, Mr. Jonathan Vatsa, revealed this in a statement issued in Minna and made available to our correspondent calling for independent experts to be invited to check the quality of work done in the state. According to Vatsa; “The quality of the road is substandard. I dare them

to bring in experts and it will be clear that the state is being ripped-off as the cost of the roads did not match the quality of work done. “The more the state government remind us of the different bond projects that were not only self-seeking, the more they throw the state to a core debtor state for the next 10 years.”

Strike: LASU lecturers whipping up sentiments – Ibirogba Muritala Ayinla agos State government has accused striking Lagos State University lecturers of whipping up sentiment to justify their industrial action, even as it appealed to the aggrieved workers to embrace dialogue and shelve the strike. The state government also faulted the lecturers,

describing their action as a crude attempt to force new terms and conditions of service on the university without due regard to their practical feasibility or the state government’s interests and perspectives as employer of labour, proprietor and sponsor of the university. In his statement signed by the state Commissioner for Information and Strat-

egy, Mr. Lateef Ibirogba, the government said the striking members of the local branch of Academic Staff Union of University (ASUU) appeared to be whipping up sentiments to justify a premeditated industrial action, as all the points they advanced could not even be properly classified as trade disputes that could warrant an “Indefinite Strike Action.”

A’Ibom's new commissioner solicits for support Tony Anichebe

Uyo

he Akwa Ibom State TFinance, new Commissioner for Mr. Akan Okon,

has formally assumed duty, with a call for team spirit and dedication among staff of the ministry for effective service delivery and efficient financial management of the state’s

resources. The commissioner stated this during his maiden meeting with Permanent Secretaries and Heads of Extra-Ministerial Departments under the Ministry of Finance, which took place over the weekend at the ministry’s headquarter in Uyo. Okon, a former banker and the immediate past

Commissioner for Economic Development in the state, who noted that the Ministry of Finance is pivotal and indispensable to the actualisation of the transformation vision of the state government in view of its financial management functions, stressed that team spirit and positive attitude to work must be maintained in order to take it to its pinnacle.

Saraki’s wife seeks greater work on newborn Biodun Oyeleye

Ilorin

he Wellbeing Foundation TMrs. Africa, the pet project of Toyin Saraki, has announced its resolve to stimulate greater international commitment to drive renewed action on newborn survival in Nigeria.

Mrs. Saraki, who was recently honoured by ‘Save the Children’ and named National Newborn Health Champion for Nigeria, said in a statement over the weekend that her office will pursue the new agenda through various advocacy platforms. According to the state-

ment from Mrs. Saraki, the foundation will equally undertake strategic communications, in support of ‘Every Newborn Action Plan,’ which will aid countries like Nigeria in drastically decreasing infant mortality rates through universal, proven interventions.

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Sanctity of Truth

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Alao-Akala not eyeing Govt House, says aide Sola Adeyemo

Ibadan

gainst the popular belief Agovernor, that former Oyo State Otunba Adebayo

Alao-Akala, is warming up to contest the seat again in 2015 on the platform of the Peoples Democratic Party (PDP), one of his aides, Mr Olufemi Babalola, who has officially declared intention to run for the same post, has said that his boss never indicated such interest. Babalola, popularly called 'Jogor', a civil engineer, business man and politician, said he had sought the blessing of his boss before making up his mind to declare for governorship on the banner of the PDP, "and he gave me his go ahead". Babalola who spoke with members of the Correspondents Chapel of Oyo Council of the Nigeria Union of Journalists (NUJ) in Ibadan on Friday, stressed that he had tremendous respect for his boss that if he had intention to contest governorship again, he would have told him (Babalola) so. Babalola, an indigene of Fiditi, a suburb of Oyo town in the Afijio Local Government Area of the state, stressed that, "former governor Alao-Akala is my leader in the party.

He is one of the greatest leaders of the party. He is one of the politicians that Oyo State has produced. As a citizen myself, and as someone that showed interest in this post, he was one of the first two people I consulted and got their approval before I made my intention public that I was going to contest for governorship. And I can assure you that I have tremendous respect for him, and that he gave me his blessing that I should go ahead. "I have over the months seen some posters here and there; but he is someone I know very well. I know that if anything has changed between the time I sought his blessing for this project, he would have called me. He has always been in this country. He has been reading my activities in the papers. Just last week, we were together in Abuja and we discussed for about five hours, and he did not tell me that he was also interested in the race", Babalola insisted. Asked if he would be ready to step down, peradventure his boss eventually shows interest to contest the same post, the aspirant said, "In politics, one day is a very long time. It is the situation we find ourselves in then that will determine whether I would step down or not."

Group urges Jonathan to look forward Chukwu David

Abuja

pro-President Goodluck Agroup, Jonathan campaign Goodluck Ebele

Jonathan Continuity Mandate Group (Nigeria & Diaspora), has enjoined the President not to lose focus in his transformation agenda despite criticisms over the prevailing security challenges in the country. The group also implored Nigerians to exercise restraint in their criticism of the president over the Chibok abduction and the insurgency of the Boko Haram, noting that most of the attacks on the the President were baseless. The group, in a statement issued in Abuja at the weekend, and jointly signed by its national women and youth leader, Princess Patience Andefiki and the National Consultant, Mobilization and Funding, Mr. Richard Ike, noted that unguarded criticism of the government about the abducted Chibok girls and the insurgency in the North East would not solve the problem. The organization also urged Nigerians to look at

the efforts so far made by the President in his bid to fulfill his campaign promises in the area of development of infrastructure throughout the country and the security challenges that he has been working hard to curtail. It observed that Jonathan's opponents had been taking advantage of the Chibok crisis and other security problems in the country to run him down by portraying him as a weakling, pointing out that the whole game was being targeted at working against the President in respect of the 2015 elections. The group stated that the situation in the country did not necessitate the kind of hostility that Jonathan was being subjected to by the "Bring Back Our Girls" women group. The group noted that while it was in order to call for immediate action by government against the insurgents to effect the release of the Chibok girls, there was need to encourage the President by giving him massive support. "The solution to the problem of Nigeria is in our hands and not in the hands of the President," the group said.

L-R: General Overseer, Royal House of Faith Ministries, Prophet, James Bassey; former Deputy Managing Director, The Sun Newspapers, Mr. Dimgba Igwe; celebrant, Rev. Emeka Abone, former Managing Director, Mr. Mike Awoyinfa; Managing Director, Mr. Femi Adesina and Executive Director, Mr. Bolaji Tunji during Rev. Abone's 50th birthday thanksgiving service in Lagos…yesterday PHOTO:GODWIN IREKHE

170m

The number of people who could be lifted out of poverty if all students in poor countries had basic reading skills. Source: Un.org

N1.3bn The IGR realized from direct assessment sources in Ogun State in 2010. Source: National Bureau of Statistics

46%

The percentage of women aged 20-24 who are child brides in South Asia in 2013. Source: Unwomen.org

Solomon: Akiolu’s endorsement won’t deter me Ayodele Ojo major contender for the All Progressives Congress (APC) governorship ticket in Lagos State, Senator Ganiyu Solomon, has declared that the endorsement by Oba of Lagos, Rilwan Akiolu, of one of the aspirants would not dampen his bid come 2015. Solomon, in an interview with journalists said there was no provision in the party’s constitution for traditional ruler’s endorsement, saying the royal father was only expressing his personal view. Oba Akiolu had, at a recent public function, endorsed former Accountant General of Lagos State, Mr. Akin Ambode, as governor in 2015. But Solomon, representing Lagos West in the National Assembly,

said he deliberately did not react to Oba Akiolu’s statement because “we felt it was a political statement. And what do you do with political statements? You either respond or you leave it. In this case, we decided to leave it.” His words: “In making the pronouncement, Kabiyesi was expressing his preference. He has also expressed his personal opinion. We are talking of a party now; I don’t know which part or provision of the constitution of the party says a traditional ruler endorses or can endorse. Whatever he says is his personal wish, which is not the same thing as the wish of the generality of the people. At the end of the day, we have a party structure. “In our own case, such statements would not deter us. It will not deter

the party men. You go around, meet them. They are determined. This time around, they want to have a say in who becomes their candidate, and who eventually rules their state, because we are all stakeholders, just like any other person. What is the weight of a vote? Every vote carries the same weight, regardless of the status of the individual. “So, what anybody can do is to queue behind his chosen, preferred, aspirant, mobilise people behind him, and provide a level playing field.” He also decried the attempt by some people to introduce religious dimension into the governorship race. Solomon said: “I always try not to go into discussing religion, because people can be very emotional about religion and, given what is also going

on round the country, it is a very sensitive issue. In this particular part of the country, we don’t discuss religion when it comes to governance. This is the very first time some people are bringing it up. And I can tell you that they are bringing it up because of their own selfish interests. I don’t want to go further, but look at the average family here, you have them Muslims, you have them Christians. I have a cousin who is a reverend; my sister is a deaconess; go to Methodist Church, Palm Avenue, that is the church my grandparents attended. That is where they had their burial. “So, how will I do anything against a Christian community for instance? It has never been an issue. Some people have come out to say governance is not about religion."

ASUU fingers IMF, World Bank in new OAU fees Mojeed Alabi and Sola Adeyemo Ibadan

he National President of the Academic Staff Union of Universities, ASUU, Dr. Nasir Issa Fagge, has described the newly introduced fees by the management of Obafemi Awolowo University, OAU, Ile-Ife, as a product of the education policies allegedly imposed on Nigeria by the International Monetary Fund, IMF and the World Bank. The President, in an exclusive interview with New Telegraph yesterday, said his union had rejected the idea, citing the intro-

duction of the Nigerian University System Innovation Project, as a ploy allegedly aimed at turning the universities to commercial ventures. "We have consistently raised our voices against jacking up fees in any higher institutions and this is the outcome of the imposition of the education policies on Nigeria by the Brettonwood institutions and the consequences are the insecurity affecting the entire country," Fagge said. Meanwhile, the OAU chapter of ASUU has held a congress to reject the new fees, saying the decision by the university management is arbitrary

and obnoxious. The union extensively appraised the new fee regime and concluded that if allowed to stand, it would put paid to many students’ ambition and affect the nation’s drive to achieve sustainable growth and development. In a press statement issued by the union and signed by its chairman, Dr. Caleb Aborisade, the union specifically rejected the new fee, saying the university management should pursue other means of raising fund to run the university, and not place the burden on the already “overburdened students and their parents.”

The statement read in part: “Our analysis of the new regime of fees/charges shows that the fees payable by the new students in the Arts/Law/Social Sciences category shot up by 322%: Clinical Sciences and Pharmacy by 267% and the Sciences 253%. Nigerians, especially the poor who constitute the greater majority of the country go through all kinds of nasty experiences that devalue their humanity and most of them see education as the only ladder capable of uplifting them and their children and wards from the pitiable condition of existence.

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Monday, May 26, 2014

Amosun denies storming out of APC meeting DUE PROCESS

Ogun governor explains that he obtained permission from APC leader before leaving meeting venue Kunle Olayeni Abeokuta

overnor Ibikunle Amosun of Ogun State has denied the allegation that he stormed out of the National Executive Committee meeting of

l Says he’s done everything to please Osoba

the All Progressives Congress (APC) held in Abuja last week. Briefing APC leaders in the state on the outcome of the Abuja meeting, the governor at the weekend described as “white lies” some media reports that claimed that he stormed out of the venue of the meeting. Amosun said he had great respect not only for the party, but its state and national executive members.

Ogun demands 35 percent federal allocation to councils Kunle Olayeni Abeokuta

he Ogun State Government has said it will not be a party to any decision to scrap local government administration in the country. The state also called for an upward review of the monthly allocation accruing from the Federation Account to the 774 councils. The state Commissioner for Local Government and Chieftaincy Affairs, Chief Muyiwa Oladipo, said this while reacting to the report of a committee on Political Restructuring and Forms of Government at the ongoing National Conference in Abuja which recommends the removal of the 774 Local Governments

from the constitution. Speaking at the 2014 ministerial press briefing in Abeokuta at the weekend, Oladipo said the nation’s revenue formula should be reviewed, adding that federal allocation to local councils should be increased from the current 26 percent to 35 percent. The commissioner attributed the poor performance of many local government areas to the inadequate allocation from the federation account. He said, “I am a product of local government and once a Speaker of Ogun State House of Assembly and I created 32 additional local government councils that was scrapped by that administration’s successor."

New Telegraph reporter wins Quill Award

l As star winner leaves for London Mojeed Alabi

t was all praise for New Telegraph Newspaper at the weekend when the Deputy Head of its Investigation Desk, Mr. Isioma Madike, won the Best Report on Children category at the second edition of the annual Quill Awards, introduced last year by Promasidor Nigeria, a multi-local food manufacturer and makers of the popular Cowbell milk. His story titled: Child Rape on the Rise, was announced alongside an entry from Punch Newspaper’s reporter, Kunle Falayi as co-winners of the category. Madike, a multiple award-winning investigative reporter, and 2002 graduate of Mass Communication from Delta State University (DELSU), Abraka, dedicated his trophy to New Telegraph Newspaper and the former Managing Director of National Mirror Newspapers, Mr. Steve

Ayorinde. He pledged to work harder to bring out the glories in the field of journalism. The second report from New Telegraph Newspaper titled: 10.5 Million Out-of-School Children: Raising Enrolment Through Free Meals, and written by Education Correspondent, Mojeed Alabi, which was nominated for the Best Report on Nutrition Category, was beaten by The Guardian Newspaper’s Gbenga Salau. Falayi also won the Education category with its report titled; Lagos Schools where pupils sit on bare floors, beating National Mirror’s Franca Osakwe.

Some newspapers had reported that Amosun walked out of the APC meeting following a heated argument between him and another NEC member over the validity of the party’s congresses conducted in Ogun State. But the governor, while addressing APC leaders at the Gateway Hall, Ibara, Abeokuta on Friday, said he left the venue of the meeting after due permission from the Interim

10.6m

National Chairman of the party, Chief Bisi Akande, who presided over the meeting. Amosun explained that on arrival at the meeting, he had informed those present, including Akande, that he would leave early because of preparations for the second edition of Investors Forum holding in the state the following day. His words: “I did not storm out as widely reported, rather I left the

The number of fixed-telephone subscriptions of Australia in 2011. Source: Itu.int

venue of the meeting after proper permission from the chairman of the meeting and others because of the Investors Forum billed for the following day. “It will be wrong for anyone or group to say, write or insinuate that I stormed out of the meeting when I actually received the permission of our revered party chairman, Chief Bisi Akande.” Amosun further told the APC stakeholders that he informed the national leadership of

$470

The average yearly income of each person in Sub-Sahara Africa in 2013. Source: Worldbank.org

the party that he had done everything to carry along former governor and APC chieftain, Chief Olusegun Osoba. Amosun said he had pleaded with those present to ask Chief Osoba what exactly he wanted from him because he “had done everything humanly possible to carry him along in whatever his administration was doing, but things seem not in order.” He, however, stated that Osoba did not respond to his question before he left the meeting.

2.56m

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

Anambra State Governor, Chief Willie Obiano (left), exchanging pleasantries with Bishop, All Saints Cathedral (Anglican) Church Onitsha, Rev. Dr. Owen Nwokolo, during the Sunday Service at the church ...at the weekend

Nigeria needs 6.5 million policemen, says Jerry Gana Dan Atori MINNA

ormer Minister of Information, Professor Jerry Gana, at the weekend said the country required at least 6.5 million policemen to adequately ensure the security of lives and properties in the country. He made this known in an interview after the Order for the Ceremonial Presentation of four Archbishops at the Church of Nigeria, Anglican Communion, Minna, Niger State. Gana, a participant at the National Conference, said this was part of the recommendations of the conference aimed at ad-

equately positioning the police force to be able to tackle the current security challenges confronting the country. "The country could not presently boast of more than 400,000 policemen, given the United Nations standards of one policeman to 400,000 people, which is a situation that is grossly inadequate by the UN standards. "I believe the population of the country which is currently hovering between 160 million and 170 million requires quality and large number of policemen to be able to face the current security challenges facing our country. "Part of the recommendations of the na-

tional conference currently going on through debate was for proper reform of the armed forces with training and retraining programmes that would assist them face the insurgency in the country headlong," he said. He absolved the security agents in the country of any blame in the escalation of killings in the northern parts of the country, believing that if the military were to engage the terrorists squarely, it will not take days for them to level the Sambisa forests where the insurgents currently keep the Chibok girls. Gana also stressed that if such was done,

the military would be accused of genocide. “If the soldiers level the Sambisa forests, what happens to the girls we are trying to rescue safely? What will the Human Rights Organisations say about genocide? Gana added that the conference was also trying to suggest that at least, 70% of the ministers in the incoming dispensation should be parliament members in a manner of pseudo parliamentarian government. "If the ministers were elected by the people, they would be more accountable and there will be less corruption in the system,” he added.

Oyo PDP elders caution officer against divisive statements Sola Adeyemo Ibadan

OME chieftains of the Peoples Democratic Party (PDP) in Oyo State have cautioned the

Oyo State Publicity Secretary of the party, Kehinde Salawu, against making inflammatory comments about other members, lest the reconciliation efforts going on be jeopardized.

Salawu had in a report alleged that the Arapaja/ Jumoke Akinjide Group in the party was indiscreetly romancing with the All Progressives Congress (APC) with a plan to dump

PDP later. Reacting to the statement, the Arapaja/Akinjide Group accused Salawu of playing politics of blackmail, advising him not to aggravate the situation by

engaging in falsehood. A leader of the Elders' Caucus of the party, Alhaji Yekeen Adeojo, had recently said that the caucus had successfully brought the two groups together.

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MONday, may 26, 2014

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We sleep under the bridge, cries late policeman’s family

The late Hassan

Taiwo Jimoh

12-year-old boy, Ibrahim Hassan, has appealed to the Inspector General of Police, Mohammed Abubakar, and the Lagos State Police Commissioner, Umar Manko, to allow him and his siblings access to their late father’s property. The boy told our correspondent that his family, including their mother, were chased out of the apartment their father, Umar Hassan, at Block 3, room 14 at Pedro Police Barracks, Bariga area of Lagos. He said: “We have been locked out of the apartment since the death of our father was announced. With instruction from our father’s sister, some forces in the barrack sent me, my siblings and our mother out of the house. “Before my father’s death, he was living happily with my mum, but suddenly some family members came in between them and asked my dad to marry another wife. My mum disagreed and that led to separation between them. “When my mum could not bear the suffering any longer, she went to report the matter at the Provost Office of the Lagos State Police Command, Ikeja.” Ibrahim also claimed that at a stage, his father stopped paying his school fees and that of his siblings. Also, the widow, Mrs Maryam Hassan, told our correspondent that when they were invited to the Provost Office, her husband denied being responsible for her pregnancy. According to her, Hassan swore that if he was the one who impregnated her, he should die within a week, otherwise he should not die. “But my husband died three days after he swore to the oath,” she said. Again, Ibrahim said that one day, his parents thought he was asleep, but overheard them discuss what led to his father’s sickness which made the man travel

Ibrahim and his mother, Maryam

to Borno State to see his parents. He said: “The following day, he angrily left the barracks without telling anyone of his whereabouts. “We waited for him throughout the day, hoping that he would come home. But when we did not see him, we became afraid.” Ibrahim added that when his father did not return after a month, his family became a subject of ridicule in the barracks. “Later we were chased out of the apartment. We started to sleep under the bridge. “We even slept at Mile 12 market, but later went to Abeokuta. It has been difficult for my mother to take care of us alone,” he said. It was alleged that Hassan died after contacting HIV from Mary-

My children and I have been sleeping under the bridge. We have also been wearing one set of clothes all this while

am, an allegation she vehemently denied. “My husband’s sister went to report me to the Lagos State Police Public Relations Officer (PPRO), Ngozi Braide, that I have infected my husband with HIV virus. But I was vindicated after the HIV screening at the Lagos State Teaching Hospital (LASUTH) was negative. “My children and I have been sleeping under the bridge. We have also been wearing one set of clothes all this while.” Hassan, according his wife, served last at Oko-Oba Police Station, Agege. The woman also appealed to the police authorities to give her husband’s entitlements to his children to further their education. But responding to the issue, Braide said the couple divorced on the grounds of infidelity before the husband’s death. According to her, the late Hassan divorced his wife over the issue of who owns their last baby. Braide noted that the late police-

man accused his wife of infidelity, sent her away and remarried. She said: “Immediately after their divorce, the three kids were left in the custody of the new wife who was still living at the Pedro Police Barracks in Bariga.” The PPRO said she was informed that when Maryam heard that her husband had travelled to his village, she went to the barracks, took her children and fled to Abeokuta, the Ogun State capital. According to her, after Umar’s death, Maryam came out of hiding with the children to claim her husband’s entitlements because the first son, Ibrahim, is his next of kin. Braide added that when the woman brought out the children, the family took them from her. She said: “When the kids were taken from her, I then invited both parties to my office. The divorced wife said she wanted to go back to her late husband’s apartment at the Pedro Police Station. But the new wife said she could not live with her, because of her unruly behaviour.” The PPRO added that at this juncture, the late Hassan’s elder sister (a retired police officer) said Maryam could be accepted back into the family, but she had to go home and mourn her late husband, in line with tradition.

METRO

Monday, Ma

Randy teacher defiles three pupils in school SERIAL RAPIST A teacher is now cooling his feet in police cell for serially abusing under-age children at a private school Sola Adeyemo Ibadan

private school teacher, Mr Olayinka Oluwadare Folarin, is now in police custody for allegedly defiling three girls at an orphanage home in Ibadan. Folarin, father of four, teaches at the Calvary Heritage Kiddies Castle, Oluyole Estate, Ibadan, Oyo State. He was reported to have, at several times between 2013 and 2014, had carnal knowledge of the three girls aged five, 10 and 11 in the school toilet, but would always threaten them not to tell others, else they would be killed. Investigation showed that two of the victims are orphans in “His Heritage

Home,” a Non-Governmental Organisation (NGO) and they have been living in the home since they were two years old. Folarin was reported to be using a particular lubricant gel on the girls for easy penetration, but the bubble burst last Wednesday when a group of male students found one of the victims crying and asked what the problem was. The girl confided in them that she was being sexually abused by the randy teacher. But while the boys were writing a letter to the school authorities about Folarin’s alleged escapades, he caught them, beat them and tore the letter. After this, the boys told the girls to report the issue to their guardian, Mrs Temilolu Morounkeji, who runs the home. Morounkeji and Pastor Marcus Williams, a member of the Child Protection Network, rushed to the school and informed the police from the Iyanganku division, who arrested Folarin. It was gathered that the girls were sexually abused whenever the head teacher was not around during which

Mimiko to inaugurate 10 mega schools

Mimiko

ndo State Government said it had concluded plans to extend its mega school initiative to its secondary schools. This, according to the Commissioner for Information, Kayode Akinmade, follows the success of the initiative for primary schools. Akinmade disclosed this in Akure yesterday while speaking on the activities and success recorded so far by Governor Olusegun Mimiko’s administration. He said 10 new mega primary schools were ready for inauguration. The schools are in Okitipupa, Ikare, Irowo, Ode-Irele, Ifon, Ore, Odigbo, Awosika in Ondo, Araromi-Obu and Ile-Oluji. The commissioner added that the new schools had 42 and 21 classrooms respec-

tively with bore-hole, standby generator, electricity, multipurpose hall and computer laboratory. Other facilities in the schools, he said, included sick bay, library, 50 desk-top computer sets and interactive board projector. According to him, after reviewing its activities of previous years and taking into consideration the popularity of its programmes among the populace, the government decided at the inception of its second term to consolidate on the success of its initiatives and initiate new ones, hence the decision to extend the mega school to secondary schools. He said: “Our projection is to continue consolidating. We have enough projects on ground that would take some governors 20 years to complete but we will complete them before we leave office. “In education, we are going to build mega secondary schools before we leave. In the schools we will have a board facilitator of not less than 1,000 students. We are building state-of-the-art schools and we will make sure that some of the old schools are upgraded. “We now have 207 hospitals. Then the Abiye itself, the safe pregnancy programme, we are moving to other local government so that more pregnant women can have access to free medical services at the current level, if they need any tertiary care they can move them to the nearest hospital.”

the suspect would invite any of the girls into the toilet, order her to put off her pant, apply lubricant and then have carnal knowledge of her. A medical check-up which was carried out on each of the girls at the Adeoyo State Hospital, it was gathered, revealed that “semen was seen around the vulva. Hymen was not intact”. Confirming the arrest, the state Police Public Relations Officer, Mrs Olabisi Ilobanafor (SP), said the suspect had confessed to the crime and would be charged to court. She added that the police had recovered the gel used by the suspect in lubricating the victims where it was hidden within the school. Ilobanafor said the sexual abuse had been on since 2013. She said: “It is pathetic, a sorry story and quite an unfortunate incident. This was happening in a school and it has been happening for months, undetected. “The teacher has been sleeping with the victims in the school toilet. He has been sleeping with the girls every week

Mohammed Indabawa, Oyo CP

since 2013. “When the matter was reported to us, the police went into the matter and our investigation revealed that he has a gel used in lubricating the girls. The gel has been recovered from where he kept it on the school premises. “He is still assisting us with our investigation because there is the need for us to know if there are

other girls that he ing apart from thes “He threatened and one of the girl afraid of what the use in killing her, cal or spiritual. She that she was been m could not tell it to an should try and be children.”

Kidnappers kill man, collect N570,000 ran Taiwo Jimoh

olice in River State said they had arrested four men for kidnapping one Promise Elemah and killing him. After killing their victim, the kidnappers then dumped his body inside a sewage pit. Thereafter, they collected a ransom of N570,000 from the family of the deceased on the promise that the victim would be released. The state Commissioner of Police, Tunde Ogunsakin, who paraded the suspects before journalists on Friday, said the victim was kidnapped at his residence at number 11, St. Michael Lane, off Timothy Lane. He said: “The victim was kidnapped by four armed men who took him to an unknown destination and murdered him and dumped his body inside a sewage pit.” Ogunsakin added that immediately the matter was reported, the police went on discreet investigation, one Musa Azu-

The suspected kidnappers

buike Umez was arrested in connection with the crime who later took police to the soak away pit were the decomposed body of the victim was recovered. The commissioner, however, said the matter was still under investigation. “We will continue in our quest to rid the state of kidnappers,” he promised. In a similar development, one Jane Agnomo,

an employee of Shell Petroleum Development Company (SPDC), Port Harcourt, was also kidnapped. The kidnappers were said to be operating with an unregistered Jetta car. Ogunsakin added that immediately they got a distress call, men of the Anti-Kidnapping Unit (AKU) were mobilised to the scene, combing the area without success.

Accordin February gang memb as Adogho trailed an GTBank, w receive N1 m placed on th Meanwh was rescued Ogunsak urged the r security as frain from act and repo cious occur them to sec The polic a man, Go for being in three locall ers. The pisto be conceale tional mask arrested by patrol team from Akwa

Man murdered for slee Ikechukwu Ucheoma Umuahia

olice in Abia State said they had arrested one Mr Jacob Anson of Umuode village in

Osisioma Ngwa Local Gover ment Area for the gruesome mu der of 27-year-old Chika Aroh. The deceased was alleged have been caught making lov to Mrs Favour Anson, wife o

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Battle royale in Coal City State Leo Sobechi Enugu

nugu, the Coal City State, is renowned for hate politics. The acrimonious political struggles in the state predates its creation in 1991. Not many have forgotten the serial bitter struggle for the governorship of old Anambra State between the late Chief Christian Onoh and Chief Jim Ifeanyichukwu Nwobodo in 1979 and 1983. Though Nwobodo climbed on the popularity of late Owelle of Onitsha, Dr. Nnamdi Azikiwe, to defeat Onoh for the governorship in 1979, he was stopped in 1983. T h e stiff political battle f o r t h e soul o f Enug u w a s only exceeded in intensity and naked display of savagery by a similar show in Ondo State in 1983. Believing that the defunct National Party of Nigeria (NPN) to which Onoh belonged robbed him of deserved victory, Nwobodo flying the gubernatorial flag of defunct Nigeria Peoples Party (NPP); went to court and obtained a temporary reprieve. But backed with the ubiquitous federal might, Onoh’s ‘victory’ at the poll was restored at the Court of Appeal which was by then the court of final instance in election disputes. If the Onoh/Nwobodo political battle could be dismissed on the notable dichotomy prevailing in the state between the ‘Ijekebes’ of present day Anambra State and ‘Wawas’ of today’s Enugu State, what transpired in Enugu after it was carved out as a separate state, beat every sane imagination. Perhaps fuelled by naked poverty or sheer greed for power, power play in Enugu State has continued to describe political wickedness, mischief making and vicious exclusion. Shortly after the state was created, the Ibrahim Babangida military regime, experimenting with the idea of a possible diarchy, partially lifted the ban on political activities under the two government-decreed political parties: National Republican Congress (NRC) and Social Democratic Party (SDP). Despite the fact of their conservative political ideological leaning, most prominent political actors in Enugu were evenly distributed within NRC and SDP. It was in that setting that Rev. Hyde Onuaguluchi from Oji River went into the governorship race. There were obvious signs that the balance would tip in favour of NRC, as such the major political battles were fought on that turf. And just when it was becoming clear that Onuaguluchi would clinch the governorship ticket of NRC, in fact barely two weeks after Igwe John Nwodo of Ukehe, prayed for his victory at the

polls; one of the monarch’s sons, Dr. Joe Nwodo, joined the race. Given the fact of their political clouts, Onuaguluchi and Nwodo polarised the length and breadth of old Enugu State. So intense and ferocious was their campaign for the governorship that the Armed Forces Ruling Council (AFRC) led by President Babangida banned the duo from further participation in the election. Having been barred from the contest, the younger Nwodo,

Dr. Okwesilieze Nwodo, was drafted into the race. It was obvious that the Nwodos reached for their close connection with Babangida to stop Onuaguluchi, who was looking unstoppable. The junior Nwodo ultimately picked the NRC ticket and went ahead to win the governorship election against the SDP candidate, Chief Gbazuagu Nweke Gbazuagu. But as happened to Onoh in old Anambra State, Nwodo’s perch at the Government House was short-lived following the dismantling of civilian governance structures and the Interim National Government of Chief Ernest Shonekan by the late General Sani Abacha. At the return of democracy in 1999, prominent political leaders in the state hinted on the need for power rotation to ease the tension associated with the contest for the coveted seat. These leaders congregated around Dr. Chimaroke Nnamani from Enugu East Senatorial district to ensure that he defeated the politically savvy and grassroots champion, Chief Gbazuagu. After the contest and losing the governorship for a second time, Gbazuagu saw through the elite conspiracy and intrigues of the political leaders. He retreated to his private business and ever since, he has maintained a principled and dignified aloofness to Enugu politics. But as it turned out, the malaise of bitter political struggles did not seem to have been cured by zoning. Because in 2003, former Governor Nwobodo, then a senator, attempted to cut short Nnamani’s tenure through impeachment and later by supporting Arch. Alex Obiechina, from Enugu West Senatorial District; for the governorship post on the platform of United Nigeria Peoples Party (UNPP). Governor Nnamani, however, succeeded in serving two terms in office as well as annointing the incumbent Sullivan Iheanacho Chime to succeed him in 2007. Now, though Chime’s desire to stick to the rotation principle has damped the mad rush of contestants for the post of governor, some political actors are lining behind the Deputy Senate President, Ike Ekweremadu, to fight for an open contest. Even at that, Chime’s ambition to retire to the Senate seems to be waking up the hate politics for which Enugu is notorious for. As 2015 approaches, the following personalities would surely be on hand to perform crucial roles: Sullivan Chime Unknown to many, Chime’s journey to the governorship began with a simple obedience to CONTINUED ON PAGE 14

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Chime, Nnamani, Nwobodo, Nwodo, CO N T I N U E D F R O M PA G E 1 3

his father’s admonition. Though the elder Chime was a renowned quantity surveyor, his understanding of political strategy was acute. He served as a minister in the old Eastern Region. In 1983, he called his sons together and warned them against taking part in politics resting his admonition on the possibility of another military intervention. “Do not contest for any position yet; the military will still take over power. Time will come when you should participate then you will win,” the old man was said to have cautioned his sons. But Sullivan’s elder brother, Sunny with the backing of Dr. Sam Orji, Onoh’s cousin; defied the advice and went ahead to contest the House of Representatives ticket of NPN. He was defeated by his kinsman, Mr. Tony Eneh (Gary), the son of another Udi businessman, Chief G.O D Eneh. Perhaps touched by the reality of their father’s prediction and the effect of its disobedience, Sullivan developed a cold attitude to active politics. However, that indifference thawed in 1999 when his former school mate and friend, Governor Nnamani, appointed him to the position of Special Assistant (Legal) and later, Special Adviser to the Government on Legal Matters. From the position of an aide, Chime was elevated to the post of Attorney General and Commissioner for Justice. He continued to play behind the scene until 2007 when Nnamani shocked bookmakers to nominate and support him for the governorship. Seven years on as governor, Chime has been confounding all those who still hold his past and introverted mood against him by his political calculations and decisions. His support for Adada State movement and recently zoning of the governorship to Nsukka cultural zone of Enugu North Senatorial District are some of the courageous political steps taken by the Udi-born lawyer. In 2015, all bucks would stop on his table and much political calculations in Enugu State would revolve around the governor. Chimaroke Nnamani As governor of Enugu State, Dr. Nnamani affected virtually everything in the state. Having understudied the political methodologies of his godfather, Nwobodo, Nnamani did not waste time to raise his own political structure. The Ebeano political grouping which he inspired flowed from his political supremacy battle with the Abuja politicians led by Nwobodo. After he emerged from the battle with his head bloodied but unbowed, Nnamani went about politics in the high way. He tried to dominate the political scene in the state via the cult following which the Ebeano family conferred on him. Nnamani raised the political consciousness of some streetwise young elements and gave them access to the pedestal of policy formulation and execution. The culture of violence and ceaseless bickering that dominated his eight years in office obfuscated his performance. Rivals accuse him of promoting cronyism and mediocrity during his tenure as governor. Nnamani fell out with Chime shortly after nomination. He started lamenting that Chime conned him while serving as his aide as self-effacing and politically indifferent. Sources disclosed that while serving as special assistant, Chime sided with Nnamani during his squabbles with powerful forces by giving him the impression that as captain, his orders must be obeyed by subordinates. The political differences between the godfather and his godson expanded

Chime

Nnamani

Ekweremadu

Nwobodo

such that in 2011, Nnamani’s effort to make it back to the Senate on Peoples Democratic Party (PDP) platform was inconceivable. Challenged by the unfolding scenario and desirous of showing that he still command so much in Enugu politics, Nnamani founded the Peoples for Democratic Change (PDC) in apparent bid to produce a state governor and return to the Senate for a second term. That was not to be because the PDP machinery he devised was used to torpedo his inchoate political vessel. Recently, Nnamani who served Enugu East in the Senate said he was returning to the PDP, boasting that he remains the defining institution in Enugu politics. In 2015 it would be left to been how the Agbani-born paediatric surgeon hopes to influence the system. Ike Ekweremadu The Deputy Senate President, Ike Ekweremadu is considered as a lucky boy of Enugu politics. A creation of the Ebeano political grouping, he was res-

cued from constant pummelling by the Nwoye family in Aninri politics by Nnamani, who appointed him to the post of first, Chief of Staff and later, Secretary to Enugu State Government (SSG) after he lost the local government chairmanship. Espying his ambitious disposition and prepared to expand his political interests, Nnamani supported Ekweremadu to the Senate in 2003. While in the Senate, he honed his skill as a penetrating politician and smooth operator, earning wide political mileage and financial muscle thereby. He emerged as Deputy President of Senate; he has garnered a lot of experience and political influence such that as 2015 approaches, his name has become a constant wherever discussions of the next election are being held both in Enugu and Abuja. His political future in 2015 is uncertain. The decision of Governor Chime to contest the senatorial election has put his ambition in limbo. The duo are from the same senatorial district. Also, the decision of PDP to zone the gover-

norship to Nzukka zone has put paid to his rumoured governorship ambition in 2015. With the senatorial and governorship seats daily becoming impossible, Ekweremadu only has two options: to contest against Chime for the Senate seat on PDP ticket or another political platform. The alternative is to bank on federal appointment. Definitely, he would put up a fight in the 2015 elections. Jim Nwobodo Nwobodo is a household name as far as Enugu and Nigerian politics is concerned. The charismatic former Governor of old Anambra State, former minister, senator and presidential candidate represents the ancient and modern face of Nigerian politics. Though he enjoyed some fleeting romance with progressives, Nwobodo is a well-known pragmatic and establishment politician. His belief in means as the basic access to power makes him a recurring decimal in Enugu politics, especially as it concerns governorship of the state. Presently he

POLITICS

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Ekweremadu test might in Enugu

Nnaji

Nnamani

Eze

Ezeugwu

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Abba

is one of the elder statesmen supporting the incumbent governor. As the clouds gather for the 2015 elections, he would not be missing in action both at the presidential, governorship and senatorial elections in Enugu East and Enugu State. His views and inputs still counts in Enugu politics, even if procured by those who can afford it. Okwesilieze Nwodo Dr. Nwodo is the favoured son of the famous Nwodo dynasty. Providence pulled him out from his medical practice into an eventful political presence. He served briefly as governor of old Enugu State, National Chairman and Secretary of PDP at various times. He experimented with the idea of going to the Senate under the All Nigeria People’s Party (ANPP) and went on political excursion out of PDP to the Action Congress of Nigeria (ACN). He is associated with another aspiration to represent Enugu North Senatorial district in the Senate in 2015. Nwodo is also one of those supporting Chime’s efforts to ensure that the governorship is zoned to Enugu North. Owing to his experience and reach in PDP, Nwodo is one of the major players in 2015. Ken Nnamani He has a chequered political experi-

ence in Enugu State. His attempt to go to the Senate in 1999 was effectively blocked by his kinsman, Nwobodo, who raised as surrogate to defeat him under the platform of Alliance of Democracy (AD). Nnamani, having been once beaten became twice shy by joining forces with Governor Nnamani in 2003 to defeat Nwobodo’s ‘insurrection’. As a reward for that support, he was supported with state government machinery to ensure his smooth berth at the Senate. He went on to become the President of Senate and made name when he presided over the killing of former President Olusegun Obasanjo’s third term gambit. At home, the former President of Senate is still a visible and active force especially regarding the distribution of political positions. He is currently leading Enugu delegates to the National Conference. For that and more, in 2015 Nnamani would not be on the sidelines when the drum beats faster. Ayogu Eze Senator Eze is one of the young men that came into limelight through the Ebeano political grouping in the state by associating with the Governor Nnamani. The journalist-turned politician once served as Personal Assistant to Dr. Nwodo from where he gained insight into Nigerian politics. After serving as

Commissioner for Information under Nnamani, Eze found his way to the Senate. He is now on his second term. Like Ekweremadu, the Chairman, Senate Committee on Works has garnered a lot of political experience and financial strength. He dangles his support for Chime and the national leadership of PDP with the hope of making a good show of his ambition to be the next governor of Enugu State. Those who have had close interactions with the Enugu-Ezike politician say he is brash, intolerant of opposition and given to a lone-ranger mentality. Nonetheless, with the speed he rose to political visibility, Eze may spring some surprises in 2015 regardless of which way he may turn in the unfolding politics of the state. Chime’s insistence that governorship must go to Nsukka zone is part of the reason Eze is always seen in programmes organised by or for the governor. Vita Abba Before he emerged as the state chairman of the PDP in a thoroughly disputed convention, not much was known about Engr. Abbah. Much of what was known about the Nsukka-born politician was that he was doing well in business in Aba, Abia State. Described as a good friend and faithful ally of Governor Chime, Abba is one of those angling to

succeed the governor in 2015. Perhaps, in his haste to emulate his master by being less vocal and visible, the PDP state chairman makes great effort to avoid being noticed. During the little distraction between Chime and Nwodo, Abba sided with Chime. It is this display of loyalty and support that he hopes to harvest during considerations for who earns the governor’s support for the 2015 governorship. Okechukwu Itanyi A son of the former transporter and politician, Edmond Itanyi; Chief Ezenwata Okechukwu Itanyi was Deputy Governor from 1999 through 2007. Currently a Director at the Nigeria Communications Commission (NCC), he is believed to be the unanimous choice of stakeholders to succeed Chime. In 2007, he defied the directives of Nnamani to purchase the PDP nomination form for the governorship, a development that heightened his cold war with Nnamani. His father was Deputy Majority Leader in old Anambra House of Assembly where he was a member under the defunct NPP. Frank Nweke Jnr. He is currently the Director General CONTINUED ON PAGE 16

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Politics of supremacy takes centre stage among Enugu gladiators

Nwodo

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Onyia

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

of Nigeria Economic Summit Group, (NESG). He served as Minister of Information and Orientation under President Olusegun Obasanjo and is presently associated with interest to contest the PDP ticket for the Enugu East senatorial seat. Nnamani brought him into politics while he was busy getting ready for a test to take appointment in a commercial bank. After serving as commissioner in Enugu, Nweke jnr. has had a rewarding exposure in politics so far and is indeed one of the few people to watch in 2015. Nnia Nwodo This former Information Minister is toast master in speech making. He headed the Coal City Centenary Celebration Committee and left the impression of a poor finisher. Being third among the scions of the legendary John Nwodo, Ogbonnia has encyclopaedic knowledge of political history. He once ran for the presidential ticket of ANPP like his elder brother, Dr. Joe Nwodo. Given his activities in Adada State Creation Movement and the fact that he lost favour in Chime’s

camp during the dog fight with his brother, the then National Chairman of PDP, Nnia would expose his relevance in 2015. Okey Ezea (Ideke) Chief Okechukwu Ezea contested for the governorship of Enugu State in 2007 and 2011 under the Labour Party (LP). However, owing to an understanding Chime reached with the Nsukka cultural zone from which he hails, Ezea could not change the winning streak of the PDP. He is currently one of the leading lights in All Progressives Congress (APC) in the state. It is not very clear as yet whether Ezea would run again for the post now that the position of governor has been officially zoned to his Nsukka zone by both PDP and APC. But whatever he decides to do or not do in 2015, Nigerians will definitely hear about Okey Ezea. Ugo Agballah He was the campaign manager to Nnamani in 1999. He was appointed Commissioner for Works and Transport shortly after the election was won. However, midway into the tenure Agballah resigned from the cabinet citing “ir-

reconcilable differences and principled stand against oppression, cronyism and nepotism.” Agballah hails from Udi Local Government Area as the incumbent. He contested the governorship against Nnamani in 2003 and Chime in 2007. Though he returned to the PDP after Nnamani’s exit, Agballah, the son of Second Republic Leader of opposition in old Anambra State, Ogbuiboo Petrus Agballah, has sided with any of the contending factions in the fight for the soul of Enugu. But, seen by many as a possible beautiful bride, when the push for 2015 gets tough, Agballah is one of the politicians that could help to shape the battle for Enugu. Fidel Ayogu He was a member of the House of Representatives until 2003 when he contested the governorship on the ANPP platform. He was until recently Nigeria’s Ambassador to Uganda. Presently a delegate to the national conference, Ayogu is one of the three aspirants that have shown serious interest in the race to succeed Chime. With a wide network of supporters in the state, if the powers

that be consider Ayogu loyal enough to be trusted with the PDP ticket, he would give a good account of himself in 2015. Sunday Onyebuchi He is the current Deputy Governor of Enugu State. Until recently, he had been enjoying a smooth working relationship with Governor Chime. Onyebuchi tried to shake off his public image of Mr. Anonymous by voicing some flak against some members of Chime’s cabinet. Again, weeks back, the deputy governor served public notice of his intention to contest the PDP ticket for Enugu East Senatorial Zone against Chime’s favoured candidate and Chief of Staff, Government House, Mrs. Ifeoma Nwobodo. Whether the deputy governor was merely flying a kite to catch attention, or serious, his political relevance would be seen in 2015. Eugene Odoh He is the Speaker, Enugu State House of Assembly. He was once a junior partner in Chime’s law chamber in New Haven, Enugu. Many people believe that his close association with the gov-

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2015: 500 POLITICIANS TO WATCH

Okoro

Onyebuchi

Nwobodo

Onyishi

Ezea

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ernor helped the Igbo-Etiti politician to clinch the Speakership position. This relationship is also being ascribed to the Speaker’s aspiration for the governorship. All these, when taken together with the able way the Speaker comported himself and the Assembly during Chime’s prolonged absence contributes to the current belief that Odoh would be very visible in 2015 calculations in Enugu State.

Minister of Power, Nnaji is one of the few respected names in Enugu politics. With a carriage and profound academic and professional accomplishments, Prof. Nnaji contested the governorship of Enugu State in 2003 when he was exposed to the raw power of political contests in Enugu nay, Nigeria. His focus and determined effort to redress the dismal energy situation in Nigeria during his stint as Minister of Power raised his public adulation and appreciation of his patriotism and selflessness. It is not known yet where his political horoscope may be pointing but definitely, Nnaji is one of the political actors to watch.

ka cultural zone, Okoro would be in the thick of activities leading to the 2015 politics in Enugu State moreso when the governorship has been zoned to his constituency.

Enugu State Government (SSG) at the latter days of Chimaroke Nnamanai’s administration. He was also the PDC governorship candidate in the 2011 election. A loyal ally of former Governor Nnamani, Shere may be thrown up again by situation and circumstances to play prominent roles in the 2015 activities.

Ifeoma Nwobodo As Chief of Staff, Government House, Mrs. Nwobodo is seen as the chief influencer in the Chime administration. She has displayed uncommon understanding of the warp and woof that attends to Enugu politics. She has not been found a push over in the administration as she plays key roles in the formulation and implementation of various policies that have distinguished the Chime administration. It is therefore not for nothing that Mrs. Nwobodo is being given serious consideration to replace Senator Gilbert Nnaji as the representative of Enugu East Senatorial District. Whenever the mention of ‘Ifeomadiniru’ (Great expectations) is mentioned in Enugu State, it is to drive home the point that Mrs. Nwobodo is the next good thing to be unveiled by the Chime administration, where the issue of women participation in politics is become an interesting topic. In 2015, if the expectation that women should be in the Senate from Enugu State would be realised, it has hoped that Ifeoma would arise to break the jinx. Barth Nnaji Professor of Robotics and former

Samuel Maduka Onyishi Chief Onyishi is the Chief Executive of Peace Mass Transit Limited. He caused great anxiety within the PDP fold when he hinted about his desire to decamp and contest the governorship on the platform of APC. Apart from possessing the deep pocket needed to prosecute the governorship campaigns, the ability of Onyishi to mobilise the masses aided by his buses cannot be underestimated. He made a mark in the state through the moderate fares his mass transit introduced for commuters, especially university students. When he runs on the PDP platform for the governorship or falls for the APC overtures to fly its flag in 2015, it is no longer possible to dismiss Onyishi in Enugu politics. Fidelis Okoro Senator Okoro served as Senator representing Enugu North in the Senate from 1999 through 2003. He was also chairman, Senate Committee on Defence. Though very controversial for his style of politics especially in Nsuk-

Dubem Onyia The Ngwo-born politician and former Minister of State, Foreign Affairs, Dubem Onyia is one of the politicians that had tutelage with the political ideology of late General Musa Yaradua and this brought him very close to the former Vice President Atiku Abubakar. He however chose to remain in the PDP when Atiku left for the APC. Even when the late General Yar’Adua political movement recently chose to transform into a political party by registering with the INEC, Onyia distanced himself from the group saying he remained a member of the ruling PDP. He is among strategic stakeholders of the ruling PDP in Enugu State ahead of the 2015 poll. Willy Ezeugwu He has been Secretary-General of the Conference of Nigerian Political Parties (CNPP). A former loyalist to the founder of All Progressives Grand Alliance (APGA), Chief Chekwas Okorie, Willy went his separate way when his bread was buttered elsewhere. However he caused a political stir during Chime’s medical vacation by convening the Save Enugu Group. Having domiciled in Nsukka for long, Ezeugwu is considered a grassroots political asset. Dan Shere J Dr. Shere served as Secretary to

Fidelia Njeze Mrs. Fidelia Akuabata Njeze hails from Obinagu and married to Abor in the same Udi Local Government Area. She was a former Minister of Aviation and currently, Special Adviser to President Goodluck Jonathan on NEPAD. Her appearance on the federal cabinet excited some small political dog fights between Chime and Ekweremadu when it was popularly held that Ekweremadu recommended her appointment to paint Chime as being blind to the need to spread appointments in Enugu West Senatorial zone. Njeze like Chime hails from Udi. This time around, there are talks that Ekweremadu may throw up Njeze for the Senate after foisting a stalemate in the contest for Enugu West senatorial seat ticket in PDP. Ezebuilo Ozobu Eze Ozobu was not only the State Chief Judge; he is a well-respected elder statesman in Enugu State. He once served as President General of Ohanaeze Nd’Igbo. Because he was one of the active players behind the scenes in the politics of old Anambra and Enugu states, it would be a costly act of omission to leave Eze Ozobu out of consideration in the 2015 schemes in Enugu State.

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Sanctity of Truth

God, not Adebayo will decide my fate –Bamidele Your kinsman, who is a former governor of the state, Otunba Niyi Adebayo, at a recent All Progressives Congress (APC) rally held in Iyin-Ekiti said he fell out with you because of your refusal to heed his advice not to run for governorship now because your hometown (Iyin-Ekiti) has had its fair share of the political booty. What is your reaction to this? I cannot imagine any well-meaning son or daughter of Afao-Ekiti saying that because their son handed over power in 2006, the governorship should not return to their town. They are all fasting and praying to have Fayose re-elected. Otunba Niyi Adebayo stood up on the soil of IyinEkiti to say that governorship could not come back to Iyin-Ekiti at this time because there are 132 towns in Ekiti. Many of us joined Adebayo to celebrate the emergence of our patriarch, General Adeyinka Adebayo, who is a father to all of us here, as the Military Governor of the defunct Western State in 1966. There were over 800 towns in the old Western State then, yet Niyi Adebayo joined the rest of us to celebrate it in spite of the fact that General Adebayo was taking over from another Ekiti man, the late Colonel Adekunle Fajuyi who was from Ado-Ekiti, less than 10 kilometres away from Iyin-Ekiti. So, if to him there was no problem then and the same Adebayo is advancing argument that a son of Iyin-Ekiti should not be governor now because he had been governor, and that we had to wait and take our turn. Let us look at this from a logical viewpoint. The APC candidate, Governor Kayode Fayemi, is from Isan-Ekiti, while Ayodele Fayose of the Peoples Democratic Party (PDP) is from Afao-Ekiti. The two towns are half a ward and by the grace of God they have produced governor once, longing to return them for second term. But my town, IyinEkiti has t w o

Bamidele

ple who are doing the attacking would still be the first to make arrests. For instance, a leader of our party took an injured supporter to the police station to make formal report and surprisingly, he was also detained. Everywhere we go our people are being attacked, and the police would fold say is that I am not bothered and I am their arms. convinced that Otunba had not spoken for the people of Iyin-Ekiti. And for Do you have any evidence to buttress me, all his assertions that Governor your claim of attacks on LP members? Fayemi has done too much for IyinWe can conduct you round Iyin-EkiEkiti are personal to him. Because ti to see some of the houses attacked other than members of his immediate by APC thugs because Fayemi had to family and himself who is known to visit Iyin-Ekiti at gunpoint. And felt be implementing some of the biggest there could be no better way of letting contracts of the Kayode Fayemi-led the public know than to allow the meadministration, and whose younger dia men to see for themselves what brother is the Commissioner for Works has been happening in Iyin-Ekiti of and Transport, whose wife is a chair- late. Again, note for the records that man in Oodua Group of Companies, our party through the state chairman and five of his cousins are in this had briefed you the media some of the administration, other than Otunba challenges we are facing as a party, esAdebayo, I don’t know of what else pecially in the area of security. I have anybody is benefiting from this gov- with me some of the executives of two ernment. Including Otunba Adebayo’s wards of the LP that were attacked. son, Dotun Adebayo, who is a Senior As we speak, the chairman of Ward Special Assistant to Governor Fayemi A is being detained by the police just on Diaspora Matters, I do not know of because he had to follow someone who other things Iyin-Ekiti is benefiting. was attacked last night to the station Tell me of any project they have imple- to lodge complaints. I think this is a mented in Iyin-Ekiti other than help- very sad moment for us as a party and ing us to change the roof of Erelu Ade- for Ekiti State. bayo Motherless Babies Home. There is no way all these can be going on and Why did you abort your planned rally in I will pretend as if I don’t know or say Fayemi’s hometown, Isan-Ekiti? You will recall that the LP camI am happy about it. paign train was meant to visit the palace of Onisan of Isan-Ekiti, being the What accounts for the recent spate of home town of one of the candidates political violence in the state? Recently, one of my supporters, in the June 21 governorship election, Dare Ojo, was attacked in Iyin-Ekiti Dr. Kayode Fayemi. We sent letters to but Governor Fayemi would tell the the police about our activities and we whole world that his party, the APC, were given due approval for us to be was not involved and that he does not able visit Isan-Ekiti and other towns want to step on blood to rule Ekiti. in Oye Local Government. We were This is the same governor who says the billed to visit Isan on April 26. His Roygovernorship of Ekiti is not worth the al Highness, the Onisan of Isan-Ekiti blood of anybody. We brought three of called me around 7.48a.m. to ask if our our supporters back from Ilupeju-Ekiti campaign train is still coming to Isan last week with machete wounds. They and I answered in the affirmative. And are still being treated at the General he advised we should put it off. I asked Hospital. Three people are still being him why? He replied that Governor treated of gunshot injuries because Fayemi was to hold a meeting in the the governor brought Armoured Per- town that day. I wonder why it should sonnel Carrier (APC) to Iyin-Ekiti few be the monarch that would be playing months ago to attack our people. The the role of a protocol officer. The monquestion now is: for how long will I arch added that he would not want us continue to calm my people? As we to come because our safety might not speak, the assailants are still attacking be guaranteed. our people, destroying their properties It was because of the development and chasing them out of their houses. that youths in Iyin also said they The irony of it all is that the very peo- would not want Governor Fayemi to come here if the ruler of his town would not want other candidates to hold their rallies in Isan. The youths met the Oluyin of Iyin and explained the development to Niyi Adebayo is the him. Fayemi was initially billed to interim APC National hold his rally in Iyin on May 6, but decided to bring the date forward to Vice-Chairman (SouthMay 2 and when the youths of Iyin West), his wife, Angela, heard this, they met the Oluyin that they would not want the governor is the Chairman of to visit the palace and to find a midNigerite, an arm of Oodua course out of the problem, it was later suggested and agreed that the conglomerate, while traditional rulers of Iyin and Isan should meet and work out a modalhis son, Dotun, is a top ity that would ensure that we pick a functionary of Fayemidate when simultaneously I will visit Isan and Fayemi will visit Iyin. led government, aside At least, that would have assuaded feelings on both sides, but because five other cousins who Fayemi is the governor and he has are members of various state machinery at his disposal, he decided to visit Iyin at gunpoint and boards leave a trail of sorrow behind.

Labour Party (LP) governorship candidate in the June 21 election in Ekiti State, Hon. Michael Opeyemi Bamidele, in this interview, speaks on political developments in the state, especially repeated attacks on his supporters. ADESINA WAHAB reports wards and had only produced the governor for only one term of four years. So, what makes it wrong for a town with two wards and very high population to produce the governor for eight years? You will recollect that Adebayo lost his second term bid to Fayose. So, it stands reasoning and logic on its head for him to think that Iyin-Ekiti can no longer produce a governor after him even when Ekiti did not reject him in 1999 despite that he is a son of a former governor of the old Western Region, Major General Adeyinka Adebayo. As we speak, Niyi Adebayo is the interim APC National Vice-Chairman (South-West), his wife, Angela, is the Chairman of Nigerite, an arm of Oodua conglomerate, while his son, Dotun, is a top functionary of Fayemi-led government, aside five other cousins who are members of various boards. Have you ever heard former Governors Bamidele Olumilua and Segun Oni stopping indigenes of Ikere and Ifaki-Ekiti respectively from vying for such position? No leader with vision for development, except Adebayo, will think in this highly barbaric way. I would leave that for IyinEkiti people to address at an ap p ro p r i at e time. Adebayo also cited the immense contributions of the present government to the development of Iyin-Ekiti as the major reason for supporting the reelection of Governor Fayemi, do you agree with him? All I have to

Monday, May 26, 2014

EDITORIAL

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Monday, May 26, 2014

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Rebuilding the economy of the North

hat the economy of the Northern parts of the country as a whole, and the north-east geo-political zone in particular has been badly traumatised and damaged by the terrorist activities of the outlawed Boko Haram sect and needs to be urgently rebuilt. Several meetings have been held recently especially in Nigeria and the United States of America involving the regions, governors to harmonise and sharpen rebuilding initiatives for the region. A fallout of one of such meetings was the recent investment forum hosted in Abuja, Nigeria’s Federal Capital Territory, by the Northern States Governors Forum (NSGF). The 24th World Economic Forum on Africa (WEFA) that was held in Abuja from May 7 to 9 also gave fillip to the resolve by investors to ensure that the economy of the north is sufficiently rejuvenated. The investment summit stimulated interest among local private and international investors, while such institutional investors as the World Bank, Africa Development Bank (AfDB) and United States Exim Bank were not left out. It also identified such growth areas as agriculture and construction of critical economic and social infrastructure like electricity, roads, rail networks, education and health care delivery as the best options available to the north to

We hold the view that the approach by all stakeholders needs to be holistic and humanistic. Emphasis must also be on implementation as a key element of the whole process, which is critical to the success of the initiative. Pro-poor and need-oriented policies and programmes must also be neatly strewn together and deftly implemented, closely monitored and evaluated to ensure participation by a wider spectrum of the population trigger the much needed economic restoration and resurgence that would create employment and ultimately consign acts of terrorism to the dustbin of history. A large number of international and institutional investors including General Electric, Brambles, USAID, Milhouse Engineering, Manchester Trade, Dangote, World Bank, Blumberg Grains and African World Expo, APR Energy, Symbion Power, Motorola Solutions, Learning Center, Procter

and Gamble, Templar as well as Essex Renewable Energy have shown eagerness to make diverse investments in the region and tackle the kinks in its economy. We hold the view that the approach by all stakeholders needs to be holistic and humanistic. Emphasis must also be on implementation as a key element of the whole process, which is critical to the success of the initiative. Pro-poor and need-oriented policies and programmes must also be neatly strewn together and deftly implemented, closely monitored and evaluated to ensure participation by a wider spectrum of the population. Furthermore, efforts must be intnsified to ensure that all stakeholders buy into the initiative and ultimately take ownership of it. This also implies that those stoking the fire of terrorism and other repugnant acts that are antithetical to peace and societal progress must desist from doing so forthwith so as to raise the confidence level of investors and ensure the safety of their capital and other valuable resources. The region has had more than enough of the crime against society that has worked to tether its economy to a spot and it is now time to give peace and progress a chance. Local investors should seize the day and be deeply involved in the bid to consolidate the gains of the WEF and other far reaching initia-

•••

tives of the Federal Government aimed at reinforcing the exploration and management of the vast economic resources of the North for the overall development of the nation. This is where the latest investment decision by the Dangote Group to invest a whopping N368 billion ($2.3 billion) in sugar and rice production in the northern parts of Nigeria is highly welcome. This will no doubt go a long way in ending the Boko Haram insurgency. On its part, governments at the federal and state levels must not give anything to chance in making the environment conducive for investment to thrive. As James Entwistle, the United States Ambassador to Nigeria observed in a keynote speech at the event, “the economic challenges facing the Northern states are well documented in various poverty, education and infrastructure statistics, but I believe there is a very important role for the government, both at the federal and especially at the state level, to play in supporting the kinds of sustainable and inclusive growth that Northern Nigeria needs and its people deserve to reach its economic potentials.” We are convinced that the effort to promote investment and economic development and most of all, to improve the livelihood of Nigerians, particularly in the north, is achievable. 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, May 26, 2014

OPINION

Let us unite against Boko Haram

Tony Anenih

t a time that our nation is facing the menace of terrorism, it is of utmost importance that all Nigerians, irrespective of their regional, religious or political affiliations, are united in support of the Federal Government and all the security agencies in the fight to end terror in our country. As a father, I deeply sympathise with the parents of the abducted Chibok girls and pray for their safe return. No parent should have to experience what the parents of these innocent girls are passing through on account of this outrageous abduction by Boko Haram. I also understand the anger that has been expressed through the global #BringBackOurGirls movement and wish to state that President Goodluck Ebele Jonathan and the Peoples Democratic Party (PDP) are fully committed to ensuring the safe return of our daughters. I must, however, deplore the situation where some opposition politicians have tried to make political issues out of it by calling for the resignation of President Jonathan over a group that is waging war against the Nigerian state. Such behaviour is unbecoming of patriotic citizens of a democratic nation like Nigeria. When militant gunmen attacked a shopping mall in Kenya, killing many people and holding many others hostage, the opposition leader, Rahila Odinga stood right beside the President, Uhuru Kenyatta, while the latter was addressing Kenyans on the dastardly attack. We are all witnesses to the fact that when al-Qaeda attacked the United States of America and the United Kingdom, citizens of those countries, irrespective of political affiliations, closed ranks and supported their respective governments in their fight against the perpetrators of ter-

ror. In these specific cases, political opponents did not ask their President/ Prime minister to resign. Boko Haram is a threat to Nigeria and to our democracy. Nobody is more aware of this fact than President Jonathan. That is why the President is doing all that is within his constitutional powers to fight the terrorist group. It is his respect for constitutionalism that has kept him from employing jack-boot methods. I make bold to say that no president of Nigeria could have done better within the ambits of constitutional powers! Unfortunately, certain comments I have heard or read in recent times from some Nigerians who ought to know better make me wonder if they expect the President to put on a helmet, pick up a rifle and personally march into Sambisa Forest. I ask: where in the world does a President do that? I am also amazed that some Nigerians have forgotten so soon that President Jonathan has replaced service chiefs twice since he assumed office in a bid to bolster the operational efficiency of the military. Fighting terrorism is a unique kind of confrontation, unlike conventional warfare where enemy targets are easy to identify. In this respect, we must differentiate between the Boko Haram insurgency and the Niger Delta militancy. Whereas the Niger Delta militants were known persons, the Boko Haram insurgents are faceless. It was because the individuals involved in the Niger Delta militancy were known that some of us, including President Jonathan (who was then Vice President), were able to engage them in negotiations that led to a peaceful resolution of the crisis. Negotiations of this sort are difficult in the Boko Haram case.

All over the world, fighting terrorism takes time and requires patience, cooperation and national unity. The United Nations has expressed solidarity with Nigeria and pledged its support for the country’s efforts at tackling the Boko Haram insurgency. There is no doubt that there are challenges but it is disheartening that some Nigerians are unsupportive of President Jonathan’s genuine efforts in the war against Boko Haram, even when nations such as France, United States of America and Great Britain have been collaborating with Nigeria and its Francophone neighbours (Chad, Niger, Benin Republic and Cameroon) in search of a solution to the crisis. The Boko Haram insurgency is not against Jonathan as an individual, rather it is against the Nigerian state. That is why our collective efforts are needed to tackle the challenges. In this respect, the military needs assistance, especially vital information from the citizenry, to work with. President Jonathan has said it several times that in fighting Boko Haram, the Federal Government is dealing with fellow Nigerians, who are brothers and sisters. Consequently, the military cannot deploy its full might against them. Besides, doing so would be against international rules of engagement. We must be tactful not to allow the insurgents to use our children as shields. I, therefore, urge all Nigerians to stand united behind President Jonathan, the Federal Government and the security agencies in this fight against terror. The message to Boko Haram from all Nigerians must be: we will never bow to terror! • Anenih is chairman, Board of Trustees of the Peoples Democratic Party (PDP).

Reforming the Power Sector Reform Ibrahim Kangogo

t the commencement of this administration, the Newspaper Proprietors Association of Nigeria (NPAN) organised a forum where the issue of petroleum subsidy was discussed. Many government functionaries and members of the civil society were present at the event. One of the government functionaries was the Minister of Finance and the Coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala. While leaving her podium and engaging the people, Dr. Okonjo-Iweala said Nigerians have told them that the government should stop telling them what they want to do but tell Nigerians what they have done. True to the style of governance in Nigeria, the government rather than heed the request of the people, which will make governance more conducive for the inclusive growth that the government yearns for, the status quo, remains. Truly, old habits die-hard! The Nigerian power sector is a clog in the wheel of progress of the country. The richest man in Africa, Alhaji Aliko Dangote even underlined this at the World Economic Forum in Davos in January 2014, saying that despite the epileptic power situation in Nigeria, the economy still grows at over six per cent. That underlines the potency of the Nigerian economy but there

is a limit to the growth rate that a powerless economy can grow. It is the primary reason the country has not been able to achieve the inclusive growth, which the Coordinating Minister of the Economy craves. The present situation of power in Nigeria is Never Expect Power Always (NEPA) and we need power always to ensure the much needed inclusive growth. The government, undoubtedly, understands this and wants to remove the pain and therefore opted for privatization of the power sector as done with the telecommunication sector where Nigeria had one of the poorest indices to a telecommunication sector that is now the toast of the world. In this privatization, the government made lots of conducive offers for the investors, which by now, as usual, the government is reneging on. For instance, it was stated in black and white in the terms of the contract that the new investors have the liberty to disengage any staff if not satisfied with the performance of such staff, but rather than allow the terms to flourish, the electricity workers went out of hand by picketing the power firms. Some even barricaded the entrance to the offices. No. We cannot move forward like this! Every employer reserves the right to engage and disengage any staff after following the due process. The disengaged staff of the Power Holding Company of Nigeria (PHCN) were paid N380 billion with some collecting as high as N100 million. The labour union even col-

lected about N8 billion as arrears in checkoff dues. Despite these entire anomalies, the government has stood aloof in the matter she is the primary stakeholder and allowed these disengaged workers to disturb the operations of the new power companies. The union, wrongly quoting anti labor activities, has been trying to force all the companies to continue with the old PHCN union process without regard to Trade Union Act and workers’ voluntary rights. Research conducted indicates that in spite of the fact that not all staff were union members under the old PHCN and the constitution of the electricity union stating that staff are required to voluntarily state their interest to be members of union, all staff are now being forced to continue as if they are all union members and there has been no change. As it is now, the government must resolve this logjam in the power sector based on the rule of law and the act for the sector to move forward. The seeming progress made in the sector may be jeopardized if nothing is done. The union and the workers who were part of the lack of progress in this sector and who were grossly compensated at the expense of average Nigerians who still do not have power are now still holding the public to ransom. The privatization also sat on various wrong assumptions. This include the fact that the cash collected from end customers is much lower than expected and it

is not even enough to cover all costs in the sector and the regulatory solutions proposed so far are far from solving the problems. The payment for part of the gap from government as subsidy based on the existing tariff structure has also not been made. The generating and distribution companies are facing deviations between the projected business plans presented by them and the actual situation on ground presented by National Electricity Commission (NERC) and the Bureau of Public Enterprise (BPE). This is bigger than what can be handled within the limits of the agreement with government as the official assumptions given by BPE and NERC for the privatization have been seen and proved to be incorrect. The government needs to be able to stick to its own side of its agreement with the investors by ensuring that agreed cost is covered and the agreed return to investors to cover their financial exposure is guaranteed. This is what is called ‘take or pay’ for generating companies, and ‘cost plus’ for distribution companies. The true position is that the financial sector is heavily exposed already in the power sector, and the uncertainties arising from the present situation of government not meeting its own side of the transaction increases the financial sector’s risk perception of the power sector. • Dr. Dangogo, is of Ahmadu Bello University, Zaria

INVESTIGATION

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BIODUN DUROJAIYE Editor, INVESTIGATION

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Monday, MAY 26, 2014

A typical Lagos street. Inset Okonjo-Iweala

PHOTO: TONY EGUAYE

Rich country, poor people In spite of agricultural planning and the recent rebasing of Nigeria’s Gross Domestic Product (GDP), there is hunger in the land, writes ISIOMA MADIKE

rs. Oluwatosin Adewale, who lives in Mushin area of Lagos State, is the sole breadwinner fending for a family of eight: six children, her retrenched husband and herself. So, life has been tough for her and the family. In the morning, the children take akamu (pap) without sugar. Nothing in the afternoon! Their next meal is eba at night. The soup is virtually bare, save for a miserable iced fish, crayfish and vegetables in it. “It is tasteless. My children are dying of hunger,” she laments. At Apapa, also in Lagos State, Mrs. Chigozie Okolo, and her family living

at 41 Malu Road, now eat twice daily: garri in the morning, yam at night. She looks thin, anaemic and exhausted. It has been long since they cooked rice or beans. The case of Chukwu Ogbodo, a car washer at Ishaga, a Lagos suburb, is no different. He now feeds once daily on groundnut and bread. After that, “I don’t eat again except God intervenes.” For Sunday Oyiso, also of Ishaga, manna has not fallen from heaven yet. The hair of the nine-year-old is wry and brown; his stomach is like a balloon. With tired steps, he weaves his way through noisy and garrulous cus-

tomers. He lifts a grimy calabash and dips it into the brownish contents of a pot balanced on the earthen tripod of the traditional fire place. As he gulps down the substance, there is a twinkle of relief in his sunken eyes. Sunday’s family – five children, his father, a retired railway worker, his mother, a caterer of sorts, subsists virtually on the food his mother sells and burukutu, a traditional alcoholic drink brewed from fermented guinea corn and patronised mostly by workers and peasant families. It is the breakfast, lunch and dinner, supplemented by tuwo, made from guinea corn also or

maize flour, and an occasional Pete (local corn porridge). At Mowe in Ogun State, a lot of families are also desperate. Last week, a mother actually pawned her child for food in that neighbourhood. Hunger is growing Indeed, across the nation, hunger is growing, and putting food on the table is a nagging problem for most houses. A land of luscious vegetation and rich loamy soil is barely able to feed its sons and daughters. The food crunch has CO NTINUED O N PAGE 22

22 INVESTIGATION

Sanctity of Truth

Monday, May 26, 2014

Food, a nagging problem for most homes it was not long before the mother was identified, and the child given back to her. Mama Sumbo says she lost interest in the money owed her. “Everybodi no say tins deh hard nowadays. So, e fit be say the woman never eat, and instead to go thief, she do wetin she do that time.” However, if these tales were to come from a drought-stricken country, they would have made a lot of sense. But Nigeria, a country in the tropical region, invites description as a large food basin. The sky opens up for much of the year to water the land with mostly heavy rain. Plants and crops grow easily anywhere untended. Yet, for well over a decade, the land of potential bounty has been in the throes of spiraling prices. In most cases, prices gallop by month, even weekly. There is hardly any government effort to combat the problem. And of course, when prices go up in Nigeria, they rarely come down. In short, prices of commodities in the country are more likely to jump still higher once they go up than fall again. While this has been the situation for a long time, wages have not been rising. As a matter of fact, there has been a general freeze since the last labour strike. At the same time, some companies even slashed wages, citing the foreign exchange crunch. Stagnant wage scales in the face of steadily rising prices mean a sharp reduction in the purchasing power of the average Nigerian and a subsequent decline in the ability to feed at all, not to talk of feeding well.

Meat seller at a roadside market in Mowe, Ogun State

A tired kid hawker resting

CONTINUED FR O M PAGE 21

been severe. And the tales of starvation are grim. In the Government Reservation Area (GRA), Ikeja-Lagos, children of lower class parents are going about scavenging the left-overs of the more privileged residents. Other places frequented by these human scavengers include hospitals, schools and restaurants. For many in the city, roasted maize and sugarcane have taken the place of regular cooked meals. Those that are luckier take garri (soaked), coco-yam or cooked cassava. Black amala and pomo (cattle skin), once frowned upon by most people in the South are becoming popular. So is eba, previously a food hardly patronised by northerners. Undoubtedly, for most families, the daily meal has come down to garri, (soaked) and gulped like that without sugar or salt or prepared as eba. Nwafor Maduako, a wheel-barrow

Another at a Filling Station

pusher at the popular mile 12 market in Ketu, says he now eats once daily. His meal is akpu (pounded cassava). Akpu is a heavy food and Maduako says when he takes it in the afternoon, it is usually enough to “hold” his stomach for the rest of the day. Like Maduako, Felix Ehiweme, a driver, agonises that “by the time you don buy fuel, pay garage fees, pay school fees and levies, na small moni go remain to take do other things. If you go market, meat dear; no be say food no deh, but e deh dear.” But, they are not the only ones bemoaning their fate under the crushing weight of poverty in the country. In these harshening times, they are lucky to even eat at all. A growing number of people beg for arms. In the last couple of months, a number of women have appeared on television in various parts of the country to plead for arms. One of such people, a mother of triplets claims her husband absconded, leav-

ing the family in penury. Before the TV appearance, she had not eaten in two days. In Lagos, nursing mothers accost passers-by for as little as N10 to buy ogi (corn pap). More shocking are stories of mothers abandoning kids in market places in lieu of paying for items bought. Mothers abandoning kids in market places A roadside garri seller at OjoduBerger, mama Sumbo recalls that sometime in April, a young woman with a child came to buy N200 worth of garri. She left the kid with mama Sumbo, promising to pay after purchasing other items. One hour, two hours, three, four, five-she was nowhere to be seen. Mama Sumbo raised an alarm, “because the pickin dey cry and since ‘im mama say she dey come, I begin fear make people no come say I steal the pickin.” As people gathered,

Low profile despite rich endowment Yet, those are just a few of the millions of Nigerians whose present situation eloquently demonstrate that poverty, with all its manifestations and dimensions have been in the increase in the country. In all major parameters used for measuring poverty, Nigeria has constantly maintained an unenviable low profile despite its rich endowment in human and natural resources. In the last 53 years, the country has scooped several billion dollars from crude oil alone. But while average per capita income in most oil-producing countries of the world like Saudi Arabia, Venezuela, United Arab Emirate, Kuwait, Algeria and others stands at over $3000, Nigeria’s per capita income remains at about $250 for over a decade now. By United Nations rating, Nigeria is one of the poorest nations on earth. Also, findings by the World Bank reveal that 75 per cent out of the estimated 160 million Nigerians live below poverty line. This means that they live on less than $1 or N160 per day. Behind the grim statistics, however, acute poverty and its manifestations have continued to stare the country in the face. There is lack of basic inCO NTINUED O N PAGE 23

INVESTIGATION

Sanctity of Truth

Monday, May 26, 2014

Access to safe drinking water remains a luxury

Residents of Ajegunle, Lagos in a local tap CON TINUED FR O M PAGE 22

frastructure such as roads, electricity and adequate water: no access to social services such as healthcare, housing, employment, education among others. And it is the same deprivations that have spurred such other problems as the rising wave of crime, hunger, prostitution, struggle for power and even social restiveness. Civil servants who spoke with this reporter say that the national minimum wage can no longer sustain a minimum standard of living for the ordinary Nigerians. For many of them, the N18, 000 wage, is simply frustrating. All these are compounded by the fact that thousands of people are daily thrown into the labour market. The private sector has had cause to lay off workers due to what they attribute to rising production cost and low sales, arising from low purchasing power of the consumers. Already, employment level is rising daily; as at last year, the figures in both public and private sector hovers between 65 and 70 per cent respectively, levels which observers believe, could rise to between 80 and 90 per cent if drastic measures are not taken to arrest the situation. The health sector has not fared well either as many Nigerians are increasingly finding it difficult to access healthcare facilities due to poverty. According to health statistics, only about 10 per cent of the population has access to essential drugs while there are less than 30 physicians per 100,000 people. The implication of this is that diseases and untimely deaths have been on the increase. For many other professionals like estate valuers, especially those who live on the proceeds they make from collecting house rent for their clients, the situation is simply despairing. Many of them who spoke

with this reporter said they have so many undecided cases in courts about rent defaulters. School dropouts, worrisome Even access to safe drinking water remains a luxury to many Nigerians. At present, only about half the population has access to potable water. Perhaps, more worrisome is the declining rate of school enrolment and outright dropout. Rather than go to school, millions of school-age children whose parents cannot afford to feed let alone pay their school fees, have taken to the streets where they hawk and sometimes engage in teenage prostitution all in a bid to survive and supplement family income. The focus on growing agriculture as a business aimed at turning the nation into a global agricultural power house has not been achieved either. The country has, for long, remained a food-deficit country that on occasions has been dangerously dependent on food imports for the welfare of its people. Its agricultural sector has, over the years, ceased to be an important contributor to foreign exchange earnings, with its contribution to employment is declining by the day. Incidentally, this grim picture of Nigeria and Nigerians has not been in tandem with the recent rebasing of the country’s GDP. The controversial rebasing of Nigeria’s GDP, has been described in some quarters as fallacious in view of the fact that the nation and its people are steeped in crushing penury. This seeming contradiction has raised apprehensions on what should be done to stem the tide. In a rare admission of the reality of the Nigerian situation, former President Olusegun Obasanjo, at the tail end of his first term in 2003, said that “we have poverty, indeed, intoler-

A family in their Lagos slum home

able poverty, both in rural and urban areas of the country.” That was the time the internationally acclaimed Index of Economic Freedom ranked Nigeria 140th of the 156 poor countries in which poverty evaluation was conducted. It was also the year the United Nations Funds for Population Activities (UNFPA), classified Nigeria among developing countries highly threatened by swelling population and acute poverty. But, between 2003 and now, not only have the financial resources at government disposal at all tiers more than doubled, even the fledging external reserves at the time, has quadrupled and consolidated at a comfortable level. Besides, more than N4.9 trillion was supposed to have been spent as budget outlay by the Federal Government to improve the lot of its citizens in 2013. Yet, Nigerians remain, according to the latest World Bank ranking, in the

“extreme poor nation’’ bracket of the world with more than 75 per cent population living below poverty line. Understandably, Nigeria’s new economic status has continued to polarise economists, analysts and policy thinktanks along a broad spectrum of these development issues. With its GDP base, the country emerged Africa’s largest economy and 26th in the world. But this new boosted ego in terms of economic weight and size appears to be in contrast with the realities on ground. At about the time it rebased its GDP to arrive at a reviewed estimate of $509.9 billion (N80.2 trillion) for 2013, overtaking South Africa’s $372 billion for the same period, the World Bank declared Nigeria as a very poor country with a significant portion of its vast population living on less than $1.25 a day. The country’s huge populaCO NTINUED O N PAGE 24

24 INVESTIGATION

Sanctity of Truth

Monday, May 26, 2014

Diseases, untimely deaths on the increase ment amongst others that were not previously captured in the old computational framework, arguably provides a truer picture of the economy in terms of size and structure. The new figures, some economics argued, clearly imply a significant change in the key metrics of the macroeconomic fundamentals of the Nigerian economy, cutting across risk, social, financial and trade profiles of the country. But, the subsisting issue of non-inclusiveness of growth in relation to the presence of high poverty incidence, high level of unemployment, infrastructure decay among others becomes magnified beside the expanded profile of the economy.

A child hawker attending to a pregnant woman CON TINUED FR O M PAGE 23

tion also makes the country the 7th most populous in the world. With about 33.3 per cent of this number constituted by young people, Nigeria has a large labour force (11th in the world) and a large market for consumer goods and services. These are some of the factors that are easily pointed out as why Nigeria’s new economic status is considered an illusion. The epileptic power supply (below 4,000 Megawatts) to incessant fuel scarcity (in a prominent OPEC member country), high unemployment level (previously rated at 23.9 per cent), wide infrastructure deficit, poor rising inequality, low per capital income (the reviewed figure of $2,688 is still well below regional average), and poor performance on the UN’s Human Development Index are others that put the rebasing calculations in doubt. Interestingly, the GDP rebasing does produce some interesting numbers such as the contrast between cement manufacturing and the Textile, Apparel and Footwear segment. While Cement manufacturing has become the champion and poster card of Nigeria’s relatively successful backward integration model, which has forced many trading companies into manufacturing, the model creates protectionist guarantees and fiscal sweeteners for manufacturers of selected commodities.

Children scooping fuel from spillage in Niger Delta

Don’t expect relief yet, World Bank On the other hand, textile manufacturing, which was once the second largest employer of labour, only after agriculture, has become the crucible of the failings of the liberal import regime. Yet, there is an estimate size of the Textile, Apparel and Footwear segment at N380.8 billion (0.47 per cent of aggregate GDP), while cement manufacturing is estimated at N350.7 billion (0.44 per cent of aggregate GDP). This clearly suggests the significant underlying potentials of the textile industry even amid current

challenges. This could be why Nigerians are expecting that their plunging fortunes in the hands of their leaders, will improve. But their hopes for relief from the unending economic siege they have been going through were sealed by the same people, who told them not to expect anything new from the dreary and miserable lives they have been living even in the face of continued flow of oil resources. The GDP exercise, which involves in economic activities such as internet, telecoms, e-commerce, and entertain-

Rebasing of GDP, deceptive It is in this light that a financial analyst, Mallam Mohammed Usman, said that the recent calibration of the factors of calculating the economic performance in the name of rebasing remains deceptive. The new status of the economy as arrived at has no linkage with the state of the economy as it is currently hit by rising poverty and collapse of critical infrastructure. “So long the economy is mono in real sense and multi in political sense, the entire scenario remains deceptive,” he said. In spite of that, Statistician-General of the Federation and ChiefExecutive Officer, National-Bureau of Statistics, Dr-Yemi-Kale, says that “rebasing does not change what was already there; it’s just about measuring better and more accurately. It does not mean that within 24 hours something miraculous has happened.” For Ngozi Okonjo-Iweala, Nigeria’s Minister of Finance, Nigerians should not expect any change in their pitiable standard of living soon. “Though, at the end, investors would look Nigeria’s way and things would improve from there,” she says. Meanwhile, this optimism about investors suddenly reversing their negative outlook on Nigeria was quickly rebuffed by the World Bank, which, seeing through the “phantom” script from where this “econometrick” was drawn, told Nigerians that the bogus claim of being the biggest economy does not drive investment. Its President, Dr. Jim Yong Kim, was to drive the points home few days later when he stated that Nigeria is the country with the third highest rate of poverty in the world, hosting 17 per cent of the total world’s poor after India and China. But, the questions that agitate the minds of many Nigerians are: why would the largest economy in Africa not impact the people in a way that they can stop living the humiliating lives of world leading economic refugees, who can do just anything to escape from a fabled fast growing economy? Why would the rebasing of the country’s GDP fortune not translate to a more secured life for povertywracked Nigerians?

BUSINESS Sanctity of Truth

Monday, May 26, 2014

MONDAY, MAY 26, 2014

WHAT'S NEWS NPA, NIMASA to spend N230bn in 2014 The Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) have proposed to spend N231 billion in the 2014 fiscal year.

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S’African regulator to scrutinise telecoms mergers

The Independent Communications Authority of South Africa (ICASA) has said that it could scrutinise a number of high-profile mergers and acquisitions in the telecommunications sector in the country regardless of rulings made by the competition commission on the deals.

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Customs revenue drops 49% at Lagos airport command The Nigeria Customs Service (NCS) is facing hard times at the Murtala Mohammed International Airport over sharp drop in its revenue generation.

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Terrorism: Leverage on apt policies, NAICOM tells insurers As Nigerians have resolved to live with the reality of terrorism in the country, the National Insurance Commission (NAICOM) has advised underwriting firms in the country to take advantage of the appropriate policies that could enable them design products for risk emanating from it.

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Disquiet in NNPC over oil minister’s probe reopening FRAZZLED Officers in charge of logistics and protocols for the minister are jittery   Adeola Yusuf

he resumption of probe of the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, over an alleged N10 billion (about $66million) private jet maintenance scandal, at the weekend, set jitters down the spine of some management staff of the Nigerian National Petroleum Corporation (NNPC).  Speaker of House of Representatives, Aminu Waziri Tambuwal, had directed the Public Accounts Committee to begin hearing on the alleged air charter services scam involving the minister.  New Telegraph however, gathered that the top management staff, particularly those in charge of logistics and protocols for the minister, are now unsettled by the new development. Although lawyer to the minister, Mike Ozakhome, has, according to a source close to the minister, told the House to maintain the status quo because the matter is still before a court. A source at the NNPC told this newspaper that a plan B had been set for those in charge of minister's protocols and logistics on the matter. “They have their orders to retrieve vital documents, which will prove the innocence of the minister and NNPC when the probe begins,” the source said. Failure to do this, he said, means that sack of some management staff of NNPC is imminent because this would be treated as inefficiency at work.”  Group General Manager, Group Public Affairs division of NNPC, Mr. Ohi Alegbe, could not be reached for comment on the probe, but an NNPC source said that the corporation stands by what the

lawyer to the minister said on the matter. “The case is already in court and like Chief Ozakhome has posited, the House of Reps, which is known over the years to be the harbinger of the rule of law, will this time around maintain the status quo,” he said.  The House of Representatives had on March 27 man-

dated the accounts committee to commence an investigative hearing into the alleged scam, but the probe was shelved because the Minister of Petroleum Resources had gone to court. Following the pronouncement of an Abuja Federal High Court presided over by Justice Ahmed Mohammed that he did

not grant any order restraining the House from probing the alleged jets charter by the minister, the House is now adjudged free to commence the probe. The lawmakers are alleging that the minister had spent N10 billion (about $66million) on a chartered private jet, challenger 850, in the last two years.

L-R: United State Consul General, Jeffery Hawkins; United State Secretary of Commerce, Ms. Penny Pritzker and Lagos State Governor, Mr Babatunde Fashola, during a meeting with the governor as part of the United State Department of Commerce, West Africa Energy Business Development Mission to Ghana and Nigeria, led by the Secretary of Commerce, at the Intercontinental Hotel, Victoria Island, in Lagos.

Why multi billion naira airport projects are in limbo DEBT Some contractors had already left sites owing to huge debts owed them Wole Shadare

lans to complete many of the terminal buildings on time may be a mirage as indications emerged that contractors handling the jobs may have left the sites over billions of naira owed them by

the Ministry of Aviation and the Federal Airports Authority of Nigeria (FAAN). With the slow pace of work, particularly at the PortHarcourt Airport, Murtala Muhammed International airport, Lagos, the plans to commission the project looks very impossible. Passengers groan under terrible facilities at many of the airports. The Lagos airport is yet to be completed, although an extension to the terminal had commenced by a Chinese firm after the Federal Government got $500 million loan from the

Chinese government to build four airport terminals in Lagos, Abuja, Kano and Port Harcourt. Most of the airports were turned into construction sites, but sources told New Telegraph that since most of the jobs were not captured in last year’s budget but gotten from extra budgetary allocations, the Ministry of Aviation as presently constituted, is shopping for funds to continue with the projects, just as the 2014 budget is yet to be implemented. CONTINUED ON PAGE 26

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 May 23)

USD . . . . . . . . . . . . . . . . . . . . . . N167 InterBank Rate . . . . . . . . . 10.50% Pounds . . . . . . . . . . . . . . . . . . N284 Prime Lending Rate. . . . . 16.93% Euro . . . . . . . . . . . . . . . . . . . . . . N231 Maximum Lending Rate..25.83% • Foreign Reserves – $37.369bn as at 22/5/2014

EXCHANGE RATE

(Official As at May 23)

USD . . . . . . . . . . . . . . . . . . . N155.73 Pounds . . . . . . . . . . . . . . . N262.26 Euro . . . . . . . . . . . . . . . . . . . N212.27 Source: CBN

26 BUSINESS | NEWS

Sanctity of Truth

Monday, May 26, 2014

S’African regulator to scrutinise telecoms mergers CONSOLIDATION MTN's deal with UGC communications may be reviewed Jonah Iboma

he Independent Communications Authority of South Africa (ICASA) has said that it could scrutinise a number of high-profile mergers and acquisitions in the telecommunications sector in the country regardless of rulings made by the competition commission on the deals. There are currently three major network sharing deals or acquisitions on the cards in the South African telecommunications sector, namely: Vodacom‘s full acquisition of Neotel for R7 billion; Telkom‘s full acquisition of Business Connexion for R2.7 billion; and a mobile network-sharing deal between MTN and Telkom. “While, consolidation is a global phenomenon and anticipated in the market, all such deals may require regulatory approval,” ICASA said. The authority noted that while operators concerned in the deals had been in discussions and some had informed it of their intentions, none of the transactions had come before ICASA. “The Authority is aware of what is currently before the Competition Commission; and in accordance with our institutional arrangements with the Competition Commission we will collaborate – however, that in no way negates the regulatory approvals required from

ICASA.” ICASA also disputed claims that much of the merger and acquisition activity-taking place was due to its delayed allocation of spectrum to industry players. “There has been insinuations in the media to the effect that some of these developments are as a result of ICASA’s delay in allocating or making more spectrum available to the industry,” the authority said. ICASA said the 2011 attempt to deal with additional spectrum requests had intended to address national policy objectives such as facilitating the entry of new providers to the market, and to ensure licensees are contributing to broad-based black economic empowerment. It said: “Be that as it may, it is equally important to note that in 2011, ICASA attempted to open up the licensing process for high demand spectrum (2.6GHz and 800MHz) by issuing an Invitation To Apply (ITA); and the industry partly opposed this process on the basis of a lack of a policy direction.” “This process was subsequently deferred pending the finalization of the policy direction.” ICASA said it would make a detailed comment on the mergers as soon as it had been presented with the substance and details of the deals between the licensees. There have been a few mergers and acquisitions in Africa's telecommunications sector and MTN has been involved in some of the important ones such as the $75million purchase of VGC Communications Nigeria about seven years ago.

Digital switchover: NTA to be split into two Jonah Iboma

ndications have emerged that the Nigerian Television Authority (NTA)’s operations will be split into two independent entities as part of plans by Nigeria to meet the International Telecommunications Union (ITU)'s mandate for countries to ensure digital migration by June 2015. Under the arrangement, NTA is planning to set up a new transmission company, as part of the new licensing regime of the National Broadcasting Commission (NBC) which is expected to give digital migration a leap. According to NBC’s DirectorGeneral, Mr. Emeka Mba, who disclosed this following a digital switchover seminar held in Lagos, arrangement for the new transmitting company which is underway will be finalised in June with a pilot scheme schedule for Jos, Plateau State. Mba pointed out that the migration process would require several billions of naira to be fully implemented and lamented that

lack of funding constituted a major drawback to meeting the deadline, the process of establishing a transmitting firm. Recently, New Telegraph reported that about 50 African countries, including Nigeria, will likely miss the June 2015 deadline for digital switchover. He said: “Heavens will not fall if Nigeria fails to meet the June 2015 deadline, but there are grave consequences for the country.” Mba noted that a fundamental implication of not meeting the deadline would be signal interference from other countries which might have migrated. In addition, he said that Nigeria would not be competitive in the global digital arena and new businesses expected to spring up as a result of digitisation will be defeated. Speaking further on the new transmitting company, Mba said that there was already a white paper on the digitisation process which stressed the use of NTA as signal carrier for transmission, adding that the NTA Act is in the process of being amended.

L-R: Executive Director, South South/Retail Banking, Skye Bank Plc, Mrs. Ibiyre Ekong; Company Secretary/Legal Adviser, Mrs. Abimbola Izu; Group Managing Director/Chief Executive Officer-designate, Mr. Timothy Oguntayo; Deputy Managing Director designate, Mrs Amaka Onwughalu; and the Executive Director, Enterprise Wide Risk Management, Mr. Dotun Adeniyi, at Skye Bank's pre-AGM Media briefing in Lagos.

NPA, NIMASA to spend N230bn in 2014 BUDGET Overhead costs take lion's share Bayo Akomolafe

he Nigerian Ports Authority (NPA) and the Nigerian Maritime Administration and Safety Agency (NIMASA) have proposed to spend N231 billion in the 2014 fiscal year. It was learnt that NPA will spend N144b billion while NI-

MASA budgeted N86 billion. At NIMASA, overhead cost takes the lion’s share of N69.24 billion while salaries and allowances is N15 billion. On capital expenditure, the agency plans to spend N1.71 billion. The agency targets a revenue of N66.96 billion as it plans to spend about N97 billion on both recurrent and capital proposals. NIMASA's budget performance stood at 45.64 per cent last year. Management of the agency spent more on capital projects last year than operating cost,

which the House of Representatives Committee on Marine Transport described as a necessity for development in all sectors of the economy. It remitted N309 million into the coffers of government. However, NPA is yet to release what it would spend on both capital and recurrent expenditure. From a dismal performance of 13 per cent of its budget implementation in 2012, NPA recorded an impressive 71.92 per cent last year. It remitted N15 billion into the Federation Account from the N128 billion it generated.

Multi-billion naira airport projects in limbo C O N T I N U E D F R O M PA G E 2 5

The former Minister of Aviation, Stella Oduah, embarked on airports remodeling project, taking all the 22 airports across the nation for repairs in what many said was not realistic to accomplish in one fell swoop. She succeeded in completing some of the projects, even though, many described the repairs as shoddily done as most of the materials used are said to be substandard and a rip-off on unsuspecting Nigerians. The Bilateral Air Services Agreement (BASA) funds amounting to over $80 million were reportedly spent without approval, but the former minister’s aides said that President Goodluck Jonathan gave approval for the money to be spent. Two weeks after Oduah was sacked, President Jonathan was said to have halted the withdrawal of funds from the account, which is in the custody of the Nigeria Civil Aviation Authority (NCAA). Speaking our correspondent on the alleged abandonment of construction works, Secretary

General, National Union of Air Transport Employees (NUATE), Abdulkareem Motajo, said that the delay was expected considering that Oduah went on a spending spree on some projects that were not necessary. He alleged that the ex-minister had spent beyond the amount budgeted for the project, adding that lack of appointment of a substantive minister of aviation has equally led to delay of completion of the projects. He said that the Supervising Minister of Aviation, Dr. Sam Ortom, meant well for the sector, but hinted that so many distractions with the high rates of insurgency has affected the high rate of work. He said some contractors had already left sites owing to huge debts owed them for the job done. Spokesman for the Federal Airports Authority of Nigeria (FAAN),Yakubu Dati, at a media parley with reporters last week, however, debunked insinuations that the remodeling projects of Nigerian airports initiated by the ousted minister, Oduah had been abandoned

by contractors due to lack of funds. He said: “We hereby wish to emphasise that the Airport Remodeling Project, designed by the Federal Government to modernise all airport terminals in the country, in line with International standards and best practices, has not been abandoned. We also consider as uncharitable and malicious, the allegation that the Permanent Secretary in the Ministry of Aviation, Dr Jamila Shu’ara was “sitting on the funds” meant for a project that she knows President Goodluck Jonathan himself considers top priority in his Transformation Agenda in the aviation industry.” Dati said the seeming lull in the execution of the project in some of our airports was caused by the late passage of the 2014 budget as a result of which releases for the projects were delayed. He stated that now that the 2014 budget has been passed, "the FAAN wish to assure the public that work on the project will be accelerated as soon as fund is released to the affected contractors.

BUSINESS | NEWS

Sanctity of Truth

Monday, May 26, 2014

RACKET Anti-trade practices are taking a toll on Customs revenue Bayo Akomolafe

he Nigeria Customs Service (NCS) is facing hard times at the Murtala Mohammed International Airport over sharp drop in its revenue generation. The command, which has a monthly revenue target of N4.5billion, has not gone beyond N2.6billion since January 2014, due to sharp practices among Customs agents. Most of the revenues New Telegraph gathered, are lost

Customs revenue drops 49% at Lagos airport command through under-invoicing, false declarations and misclassification of goods. A breakdown of the revenue collected by the command between January and April 2014 revealed that the sum of N2, 579, 165, 257, 68 was collected in January; N2, 591, 609, 133, 92 in February; N2, 490, 896, 886.98 in March and N2, 682, 482, 333.8 in April. Also, poor implementation of the Pre-Arrival Assessment Report (PAAR) was said

to have contributed to the low revenue. It was also learnt that there were flagrant abuse of agency license by unscrupulous agent and use of wrong Harmonized System (HS) code. The Customs Area Controller of the command, Mr. Ndalati Garba lamented the dwindling revenue. The image-maker of the command, Mrs. Thelma Williams, also confirmed the dwindling revenue, saying the

command had not been meeting its revenue target. Speaking on the issue, the Public Relations Officer of the Association of Nigeria Licensed Customs Agents (ANLCA) Airport Chapter, Mr. Emmanuel Njokwu, said the area comptroller of the command had pleaded with Customs agents at a stakeholders meeting to sensitise their members on the need for compliance in order as to boost the command's revenue.

He said: "Everybody will be forced to comply now, before you go to the DTI cafes, you must be prepared with your correct information. "We have promised the comptroller that we will talk to our people so that we can beef up the revenue base of the command, which the Controller complained that its dwindling, we will rally round our colleagues to see that the revenue improves. We have to start making sincere declarations.”

Mixed reactions trail non-disclosure of capitalised PMBs Dayo Ayeyemi

ive months after the expiration of the December 31, 2013, deadline for the recapitalisation of Primary Mortgage Banks (PMBs), stakeholders in the built environment are still awaiting the list of the successful ones. The delay, they argue, has slowed down activities in the sector as nobody is sure of the mortgage bank to transact business with. The CBN had last year announced capitalisation requirements of N5 billion for national mortgage banks and N2.5 billion for state license. While some real estate developers are beginning to fret over the delay, others insist that the needful must be done to avoid a mistake. A lecturer in the Department of Estate Surveying and Management at the University of Lagos, Professor Gbenga Nubi, while commenting on the formation of the Nigeria Mortgage Refinance Corporation (NMRC), said that al-

though people need housing but there are no mortgage banks to finance them. He added that because mortgage banks are not creating mortgages there are no houses. But, Chairman, H.O.B. Housing Estates, Olusegun Bamgbade, said that the delay in the release the names is tactical, adding that mortgage issues in Nigeria needs to be handled with a more serious approach. He said: “In 2009, Sanusi Lamido instructed banks to roll out the names of banks’ debtors. The names were rolled out on the pages of newspapers without any consideration of the cause of their predicaments. Most of those names rolled out were actually victims of FMBN’s ineptitudes. Yet the innocent developers were punished for somebody else’s failure.” General Secretary, Real Estate Developers Association of Nigeria, Mr. Goke Odulami, blamed the delay on personnel involved, advising that those that are engaged for the execution of the government agenda must be checked.

Terminal operator invests N20.8bn Bayo Akomolafe

ko Support Services Limited has signed a 20 years concession extension agreement with the Nigerian Ports Authority (NPA) at the Lagos Port Complex. The extension of its concession agreement was signed after the company invested $130 million (N20.8 billion) on infrastructural development. Its initial five years contract ends this year. Its General Manager, Mr Seni Edu, hinted that the company had a design, build, own, operate and transfer agreement with the Federal Government, adding that the terminal has also invested in cranes of about 200 tons capacity, 20 tonforklifts, trucks and power generating set. Edu explained that the ongoing projects at the facility which was about 95 per cent accomplished would be com-

pleted in August. He said: “We have spent $130 million on development project for 20 years concession beginning from 2014 to 2034 and it is under build, own and transfer agreement. “We had development plans for the quayside and the facilities but for funding challenges, government procedures and environmental exercise, they weren’t able to do it. They leased the facilities to us and we gave the proposal that we will develop it and after development, we will get a new 20 years which is starting this year,” he said. Edu also said that the company was known for support services in the offshore oil and gas industry. He stressed that concession agreement had brought efficiency, generate revenue for NPA, sanitise the port environment and had created thousands of jobs for Nigerians.

L-R: Chairman, Dangote Sugar Plc, Aliko Dangote; Group Managing Director, Graham Clark; and Deputy Group Managing Director, Abdullahi Sule, at the 8th Annual General Meeting of the company, in Lagos.

60% Nigerians poor as big spenders abound in cities IRONY Despite the ostentatious lifestyle of a few city dwellers, a larger percentage of Nigerians are poor Siaka Momoh

lthough 60 per cent Nigerians survive on less than $2 day, urban centres like Lagos, Port Harcourt and Abuja, boast of a higher consumption profile with shoppers earning $10,000, according to CSL Stockbrokers, the Oxford Business Group (OBG) report has said. The report further said that modern retailers are only beginning to tap this pent up demand, with just two malls, over 20,000 square metres in Lagos, compared to 74 in Johannesburg. And the trend is growing by the day. OBG reports that Shoprite, Africa’s largest retailer, plans to open 55 additional Nigerian outlets over the next five to six years. It

also said that South Africa’s Massmart, now 51 per cent owned by Walmart, operates two Game outlets in the country and has plans to open 10 to 20 stores across five or six Nigerian cities. Artee Group, owners of SPAR and Park&Shop is planning to open 100 shopping outlets in Nigeria in the next five years. The proposed outlets will come as hyper format units comprising of between 400-500 shops located within the outlets. In order to actualise this plan, the Artee Group will be investing heavily in real estate through the development of shops and malls for itself and others, said the group managing director, Haresh Keswani. “We are setting up a base in Nigeria to work with real estate developers to establish various formats of SPAR outlets and encourage our employees to grow within.” Meanwhile, Nigeria and nine African countries will comprise nearly three-quarters of total consumer spending in sub-Saharan Africa by 2020, an Accenture analysis has revealed. The countries include Nigeria, Ghana and Senegal in

West Africa; Kenya, Ethiopia and Uganda in East Africa; and South Africa and Zambia in Southern Africa. Nigeria is a rising star among these countries and is expected by 2020 to be the largest economy in Africa. The numbers on African potentials speak volume. According to Dr Rose Phillips, Accenture’s Managing Director, Products and FMCG sub-Saharan Africa Lead, Africa Collective Gross domestic product is $1.7 trillion; it has 399 million number of people between the ages of 15 and 24; 12 per cent Africa population as percentage of world population; 50 African cities with 1 million+ consumers; Nigeria’s GDP growth rate with year 2010 as base year is 7.5 per cent more than Kenya’s 5.4 per cent, South Africa’s 2.8 per cent but lower than Ethiopia’s 5.4 per cent. An April 2013 report by Russian investment bank, Renaissance Capital on the Nigerian state-level developments found that the highest spending on clothes and footwear was in Kano State, accounting for 10 per cent of national spending on these items, followed by Lagos and Rivers states.

28 MONDAY| INTERVIEW

Sanctity

Monday, M

‘We can’t achieve desired economic gr Alhaji Mohammed Badaru Abubakar, is the Chairman and Chief Executive Officer of Talamiz group, a conglomerate with vast interest in automobile distribution, logistics, real estate, manufacturing, construction, agriculture and agro-allied commodity distribution. He is the current President of National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA). He spoke with SIAKA MOMOH, about NACCIMA and its role in the Nigerian economy.

What impact has NACCIMA had in the growth of the Nigerian economy? NACCIMA is the foremost business association in the country and my predecessor had worked tirelessly to retain the position of the association in the area of advocacy and bilateral relationship. The primary objective of the association is to create a conducive atmosphere for the pursuit of commerce, industry and all other forms of economic activities of interest to the private sector. In pursuit of this objective, the association undertakes a wide range of activities which are directed at bringing about growth in the economy. These include the following among others: Collection and dissemination of vital business information; Monitoring the performance of the economy and making representations to government and its agencies with regard to the effects of various economic, fiscal and monetary measures;  Identification of obstacles to the establishment and profitable operation of commercial, industrial and other enterprises, especially, those arising from government policies or the administration of such policies and exertion of pressure for the removal of such obstacle; Organising seminars and workshops on various aspects of the economy, business and management; and Promotion of commercial, industrial and, in general, economic cooperation between Nigeria and other countries. How do you relate with the Federal Government? A basic tenet of the Chamber movement is to develop a working relationship with the government regardless of its political complexion. This principle, which is strictly adhered to, has given NACCIMA adequate recognition by government both at the national and state levels. Increasing interaction has been taking place between NACCIMA and the Federal Government and its agencies, and between the primary Chambers of Commerce and Associations and their respective states, local government, parastatals

Abubakar

and institutions. NACCIMA, and indeed, the organised private sector (OPS) are seriously involved in all activities geared towards the growth and development of the nation’s economy. To this end, the association, on regular basis, and through well-articulated memoranda and other mediums, offers advice to government. It also endeavours to remind government of the need for regular consultation and dialogue with private sector on matters affecting the economy and business. In recognition of its pivotal role in the growth and development of the nation’s economy by government, NACCIMA is represented on a number of relevant boards of MDAs, where it makes useful contributions in pursuit of its advocacy role of ensuring conducive operating environment for businesses to thrive. What challenges are encountered by NACCIMA members? Despite the fact that NACCIMA is proactive in the pursuit of its advocacy drive, our members are faced with some challenges. These challenges include the following, among many others: Poor and decaying infrastructural facilities (especially roads and energy supply) resulting in high operational cost due to huge investments in private electricity generation and transportation - though, we know government is working very hard to solve the power problem; the worsening state of insecurity in Nigeria, especially the sectarian violence in the North and kidnapping in the South-South and South Eastern parts of Nigeria, resulting

in serious threat to lives and properties, as well as resurgence of armed banditry and robberies; late release of budgets; highly politicised environment in which business and economic activities are pursued, resulting in some conflicting polices/goals that affect optimal efficiency in service delivery and advocacy pursuit; and inability to effectively engender closer chamber-government relation as desired in representing and lobbying for the interests of our members. How do you think these challenges should be addressed? Good question. There should be provision of adequate infrastructure especially in the areas of power supply and transportation. There is the need to accelerate the completion of the on-going power sector reforms so as to improve the present power generation capacity of below 4000MW to 10,000MW by December 2014. An effective transport system management should be put in place by providing adequate and reliable infrastructure for road, rail, air

However, we are still worried about the high Monetary Policy Rate (MPR) of 12 per cent which keeps the interest rate high and expensive to borrowers

and waterways transportation in order to achieve supply chain efficiencies. All these should be done through effective public-private partnership (PPP) synergy for optimal result to be achieved. There is the need to ensure efficient and effective security system that promotes business/ investment climate as well as one that guarantees lives and properties of the citizens. PPP could be adopted through collaboration with NACCIMA and private security agencies to achieve a lasting solution to the crime, terrorism and other vices currently besetting our nation. The timing of our budgets such as crafting, submission to the legislators for discussion and subsequent signing into law by Mr. President, C-in-C, and presentation to the nation require serious attention. A neat budget should reach the president by November while ministries, departments and agencies should receive their release in December to enable them start implementation in the ensuing year. Government to give serious consideration to dealing with institutions such as NACCIMA, MAN, NECA, and NESG rather than individuals on all government committees critical to the growth and development of the industrial/business sector in the country. More funding is needed to carry out NACCIMA activities/programmes successfully. This can be achieved by making membership of Chambers of Commerce compulsory to all business operators, which would also serve a dual purpose of reducing or even eliminating fraud in the economy. What is in the recently launched FG’s Na-

MONDAY| INTERVIEW 29

of Truth

May 26, 2014

rowth with current high interest rate’

tional incentives.

BIODATA

What is your assessment of the ports reforms project of government? We are aware that considerable efforts have been made by government on ports reforms. However, the success level recorded is still low compared with the expected result as the 24-hour target for cargo clearance process is yet to be achieved. We believe government and her agencies could still do better.

Previous jobs: Ministry of Finance and Economic Planning, Kano State from 1987 to 1991. Chairman and Chief Executive Officer of Talamiz group Schools: Ahmadu Bello University, Zaria. Degrees: B.Sc. Accounting Experience: Chairman and Chief Executive Officer of Talamiz group Member, National Council on Privatization, Federal Republic of Nigeria. Second Vice President of the Federation of West Africa Chamber of Commerce (FEWACCI), which is the regional body of Chambers in the West African region.

Will you say that government has delivered on its backward integration programme? We can say with all sense of responsibility that some level of success has been achieved especially for cement. With regard to sugar, progress is being made and it will take some time, but we believe it will be another success story since three billion naira has been invested in the sector. On cassava, progress is still slow with rudimentary techniques still being adopted by most peasant farmers.

tional Enterprise Development Programme for NACCIMA members? Our members who are business operators would definitely key into and benefit from the recently launched National Enterprise Development Programme (NEDEP) that has been designed to create at least 3.5 million jobs across the country through the development of the Micro, Small and Medium Enterprise (MSME) sector, which is the engine of economic growth. We expect that NEDEP, being spearheaded by the Federal Ministry of Industry, Trade and Investment (MITI), in collaboration with the major drivers - the Bank of Industry (BoI), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) and the Industrial Training Fund (ITF), would harness the vast opportunities in the MSME sector to drive inclusive economic growth through skills acquisition, entrepreneurship training, business financing, employment generation, as well as wealth creation. What does your association think of the interest rate today? The Central Bank of Nigeria (CBN) and its Monetary Policy Committee have done a good job to maintain stability in the economy. However, we are still worried about its high Monetary Policy Rate (MPR) of 12 per cent which keeps the interest rate high and expensive to borrowers as no bank would lend to customers at single digit, which is below its cost of 12 per cent. With the current interest rates hovering between 17 per cent and 28 per cent and for a growing economy like ours, it will be difficult to achieve the desired economic growth and motivate indigenous entrepreneurs to create businesses since they will not be competitive with their foreign counterparts who obtain fund from their countries at single digit and invest in the Nigerian economy. Isn’t it time for us to dump our traditional mono-economy garb? The need to promote non-oil exports in an economy like ours cannot be over-emphasised, given the global trend to boost trading relations among nations. Given the focus of government to diversify the economy from mono economy (i.e. oil) and to promote non-oil exports, with numerous incentives put in place to attract operators engaged in the non-oil sector of the economy (agric, manufacturing and solid minerals), the impact so far recorded is still below expectation. With the recently launched NEDEP and the Nigerian Industrial Revolution Plan (NIRP), if government and the private sector can join hands and implement both programmes, we believe that in a very

What is the chamber’s position on the current fiscal policies and plans for the real sector? Our association’s position on current fiscal policies and plans is that there are good policies, but government should continue to have the political will to implement them transparently. The mortality ratio of small businesses in the country seems to be rising by the day. How do we address this problem? Various factors account for the rising mortality rate of SMEs in the country today. These include poor enabling environment, including infrastructure, incentives, funding provided by government for businesses financial mismanagement; lack of basic business capacity (knowledge, skills and attitude); non-recruitment of qualified personnel resulting in poor record keeping, especially accounting books; low capacity to invest in R&D, ICT & e-commerce, including lack of standardisation of products and limited access to markets. We believe the mortality rate of SMEs will reduce drastically if the National Enterprise Development Programme (NEDEP) and the Nigerian Industrial Revolution Programme (NIRP) are implemented effectively.

Abubakar

short period of time, Nigeria will move from a mono-economy and diversify into other sectors, including solid minerals, which is yet to be fully exploited. We can see what is going on with the cement, orange juice and presently, mining activities in Zamfara State by the Chinese, as well as the announcement by government that four foreign companies would soon begin the mining of gold and iron ore in Kebbi, Osun and Kogi states while over 20 foreign companies from Australia, Canada, United Kingdom, Italy, China, Republic of Niger, India, South Africa and Ukraine had obtained exploration licenses to carry out solid minerals’ exploration across the country. There is the need for government to demonstrate the political will and transparency to ensure the realisation of the objectives of the two programmes. The Co-coordinating Minister of the Economy, Dr. Ngozi Okonjo-Iweala was reported as saying that government is working hard to strengthen Customs and

FIRS on their income drive. What is the implication of this to the local industries, especially in terms of competition from imported goods? While we are not against the strengthening of Customs and FIRS, we wish to state here that Customs should not be seen as revenue generating agency of government but rather a trade facilitating agency. If this is done, it would definitely enhance the competitiveness of local industries with imported goods. For FIRS, we support the strengthening by government as long as the enabling environment and additional incentives are provided to businesses to thrive and be better positioned to pay their taxes as at when due. How can local manufacturers be encouraged to do export? Government should continue to identify and promote those products which we believe Nigeria has competitive and comparative advantage of producing and exporting and support them with addi-

What impact is the state of insecurity in the North having on agriculture since this region accounts for most of the food consumed by Nigerians? How is this state of insecurity impacting on business generally in the North? As a matter of fact, it is clear that the Agricultural Transformation Agenda of the Federal Government cannot be sustained or realised in a tense atmosphere with insecurity as being currently witnessed in the North. No doubt, the current insecurity in the North has had serious negative consequence on businesses operating in the region as most of them have either shut down operations or are already relocating or have relocated to safe areas of the country since business can only thrive in a conducive and peaceful environment. How has NACCIMA fared in its advocacy role for businesses in Nigeria? Indeed, over the years, NACCIMA has fared well in its advocacy role in ensuring a conducive enabling environment for businesses to thrive in the country. NACCIMA has been able to achieve this by engaging in constant dialogue with and making submissions to government on policy formulation and implementation as they affect business.

30 BUSINESS | NEWS GROWING RISK NAICOM is ready to provide enabling atmosphere for underwriters

Sunday Ojeme

s Nigerians have resolved to live with the reality of terrorism in the country, the National Insurance Commission (NAICOM) has advised underwriting firms in the country to take advantage of the appropriate policies that could enable them design products for risk emanating from it. Speaking with our correspondent on the sidelines during a seminar in Uyo, Akwa Ibom State, Commissioner for Insurance, Mr. Fola Daniel, said the sudden emergence of terrorism in the landscape was an unfortunate occurrence for the underwriters. He said although some insurance companies were already designing products for cases like kidnapping and the likes, that of high scale terrorism would take another

Sanctity of Truth

Monday, May 26, 2014

Terrorism: Leverage on apt policies, NAICOM tells insurers dimension being a strange and an unexpected threat. Daniel, who described terrorism as a growing risk, said the commission would always provide an enabling atmosphere for the underwriters to design products and policies that would mitigate losses arising from terrorist attacks. He explained: “Insurers can design any product, any policy to cover any exigency. Terrorism insurance is not very popular because insurance is about risk transfer and risk transfer in insurance is of different tiers. We have the primary risk bearer, which is the insurance company; we have the secondary risk bearer, which is the reinsurance company and a third one. “For now, the primary insurer will not issue terrorism cover because there is nobody to share it with in the past. But now, we are beginning to have

products by reinsurers for terrorism. We are beginning to have reinsurance companies that have acquired capacity for terrorism insurance. Now the primary risk bearer will have the confidence to issue terrorism cover. “I am very happy that one of the reinsurers in the market now has treaty to reinsure terrorism risks. It is an area that is developing and insurance is dynamic and now we are responding to this emerging opportunity.” The commissioner called on the operators to take early steps on the development before an agency emerges from nowhere to design a product for that purpose. “I think insurance companies should take initiative on terrorism before somebody

comes up with an agency that will provide for risks on terrorism and they begin to complain of loss of another business,” he said. He promised that the commission would work with the operators to see that the government supports the initiative as done in other countries. Last week, a United Kingdom-based legal practitioner and consultant, Mr. Kachi Okezie, said that the current state of terrorism in the country could have been curtailed, had there been a robust and fit-for-purpose insurance industry. He said in advanced societies, the insurance industry is a major deterrent to negligence by both public authorities and the general public.

According to him, “The insurance industry is well known for its powerful lobbies all over the world. In the UK, the industry has forced non-performing police chiefs from office for failing to curb rising crimes such as burglary, which hurt the industry’s finances the most. “Imagine how differently government, the business community and individuals would behave were they under pressure from the insurance industry. People would think more about risk and compensation. Do you think some of the obvious lapses we’ve seen in the Federal Capital Territory and beyond would exist if the administrations had been slapped with a bill for $100 million each time an incident happened?”

‘32.5 cement grade can meet all construction needs’ CONTROVERSY The raging debate over which cement grade is better continues Siaka Momoh

he Chief Executive Officer of Lafarge Cement WAPCO, Mr. Joe Hudson, has said in Lagos that the company’s products can meet all construction needs. He also reiterated Lafarge’s commitment to the economic development of the country, stating that the institution will “continue to produce products that meet national and international standards.” Hudson spoke at a media briefing held by Lafarge businesses in Nigeria to clarify issues on the clamour by some groups linking persistent building collapse in the country to the use of 32.5 grade of cement. While refuting the claim, Hudson stated that “in alignment with all relevant professional bodies and agencies, including the SON, there is no sub-standard cement production in Nigeria.” He disclosed that cement is merely a component of concrete and therefore cannot be the root cause of building collapse, adding that some of the causes of building collapse as identified at a public discourse recently organised by the company are the use of un-qualified workmen in construction, non-adherence to building codes, engagement of non- professionals, sharp practices by some contractors, natural disasters and

sabotage. The CEO noted that Lafarge remains the champion of fighting building collapse in Nigeria. “We are the first cement actor in the country to rally support for addressing the root cause of building collapse, starting in 2010 with the first building collapse national discourse. The second edition was held in April 2014, with all key stakeholders in attendance and the contributions at these sessions, which are key to achieving zero building collapse objectives have been made public via a published communiqué.” He further stressed that just like in other parts of the world where it operates, Lafarge has the widest range of cement products in Nigeria, which have been developed to respond more specifically to various needs of different customers and applications and meet the needs of low buildings and more sophisticated structures. He added that the company will continue to innovate to bring new solutions which will help build better cities and contribute to the industrialisation of Nigeria. “We will continue all efforts to heighten awareness of our products and to make sure the public knows about the strength and quality of our solutions,” he said. Hudson maintained that there is nowhere in the world where the 32.5 cement grade has either been restricted or banned, declaring that “it is interesting to note that in South Africa, 32.5 cement grade is recommended for a wide spectrum of applications by another leading cement producer in Nigeria.”

L-R: Lee Zak, Director, United States Trade and Development Agency (USTDA); Dr Teddy Ngu, Head, Corporate Development and Investment, Honeywell Group; during the Memorandum of Understanding (MoU) signing ceremony of the Sagamu Independent Power Project in Lagos.

Pressure on naira to persist –Analysts STEADY REVENUE Oil prices, which have held up expectedly, are unlikely to fall sharply Dele Alao

here is a probability that the Nigerian currency, the naira would continue to be under pressure as political and security spending ramp up, experts at Financial Derivatives Company Limited have said. The experts in their monthly report noted that the oil prices, which have held up expectedly, are unlikely to fall sharply in the near term. “The boat explosion by

MEND around the Port Harcourt Refinery Jetty in Rivers state is another threat to domestic oil production and macroeconomic stability. It is hoped that oil production disruption will not increase with negative con-sequences on the national dollar inflow,” the firm said. On the appointment of the new Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, the firm FDC noted that he is coming into the role in the last month of Q2 and will quickly evaluate the monetary conditions to determine what mix of monetary policy instruments will be required to achieve equilibrium and balance between the domestic and external sectors of the economy. “He will take comfort in the fact that headline inflation is

not too high but will need to see the big difference between anticipated inflation and historical price levels. He will also have to determine, if he would prefer to use monetary policy instruments as a strategic tool for economic management or alternatively to react to the illusion of a false sense of economic patriotism,” the firm said. It added that though the macroeconomic environment has been relatively stable, there are other risks the new Governor will have to contend with. “The conflicting trends of core and headline inflation since January 2014 will have to be put in perspective as well as the concerns over the eroding fiscal buffers. All of these could accentuate another speculative attack on the naira,” it said.

BUSINESS | MONEYLINE

Sanctity of Truth

Monday, May 26, 2014

Sterling Bank’s deposits hit N540bn

CONFIDENCE Sterling Bank has steadily grown its deposits and other performance indices, indicating that customers have confidence in the bank

34 per cent of the deposits. In its analyst/investor presentation in the first quarter of 2014, the bank explained that its active customers grew to 1,000,000 while headcount was 2,735 professional employees. It added that gross earnings rose by 24 per cent to N24.6 billion from N19.8billion in the first quarter of last year. The earnings, it noted, was driven by interest income, which rose 31 per cent in lending and accounted for 76 per cent on the back of increase activities.

Bayo Akomolafe

terling Bank has recorded N540 billion deposits in its balance sheet in the last one year. The lender’s retail deposits accounted for 66 per cent while wholesale funds accounted for

“Net interest margin improved by 240 basis points to 7.6 per cent from 5.2 per cent in Q1 2013, driven mainly by a 210 basis points increase in yield on earning assets. “Despite a high interest rate environment, funding costs were moderated by basis points to 5.6 per cent,” the report stated. During the period, the lender’s operating income rose 34 per cent to N16.2 billion from N120billion in Q1 2013 due to a 58 per cent increase in net interest income.

Skye Bank lends N15bn to farmers clude agriculture and maritime sectors in its business. He said the bank had already extended N15billion to its agro-allied small and medium scale farmers in the current farming season. Although, agriculture is not one of its core competent areas, he said that agriculture is too important for any lender to ignore though it is fraught with many risks and dangers. The Skye Bank boss insisted that more banks would have stepped up their level of commitment if the National Agric Insurance Bank had continued operation to de-risk agriculture in the nation. Oguntayo bemoaned the arrangement between the banks and the apex bank and Nigerian Incentive-based Risk Sharing System for Agricultural

Godson Ikoro

kye Bank Plc will continue to play in the agricultural sector of the economy, where it gave out over N15 billion credits to customers. The lender has also been given a clean bill of health on its offshore subsidiaries in Sierra lone, Gambia and Guinea republic. The Group Managing Director, Mr. Timothy Oguntayo, disclosed these whilst fielding questions from the journalists at the bank’s pre- Annual General Meeting (AGM) media briefing. Speaking on the reviewed strategy for the implementation of Commercial Agricultural Credit Scheme (CACS) and the role of the bank, Oguntayo said that Skye Bank did not ex-

Lending (NIRSAL), an agency of the ministry of agriculture, to de-risk lending to farmers. He said both NISRAL and CBN reneged on the 75 per cent guarantee of loans to farmers. The Skye Bank boss said banks would not like to bear the loan loss alone and consequently they have to be careful when granting loans to farmers. On the performance of its off shore subsidiaries, the lender said that its three subsidiaries in the West African Sub region are doing excellently well and making profit. However, he said the bank would like the nationals of Sierra lone Guinea and Gambia to inject capitals into the bank’s subsidiaries, emphasizing that he is throwing the ownership open to them.

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

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

Description

TTM

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

1.21 2.53 3.22 5.39 7.98 16.47

Tenor (Days) Call 7 30 60 90 180 365

Rate (%) 11.9167 12.3333 12.6667 12.9167 13.2167 13.5000 13.7500

NIBOR

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

FGN Bonds Bid Price 90.20 99.25 104.10 109.35 114.15 76.60

Bid 12.10 12.10 12.05

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

Offer 163.38

ly due to the decline in deposits. “We expect a capital adequacy ratio of 20 per cent on completion of our capital raising programme.” The bank noted that liquid assets accounted for 48 per cent of total assets (December 2013; 52 per cent) and stood at N335.9 billion). The lender said investment securities made up of Treasury Bills and Boards accounted for 24 per cent of liquid assets, while pledged assets accounting for 25 per cent of liquidity assets represent collateral for clearing activities, facilities from foreign banks and Bank of Industry as well as letters of credit transactions,” it said.

Interbank rates slide as CBN pays off treasury bills

nterbank lending rates fell to an average of 10.25 per cent last week, compared with 12.41 per cent penultimate week, as the Central Bank of Nigeria (CBN) kept its benchmark rate unchanged but paid off matured treasury bills, boosting liquidity. The apex bank kept its policy rate on hold at 12 per cent for the 16th time in a row last Tuesday, as it sought to maintain a stable currency and historically low inflation in the face of "eroded fiscal buffers". The banking watchdog sold N397 billion ($2.5 billion) worth of open market securities (OMO) last Thursday to mop up liquidity, the same day it paid off N230 billion worth

E Offer Yield 13.01 13.40 13.47 13.49 13.44 13.59

Price 90.35 99.40 104.40 109.65 114.45 76.90

Tenor (Months) 1 2 3 6 9 12

Rate (%) 12.1827 12.2737 12.3744 12.8521 12.8535 13.8443

NITTY

Yield 12.86 13.33 13.35 13.42 13.38 13.53

Money Market Offer 11.85 11.85 11.80

It added that growth in the net interest income was boosted by a 31 per cent growth income relative to a modest increase of 8 per cent in interest expense. “Cost-to-income excluding impairment charge declined by 40 basic points to 71.7 per cent (76.7 per cent unadjusted) from 72.1 per cent in Q1 2013, reflecting improvements in operating efficiency,” it declared. On capital and liquidity, it declared: “Capital adequacy and liquidity ratios were above the regulatory benchmarks of 10 per cent and 30 per cent respectively. “Loan-to-deposit ratio increased from 56 per cent in December 2013 to 62 per cent large-

of matured treasury bills, cancelling the effect of the mop up, dealers said. "We don't expect much change in the market next week unless CBN decides to sell more OMO bills," one dealer said. Cash balance that lenders hold at the apex bank was N411 billion last Friday, compared with N350 billion a fortnight ago. The open buy back (OBB), according to Reuters, was flat at 10.25 per cent, 1.75 percentage points below the CBN’s benchmark rate of 12 per cent. Overnight placement and call money each fell to 10.25 per cent, against 12.50 per cent each last week.

Enterprise Bank children's party holds tomorrow

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

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

Rate (%) 11.33 11.63

NIFEX Spot ($/N)

Bid 163.4000

Offer 163.5000 Source: FMDQ

nterprise Bank month-long Children Banking Month will end tomorrow with a big party for children in Victoria Island, Lagos. The programme began in the first week of May, according to a statement from the bank. The lender did not just celebrate with fanfare alone, through its flagship savings account platform for children called Enterprise Stars Account, the lender said it dedicated the entire month to child education especially as it relates to early financial literacy. During the period, according to the statement, an estimated 6,000 pupils and students from primary schools all over the country visited branches of the bank nationwide where they were taken through the operations of the bank and taught about different areas of banking operation, including how to open accounts, the importance of cashless banking and how to make Automated Teller Machine (ATM) withdrawals. They were also taught how to pay for goods and services with Point of Sale (PoS) machines, Internet banking

and how to become bankers among others. Officials of the bank also visited over 310 schools across the country where they replicated the teachings and distributed gift items as a way of supporting pupils in the schools that could not visit the bank on an excursion during the period. The statement said:“Enterprise Stars Account on which the activities of the programme are tied around is specifically designed to provide a savings platform for children. The account is designed for children between the ages of 0 – 18. "To open and run the account is also made easy. The Enterprise Stars account requires that the parents or guardians of the children run the accounts on behalf of the children or wards until age 18 when they can legally take over the accounts, which at this stage will then be migrated to the Enterprise Save Account. Enterprise Stars has an opening balance of N5,000 and a minimum operating balance of N2,000 among other features.

BUSINESS | STOCK WATCH

Sanctity of Truth

Monday, May 26, 2014

Dangote Cement: Investors eye growth fundamentals Dangote Cement’s Obajana plant in Kogi state, is the largest in Africa with 10.25mta capacity across three lines and a further 3mta capacity currently being built. Edwin stated that Dangote Cement would be investing several billion dollars to build manufacturing plants and import terminals across Africa. Current plans are for integrated or grinding plants in Cameroon, Ethiopia, Republic of Congo, Liberia, Senegal, South Africa, Tanzania, Kenya and Zambia, as well as Ivory Coast and Ghana, and import/packing facilities in Ghana and Sierra Leone.

FORWARD LOOKING Dangote Cement plans expansion in 13 other African countries Chris Ugwu

arket sentiments for the shares of Dangote Cement, has maintained stability as bargain hunters jostle to gain from the prospects of the company. The company has continued to retain the top spot not only among its competitors, but the entire companies quoted on the Nigerian Stock Exchange (NSE). Stockbrokers attributed investors’ sustained confidence in the stock in spite of recent lull in the market not only to the recent announcement of its full year results, which showed an increase in dividend by 133 per cent to N7.0 per share, but also the future prospects of the company. Dangote Cement is towering with a market capitalisation of N3.8 trillion, about 30 per cent of total equity market capitalisation of N13 trillion and the highest by any quoted company. This implies that the pricing trend of Dancem will most often have a ripple effect on the overall pricing trend at the stock market. Market pundits believe the implication of the development is that Dangote Cement, determines the direction of the market that is made up of about 200 stocks listed on the floor of NSE. The share price, which closed at N182.00 per share in June, 2013 appreciated considerably to close at the end of Friday’s trading at N223.62, an increase of N41.62 or 18.6 per cent year to date. This is an indication that it had sustained its momentum in spite of profit-taking trend that had characterised transactions in recent period. Since share-pricing trend primarily rests on the fundamentals of the company, the firm’s upwardly pricing trend is an evidence of its operational and fundamental position. Stronger fundamentals Emerging results have shown improved sales efficiency and cost management in the operations of company. Its 2013 financials recorded an upsurge in sales volume to the tune of 13.3million tonnes, leading to a 40.6 per cent increase in profit before tax over the previous year. The company declared a profit before tax of N190.8 billion for the year. The audited results of the company announced indicated that the pre-tax profit was 40.6 per cent higher than that of the previous year, while

Dangote

consolidated revenue grew up to N386.2billion, representing an increase of 29.4 per cent. Consequently, the company recommended a dividend increase of N7.0 per ordinary share as against N3 paid out in 2012, an increase of 133 per cent. Dangote Cement also recorded an increase in sales volume, while total Nigerian cement market grew by 15.6 per cent to nearly 21.2 million tonnes. Sales drivers The company attributed the increased sales volume to its direct-to-customer deliveries strategy and described it as proving highly successful, accounting for more than 50 per cent of sales, with its Obajana plant sales volumes up 37.2 per cent and Ibese up by 40.4 per cent. Dangote Cement’s Group Chief Executive, Devakumar Edwin, expressed satisfaction at the performance of the company, saying the impressive run was as a result of strategies deployed management despite the prevailing economic situation. He said: “Dangote Cement made excellent progress in 2013. As the Nigerian cement market grew by a strong 15.6 per cent, we managed even better growth of 28.2 per cent, with our revenues increasing by 29.4 per cent to N386.2billion. Our direct-delivery strategy is proving very popular with customers and I am pleased to report that directto-customer deliveries now account for more than half of our sales. “We increased our margins despite continuing disruption to our gas supply and believe

that the gas distribution infrastructure will be more robust in 2014, enabling us to improve our margins even further. At the same time, we are looking at ways to diversify our fuel supplies to mitigate the impact of any future disruption and reduce the cost of using alternative fuels to gas. “Our financial strength has allowed us to increase our dividend by 133 per cent to N7.00 per share and the coming year will see our new factories opening across Africa as we begin to deliver on our promise to become Africa’s leading cement producer, generating strong and sustainable returns for our shareholders,” he said. Expansion drive Dangote Cement is a fully integrated quarry-to-customer producer with production capacity of 20.25 million tonnes in Nigeria and plans to expand in 13 other African countries with new operations beginning to come on stream across the rest of Sub-Saharan Africa. The group plans to have around 60 million tonnes of production, grinding and import capacity in Sub-Saharan Africa by 2016.

Analysts at Meristem Securities said its prospect for the company in 2014 and beyond remains upbeat

Current trading and outlook The group believes that trading on cement remained robust in Nigeria and it has experienced a solid start to the year with demand up in all regions. “We have embarked on an initiative to improve the standard of cement sold in Nigeria and our belief is that 42.5 strength cement is the most appropriate for general use. We are working closely with industry consumers such as block makers to ensure widespread education as to its use. “We have recently announced the availability of 52.5 strength cement, which is appropriate for heavy load bearing structures such as bridges and flyovers. “We hope to increase market share in the short term by increasing the level of direct-tocustomer deliveries and competing on product superiority,” Edwin said. He noted that as imports fall

Share price movement of Dangote Cement Plc 2013 June 30

N182.00

July 31

N194.72

Aug 31

N190.00

Sept 30

N190.00

Oct 31

N190.00

Nov 30

N195.00

Dec 31

N218.99

2014 Jan 31

N234.49

Feb 28

N240.00

Mar 31

N239.75

Apr 17

N226.01

May 9

N223.62

away, the company would have additional opportunities to sell cement in areas previously supplied with imports from other companies. “In the medium term, we expect the Nigerian market to continue growing to the point that other manufacturers become constrained by their existing capacities, at which point they will no longer be able to satisfy increasing demand except by investing in new capacity. As we are adding nine million tonnes of capacity at the end of 2014, we will not be so constrained and will therefore be able to gain share by satisfying additional demand that others cannot. “We have commenced cement production at our Delmas plant in South Africa and are readying Senegal for operations in the first half of this year. We expect other facilities to come on stream this year in Senegal, South Africa, Zambia, Cameroon and Sierra Leone,” he noted. Analysts view Analysts at Meristem Securities said its prospect for the company in 2014 and beyond remains upbeat as the building & construction and real estate sectors are set to continue on an uptrend with striking growth rates on the back of anticipated private and public spending on infrastructure. This according to them, further reinforced particularly by expected fiscal releases in the preelection year and sustenance of Nigeria’s GDP growth at 6.5 per cent. “With the year commencing on a good note as guided by management, the company’s continued sales drive via increased direct delivery to customers, introduction of 3X cement bag and 52.5 cement grade to meet large scale and heavy load-bearing construction needs accordingly,will also help bolster strong revenue growth. “We think these initiatives will be further buoyed by the commencement of production at DCP's Delmas plant in South Africa and expected start at Aganang by mid- 2014 and doubling of its capacity in Ghana by H2:2014. Other African operations in Cameroun, Sierra Leone and Zambia are expected to come on stream in H2:2014. “More so, its capacity in Nigeria is expected to further rise by 9 mmtpa by end 2014 (6mmtpa at Ibese and 3 mmtpa at Obajana), which would largely support topline growth from 2015 onward,” they said. They noted that major downside risks to these growth projections are heightened insecurity and instability in the Northern region and unfavourable weather conditions with 2014 first quarter already recording much rains as against seasonal trends.

BUSINESS | CAPITAL MARKET REPORT 33

Sanctity of Truth

Monday, May 26, 2014

New listing boosts stock market GREEN Positive sentiments ruled the local bourse Chris Ugwu

otwithstanding the bearish market that opened the week last Monday, the Nigerian stock market sustained bullish tempo following a combination of market forces and the new listing of an offshore service company- Caverton Offshore Support Group PLC. The listing gave investors respite on the local bourse the following day (last Tuesday) as equities appreciated on resumed bull activity to halt a one-day bearish run. Market watchers believed bargain hunters were spurred to increase position taking to take leverage on the new entrance. Trading activities on the floor of the Exchange had on Monday opened the week on a negative note as the stock market lost points and returned to red territory following sell pressure on blue chip companies. The twin market performance measures, the NSE ASI and market capitalisation, dropped by 0.03 per cent as the market tempo lowered and bargain hunters commence profit taking following the bullish run witnessed penultimate week. The market had at previous week staged a recovery, breaking the jinx of the lull that characterised trading activities the previous week. At the close of trading last Monday, 22 stocks recorded price appreciation, while 27 others constituted the losers’ table. The twin market indicators, the All-Share Index rose by 10.94 basis points or 0.03 per cent from 39,018.34, last Friday to close at 39,007.40, while the market capitalisation dropped by N3 billion or 0.03 per cent from N12.851 trillion to N12.848 trillion. Further analysis of the day’s trading showed that Ikeja Hotels Plc topped the day’s gainers’ table with 9.52 per cent each to close at 69 kobo, while Red Star Express Plc followed with 5 per cent to close at N4.62 per share. Custody Insurance added 4.71 per cent each to close at N2.67. On Tuesday the market recorded upward trends as the bulls staged a comeback after the market opened the week on the red zone the previous day. The NSE ASI rose by 0. 40 per cent amid new listings from Caverton Offshore Support Group and stocks from the banking as well as oil & gas subsectors spur the market. Caverton Offshore The Exchange had alongside trading activities, listed by introduction, 3,350,509,750

Trading floor

of N0.50 par value each of shares of Caverton Offshore Support Group at N9.50 a share. The admission of Caverton Offshore Support Group to the Exchange swelled the market capitalisation by N3.8 billion. Chief Executive Officer of the NSE, Oscar Onyema, said the listing was another manifestation that the Nigeria bourse is on the right path of becoming the African Exchange of choice. He noted that Caverton has taking a hold step by adding N31.829 billion to the market capitalisation of the Exchange. He said that the Exchange would continue to introduce more products to meet the need of wide range of local and international investors, adding that the management is determined to ensure sound corporate governance among the marker players. "At the Exchange we try to nurture African champions, we believe that by listing your company, you are on your way of becoming an African champion," he said. Managing Director of the company, Mr. Olabode Makanjuola, while addressing capital market community on the floor of the Exchange, said the company has metamorphosed from a humble beginning to a leader in the offshores service industry over the past 14 years. He noted that the demand for capital expansion lured the company to list on the floor of the Exchange, as the company intends to leverage on the platform to expand its capital base. "Our plan is to be the African champion and the leader of offshore support services company in the continent. We know we have the wherewithal because of the favourable legislation as regards the local content initiative of the Federal Government, which has

come to stay,” he said. Meanwhile, the shares of petroleum products marketer, Forte Oil, advanced by N7.55 to close at N163.50 to lead the pack of gainers, while major brewer of beer and nonalcoholic malted beverages, Nigerian Breweries, followed, appreciating by N2.00 to close N166.50 a share. In the same vein, shares of top-tier deposit money banks, Guaranty Trust Bank and Zenith Bank, firmed by N0.49 and N0.31 to N27.49 and N23.30 respectively. On the flip side, nutrition and wellness company, Nestle Nigeria, depreciated by N6.00 to N1, 070.00 a share while manufacturer of personal care and oral care products, Unilever Nigeria, rose by N0.35 to N49.40 a share. Also, manufacturers of building materials, Lafarge Cement Wapco and Ashaka Cement, tumbled by N2.49 and N0.30 to N110.01 and N19.70 a share. On the activity chart, the Banking sub-sector dominated in volume terms with 116.4 million shares worth N1.5 billion in 1,503 deals. The sub sector was enhanced by the activities in the shares of Zenith and UBA Plc. Other financial services sector boosted by the activities on the shares of FCMB and FBNH Plc followed with 79.4 million units, worth N770.7 million in 851 deals. In all, investors exchanged a total of 298.2 million shares, worth N3.9 billion in 4,660 deals. The bulls The bulls trudged on to push the NSE ASI further in green turf, by 0.19 per cent last Wednesday. The NSE Oil/Gas Index buoyed by 1.21 per cent on shares of Total Nigeria and Oando. However, the NSE Industrial Index and NSE Banking Index lost 0.61 per cent and 0.35

per cent respectively. Brewery major, Nigerian Breweries, extended its advance by N2.70 to close at N169.20 a share. Also, marketers of refined petroleum products, Total Nigeria and Oando, rose by N1.00 and N0.79 to N156.00 and N16.59 respectively; producer of refined salt, National Salt Company of Nigeria, gained N0.29 to close at N12.99 a share; while shares of sugar processing and packaging company, Dangote Sugar Refinery, rose by N0.18 to N9.49 apiece. On the other hand, shares of indigenous oil and gas major, Seplat Petroleum Development Company, dipped by N4.00 to close at N636.00 each. Major manufacturers of building materials, Dangote Cement and Lafarge Cement Wapco, shed N2.00 and N0.50 to close at N221.00 and N109.51 respectively; while top-tier deposit money banks, Zenith Bank and Access Bank, lost N0.40 and N0.25 to close at N22.90 and N9.04 respectively. Last Thursday, the equities market continued its bullish run as key market indicators, the NSE ASI and market capitalisation, buoyed by 0.80 per cent each, driven primarily by oil/gas stocks, which rose 4.87 per cent of its former value as shown by the NSE Oil/Gas In-

Five most capitalized stocks@ May 23, 2014 Dangote Cement Plc

N3.8tn

Nigeria Brewery Plc

N1.3 tn

Nestle Nig Plc N856bn GTB Plc

N814.6bn

Zenith Bank Plc

N734.9bn

dex. Consumer goods shares Shares of consumer goods conglomerate, Nestle Nigeria rose by N10.00 to close at N1080.00 a share to lead the gainers’ table. Also, downstream petroleum products dealers, Forte Oil and Mobil Nigeria, strengthened by N5.70 and N4.87 to N169.20 and N124.90 respectively; confectionery and beverage makers, Cadbury Nigeria, gained N2.89 to close at N73.84; while food products and logistic services conglomerate, UAC of Nigeria, appreciated by N0.80 to close at N57.00 per share. On the flip side, shares of indigenous packaging outfit, Beta Glass Company, lost N0.89 to close at N17.07 apiece. Oil logistics provider, Caverton Offshore Group, fell by N0.82 to close at N7.76, while makers of alcoholic beverages, Jos International Breweries and International Breweries, were down by N0.16 and N0.10 to close at N3.08 and N25.50 respectively. Trading activities on the floor of the Exchange last Friday closed the week on a positive note as the stock market gained points and remained on the green territory following significant position taking on blue chip companies. The twin market performance measures, the NSE ASI and market capitalisation, dropped by 0.7 per cent as the market tempo rose higher. At the close of trading in the day, 31 stocks recorded price appreciation, while 19 others constituted the losers’ table. The twin market indicators, the All-Share Index rose by 278.83 basis points or 0.7 per cent from 39,553.00 last Thursday to close at 39,831.83, while the market capitalisation was up by N92 billion or 0.7 per cent from N13.060 trillion to N13.152 trillion.

Insurance Rebasing: Insurers restrategise to contribute more to GDP 34

Chairman Nigerian Insurers Association, Mr Remi-Olowude.

CAPACITY Underwriters move to boost contribution to the economy

Sunday Ojeme

he recent rebasing of Nigeria’s Gross Domestic Product has remained a food for thought for operators in the insurance sector. Having been derided for long over its low contribution to the nation’s economy despite availability of resources, the industry operators are no longer allowing anything to slip through their fingers as far as making more positive impact on the GDP is concerned. As a matter of urgency, the underwriters are poised to maximise the opportunities that have been enumerated in the rebasing that placed Nigeria as the biggest economy in Africa ahead of South Africa and Egypt. The GDP increased from $258,555.58 billion to $509.9 billion. Last week, the Commissioner for Insurance, Mr. Fola Daniel, said that the rebasing had placed enormous responsibility on the industry, stressing that with the old based economy, the sector barely contributed 0.7 per cent to the GDP. He said that it was more disheartening when the rebasing, however, stepped down the GDP figure minimally to 0.6 per cent. He said: “With the rebasing, the contribution of the sector to GDP has been further weakened. This, therefore, calls for more dynamic strategies to enable the sector make meaningful contribution to the GDP.” Giving an insight into how the GDP will be improved upon within a short period, the commissioner said that the introduction of micro-insurance would do the magic like it did for the industry in Ghana where the GDP that stood at two per cent four years ago had suddenly risen to eight per cent. According to National Bureau of Statistics, the dramatic increase in GDP was largely due to services, which increased more than threefold in nominal

Sanctity of Truth

Monday, May 26, 2014

Commissioner for Insurance, Mr Fola Daniel.

DG, CIIN, Kola Ahmed.

Eddie Efwkoha

terms. Services’ share of GDP jumped to 53 per cent, as against 29 per cent previously. This is partly due to the surge in telecoms’ contribution of nine per cent of GDP, vs one per cent previously, and the emergence of a new sector, ‘Nollywood’ (1.2 per cent of GDP). The NBS said that the nominal gross domestic product was $510 billion in 2013, 89 per cent larger than previously estimated, and $190 billion more than South Africa’s slow-growing economy, making it larger than the 40 per cent to 60 per cent bump most economists expected. Over the years, debates over insurance sector’s contribution to the GDP have maintained a consensus position with stakeholders and observers agreeing that the industry performs far less than what it should be in terms of its contributions to the nation’s economic growth. Whereas South Africa’s insurers contribute about 12 per cent to the country’s GDP, that of Nigeria with the largest population in the continent dangles around 0.5 per cent. While recent rebasing of the GDP is expected to open more vistas of opportunities for the industry to thrive, some observers believe that the sector is already on the path of redefining its slow drive and contributing more to the GDP especially with recent developments stemming from reforms carried out by the National Insurance Commission (NIC) under the leadership of Mr. Fola Daniel. An operator and Managing Director of Leverage Insurance Brokers Limited, Mr Lanre Laoshe, had said that the contribution of the sector to GDP had risen by as much as 40 per cent over the last two years; going up from 0.5 per cent in 2010 to 0.7 per cent in 2012. He said that the industry had continued to grow with the number of policyholders rising from 0.5 million in 2010 to 1.5 million 2012. In his words: “The Nigerian insurance industry is a dynamic and rapidly growing one. It is supervised by the National Insurance Commission (NAICOM), which is poised to ensure that the market grows to a level commensurate with contemporary economies. The number of policyholders has in-

creased from 500,000 in 2010 to 1,500,000 in 2012. During that period, the ratio of premium income to GDP increased from 0.5 per cent to 0.7 per cent.” Despite this optimism, a report released last week by top Nigerian rating agency, Agusto & Co, said while the industry’s Gross Premium Income (GPI) grew by 19 per cent over prior year, the penetration ratio was still below one per cent, lagging behind the BRIC countries with Brazil having 3.65 per cent; Russia at 1.29 per cent; India at 3.82 per cent and China at 2.98 per cent. Agusto & Co. estimated that composite underwriters (though only eight insurers) contributed about 42.9 per cent of GPI, while non-life underwriters (composed of 22 insurers) accounted for 43 per cent of industry’s GPI. The market share by composite insurers was supported by firms’ ability to underwrite both general and life insurance business. The report noted: “In addition, the industry witnessed a rise in underwriting activity in the oil and gas and marine insurance business segment driven by the enforcement of regulations in the sectors. “The insurance sector also witnessed a growth in claim payments and underwriting expenses which hampered underwriting performance.” Nevertheless, the report showed that insurers were able to capitalise on favourable interest rate regime in their full year 2012 results to generate investment income. Agusto & Co. also estimated a 53 per cent increase in the industry’s invest-

ment income for the period ended 31 December 2012, which translated to an average return on investment portfolio of 8.7 per cent, adding that the industry’s capitalisation remained good with a solvency margin of 17.1 per cent, significantly higher than the statutory solvency margin of 15 per cent. In addition to increased regulatory oversight in a bid to grow premiums, Agusto & Co. believes that the effective implementation of the micro-insurance and Takaful insurance schemes would deepen insurance penetration. The report also said that “the challenges of the Nigerian insurance industry include a dearth in human capital, unethical practices by some insurers and operational inefficiencies. “Nevertheless, we remain optimistic that the growing presence of foreign insurers and rise in mergers and acquisitions will drive innovation and sanitise the industry.” This time around, the industry operators are not leaving any stone unturned to put available resources in place to ensure that the impact of the sector is felt in the economy in the coming years. To ensure a quick and forceful impact on the nation’s GDP going forward, stakeholders, resource persons will begin by making the forth-coming education conference of the Chartered Insurance Institute of Nigeria (CIIN) a platform on the discourse. The conference with theme: “Redimensioning the insurance industry contributions to the national economy” is expected to provide ample opportunity for insurance operators to analyse the opportunities embedded in the rebasing and how they can be maximised. The Chairman, Education Committee, Eddie Efekoha, said that the theme of the conference was selected following due consideration of the rebasing of the economy which catapulted Nigeria to becoming Africa’s largest economy. He said: “The annual education conference has remained a veritable platform for the exchange of views on topical issues pertinent to the growth and development of the insurance industry. This year’s edition will be no exception.”

Whereas South Africa’s insurers contribute about 12 per cent to the country’s GDP, that of Nigeria with the largest population in the continent dangles around 0.5 per cent

BUSINESS | INSURANCE

Sanctity of Truth

Monday, May 26, 2014

SECURITY The fear of more schools being attacked by insurgent group gathers momentum Sunday Ojeme

s threats of attack on more schools continue to generate concerns across the country, the Nigerian Union of Teachers has called on relevant authorities to design and provide insurance policy for teachers and students. New Telegraph recalls that exactly one month after the Chibok girls were abducted,

Stakeholders demand insurance for vulnerable students Boko Haram has also written to a male boarding school in Benue State, threatening to abduct students from the school. This has compelled the Inspector-General of Police, Mohammed Abubakar, to beef up security in all the bording schools in the affected state. The sect had earlier killed over 40 school children in Yobe State. The latest request was made by the Chairman of the union

in Cross River State, Eyo-Nsa Itam, during a solidarity rally for the release of the abducted Chibok school girls. Itam, who was reported to have appealed for the safe return of the female students, said that the school system had suffered the worst attacks from primary and secondary to tertiary education system. He added that teachers and students had become endan-

gered citizens in the current security challenge threatening the country. According to him, “apart from the abduction of the Chibok school girls and others unaccounted for, so far, 173 teachers have lost their lives in Boko Haram attacks. Therefore, the Nigeria Union of Teachers want to join the world to call on the Boko Haram insurgents and their collaborators to bring back our girls

safe and alive. It is important, as we had called at different times, to declare state of emergency in education in Nigeria. “It is also important to take insurance cover for both students and teachers in the vulnerable political environment of the country. Education should be publicly declared as fundamental human right and its abridgement should be criminalised."

Guinea Insurance collaborates with CIIN

n its resolve to support growth and development in the insurance industry, Guinea Insurance Plc had a strategic partnership with the Chartered Insurance Institute of Nigeria (CIIN) to ensure that the recently held fitness walk in Lagos was seamless and successful. A statement by the company revealed that it hosted the prewalk reception of the institute’s members at its new corporate head-office at Jibowu, where the pre-walk aerobic exercise and health tips were held shortly before the road show commenced to the destination point – National Theatre, Iganmu. In a letter to the company signed by the Director-General, CIIN, Mr. Kola Ahmed, on behalf of the President/Chairman of the Council, Mr. F.K. Lawal, Council members and management staff, the institute thanked the management of Guinea Insurance, noting that: “Our bid to bring innovative idea to this year’s event in partnership with your everprogressive company and wellknown brand had propelled the need for the change in venue this year.” During the pre-walk exercise, the Divisional Director, Corporate and Legal Services,

Guinea Insurance Plc, Isioma Omoshie, expressed gratitude to participants for attending the exercise en masse and further reiterated the company's commitment to continually support the institute and the industry in general. She said: “Our partnership with the institute is in sync with the repositioning programme of the company. We are poised to support all laudable initiatives that will engender the much needed industry awareness as well as rekindle the true spirit of sportsmanship that would foster unity in the sector.” Meanwhile, the President of the institute, during the walk, urged underwriters to engage in activities that would portray their industry in good light. He said that the task of growing the industry requires the support of all operators and stakeholders. Calling on operators to keep supporting the institute and the industry by making positive contributions and being good ambassadors, committed to the promotion of the sector, he said that the Governing Council of the institute had sustained the programme aimed at showcasing the benefits of insurance.

Leadway donates to honour founder

eadway Assurance Company Limited has donated various items to the less privilege as part of activities to honour the founder of the company. Items donated include medication, foodstuff and equipment worth thousands of naira to four homes in Lagos State in commemoration of the 15th year anniversary of the passing of Sir Olusola Hassan Odukale. The homes that benefitted were Modupe Cole Memorial Child Care and Treatment Home School, Akoka; Ile Aanu Olu Pre-school, Surulere; Nigeria Society for the Blind and Wesley Schools for Hearing Impaired Children. Leadway said in a statement that the donations were made in furtherance of the ideals of the late founder who was well-known for his philanthropy, integrity and sound professional/business

ethics within the industry. The company, through the Leadway Movie Club also hosted 180 children from less-privileged homes to a kiddie movie at the Silverbird Galleria in Lagos. The children from Modupe Cole Memorial Child Care and Treatment Home School, Down Syndrome Foundation Nigeria, and the Slum to School Project, along with their caregivers, visited the cinema house. Born in March 1926, Sir Odukale started his business life as the general goods store owner of Hassan Stores. He established Leadway Assurance in 1970 and was its founding Managing Director/Chief Executive Officer. He served as the company’s chairman from 1993 till 1999 when he passed away. He was blessed with children and died on May 3, 1999 at the age of 73.

L-R: Deputy Commissioner, Finance and Administration, National Insurance Commission (NAICOM), George Onekhena; Commissioner for Insurance, Fola Daniel and Director, Inspectorate, Thompson Barineka, at the 2014 seminar in Uyo, Akwa Ibom State.

Custodian wins Businessday’s Top 25 CEO award

he Chief Executive Officer of Custodian and Allied Insurance, Mr Wole Oshin, was honoured at the Businessday Top 25 CEO Award. He emerged as one of the top 25 distinguished Chief Executive Officers (CEOs) of companies listed on the Nigerian Stock Exchange. The Top 25 CEOs Award is a yearly event meant to appreciate the contributions of the 25 CEOs to the growth of the capital market in a particular financial year. A statement from the company said that the Top 25 CEOs were honoured for having contributed 68 per cent of the gains in the capital market capitalisa-

tion in 2013. They ensured that their companies’ share price outperformed the AllShare Index (ASI) of the NSE which closed the year at 47 per cent. Their contributions amounted to 58 per cent of the nation’s budget in 2013. Custodian and Allied Insurance were among the only two companies in the insurance sub-sector who contributed to this achievement. The company worked tenaciously in 2013 to increase shareholders’ profit to N4 billion. Oshin said of the award: “This is an encouraging development. I am truly elated to receive this award. I would like to state that this achieve-

ment would not have been possible without the support of the board, management and staff of Custodian, who worked as a team to get us to this level. We are glad that Custodian is contributing its quota to the GDP of the Nigerian economy and towards the improvement of the insurance sub-sector.” Custodian and Allied Insurance is a member of the Nigerian Insurers Association (NIA) and quoted on the Nigerian Stock Exchange (NSE). The company is a member of the Custodian and Allied Plc Group, a wholly owned Nigerian investment holding company.

Africa-savvy investors keen to curb risk

nvestors in Africa are increasingly able to see beyond negative headlines of violence in nations like South Sudan, Nigeria and Kenya, but they also seek more protection against risk for their business ventures, a senior World Bank official said. “There was a time when Africa, for many investors, was just like a big, big coun-

try," Michel Wormser, vicepresident and chief operating officer of the World Bank's Multilateral Investment Guarantee Agency (MIGA), said. “When something happened in one side of Africa, it seemed to affect perceptions of the whole continent," he told Reuters in Johannesburg during a visit to South Africa and Namibia.

“This is not the case today. Many investors understand the difference between countries and even understand the difference within a country between regions and sectors," he said. The World Bank agency provides political risk insurance and credit cover for investors in developing nations often emerging from years of conflict.

36 BUSINESS | I FINANCIAL MARKET NEWS

Sanctity of Truth

Monday, May 26, 2014

FMDQ Daily Quotations List

23-May-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

45.00 100.00 535.00 470.27 452.80 20.00 100.00 300.00 351.30 233.90 600.00 110.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

Bid Price

Offer Price

0.10 0.35 0.92 2.23 2.93 3.18 3.27 4.02 5.10 5.42 7.68 9.81 14.52 15.00 15.50 16.17

10.52 10.71 11.07 11.88 11.92 11.88 11.89 11.97 12.15 12.12 12.49 12.52 12.81 12.84 12.88 12.98

9.08 10.26 10.45 11.80 11.86 11.76 11.77 11.87 12.07 12.03 12.44 12.47 12.77 12.80 12.82 12.93

99.83 99.46 93.98 102.20 107.65 94.71 93.24 96.04 114.30 80.07 118.85 109.30 114.28 97.67 70.91 80.00

99.98 99.61 94.48 102.35 107.80 95.01 93.54 96.34 114.60 80.37 119.15 109.60 114.58 97.97 71.21 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

4,334.84 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

0.44 1.00 1.49 2.55 2.91 3.12

1.00 2.63 2.27 2.00 3.20 1.00

11.81 13.74 13.65 13.78 15.05 12.88

95.09 87.52 104.94 96.49 89.76 92.34

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

0.20 0.40 1.27 0.88 1.17 1.18 2.91 1.74 3.61 2.58 4.37 2.58 2.58 3.16 3.23 5.50 3.20 3.91 6.52 6.61 3.91 3.95

1.56 1.34 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 1.21 1.00 1.00 1.94 2.74 2.74 1.00 1.94 1.44 1.95

12.17 12.11 15.70 14.28 15.67 14.69 17.44 12.52 13.72 13.58 13.00 12.78 12.99 12.88 12.89 14.07 14.63 14.70 13.27 14.23 13.40 13.91

100.27 100.65 96.38 99.42 98.36 101.24 83.55 102.16 100.75 101.03 103.21 103.83 115.72 104.06 106.70 101.60 100.33 100.17 100.97 103.21 112.68 112.33

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

0.38 0.57 0.61 0.75 0.83 0.91 2.35 2.43 3.36 1.97 2.13 2.30 2.30 4.33 2.40 2.49 6.48

1.00 5.21 8.71 4.88 1.00 2.63 1.00 1.34 4.52 1.88 3.48 5.20 5.06 1.00 2.29 6.11 2.76

11.75 16.11 19.62 15.87 12.03 13.70 12.74 13.09 16.42 13.53 15.17 16.93 16.79 13.00 14.04 17.87 15.03

99.85 98.60 98.50 96.02 100.14 100.68 100.48 102.31 91.38 108.79 101.67 102.28 101.97 103.19 103.49 98.63 100.89

11-Feb-18

3.72

1.00

12.94

92.07

Maturity Date

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 A+/Agusto; A-/GCR

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

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

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

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

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

TOTAL OUTSTANDING VALUE

175.67

Supranational Bond AAA/S&P

10.20 IFC 11-FEB-2018

IFC

11-Feb-13

10.20

12.00

TOTAL OUTSTANDING VALUE Rating/Agency

12.00 Issuer

Description

Issue Date

Coupon (%)

Issue Value ($'mm)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.11

4.96

109.15

110.05

5.13 JUL 12, 2018

18-Dec-09

5.13

500.00

12-Jul-18

4.31

4.11

103.03

103.82

6.38 JUL 12, 2023

01-Apr-10

6.38

500.00

12-Jul-23

5.49

5.37

106.27

107.16

TOTAL OUTSTANDING VALUE

1,500.00

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

AFREN PLC I

11.50 FEB 01, 2016

01-Feb-11

11.50

450.00

01-Feb-16

3.87

3.35

112.24

113.14

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.26

4.63

104.14

105.34

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.40

6.14

98.46

99.47

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.12

6.42

100.36

102.32

ACCESS BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

8.51

8.08

94.61

96.00

AFREN PLC

10.25 APR 08, 2019

08-Apr-12

10.25

300.00

08-Apr-19

5.21

4.68

113.47

114.49

ZENITH BANK PLC FIRST BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

6.46

6.28

99.12

99.87

B/S&P; B-/Fitch

8.25 AUG 07, 2020

07-Aug-13

8.25

300.00

07-Aug-20

7.10

6.70

104.08

105.58

B+/S&P; B+/Fitch

AFREN PLC

6.63 DEC 09, 2020

09-Dec-13

6.63

360.00

09-Dec-20

6.19

5.94

101.68

102.68

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

FIDELITY BANK PLC

TOTAL OUTSTANDING VALUE

3,460.00

**Treasury Bills DTM 13 27 34 41 48 55 62

FIXINGS Maturity 5-Jun-14 19-Jun-14 26-Jun-14 3-Jul-14 10-Jul-14 17-Jul-14 24-Jul-14

Bid Discount (%) 9.85 10.20 10.00 10.00 10.00 10.00 10.05

Offer Discount (%) 9.60 9.95 9.75 9.75 9.75 9.75 9.80

Bid Yield (%) 9.88 10.28 10.09 10.11 10.13 10.15 10.22

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 10.7675 12.3506 13.1970 14.2813

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

10.46

Tenor

Bid ($/N)

Offer ($/N)

O/N

10.71

Spot 7D 14D 1M 2M

162.35 162.47 162.71 163.34 164.41

162.45 162.72 163.05 164.00 165.74

Tenor Call

REPO

Rate (%) 10.42

16.39 27-JAN-2022 14.20 14-MAR-2024 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 10.00 23-JUL-2030

27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10

16.39 14.20 15.00 12.49 8.50 10.00

600.00 110.00 75.00 150.00 200.00 591.57

TOTAL OUTSTANDING VALUE Rating/Agency

7.68 9.81 14.52 15.00 15.50 16.17

12.49 12.52 12.81 12.84 12.88 12.98

12.44 12.47 12.77 12.80 12.82 12.93

Agency Bonds Sanctity of Truth

AMCON FMBN

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)

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

***LCRM

978.35 24.56 6.00 112.22 116.70 66.49

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

FMDQ places compliance rules, regulation on front burner Stories by Chris Ugwu

MDQ OTC Plc (FMDQ) has called on the first batch of its dealing members to continue to demonstrate their compliance on TOTAL OUTSTANDING VALUE sound corporate governance, Corporate Bonds saying this would enable the A+/Agusto; AA/GCR LAFARGE WAPCO overall Aa/Agustogrowth of the GTB finanNil market and the NGC cial economy. Bbb-/Agusto *UPDC The chairman of the FMDQ A-/Agusto *FLOURMILLS and Chairman, FMDA Board BB+/GCR *CHELLARAMS ofA+/Agusto; Trustees, A-/GCRMr. Aigboje NAHCO AigA-/Agusto Imoukhuede, speaking FSDH at the A/GCR UBA licencing of the dealing memBBB-/GCR *C & I LEASING bers, said compliance to reguBBB+/DataPro†; BB+/GCR *DANA lation is paramount to have an A-/DataPro†; BB-/GCR *TOWER effective market. AAA/DataPro†; A+/GCR *TOWER A/Agusto; A/GCR UBA it was Aig-Imoukhuede said Bbb+/Agusto; BBB+/GCR CASERA essential that dealing*LA members BBB-/DataPro†; BB+/GCR *CHELLARAMS of A+/Agusto; FMDQ A-/GCR and all members comNAHCO ply withOUTSTANDING the rules and regulaTOTAL VALUE tion of FMDQ and of those set bySupranational regulatorsBond such as the SecuAAA/S&P rities and ExchangeIFCCommisµ

# #

TOTAL OUTSTANDING VALUE

sion (SEC), the Central Bank of Nigeria (CBN), and the Debt Management Office (DMO). He noted that corporate governance has been placed on the front burner as one of the key foundation items for ensuring a sound investment environment. Aig-Imoukhuede said the institute also expect that the members of the professional body, shall at all times in their various work place, demonstrate best practice in the development and effective deployment of their human capital as an integral aspect of organisational development. 11.50 LAFARGE WAPCO 7-OCT 2014 13.50 TRUST 18-DEC-2014 “In GUARANTY this way , you will com17.00 NGC mand the31-DEC-2014 respect we desire as 10.00 UPDC 17-AUG-2015 professionals, through the qual12.00 FLOURMILLS 9-DEC-2015 ity14.00 of your contributions CHELLARAMS 06-JAN-2016 to corporate performance.” 13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 He charged the members to UBA 30-SEP-2017 be13.00 great ambassadors of the 18.00 C&I LEASING 30-NOV-2017 FMDQ by their demonstrated MPR+7.00 DANA 9-APR-2018 compliance with the Code of MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 practice, in addition to the 14.00standards UBA II 22-SEP-2018 high of competence 15.75 LA CASERA 18-OCT-2018 that they bring to bear in their MPR+5.00 CHELLARAMS II 17-FEB-2019 workplaces. 15.25 NAHCO II 14-NOV-2020 “Maintaining high ethical standards in business and governmental operations, has 10.20 IFC 11-FEB-2018 become increasingly challeng-

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

ing, even as I would urge you to strive to make a difference by exercising the will to comply with the code, as well as promote the ideals of ethical practice,” he said. The board and management of FMDQ remain true to its vision: to be the most liquid, efficient, secure and technologydriven OTC market in Africa by 2018 through its mission of empowering the OTC financial markets to be innovative and credible, in support of the Nigerian economy. FMDQ will continue to champion change in the07-Oct-11 Nigerian economy 11.50 by promoting the growth of13.50 financial 18-Dec-09 01-Apr-10 17.00 markets within the nation,” he 10.00 said. 17-Aug-10 09-Dec-10 12.00 Director, Banking and Super06-Jan-11 14.00 vision, Central Bank of Nige29-Sep-11 13.00 25-Oct-13 14.25 ria, Mrs Tokunbo Martins, not30-Sep-10 ed that for financial 13.00 market to 30-Nov-12 18.00 function efficiently, institution 09-Apr-11 16.00 like the FMDQ have important 09-Sep-11 18.00 roles 09-Sep-11 to play, not only because 16.00 22-Sep-11 14.00 they provide the necessary in18-Oct-13 frastructure for the15.75 seamless 17-Feb-12 17.00 capital transfer but also because 14-Nov-13 15.25 they provide a platform for information sharing and the cointegration of interests of both 11-Feb-13 10.20 operators.

Description

Issuer

Issue Date

FGN Eurobonds

he Securities and ExHe said that public appre6.75 JAN 28, 2021 change Commission (SEC) hension of the capital market BB-/Fitch; FGN 5.13 JUL 12, 2018 be aland the Nigerian Stock would substantially BB-/S&P Exchange (NSE) should col- layed with a better structured BB-/Fitch; 6.38 JUL 12, 2023 BB-/S&P laborate with market opera- public awareness campaign TOTAL VALUE tors forOUTSTANDING a better-structured to be jointly anchored by Nipublic awareness campaign gerian Stock Exchange (NSE), Corporate Eurobonds about the stock market. Securities 11.50 and Exchnage FEB 01, 2016 B-/S&P; B/Fitch AFREN PLC I The Managing Director/ Commission7.50 (SEC) MAY 19, and 2016 marGTBANK PLC I B+/S&P; B+/Fitch Chief Executive GTBANK Officer, ket operators the 6.00for NOV 08, 2018educaPLC Crane and the 7.25 JUL 25, 2017 B+/S&PSecurities Limited,Mr. ACCESS BANK PLC tion of shareholders MAY 09,interests, 2018 B/S&P; B/Fitch Mike Eze, made the FIDELITY call inBANK La-PLC protection of6.88their 10.25 APR 08, 2019 stock B/Fitch AFREN PLC gos. especially the small BB-/Fitch; B+/S&P

B+/Fitch; BB-/S&P

Indicative Price

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

0.44 1.00 1.49 2.55 2.91 3.12

1.00 2.63 2.27 2.00 3.20 1.00

11.81 13.74 13.65 13.78 15.05 12.88

95.09 87.52 104.94 96.49 89.76 92.34

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

05-Aug-14

0.20

1.56 1.34 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00 1.21 1.00 1.00 1.94 2.74 2.74 1.00 1.94 1.44 1.95

12.17

100.27

n furtherance of its strate15-Oct-14 0.40 31-Aug-15 1.27 gic focus and vertical inte30-Sep-15 0.88 gration of 30-Jun-16 agro allied busi1.17 nesses, Flour Mills Plc,1.18 has 30-Jun-16 invested over N220 billion 19-Apr-17 2.91in 30-Jun-17 1.74 agro allied businesses. 31-Dec-17 3.61 The Group Managing Di30-Sep-18 2.58 rector, Mr. Paul Gbededo, who 04-Oct-18 4.37 disclosed this at 35th Annual 09-Dec-18 2.58 12-Dec-18of Beverage 2.58 General Meeting 3.16 and Tobacco14-Feb-19 Employers (AF02-Oct-19 3.23 BTE), said the investment ex22-Nov-19 5.50 tend to large12-Dec-19 scale cultivation 3.20 of soybean, 30-Sep-20 maize, palm,3.91 rice 6.52 and cassava27-Nov-20 and processing 31-Dec-20 6.61 these crops31-Dec-20 into animal 3.91 and fish feeds, 06-Jan-21 edible oils, rice, 3.95 sugar and high quality cassava 572.90 flour in different parts of the country . 11.80 07-Oct-14 0.38 He said that his company 13.17 18-Dec-14 0.57 2.00 31-Dec-14 0.61 firmly believed that challenges 15.00 17-Aug-15 0.75 posed by backward integration 37.50 09-Dec-15 0.83 were surmountable and might 1.50 06-Jan-16 0.91 be turned into opportunities. 15.00 29-Sep-16 2.35 5.53The GMD, 25-Oct-16 who was 2.43 also 20.00 30-Sep-17 of AFBTE 3.36 elected President 0.94 1.97 at the AGM,30-Nov-17 urged members 8.01 09-Apr-18 2.13 to respond to challenges, raise 3.63 09-Sep-18 2.30 the industrialisation, 1.00 level of 09-Sep-18 2.30 35.00 4.33 grow export22-Sep-18 potentials and ca3.00 18-Oct-18 2.40 pabilities and be fully involved 0.54 17-Feb-19 2.49 in the backward integration 2.05 14-Nov-20 6.48 programmes and initiatives as 175.67 well as align with the Federal Government’s Agriculture 12.00 11-Feb-18 Transformation Agenda. 3.72 12.00

Investors’ education: Operator seeks stakeholder’s synergy Rating/Agency

Valuation Yield (%)

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

Coupon (%)

Issue Value ($'mm)

holders. 07-Oct-11 6.75 He said the average Nigeri18-Dec-09 suffered 5.13 an investor considerably, with many losers being 01-Apr-10 6.38 first-time investors, essentially unaware of the workings of the market and relying on rising01-Feb-11 share prices,11.50 hunches and herds syndrome7.50 for their 19-May-11 share-buying decisions. 08-Nov-13 6.00 “While ef25-Jul-12 considerable 7.25 6.88by NSE forts 09-May-13 have been made 08-Apr-12to educate 10.25 shareand SEC 22-Apr-14

6.25

07-Aug-13

8.25

09-Dec-13

6.63

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

1,304.32

Sub-National Bonds

Risk Premium (%)

Flour Mills invests N200bn in agro allied business

TOTAL OUTSTANDING VALUE

ETHICS

119.15 109.60 114.58 97.97 71.21 80.30

BUSINESS | FINANCIAL MARKET NEWS 37

FMDQ charges dealing members on corporate governance NA

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

118.85 109.30 114.28 97.67 70.91 80.00

4,334.84 Issuer

Monday, May 26, 2014

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

Maturity Date

Bid Yield (%)

holders and28-Jan-21 address some of 5.11 their complaints, I believe the 500.00 12-Jul-18 public apprehension of4.31 the capital market will substan500.00 12-Jul-23 5.49 tially be allayed with a better 1,500.00 structured public awareness campaign to be jointly anchored by NSE, SEC and mar450.00 01-Feb-16 3.87 ket operators for the educa500.00 19-May-16 5.26 tion of shareholders and6.40 the 400.00 08-Nov-18 protection of their interests, 350.00 25-Jul-17 7.12 300.00 8.51 especially 02-May-18 the small stock 300.00 5.21 holders,” he08-Apr-19 said. 500.00

He said the would 12.11agenda100.65 15.70 96.38 help strengthen and protect 14.28 99.42 the supply chain of the in15.67 98.36 dustry. 14.69 101.24 “We must17.44 seek economic 83.55 12.52 102.16 opportunities in agriculture 13.72 and create value for our100.75 stake13.58 101.03 holders, which in turn103.21 would 13.00 create new jobs, agri12.78 increase 103.83 12.99and contribute 115.72 cultural output 12.88 104.06 to food sufficiency and secu12.89 106.70 rity in Nigeria”, he said. 14.07 101.60 He stated14.63 that the 100.33 role of 14.70 100.17 in Food and Beverage Industry 13.27 100.97 developing and sustaining the 14.23 103.21 economy could 13.40not be over 112.68emphasized and13.91 that the industry 112.33 had a distinctive role in growing and expanding economic opportunities. 1.00 11.75 99.85 He said that 5.21 16.11the industry’s 98.60 8.71 19.62 98.50 life endeavours impact human 4.88 15.87 96.02 and health and that every ac1.00 12.03 100.14 tivity of the industry operates 2.63 13.70 100.68 at 1.00 multiple levels of the soci12.74 100.48 13.09 102.31 ety1.34 with so much dependency 16.42 91.38 as 4.52 it encompasses all human 1.88 13.53 108.79 activity . 3.48 15.17 101.67 “Today, looking at 102.28 the ag5.20 16.93 ricultural landscape, millions 5.06 16.79 101.97 103.19 in of 1.00 Nigerians13.00 are engaged 2.29 14.04 103.49 economic activities across 6.11 17.87 98.63 the2.76geo-political zones of the 15.03 100.89 country, yet a significant percentage of these workers cannot both satisfy their imme1.00 12.94 92.07 diate consumption needs and earn sufficient income from food markets to improve their Offer Yield (%) Bid Price Offer Price lives. This is a major challenge for Prices Nigeria and this is where & Yields we4.96 come in109.15 to help in110.05 creating economic opportunities 4.11 103.82 around food103.03 & beverage value chains,” Gbededo said. 106.27 5.37 107.16 He noted that statistics indicates that Nigeria had a consumer market of N14.7 trillion making it arguably Africa’s 3.35 112.24 113.14 powerhouse, adding that the 4.63 104.14 105.34 World Bank98.46 forecast 99.47 placed 6.14 Nigeria as the 6.42 100.368th largest 102.32 by 8.08 94.61 96.00 population, which is expected to 4.68 rise to 4th113.47 largest by114.49 2050.

500.00

22-Apr-19

6.46

6.28

99.12

99.87

300.00

07-Aug-20

7.10

6.70

104.08

105.58

360.00

09-Dec-20

6.19

5.94

101.68

102.68

3,460.00

23-May-14

The FMDQ 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 Bills Money Market Foreign Exchange (Spot & Forwards) to the FMDQ of Use and Disclaimer Statement. DTM OTC PLC TermsMaturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%)

13 5-Jun-14 9.85 27 19-Jun-14 10.20 34 26-Jun-14 10.00 FGN Bonds 41 3-Jul-14 10.00 48 10-Jul-14 10.00 55 17-Jul-14 10.00 Issuer Description Rating/Agency 62 24-Jul-14 10.05 69 31-Jul-14 10.10 9.20 29-JUN-2014 76 7-Aug-14 10.00 9.25 28-SEP-2014 83 14-Aug-14 10.35 4.00 23-APR-2015 90 21-Aug-14 10.20 13.05 16-AUG-2016 97 28-Aug-14 10.40 15.10 27-APR-2017 104 4-Sep-14 10.40 111 11-Sep-14 10.80 9.85 27-JUL-2017 118 18-Sep-14 10.75 9.35 31-AUG-2017 139 9-Oct-14 10.20 10.70 30-MAY-2018 NA NA 181 20-Nov-14 10.30 16.00 29-JUN-2019 195 4-Dec-14 10.35 7.00 23-OCT-2019 230 8-Jan-15 10.30 16.39 27-JAN-2022 244 22-Jan-15 10.30 258 5-Feb-15 10.35 14.20 14-MAR-2024 272 19-Feb-15 10.30 15.00 28-NOV-2028 286 5-Mar-15 10.30 12.49 22-MAY-2029 321 9-Apr-15 10.30 8.50 20-NOV-2029 335 23-Apr-15 10.35 10.00 23-JUL-2030 349 7-May-15 10.25 *from theOUTSTANDING Amortising TOTAL VALUE # 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

Issuer

Agency Bonds AMCON FMBN

***LCRM

Modified Duration 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 KWARA >5 NIGER Market KADUNA *EBONYI *BENUE *IMO LAGOS *BAYELSA EDO *DELTA NIGER *EKITI

9.60 9.95 9.75 9.75 9.75 9.75 Issue Date 9.80 9.85 29-Jun-07 9.75 28-Sep-07 10.10 23-Apr-10 9.95 16-Aug-13 10.15 27-Apr-12 10.15 10.55 27-Jul-07 10.50 31-Aug-07 9.95 30-May-08 10.05 29-Jun-12 10.10 23-Oct-09 10.05 27-Jan-12 10.05 10.10 14-Mar-14 10.05 28-Nov-08 10.05 22-May-09 10.05 20-Nov-09 10.10 23-Jul-10 10.00

NIBOR

Bonds

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

(N'bn)

Rate (%) 10.7675 12.3506 13.1970 14.2813 Maturity Date

45.00 NITTY 100.00 535.00 Tenor 470.27 1M 452.80 2M 3M 20.00 6M 100.00 9M 300.00 12M 351.30 233.90 600.00 NIFEX 110.00 Current Price ($/N) 75.00 BID($/N) 150.00 OFFER ($/N) 200.00 591.57

29-Jun-14 28-Sep-14 23-Apr-15 Rate (%) 16-Aug-16 10.1506 27-Apr-17 10.1783 10.2353 27-Jul-17 10.9018 31-Aug-17 11.1411 30-May-18 11.4683 29-Jun-19 23-Oct-19 27-Jan-22 14-Mar-24 28-Nov-28 162.4575 22-May-29 162.5575 20-Nov-29 23-Jul-30

OBB O/N

10.46

Tenor

Bid ($/N)

10.71

Spot 7D 14D Offer1M Yield (%) 2M 3M 9.08 6M 10.26 1Y

162.35 162.47 162.71 163.34 Bid Price 164.41 165.51 99.83 169.30 99.46 177.02

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

10.42

1M 11.83 0.10 10.52 3M 12.45 0.35 10.71 6M 13.58 0.92 11.07 10.45 2.23 11.88 11.80 NOTE: 2.93 11.92 11.86 :Benchmarks 3.18 11.88 11.76 * :Amortising 3.27 Bond 11.89 11.77 µ :Convertible Bond 4.02 11.97 11.87 AMCON: Asset Management Corporation of Nigeria 5.10 Government 12.15 12.07 FGN: Federal of Nigeria 5.42 Mortgage Bank 12.12of Nigeria 12.03 FMBN: Federal 7.68 12.49 12.44 IFC: International Finance Corporation LCRM: Local Management 9.81 Contractors Receivables 12.52 12.47 NAHCO:14.52 Nigerian Aviation 12.81 Handling Company 12.77 O/N: Overnight 15.00 12.84 12.80 UPDC: UAC Property Development Company 15.50 Africa Portland 12.88 12.82 WAPCO:West Cement Company 16.17 12.98 12.93

Offer ($/N)

Price

162.45 162.72 163.05 164.00 Offer Price 165.74 167.50 99.98 172.98 99.61 183.66

93.98 94.48 102.20 102.35 107.65 107.80 NA :Not Applicable 94.71 95.01 # :Floating 93.24 Rate Bond 93.54 ***: Deferred coupon bonds 96.04 96.34 114.30 114.60 †: Bond rating expired 80.07 80.37 118.85 119.15 109.30 109.60 NGC:114.28 Nigeria-German 114.58 Company UBA: United Bank for Africa 97.67 97.97 70.91 71.21 80.00 80.30

4,334.84

Description

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 0.00/16.50 LCRM II 20-APR-2017 Porfolio Market Total Outstanding 0.00/16.50 LCRM III 06-JUL-2017 Volume(Bn) Value(Bn) 968.06 1,114.64 14.00 KWARA 5-AUG-2014 473.25 14.00 NIGER 15-OCT-2014 2,555.95 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

9.88 10.28 10.09 10.11 10.13 10.15(%) Coupon 10.22 10.30 9.20 10.21 9.25 10.60 4.00 10.46 13.05 10.70 15.10 10.72 11.17 9.85 11.14 9.35 10.61 10.70 10.85 16.00 10.96 7.00 11.01 16.39 11.06 11.17 14.20 11.16 15.00 11.20 12.49 11.33 8.50 11.44 10.00 11.36

923.07 951.30 591.57 2,465.94

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

Issue Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Indicative Price

0.00

978.35

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

6.00 112.22 116.70 Bucket66.49 Weighting

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

0.44 1.00 1.49 2.55 2.91 Implied 3.12Yield

1.00 2.63 2.27 2.00 3.20 Implied 1.00 Price Portfolio

11.81 13.74 13.65 13.78 15.05 INDEX 12.88

95.09 87.52 104.94 96.49 89.76 YTD Return 92.34 (%)

0.00 BOND INDEX 24.56 FMDQ FGN

37.43 38.58 05-Aug-09 23.99 15-Oct-09 100.00 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

Coupon (%)

37.87 43.61 14.00 18.52 14.00100.00 12.50 13.00 14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50

1,304.32 0.37 0.39 17.00 0.24 6.00 1.00 8.50 16.50 13.00 18.50 57.00 50.00 25.00 50.00 9.00 20.00

19.75 39.38 05-Aug-14 40.87 15-Oct-14 100.00 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

11.90 12.39 0.2012.98 0.4012.53 1.27 0.88 1.17 1.18 2.91 1.74 3.61 2.58 4.37 2.58

114.2818 128.1383 1.56 88.4471 1.34 113.4297 4.44 3.23 4.46 3.48 5.59 1.00 1.79 1.80 1.00 1.00

1,085.44 1,085.03 12.17 1,070.72 12.11 1,076.30 15.70 14.28 15.67 14.69 17.44 12.52 13.72 13.58 13.00 12.78

8.5444 8.5027 100.27 7.0724 100.65 7.6300 96.38 99.42 98.36 101.24 83.55 102.16 100.75 101.03 103.21 103.83

Daily Summary as of 23/05/2014

Printed 23/05/2014 16:01:59.059

38 BUSINESS | CAPITAL MARKET

Sanctity of Truth

Daily Summary (Bonds)

Monday, May 26, 2014

Daily Summary as of 23/05/2014 Printed 23/05/2014 16:01:59.059

No Debt Trading Activity

The Nigerian Stock Market Exchange as at May 23, 2014 Daily Summary (Equities)

Daily Summary (Equities)

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

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

Activity Summary on Board EQTY

Symbol OKOMUOIL PRESCO

No. of Deals 40 22 62

Current Price 32.30 35.30

Quantity Traded 492,527 414,505 907,032

Value Traded 15,945,938.26 14,718,239.45 30,664,177.71

Symbol LIVESTOCK

No. of Deals 48 48

Current Price 3.00

Quantity Traded 2,789,945 2,789,945

Value Traded 8,392,450.38 8,392,450.38

3,696,977

39,056,628.09

Quantity Traded 60,000 1,000 18,172,516 217,587 18,451,103

Value Traded 87,000.00 4,810.00 69,799,943.62 12,633,322.33 82,525,075.95

18,451,103

82,525,075.95

AGRICULTURE Totals CONGLOMERATES

Daily Summary as of 23/05/2014 Diversified Industries PrintedA.G. 23/05/2014 16:01:59.059 LEVENTIS NIGERIA PLC.

S C O A NIG. PLC. TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC. Diversified Industries Totals

110 Symbol No. of Deals AGLEVENT 2 SCOA 1 TRANSCORP 250 UACN Daily Summary (Equities) 44 297

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

Current Price 1.45 5.06 3.89 58.00

297 Symbol COSTAIN GCAPPA

No. of Deals 20 1 21

Current Price 1.25 14.46

Quantity Traded Page 366,200 18,000 384,200

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

Symbol JBERGER ROADS

No. of Deals 50 1 51

Current Price 72.00 8.46

Quantity Traded 147,861 6,166 154,027

Value Traded 10,930,012.15 52,226.02 10,982,238.17

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

Symbol UAC-PROP

No. of Deals 28 28

Current Price 17.80

Quantity Traded 239,562 239,562

Value Traded 4,258,215.40 4,258,215.40

Symbol SKYESHELT

No. of Deals 2 2

Current Price 95.00

Quantity Traded 4 4

Value Traded 361.00 361.00

777,793

15,947,197.57

Quantity Traded 72,525 167,840 56,480 2,013,799

Value Traded 13,046,542.99 4,300,547.30 165,968.35 356,155,300.57

Real Estate Investment Trusts (REITs) SKYE SHELTER FUND PLC Real Estate Investment Trusts (REITs) Totals Daily Summary as of 23/05/2014 CONSTRUCTION/REAL ESTATE Totals Printed 23/05/2014 16:01:59.059 CONSUMER GOODS Beverages--Brewers/Distillers GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. JOS INT. BREWERIES PLC. Activity Summary on Board EQTY NIGERIAN BREW. PLC. CONSUMER GOODS Beverages--Brewers/Distillers Published by The Nigerian Stock Exchange © Beverages--Brewers/Distillers Totals Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC MULTI-TREX INTEGRATED FOODS PLC NATIONAL SALT CO. NIG. PLC UNION DICON SALT PLC. U T C NIG. PLC. Daily Summary as of 23/05/2014 Food Products Totals

102 Symbol No. of Deals GUINNESS (Equities) 31 Daily Summary INTBREW 17 JOSBREW 6 NB 199 Symbol Symbol 7UP

No. of Deals 20 20

Current Price 85.80

Quantity Traded 90,019 90,019

Value Traded 7,712,248.07 7,712,248.07

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MULTITREX NASCON UNIONDICON UTC

No. of Deals 49 85 44 46 2 63 2 7 298

Current Price 8.00 9.85 70.50 3.85 0.50 12.75 14.11 0.53

Quantity Traded 170,490 1,992,503 638,233 1,443,557 99,400 1,707,523 250 85,088 6,137,044

Value Traded 1,372,698.92 19,420,348.72 45,167,717.87 5,561,713.90 49,700.00 21,919,766.50 3,352.50 45,025.30 93,540,323.71

No. of Deals 47 46 (Equities) 93

Current Price 73.84 1,080.00

Quantity Traded 143,245 26,821 170,066

Value Traded 10,634,895.20 28,749,353.71 39,384,248.91

Household Durables

Activity Summary VITAFOAM on NIGBoard PLC. EQTY VONO PRODUCTS PLC.

No. of Deals 52 1

Current Price 4.11 1.58

Quantity Traded 1,131,280 10

Value Traded 4,494,303.14 15.10

CONSUMER GOODS Household Durables Household Durables Totals

Published by The Nigerian Stock Exchange ©

Personal/Household Products P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC. Personal/Household Products Totals

Symbol CADBURY NESTLE

Daily Summary Symbol VITAFOAM VONO

No. of Deals 53

Current Price

Quantity Traded Page 1,131,290

Symbol PZ UNILEVER

No. of Deals 49 41 90

Current Price 34.83 49.53

Quantity Traded 188,383 276,200 464,583

Value Traded 6,523,628.78 13,624,029.43 20,147,658.21

10,303,646

538,947,156.35

FINANCIAL SERVICES Banking

Quantity Traded 5,886,912 5,845,262 666,718 8,161,644 8,989,369 3,860,852 3,539,698 13,836,068

Value Traded 54,642,772.38 37,454,949.30 10,100,646.48 16,811,231.88 251,113,517.12 12,857,121.19 7,990,924.94 99,635,139.02

FINANCIAL SERVICES Banking UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC. ZENITH INTERNATIONAL BANK PLC PublishedBanking by The Nigerian Totals Stock Exchange © Insurance Carriers, Brokers and Services AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. INTERNATIONAL ENERGY INSURANCE COMPANY PLC MANSARD INSURANCE PLC MUTUAL BENEFITS ASSURANCE PLC. N.E.M INSURANCE CO (NIG) PLC. OASIS INSURANCE PLC SOVEREIGN TRUST INSURANCE PLC STANDARD ASSURANCE PLC Daily Summary as of TRUST 23/05/2014 STANDARD ALLIANCE INSURANCE PLC. Printed 23/05/2014 16:01:59.059 UNITY KAPITAL ASSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals

807 Symbol No. of Deals ACCESS 139 DIAMONDBNK 94 ETI 77 FIDELITYBK 93 GUARANTY 279 DailySKYEBANK Summary (Equities) 95 STERLNBANK 52 UBA 206

Symbol UBN UNITYBNK WEMABANK ZENITHBANK Symbol AFRINSURE AIICO CONTINSURE CORNERST EQUITYASUR INTENEGINS MANSARD MBENEFIT NEM OASISINS SOVRENINS STACO STDINSURE UNITYKAP UNIVINSURE WAPIC

Daily Summary

Current Price 9.30 6.50 15.13 2.08 27.68 3.33 2.27 7.20

No. of Deals 60 12 43 273 1,423

Current Price 10.20 0.50 0.99 23.41

Quantity Traded 601,798 202,100 6,162,258 7,196,977 64,949,656Page

No. of Deals 1 24 11 5 1 2 5 1 35 3 3 1 2 2 1 14 (Equities) 111

Current Price 0.50 0.81 1.07 0.50 0.50 0.50 2.41 0.50 0.81 0.51 0.50 0.50 0.50 0.50 0.50 0.81

Quantity Traded 1,000 218,633 515,040 157,414 100 19,777 83,513 200 3,421,230 300,000 12,100 2,000 20,000 10,100 1,000,000 159,276 5,920,383 Page

Published by The Nigerian Stockon Exchange © Activity Summary Board EQTY

FINANCIAL SERVICES Micro-Finance Banks NPF MICROFINANCE BANK PLC Micro-Finance Banks Totals Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC ASO SAVINGS AND LOANS PLC INFINITY TRUST MORTGAGE BANK PLC RESORT SAVINGS & LOANS PLC UNION HOMES SAVINGS AND LOANS 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. Daily Summary as of 23/05/2014 SIM CAPITAL ALLIANCE VALUE FUND Printed 23/05/2014 16:01:59.059 STANBIC IBTC HOLDINGS PLC UBA CAPITAL PLC Other Financial Institutions Totals FINANCIAL SERVICES Totals

No. of Deals 35 35

Current Price 1.12

Quantity Traded 4,280,192 4,280,192

Value Traded 4,770,898.82 4,770,898.82

Symbol ABBEYBDS ASOSAVINGS INFINITY RESORTSAL UNHOMES

No. of Deals 2 3 1 4 1 11

Current Price 1.35 0.50 1.61 0.50 0.50

Quantity Traded 80 101,100 20 202,200 3,125 306,525

Value Traded 112.80 50,550.00 30.60 101,100.00 1,562.50 153,355.90

No. of Deals 82 42 445 117 3 2 39 115 845

Current Price 3.11 2.80 13.90 3.96 0.55 98.33 22.41 2.42

Quantity Traded 3,269,739 2,000,559 11,015,210 15,944,708 20,545 15,358 419,471 8,893,276 41,578,866

Value Traded 10,320,048.87 5,599,460.33 153,256,327.38 61,526,859.79 10,910.65 1,510,152.14 9,388,343.22 21,353,314.09 262,965,416.47

117,035,622

943,828,645.06

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX SIMCAPVAL STANBIC UBCAP

Daily Summary (Equities)

2,425

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

No. of Deals 2 2

Current Price 0.50

Quantity Traded 1,100 1,100

Value Traded 550.00 550.00

IT Services COMPUTER WAREHOUSE GROUP PLC TRIPPLE GEE AND COMPANY PLC. IT Services Totals

Symbol CWG TRIPPLEG

No. of Deals 2 1 3

Current Price 5.48 1.97

Quantity Traded 200 15,000 15,200

Value Traded 1,042.00 28,200.00 29,242.00

Processing Systems CHAMS PLC Processing Systems Totals

Symbol CHAMS

No. of Deals 2 2

Current Price 0.50

Quantity Traded 3,602,000 3,602,000

Value Traded 1,801,000.00 1,801,000.00

Symbol MTI

No. of Deals 1

Current Price 0.50

Quantity Traded 1,000

Value Traded 500.00

ICT Totals INDUSTRIAL GOODS Building Materials

Activity Summary ASHAKA CEM on PLCBoard EQTY

Daily Summary (Equities) Symbol ASHAKACEM

1,000

500.00

4,938,700

2,597,334.73

Quantity Traded 4,623,468

Value Traded 92,237,637.30

No. of Deals 107

Current Price 19.90

Page Quantity Traded 318,331 18,445 854,196 2,803,848 13,098 2,000 162,250 200 2,219,400 11,015,236

of 15 Value Traded 3,181,306.48 697,582.16 8,290,301.74 644,172,660.10 14,538.78 1,000.00 84,370.00 314.00 249,559,702.30 998,239,412.86

Symbol BERGER CAP CCNN DANGCEM DNMEYER FIRSTALUM IPWA PAINTCOM WAPCO

No. of Deals 24 16 31 67 2 1 4 2 44 298

Current Price 10.00 37.51 9.70 223.62 1.06 0.50 0.52 1.50 112.50

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

Symbol CUTIX

No. of Deals 13 13

Current Price 1.90

Quantity Traded 723,831 723,831

Value Traded 1,373,793.90 1,373,793.90

Packaging/Containers AVON CROWNCAPS & CONTAINERS

Symbol AVONCROWN BETAGLAS

No. of Deals 2 4 6

Current Price 1.61 16.22

Quantity Traded 1,883 80,736 82,619

Value Traded 2,892.70 1,309,570.52 1,312,463.22

11,821,686

1,000,925,669.98 Value Traded 33,292.45

INDUSTRIAL GOODS Totals NATURAL RESOURCES Chemicals GASES ActivityB.O.C. Summary onPLC. Board EQTY

317

Daily Summary (Equities) Symbol BOCGAS

No. of Deals 3

Current Price 6.47

Quantity Traded 5,413

Symbol

No. of Deals 3

Current Price

Quantity Traded 5,413

Metals ALUMINIUM EXTRUSION IND. PLC. ALUMINIUM MANUFACTURING COMPANY PLC Metals Totals

Symbol ALEX ALUMACO

No. of Deals 2 1 3

Current Price 10.50 7.75

Quantity Traded 50 1,500 1,550

Value Traded 499.00 11,055.00 11,554.00

Mining Services MULTIVERSE PLC Mining Services Totals

Symbol MULTIVERSE

No. of Deals 2 2

Current Price 0.50

Quantity Traded 2,100 2,100

Value Traded 1,050.00 1,050.00

9,063

45,896.45

Symbol JAPAULOIL

No. of Deals 13 13

Current Price 0.50

Quantity Traded 1,723,530 1,723,530

Value Traded 861,765.00 861,765.00

Symbol OANDO

No. of Deals 591 591

Current Price 20.00

Quantity Traded 17,583,308 17,583,308

Value Traded 352,594,053.43 352,594,053.43

DailySymbol Summary (Equities) No. of Deals

Current Price 0.50 46.74 3.61

Quantity Traded 609 35,492 101,762

Value Traded 304.50 1,642,057.06 331,829.12

NATURAL RESOURCES Totals OIL AND GAS Energy Equipment and Services JAPAUL OIL & MARITIME SERVICES PLC Energy Daily Summary as ofEquipment 23/05/2014and Services Totals

Printed 23/05/2014 16:01:59.059

Integrated Oil and Gas Services OANDO PLC Integrated Oil and Gas Services Totals Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC.

Activity Summary on Board EQTY

OIL AND GAS Petroleum and Petroleum Products Distributors FORTE OIL PLC. MOBIL OIL NIG PLC. MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC. Petroleum and Petroleum Products Distributors Totals

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

Page

BECOPETRO CONOIL ETERNA

2 24 13

Page

Value Traded 33,292.45

Symbol FO MOBIL MRS TOTAL

No. of Deals 70 41 2 22 174

Current Price 186.54 130.00 51.49 156.00

Quantity Traded 318,012 84,468 4,105 33,617 578,065

Symbol SEPLAT

No. of Deals 23 23

Current Price 636.00

Quantity Traded 34,529 34,529

Value Traded 21,770,397.36 21,770,397.36

19,919,432

452,331,385.47

OIL AND GAS Totals

801

Value Traded 58,779,568.62 10,857,290.21 200,816.60 5,293,303.57 77,105,169.68

SERVICES Apparel Retailers LENNARDS (NIG) PLC. Apparel Retailers Totals

Symbol LENNARDS

No. of Deals 1 1

Current Price 3.31

Quantity Traded 100 100

Value Traded 347.00 347.00

Automobile/Auto Part Retailers Daily Summary as of 23/05/2014 Printed 16:01:59.059 R23/05/2014 T BRISCOE PLC.

Symbol RTBRISCOE

No. of Deals 26 26

Current Price 1.09

Quantity Traded 556,567 556,567

Value Traded 597,077.10 597,077.10

Symbol No. of Deals Daily Summary (Equities) REDSTAREX 7 TRANSEXPR 1 8

Current Price 4.50 2.31

Quantity Traded 27,400 1,000 28,400

Value Traded 124,023.00 2,200.00 126,223.00

Automobile/Auto Part Retailers Totals

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Activity Summary on Board EQTY Courier/Freight/Delivery Totals SERVICES Employment Solutions C & I LEASING PLC. Printed 23/05/2014 16:01:59.059 Employment Solutions Totals

Symbol CILEASING

No. of Deals 2 2

Current Price 0.50

Quantity Traded Page 202,000 202,000

Symbol TANTALIZER

No. of Deals 2 2

Current Price 0.50

Quantity Traded 11,050 11,050

Value Traded 5,525.00 5,525.00

Symbol CAPHOTEL

No. of Deals 2

Current Price 4.55

Quantity Traded 230

Value Traded 995.90

Symbol IKEJAHOTEL

No. of Deals 31 33

Current Price 0.90

Quantity Traded 3,466,527 3,466,757

Value Traded 3,067,966.87 3,068,962.77

Media/Entertainment DAAR COMMUNICATIONS PLC Media/Entertainment Totals

Symbol DAARCOMM

No. of Deals 2 2

Current Price 0.50

Quantity Traded 15,000 15,000

Value Traded 7,500.00 7,500.00

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

Symbol ACADEMY LEARNAFRCA STUDPRESS UPL

No. of Deals 1 10 8 24 43

Current Price 1.71 1.71 2.40 4.03

Quantity Traded 1,000 339,000 640 525,861 866,501

Value Traded 1,710.00 580,692.55 1,487.20 2,120,185.86 2,704,075.61

Road Transportation

Symbol ABCTRANS

No. of Deals 30 30

Current Price 0.81

Quantity Traded Page 1,151,200 1,151,200

Specialty SECURE ELECTRONIC TECHNOLOGY PLC Specialty Totals

Symbol NSLTECH

No. of Deals 1 1

Current Price 0.50

Quantity Traded 20 20

Value Traded 10.00 10.00

No. of Deals 13 11

Current Price 2.25 4.99

Quantity Traded 192,050 254,484

Value Traded 423,165.00 1,259,910.49

Hospitality TANTALIZERS PLC Hospitality Totals Hotels/Lodging Activity Summary on Board EQTY CAPITAL HOTEL PLC

SERVICES Hotels/Lodging IKEJA HOTEL PLC Hotels/Lodging Totals

1 27

Published by Nigerian Stock © PLC Daily Summary asThe of 23/05/2014 ASSOCIATED BUSExchange COMPANY Road Transportation Totals Printed 23/05/2014 16:01:59.059

Transport-Related Services

AIRLINE on SERVICES AND LOGISTICS PLC Activity Summary Board EQTY

SERVICES

NIGERIAN AVIATION HANDLING COMPANY PLC

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

Daily Summary (Equities)

Daily Summary (Equities) Symbol AIRSERVICE NAHCO

EQTY Board Totals

Value Traded of 15 101,000.00 101,000.00

Value Traded 12 946,288.00 of 15 946,288.00

No. of Deals 24

Current Price

Quantity Traded Page 446,534

Symbol CAVERTON

No. of Deals 31 31

Current Price 7.02

Quantity Traded 103,379 103,379

Value Traded 725,792.58 725,792.58

203

6,847,508

9,965,876.55

5,186

198,024,245

3,097,617,733.32

Quantity Traded 1,000 1,000

Value Traded 500.00 500.00

Daily Summary (Equities)

Symbol

SERVICES Totals

Value Traded 13 of 15 1,683,075.49

Activity Summary on Board ASeM Page

Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

HEALTHCARE Totals ICT Computer Based Systems

Symbol OMATEK

NATURAL RESOURCES Chemicals Chemicals Totals

Computers and Peripherals OMATEK VENTURES PLC Computers and Peripherals Totals

Value Traded 500.00 176,774.99 547,417.92 78,707.00 50.00 9,888.50 201,886.33 100.00 2,679,821.30 151,682.50 6,050.00 1,000.00 10,000.00 5,050.00 500,000.00 129,253.56 4,498,182.10

Symbol NPFMCRFBK

Value Traded 766,042.73 766,042.73

Daily Summary as of 23/05/2014 BETA GLASS CO PLC. Printed 23/05/2014 16:01:59.059 Packaging/Containers Totals

Value Traded 6,096,914.95 101,050.00 6,069,920.28 168,566,604.23 4 of 15 671,440,791.77

Quantity Traded 1,319,400 1,319,400

Building Materials Totals

Value Traded of 15 4,494,318.24

Current Price 0.57

INDUSTRIAL GOODS Published by The Nigerian Stock Exchange © Building Materials BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC DN MEYER PLC. FIRST ALUMINIUM NIGERIA PLC IPWA PLC PAINTS AND COATINGS MANUFACTURES PLC LAFARGE WAPCO PLC.

Value Traded 2 of 15 373,668,359.21

Symbol

CONSUMER GOODS Totals

BANK PLC. Daily SummaryACCESS as of 23/05/2014 DIAMOND BANK PLC Printed 23/05/2014 16:01:59.059 ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. SKYE BANK PLC STERLING BANK PLC. BANK AFRICA Activity UNITED Summary on FOR Board EQTYPLC

Quantity TradedPage 2,310,644

No. of Deals 19 19

Telecommunications Services Totals

Value Traded of 15 459,063.00 247,320.00 706,383.00

Current Price

Symbol COURTVILLE

Telecommunications Services Daily Summary as of 23/05/2014 MASS TELECOMMUNICATION INNOVATIONS NIGERIA Printed 23/05/2014 PLC 16:01:59.059

No. of Deals 253

Printed 23/05/2014 16:01:59.059

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

Current Price 178.50 25.75 3.08 176.13

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

No. of Deals 6 38 11 14 13 7 89

Current Price 2.70 2.56 67.00 1.67 1.02 1.57

89 Symbol

No. of Deals

Current Price

Quantity Traded 505,030 3,046,313 21,551 194,950 454,300 571 4,222,715

Value Traded 1,363,481.00 7,851,262.40 1,442,572.32 325,272.50 463,386.00 892.90 11,446,867.12

4,222,715

11,446,867.12

Quantity Traded

Value Traded

OIL AND GAS Petroleum and Petroleum Products Distributors

CAPITALas OIL Daily Summary of PLC 23/05/2014 Petroleum and Petroleum Products Distributors Totals Printed 23/05/2014 16:01:59.059

Symbol CAPOIL

No. of Deals 1 1

OIL AND GAS Totals

ASeM Board Totals

Exchange Traded Fund

Equity Activity Totals

Name NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA GRIFFIN 30 ETF Published by The Nigerian Stock Exchange © Exchange Traded Fund Totals

Daily Summary (ETP) Symbol NEWGOLD VETGRIF30

Current Price 0.50

1,000

500.00

1,000

500.00

198,025,245

3,097,618,233.32

5,187

No. of Deals 1 1 2

Current Price 2,034.00 18.48

Quantity Traded 10 10 Page 20

Value Traded 20,340.00 184.80 of 15 20,524.80

ETF Board Totals

20,524.80

ETP Activity Totals

20,524.80

BUSINESS |MOVERS, SHAKERS & CAREER 39

Sanctity of Truth

Monday, May 26, 2014

Airtel gets regional operations directors for Lagos, North

irtel Nigeria has announced the appointment of Mr. Femi Oshinlaja and Mr. Wole Abu as Regional Operations Director for its Lagos and Northern Regions, respectively. In a statement last Friday, the firm said that the appointment were in line with its commitment to develop local talents as well as create leadership opportunities for exceptional Nigerians. In their new roles, the duo will be responsible for ensuring market leadership, driving brand engagement and preference as well as providing leadership for the sales force in the Lagos and Northern operations, the telecommunications services provider said. Abu comes into his new role with over 23 years of work experience, with skills

built across various functions spanning human resource and administration, networks, operations, legal and regulatory and sales and marketing. He joined Econet Wireless Nigeria (now Airtel Nigeria) in 2002 as Facilities Manager in the Human Resources and Administration Department from where he was moved to the role of Project Manager: Network Implementation in the Networks department. As part of his attributes of taking new challenges, he was promoted and transferred as Head of Division, Business Support and Regional Sales Manager in Celtel Nigeria and Zain Nigeria, respectively. Abu has also played the role of Zonal Business Manager in both South and Lagos Regions of Airtel Nigeria. He possesses a Bachelor of

Chemical Engineering degree from the University of Benin and an MBA from the Lagos Business School. Oshinlaja has over 12 years work experience as a sales, marketing and business operations professional across the banking, FMCG and telecoms sectors. Having worked for multinational firms namely British American Tobacco, Nokia and Diageo, he has also had the opportunity of working in Senegal, Ghana and Nigeria. Prior to his appointment, he was National Key Accounts Manager in the Nigeria Bottling Company (Coca-Cola Hellenic). Before then, he was the Channel Development Manager in British American Tobacco Marketing & Distribution Company, where he won the channel game against Philip Morris by

NIRA names Edith Udeagu COO T he executive board of directors of the Nigeria Internet Registration Association (NIRA) has named Mrs. Edith Udeagu as the new Chief Operating Officer (COO) and Secretary to the board. President of NIRA, Mrs. Mary Uduma, who disclosed this in a statement, said that Udeagu takes over from the association’s acting COO, Mr. Akinbo Cornerstone, who was seconded from the board since July 2013, following the resignation of the erstwhile COO, Mr. Opeoluwa Odusan. She noted that Mrs. Udeagu, who resumed at NIRA on Monday, May 12, 2014, was born in 1960 to Ambassador and Mrs. V. N. Chibundu, a career diplomat of the Federal Republic of Nigeria in 1960. Mrs. Udeagu attended various institutions in several countries across continents culminating in her first degree, B.Sc Mathematics with Computer Science (Second Class Upper) from the Ahmadu Bello University, Zaria (1983) and a Master of Science degree in Optimisation and Computing from Loughborough University of Technology, Loughborough, Leicester-

Edith Udeagu

shire, United Kingdom (1985). She worked in the Information Technology (IT) unit of Mitchell Farms of Ibru Organisation, before moving to the IT Department of the Central Bank of Nigeria (CBN) in Lagos as an Assistant Manager in 1990. Mrs. Udeagu worked in various capacities and several committees in the IT department of CBN from April 30, 1990 till June 30, 2011 when she retired as acting Deputy Director, Security Manage-

ment Division, IT Department. While at the CBN, she rose through the ranks and obtained several certifications including Certified Information Systems Audit (CISA), Certified Information Security Manager (CISM), Certification in the Governance of Enterprise IT (CGEIT) and Certified Risk and Information Systems Control (CRISC). All these certificates were from ISACA, previously known as Information Systems Audit and Control Association. According to the statement, she was the head of several offices within the IT department over the years and distinguished herself with her dedication to work and the establishment. She also represented the CBN in various committees within and outside the bank notably the Nigeria Automated Clearing System (NACS) implementation, e-Commerce & e-Transaction bill from National Information Technology Development Agency (NITDA), National Identity Management Commission (NIMC) Project, RTGS Working Group of Payments System Vision 2020, to name a few.

S'African tourism gets new global manager, communications

outh African Tourism has announced the appointment of Ms Risuna Mayimele as Global Manager, Communications, effective May 2, 2014. Prior to joining SA Tourism, Mayimele has worked as a Marketing Manager for SABC3, where she headed Marketing and Communications for the channel which was also voted the best TV channel in the Star Readers’ Choice Awards under her marketing tenure. Her career spans over 13 years, as a marketing com-

munications practitioner. She has years of experience in marketing research and strategic planning in the advertising and media industry and has worked in leading global advertising agencies in the area of strategic planning, both in South Africa and outside the country, including Nigeria and Ghana. Prior to SABC, she worked as the Strategic Planning Director for the Ogilvy Ghana office, where she was instrumental in launching the Vodafone Brand to the Ghana-

ian market. She has also worked in other countries in West Africa as a Marketing Communications consultant. Locally, some of the roles she occupied include Strategic Planning Manager at RedNail, Lead Strategist on Media brands at DRAFT FCB where she played a major role in re-positioning SABC brands, including SABC1. Mayimele is a BA Communications Management graduate, and holds a postgraduate diploma in Strategic Brand Management.

implementing a competitive strategy in the ‘HORECA’ space. As National Sales Manager in Diageo, he was instrumental to the set-up of the new Spirits business in Nigeria and within the first year of trading, he led the sales team in exceeding their annual operating plan. At Nokia Nigeria, he was responsible for the implementation of retail plan for product availability, merchandising and promotion in all outlets, which consistently achieved volume and net Absolute Gross Margin. He holds a B.Eng. degree in Agricultural Engineering from the Federal University of Technology, Akure and a Masters in Business Administration from the University of Ilorin. He is also an Associate member, National Institute of Marketing, Nigeria.

Speaking on the new appointments, Chief Executive Officer and Managing Director of Airtel Nigeria, Segun Ogunsanya, said that the appointments underline Airtel’s commitment to developing top Nigerian talents and also providing huge platforms for exceptional Nigerians. “As an employer of choice in Nigeria, Airtel will continue to provide unique opportunities for top local talents to realise their full potential. We are glad that some of the best local talents are driving the Airtel dream in Nigeria and across other Airtel operations in Africa. This demonstrates the fact that Nigerians are truly talented and Airtel will continue to provide the right platform to develop these talents,” he said.

Felix Ohiwerei Foundation appoints board of trustees

he Felix Ohiwerei Foundation has appointed an eight-man Board of Trustees to pilot its affairs. Made up of seasoned business men, academics and corporate executives, the Chairman of the Foundation is Mr Lawrence Agose, while the Vice Chairman is Mr Fidelis Ayebae. Other Trustees of the Foundation are Mr. Emmanuel Imoagene, Prof. Emmanuel Emenyonu, Mr Greg Ojieh, Mr. Yusuf Ageni, Mr Ohiosimuan Ohiwerei and Mr Idode Ohiwerei, who is the General Secretary. Addressing the trustees at its inaugural meeting, Ohiwerei expressed his happiness with the calibre of members of the Board of Trustees. He said: “I am quite confident the trustees would ensure the Foundation takes off successfully and execute the agreed programmes, drawing from its aims and objectives. ''I have no doubt that the Board as constituted would be judicious in the application of the funds raised from different individuals, corporate bodies and Foundation Partners," he enthused. Already, the Board of Trustees has identified three key areas the Foundation would focus as the promotion of man-

Ohiwerei

agement training and leadership development; the award of scholarships to deserving students in secondary and tertiary institutions and the promotion and sponsorship of humanitarian, charitable and philanthropic activities in Nigeria. Already, the Foundation has commenced work and in the words of its Chairman, ''the Felix Ohiwerei Foundation would collaborate with like minded individuals and organisations to realise its mandate and in the process making a significant contribution to the socio-economic development of Nigeria,"

Gbededo elected AFBTE president

he Group Managing Director, Flour Mills of Nigeria Plc, Mr. Paul Gbededo, has been elected President of Association of Food Beverage and Tobacco Employers (AFBTE). AFBTE is a business membership organisation established under the Trade Union Act of 1978. Membership is open to companies that are manufacturers of food, beverage and tobacco products which employ a minimum of ten workers. Gbededo was elected unopposed at the association’s

35th Annual General Meeting (AGM) held recently in Lagos. He takes over from Otunba Michael Daramola, the Managing Director of International Breweries Plc. Other elected executives include Managing Director, Nigeria Bottling Company, Chief. Patrick Anegbe, (Ist Vice President), Managing Director, Intercontinental Distiller s Limited, Mr. Ron Lagat (2nd Vice President) and Managing Director, Friesland Campna WAMCO Nigeria Plc, Mr.Peter Eshikena (Treasurer).

40 BUSINESS | GLOBAL NEWS

Sanctity of Truth

Monday, May 26, 2014

Russia signs 30-year gas deal with China

ussia’s President, Vladimir Putin, has signed a multibillion dollar, 30-year gas deal with China. The deal between Russia’s Gazprom and China National Petroleum Corp (CNPC) has been 10 years in the making. Russia has been keen to find an alternative energy market for its gas as it faces the possibility of European sanctions over the crisis in Ukraine. No official price has been given but it is estimated to be worth over $400 billion. President Putin said in a statement: “The price is satisfactory for both sides. It is tied, like it is envisaged in all our international contracts with Western partners, specifically our partners in Western Europe, to the market price on oil and oil products. It is an absolutely calibrated, general formula for pricing.” The agreement, signed at a summit in Shanghai, is expected to deliver some 38 bil-

lion cubic metres of natural gas a year eastward to China’s burgeoning economy, starting around 2018. The main argument has been over price and China is thought to have been driving a hard bargain. Over the last 10 years, it has found other gas suppliers. Turkmenistan is now China’s largest foreign gas supplier, and last year it started importing piped natural gas from Myanmar. Chief Executive of Gazprom, Alexei Miller, said that the new deal was “the biggest contract in the entire history of the USSR and Gazprom - over one trillion cubic metres of gas will be supplied during a whole contractual period.” The gas deal between Russia and China was signed at 04:00 China time, which gives some indication of the level of urgency over these talks. Mr Putin appears to have been determined not to leave Shanghai without a deal - and he got one.

But the financial details are a “commercial secret,” so we don’t know how much he had to give away to get it. Certainly China needs the gas to help it cut its coal-fired smog levels, and it wants to diversify supply. But it had the luxury of time in which to negotiate, something Mr Putin was short of.

The perceived motive for the deal is that Russia needs a second market for its gas, so it can face up to European sanctions. Given that the “Power of Siberia” pipeline won’t start pumping gas into Chinese factories until 2018 at the earliest, its economic effect on the European crisis will be limited.

More important may be the investment that China will make into Russia’s power and transport infrastructure. Putin may not have managed to sign the most advantageous of gas deals on Wednesday but the opening of economic doors with China could well be the greater achievement.

$44m fine slammed on Barclays over gold price fix

arclays Plc has been fined 26 million pounds ($43.8 million) for failures in internal controls that allowed a trader to manipulate the setting of gold prices, just a day after the bank was fined for rigging Libor interest rates in 2012. Britain’s Barclays is the first bank to be fined over attempted manipulation of the 95-year-old London gold market daily “fix”, although a source familiar with the fine said it was a one-off and not part of a wider investigation into gold price rigging. It marks another blow to Barclays’ attempts to put past problems behind it. The Financial Conduct Authority said on Friday that there were failings at Barclays from 2004 until 2013, but the key event occurred on June 28, 2012, a day after UK and US regula-

tors fined it $450 million over attempted Libor rigging. “A firm’s lack of controls and a trader’s disregard for a customer’s interests have allowed the financial services industry’s reputation to be sullied again,” said Tracey McDermott, the FCA’s director of enforcement and financial crime. The FCA said it had banned former Barclays trader, Daniel James Plunkett, and fined him 95,600 pounds for exploiting weaknesses in the bank’s systems. “Plunkett’s actions came the day after the publication of our Libor and Euribor action against Barclays. The investigation and outcomes in that case meant that the firm and Plunkett were clearly on notice of the potential for conflicts of interests around benchmarks,” McDermott said.

UK Business investment in 8.7% surge

he UK’s 0.8 per cent quarter-on-quarter expansion in Q1 2014 was confirmed by the Office for National Statistics’ second estimate of GDP released this week, leaving the level of output 3.1 per cent above a year before. New figures in this release show that the recovery is being underpinned by growth in business investment, which rose in Q1 2014 by 2.7 per cent compared to the previous three months. This is the fastest quarterly growth seen in a year, and follows two consecutive quarters of slightly slower increases, putting business investment a solid 8.7 per cent above its level in Q1 2013. This is an encouraging sign for the long term path of UK recovery; investment is an important driver of sustainable growth, as it helps to boost

productivity. The outlook for investment is also positive, with the latest results from the ICAEW/ Grant Thornton Business Confidence Monitor suggesting that private sector firms plan to maintain their current rate of investment over the year ahead. Consumer spending continued to show robust growth this quarter, rising in Q1 by 0.8 per cent, up from a 0.4 per cent increase in Q4 2013. During Q1 2014, consumer price inflation fell to its lowest since late 2009, while employment increased at its fastest rate in 25 years and wage growth continued to gradually pick up. All of these factors helped to support consumer spending, and the latest figures on retail sales suggest that this pattern continued into April.

Chief Executive Officer, Gazprom, Alexei Miller (centre) and CNPC Chairman, Zhou Jiping, shake hands as Russian President Putin, looks on during the signing ceremony in Shanghai

US, EU trade talks ‘make progress’ says negotiator T

he US and the European Union have made “steady progress” on a trade and investment agreement, according to America’s chief negotiator, Dan Mullaney. His European counterpart, Ignacio Garcia Bercero, said that the two teams had continued with work towards an ambitious agreement. The US and EU have been negotiating now for almost a year as they seek a deal to stimulate commerce between them. The project is called the Trans-Atlantic Trade and Investment Partnership (TTIP).

The aim is to reduce or even eliminate tariffs - taxes on imported goods. They also want to reduce the barriers to trade that result from differences in regulation, though they insist there will be no reduction in the protection of consumers, health or the environment. They also want to make it easier for businesses in one of the two economies to bid for government contracts in the other. The talks in Arlington Virginia are the fifth round in this process. Mullaney, said it has been a “good week.” He said there were talks in nearly all areas.

World Bank enters deal with firm to improve financial skills

orld Bank’s International Finance Corp. (IFC) inked a deal with Bayer CropScience Inc. (Crop-Bayer) to improve farm practices and financial skills of some 100,000 Filipino farmers in the next five years. The farmers will be trained in the “use of new technologies, business and financial skills, and how to access actual financing so they can invest in their farms and increase their incomes,” the IFC said in its statement. The World Bank’s investment arm said that the deal with the Bayer Co. subsidiary was signed on May 21.

On Wednesday the IFC and Crop-Bayer, signed a five-year financial-literacy project for Filipino farmers. According to Jesse Ang, IFC resident representative in the Philippines, “the majority of poor Filipinos still live and work in farms and their incomes have been impacted by the decline in farm productivity and competitiveness.” “Our ultimate objective is not only to support farmers to achieve higher yields, but to open to them suitable business financial tools to better manage their resources to have more money in their pocket at the end of each crop season,”

Bercero said that they were already working on the basis of texts - they are trying to see how they can bring together the European and American proposals. Mullaney acknowledged however that the talks on regulation are proving to be “challenging.” TTIP (usually pronounced T-tip) is very controversial in Europe, though less so in the US. European campaigners fear that it could reduce health and environmental standards, despite reassurances from negotiators that it won’t. Bayer CropScience Managing Director Hans-Joachim Wegfahrt, said in a separate statement. Wegfahrt added farmers “need to have a mind-set that farming is a business that needs better efficiency and sustainability along the entire value chain.” He warned that the “low productivity of Philippines farms” will be disadvantageous to the country once “the economic integration of the Association of Southeast Asian Nations begins.” He added that their project with the IFC is expected to achieve two things: maximise the latter’s global expertise in reducing rural poverty and enhance Bayer CropScience’s experience in boosting farm productivity.

ENTREPRENEUR

MONDAY, MAY 26, 2014

NEW TELEGRAPH

newtelegraphonline.com/entrepreneur

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

Youâ&#x20AC;&#x2122;re never too young to be CEO Maggie Blaha

ily Warren was just 8 years old when she decided to start her own business with her younger sisters. The girls had already visited a marketplace for young business owners and opened their own bank accounts at the Young Americans Bank in Denver, which touts itself as the world's only bank designed for kids. "There were tons of young entrepreneurs selling what they made. It was a really cool place," said Lily, now 13. When their parents started beekeeping at their home in Littleton, Colorado, the girls found the inspiration they really needed. While they weren't able to harvest enough honey to sell, the sisters noticed that their parents always collected a significant amount of beeswax. Instead of throwing it away, they thought they could find a way to use it. The girls researched what could be made at home with beeswax. By 2009, Lily, Chloe and Sophie were in business as the Sweet Bee Sisters, making lip balm in flavors like strawberry and root beer, and lotion bars in lavender and bamboo. They sell their products at local stores and, for the last three years, at their own stall at the entrepreneurs' marketplace that inspired them. In 2013, the Warren sisters were named finalists in a young entrepreneurs competition and were awarded $250 and mentoring from a business leader. "Their ability to speak confidently with customers, to make decisions collectively, to work hard for something they want and to designate and fulfill responsibilities has [all] been enhanced through their business experience," said Lisa Warren, the Sweet Bee Sisters' mom. Around the country, children -- some of them barely old enough to read -- are turning their big, creative ideas into money-making businesses. And their parents, schools and business leaders are cheering them on. 'It's never too early' Business consultants and serial entrepreneurs say that it's never too early to teach kids the benefits of sound money management and smart business practices. Some business leaders around the country started businesses as kids, including Honest Tea's CEO Seth Goldman, who sold golf balls he dug up from the course near his home, while Vosges Haut-Chocolat's CEO Katrina Markoff, who has said she offered Easy-Bake Oven treats to customers. "Entrepreneurship comes with the emotional ups and downs," said Adam Toren, who co-authored the "Kidpreneurs" books with his brother, Matthew.

The De Armas sisters - Leila, 13, Julia, 12, and Sophia, 3 - started baking cupcakes in 2012 after they saw their father baking his "special cookies." They took 11 months to test the quality of their recipe, and the girls officially formed TresMarias Cupcakes this year.

"Learning how to overcome obstacles at a young age definitely played a huge role in becoming who we are today." Today, the Toren brothers are serial entrepreneurs who founded Youngentrepreneur. com. Toren said they like to pay it forward by providing businesses with tips and ideas they've picked up over the years. "Sharpening a child's entrepreneurial skills will equip them with the skills necessary to tackle a limitless future," Toren said. That doesn't mean all young entrepreneurs focus their time on business instead of school. Learning entrepreneurial skills can also put young people on the path to more learning. A study of students involved in the Network for Teaching Entrepreneurship, a program that teaches business skills to lowincome youth, showed just that. Students involved in the program had a 32% increase in interest in attending college, while students who did not participate saw a 17% decrease, according to a Harvard Graduate School of Education study from 2002 to 2004. The study also found an increase in leadership behaviors among students who participated. Christine Poorman, executive director of the Network for Teaching Entrepreneurship in Chicago, believes the numbers would be higher today -- a recent alumni survey of 300 students found that 90% were in college. She often sees students who completed the program using money made from their businesses to pay for college. While young entrepreneurship can lead to college and careers, some young people see it as a way to find their owns voices. Nine-year-old Leila Kaufman of New York City didn't like that adults were reviewing technology toys for kids. With the help of her dad, Michael, she created

a website called RethinkToys. Together, they produce videos of Leila reviewing the latest tech toys for kids. The project launched a business and helped her create a place to voice her opinion. "If it's a kid's toy, shouldn't kids be rating it?" Leila asked. Michael helps Leila make contacts with companies and attend product launches she wouldn't normally be able to access. She's been to media events for video games and sat in on closed-door meetings with a company that created a popular game she reviewed, Kaufman said. Plans to expand and monetize RethinkToys are in the future, but for now, Leila's parents are happy that she's learning to give her opinion honestly, confidently and articulately. "At all these events, she was the only kid there and just blew everyone in the media away," he said. Kid entrepreneurs also have powerful lessons to learn about balance. Leila's mom, Tammy Kaufman, said they have to remind their daughter that she's a kid, and she has other priorities beyond her website. "I think it's difficult for her to be an entrepreneur at this age," Tammy Kaufman said. "There are a lot of things her parents and her teachers make her do." 'I teach my kids to fail spectacularly' Canada-based business mentor Cameron Herold, who started his first company at 21, says parents and teachers could do a

Sharpening a child's entrepreneurial skills will equip them with the skills necessary to tackle a limitless future

better job of nurturing "entrepreneurial traits" in children. His father raised him to be an entrepreneur when he saw that Herold wasn't likely to be a model student or employee. Herold had little interest in school, where he struggled to pay attention and believed the school system was trying to mold him into something he wasn't. "Entrepreneurship comes with the emotional ups and downs," said Adam Toren, who co-authored the "Kidpreneurs" books with his brother, Matthew. "Learning how to overcome obstacles at a young age definitely played a huge role in becoming who we are today." Today, the Toren brothers are serial entrepreneurs who founded Youngentrepreneur. com. Toren said they like to pay it forward by providing businesses with tips and ideas they've picked up over the years. "Sharpening a child's entrepreneurial skills will equip them with the skills necessary to tackle a limitless future," Toren said. That doesn't mean all young entrepreneurs focus their time on business instead of school. Learning entrepreneurial skills can also put young people on the path to more learning. A study of students involved in the Network for Teaching Entrepreneurship, a program that teaches business skills to lowincome youth, showed just that. Students involved in the program had a 32% increase in interest in attending college, while students who did not participate saw a 17% decrease, according to a Harvard Graduate School of Education study from 2002 to 2004. The study also found an increase in leadership behaviors among students who participated. Christine Poorman, executive director of the Network for Teaching Entrepreneurship in Chicago, believes the numbers would be higher today -- a recent

alumni survey of 300 students found that 90% were in college. She often sees students who completed the program using money made from their businesses to pay for college. While young entrepreneurship can lead to college and careers, some young people see it as a way to find their owns voices. Nine-year-old Leila Kaufman of New York City didn't like that adults were reviewing technology toys for kids. With the help of her dad, Michael, she created a website called RethinkToys. Together, they produce videos of Leila reviewing the latest tech toys for kids. The project launched a business and helped her create a place to voice her opinion. "If it's a kid's toy, shouldn't kids be rating it?" Leila asked. Michael helps Leila make contacts with companies and attend product launches she wouldn't normally be able to access. She's been to media events for video games and sat in on closed-door meetings with a company that created a popular game she reviewed, Kaufman said. Plans to expand and monetize RethinkToys are in the future, but for now, Leila's parents are happy that she's learning to give her opinion honestly, confidently and articulately. "At all these events, she was the only kid there and just blew everyone in the media away," he said. Kid entrepreneurs also have powerful lessons to learn about balance. Leila's mom, Tammy Kaufman, said they have to remind their daughter that she's a kid, and she has other priorities beyond her website. "I think it's difficult for her to be an entrepreneur at this age," Tammy Kaufman said. "There are a lot of things her parents and her teachers make her do." 'I teach my kids to fail spectacularly' Canada-based business mentor Cameron Herold, who started his first company at 21, says parents and teachers could do a better job of nurturing "entrepreneurial traits" in children. His father raised him to be an entrepreneur when he saw that Herold wasn't likely to be a model student or employee. Herold had little interest in school, where he struggled to pay attention and believed the school system was trying to mold him into something he wasn't. "I teach my kids to fail spectacularly and grow from that experience," he said. "To be effective problem solvers and critical thinkers, failure has to be an accepted part of the process and not something that should stop people from trying." Emily Fleming, one of Provenzano's students, set out to design a clothing line and set up an Etsy shop to sell it. When she struggled to complete her project, she wrote about the realization that fear of failure and the potential embarrassment CONTINUED ON PAGE42

42 BUSINESS | ENTREPRENEUR Meiko Patton

here is a saying that there are only three types of people in the world: those who watch what happened, those who wonder what happened and those who make things happen. Entrepreneurs fall into the last category, of course. They are change agents, people who don’t see the world as it is but as it could be. Entrepreneurs don’t sit on the sidelines and wish for a better world. Rather they go out and create it. They don’t wait for things to be different. They are the difference. Being forward thinkers, entrepreneurs continually push themselves to become better and do better. They are game changers. They ooze confidence and inspire greatness. Today is a great day to become an entrepreneur because the price of admission into this elite club is free and yours for the taking. Do you really want to succeed as an entrepreneur? Follow these five steps and you’ll be well on your way to developing the leadership qualities it takes: 1. Willingly fail and reflect. “Ever tried. Ever failed. No matter. Try again. Fail again. Fail better,” goes Samuel Beckett's line. It's not always easy, the trying again part. Another important thing is taking time to reflect on what went wrong. In the book The Call of Solitude, Ester Schaler Buchholz says, “Others inspire us, information feeds us, practice improves our performance, but we need quiet time to figure things out.” In his book, Fail Up, radio broadcaster Tavis Smiley recalls lessons he has learned through reflection. He sheds light on these so-called failures that were, in hindsight, his best teachers. You’ll only learn by failing over and over again. When you do this, you’re able to grow. And in spite of life’s inevitable setbacks, you’ll come out the victor. 2. Embrace and confront your fears. According to author Brendon Burchard, fear can be categorized in three ways, which all relate to pain. The first is loss pain, which

Sanctity of Truth

Monday, May 26, 2014

Successful Entrepreneurs do these 5 things daily

ntrepreneurs are a unique group of people. Not only do they think differently; they act differently. They draw on personality traits, habits and mind-sets to come up with ideas that straddle the line between insanity and genius. But just because you’re an original thinker and came up with an idea to replace gasoline in cars doesn’t mean you’re cut out to be an entrepreneur. If you ever wondered if you were an entrepreneur, check out the following list. You may not have all these traits or skills, yet if you have some, this is a pretty good indicator that you have what it takes. 1. You come from a family of

CO N T I N U E D F R O M PA G E 4 2

often keeps her from pursuing new ideas. "I had this amazing opportunity to create and explore and I didn't take full advantage because of an irrational fear of failure and embarrassment," she wrote on her project blog. "I want to be able to go out for my presentation and say that I conquered this irrational fear, and created something without a worry that someone wouldn't like it as much as I do. 'Twenty time' is changing for me and I am ready and excited to take this as far as I can."

happens when you’re afraid to move ahead because you fear you’ll lose something valuable. The second is process pain, which inevitably occurs every time you try something new. You have to go through the process of learning to deal with it. The last is outcome pain. This involves not getting the outcome you desired. Burchard insists that people need to overwhelm their fears. Just as an army invades its enemy from every side, a person should do the same with fear, attacking it from every side, as if going to war. For Shark Tank host Barbara Corcoran, public speaking was her Achilles' heel. But she overcame it by going to war. She volunteered to teach a real estate night course in front of a small group of students to overcome her fear. 3. Practice self-discipline. This is the ability to delay instant gratification and the ability to work hard now to reap benefits later. When Academy Award-winning actor Jamie Foxx was a boy, his grand-

mother routinely made him take piano lessons even though all he wanted to do was go outside to play. He had no idea that those lessons would lead to his eventual success. To this day, he continues to hone his craft and disciplines himself to practice playing the piano for two hours many a day. No one sees the years of hard work you might put into an endeavor. They only see the outcome. If you want to reap the rewards of tomorrow, you must put in the work today. 4. Get some sleep. Shortly after the debut of her eponymous news site, Arianna Huffington collapsed from exhaustion and lack of sleep. She’d been working 18-hour days because she was so committed to growing her company. When she collapsed, she hit her head against a desk and found herself lying in a pool of blood. In her book Thrive, Huffington details the ordeal and says it was a painful wake-up call. She knew she had neglected sleep and took steps to correct it. When you get the sleep you

need, you’ll feel more energized, charged and ready to tackle any problem entrepreneurship throws your way. 5. Give to others. In his book, Give and Take: Why Helping Others Drives Our Success,Wharton Business School professor Adam Grant teaches the idea of generosity in a professional setting. For centuries, people have focused on the individual drivers of success: passion, hard work and sheer will. But things have changed. Success is increasingly dependent on how we interact with others and how much we give them. According to Grant’s research, the most successful people are those who consistently give. Grant takes this to heart so much that he not only puts in long hours as a professor, but also as many and sometimes even longer hours giving and helping others. That ancient book, the Bible, was right all along: Happiness comes from giving. - Entrepreneur.com

50 signs you might be an Entrepreneur John Rampton

You’re never too young to be CEO

individuals who just couldn't work for someone else. Your parents worked for themselves. Though this isn't true for every entrepreneur (myself included), many have a family history with one or both parents having been self-employed.

around them.

spouse or significant other.

4. You’re passionate. There will be times when you spend an excessive amount of time and do not make a dollar. It’s your passion that will keep you going.

8. You dropped out of college like Bill Gates, Steve Jobs and Mark Zuckerberg.

2. You hate the status quo. You’re a person who is always questioning why people do the things they do. You strive to make things better and are willing to take action on it.

5. You don’t take no for an answer. An entrepreneur never gives up -- ever.

3. You’re self-confident. Have you ever met an entrepreneur who was pessimistic or self-loathing? After all, if you don’t have confidence, how can others believe in you? Most entrepreneurs are very optimistic about everything

6. You have the ability to create unlikely partnerships from out of nowhere because of your ability to connect the dots. People tend to gravitate toward you because you are likable. Many times this is because of your passion. 7. You spend more time with your co-founder than your

9. The daily commute to your office is from the bedroom to the living room. 10. You were always a lousy employee and probably have been fired a lot. Don't worry; you're not alone. I personally have been fired several times in my life. Don't take it as a sign that you're a bad person. Sometimes it's in your DNA. 11. You’ve always resisted authority; that's why you've had a problem holding down CO NTINUED O N PAGE43

'She can be the creator of her destiny' In success or in failure, entrepreneurship can be a powerful early lesson in money management. Rich Martinez, CEO of the Young Americans Center in Denver, says that kids not only need to be motivated to be entrepreneurs, but they also need an environment that will foster the kind of risk-taking that's required. "Kids are motivated by money, but adults don't give them a chance to make it. We just give it to them," he said. That's not the best way for kids to learn how the rest of the world works, he said. "Somehow we've created a society that isn't OK with failure, that isn't OK with taking risks," he said. Seven-year-old Scout Kingsley and her mom, Ashley, started their Happy Wear girls' accessories line one night when they were making necklaces out of colorful paperclips. "Scout is definitely the artistic director, telling me what looks good and what will sell," Ashley Kingsley said. "I've never crafted before in my life. I had no way to really help her." Since Happy Wear launched in November, the company has profited more than $1,500 in Etsy sales and marketplace events, Kingsley says. Scout has also participated in the Denver young entrepreneurs marketplace. "I know Scout loves to make money and we opened a bank account for her. She loves watching her bank account grow," she said. They have plans for more markets and would love to see some of the pieces get picked up on a national scale. Scout said her love of dressing up and accessories makes running Happy Wear feel fun. Apart from production, Scout has learned a lot about marketing and packaging, she said. "I get better every time people order something," Scout said. Ashley Kingsley considers Happy Wear to be a learning experience for Scout; it teachers her that there's more than one way to acquire knowledge. "She's a kid, but she is, I believe, heads and shoulders above the kids her age," Ashley Kingsley said. "I hope this opens up her mind so she knows she can be the creator of her destiny." -Culled from CNN.com

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Sanctity of Truth

Monday, May 26, 2014

50 signs you might be an Entrepreneur CO N T I N U E D F R O M PA G E 4 2

a job. 12. You believe that there is more than one definition of job security: You realize that your job is safe as long as you are in control as opposed to relying on a boss who could ruin your career after one swift mistake. 13. Most of your wardrobe consists of T-shirts; some you probably got at SXSW. Others display your company's name or logo. 14. You have a competitive nature and are willing to lose. You always know that you can do something better. 15. You check GitHub when you wake up in the morning. 16. You ask to be paid in game tickets, shoes or whatever else you love. There are just some things that are better than money, right? 17. Your idea of a holiday is a working day without anything interfering with the tasks you really need to get done. 18. You’re unemployable, and there’s nothing wrong with that. Life skills are more valuable than the office politics commonly found at 9-to-5 gigs. 19. You work more than 60 hours a week; yet you earned more money at an hourly job when you were in high school. 20. You want to be in control and in command of your own company. You typically like overseeing most things that go on at your company. 21. You see opportunities everywhere. For example, you walk into a building and are curious about its worth or the Michael Conway

hen it comes to achieving business success, many startups fail for reasons that couldn’t have been factored into the business plan. While business issues may be easy to spot, it can prove difficult when an entrepreneur’s innate trait, characteristic or behavior is what’s causing all of the difficulties. Here are seven “sins” I’ve seen entrepreneurs make over the years when it comes to running their business: 1. Self-sufficiency: Some businesses work as solo enterprises, but most need to be scalable. If you don’t know how you’re going to grow your business without cloning yourself, you’ve committed yourself to a life of hard labor with an unappreciative boss— yourself ! In my experience, building enough margin into your pricing so that you can hire or outsource all of the business aspects you don’t need to be doing is the first step toward righting the ship. 2. Product worship: Being

companies inside.

have to make the impossible possible.

22. The word “pitch” no longer has an association with baseball.

43. You have the support of your friends and family. These are the people who get you. And they’ll be there to support you along the way.

23. Your take a personality test, like one offered by the Enneagram Institute, and end up with a result calling you a "reformer type," someone purposeful, self-controlled and perfectionist.

44. It’s normal for you to take a nap under your desk to catch up on sleep. After all, getting eight hours of sleep sometime between 10 p.m. and 6 a.m. is antiquated.

24. You recognize that the best seats at your favorite coffee shops are those closest to power outlets.

45. You’ve done the market research. You know that just because you have an incredible idea doesn’t mean that it’s profitable. But you’ve already looked into whether customers will make the purchase.

25. You’re a logical thinker with ideas about how to correct problems and the overall situation. 26. Speaking of problem solving, have you checked to see if there's an app for that? Perhaps you've already begun to create a business model and the software architecture to see if it’s feasible. 27. You’re a people person. You have no problem communicating with people. 28. You regularly quote Steve Jobs mainly to keep yourself from falling to pieces. 29. You sold stuff as a kid like at a lemonade stand. Heck, when there were class sales, you were probably one of the top sellers. 30. You get more SMS alerts from people you follow on Twitter than from actual friends listed in your address book. 31. You’re a self-starter, meaning you don’t give up on a project until it’s completed. 32. No matter what you do on a daily basis, you always think of it in terms of delivering a

46. You surround yourself with quality people -- not leeches who will bring you down.

return on investment. 33. Your dress code is shabby chic and your suit is just collecting dust. You prefer T-shirts and jeans over a suit any day. 34. You’re unrealistic. As an inventor or innovator, you kind of have to be this way. 35. You think outside of the box. If not, what will change? 36. You’re a charming and charismatic person. 37. Rules don’t apply to you. We’re not talking about breaking the law. Instead, you believe in efficiency and will bend rules to make things run smoothly. 38. You realize that you can’t

do everything alone. You have an idea and can promote it but also know that you’re not skilled at every task of running a business. 39. You’re very opinionated. That's another reason you got fired a lot. 40. You’re unpredictable. As an entrepreneur, you know how quickly things can change. Thankfully, you're ready and willing to make adjustments. 41. You enjoy being with a group but don't relish much being alone. You probably get most energetic when working with groups of more than four people. 42. You’re determined. You

Seven Deadly Sins of Entrepreneurs product- driven is a fast road to failure. It doesn’t matter how good your product is if the customer doesn’t want it. Know what the customer wants, what they need and what it takes to get what they want to them. It’s not enough to simply know your customers inside and out; you also have to be savvy about distribution. 3. Neglect: Most often seen in terms of legality, neglect also extends into business plans. It can be crippling to a good venture to indulge in neglect. When somebody mentions to me that I really ought to be thinking about “X,” I make a note of it and ensure that “X” is on my to-do list in the next 30 days. Sometimes “X” turns out not to be a problem, but if it’s a legal blunder that comes back to bite me, I’ll spend even more time and money solving a problem that never needed to exist. 4. Picking a tiny target: This is a sin that most of us commit at some point. If you’ve picked too small a niche for your business, growth will cease very

unlikely that you and your partner will agree on all aspects of business direction. Deciding early on who will have the authority to make the tough decisions is important, and that individual will need to have sufficient investment in the business to stay motivated.

quickly, either because your competitors have cornered the market or you expand to fill the niche and discover there’s nowhere else to go. You might be happy being the big fish in a very small puddle, but in my experience, it’s better to know if that’s your future before you jump in and muddy the water. 5. Playing the equals game: This one doesn’t look like a sin at all, but it’s a business destroyer all the same. If you have business partners, it’s tempting (and often seems fair) to have equal shares in the ownership. In the long term, however, it’s

6. Time-is-right-ism: This one’s incredibly common, especially in potential startups. There are a lot of wannabe entrepreneurs out there who never get a business off the ground because they seek guaranteed success. They perfect their business plan until it’s awesome … and never deliver it because they’re too scared. For true entrepreneurs, the leap of faith is the launch pad, but for those “when-the-timeis-right” entrepreneurs, it’s the point when they stop dead. When I’m introduced to a prospective business partner with the “perfect” business plan, I do some research. I may find that they’ve been here before, and they just never pulled the trigger.

47. You’re a bit out there. Having the ability to create something out of nothing takes a mad-genius type of person. Remember, people thought Albert Einstein was insane before he proved the theory of relativity. 48. Did you ever ask your family, friends or significant other to send you a calendar invite so that you could talk for all of five minutes? 49. You believe that your time is worth more than money. 50. During your most recent rant about growth hacking, your spouse or boyfriend (or girlfriend) totally understood what you were saying. Even if you don’t have all the above traits right now, you’ll probably develop more of them over time. After all, being an entrepreneur is a lifestyle, not a job or hobby.

7. Overpaying for market share: Habitually spending too much on advertising or incentives is certain death to a business. The answer is simple: Perform a rigorous assessment of the potential return, and then test your assessment thoroughly. Ensure that you’re unlikely to spend more money getting customers than selling to them. And then enshrine your assessment as a rule so that as your business grows, anybody who has the authority to spend money on customer acquisition knows how to measure the cost of advertising, incentives or promotions against the potential return. I’ve found this to be the best way to ensure your business stays successful and on top. Michael Conway is the managing director of Clothes2order. com, a fast-growth company supplying businesses with clothing for uniforms, promotions and events. Fun fact: Michael’s company produced its one-millionth uniform this year! Source: Entrepreneurs’ Organisation (EO)

44 BUSINESS | ENTREPRENEUR Bobby Umar

tarting a business can be a scary thing. You give up the stability (albeit perceived) of a steady income with benefits. You put your career on hold. You sacrifice significant time and energy for the first several years just to get up to your former corporate salary. You enter a risky area where most people fail within five years. So the real question should be, "Is it worth it?" I am here to say yes! Do you really want your life time legacy to be 'Working for someone else = building someone else's assets'? Let's start with the why you need to make it happen. The benefits of having your own business are plenty. They include: 1. You get to be the boss 2. Unlimited income potential 3. Flexible schedule 4. Choice of who you work with 5. Power, control, authority, title and status 6. Tax write-offs You get to do what you love Convinced now? Anyone who is considering taking that entrepreneurial jump must plan for the following strategies. Note that there are always exception, but these are essential to increasing your chance for business success. These tips may also help you to avoid losing focus, faith or money. 1. Get feedback from everyone Who better to get honest feedback and criticism from than your most trusted family members and friends? Ask them to be completely honest with you about your business idea. Don't take it personally if their critique seems harsh. If it bothers you, it may be a sign there is merit to the feedback. Try to find a few diverse contacts to get information from. Perhaps you know someone who is another entrepreneur, a teacher, an accountant, a lawyer or someone who would use your product or service. The indirect benefit is that once you start getting feedback from people, then they will feel like they are part of the process. These same people can become your network to build opportunities. 2. Develop a business plan Before any business launch you need to do your homework. You need to become an expert in your field, your industry and your path to success. It is outrageous how many people start a business without doing a business plan. It is your guide, your bible, your white paper on what your business is and why it's going to succeed. The business plan forces you to think about what your product is, who your customers are and what competitors are doing. It also challenges you to do the financials, develop a marketing and sales plan, prepare a budget and plan for contingencies. 3. Tell everyone you know You are the brand ambassador of your business. If you don't care to talk about it, then why will anyone care to hear about it? Telling people is the only way to get them excited about the possibilities and sharpen your pitch. It may also open up opportunities to discuss your business and defend its viability, which will hopefully

Sanctity of Truth

Monday, May 26, 2014

7 Essential Steps to Leap into Entrepreneurship

reinforce in your own mind the strength of your business concept. Lastly, you never know who people may talk to about your business and indirectly get you some pay checks. 4. Get support Even though you are your own boss, it doesn't mean you have to do it alone. First of all, if you have a family, you need to get your spouse on board. He or she can be your biggest champion or your greatest deterrent, depending on how you present it. One thing your spouse may find appealing is your flexible schedule. In many cases, you can offer to go to the bank, to get groceries or to pick up the kids from daycare because you are not tied to a desk. You need to be willing to ask for help. This means hiring professionals to do the work you don't want to do, (e.g. accounting), seeking friends or family members that you can bounce ideas off of and most importantly, asking your network for business. Lastly, you may want to consider getting a partner. Although you are giving up some control, the benefits of partnership are plenty: you share risk and investment; you provide support and motivation; you hold each other accountable; and of course, two heads are better than one. 5. Know your resources Most people don't realize how large and deep their resources are. Resources can mean a lot of things. You have a bank of usable skills. You have your network of work colleagues, friends and family. You have money saved up or you can find potential investors. You have access to many government resources that support start-ups. Do inventories of your resources to bet-

ter understand who and what is out there to get your business on its feet and help it to grow.

where, anytime and with anyone. Get on the phone and book some lunch dates.

6. Network every day It's lonely at the top. Sometimes a sole proprietor may go days or weeks without leaving the home office or meeting anyone in person. You should try to network every day. This will get you out, it will keep your mind fresh and it will force you to keep talking about your business. It should be clear by now that a major component of your business success will be people. Networking can be done any-

7. Do what you love Do you love what you do and do what you love? Well you better. You are going to spend most of your time working on the business, talking about your business, selling your business, promoting your business, and sometimes doing work for your business that you hate to do. If you truly enjoy what you do and have a passion for your business, then you are much more likely to stick with it and it will

be easier to sell. The best thing is that it won't necessarily feel like work to you. That is the best situation of all. The time is now for you to start hustling for a life versus just hustling for life. Too often in the corporate world we define our life based on our income. Instead, define the life you want to live, then create the business systems to support that dream life. If not you, then who? If not now, then when? It's hard work, but so worth it in the end.

Bobby Umar is President & Leadership Catalyst, Raeallan

Habits of Highly Resilient People Conor Neill

efore you start reading this article, take a moment to think about the people you know really well. Of your friends and family, who would you say is the most psychologically resilient? Who among them would cope the best if they were faced with a major setback? I recently attended a football game with a few buddies, one of whom was a former EO member named Andre. Andre was telling me about his new book, called He Fracasado, y Que? or I Have Failed, So What? In his book, Andre emphasizes the highs and lows that have come with his 20 years of business building: From selling a company for EUR$7 million to running a dotcom into bankruptcy. Throughout it all, Andre remained consistently resilient, independent of the challenges associated with entrepreneurship. How does Andre do it? How does he weather any storm, maintain balance and keep

moving forward? As a professor of leadership at the IESE Business School, I’ve had the chance to interview people like Andre and really learn about what it takes to cultivate a resilient mindset. I’ve spent days with Kilian Jornet, the world’s number-one sky-runner, and learned from Miguel Suñer, who swam the English Channel without a wetsuit, among other fascinating people. What do Andre, Kilian, Miguel and highly resilient people like them have in common? They Forgive Themselves Quickly: Resilient people understand that the “me” of two years ago made the best decisions the “me” of two years ago was capable of making. They never dwell on the past. Instead, they reflect on their mistakes and use them as fuel to keep getting better. They Never Share Victim Stories: In life and business, there are hero stories (“I am responsible for the situation, and I must change if I want the situation to change”) and victim stories (“The traffic made me late to

work,” “Nobody listens to me when I speak”). I don’t hear many victim stories from resilient people. They Don’t Pause for Perfection: People adept at overcoming life’s obstacles don’t wait for perfect information. They make a decent decision based on the information available, and move on. They understand that you can make another decision tomorrow, and perhaps, even reverse today’s decision if necessary. They Say “Thank You” … and Mean It: Everyone I’ve ever met who has the ability to trudge forward despite failure makes it a point to thank those whom they meet along the way; they push out positive energy and receive it tenfold. They understand that negativity is a dragging anchor. They Make Time for Reflection: Resilient people reflect upon their life and re-examine past experiences based on today’s wisdom. They see frustrations, challenges and hard work differently now than when they were younger.

METRO

ay 26, 2014

has been defilse girls. d to kill them rls said she was e suspect would whether physie was not happy molested but she nybody. Parents e close to their

Bank hands over N800m mass transit buses

nfrastructure Bank has handed over 65 mass transit buses worth N800 million to beneficiaries in Lagos. Speaking during the handover, the Managing Director of Infrastructure Bank, Mr Adekunle Oyinloye, urged beneficiaries of the second phase of the scheme not to regard the buses as “political largess”. Oyinloye also disclosed that the bank had recovered 95 per cent of the N10.5 billion loans it granted under L-R: Executive Director, Infrastructure Bank Plc, Mr Hakeem Olopade (left), member the first phase of the Public SURE-P Committee, Col. Abdulmumini Aminu (rtd), Oyinloye, Deputy Chairman, Mass Transit Revolving Fund SURE-P, Mrs Tanwa Olusi, at the presentation of the buses. (PMTF). was already working on ways Scheme Two, was working in The MD said that the recov- to recover the remaining five collaboration with Subsidy ery of the loans had grown the per cent through effective risk Re-investment Empowerment mass transit revolving loans management system. Programme (SURE-P), the fibase to N15 billion. He said that the bank, as the nancier of Scheme Two. Oyinloye said that the bank fund manager of the PMTF The MD said the govern-

ment had to change the five per cent interest rate per annum under Scheme One to zero per cent interest under Scheme Two. According to him, the bank expects beneficiaries under Scheme Two to pay on time because of the zero interest rate. He added that the buses were to be fully paid for in order to sustain the scheme, which he described as “laudable and people-oriented”. Oyinloye said that it was only through prompt re-payment that more transporters could benefit, warning that the bank would not tolerate any default by beneficiaries. According to him, under Scheme Two, beneficiaries have to ‘collaterise’ their loans

Police arrest monarch for impersonation, stealing Babatope Okeowo Akure

signatures, impersonate them and stole their respective allowances.” It was also alleged that the monarch allegedly and fraudulent injected names of four persons two of whom were civil servants into his fictitious staff list in his palace and fraudulently obtained their salaries at the end of every months. The government had in a letter dated November 17, 2012, suspended Adewola, during which the people of the community embarked on a peaceful demonstration and unceremoniously chased the monarch out of his palace and made him to trek several kilometres barefooted over an allegation that he brought negative image to the community because of his alleged atrocities. However, the embattled monarch had instituted a suit

olice in Ondo State have arrested the suspended traditional ruler of Igburowo community in Odigbo Local Government Area, Oba Pius Akinfesola Adewola, for alleged offences such as impersonation, forgery, stealing ng to him, on and fraud. 14, one of the The state government susbers, identified pended Adewola following Oba Adewola o Ehioze, was protests by his subjects over ment voucher of chiefs in the nd arrested at alleged atrocities. community. while trying to The monarch was arrestThe petition, entitled: million ransom ed by men of the Criminal “Complaint of forgery imhe woman. Investigation Department personation, stealing and hile, the victim (CID) and taken to Akure, fraud of a sum of N16 mild unhurt. the state capital. lion against Oba Pius Adkin, however, The Akamuja of Igbu- ewola,” reads in part: “Some residents to see rowo was alleged to have of the late high chiefs and chiefs who died since 2002, s a priority, re- impersonated employees of every criminal Odigbo Local Government still have their names listed ort every suspi- and duped the council area in payment voucher for payrrence around money amounting to several ment of allowances to chiefs curity agencies. millions of naira. of Igburowo community by ce also arrested petrol tanker has crushed to The monarch was arrested Oba Pius Adewola with the oodluck Udoh, in Ondo town, following a pe- conspiracy of four other susdeath a member of the Nan possession of tition written to the commis- pects. tional Youths Service Corps ly-made revolv- sioner of police by the people “The existing chiefs whose (NYSC), Mr Muibi Abdulrasa, of the community through names reflect in the payment in Ilesha-Baruba town of Baols were said to their counsel, Gabriel Ohre, voucher for chiefs allowances ruten Local Government Area ed in his opera- a copy of which was made for Igburowo community are of Kwara State. k before he was available to journalists. A witness said that the dedenied access to the allowy the anti- crime The petition said the mon- ances, while Oba Pius Ad- ceased and his colleague were m on his way arch allegedly injected names ewola in collaboration with riding on the same commercial a Ibom State. of some people into the pay- the suspects forged their motorcycle when the incident occurred. The tanker was said to be coming from Saki in Oyo State to dispense petrol at a filling station, while the two corps members The police said the body of the were coming from a market in rn- the suspect in their matrimonial ur- home. deceased had been deposited in Ilesha-Baruba. Angered by his wife’s infidel- a mortuary and that the suspect The witness said the comto ity, the suspect bounced on the and his wife had been arrested mercial motorcyclist tried to ve randy “lover boy,” beat him until while investigation was still onovertake the vehicle, but collided of the adulterer slumped and died. going. with an on-coming wheel-barrow

nsom

eping with housewife

against some indigenes of the community. It was after his appearance in the Ondo State court sitting in Ondo town that he was apprehended by the police. The Chairman of Igburowo Development Committee (IDC), Dr Nelson Akintolayo, said the monarch had denied respective chiefs their monthly allowances just as he alleged that Adewola had also defrauded the community of several millions of naira in the last two years. The state Police Public Relations Officer (PPRO), Mr Wole Ogodo, a Deputy Superintended of Police, (DSP), confirmed the arrest of the monarch. He, however, added that investigation had begun into the matter, stressing that the suspect would be arraigned in the court as soon as investigation was completed.

to ensure recovery of the facilities. He said: “There is a risk management framework around the scheme, so every beneficiary has to collaterise what he has taken one way or another. “If we morally persuade them and it does not work on time, we will consider the next step to get our money back because the money belongs to the Federal Government of Nigeria. “It is meant for the masses because for other beneficiaries to benefit, previous beneficiaries must pay back.” Also, the SURE-P Convener for Mass Transit SubCommittee, Dr Fatima Adamu, said that the buses were brought to Lagos because of the significance of the state to the nation’s economy. Adamu said that the success level of the scheme in Lagos would provide sustainable framework for its implementation across the country. The convener also said that in addition to the activities of PMTF, SURE-P was deploying efforts in road development and maintenance in Lagos. She said: “Of course, the whole SURE-P is not about bus projects, but other things are in the offering for Lagos. “Every Nigerian is expected to benefit from SURE-P, irrespective of the political affiliation because the SURE-P money belongs to Nigerians.” Three corporate beneficiaries under Phase Two of the PMTF Scheme are to run the buses under the LAGBUS franchise. The beneficiaries are Safetrip, Safexkways and the Green Line Company.

Tanker crushes corps member to death

being pushed by a man by the side of the road. The incident, according to the News Agency of Nigeria (NAN), occurred on Saturday evening. The motorcyclist and the other

corps member fell into a nearby gutter, while the deceased fell under the moving vehicle and died on the spot. The other two passengers suffered minor injuries.

1,200 constituents benefit from lawmaker’s eye treatment enator representing Yobe District.

South, Alhaji Alkali Jajere, has sponsored free eye treatment for more than 1,200 people from four local government areas of Yobe State. The beneficiaries suffering glaucoma and trachoma, according to the News Agency of Nigeria (NAN), were drawn from Potiskum, Nangere, Fika and Fune local government areas of Yobe South Senatorial

Fielding questions from journalists yesterday at the treatment centre in Damagum, Jajere observed that the problems of trachoma and glaucoma were rampant in his constituency. He said: “My constituency office realised that the twin problems of trachoma and glaucoma have become so rampant among the people of the area, hence the need for quick response.”

46 NEWS

Sanctity of Truth

Monday, May 26, 2014

Forum dissociates self from attack on Ekweremadu ELECTION Sullivan Chime wants to hand over to an Nsukka man. It is a real political battle

he National Secretariat of Nsukka Zonal Forum (NZF), political group in Enugu State, yesterday dissociated itself from what it called a campaign of calumny, show of ingratitude and disrespect targeted at the person and Office of the Deputy President of the Sen-

ate, Ike Ekweremadu. Reacting to a recent news story in a national daily (not New Telegraph) entitled; “Nsukka Union Warns Ekweremadu on Enugu Guber Poll,” and credited to the Chairman of the Lagos State chapter of Nsukka Zonal Union, Chief Matthias Ezema, NZF in a statement signed by its National President, Hon. Okey Agu and made available to New Telegraph, described it as illogical. He said “Rather than Ekweremadu, it is actually the financiers of this smear campaign, who

have expropriated all reasonable and juicy positions for the state at the state and federal level to their local government and have done all within their power to emasculate Nsukka zone politically.” According to the release, Senator Ekweremadu has never been opposed to Nsukka people producing the next governor of Enugu State. Rather, while stating clearly from the outset that he had no governorship ambition in 2015, he emphasised that he was solidly behind Nsukka people in this venture on the basis of equity,

justice, and fairness, not on the basis of unilateralist pronouncement of anybody. The statement reads in part: “The attention of the Nsukka Zonal Forum (NZF) and indeed the good people of the zone has been drawn to a recent news story in a national daily entitled “Nsukka Union Warns Ekweremadu on Enugu Guber Poll,” which was credited to the Chairman of the Lagos Chapter of Nsukka Zonal Union, Chief Matthias Ezema. The report claimed in part: “It is ridiculous that the Deputy Senate President is nowtryingtodestroytheparty

(PDP) because of his vaulting ambition of either remaining perpetually in the Senate or becoming the governor.” It also claimed that; “Ekweremadu has never hidden his hatred for Nsukka people . . . and his ‘evil machinations’ against the collective will of the electorate in Enugu State will fail. “The National Secretariat of the Nsukka Zonal Forum, NZF, wishes to totally dissociate itself and the good people of Nsukka zone from this calumny, show of ingratitude and disrespect to the person and Office of the Deputy President of the Senate, Distinguished Sena-

tor Ike Ekweremadu. “It is laughable that the illogical statement claimed that Senator Ekweremadu was bent on denying Nsukka people their gubernatorial slot; and in another breath accuses him of trying to destroy the party to perpetuate himself in the Senate. “Such untruths and tantrums could only come from those who are not at ease with his rising profile and also his overwhelming popularity among his constituents. If his constituents choose to re-elect him a million times, how is that the business of Nsukka Zonal Union?”

Delta 2015: Okowa denies financing killer squad Dominic Adewole

Asaba

major contender in the race to Government House Asaba, Senator Ifeanyi Aurthur Okowa, yesterday denied sponsoring a killer squad ahead of 2015 governorship election. Okowa served as Secretary, Ika Local Government Area, Pioneer Chairman, Ika North-East Local Government Area, and held different positions in the administration of the Peoples Democratic Party (PDP) in the state. Okowa, commissioner in various ministries in the state and Secretary to the State Government (SSG) under the Uduaghan administration. He described the allegation as “unfortunate.” Reacting to the violence that rocked the defacing of his campaign billboards at the College of Education Roundabout in Agbor last weekend, where one Sunny Okonye, was feared dead, the senator wondered why mischief-makers were maligning him. In a statement made avail-

able to the New Telegraph in Asaba yesterday, signed by his Personal Assistant, Hillary Ibegbulem, Okowa decried the desperation with which his opponents were playing politics to succeed the governor. He said: “I have played politics with the fear of God, believing that it is God that gives power to whoever he wishes. It is unfortunate that those who are known to play politics of violence, sponsor cult groups and have killer squads are the same persons sponsoring people to malign my name. “To keep the records straight,” he continued; “I have not sponsored any billboard on my governorship ambition, so I do not see why I should fight over billboards that I do not know their locations. The allegation levelled against me in a press briefing held at the Royal Court Yard Hotel, Agbor, is malicious, untrue and was sponsored by those who see me as thorns in their flesh in the politics of the state out of envy.” He denied the allegation that his personal assistant led a gang in an attempt to murder Sunny Okonye.

Electricity consumers to pay less in June James Nwabueze

Abuja

ollowing automatic adjustment that will occur due to a minor review of the Multi Year Tariff Order (MYTO) 2, in June 1, 2014, electricity consumers will pay less for the fixed charge and the energy charge in some parts of the country, the Nigerian Electricity Regulatory commission (NERC) has said. The NERC Chairman, Dr. Sam Amadi, who disclosed this in Abuja, said the minor review showed significant difference, which necessitated the amendment of

the price that was published in 2012, to reflect the change. He said: “June 1 is also another time for a minor review. Now in this particular June 1, the minor review showed significant difference, so the price that was published in 2012 will now be amended to reflect the change. “In 2013, the minor review didn’t show any significant difference. So, two things can happen every year, the minor review may make no impact when it is not significant or it can be significant and arrest the automatic adjustment.

A cross-section of the pupils of Crescent College, 1004 Estate, Victoria Island, Lagos, in collaboration with Movement for Islamic Culture and Awareness (MICA), on Bring Back Our Girls in Lagos…yesterday PHOTO: SULEIMAN HUSAINI

Chibok: Obiano cancels match Uduaghan spends N5bn on past, orders prayers in schools environmental sanitation Uwakwe Abugu

Awka

nambra State governor, Willie Obiano, has cancelled all formal Children’s Day celebration activities scheduled to take place tomorrow May 27, in the state. In their place, the governor has ordered state-wide prayer sessions in all primary and post-primary schools to hasten the release of the abducted Chibok schoolgirls, who have spent over 40 days in the den of their abductors, the Boko Haram sect. A statement issued by the state Commissioner for Information, Chief Tony Onyima, said the governor has also extended the prayer directive to private schools while also requesting all churches in the state to conduct special prayer sessions for the schoolgirls. The commissioner’s statement said the governor “has directed that this year’s Children’s Day in the state scheduled for Tuesday, May 27, 2014, would be celebrated in a

sombre manner. “This directive has become necessary as a mark of solidarity with the over 200 female students of Government Girls Secondary School, Chibok, Borno State abducted by the Boko Haram sect last month. ”Consequently, the usual match past lined up as part of activities to mark the day would not hold anywhere in the state. Headmasters and headmistresses of primary schools and principals of secondary schools, private, public or mission-owned are, by this announcement, directed to hold prayer sessions in their schools for the urgent release of the girls”, the government statement said. Governor Obiano, according to the statement, wanted all churches in the state to conduct the special prayer sessions yesterday to quicken the immediate release of the kidnapped girls and for an end to terrorism in Nigeria, in view of the growing concern over horrific attacks by insurgents.

Joe Obende

Warri

he administration of Governor Emmanuel Uduaghan in Delta State has been accused of wasting N5 billion on environment sanitation in three local government areas of the state. The exercise was in three local government areas of Warri South, Uvwie and Udu of the state. This came to light following New Telegraph’s. A special environmental sanitation committee headed by the Deputy Governor, Prof. Amos Utuama, had been constituted by the state government to rid the areas of their offensive filth, illegal structures, particularly caravans, which had become permanent features in the state. The committee, which was further broken into sub-committees, was headed by a commissioner and comprised other government officials, who included Commissioner for Environment, Chief Frank

Omare, Commissioner for Water Resources, Dr. Chris Oghenechevwe and Commissioner for Transport, Mr. Ben Ibakpa. The teams went to work beginning from Warri metropolis and Effurun with N3 billion in their kitty for publicity, daily hire of plants, equipment and trucks for demolition and evacuation of refuse and helping hands with a large retinue of security details. Three weeks into the exercise, the committee ran out of the initial N3 billion that was voted for the exercise, a development, New Telegraph gathered got Governor Uduaghan furious. Uduaghan therefore reconstituted the committee with Omare as head and the exercise continued with a fresh vote of N2 billion, New Telegraph learnt. Six weeks into the exercise, the tempo of work dramatically slowed down with plants, equipment and hired hands, getting fewer.

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Monday, May 26, 2014

DIVISION The years of one North are cracking as Middle Belters back Mr. President Philip Nyam Abuja

socio-political group, the Middle Belt Consensus Forum (MBCF) has called on President Goodluck Jonathan to remain focused and stop pandering to the dictates of the "core North", saying it is clear that they have never and will never accept him. The MBCF, gave this advice after its meeting in Abuja at the weekend through a statement issued and signed by its national coordinator, Mr. Bitrus Maisamari. The group in the statement noted that the strategy of appeasing the core North has failed to achieve any

Stop pandering to core North, group tells Jonathan result just as it stressed that in spite of the olive branch extended to some key political figures in the North by President Jonathan, it is clear that he is never accepted. It stressed that the core northern political elements are only interested in their avowed mission of defeating Jonathan without minding the consequences on the nation. The statement noted that President Jonathan’s only crime was that being eligible, he contested the 2011 elections and is still eligible to contest the 2015 elections. The statement read in part: "President Jonathan against wise counsel of some wellmeaning Nigerians, including the former Emir

of Gwandu, Alhaji Mustapha Jokolo, against the appointment of Gen. Aliyu Gusau, as Minister of Defence, still went ahead and appointed him, with the hope that the North will accept him." Jokolo had in an interview warned President Jonathan to beware of General Gusau, saying that “General Gusau is creating problems for the country.” The group quoted Jokolo as saying in the interview that: "This is not a question of what I suspect, Aliyu Mohammed Gusau is an ambitious person. Remember I told you he is funding the Northern Elders Forum. Also remember that I told you he has assembled some Muslim clerics under the umbrella of AMIN.

What is he doing with all these if he doesn’t have an agenda? Listen to statements from the Northern Elders Forum. Are there not always attack on government and that it is the turn of the North to rule?" According to the MBCF, since the coming on board of General Gusau as Minister of Defence, Nigerians are yet to see the so-called experience that he has brought to bear on the war against insurgency as the so-called "Spy Chief of Nigeria." The MBCF submitted that instead of working for Nigeria, Gusau is more concerned with championing the campaign for the removal of the Chief of Defence Staff and the Service Chiefs for daring to chal-

lenge his plans to control the Armed forces. "Mr. President, as a true son of Nigeria, we call on you to stop pandering to real minority minority". We are equal stakeholders in Nigeria. The era of people being treated as second-class citizens as a result of their religion or tribe is gone for good. "We make bold to state here that no northern leader has performed better than President Jonathan and considering the very difficult challenges he has faced from a section of the country that vowed to make Nigeria ungovernable, we give him a 70 per cent pass mark and hereby declare our support for him to run in 2015 presidential elections."

Low key Children's Day Johnchuks Onuanyim Abuja

n view of the abduction of the abduction of female students of Government Girls Secondary School, Chibok, Borno State, a Non-Governmental Organisation, Helpline Foundation for the Needy based in Abuja, has called on the Federal Government and parents to mark this year's Children's Day celebration in a low key. The Foundation equally expressed concern over the fate of the girls who are still languishing in captivity, as it tasked both foreign and local security operatives to do everything possible to secure their immediate release. Making the call in Abuja in a World press conference to commemorate this year Children's Day celebration, the president of the foundation, Mrs. Jumai Ahmadu, said in view of the incident, this year's Children's Day celebration is not worth it. The Foundation President stated that the situation in the country called for sober reflection by every tier of government rather than jamboree. Her words: "We as Nigerians do not have any reason to celebrate this year's Children's Day in view of the obvious fact that our future mothers are still held hostage by a terrorist group. For this singular reason, the foundation is calling on government in all tiers to cancel the celebration as a mark of honour."

L-R: Senator, representing Lagos West Senatorial District, Senator Ganiu Olanrewaju Solomon; Aladegunsebi of Odorogunshin, Oba Olawale Olagoke Ogunsanya, and his wife, Olori Adunni, during Senator Solomon's courtesy visit to the monarch in Epe, Lagos…at the weekend

France to assist Oyo in micro-finance, teaching of French F rance has pledged its readiness to assist the Oyo State Government in the provision of credit to small-scale enterprises through its micro-finance programme as well as teaching of French language in its schools. The French Ambassador to Nigeria, Mr. Jacques Champaigne De Labriolle, made the pledge on behalf of his country when he paid a courtesy call on the state governor, Senator Abiola Ajimobi, in his office in Ibadan at the week end. The ambassador also said that his country would offer assistance in the areas of healthcare delivery and agriculture, all of which he said would bring about economic prosperity and stability to the state.

Labriolle commended the Ajimobi administration’s efforts at ensuring an all-round development of the state through its various programmes and policies, particularly in the areas of urban renewal, environmental sanitation and massive infrastructural development. Responding, Ajimobi thanked France for playing major roles in the security of many countries, including Nigeria, stressing that his administration would continue to accord priority to security of lives and property of the citizens of the state. According to the governor, no nation can achieve meaningful development without adequate security, hence the need to ensure the provision of

adequate security at all times. He also acknowledged the support and assistance of France in the water system development programme of the state, adding that his administration would further appreciate the country’s contribution to the rehabilitation of water equipment to enhance regular supply of potable water to the people. Ajimobi called for partnership with France in his government’s micro-finance programme which, he said, would boost trading, agriculture and other socio-economic activities in the state. He added that his administration had concluded plans to designate some schools for the teaching and learning of French

language. In a statement following the bombings of the Jos Terminus Market in which over 200 Nigerians lost their lives while several others were injured, Nda-Isaiah said that if the Jonathan administration could not wake up to its responsibility of providing security for the now very vulnerable Nigerians, it will be in the best interest of the president to resign. “Or how can you explain the killings every day? Last month, we were talking about the Nyanya twin bombings; the following day it was the Chibok girls yet to be found, now a larger number of Nigerians have been killed in one attack in Jos, and God knows where and when the next one will happen,” said the APC chieftain.

NEWS 47

Obiano: Anambra will vote for Jonathan Johnchuks Onuanyim Abuja

nambra State Governor, Willie Obiano, over the weekend assured President Goodluck Jonathan that the state would pay him back for conducting a free and fair governorship election in the state in 2013. Obiano spoke when the Goodluck Support Group (GSG) hosted Chairman of INNOSON motors, Chief Innocent Chukwuma and his friends to a dinner in Abuja. The governor, who spoke through his Political Adviser, Chief Joe Martins Uzodike, said one good turn deserves another, therefore the people of Anambra State would pay Jonathan back for conducting election that brought them to power. To him, the state was a sure bet for the president as they were prepared to return his gestures with votes. "I stand today as the greatest beneficiary of the transformation Agenda of President Goodluck Jonathan, if not for the free and fair election, one-man-onevote, Governor Obiano will not be governor today. He is a governor because the people of Anambra were given the opportunity to elect the governor of their choice president Jonathan said it and he meant it,"Obiano declared. He added, "For members of the Goodluck Support Group we can assure you that, you can campaign elsewhere, not in Anambra State because that is a sure bet for Mr. President because he has kept his promise; he has given us the hope; he has given us every sphere to be happy; he has allowed us to choose a governor of our choice; and he has given us a fair play ground." On his part, the GSG Deputy National Coordinator, Dr. Eddy Olafeso, said the security of Nigeria was the responsibility of all, urging Nigerians to unite behind the president. Speaking on President Jonathan's achievements, he said, "In other sector, you could see quantumly what the president has been able to do and l am very positive that when we all support him, the issue of security will be a thing of the past." Olafeso also added, "It is not the president that created a lot of the problems raging in this country today, some were created before he was born and yet he stood steadfastly in humility and constantly in the face of daunting challenges and demonstrating to all that in quietness there could be progress.

48 NEWS

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2015: CNPP rues absence of clean voters’ register POLL

Electoral umpire INEC gets some tutorials on free and fair elections Leo Sobechi

he Conference of Nigeria Political Parties (CNPP) has lamented the inability of the Independent National Electoral Commission (INEC) to produce clean voters’ register barely twelve months to a crucial general election in 2015. In a statement signed by its National Publicity Secretary, Mr. Osita Okechukwu, CNPP said: “It is disheartening that less than twelve months to

10%

the 2015 crucial general elections, INEC is yet to have a clean voters’ register, after Nigerians had invested N88 billion” in the exercise. While insisting that INEC must get it right in 2015, CNPP recalled: “The hope then was that having invested N88 billion to procure Data Capturing Machines, and provide other logistics, a clean voters’ register, could have been the outcome of the registration exercise involving the most modern biometric technology of Advanced Automated Identification System (AAFIS). “To our greatest shock and chagrin, the same INEC waited for three good years before announcing to a bewildered citizenry that 4, 105, 215 fake voters in 13 states

The projected rate of Europe Union biofuels constituents of transport fuel in 2020. Source: Unesco.org

of the federation were discovered and that they could not find the biometric voters’ register in many polling units across the country. “They also dished out lame excuses of crashed discs or negligence of state Resident Electoral Commissioners.” The conference added that; “Report reaching us from our field officers is worrisome as alleged that covert move is being made by the Peoples Democratic Party (PDP) as APGA did in the November 16, 2013 gubernatorial election in Anambra State, to simulate a controversial voters’ register to scuttle the 2015 general elections. “For example Enugu State, in Nsukka Local Government Area alone, 230 polling units voters’

53.68%

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

register out of 280, IgboEtiti 190, Nkanu-West 148, Igbo-Eze North 25; have been declared data crashed polling units, same is applicable in Gombe and other states,” the statement said. Part of the statement further reads: “Field reports also indicate that the PDP in collusion with INEC officials is warehousing uncollected Permanent Voters’ Cards, (PVC) to be later cloned for voting in the 2015 general elections. “Conference of Nigerian Political Parties (CNPP) is of the candid view that we must get 2015 general elections right; and to achieve this, no political party should be given preference to the other by INEC; therefore INEC should do the following:

35%

The percentage share of China’s arms purchase from Russia between 2005 and 2009. Source: Blatantworld.com

“Search thoroughly its central data base to save the electorate repeat registration; announce at every polling unit the numbers of PVC it has; declare the total PVC remaining after the exer-

cise at the polling unit, local government area and national level and insist that each person must thumb-print before collecting the card, for it is being observed in the breach.”

Kalu hails Oba Oyewumi, says he’s a selfless leader

minent businessman and former Governor of Abia State, Dr. Orji Kalu, has congratulated the Soun of Ogbomosoland, Oba Oladunni Oyewumi Ajagungbade 111, as he marks his 88th birthday anniversary tomorrow, May 27. Kalu, who is the Aro of Ogbomosoland, described the revered monarch as an outstanding elder statesman, extolling his virtues, his selfless service to his people in particular and mankind in general. In a goodwill message signed by his Special Adviser, Oyekunle Oyewumi, who is also the son of Oba Oyewumi, Kalu commended the paramount ruler for the tremendous

development Ogbomosoland has witnessed under his reign. He said: “Your Majesty, I join your family, friends and well-wishers to celebrate your 88th birthday. “You remain one of the very few monarchs everyone holds in high esteem. “Your goodwill is a testimony to your kind heart and philanthropic efforts. “It is my prayer that God will continue to uplift you as you steer the affairs of your kingdom.” The former governor acknowledged the business success of Oba Oyewumi before and after ascending the throne, stating that his business venture has created employment for people.

Uwajumogu wants Imo North to close ranks

Steve Uzoechi OWERRI

he Speaker of the Imo State House of Assembly, Chief Benjamin Uwajumogu, has urged well-meaning citizens of Imo North senatorial district to come together for the development of the area. The Speaker, who made this call yesterday while interacting with newsmen in Owerri, averred that the fact that the two other senatorial districts in the L-R: Executive Director, Junior Achievement Nigeria (JAN), Mrs. Kunbi Wuraola: Managing Director, Accenture, Mr. Niyi Yusuf; Chairman, JAN, Mr. state are developmentally Laoye Jaiyeola and Group Head, Marketing and Corporate Communications, First Bank Group, Mrs. Folake Ani-Mumuney, during the 15th anniversary ahead of Okigwe district, ceremony of Junior Achievement Nigeria (JAN), in Lagos. PHOTO: GODWIN IREKHE implies that the leaders of Imo North still have work to do in the advancement of their communities. Chukwu David He said: “Development Abuja of Okigwe district is non-

PIB to receive accelerated passage, says Ekweremadu

he Deputy President of the Senate, Senator Ike Ekweremadu, has assured that the National Assembly would expedite action on the passage of the Petroleum Industry Bill (PIB). Ekweremadu gave the assurance at the weekend when he received a delegation of the newly elected National Executive Council of the Independent Petroleum Marketers Association of Nigeria (IPMAN) who paid him a courtesy visit in his office at the National Assembly Complex, Abuja. He said that the Senate was mindful of the benefits of the PIB to Nigerians and those in the petroleum sector. As such, the Senate

lIPMAN to establish two refineries would work to enthrone the envisaged benefits in the major reforms intended by the bill. He said: “I would like to use this opportunity to assure you that progress is being made regarding the PIB. We are committed to passing the PIB because we believe that it is going to bring major reforms in the industry. We want to solicit your patience and also your support towards passing it. “We are hoping that very shortly, our committee will bring forth the report of the bill and we are going to give it an accelerated hearing so that Nigerians and those who are in the industry will begin to have the benefits of reforms intended by this bill.”

Ekweremadu, who urged IPMAN to remain patriotic and ensure steady supply of petroleum products to Nigerians given the enormous dependence of businesses on the downstream sector of the petroleum industry, also implored them to be security-conscious in their operations, saying that the task of securing the country involved all. Earlier, the National President of IPMAN, Elder Chinedu Okoronkwo, had assured that the union was committed to stability in the downstream subsector of the petroleum industry. He said that IPMAN would stabilise petroleum products supply at the official rate, adding that the

new leadership of IPMAN planned to establish two refineries in Kogi and Bayelsa states to further boost the nation’s economy. He said: “The only way we can think of building capacity in the downstream is to build refineries; and as I speak, we have concluded plans to build two refineries; one in the northern part of Nigeria and another in the southern part of Nigeria. It is strategic because when we thought about the capital flight, the enormous money spent on importation of petroleum products, we believe that as a responsible organisation, the current IPMAN administration must take up the challenge of refining this crude oil in Nigeria.”

negotiable and should be top on the priority list of every Okigwe leader. Granted that we have different political persuasions, we must begin to isolate politics from the development of Okigwe and build more bridges across political divides if we must chart a new course in the development of our homeland.” Pointing out that without unity and cohesion, it was impossible for the needed transformation of the district to be achieved, Uwajumogu, said his quest for the turnaround of the district remained paramount, reassuring that he would ensure that all his words were matched with verifiable action towards accelerated development of Imo North.

Taraba varsity gets NUC accreditation Sabiu Mustapha JALINGO

he Vice-Chancellor of Taraba State University, Prof. Muhammad Sani Yahaya, has said that the National Universities Commission (NUC) has accredited all its 34 running programmes. He made the disclosure at the weekend, at the fifth matriculation ceremony of the university in Jalingo. The vice-chancellor said at the NUC accreditation visit last year, the

university had all her 34 running programmes accredited, explaining that twenty-three programmes were given full accreditation while eleven were given interim accreditation. “No university in the history of Nigerian universities since 1948 had ever recorded this feat at the first outing like ours,” he said. Yahaya said the development was not achieved by magic, but by the special grace of the Almighty God and the hard work of every member of the university community.

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Militants attack Somali parliament, 10 killed

slamist militants from the al-Shabab movement have attacked the Somali parliament in Mogadishu, leaving at least 10 people dead. Explosions and gunfire were heard and witnesses reported seeing bodies. Somali police were joined by African Union troops as they engaged the attackers. Al-Shabab, which is linked to al-Qaeda, once controlled large areas of Somalia but was pushed out of major cities in 2011 and 2012. However, it is still able to mount complex attacks. It has frequently targeted the UN-backed parliament. A car bomb exploded outside the gates of parliament shortly before midday local time (09:00 GMT), followed by more blasts and bursts of gunfire. The attackers then stormed the front of the parliament building as security forces fired back. “Fighting is going on inside the parliament building and we

are fighting rebels inside the building but we evacuated members of parliament,” Col Mahamed Dahir said. At least four police officers and several militants were reported killed. Eyewitnesses saw a number of bodies in military fatigues but could not confirm whether they were members of the security forces. Two MPs were reportedly wounded in the attack as they were taken out of the back of the building. “The enemy can now access everywhere,” MP Mohamed Nor told Associated Press, criticising the army’s failure to protect parliament. An al-Shabab spokesman told the AFP news agency: “The socalled Somali parliament is a military zone. Our fighters are there to carry out a holy operation.” African Union (AU) troops from the 22,000-strong Amisom security force joined the Somali army in fighting the insurgents

Egypt’s interim president urges Egyptians to vote

gypt’s interim president urged Egyptians yesterday to come out and vote in this week’s presidential election, saying the vote will shape the nation’s future. In a televised address, Adly Mansour also sought to assure Egyptians that state institutions, including his office, would not interfere in today and tomorrow’s voting. “Let us all come out on Monday and Tuesday to express our free choice. Choosing, without being guided or dictated to, the person we trust to have the ability to build and run the nation,” Mansour said. Former military chief Abdel-Fattah el-Sissi is the heavy favorite to win the election. His only rival is leftist politician Hamdeen Sabahi, who placed a strong third in the last general election held in 2012. El-Sissi led the military takeover that ousted last July the Islamist Mohammed Morsi, Egypt’s first freely elected president, replacing him with Mansour, a career judge. “The state’s institutions, with the presidency at their heart, stand at an equal distance from the two presidential candidates. They have not and will not direct any citizen to a specific choice. Instead,

we are all concerned with security and a wide popular participation,” Mansour said in the recorded five-minute address. El-Sissi has since last July enjoyed the support of the media, both state-owned and private, as he rode a wave of nationalist fervor that expressed adulation for the military as the nation’s most reliable and strongest institution. El-Sissi, apparently for security reasons, did not campaign on the streets, restricting his activity to TV interviews and meetings with various interest groups. Sabahi, on the other hand, has crisscrossed the country, marketing himself as the “candidate of the revolution,” a reference to the 2011 uprising that toppled the regime of longtime autocrat Hosni Mubarak.

around parliament, an Amisom spokesman said. The UN envoy to Somalia Nicholas Kay said he was “horrified” by the attack and paid tribute to the response of Somali and African Union forces. Somalia has experienced almost constant conflict since its government collapsed in 1991. With Mogadishu and other towns now under government

control, basic services such as street lighting and rubbish collection have now resumed. Many Somalis have returned from exile, bringing their money and skills with them. The parliament in Mogadishu - which operated as a transitional assembly from 2004 to 2012 - has been attacked several times, including in 2009 and 2010. Last month, a Somali parlia-

mentarian was blown up and another shot dead in separate attacks. In February, al-Shabab militants attacked the presidential palace in Mogadishu, leaving at least 16 people dead. Al-Shabab, whose name means “The Youth” in Arabic, advocates the strict Saudiinspired Wahhabi version of Islam.

Somali soldiers taking positions to fight militants who attacked the parliament building

PHOTO: REUTERS

Libya congress to vote after renegade general’s threat

ibya’s parliament yesterday prepared to vote under heavy security to approve a new government a week after forces loyal to a renegade former general attacked the congress to demand lawmakers hand over power. Libya’s legislature is at the centre of a standoff between anti-Islamist forces claiming loyalty to former general Khalifa Haftar and the pro-Islamist parties and militias he has promised to purge from the North African country. The crisis over the parliament has deepened Libya’s struggle to assert authority over the heavily armed brigades of former rebels and militias who have become the main powerbrokers three

years after the fall of Muammar Gaddafi. Lawmakers were scheduled to meet in a former royal hall in Tripoli because the regular parliament building was closed following an attack by gunmen claiming loyalty to Haftar, a congress statement said. Parliament, split between Islamist and more nationalist political blocks, are to decide whether to approve a government of new Prime Minister Ahmed Maiteeq, whose appointment was opposed by anti-Islamist militia groups. “Congress members will hold a vote of confidence for the newly appointed prime minister ...if there is a quorum of 96 members,” said

lawmaker Mohamed AlKilani. Troops from a Tripoli brigade in armoured vehicles and trucks mounted with anti-aircraft cannons guarded the white-walled royal hall and surrounding roads in the capital. Three years after a NATObacked revolt toppled Gaddafi, Libya still has no national army, no new constitution and its parliament is caught up in infighting. Powerful rival brigades of former rebel fighters often make demands on the fragile state, each loosely allied with competing Islamist and anti-Islamist forces tussling for control of the OPEC oil producer.

Djibouti accuses Somali pair of suspected of bombing

jibouti’s Interior Ministry said yesterday that two Somalis are suspected of having carried out a suicide bombing at a restaurant filled with Western military personnel on Saturday that killed three and wounded at least 15. Several members of European Union naval and civilian maritime security missions

were among those wounded in the attack, including three members of the Spanish military airforce. The Interior Ministry did not say if any group was suspected of being responsible for the bombings, the first time such an attack has been carried out in the tiny Red Sea state. Djibouti, host to a French

military base and the only U.S. military base in Africa, shares its southern border with Somalia where the al Qaeda-linked group, Al Shabaab continues to flourish as the government struggles to impose any order. Al Shabaab is active inside Somalia, but has also carried out gun and bomb attacks abroad. Last year, the group killed 67 peo-

ple at a Kenyan shopping mall. “Early indications of the investigations show that the attackers were two suicide bombers of Somali origin; a man and a veiled woman,” the Interior Ministry said in a statement. National security forces took over the restaurant premises and secured the area, the ministry said.

50 WORLD | NEWS

ope Francis made a surprise stop at the hulking wall Palestinians see as a symbol of Israeli oppression yesterday, minutes after begging both sides to end a conflict that he said was no longer acceptable. In an image set to become one of the most emblematic of his trip to the holy land, a sombre-looking Francis rested his forehead against the concrete structure that separates Bethlehem from Jerusalem,

Sanctity of Truth

Monday, May 26, 2014

Pope Francis prays at Bethlehem wall, calls for Middle East peace and prayed silently as a child holding a Palestinian flag looked on. He stood at a spot where someone had sprayed in red paint “Free Palestine”. Above his head was a graffiti in broken English reading:

“Bethlehem look like Warsaw Ghetto”, comparing the Palestinian plight with that of the Jews under the Nazis. Israel says the barrier, erected 10 years ago during a spate of Palestinian suicide bombings, is needed to secure

its security. Palestinians see it as a bid by Israel to partition off territory and grab land they want for their future state. On the second leg of a threeday trip to the Middle East, Francis delighted his Palestinian hosts by referring to the “state of Palestine”, giving support for their bid for full statehood recognition in the face of a paralysed peace process. But, speaking at the birthplace of Jesus in the Palestinian-run city of Bethlehem in the Israeli-occupied West Bank, he made clear that a negotiated accord was needed, calling on leaders from both sides to overcome their myriad divisions. Francis invited the Israeli

and Palestinian presidents to come to the Vatican to pray for an end to the enduring conflict, just a month after the collapse of U.S.-backed peace talks. “In this, the birthplace of the Prince of Peace, I wish to invite you, President Mahmoud Abbas, together with President Shimon Peres, to join me in heartfelt prayer to God for the gift of peace,” the Pope said at an open-air Mass in Bethlehem. A spokeswoman for Peres said in Jerusalem that the president “always accepts any kind of initiative to promote peace”. While Abbas heads the Palestinian government, Peres’s post is largely ceremonial and he is due to leave office in July.

Gunman dead after killing six

T Anti-coup protesters in Thailand

Italian journalist killed in Eastern Ukraine

n Italian journalist has been killed in a mortar attack in eastern Ukraine, as voting for a new president begins. Photojournalist Andrea Rocchelli, 30, died on Saturday, along with a Russian national reported to be an interpreter, during shelling close to Slavyansk. “Unfortunately, all of the information points to the fact that he has died,” a Foreign Ministry spokeswoman in Rome said. His family are due to arrive in Kiev later today. News of the deaths comes as pro-Russia insurgents in the region were reported as trying to block voting by snatching ballot boxes and patrolling polling stations. There are early signs of a high turnout for the vote, billed as the most important since the former Soviet republic won independence from Moscow 23 years ago. The main candidates, including front-runner Petro Poroshenko, a confectionery magnate, are promising closer ties with the West in defiance of Russia’s President Vladimir Putin. But the absence of over 15%

of the electorate Crimea, now annexed by Russia, and two eastern regions where fighting with pro-Moscow rebels continued on Saturday, may mar any result. It could leave the Kremlin questioning the victor’s legitimacy, despite Mr Putin’s new pledge to respect the will of the people. Voting began in most of Ukraine at 8am local time and will end 12 hours later. Exit polls will indicate the result ahead of the official outcome on Monday. Only about 20% of the polling stations in the heavily industrialised, Russian-speaking Donetsk region, which has 3.3 million registered voters, were working by 9.30am local time, authorities said. None were open in the city of Donetsk. European election monitors have largely pulled out of the Donetsk region for their own safety, claiming a campaign of “terror” by pro-Russian separatists against Ukrainian electoral officials. Others also complained of being prevented from voting, in some cases because ballot papers had not been delivered because

of security concerns after at least 20 people were killed in the region during fighting over recent days. Polls make Mr Poroshenko, known as the “chocolate king” because of his confectionery empire, overwhelming favourite to win the election. The biggest question is whether he can take over 50% to win outright. If not, a run-off vote will be held on June 15. His closest rival is former prime minister Yulia Tymoshenko who remains a divisive figure to many, more closely linked than Poroshenko with the economic failures that haveblightedpost-Soviet Ukraine.

he British-born son of a Hollywood film-maker killed six people in a gun and knife rampage in Santa Barbara, California, police said. Elliot Rodger, 22, is believed to have shot himself in his car after he fought two gun battles with police in the town of Isla Vista on Friday night. Sheriff Bill Brown said the student stabbed three men to death in his apartment before killing three more people in a shooting spree. Among the dead were two women, aged 19 and 22, who were gunned down outside a university sorority house and a male student who was shot in a delicatessen. Police described the spree as “premeditated mass murder”. Rodger had posted videos and written blogs saying he would carry out the killings because he was a virgin and had never kissed a girl. His father, British film-maker Peter Rodger, was educated in Maidstone, Kent, and was assistant director on 2012 blockbuster The Hunger Games.

Around 3,000 students gathered for a vigil to remember the dead on the University of California’s Santa Barbara campus. Many of them held candles during the emotional event. The Rodger family’s lawyer, Alan Shifman, revealed that they called police several weeks ago after being alarmed that the future killer had uploaded several YouTube videos “regarding suicide and the killing of people”. Police interviewed him at his home, but found him to be a “perfectly polite, kind and wonderful human”, Mr Shifman said. The shootings began at 9.30pm local time on Friday night. Rodger, who had Asperger’s syndrome, opened fire at random as he drove around the beach community near the University of California campus. The Santa Barbara City College student shot pedestrians, ran over two cyclists and exchanged gunfire with police officers before crashing his black BMW into a parked car. He was found shot in the head in what was believed to be suicide.

Ukrainians vote in presidential elections

ro-Russian separatists have disrupted voting in Donetsk. Ukrainians are going to the polls to vote in a new president after months of unrest following the ousting of former President Viktor Yanukovych. There are 18 candidates on the ballot, which is widely seen as a crucial moment to unite the country. But pro-Russian separatists

have disrupted voting in the east, stopping many polling stations from opening and smashing up ballot boxes. Some 20 people have been killed in fighting in recent days. Voting in the eastern regions of Donetsk and Luhansk has been seriously disrupted. There were no polling stations open in Donetsk city, and across the region only seven

out of 12 district electoral commissions were operating. The presidential elections were called after the last elected President, Viktor Yanukovych, was deposed in February amid mass protests against his pro-Russian policies. Confectionary tycoon Petro Poroshenko, known as the “chocolate king”, is the favourite to win.

Iran players Eagles must watch

We were better than Atletico –Ronaldo

Manu wants more from Flying Eagles

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Monday, MAY 26, 2014

That Boris Becker was the first unseeded player to win Wimbledon in 1985 when he was only 17 years old. He also became the youngest player to win the title, as well as the first German

Don’t gamble with World Cup,Chukwu tells Keshi Keshi

Chukwu

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Action between Nigeria and Mali

Oladipo makes NBA All-Rookie Team

Ifeanyi Ibeh

igerian guard, Victor Oladipo, who plays in the National Basketball Association for the Orlando Magic, has been named to the NBA All-Rookie First Team. After finishing second in the Rookie

of the Year contest to Philadelphia 76ers guard, Michael Carter-Williams, Oladipo once again trailed the lanky point guard in the number of votes polled, finishing one vote shy of Carter-Williams. Joining the two guards on the first team are Utah’s Trey Burke, New York’s Tim Hardaway Jr and Brooklyn’s Mason Plumlee.

Oladipo, who was selected second overall in the 2013 NBA Draft, enjoyed a very solid rookie season, despite being used as a point guard instead of his more natural shooting guard position, Oladipo averaged 13.8 points, 4.1 rebounds, 4.1 assists and a team-high 1.6 steals per game. CONTINUED ON PAGE 54

Oladipo

SPORT

Monday, May 26, 2014

Countdown to Fifa World Cup 17

Iran players Eagles must watch

Days To Go

Ajibade Olusesan in this piece, highlights some Iranian players that may cause the Super Eagles plenty of trouble when the two sides meet in their opening Group F match at the World Cup.

Ghoochannej

Shojaei

Nekounam

uper Eagles must beat Iran in their opening fixture on June 16 to have a chance of making it from Group F but Coach Stephen Keshi must know that it is one assignment that needs not be taken lightly. Iran were the second Asian team to seal a place in the World Cup after Japan, topping Group A and seeing off the challenge of South Korea and Uzbekistan. They lost just two games throughout the campaign. Although bookmakers have not given the Persian Stars any chance of progressing from Group F, Coach Carlos Queroz can still boast of some players who are capable of helping the team scale the hurdles. With several Europe-based players in the squad, Iran will be heading to the World Cup with plenty of top level international experience. Reza Ghoochannej had represented the Netherlands in age-grade competitions but the 21-year-old has been a huge success since he switched allegiance to Iran two years ago. He has been a quality addition to Coach

Dejagah

With several Europebased players in the squad, Iran will be heading to the World Cup with plenty of top level international experience Queroz team. The Charlton Athletics striker played an important role in the team’s qualification for the World Cup as he weighed in with three goals. The former Standard Liege forward has now scored impressive nine goals in just eleven games for the Asians and he is one player Eagles must watch when the two teams meet in their opening game. Although age is no longer on his side, long-serving Iran captain, Javad Nekounam, will be influential in the team’s run in the Mundial. He’s a midfielder with incredible eyes for goals. He has scored some of the most important ones for the team,

he has 37 goals already in his 136 appearances. He is always at the centre of anything positive for Iran; one of the team’s tactics is to pass to him and hope he can hit a stunning long shot towards goal. John Mikel Obi and his colleagues in the middle of the pack must first stop the Al-Kuwait midfielder to gain upper hand when the two sides meet. Super Eagles must pray that talented Massoud Shojaei will not be at his imperious best on June 16. The Las Palmas of Spain player is one of the exciting youngsters in Spanish football but he is notorious for inconsistent form. Shojaei is almost unplayable when in his element, when he plays well, his team plays well. However, Coach Keshi must find a way to stop him in case he finds his rhythm. German-born Daniel Davari still lacks the requisite experience in international football as he has just three caps for Iran but the goalkeeper has the quality to keep his team longer in the competition. He had a mixed fortune with Bundesliga side, Eintracht Brauschweig, in the just ended season; athough he was in goal for most part of the season his performances were not enough to keep the modest side in the top division but he will be desperate to banish that disappointment to enjoy his first World Cup appearance.

Eagles should capitalise on his nervousness as did Guinea in their last international friendly game. Fulham striker, Ashkan Dejagah, is arguably Iran’s most notable player. He is another German-born player who opted to play for Iran and the Asian country has benefitted immensely from his decision. Dejagah can play in any part of the attack and has formed a telepathic partnership with Ghoochannejhad. The player who came to prominence during his time at Wolfsburg where he chalked up 150 appearances has the ability to take on defenders and chip in goals on a regular basis. The player struggled with injury in the just concluded season but he still managed to prove his worth to Fulham fans with some fantastic goals and Eagles must work hard to stop him. Queroz’ philosophy is ultra-defensive football and one man that has been key to the success of the approach is Jalal Hussein. The 32 year-old has racked up 82 international caps and has been the mainstay of the team since he broke into the national team in 2000. It has been difficult for opponents to break the defence line of Iran anytime Hussine is on form. He combines well with Ehsan Haisafi in the heart of the Persian Stars defence and little wonder they conceded just two goals in their last eight games in the qualifiers. He does not fail in his defensive duties but Husseine can also score some important goals. As a defender, he has managed six goals for the national team.

Monday, May 26, 2014

SPORT | EURO FOOTBALL Transfer Updates

We were better than Atletico –Ronaldo

R Ronaldo

Playing Costa a big mistake – Simeone

eal Madrid star Cristiano Ronaldo insisted his side was the better team in their UEFA Champions League final win over Atletico, despite needing a last-gasp equaliser to stay in the game. “We deserved to win because we played better. They didn’t have any chances and we were better,” Ronaldo said. “That’s football, there are matches you can win in the final minutes and that happened today. Atletico should be congratulated

for their great season.” Real defender Pepe, who was on the bench throughout, agreed with Ronaldo and praised the club’s fans. “This competition is very important for us. We followed the tradition of Madrid in fighting to the end,” Pepe said. “I think we were better for the whole game. They scored from a dead ball through our own mistake, but we fought and knew that together with the fans we could win the Decima.”

Nigeria post impressive results in Bahamas Charles Ogundiya

espite their failure to mount the podium, Nigeria female team to the inaugural IAAF World Relays at the Thomas Robinson Stadium in Nassau, Bahamas, showed glimpses of what to expect at the Commonwealth Games in July, posting a season best record in 4X100m. The quartet of Gloria Asumnu, Blessing Okagbare, Dominique Duncan and Francesca Okwara returned a time of 42.67secs to place fourth in the final won by USA who posted Championship record of 41.88secs ahead of Jamaica that placed second. The women also made it to the final of the women 4X400m, finishing first in their heat with Championship record of 3:27.07mins with the final result unknown as at the time of going to press. The women are Nigeria’s medals hope at the Commonwealth Games. The men continue to falter as they finished fourth to miss the final with a disappointing time of 3:04.48mins in the men 4X400m heat.

PSG confirm Luiz move

aris Saint-Germain have announced that an agreement has been reached with Chelsea for the signature of Brazil defender David Luiz, who will sign a four-year deal when the transfer window opens on June 10. Currentlyinhishomelandpreparingforthesummer’sWorldCup, Luiz took time out to undergo a medical exam in the presence of PSG’sdoctors,andnowallthatremainsistheputtingofpentopaper once the transfer window officially opens on June 10.

Real prepare £100m bid for Suarez

iverpool have been warned to expect a mega-money summer raid by Real Madrid for their star striker Luis Suarez.Kop idol Suarez has pledged his future to the Anﬁeld outﬁt in recent weeks – but moneybags Spanish side Madrid may tempt him with the chance of a dream move to the Galacticos. And former Bernabeu president Ramon Calderon says he would notbeatallsurprisedifMadridmakeabidfortheUruguaygoal-getter this summer with talk of a £100million, world record bid for the sensational Suarez dominating the football world over the last week.

Liverpool, Arsenal chase Balotelli

‘bitter’ Diego Simeone admitted he made a mistake playing Diego Costa in his side’s UEFA Champions League final loss on Saturday after the striker lasted only nine minutes of Atletico’s 4-1 loss to Real Madrid in Lisbon. “It was my responsibility to have (Costa) play and obviously I made a mistake because I had to switch him as early as I did,” he told a news conference. “Obviously he wasn’t as good as he had been the day before. That was my decision to make. “We looked at each other, we caught each other’s eye, and we didn’t want to waste part of the game with one less player.”

rsenal and Liverpool are eyeing up a move for former Manchester City bad boy Mario Balotelli according to reports in Italy which claim that the 23-year-old is currently unhappy at AC Milan and is contemplating a move back to the Premier League. Balotelli, 23, scored 20 goals in 54 appearances during his time at City but was constantly in the headlines for the wrong reasons.

Wenger talks up Benzema move Real Madrid Victory parade

I hope Suarez misses England clash – Gerrard

teven Gerrard is hoping Liverpool team-mate Luis Suarez will be absent for Uruguay’s meeting with England, but wants to see him return later in the World Cup. Suarez sustained a knee injury during Liverpool’s final day Premier League win over Newcastle and he has had meniscus surgery following an MRI scan on the problem. The 27-year-old, who topped the Premier League’s scoring

charts with 31 goals, is optimistic he will be fit for the opening Group D game against Costa Rica on June 14 before taking on Roy Hodgson’s side five days later. “From a really selfish point of view it would really help England if he was not available, of course it would,” said Gerrard. “I know him personally and I wish him well. “I just hope he’s fit as soon as possible and certainly for when we go back with Liverpool.”

Nsofor snubs EPL move for Serie A Ajibade Olusesan

uper Eagles striker, Obinna Nsofor, has turned down an opportunity to return to the English Premier League as he opted for to stay in the Serie A. The 27-year-old was on loan at Chievo Verona from January this year and impressed in his brief spell with the Italian club. Nsofor’s future at parent club Lokomotiv is in serious doubt with the player deemed surplus to requirements at the

Russian club. Premier League club, West Ham, have been linked with the former Inter Milan forward but he said, “After Brazil (World Cup), we’ll see if Lokomotiv want me or I remain here. President Campedelli knows what I would prefer, but they should talk with him.” A number of other clubs are also said to be courting Nsofor but his future is expected to be decided after the next month’s World Cup ends.

rsenal’s move for Real Madrid striker Karim Benzema may finally happen if quotes from Gunners boss Arsene Wenger on French TV are anything to go by. While acting as a pundit for the Champions League final on French station TF1, Wenger told viewers that the final could have been Benzema’s last game for Madrid and that in his view, “Benzema jouera certainement un jour en PL;” in other words, Benzema will certainly play in the Premier League (in the future.)

United ready to part with Mata

anchester United midfielder Juan Mata could be allowed to leave Old Trafford for Barcelona this summer, with the Catalan giants reportedly preparing to launch a £40m bid for the Spanish midfielder, who only joined United in January. And the Daily Express is reporting that new United boss Louis Van Gaal could be willing to let the £38m January signing leave as he looks to stamp his mark on the Old Trafford side.

Chelsea join race for Fabregas

helsea have joined Arsenal and Manchester United in the race to sign Cesc Fabregas from Barcelona with Jose Mourinho looking to add a creative midfielder into his squad after selling Juan Mata to United last January. The former Real Madrid man went trophyless on his return to Stamford Bridge but is looking to remedy that with some major transfer business in the summer.

54 SPORT

Monday, May 26, 2014

I’ll justify inclusion in Keshi’s list – Babatunde Chimaobi Uchendu

uper Eagles World Cup invitee, Babatunde Michael, has vowed to justify his inclusion in Stephen Keshi’s 30-man provisional list with quality performance during Eagles friendly matches which begin with Scotland on May 28 in London. He said; “I just believe that on the pitch my performance will speak for me, I am working hard and I believe that I will make the final list to the World Cup. “It is one thing to be listed in the provisional squad and another thing to make the final cut, but I

believe that it is going to a practical battle on the field which will certainly be in my favour.” Babatunde’s impressive performance in Ukraine did not go unnoticed as the forward was rewarded with a first call-up into the Super Eagles squad for the FIFA World Cup qualifier against Kenya in March and was then also included in the Nigerian squad for the FIFA Confederations Cup Brazil 2013. He was an unused substitute against Kenya, but then earned his first cap in Nigeria’s 2-2 draw against Mexico in an international friendly at the end of May.

Fengor Ogude (left) and Godfrey Oboabona battling a Tahitian player at the confederation Cup

Scotland coach expects tough Eagles friendly Emmanuel Tobi

cotland coach, Gordon Strachan, has revealed that he is expecting a tough match when they battle Nigeria in an international friendly at the Craven Cottage, London on Wednesday. Gordon Strachan expressed confidence that they can continue their five-match unbeaten run against the Super Eagles as they prepare for the qualification of the European

Championship against Germany in September. Nigeria currently 44th in the FIFA rankings, 22 places below Scotland, but Strachan maintained that he expects a very physical game from the Eagles “You have to see their squad and who the coach has picked because it changes so rapidly. But I think it will be the serious time for them now. What you’ll get is pace, physical strength and a lot of them play

Don’t gamble with World Cup Chukwu tells Keshi Mercy Jacob

igeria Football Federation technical committee member, Christian Chukwu, has advised Super Eagles coach, Stephen Keshi to give the World Cup his best shot and write his name in gold. The former Green Eagles skipper also warned the coach not to gamble with the World Cup but to make the right choices in his final 23-man list which is expected to be released after the Scotland friendly. Chukwu said; “The Super Eagles are on the right track, the NFF has not failed to give Keshi support for his programmes, they have also not interfered in his job. It is left for Keshi to reciprocate by presenting a formidable team for the country. “At the last Nations Cup in South Africa, Keshi took everybody by surprise and won the Nations Cup against all odds. “He can equally create history at the World Cup if he can get to the semifinal stage. And to achieve these, he has to avoid any form of gambling and base his final list on form and fitness and avoid playing names.”

Chukwu in an interview with New Telegraph said that Keshi should pay no attention to any form of distraction in the remaining days before the kick off of the World Cup if he intends to succeed in Brazil . He said; “Nigerians should allow Keshi to focus now; all they need do is to pray and support him to succeed, this is not the time to crucify him as regards who to invite in the team and who not to invite; he needs concentration to be able to give us the best. Keshi on his own has to focus on the forthcoming friendly match and ensure he is not distracted in any way. Nobody will change his list, not even the NFF, my only fear is injury. “For the home based players who will be making the team ,it is an opportunity to show to the whole World the stuff they are made of and to prove to Nigerian that playing in the local league does not make them lesser players.” Nigeria is billed to compete with Iran, Bosnia-Herzegovina and Argentina in the Group F of the forthcoming World Cup holding in Brazil between June12 and July 13.

at a good level. “So if we’re not as physical as they then we have to move the ball about so those physical challenges aren’t there. We stick to what we’re good at. It will be good. We’ll try to outnumber people in certain areas, use our tenacity, our fitness levels. We do it in a different way to how they do it. They play at a slower pace than us, physically stronger, you don’t take on an opponent at what they are good at.”

Oladipo makes NBA All-Rookie Team CONTINUED FROM PAGE 51

Oladipo, who was named the NBA’s Eastern Conference Rookie of the Month for both December 2013 and February 2014, became just the second rookie in Orlando Magic history to grab 1,000+ points, 300+ assists and 100+ steals in a season. The only other Magic player to have achieved such was Penny Hardaway in 1994. This past season, Oladipo started 44 of the 80

games he played in, and led his side in scoring 13 times, in rebounding twice and in assists 18 times. He also hit double figures 62 times and recorded the first triple-double of his NBA career on December 3 against Philadelphia with 26 points, 10 rebounds and 10 assists in 52 minutes. Oladipo is the seventh Magic player to be named to the NBA All-Rookie First Team and the first since the 2004-05 season.

Manu wants more from Flying Eagles Ifeanyi Ibeh

igeria’s U-20 national team coach, Manu Garba, insists there is still much work to be done before Nigerians get to finally see their dream Flying Eagles side. The Flying Eagles defeated their Tanzanian counterparts 4-1 in Kaduna on Saturday to qualify for the third round of the 2015 African Youth Championship qualifiers with Alhassan Ibrahim, Musa Yahaya, Taiwo Awoniyi and Chidera Eze all getting on the score sheet to hand the Nigerian side a 6-1 aggregate victory, having won the first leg in Dar es Salaam 2-0 a fortnight ago. The Flying Eagles however, wasted a number of goal scoring opportunities during the encounter decided at Kaduna’s Ahmadu Bello Stadium, and Manu looks forward to a time, hopefully in the not-too-distant future, when his wards will be less profligate in front of goal and punish opposing sides with lots of goals. “We are definitely not yet there as there is still a lot of work to be done before people get to see the team of their dreams,” said the former handler of Nigeria’s U-17 side, the Golden Eaglets, in an interview with New Telegraph. “We had a lot of chances that had they been converted would have made the score line much more comfortable. I am not trying to take anything away from our opponents (the Tanzanians) but I think we should have won by a higher

margin.” The team’s leading scorers since Manu took over as coach of the Nigerian U-20 side, Ibrahim and Awoniyi, were, unfortunately, responsible for missing a handful of sitters during Saturday’s game against the Tanzanians, but the Flying Eagles coach refused to single out both players for criticism insisting it is the responsibility of the entire team to score, not just the forwards. “Football is a collective sport and I cannot single out anyone for blame,” continued Manu. “It is not only strikers that have the responsibility of scoring; everyone in a team can score just as anyone can also create chances for others to score.”

Glo Premier League Dolphins FC 2-0 Bayelsa Utd Warri Wolves 1-1 Sharks Kano Pillars 2-1 El-Kanemi Giwa FC 4-0 Kaduna Utd FC Taraba 1-0 Heartland Rangers 3-3 Gombe Utd Enyimba 3-0 Nembe City Abia Warriors 3-0 Crown FC Akwa Utd 1-0 Lobi Stars Sunshine 1-0 Nasarawa Utd

NEWS 55

Sanctity of Truth

Monday, May 26, 2014

More names of PDP chieftains, others missing on voters' register REVELATION Collection of permanent voters' card reveals a can of worms Uwakwe Abugu

Awka

ore names of Peoples Democratic Party (PDP) chieftains have disappeared from the voters' register of the Independent National Electoral Commission (INEC) in Enugu State. This became evident as the collection of permanent voters’ cards began last Friday. An outraged state publicity secretary of the PDP, Dr. Okey Eze, whose name also disappeared from the

register, yesterday called on INEC to ensure that remediation measures are put in place in the state, warning that unless that was done, about one million voters will be disenfranchised in the state. Sources at Ede-Oballa, home town of the state chairman of the PDP, Chief Vita Abba, informed that INEC’s Resident Electoral Commissioner (REC) for the state was at the Community Primary School 2, Ede Nta, where the PDP chieftain had voted in previous elections and that Abba confronted him(REC) on the absence of his name and those of many other members of the ward in the register. In Olido community, where voters turned out in large number yesterday and INEC ad hoc staff were on hand to issue the

84.98m

The total population of Ethiopia (representing 1.23% of world’s population) in 2010. Source: Blatantworld.com

cards, many residents were angry when they could not find their cards and their names even when they showed their temporary voter’s cards. However, the Commissioner for Information, Mr. Chuks Ugwoke, told New Telegraph in a telephone interview yesterday: “I am lucky. I have collected my permanent voter’s card and in my community, Alor-Agu in Igbo-Eze South Council of the state. The exercise which started on Friday has been going on peacefully. “But even in my community, many people can’t find their names in the register and these are people who have been voting and have had their temporary voter’s cards. This means that the fresh registration billed to start on Wednesday may not be easy con-

65.1%

The percentage of households with a computer in Europe region in 2008. Source: Itu.int

sidering the number of people in the state whose names are not found in the register in the 621 polling booths in the state,” the commissioner stated. Similarly, the state publicity secretary of the PDP, Dr. Okey Eze, could not find his name in the register in his Umuelo/Ovoko Agu Ward, and along with him at the weekend were 780 voters in his Ibeku Village Hall polling booth alone. Speaking in a telephone interview, the PDP spokesman and the state information commissioner called on INEC to extend the period of fresh registration for Enugu in view of the enormity of the problems created by the missing names in the register in 621 polling booths mostly in Enugu North senatorial zone.

700,000

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

We’ll resist removal of Land Use Act from Constitution, say Confab delegates Lateef Ibrahim

Abuja

ome members of the ongoing National Conference have kicked against what they called 'surreptitious attempt' to remove the Land Use Act from the Nigerian constitution, vowing to resist the move. The delegates have similarly declared readiness to ensure that the “draconian recommendation” by the conference committee on Land Tenure Matters and National Boundaries, does not go through at the plenary. While speaking on behalf of the ‘pro-poor’ delegates at the National Conference, a delegate representing Ondo State, Remi Olatubora, said at the weekend in Abuja that the poor masses of Nigeria would further be pauperised if the Land Use Act is eventually removed from the Constitution. Olatubora, who is the leader of Ondo State delegates to conference, said: “This particular draconian recommendation of the committee is against the poor masses of this country; it is a coup against the poor masses of this country and we must all stand against it”. The debate on the recommendation by the committee to expunge Land Use Act from the Constitu-

tion, it would be recalled, caused serious uproar at plenary last Thursday. The development forced the leadership of the conference to adjourn debate on it abruptly till today. While some delegates applauded the recommendation, others condemned the report of the Committee, arguing that some of the recommendations were not implementable as they were drafted to favour certain classes of people or ethnic groups against the others. The committee, headed by General Bagudu Mamman, rtd, with Oba Michael Adedeji as deputy, viewed the controversial Land Use Act as an attempt at codification of all laws in Nigeria pertaining to land administration. The committee noted that before the Act came into effect, land belonged to specific owners or group of owners, families, or communities that could alienate, sell and dispose of same without the requirement of obtaining any authorization or ratification by the state government. It further observed that the original land tenure systems, in which the community exercised management and control powers, guaranteed that community members have access to land for farming and habitation and other economic activities.

SAN expresses fear over confab report Babatope Okeowo

Akure

former Attorney General AJustice and Commissioner for inEkitiState,MrDayo Chairman, Promasidor Nigeria, Mr. Keith Richards (left), congratulating the winner, Best report Children category /Deputy Editor, Investigation, New Telegraph Newspapers, Mr. Isioma Madike, during the 2013/2014 Cowbell Quill Awards in Lagos…at the weekend

‘No more government sponsorhip of religious pilgrimages' Onwuka Nzeshi

ABUJA

he National Conference Committee on Religion has resolved that government at all levels shall no longer utilise public funds to sponsor any religious pilgrimages for any category of citizens and government functionaries. It has also resolved that government shall discontinue the sponsorship of official government delegations on any pilgrimage. These are some of the highlights of a fiftytwo page report submit-

ted by the committee to the ongoing National Conference. The report, which is slated for discussion and adoption by delegates at plenary today, observed that Nigeria, being a heterogeneous society, needed to separate state from religion. Section 10 of the Constitution of Nigeria 1999 prohibits government from adopting any religion as state religion while Section 38 of the said Constitution guarantees the right of every Nigerian to freedom of religion.

Confab: Ekiti people in Kwara demand merger with Ekiti State Lateef Ibrahim

Abuja

he Ekiti speaking Tgovernment people in two local areas of

Kwara State have written to the ongoing National Conference, urging it to do everything possible to return them back to their kinsmen in Ekiti State. They pointedly declared that they do not have anything in common with the people of Kwara State. The Ekiti People in Kwara, in a 'save our souls' memo signed by their President, Chief J. O Daniel; Secretary,

Hon. Ayo Oluleye; Legal Adviser, Chief Titus Ashaolu (SAN) and two others, sent to the ongoing National Conference, noted that Oke-Ero and Ekiti local governments in present Kwara State are contiguous with Ekiti State, adding that they are socially and culturally bounded. The people described as a "modern slavery" their continuous stay in Kwara State. They pointed out that they are grossly disadvantaged to attain their full potentials and impeded from actualising highest positions in the nation.

Akinlaja, (SAN) has raised fears over the implementationof therecommendations of the on-going National Conference. Also, he advocated for true federalism as a way of checkingtheupsurgeof insurgency in some states in the North and the best way of resolving the myriads of problems confronting the country. Akinlaja, who spoke with NewTelegraphonthestateof the nation in his chambers in Akure, the Ondo State capital at the weekend, said the decisions of the National Conference committee might be consigned into the dustbin of history unless certain issues affecting the country are addressed. TheConstitutionallawyer said both the issue of referendum as being canvassed in some quarters or taking the recommendations to the National Assembly for ratification would be an exercise in futilityunlessthecountryhas a change of heart.

His words: “If the National Assembly is not fully representative of the interest of the people, no matter what recommendation made, they may just stultify the recommendations. If the National Assembly, as an institution, is not made to key into the results, we may not get the very best. They may just find a way of throwing it into the trash can. “Again, on referendum, I am sorry, we do not have the antecedent of credibility. If there is a referendum, where is the assurance that we will get the people to really do the referendum in the real sense of it? What gives one the impressionthatif theywanttogo into referendum, that it would be sincerely and creditably clean? So, it will still boil down to the crisis of confidence, all I think is essential as a nation is that we should have a sort of rebirth. We just have to have a reorientationof somesort.” The Senior Advocate also suggested that the best way to resolve the problems confronting the country is true federalism where states would be able to control their resources and pay taxes to the federal government.

World Record

On Marble

Do not be like the cat who wanted a fish but was afraid to get his paws wet.

– William Shakespeare

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, MAY 26, 2014

N150

May 13 2014,Russia’s Daria Ustinova became the first to race to the Junior World Record in the women’s 200 meter backstroke, racing to a 2:09.02 in the semi-finals at the Russian Championships

Driving growth through definitive financial systems in emerging markets

country’s financial development is intrinsic to the structure and performance of its financial system. It epitomizes the character of the country’s economy – bank-based (United States of America and England) or market-based (Germany and Japan). Thesedefinitive and well-organized financial systems fasttrack stability and ensure emerging markets shift from liquidity-driven to growth-driven economy. For a better understanding of this write up, it’s imperative I highlight the two financial systems enumerated above. Bank-based financial system is where financial intermediaries such as banks play vital roles in the allocation of loanable funds from lenders and savers to borrowers as well as spenders. While the market-based financial system, on the other hand, has greater reliance on financial markets for the allocation of loanable funds. Succinctly put, bank-based systems fundamentally mobilize savings, allocate capital, oversee the investment decisions of corporate managers, and provide risk management vehicles. While in the market-based systems, securities’ markets share center stage with banks in getting society’s savings to firms, exerting corporate control, and easing risk management. Although there is an unresolved argument on which – market or bankbased intermediaries, is more effective; emerging economies grow and become more active as well as efficient with clear structured financial system. For instance, China and India, the world’s two emerging economic giants, have captured the attention of investors, industrialists, and economists. As powerful as the progress of both economies, China’s industrial development has been most outstanding. This is not just because of its head start in economic liberalization, but also a commonly overlooked factor – China’s proficient financial system. India’s financial assets, reflecting the level of monetization and supply of intermediated capital, is just one-sixth the size of China’s total in 2009. Whereas China accounts

Guest Columnist Favour Ojiabor

Statistics show that, despite the strong performance of Nigerian banks in 2013, they are still trading at a discount to Emerging Market (EM) peers on both Price Earning and Price to Book multiples for more than four percent of the world’s financial assets, India holds less than 1 percent. This difference is only partially explained by the size of the two economies. India’s financial depth – a measure comparing a country’s financial stock with its GDP, is just 137 percent—far below China’s 323 percent. The Bombay Stock Exchange (India) hardly a paragon of efficiency, was established in 1875 - the oldest in Asia, while China didn’t even have a stock exchange until 1990. The magic is China’s efficient financial system! Then we ask: What is the structure of Nigeria’s financial system? Can it be conveniently classified as bankbased or market-based? Or doesn’t definitive financial structure matter in our quest to emerging market inclusion? Emerging markets economies make frantic efforts to define their financial system as to forestall economic quagmire emanating for ineffcient financial systems. World renowned economists Bhattachyarya and Thakor (1993) stipulate that, a well-functioning institutional structure generally abstracts from macroeconomic issues such as inflation, budget deficits, and currency crises. Statistics show that, despite the strong performance of Nigerian banks in 2013, they are still trading at

Dr. Okonjo-Iweala

a discount to Emerging Market (EM) peers on both Price Earning and Price to Book multiples. Looking at the Price to Book multiples for 2013, the Nigerian banks are trading at 4050% discounts to Kenyan and South African peers, and at 20-30 percent discounts to BRIC and the broader EMEA banks. This is reflective of our banks’ weak capital base and lack of structured financial policies to stabilize and make our financial system more competitive. For instance, the capital base of most Nigerian banks is less than US$10 million while the largest bank has about US$240 million. This compares unfavourably with the situation in Malaysia where the smallest bank has a capital base of US$526 million. The small size of most local banks, coupled with their high overheads and operating expenses, impact negatively on the cost of intermediation. It also meant that they could not effectively participate in big-ticket deals, especially within the framework of the single obligor limit.

Then I ask: What is Federal Government’s policy towards strengthening our financial system? Our viable capital market presents great opportunities for the country if developed. Foreign portfolio investors play significant role in the Nigerian capital market. In 2013, total foreign portfolio inflows (FPI) exceeded outflows by 12.5 percent. FPI transactions accounted for 36.9 percent in January and increased to 51.1 percent at the end of the second quarter of 2013. Generally, total foreign portfolio flow in the financial system amounted to about $12 billion, and constitutes about 90 percent in equity and 10 percent in fixed income. This shows that deepening Nigeria’s financial market will sure enhance decision making strategies of foreign portfolio investors in considering Nigeria as a viable platform to retain their capital in the medium to long term; and help define our financial system. Most emerging market economies are busy strategizing to successfully shift from liquidity-driven to growthdriven markets. Nigerian Government needs an all-inclusive financial strategy to grow our financial system! • Favour Ojiabor ( favokereke@yahoo.com) is Head of Media JSP Communications Limited

OmoBaba

NORTH EAST ‘LL SOON ENJOY STEADY POWER SUPPLY - Minister

– That includes Sambisa area, eh?

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