Monday, july 20, 2015 binder1 by Newtelegraphonline

Lawyer: Jonathan's cso denied access to family, medication }8 BUSINESS

NNPC: Nigeria's yearly loss to gas flaring hits N174trn }27

Blackout looms as TCN exceeds installed capacity Adeola Yusuf

he relative stability in electricity supply and an all-time high power generation may lead to a system collapse

that could plunge the nation into a blackout, New Telegraph has learnt. Investigations showed that the nation’s weak national electricity grid built severely decades

ago was the weakest link in the transmission infrastructure. The grid, which was built with capacity to retain about 4, 000 Mega Watt (MW), is now serving as a

storage for over 4,500 Mega Watt (MW). Nigeria had last week broken a new record in power transmission, as the National Grid Transmission recorded another

peak of 4, 656 Mega Watt (MW) a few days after it broke the last record. An engineer with the Transmission Company CONTINUED ON PAGE 7

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Monday, July 20, 2015

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Vol. 2 No. 516

Ogor, Bello others set to emerge as House minority }6 leaders

Boko Haram: Special Forces clear Damaturu-Biu road }5 of mines

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Winners' Chapel distributes rice to Osun residents Burantai

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Sack fever grips FG agencies' CEOs }5

A cross-section of picnickers celebrating the Eid El-Fitri at the Alpha Beach, Lagos…yesterday.

PHOTO: SULEIMAN HUSAINI.

US offers to trace Nigeria's looted funds lBuhari arrives for talks with Obama on Boko Haram, military aid

MONDAY, JULY 20, 2015 NEW TELEGRAPH

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NEW TELEGRAPH MONDAY, JULY 20, 2015

Sack fever grips FG agencies' CEOs Abdulwahab Isa Abuja

ith last week's dissolution of boards of Federal Government parastatals, agencies and institutions by President Muhammadu Buhari, many of the chief executives officers (CEOs) of the organisations now live under the fear of losing their jobs. New Telegraph learnt at the weekend that some of them, especially those appointed in the twilight of the administration of former President Goodluck Jonathan, had told some close aides that the sack hurricane might get to them in a matter of weeks. Although it could not be ascertained how many CEOs would be caught in the much-expected sack gale, there are about 70 Federal Government parastatals, agencies and institutions, including polytechnics and colleges of education. A close associate to the CEO of a Federal Government's power agency said his friend had developed an unusual pensive mood on learning of the dissolution of the governing boards last Thursday night. Further checks showed that many other heads of government agencies were also preparing themselves for a possible sack in the next few weeks. "He was appointed as a pioneer MD of the place in 2005 and he was to have exhausted his two terms of 10 years in the early months of 2015, but he got

another tenure renewal from the last administration. So he knows he's a victim in waiting", the source said. He said the circular that announced the sack of the governing boards also curtailed the authorities of most CEOs to approve spending. The instruction that CEOs should route their requests to the presidency through their supervising permanent secretaries has put them in a fix. “I can tell you that the clever ones amongst them know this is a booby trap. They know for certain that unlike the immediate past administration where every request got approval without scrutiny, they will be careful in whatever they put across as a request as their demands may not sail through easily given the avowal determination of the Buhari administration to fight graft and profligacy,” the source stated. Cases of fresh appointments, tenure renewal and board appointments were prevalent in days leading to the wind down of the last administration. Last Thursday, Buhari had approved the sacking of board members of federal parastatals, agencies and tertiary institutions. The dissolution of the boards of the parastatals and agencies, totalling about 70, was contained in a statement by presidential spokesman, Mr. Femi Adesina. He directed chief executive officers of the affected parastatals, agencies and institutions to refer all matters requiring the attention of their boards to

Boko Haram: Special Forces clear Damaturu-Biu road of mines Emmanuel Onani Abuja

he Nigerian Army, yesterday, declared that its Special Forces have cleared the strategic Damaturu/Biu road of mines planted by suspected Boko Haram fighters. It will be recalled that insurgents had taken over a part of the ever-busy road at a time Muslim faithful were travelling to celebrate Sallah. But, the Army, in a statement signed by the Acting Director, Army Public Relations (DAPR), Colonel Sani Usman, said the road has since been cleared by Special Forces with the support of the Nigeria Police and local vigilante. It, therefore, advised

commuters wishing to ply the road, to do so as, apart from removing the deadly mines, adequate security has also been put in place, to guarantee safety. During the operation, the Army said four Improvised Explosive Devices (IEDs) were discovered and destroyed. There has been a resurgence of Boko Haram activities in the past weeks, occasioned by deadly bomb and gun attacks. This is in spite of the assertion by the Army that the Military Command and Control Centre (MCCC), which was moved to Maiduguri, the Borno State capital, on the orders of President Muhammadu Buhari, was now operational. Reports say at least 400 people have died in the last few weeks.

the president, through the permanent secretaries of their supervising ministries, pending the reconstitution of the boards. “While the dissolution does not affect federal executive bodies listed in the 1999 Constitution of the Federal Republic of Nigeria, it covers administrative or technical committees and other similar

organs established by the now dissolved boards,” the statement added. Largely affected by the dissolution are boards of parastatals and agencies which former President Goodluck Jonathan reconstituted in April 2003. Parastatals, agencies and institutions reconstituted then were the National Boundaries Commis-

sion, Nigerian Shippers’ Council, National Youth Service Corps, Nigerian Television Authority, Raw Materials Research and Development Council, National Lottery Regulation Commission and the Maritime Academy of Nigeria. Others included the Nigerian Railway Corporation, National Educational Research and

Development Council, the National Teachers’ Institute, National Veterinary Research Institute, National Agric Extension and Research Liaison, Agricultural Research and Training Institute, Institute for Agricultural Research, Federal Institute for Industrial Research and Advertising Practitioners Council of Nigeria.

Former Vice-President Atiku Abubakar (left) with former Nigerian Ambassador to Indonesia, Alhaji Ibrahim Maisule, shortly after Atiku returned from Saudi Arabia, in Abuja...at the weekend.

US offers to trace Nigeria's looted funds Anule Emmanuel Abuja

s President Muhammadu Buhari arrived in Washington yesterday on a fourday state visit, the United States has expressed its willingness to assist his administration to track down billions of dollars in stolen assets and increase US military assistance to fight Boko Haram. Buhari's visit is viewed by Washington, which seeks to "reset" relationship with Nigeria, as a chance to set the seal on improving ties since he won the presidential election hailed as Nigeria's first democratic power transition in decades. U.S. cooperation with Buhari's predecessor, Dr. Goodluck Jonathan, had virtually ground to a halt over issues including his refusal to investigate corruption and human rights abuses by the Nigerian military. Buhari, who arrived in Washington yesterday, left Nigeria with a 33-man delegation that included his son, governors, Central Bank of Nigeria (CBN)

Governor, Mr. Godwin Emefiele and some permanent secretaries. "President (Barack Obama) has long seen Nigeria as arguably the most important strategic country in sub-Saharan Africa. The question is, would there be an opportunity to deepen our engagement and that opportunity is now," US Deputy Secretary of State, Mr. Tony Blinken, told Reuters. The improving ties with Nigeria, Africa's biggest oil producer, come as U.S. relations have cooled with two other traditional Africa powers - Egypt and South Africa. US officials have said they are willing to send military trainers to help Nigeria counter a six-yearold insurgency by Boko Haram. Since Buhari's election, Washington has committed $5 million in new support for a multi-national task force set up to fight the sect. This is in addition to at least $34 million it is providing to Nigeria, Chad, Cameroon and Niger for equipment and logistics. Buhari's move on July 13 to fire military chiefs

appointed by Jonathan clears the way for more military cooperation, U.S. officials said. "We've made it clear there are additional things that can be done, especially now that there is a new military leadership in place," a senior US official said. Another senior US official said Washington was urging Buhari to step up regional cooperation against the militants and to provide more aid to afflicted communities to reduce the group's recruiting power. Buhari has said his priorities are strengthening Nigeria's economy, hardhit by the fall in oil prices, boosting investment and tackling "the biggest monster of all" - corruption. "Here too, he is looking to deepen collaboration and one of the things he is focused on is asset recovery. He is hopeful we can help them recover some of that," the US official said. In 2014, the United States took control of more than $480 million siphoned away by former Head of State, the late Gen. Sani Abacha and his associates into banks

around the world. Washington has broad powers to track suspicious funds and enforce sanctions against individuals. Jonathan fired Nigeria's Central Bank Governor in February last year after he raised questions about the disappearance of about $20 billion in oil revenues. Johnnie Carson, a former assistant secretary of state, said Washington should not let security issues overshadow the need for closer trade and investment ties. "Nigeria is the most important country in Africa," said Carson, currently an adviser to the U.S. Institute of Peace. Now more than ever, "the relationship with Nigeria should not rest essentially on a security and military-to-military relationship," he added. Lauren Ploch Blanchard, an Africa specialist with the non-partisan Congressional Research Services, said the US challenge was to work with Buhari while giving him time to address the country's vast problems. How Buhari will hanCONTINUED ON PAGE 7

News

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Ogor, Bello others set to emerge as House minority leaders Philip Nyam Abuja

s the governing All Progressives Congress (APC) continues to bicker over the majority principal positions in the House of Representatives, the minority parties led by the Peoples Democratic Party (PDP) have elected their principal officers without rancour. New Telegraph reliably gathered that barring any last-minute changes, the former Deputy House Leader, Hon. Leo Ogor representing Isoko North/South federal constituency of Delta State (South-South) will be announced as Minority Leader when the lawmakers reconvene on July 28. The Deputy Minority Leader, according to our source, is Hon. Binta Bello representing Kaltungo/Shongom federal constituency of Gombe State (North-East) while the Chief Whip will be Hon. Yakubu Umar Barde representing Kajuru/ Chikun federal constituency of Kaduna State (North-West). For the position of Deputy Minority Whip,

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Hon. Wilfred Onyema Chukwuka representing Ogbaru federal constituency of Anambra State (South-East) has emerged. Our correspondent gathered that the election of the principal officers was held both at the zonal and national caucus in a "very peaceful atmosphere." Our source, a member of the PDP in the House,

confirmed that: "We in the opposition do not have any problem. We are waiting for them (APC) to put their house in order so that we can start real business because Nigerians are complaining and we just have to justify the confidence they have in us." All the four minority leaders are of the PDP, meaning that the other opposition parties do

not get any position. The other smaller parties in the House are Accord Party, All Progressives Grand Alliance (APGA) and Social Democratic Party (SDP). It will be recalled that the disagreement in the APC over who occupies the remaining four positions has kept the House on recess since the crisis of June 25. Only last Thursday,

Speaker Yakubu Dogara wrote a letter to the APC national chairman, Chief John Odigie-Oyegun, intimating him of his zoning arrangement and explaining why he cannot adopt the party's sharing formula. Dogara said based on the principal of equality and constitutionalism, he was hamstrung to abide by the party's directive arguing that if

that is implemented both North-Central and SouthEast would be denied leadership positions. He instead conceded the House Leader to North-West, Deputy Leader to North-Central, Chief Whip to SouthSouth and Deputy Chief Whip to South-East. The party is still studying the new development and is yet to make any pronouncement.

L-R: Former Minister of Housing, Lands and Urban Development, Mrs. Akon Eyakenyi; Akwa Ibom State Governor, Mr. Udom Emmanuel and Commissioner for Finance, Mr. Akan Okon, during a church service at the Destiny International Mission, Uyo…yesterday.

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L-R: Archbishop of Abuja Diocese, John Cardinal Onaiyekan; President Muhammadu Buhari; Vice-President Yemi Osinbajo and Primate, Church of Nigeria (Anglican Communion) Most Revd. Nicholas Okoh, during a visit to the president in Abuja…at the weekend. PHOTO: NAN

AGF charges Accountants on judicious use of govt funds

he Accountant General of the Federation (AGF), Alhaji Ahmed Idris, has advised public sector accountants to ensure prudent and judicious management of public funds for effective implementation of government programmes. According to the statement issued yesterday by the Deputy Director, Press, Office of the AGF,

Mr Ifeanyi Okereke, Idris gave the advice when the executive members of the Association of the National Accountants of Nigeria, (ANAN) FCT branch, paid him a visit. Idris said the decline in the revenue of the government as a result of the fall in the oil price was capable of affecting governance negatively if not properly managed.

“ANAN, whose members are controllers of funds in the civil service, must see themselves as critical stakeholders in this administration. “I urge you to be more innovative, efficient and prudent in the management of the available resources,” he said. Idris pledged his commitment to upholding the professional ethics of the

body in the discharge of his duties. The AGF also assured that the nation’s treasury under his watch would be prudently and transparently managed to ensure that the change promised by President Buhari was reflected in the lives of Nigerians. The Chairman ANAN, FCT Chapter, Mr. Benjamin Ogbeide, commended

the AGF on his appointment and pledged the commitment and support of ANAN in ensuring the excellent discharge of his duty. He said Mandela was devoted to humanitarian service, stating that Nigerian leaders needed more than 67 minutes to reflect on how to replace existing corruption agenda with development agenda.

News

NEW TELEGRAPH MONDAY, JULY 20, 2015

Obasanjo extols virtues of late Ibadan politician, Adelabu Kunle Olayeni Abeokuta

ormer President Olusegun Obasanjo has extolled the virtues of the late Ibadan-born politician, Chief Adegoke Adelabu, popularly known as Penkelemesi, describing him as "a national politician." Obasanjo spoke on Saturday when members of the Adelabu family paid him a courtesy visit at his Presidential Hilltop Estate residence in Abeokuta, the Ogun State capital. The delegation, led by the eldest child, Mrs. Anifat Adelabu-Alli, had come as part of the activities to promote the proposed posthumous centenary birthday celebration of their father scheduled to hold on September 3. The late Adelabu, who died on March 20, 1958 at the age of 43, was an influential figure and leader of opposition in the defunct Western Region House of Assembly. Obasanjo, who accepted to be the chairman of the centenary birthday, promised to render necessary support to make the event memorable. The ex-president told Adelabu's children that he shared in the view that

their late father believed in one, united Nigeria and Africa in his lifetime. He noted that politics, as practised by Adelabu, must be above ethnicity, tribe and religion and should rather be used to uplift the people and unite the country. He said: "I believe that Adelabu deserves the honour you are planning for him. We are still struggling to reach the pinnacle of Adelabu in politics of

not being swayed by linguistic, tribal, regional, sectional but what is best for Nigeria. "He was years ahead of his contemporary politician. In his lifetime, he was talking about United States of West Africa. ECOWAS came many years after. "In his lifetime, he belonged to a political party that has its base outside the defunct Western Region, where he came from.

He was not a tribal baron. He was a national politician. So, when you asked me to be a patron of Adelabu posthumous centenary birthday celebration, I have no reason to say no, because I shared in what Adelabu stood for. "I shared Adelabu's philosophy of one, united Nigeria. I shared his view of politics beyond ethnicity, tribalism and region. I am of the opinion that we must extol the virtues of

the late politician in our national life. "He was a man of the people, down to earth and a man who believed that politics must be above ethnicity, tribal and must be to unite the country, and, of course, to uplift the people." Earlier in his remarks, the chairman, planning committee of the programme, Chief Lekan Alabi, said the children of the late Adelabu considered it

worthy to honour their father with the event, which would also witness launch of a memorial foundation and lecture. "We are here today because of the forthcoming Adegoke Adelabu centenary posthumous celebration. We know you are an authority on the late Adelabu and that is why we are here to plead with you to be the grand patron of the ceremony slated for September 3," he said.

A cross section of beneficiaries at the distribution of rice by Winners' Chapel to residents of Osun State, in Osogbo...yesterday

Blackout looms as TCN exceeds installed capacity Buhari arrives for talks with Obama on B'Haram, military aid CONTINUED FROM PAGE 1

of Nigeria (TCN) told our correspondent at the weekend that the grid is "currently over-laboured" by the new peak in power transmission. The company's management, he said, was aware of the danger to its achievements in the last three weeks and had deployed engineers “to ensure that the good news on the power transmission is not short-lived.” Although the system operations (SO) of TCN had secured spinning reserve contracts of 295mw to provide stability and cushion the system in the event of a sudden load/generation changeover, the facility, which is cardinal to electricity mega watts (MW) storage and transmission, he said, “was built some decades ago and is in dire need of total overhaul.” The TCN confirmed at the weekend that the grid had suffered 35 failures in two-and-a-half years. It, however, said the collapse was majorly caused by gas supply and not necessarily transmission constraints. But General Manager, Public affairs of TCN, Mrs. Seun Olagunju, said in a statement that the company only suffered four system collapses in the first two quarters of 2015. "Unlike 2013 and 2014

when the sector had persistent records of collapses; 22 in 2013 and nine in 2014, all of which resulted in degrees of power cuts in the system, (Nigeria) has only had four from January to June following upgrades in the system," she added. Two of the four incidents, she said, occurred in May and resulted in low generation of about 1,400 megawatts (mw). Olagunju also explained that most of the collapses had come from shortages in gas supply and not necessarily from transmission constraints. "It is public knowledge that the frequency of system collapses has been going down drastically following several equipment and infrastructure upgrade by TCN besides aggressive capacity building of the system operators," Olagunju said. She stated that in 2013, there were 22 instances of system collapse and in 2014, this was drastically brought down to nine. "This year, the transmission grid has experienced only four system collapses out of which two in May is attributable to extremely low generation of around 1400mw due to gas supply shortages. “In fact, majority of these collapses are due to shortages in gas supply, which creates serious

load/generation imbalance. But there is a serious effort ongoing to reduce these collapses," she said. According to her, the system operations (SO) of TCN has secured spinning reserve contracts of 295 mw to provide stability and cushion the system in the event of a sudden load/ generation changeover. Olagunju, however, did not disclose the details of the spinning reserve contract, especially the particulars of the generation outfit that has been contracted for the spinning reserve. But she said the TCN would continue to work at enhancing the transmission capacity and reliability of the national grid in order to provide improved and sustainable power delivery to public electricity distribution companies in the country. Although the Federal Government has privatised the generation and distribution strata of electricity and handed their assets over to new owners, the grid is still under government’s control due to its ownership of allimportant transmission system. The Federal Government is still engaged mainly in maintenance of the national grid, which is due for overhaul.

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dle the campaign against Boko Haram is still unknown, Blanchard said. Also, the U.S. Commission on International Religious Freedom (USCIRF) urged Obama and Buhari to use their meeting to show more commitment and initiatives towards curbing Boko Haram violence. The group, in a statement given to News Agency of Nigeria (NAN) yesterday in New York by its Chairman, Robert George, said: "We are extremely concerned by Boko Haram’s senseless killing of innocent people, the targeting of worshippers and the destruction of houses of worship. “This increase in violence has left more than 300 dead since the beginning of July; and is a stark reminder that Boko Haram is a destabilising force in Nigeria and the region.” USCIRF welcomes Washington's calls for Abuja to comprehensively address these challenges. “We urge that these discussions focus on improving civilian security from Boko Haram’s attacks and the long-standing herderfarmer sectarian violence. “Such discussion should urge the Nigerian

government to respect human rights during military and police responses and ensure justice for victims. “Addressing the issues of radicalisation, northern socioeconomic disparities, land conflicts, displacement and reconciliation also are crucial to helping ensure security and ending the violence”, George said. Earlier yesterday, Buhari arrived in Washington for talks with Obama. The president departed Abuja in the early hours of yesterday in company with the Governors of Imo (Rochas Okorocha), Nasarawa (Tanko AlMakura), Edo (Adams Oshiomhole), Borno (Kashim Shettima) and Oyo (Abiola Ajimobi). He departed the Nnamdi Azikiwe International Airport, Abuja under light showers at about 2:45pm. Buhari, who will meet Obama at the White House today, would later hold further discussions with the Chairman of the United States Joint Chiefs of Staff, General Martin Dempsey and the Deputy Secretary of Defence, Robert Work on military and defence cooperation. He is also expected to meet with Vice-President Joe Biden and confer with

the US Attorney-General, Loretta Lynch, the US Secretary of Treasury, Jack Lew, the US Secretary of Commerce, Penny Pritzker and the US Trade representative, Michael Froman on United States’ support for his administration's war against corruption, as well as fresh measures to boost Nigeria-United States trade relations. The president, who will be received by the United States Secretary of State at the State Department in Washington DC, will later hold meetings with the United States Senate and Congressional Committees on Foreign Relations, as well as the Black Caucus of the United States House of Representatives. Before leaving Washington, Buhari would address the US Chamber of Commerce and Corporate Council for Africa. He is also expected also host an interactive session with Nigerians in the Diaspora. Buhari's trip to the US would also afford him the opportunity of a reunion with members of the American War College Class of 1980 in which he was a distinguished participant. He is expected back in Abuja on Thursday.

News

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Lawyer: Jonathan's cso denied access to family, medication Tunde Oyesina ABUJA

ounsel to the detained Chief Security Officer (CSO) of former President Goodluck Jonathan, Gordon Obua, Onochie Onwuegbuna yesterday said the detention of his client by the Department of State Services (DSS) is a with-hunt. He noted that his client has been denied his medications despite being diabetic and hypertensive. Onwuegbuna said that Obua was detained by the DSS on Thursday in its ongoing investigation of the spending of security funds as well as oil theft in the Jonathan administration. Onwuegbuna in a statement issued in Abuja, however, complained

about the conditions under which his client is being detained. He alleged that his client is being witch-hunted as part of a plan against “marked” individuals who served and held offices in the Jonathan administration “in other to implicate them by all means for phantom crimes or offences.” The counsel noted that Obua has also been denied access to members of his family, his doctor and his lawyers and even more worrisome is the information obtained by his family that he has not eaten or drank water ever since he was detained. "The actions of the DSS and our client’s subsequent detention constitute undue harassment and gross violation of his fundamental rights to respect for the dignity of

his person and personal liberty as guaranteed by Sections 31 and 35 of the Constitution of the Federal Republic of Nigeria. "Our client is presently languishing in the custody of the DSS without access to his medication, food, water and drugs or to any member of his family, doctors or his lawyers and in the circumstance, we hereby call on the DSS to immediately release him as he has not been informed the facts and grounds of his detention in accordance with the provisions of the constitution. “The general public is also invited to note that the DSS should be held responsible if anything untoward happens to Obua in their custody or subsequently as a consequence of his unlawful detention,” Obua counsel

stated. Onwuegbuna further noted that Obua is a serving officer of the DSS but was ordered to report to the headquarters to meet with the Acting Director General. "He consequently reported at the headquarters at about 9a.m. on the 8th of July 2015 and he was kept waiting till late in the night by the Acting DG who finally asked him to report again the next day. The exact situation played out the next day and the day after resulting in our client reporting to the office of the Acting DG every day from the 8th of July 2015 till the 16th of July 2015. "On the third day of reporting, our client was orally informed by the DG that there was a petition against him without telling him the contents

of the alleged petition or the identity or the petitioner(s). Our client requested to be availed a copy of the petition or its contents to enable him respond accordingly. However, his request was not granted, and he was rather told not to worry that such petitions are normal considering the office he previously occupied. "On the 16th of July

CBN approves biometric centre in South Africa

igeria`s Consul General in South Africa, Ambassador Uche Ajulu-Okeke, said yesterday that the Central Bank of Nigeria (CBN) has approved a centre to conduct biometric verification for Nigerians in South

Rivers State Governor, Mr. Nyesom Wike (left), congratulating the new Head of Service, Mr. Godwill Rufus, after his swearing-in, in Port Harcourt...at the weekend.

PHOTO: NAN

Falana justifies search on Dasuki’s residence, faults passport's seizure

uman rights activist, Mr. Femi Falana (SAN), yesterday justified the search carried out by the Department of State Services (DSS) on the Abuja residence of the former National Security Adviser, Col. Sambo Dasuki (rtd). Falana, in a statement, stated that the security agency did not breach any law in carrying out the operations. Operatives of the DSS last Thursday executed a search warrant on Dasuki’s residence in Abuja, which was initially resisted by the former NSA. At the end of the operations that lasted for 10 hours, bullet proof vehicles, assorted weapons and other “incriminating items” were recovered from Dasuki’s residence. Falana noted that the

fundamental rights to personal liberty and privacy of the home of every Nigerian citizen are constitutionally guaranteed, but that such rights are not absolute. He said the fundamental rights may be breached in accordance with a procedure permitted by law. According to him, by virtue of section 146 of the Administration of Criminal Justice Act, 2015, the residence of any citizen can be searched with a warrant duly signed by a Judge, Magistrate or Justice of the Peace. His words: “Section 149 thereof imposes a duty on any person residing in any building which is liable to be searched to allow free and unhindered access to it and afford all reasonable facilities for its search.

“It is pertinent to point out that the law requires the owner or occupier of any house or apartment to allow a search once a search warrant signed by the appropriate authority is produced by law enforcement personnel. “Without any legal basis whatsoever, Col. Dasuki breached the law when he refused to allow the SSS officials “free and unhindered access” to his residence for several hours last Thursday. “Contrary to the misleading information circulated in the media by the former NSA, his house was not illegally raided but lawfully searched pursuant to a warrant issued by a Magistrate. Since we operate a neo-colonial legal system which confers special privileges on people of influence, Col. Dasuki

was treated with dignity in the circumstance. “In other words, the SSS personnel would have executed the warrant, rather forcefully, if the search involves the home of an “ordinary” citizen. Indeed, the special status extended to members of the ruling class has also been demonstrated in the decision of the SSS to place the retired Colonel under “house arrest” in a country where the flotsam and the jetsam are regularly railroaded to jail even when they are not associated with any “incriminating evidence!” Falana, however, faulted the seizure of Dasuki’s passport. He called for the release of the passport. He said: “The SSS ought to be reminded of the case of the DirectorGeneral, State Security

2015, he reported at the office of the DG by 5p.m. as directed, and as usual he was kept waiting till about 1a.m. on Friday 17th July 2015 when the DG informed him that he will be detained and he has been in detention since then without being informed what offence (if any) he is alleged to have committed or the reason for his detention," he added.

Service v Olisa Agbakoba (1995) 3 N.W.L.R. (Pt 595) 314, wherein the Supreme Court held that the passport of a Nigerian citizen could not be seized without due process. “It would be recalled that the seizure of the passport of Alhaji Sanusi Lamido Sanusi (the current Emir of Kano) by the SSS under the Goodluck Jonathan Administration was declared illegal and unconstitutional by the Federal High Court. In addition to the order for the immediate release of the passport, the court awarded N50 million reparation to the then embattled Governor of the Central Bank of Nigeria. “Therefore, the SSS should return the passport of Col. Dasuki to him forthwith unless its seizure has been authorized by a court of law.”

Africa. Ajulu-Okeke told the News Agency of Nigeria (NAN) in Johannesburg that the CBN was worried about the number of Nigerians abroad not captured in the Bank Verification Number (BVN) exercise. She said the bank approved that the centre, located in Johannesburg, should carry out the exercise to enable Nigerians in South Africa with accounts at home be captured for the BVN. “The good news is that from South Africa, Nigerians can monitor their accounts at home and feel relaxed that their accounts will not be closed because they were not captured for the BVN,” she said. The Consul General also said that the Consulate, with the approval of the Nigeria Immigration Service, had set up a new passport and visa processing centre in South Africa. According to her, the centre was in the same building with the one approved by the Central Bank to carry out biometrics verification for BVN. “The Nigeria Immigration Service (NIS) has become aware of the difficulties faced by Nigerians who do not have credit cards and who cannot pay for passport and visa services. “The NIS has engaged a company, OIS Services, to process passport and visa. The company has brought an officer as a Centre Manager of the new passport and visa service centre. “They are now working in secured format with the Consulate. The NIS has set up similar passport centres in London, Beijing, New Delhi, Dubai, New York and is now setting up centres in Washington DC and Atlanta,” she said. Ajulu-Okeke urged Nigerians to use the new centre to process their passports and avoid using agents who might fleece them in the process. She said the Consulate had been working with the Nigeria Union in South Africa to protect the interest of Nigerians and promote their welfare.

NEW TELEGRAPH MONDAY,JULY 20, 2015

News

NATIONAL

OPC threatens to sue NNPC S over N1.9bn debt

Use traditional means to tackle Boko Haram, Maharaji tells Buhari

he Oodua Peoples Congress (OPC) yesterday said that it might sue the Nigerian National Petroleum Corporation (NNPC) over failure to pay its N1.9 billion pipeline protection debt. The News Agency of Nigeria (NAN) reports that the founder of the OPC, Dr Frederick Fasehun, disclosed this while speaking with aviation correspondents in Lagos. According to him, the contract was awarded to the OPC to keep surveillance on the NNPC’s pipeline from Mosimi in Ogun State to Oyo State to prevent acts of vandalism. He debunked the claim that the contract was award-

ed to the OPC for political reasons by the immediate past government of President Goodluck Jonathan. Fasehun said: “The contract was drafted by the NNPC and both parties signed it. We began on March 16 and the contract was for three months. “I put 4,020 youths on the pipeline and for three months, we did the job with utmost integrity and righteousness. There was no complaint of pipeline vandalism. “We were not mobilised, but we went ahead to do the job because we felt concerned that the lifeline of the country was being threatened. “While the contract

APC’s stance on House leadership unchanged –Rep Muritala Ayinla

member of the House Representatives, Hon. Jide Jimoh, has said that no amount of zoning formula would change the stance of the All Progressives Congress on the election of the principal officers of the lower chamber of the National Assembly. Jimoh, who represents Lagos Mainland Federal Constituency, also debunked the insinuation that the House members are polarised over the choice of the principal officers by the party, said the APC members in the House Representatives would remain a united family despite the current conflict of interest among the members. He said: “Nobody can

-Report, UNICEF’s groundbreaking, textmessage based innovation that amplifies the voices and views of young people in developing countries, has reached one million active users. This is contained in a statement issued by UNICEF. According to UNICEF Executive Director, Anthony Lake, “U-Report started out as a local innovation to help young Ugandans engage on issues that affect their lives and future. Today, young U-reporters from 15 countries, mostly in Africa, are

and the government or NNPC refuses to comply with its own contract, of course, the only other arbiter is the court. “It is in our favour to go to court because we can then ask for many other things like damages, special damages and interest the money could have generated during the period,” he said. According to him, the NNPC was losing N7 billion daily to pipeline vandalism in the South-West prior to the award of the contract despite efforts by law enforcement agencies. “We saved billions for the NNPC and it is only fair that these youths, who went into the forest for three months to protect the pipelines, should be paid their money,” Fasehun said.

and other traditional leaders to break the myth surrounding the Boko Haram terrorist movement. “They do not know the teachings of Islam and need to be dealt with traditionally because they are being used by some people and they use religion as a cover to create trouble,’’ Maharaj ji said. Maharaj ji lauded Buhari for his initiative on salary cut, adding that more steps needed to be taken in reducing the cost of governance. He also advised Buhari to set up a Salary Restructure Committee to look into the salaries and allowances of the President, Vice President, members of the National Assembly and ministers with a view to reducing their emoluments. “The committee would come out with a uniform salary scale and allowances that would not be as much as the present one.

dictate to us. We have the power to ensure that the party’s supremacy is retained as far as APC is concerned. The speaker of the House of Representatives can’t change it. His deputy can’t change it. Any other group can’t change it. Our party has spoken and we will not take it from any one of them.” He added that the position of the APC leadership over who should be the Principal officers of the house remains sacrosanct, adding that the Speaker, Rt Hon Yakub Dogora and his Deputy, Hon. Lasun Yusuf or any group in the National Assembly could not alter the party’s position regarding who should hold what position after the Speaker and his Deptuy have emerged.

UNICEF’s U-Report social platform hits 1 million users Appolonia Adeyemi

was on, there was a change in government, but I believe government is continuum and any contract signed on behalf of one government should be honoured by its successor.” According to him, the NNPC refused to renew the contract after its expiration on June 16 and has also failed to make the daily payment of N1, 500 to each of the 4,020 youths who executed the job. Fasehun said that frantic efforts to get the NNPC to honour the agreement had yielded no result, adding that the OPC might drag the corporation to court for breach of contract. “If we adopt the peaceful method we have been adopting for over a month

atguru Maharaji, the founder of One Love Family, has advised President Muhammadu Buhari to use traditional means to tackle the Boko Haram insurgency. Maharaj ji gave the advice yesterday in Ibadan at a press conference to mark the 35th anniversary of the One Love Family in Nigeria. He said that this approach became necessary in order to overcome the incessant killing of innocent people by the terrorist group. Maharaji ji said traditional leaders have some powerful traditional deities that could help find solution to the Boko Haram insurgency within weeks. “If the traditional leaders are involved in the process of addressing the issue, the crisis will soon be forgotten. “The president needs to consult people such as me

using it every day to voice their opinions, connect to their leaders, and help change the conditions in their communities.” To become a U-Reporter, users equipped with even basic mobile phones text the word “join” to a toll-free short-code. Within moments, they can share their opinions on everything from the job skills they want to the best way to tackle epidemics. This information is instantly mapped and analysed, yielding vital information and real-time insights about how young people see their world and what they think is most important.

Wife of the President, Mrs. Aisha Muhammadu Buhari (middle) on arrival for the children’s Eid El-Fitr party at the Presidential Villa, Abuja. PHOTO: NAN

Union seeks disciplinary action against dissident NAFDAC directors Chijioke Iremeka

he Medical and Health Workers Union of Nigeria (MHWUN), National Agency for Food, Drug Administration and Control (NAFDAC) Chapter, has commended the management of NAFDAC for its latest decision to clean up the agency and urged the agency not to relent in its disciplinary actions against directors, who resisted deployment

in different capacities. The Chairman of the Union, Comrade Attah Isah Ibrahim, who made this known at a press conference held over the weekend at NAFDAC’s office in Oshodi, said the action was long overdue and urged the Director General of NAFDAC, Dr. Paul Orhii not to allow any staff to resist deployment from one department to another as such act would be a dangerous precedence in the agency.

Okonjo-Iweala’s aide denies betrayal of Jonathan Abdulwahab Isa Abuja

he Media Adviser to the former Minister of Finance, Dr Ngozi OkonjoIweala , Paul Nwabiukwu, has refuted a report that the former minister has handed over a “dossier of corrupt deals” perpetrated by the Jonathan administration to President Mohammadu Buhari . Nwabiukwu, in a statement, yesterday, described the allegation by a popular

online medium as “completely false and without foundation”. He said attacks on the former CME will most likely to continue given that “these individuals are bent on a political and personal vendetta against her”. Quoting sources, the online news medium said former Minister of Finance, Ngozi Okonjo-Iweala, had stated that former President Jonathan asked her to withdraw more than $1.2 billion from the excess crude account.

MONDAY,JULY 20, 2015 NEW TELEGRAPH

Metro

The late Daramola

Eri the late Daramola’s widow

My husband was murdered over APC politics –Widow WIDOW’S AGONY Wife of the slain APC chieftain says her husband was expecting political appointment before he was killed on his son’s ‘graduation’ day Taiwo Jimoh

ife of the late chieftain of the All Progressives Congress (APC) said her husband, David Daramola, was stabbed to death inside the party’s secretariat at Amuwo Odofin area of Lagos over squabble in the party. The widow, Mrs Eri Daramola, who spoke at their 208 Road, FESTAC home, said: “My hus-

Juliana Francis

family in Lagos has threatened to sue Eko Electricity Company Limited, Apapa, for the loss

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

band was killed for being loyal to the former Amuwo Odofin Local Government Chairman, Ayodele Adewale. He had received threatening calls several times. “Someone even called me one day and told me to warn my husband to be careful. We were expecting appointment for him. We prayed towards the appointment. We were not expecting death.” The widow said she was not around when the incident occurred. According to her, perhaps she would have implored her husband not to leave home that fateful day if she had been at home. She said: “I travelled to Abuja for some personal issues. On Wednesday morning, I called him when I got to Abuja and informed him that I had already settled the issues. He said I should start coming home be-

cause Thursday was our son’s graduation.” Mrs Daramola explained that the following day, she had boarded a bus from Abuja to Lagos and was on the way when she got the call that shattered her life. “Someone called me on the phone. The caller, a lady, asked if I was Mrs Daramola, I said yes. She said my husband was dead. I shouted, ‘how?’ I told her she was calling the wrong number. I cut off the call. “After a while, she called back. She said they were taking him to the mortuary. She wanted me to send his parents’ phone numbers. I said that it could not be my husband,” she recounted. After ruminating over the series of calls, she started crying in the bus. She could not deny it anymore. Still, she prayed that there was a mistake.

“When I got home, the first thing my first son told me was that they have killed their father. When I heard that from him, I fainted,” said Mrs Daramola. The mother of three recalled that her husband had been telling her about the political wrangling and division within their party in Amuwo Odofin. She said: “He had even been threatened several times by some elders in the party for supporting the former chairman of the local government. There was a time someone called me and said my husband should be careful. I then called him and told him that he should be careful with politics. “Rather than harken to my warnings, he said that nothing would happen to him.” The woman said that she knew her husband kept many worrisome issues that had to do with the party troubles from her.

Boy, loses arm to electric shock of the arm of its four-year-old son, simply identified as Ademola. Ademola was said to have left his mother, Sarah, as she was retying her wrapper and dashed to a transformer on Aerodrome Road, Apapa and held it. The power from the transformer was said to have flung the child on the ground. He would have died, but for the quick intervention of passers-

by. The family has vowed to sue Eko Electricity Company Limited for negligence, insisting that the transformer should have been protected from children. The boy’s uncle, Adesakin Adeleke, said: “Ademola was rushed to the Apapa General Hospital where he was given First Aid before he was transferred to Island Maternity, Lagos Island. He was later

referred to Gbagada General Hospital, Lagos.” Ademola was admitted on June 23, after the accident which occurred on July 5. It was at Gbagada General Hospital that the worried family members were told that the arm of the boy would be amputated. Adeleke said: “On July 7, Ademola was moved to the village in Ondo State where he was rushed to Prummer Medi-

“He told me I should not worry. But a week before he was killed, he told me that one of their members also died mysteriously. I do not know the reason my husband was killed. But the killers left me a widow and my children fatherless,” she added. The widow called on the Lagos State Commissioner of Police, Mr Fatai Owoseni, to bring her husband’s killers to book. She said: “I want to see those who killed my husband arrested. I want justice to be done. This sort of killings had been happening in Nigeria for long. I want the police to do everything necessary to fish out my husband’s killers. My children are still very young. Where do I start? Who will take care of my children?” The widow said she got marry to Daramola 20 years ago while their first child was 18 years. She said that clerics told them that good things were coming their way, not death. Therefore, Daramola’s death was a shock. She added: “I gathered that immediately he was attacked, none of the executive members, who were there, tried to rescue him. Someone that needed help should have been assisted. He did not even get help on that day. My husband was a very strong man. There are very high players involved in his death.” The deceased was murdered at the party secretariat at ‘K’ Close, 3rd Avenue, FESTAC. It was alleged that the men who rode on motorcycle, trailed the deceased to the secretariat. He was said to be in the midst of other party members when he was killed. The killers trailed him to the secretariat, stabbed him in the chest and thigh. He died on the way to the second hospital. The state Police Public Relations Officer (PPRO), Kenneth Nwosu, said yesterday that the two persons had been arrested in connection with the politician’s murder. He, however, said they had been transferred to the State Criminal Investigation Department (SCID), Panti, Yaba, for further investigation. cal Centre, in Ondo town. The boy was amputated because the injury he sustained had become gangrene and stinking. His hand was badly damaged by the electrocution. We spent N7,000 for the First Aid at Apapa and N10,000 at Island Maternity for card and other things. “At Gbagada Hospital, we were asked to pay N20,000. We also paid N1,000 for folder and N4,750 for voluntary discharge. In Ondo State, we paid N250,000 deposit and N5,000 for card. We also paid other money for drugs and injections.”

Metro 11

NEW TELEGRAPH MONDAY,JULY 20, 2015

City Briefs NDLEA invades drug peddlers’ hideout Biodun Oyeleye

Five feared killed, houses razed in Nasarawa community

Ilorin

Cheke Emmanuel

peratives of the National Drug Law Enforcement Agency (NDLEA) in Kwara State stormed the hideout of drug peddlers around Iloffa Road in Ilorin, the state capital and arrested some suspects. On arrival in the area, the NLDEA officials, who went in about 12 vehicles, started shooting sporadically into the air. This caused panic among the residents of the area, who feared a repeat of a recent face-off between officials of the agency and some hoodlums during which several houses were burnt. Several business operators in the area were forced to close their shops and flee. Sources said the NDLEA officials acted on a tip-off on the activities of the suspects, believed to constitute security threat to the peace of the area. The NDLEA spokesman, Adewara Segun, confirmed the arrest.

Man strips self naked over N2,000 Uchenna Inya Abakaliki

LAFIA

t least five people were feared killed at the weekend while 15 houses were razed in a renewed clash between two Eggon rival groups at Tudun Adabu area of Obi Local Government Area of Nasarawa State. The incident occurred about 11am on Saturday, when the new Head of Mai-Angwan Tudun Adabu, Alhaji Isyaka, led his followers to pay Sallah homage to Osuko Obi, Alhaji Ogiri Dangiwa Orume, in Obi Local Government. It was gathered that the second group, which was said not to be happy over the installation of the new village head, barricaded the road leading to the Osuko’s palace, shooting sporadically into the air to disrupt their movement. It was learnt that no fewer than five people lost their lives while scores of others sustained varying degrees of in-

juries even as about 15 houses were set ablaze. Sources said the other group loyal to Ibrahim Victor had protested the installation of Isyaka, alleging that due process was not followed. A witness, Mr Yusuf Mabu, said: “The genuine head of Tudun Adabu, Alhaji Isyaka, who was given the mantle of leadership to pilot the affairs of his people, led a delegation to Osuko of Obi’s palace, when the Ibrahim Victor group barricaded the road and attacked them.” The state Deputy Police Public Relations Officer (DPPRO), Mancha Christ, who spoke in a telephone interview, confirmed the incident. He, however, said there was no casualty during the attack. The DPPRO disclosed that the command had deployed its men to the scene to prevent any future occurrence. Christ vowed that the police would deal decisively with anybody who tries to cause trouble in the area.

Eight held for cultism, robbery in Ondo

he people of Eguechara village, Ohaukwu local government area of Ebonyi State were shocked to see a middle-aged labourer, Mkparata Nwibo, stripped himself naked in a bid to fight his debtor simply identified as Pericome and recover a N2,000 debt. Pericome, a mason, had engaged Nwibo for a two-week job but at the end paid him N2,000 less than the agreed amount. He reportedly promised to pay Nwibo the remaining N2,000 when things improved. He, however, did not pay the money over a period of time On seeing the debtor at the weekend, coming out from his compound, Nwibo engaged him in a physical combat and immediately pulled off his clothes. Elders had to plead with him to cover his nudity for them to resolve the matter amicably. But Nwibo did not agree. He said: “Nakedness is no longer a new thing to man. I must remain naked till I recover my money. I suffered to work for someone and the person wants to eat my sweat. I have children and other dependants and this is what I use to carter for them, so I can’t allow anyone to claim my sweat.’’

File picture of suspected cultists

Babatope Okeowo Akure

ight persons including three students of the Ondo State-owned Rufus Giwa Polytechnic, Owo (RUGIPO), have been arrested for alleged robbery and cultrelated activities. In possession of the sus-

Pa Ajose dies at 94 T

Nasarawa Gov, Tanko Al-Makura

he Olu Ogboni Worldwide, High Chief S. B. Ajose, is dead. Ajose, 94, died last Thursday at his No. 14, Oluwo Ajose Street, off Meiran Road, Lagos State. The deceased is survived by many children and great grandchildren including Mr Muji Ajose, Mrs Fausat Badmus, Hon Ganiu Ajose, the secretary/ supervisor for Agriculture Agbado/Oke-Odo Local Council Development Area, among others. The final burial ceremony comes up on September 5 at his compound, Meiran, Lagos State. The late Ajose

pects were dangerous weapons such as guns, knives and axes, among others. The arrested students of the polytechnic are Akinboun Blessing (21) ND II, Department of Public Administration, Fasanu Tolulope (24), ND II, Department of Business Administration and Alabi Oluwaseun (26) ND, PT III, Department of Business

Administration. Security sources said Fasanu confessed that he was initiated into secret cult in 2013 by one Temitope Adeyeye and others. The sources said he also confessed his involvement in various criminal activities, including rape. Items said to have been recovered from Fasanu included one short gun, a locally-made gun loaded cartridge, one battle dagger and one battle cutlass. A police source said Alabi confessed that he was initiated into the secret cult in 2013. Items recovered from Alabi included one dagger, one bag containing one locally-made cut-to-size single-barrelled gun, one battle cutlass and two cartridges. The security source also said Akinboun confessed he was initiated into the secret cult last year by one Lampard and four others.

‘We always sprinkle sleeping powder on victims’ Juliana Francis

etectives attached to Festac Police Station have arrested suspected thieves who used to sprinkle sleeping substances on victims before dispossessing them of their valuables. One of the suspects, Ifeanyi Chizoba, told the police that the powdery substance, usually sprinkled on the handkerchiefs, makes their job easier He said: “The sleeping substance is in powdery form. We usually sprinkle it in a handkerchief. When we get to where we want to operate, usually a shop, we would shake the handkerchief like we want to use it to wipe our faces. Immediately the people in a shop inhale the substance, they would sleep off. This gives us the opportunity to ransack the shop.”

Armed men hack bus driver to death Uchenna Inya Abakaliki

rmed men killed a commercial driver, Augustine Obaji (36), on Okwor Idiokpo Market Road in Ohaukwu Local Government Area of Ebonyi State at the weekend. Obaji had taken passengers from Odumoke Market to Okwor Ngbo Market. He reported had a phone conversation with his wife shortly before he was killed. At a point he could not be reached on the phone again and failed to return home.

The following day, the family raised a search party which included his younger brother, Emeka Obaji. The search party later saw his vehicle on Idiokpo Road and discovered his body. The relatives reported the case at the Okwor Ngbo Police Division. The police later evacuated the body. A source said the victim earlier had an altercation with another driver on whose turn it was to pick passengers. Another source at Okwor Ngbo Market claimed that Obaji, after discharging the pas-

sengers, was persuaded by a businesswoman in the market to take her to Idiokpo Market but after a while the duo were not seen again. The source added that gunmen had been terrorising the Okwor Ngbo Market especially on market days, dispossessing people of their money and belongings. Confirming the incident, the state Police Public Relations Officer (PPRO), DSP Chris Anyanwu, said Obaji was murdered with axe by hoodlums on his way back home.

News

MONDAY,JULY 20, 2015 NEW TELEGRAPH

NATIONAL

UI VC: Shortlisted candidates face interview July 27 Sola Adeyemo Ibadan

he 12 candidates jostling for the position of the Vice Chancellor of the University of Ibadan will on Thursday, 23rd July be short-listed by the Council of the institution. The lucky ones that meet the short- listing will on Monday, 27th of July face the interview panel to further determine their eligibility for the post, New Telegraph authoritatively gathered yesterday in Ibadan, the Oyo State capital. The last stage of the

screening exercise will be the ratification of the best of all the candidates, who will take over the baton of leadership from Professor Isaac Folorunsho Adewole, who bows out of the office in November this year when his five-year tenure lapses. The candidates had on Tuesday, 14th of July presented their agenda for the university at a community interactive forum organized by the various unions in the institution. The forum led by Professor Nelson Fashina and chaired by the legal luminary, Aare Afe Babalola (SAN), wascoordinated by Mr.

Femi Falana (SAN) and held at the Trenchard Hall of the premier university. T he candidates, among whom one will eventually emerge as the 12th Vice Chancellor of the 61-old institution are: Professors Dele Layiwola (Institute of African Studies), Akinyinka Olusegun (Pediatrics), Francis Egbokhare (Linguistics and African Languages), Kunle Fagbemi (Veterinary Microbiology and Parasitology). Others include: Professors Labode Popoola (Forest Resources Management), Abel Olayinka (Geology),

Ayodeji Oluleye (Industrial and Production Engineering), Olufemi David Olaleye (Virology), Augustine Falaye (Aquaculture and Fisheries Management), Adigun Agbaje (Political Science), Adedeji Olanrewaju (Medicine, LASU), and Muphtha Smith (Crop, Soil and Pest Management from the Federal University of Technology, Akure). Professor Arinola Sanya of the Physiotherapy department, College of Medicine, Ibadan, who was initially in the race and would have made the number to be thirteen, was however absent at the last week’s

L-R: Citizenship Manager, Microsoft Nigeria, Mr. Olusola Amusan; guest speaker, Edge Series Students Summit, Gina London; Team Leader, Corporate Social Responsibility, First City Monument Bank, Mrs. Temitayo Ade-Peters; Director of Information Resource Centre, Mr. Samuel Eyitayo and Public Diplomacy Officer, US Consulate, Lagos, Rhonda Watson, during the summit in Lagos…recently

Shagari’s education fund spends N56m on projects Umar Abdullahi Sokoto

ormer President Shehu Shagari said the Education Development Trust Fund ( SEDF) had executed various projects worth over N 56 million in the last seven months. The Second Republic President, who is also the chairman of the fund, disclosed this in Sokoto at the weekend at the fund’s 13th Annual General Meeting. His words:” The fund as 30th June, 2015 had a total sum of N85 million in its various bank accounts’’ . The former President also enumerated some of the projects to include purchase of various sets of Islamic books, which were distributed to various Mosques across the 23 local governments of the state.

According to him, other projects were ICT training of unemployed youths, training of women on vocational trades, skills acquisition training and disbursement of bursaries to indigent youths, among others. He commended the Sultanate council, Sokoto State government and other donors to the fund for their sustained moral and financial support to it. In his remarks, Gover-

nor Aminu Tambuwal, promised to emulate his predecessor by according top priority to the education sector. He also extolled the sterling contributions of the Sultan and fund to the education development of the state. According to him leadership cannot succeed without listening to the yearnings and aspirations of the governed and we shall endeavour to al-

ways do this. The Sultan of Sokoto, Alhaji Sa’ad Abubakar solicited support for the fund to enable it to succeed in its laudable activities. Abubakar also promised to continue to assist the fund with moral and financial support as it was greatly complementing the efforts of the government in providing education to the people of the state.

Congress tasks Buhari on dissolved boards, agencies Cajetan Mmuta BENIN

he Benin National Congress (BNC), a Bini socio cultural organization, yesterday urged President Muhammadu Buhari to call to probe the activities of all the recently dissolved boards, parastatals and agencies. It said it was particular about the Niger

Delta Development Commission (NDDC). The BNC said it was necessary for the Federal Government to probe the NDDC because of what it described as the alleged neglect of few projects sited in Edo State while the completed ones lacked credibility and durability even in the face of the huge gas deposits that add

to the nation’s largest gas reservoir. President of the BNC, Aiyamenkhue Edokpolo, who commended Buhari for the dissolution of the boards in a statement in Benin, the Edo State capital, said the sack became important as “it was an aberration to anchor an anti-corruption regime on a questionable structure;

interactive forum. No reason was given by the organizers. Since the forum had no legal teeth to disqualify any of the contestants, New Telegraph however learnt that Arinola’s absence did not matter as she could still be in the race, and

might be among those to be short-listed by the Dr. Musa Umar Mustaphaled Council. In the next two weeks, the University of Ibadan community is hopeful of knowing the next Vice Chancellor that will steer the affairs of the institution till 2020.

Emmanuel seeks divine intervention

overnor Udom Emmanuel of Akwa Ibom State has called on the Church to partner the administration in its quest for the redemption of the state from the shackles of poverty for sustainable development. The governor made the call yesterday at Destiny International Mission, where he worshipped. He said it is in the spirit of such restoration that his administration initiated projects and programmes such as the vehicle Assembling Plants which he said has the potential to generate employment and create wealth for the people of the state. He enjoined Christian to rid themselves of hypocrisy and focus on God for divine revelation adding that prayers was the key to unlock the hidden treasures of the land. The governor, who based his submission on the book of Nehemiah 5:11 and Psalm 7:9 emphasized that those God created can make something out of nothing, urging the people not to be discouraged

by the prevailing economic situation but to look unto God, stressing that without faith, there is no manifestation. He used the occasion to sympathize with victims of flood disaster in the state and spoke of measures put in place to forestall further flooding. Emmanuel hinted that more employment opportunities would be created as his administration has concluded plans to reactivate ailing industries. He said plans were in top gear to establish a Petrochemical Industry in the state. In a sermon, Commandant Ezekiel Duke, said that it takes an Altar to counter an Altar and that engagement in fervent prayers and fasting uproot strongholds. He described the governor as a child of destiny ordained by God for a specific purpose in Akwa Ibom State. The Prelate, Bishop Cletus Bassey, prayed God to destroy strongholds that rises against leadership for the restoration of God’s glory in the state.

Give APC BoT leadership to Tinubu, says Rep Adeolu Adeyemo Osogbo

House of Representatives member representing Ijesha South Federal Constituency of Osun State, Hon. Ajibola Famurewa, at the weekend called on the leadership of the All Progressives Congress (APC) to give its Board of Trustee as the we appeal to Mr. President to ensure that men and women of integrity are not sacrificed at the alter of expediency in the recruitment exercise.” The body stated that, “Nigerians expectations are so high in public service delivery; and in a country with avalanche of superlative manpower; it was expedient to discern result oriented minds from political jobbers.

(BOT) headship to Senator Ahmed Bola Tinubu. Famurewa, who said that, the chairmanship position of the party BOT should be zoned to the south and preferably, the South-west, recommended that, Tinubu would be the best party chieftain to occupy the position. Famurewa, who made the agitation while speaking with newsmen in his country home in Ilesha, argued that, since presidential position and that of the speakership had been zoned to the Northern part of the country, there is nothing wrong if the BOT position is zoned to the South-west. Speaking on the personality of Tinubu, he described him as an outstanding and impeccable seasoned politician who understands “ABC” of politics and politicking.

NEW TELEGRAPH MONDAY, JULY 20, 2015

Buharimeter

Interview

16, 17

Buhari’s week of sacks, appointments

Adebanjo: Afenifere’ll give Buhari 100 per cent support if...

National Assembly

Ekweremadu, APC and the ICC meeting

Politics The once glittering political career of Hon. Femi Gbajabiamila has suddenly taken a downward slide since June 9. PHILIP NYAM takes a look at how the promising lawmaker got to this stage

Gbajabiamila: Paying the price of loyalty

narguably one of the best legislators the House of Representatives has produced since 1999, Hon. Femi Gbajabiamila representing Surulere federal constituency of Lagos does not need any introduction as far as the Fourth Republic is concerned. Since coming to the House in 2003, he has carved a niche for himself as an astute, bold, courageous, competent and efficient legislator. Hence his election to the lower chamber for four consecutive times was made possible by his hardwork and achievements. Out of the 12 years, he has spent in the House; Gbajabiamila became the first minority leader to serve for eight years. In these eight years, he left no one in doubt that he perfectly understood the role of an opposition leader and was able to champion the cause of opposition, which he acted effectively by keeping the Peoples Democratic Party (PDP)led House and executive on their toes all the times. His rise Gbajabiamila was first elected to the Green Chamber in 2003 on the platform of the Alliance for Democracy (AD) and has since been re-elected three times. An experienced and urbane lawyer, it did not take long before the political potential in him were discovered. Between 2005 and 2006, he championed the antithird term agenda in the House and his unrelenting criticism

AYODELE OJO

DEPUTY Editor, POLITICS ayodele.ojo@newtelegraphonline.com

Hon. Gbajabiamila (in white shirt) scaling through the House of Representatives’ gate

against the plot led to its eventual fall in 2006. When he was re-elected in 2007, under the umbrella of Action Congress (AC), opposition leaders needed to look elsewhere for a competent and trusted young lawmaker to hold brief for them in the lower chamber. In spite of the fact that there were other competent lawmakers in the House from the South-West at that time, Gbajabiamila was chosen ahead of them as the minority leader. As minority leader between 2007 and 2011, he led by example and sponsored the highest number of bills. The best of Gbajabiamila came to the fore in January 2010, when he audaciously sponsored a motion calling for the invocation of the Doctrine of Necessity to end the leadership vacuum created by the long and controversial absence of late President Umaru Musa Yar’Adua to pave way for the swearing-in of Dr. Goodluck Jonathan as acting president. Of course, this was to complement the efforts of the Senate led by

His star continued to rise until the Bola Tinubu factor dealt a big blow to his promising ambition

former Federal Capital Territory (FCT) minister, Senator Bala Mohammed. Due to his sterling performances, Gbajabiamila was returned unopposed as opposition leader in 2011. He proved his mettle and even went beyond the parliament by challenging decisions of the PDP-led Federal Government in the courts of law. Some of these cases include the suit on the appropriation without due approval from the National Assembly and the deployment of the Nigerian military during elections in the last days of the Jonathan administration. He played an active part in 2011 coordinating the opposition ACN lawmakers to vote massively for Hon. Aminu Tambuwal to defeat the PDP anointed candidate, Hon. Mulikat AkandeAdeola. Gbajabiamila was active in the House during the reign of Tambuwal such that upon his re-election in 2015 and with the APC upturning the table against PDP, he was seen by many as the next speaker of the House. He

was clearly the frontrunner and indeed the candidate to beat. His star continued to rise until the Bola Tinubu factor dealt a big blow to his promising ambition. Gbajabiamila’s long standing loyalty to the national leader of APC and former governor of Lagos State, Asiwaju Bola Tinubu became a burden for the lawmaker. In spite of his personal shining qualities as a lawmaker, the campaign to cut to size the alleged overbearing influence of Tinubu on the party consumed Gbajabiamila’s ambition. Despite the fact that the party had endorsed him unanimously to contest for speaker, there was no respite for the Lagos lawmaker. Following the misgivings expressed by his opponents, the party decided to conduct a mock election, where he emerged victorious beating Hon. Yakubu Dogara in a controversial election that was marked by protests and walk-out. This was however the high point of his rise to fame CONTINUED ON PAGE 14

Politics

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Gbajabiamila: End of an ambition?

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

and stardom in the House. Buoyed by the support from the party and two of the largest caucuses of the party in the House – North-West and NorthEast, Gbajabiamila was confident of taking Dogara to the cleaners but that was how far he could go. On June 9, he lost to Dogara in a keenly contested speakership race to the consternation of his supporters and the party. The party attempted to reject Dogara but was later made to eat its words because it was a very transparent election. Gbajabiamila consequently, with the directive from the party settled down to claim the position of majority leader, which has also unfortunately come to nut. The fall It is shocking that the lawmakers’ colourful legislative career of 12 years came crashing within two months. Gbajabiamila has paid the painful price of loyalty. As a legislator, he has seen, he has performed but could not conquer when it mattered most. Three factors accounted for Gbajabiamila’s unfortunate fall in the House; his link and loyalty to Tinubu; his alleged pride and overconfidence and his lack of political sagacity. At the commencement of the campaign for speaker, Gbajabiamila was the darling of majority of the lawmakers; both returning and fresh. His support base had cut across party lines and was accepted across board. But when the Tinubu factor was stoked up by his opponents, he struggled to shrug himself out of the cobweb but it was too late in the day. At first, he appeared to have enjoyed the close relationship his campaign train was said

Gbajabiamila

to have with Tinubu. But when the party played into the hands of his opponents by openly endorsing him and the mock election that followed, Gbajabiamila was singled out to be stopped. It was not because he was incompetent but because he was believed to be a stooge of Tinubu. Secondly, Gbajabiamila could not read the hand writing on the wall on time and carried on as a speaker even before the election. He could not exude the humility expected of a politician seeking for votes. He was blunt and straight forward to a fault. He could not employ diplomacy to win more supporters but was rather contended with the 213 members of the APC’s anticipated block votes forgetting that in politics, it is not everyone that shouts you are the one, would vote for you when the chips are down. He did not befriend the opposition parties and concentrated his fate in one party, APC believing that come rain come sunshine, he would get 181 votes to defeat his opponent. The only opportunity, Gbajabiamila had to stop Dogara was floundered by him. A few days to the election, there was palpable fear in the camp of Dogara and desperate attempts were allegedly made to convince Gbajabiamila to drop Hon. Mohammed Monguno and adopt Dogara as deputy speaker but he bluntly turned down the proposal insisting that he had already chosen Monguno. He could not reach out to former members of the House such as Tambuwal who were said to be interested in who becomes the next speaker. He was overconfident that with the party on his side, he was home and dry. But this was a big miscalculation. Even after he lost to Dogara, an olive branch was extended to him

Lasun

to run as deputy speaker but he again refused to contest preferring to be returned unopposed.

Even after he lost to Dogara, an olive branch was extended to him to run as deputy speaker

Dogara snubs Gbajabiamila As it is today, Gbajabiamila has within a spate of two months crashed from his ambition of being speaker down to leader and may end up as a non-principal officer. Dogara had on July 16, 2015 officially written the APC leadership intimating it of his decision to zone the position of leader (which the party had reserved for Gbajabiamila as compensation) to the North-West. The speaker has given plausible reasons based on morality and constitutionalism to back up his actions. He has also zoned the deputy leader to North-Central, chief whip to South-South and deputy whip to South-East. These are at variance with the party’s zoning arrangement. Dogara in a letter to Oyegun maintained that the “above proposal satisfies the provisions of Order 1 of our Rules, the Constitutional provision on Federal Character and gives all parts of Nigeria a sense of belonging. The proposal will also obviate all pending court cases filed by some Zonal Caucuses on the matter.” Referring to Oyegun’s letter which heat up the APC crisis, Dogara proffered that, “to resolve this problem, we had offered that some of the aggrieved members of our party, APC, who lost the election for the office of Presiding Officers, should produce some of the remaining Principal Officers for peace to reign. “For emphasis, we have conceded the position of leader of the House and Chief Whip to those aggrieved, as long as the persons should not come from the NorthEast or South-West zones that have already produced the Speak-

er and Deputy Speaker. “In any case, sir, I pledge as the Speaker of the House, to accommodate other colleagues of ours in the party list, who may not be taken care of by this arrangement, with other commensurate appointments or other existing opportunities for service to the nation. “We owe a duty to lay the truth bare as we have done in this case. The party in conjunction with governors, national leaders and the APC Caucuses in the House may agree otherwise as the saying goes, ‘volenti non fit injuria’. Our party must not have the undistinguished honour of setting a precedent outside of the provisions of the Constitution and the Rules of the House. “We most respectfully urge that our above proposal be considered on its merits and that efforts should be made to resolve this matter so that the House will resume its working recess in a peaceful atmosphere. There is no gainsaying the fact that a stable House is necessary to support the President and Commander in Chief of the Nigerian Armed Forces and the APC in fulfilling our electoral mandate of Change and Progress for the Nigerian people.” For the once shinning parliamentary career of Gbajabiamila, it is now temporary sunset. He may have to wait till 2019 for another attempt at any of these positions he invested a lot of time and energy pursuing in the last two months. Alternatively, except something happens to Dogara or the deputy speaker, Yusuff Lasun, Gbajabiamila has fallen for now and cannot be a principal officer. Perhaps, destiny may have lined this up for him. When the House reconvenes on July 28, what becomes of him will be discernible.

Politics

NEW TELEGRAPH MONDAY, JULY 20, 2015

President Muhammadu Buhari is gradually moving away from the toga of ‘Baba Go Slow’ to a proactive leader with rash of sacks and appointments last week, writes ANULE EMMANUEL

Buhari’s sweeping gale

resident Muhammadu Buhari took office a month ago on a wave of hope that he would quickly deal with a deepening financial crisis in the country that has left some states of the federation in a position of limbo, unable to pay workers’ salaries, and a surge in the activities of the Boko Haram sect in the North-East. As a result of high expectations from Nigerians and the promises by the new government, there is the belief that President Buhari is too slow in piloting the affairs of state. This view in some quarters comes apt especially when the administration continues to operate without a cabinet. The Special Adviser to the President on Media and Publicity. Mr. Femi Adesina, has already explained that the seeming slow pace of governance by his principal is because the Augean stable being cleared by the administration requires ‘scrupulous and painstaking planning’. Last week seems to be the beginning of more actions coming in the days ahead. The president announced major changes that would soon compell his critics to drop the title, which they have since used to mock him as a sluggish elderly man – ‘Baba go slow’. First, on Monday, was the sacking of the nation’s security chiefs and their replacement with new ones. President Buhari had retained the service chiefs he inherited from former President Goodluck Jonathan since his inauguration on May 29, a decision which has earned some knocks. Air Chief Marshall Alex Badeh was replaced by Major General Abayomi Olonishakin as the new Chief of Defence Staff. The President also fired Lt.-Gen. Kenneth Minimah and replaced him with Major General T.Y. Buratai as Chief of Army Staff Also affected was Vice Admiral Usman Jibrin who has been replaced by Rear Admiral Ibok-Ete Ekwe Ibas as the new Chief of Naval Staff while Air Vice Marshall Adesola Amosun was removed and replaced with Air Vice Marshal Sadique Abubakar as Chief of Air Staff. President Buhari did not spare the National Security Adviser (NSA), Colonel Sambo Dasuki (Rtd) whom he also inherited from the immediate past administration. He appointed Major General Babagana Monguno (rtd.) as the new NSA. In order to ensure that the entire security architecture was completely overhauled, the President also appointed Air Vice Marshal Monday Riku Morgan as the new Chief of Defence Intelligence (CDI).

L-R: Chief of Air Staff, Air Vice Mashal Sadique Abubakar; Chief of Naval Staff, Rear Admiral Ibok Ete Ekwe Ibas; Chief of Defence Staff, Major General Abayomi Olonisakin and Chief of Defence Intelligence, Air Vice Marshal Monday Riku Morgan at the State House, Abuja. TIMOTHY IKUOMENISAN

There are already fillers that aside delay to get a comprehensive brief from the security chiefs before they are booted out, the President’s trip to the United States of America for extensive bilateral, economic and financial discussions with President Barrack Obama and the need to answer certain questions about the terrorism challenges as well as Nigeria’s military capability to tackle the menace conclusively, necessitated the sack of the service chiefs. While the sack of the service chiefs took the centre stage of political discourse, President Buhari threw another missile relieving the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Mr. Patrick Akpobolokemi of his appointment on Thursday July 16. Akpobolokemi was reappointed by former President Jonathan in October 2014 to serve a second term in office after the expiration of his the first tenure. There are already indications that President Buhari is not happy with reports that under the leadership of the former university lecturer, NIMASA had allegedly become a major source of slush funds for carrying out discreet endeavours and initiatives at the behest of the administration of former President Jonathan. As expected by political observers, President Buhari also Thursday dissolved the boards of all federal parastatals, agencies and

Anenih

Obi

The decision is likely to affect most of the last-minute appointments by the immediate past government

institutions. The decision is likely to affect most of the last-minute appointments by the immediate past government. Among them is the Securities and Exchange Commission (SEC) where the former president appointed former Governor of Anambra State, Mr. Peter Obi, as chairman. One other agency that may be affected is the National Health Insurance Scheme (NHIS) where President Jonathan had sacked the Executive Secretary of the NHIS, Femi Thomas, and replaced him with Olufemi Akingbade to serve in acting capacity. The decision for the dissolution will also affect the board of the Nigerian Port Authority (NPA) where the former president also appointed Mallam Habib Andullahi, son of late Emir of Kano as its managing director. Chief Tony Anenih, former chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP) serves on the board as the chairman. The dissolution order may also affect the Petroleum Equalisation Fund (PEF). Before he left office on May 29, former President Jonathan appointed one of his ministers, Mrs. Asabe Ahmed as the Executive Secretary of PEF. About 12 federal universities and four new polytechnics and Board of the National Library where the former president also appointed chairmen of their governing councils before leaving office will not be spared.

Abolurin

Some of the universities and polytechnics are the Federal University Lokoja, Federal University Lafia, Federal University Kashere, Federal University Dutse and Federal University Gashua. Others are Federal University, Wukari; Federal University, Dutsin-Ma; Federal University, Ndufu-Alike; Federal University, OyeEkiti; Federal University, Otuoke; Federal University, Birnin-Kebbi; Federal University, Gusau; Federal Polytechnic of Oil and Gas, Bonny; Federal Polytechnic, Ile-Oluji; Federal Polytechnic, Ukana and National Institute of Construction Technology, Uromi. The Ahmed Joda-led transition committee had while submitting its report to President Buhari recently, recommended the termination of all appointments made by the immediate past president in the last nine months of his administration. In the views of the committee, these steps are necessary and would help the new government sidestep the quality of ineptitude and waste associated with that administration and achieve moving up its revenue base. President Buhari may have been guided by the recommendations of the Joda-led committee which recommended that he must take a set of actions within the first three months of assumption of power if he must save cost and “enhance liquidity.” While Christians had on Friday joined Muslim faithful in celebrating the Eid-el-Fitr signalling the end of the Holy Month of Ramadan, President Buhari announced the appointment of a new Commandant General of the Nigerian Security and Civil Defence Corps (NSCDC), Mr. Abdullahi Gana Muhammadu. The new NSCDC replaces Dr. Ade Abolorin who had held sway in the organization for 10 years. He was appointed in 2005 and served two terms of five years each. Apparently, President Buhari in the weeks ahead may soon disappoint those who have already given him the ‘Baba go Slow’ nick name as indications are rift that more heads would roll.

16 Politics

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Adebanjo: Afenifere’ll give Buhari 100 per cent support if... Chief Ayo Adebanjo is a lawyer, politician and Afenifere chieftain. In this interview with TEMITOPE OGUNBANKE, the former National Chairman of the Alliance for Democracy (AD) urges Nigerians to support President Muhammadu Buhari. He also speaks on the state of the nation, crisis rocking the All Progressives Congress (APC), anti-graft war, National Conference, among other issues. Excerpts:

How would you assess the state of the nation? What can someone say than to wish the government well? The rancour in the National Assembly is not a good start but I hope the ruling party will find its feet very soon. I am a critic of the government because I was never part of the All Progressives Congress (APC). I have my reservation about the party, which was known to everybody. But since people have voted for the party, it is my wish as a senior citizen, that they should prove me wrong by performing. All we want is progress for the country. They say they can do it; let’s see them performing. For them to perform is in the interest of the country and my interest because failure to perform is to the disadvantage of the country and my own disadvantage. You said you are particular about the performance of the government, how will you assess President Muhammadu Buhari’s government since May 29? It is too early to do that. I am not one of those who rush to make a decision. They may not have taken off fine; that does not mean they won’t perform. For example, a child in primary school might be a dullard but by the time he gets to secondary school, he may perform very well and be a first class. Why did you describe the rancour over the leadership of National Assembly as a faulty start? I am very cautious as a critic of the party in government, so I

Adebanjo

don’t want to adopt the attitude of ‘I told you so.’ There is nothing I can do about it for the next four years. So, if I am a patriot, which I believe I am, I should wish the government well to perform. I wouldn’t like the four years to be wasted. What is your take on the controversy surrounding the emergence of the National Assembly leadership? There is no doubt that it was below the expectation of many. I know they would get to the type of trouble they are in now because the problem is their conglomeration. APC is a pack of incompatibles and we can see the incompatibility now. Those who came together as APC members only agreed on Goodluck Jonathan being sent out. That was the only thing they agreed upon. These fundamental issues that affect the country are - How to run the country? What has been the problem of the country? What are the conflicts in the country, which ought to be solved? The nationality issues raised at the last National Conference. But they

APC is a pack of incompatibles... Those who came together as APC members only agreed on Goodluck Jonathan being sent out

(APC) don’t appear to think that much. You can remember when Jonathan decided to convene a National Conference, Asiwaju Bola Tinubu said it was a diversionary tactic. But we can see the question of ethnicity issues in APC struggle. Nobody is talking now about the party’s objectives but about my area must have this or that. And these are things they ought to have settled. I don’t want to talk about their defects. I have been in this game for 65 years, so I know all the composition of APC. To me, when you are forming a party, you must agree on fundamental things in the party. It is not after you have won the war that you decide how the loot would be divided. These are part of the things APC should have decided before they went into the merger. They should have thought about; when we merge and form the government, who will take what? Why should I take this and why should you take that? All that should have been settled. That they didn’t do it before is

the cause of the crisis. But now they can learn in the process because we can all see what their action is causing the country. I believe many people believed in Buhari and it was Buhari’s image that won APC the election because all those who gathered under Buhari are characters I won’t recommend. Why won’t you recommend them? I know them. Are they not the people who left the Peoples Democratic Party (PDP) to join APC? If you take PDP away from APC, what remains? How many of the states won in the last elections were APC states before the elections? I don’t want to go to all that because we are no longer in electioneering. My belief now is that the government should perform. All patriots and senior citizens should do everything to make Buhari’s government perform. I will do whatever that will make them perform because I don’t want the ship of the state to crumble. After 55 years of independence, I am tired of saying that we should

Politics 17

NEW TELEGRAPH MONDAY, JULY 20, 2015

have done this or that. During the last presidential election, Afenifere supported Jonathan. We supported him because we believed that all the problems of the country are based on faulty foundation. I said the two parties are evil but I choose Jonathan to be a lesser evil because I believed he will implement the 2014 National Conference report. The national confab brought us back to where we got independent before the military takeover in 1966. It was the military that de-structured Nigeria and until that position is reverted, we won’t move forward. I had said that if they win the election under the same constitution, the injustice that is being done to the rest of the country by the North will continue. What are the injustices? One of the injustices is that there are more local governments in the North than in the South. What is the basis for that? It was arbitrary. There was no basis under which they created more states and local governments in the North than the South and sharing revenue on the basis of number that is not based on any rational. That is injustice. But we said we are not going to rectify it by force; let us sit down at a round table and that was what we did at the National Conference. I believe that a lot of injustices were rectified by the conference. President Buhari, few weeks ago allocated some money to bail out states and the money will be shared on state and local government basis the way they shared revenue. You can see the injustice I am talking about with the way they share revenue based on the constitution, which does not favour the South or the West. And the way they are sharing the revenue is one of complaints of the Niger Delta that they are bringing in the money but they are not having enough because it was the military that decided how much the owner of a property should get from his rent. So, our fight for restructuring was based on the imbalance in the federation. Tinubu and others have been shouting about constitutional federalism and when we had the opportunity to create it, they abandoned it for a reason, which I don’t know. That is the basis of the problem APC is having now. Under the recommendations of the confab, the question of zoning that APC members are talking about has been constitutionalised. Do you see President Buhari implementing the confab report? I wouldn’t know. It is one of the reasons why I said, I don’t want to vote for him because if he didn’t support the convocation of the National Conference, how would he be committed to implementing it? And that was where Jonathan has an edge. All the past presidents were asked to convoke a National Conference, which they didn’t. It was only Jonathan that did it after a lot of pressure and that was why we are more confident in him. So, we believed that the man who convened the conference and got the recommendation would more likely implement the report than

the man who didn’t believe in it. To be candid, if Buhari implement the confab report, he is my candidate. If you read the history of ethnic nationalities all over the world, the question of nationalities has always been a problem. I want to assure Buhari that if he implements the confab report; he will get the support of Afenifere. There is no doubt about that. I sent him a text after he won the presidential election that, ‘now that they said he is a converted democrat, I wish him well if he can implement the policies of a democrat; you will have my support and the support of progressives.’ No doubt, if he implements the report of the confab, Afenifere will give him 100 per cent support. The reasons why we are particular about the implementation of the confab report is that it will address areas where there are conflicts since independence. The content of the confab report solves a lot problem. Talking about corruption, the Federal Government is corrupt because they have too much money, but the confab has reduced the allocation of resources to the centre. We have also reduced the power at the centre and the question of impunity has also been resolved in the confab report. The question of a sitting governor not been taking to court has been removed. You raised the question of imbalance in the system and North domineering in the polity. What is your take on the present situation where the heads of the three arms of government; executive, legislature and judiciary are all Northerners? That is why we are insisting that we want a balanced federation. If you read the recommendations of the confab, we talked about judiciary, police, army and creation of states. We said no zone will have more states than other zones and we transferred local government to the region. So, if you can afford 40 local governments under a region, you can do it but you won’t use that

to collect money from the centre. So, I am not surprised about what is happening in the country now. I am not surprised because they (APC leaders) have not agreed on how to govern; they only agreed on how to remove the man who was governing before. The man left and they are there but there was no consensus on how they would govern. That is the root of the APC crisis.

If he implements the report of the confab, Afenifere will give him 100 per cent support

This is the second time the SouthWest would be losing out in the contest for the leadership of the House of Representatives. It happened in 2011 and the situation has repeated itself in 2015. How did you see the development? South-West was not denied the speakership position in 2011; it was a Yoruba man who denied another Yoruba person the speakership. It was Hon. Mulikat Adeola-Akande that the PDP wanted but Tinubu brought up Aminu Tambuwal and supported him. That was what happened. It is what the PDP did to support Yakubu Dogara on June 9, 2015 that Tinubu did in 2011. He used the then Action Congress of Nigeria (ACN) lawmakers to team up with some members of the PDP to support Tambuwal against Adeola-Akande. So, you can’t say that the South-West was denied; it was a Yoruba man that denied them. It is on record that the PDP supported AdeolaAkande but Tinubu because of his own self-interest supported Tambuwal. As a former National Chairman of the Alliance for Democracy (AD), do you think Tinubu is overbearing as some people claim he is? What Tinubu accused us of before he sidelined us and left the AD is what he is doing now. The Afenifere leaders, who Tinubu accused of being overbearing, didn’t do as much as he is doing now. We didn’t impose any candidate on him. And our overbearing then was because we were telling him not to do what Action Group and Obafemi Awolowo were not known for. He wanted to be a dictator then and he saw

us an impediment to his own goal. And that is what the people in APC are accusing him of doing now, saying they won’t allow him to do what he was doing in ACN in APC. He knows that we have never been overbearing; what we wanted then was to be on the path that Action Group and Awolowo are traditionally known for. How do you see the delay in the composition of Buhari’s cabinet and the state of the economy? For me, it is too early to judge him. A student can be a dullard in primary school, brilliant at secondary school and graduates from university with First Class honours. Some people can be low starters. I am giving a concession that may be he (Buhari) is a slow starter that can pick up later. I want to regard him as slow starter who can perform wonders later. I don’t want to be pessimistic; I want to be optimistic. On the economy, these are some of the problems that Buhari promised Nigerians during his campaign that he would solve if he becomes the president. What we are seeing now is not strange. During the recent controversy over the issue of Buhari’s age, somebody said there is nothing that the president wants to talk about now that he does not know about the government. He is not like Shehu Shagari, who doesn’t want to be president and was brought into office. He is not like Olusegun Obasanjo who was brought from prison to come and be president. Buhari fought for presidency for almost 10 years; so he must have a plan and programme. He must know what is wrong with the country which he believes he can provide solutions to as a president. I won’t give them a pass mark. The Action Group to which I belonged to was in existence for a whole year before they came into government; meeting and formulating policies. They have their policies and manifestoes ready before they contested the election. It was that manifestoes and policies they sold to the people before they were voted for and by the time Chief Obafemi Awolowo came into office in 1952, he was not setting up a committee on agriculture or any other things. What the minister will do was already there; he only went into action. Awolowo spent only seven years as Premier of Western Region to achieve great things he did in the region. He didn’t spend one, two or three years forming committees, bringing up recommendations. What is to be done is already planned for because he has done the analysis. He wanted to do free education and it was not when he got to office that he set up a committee on education. Are you insinuating that the president and the governors didn’t prepare for governance? That is obvious. It is obvious. How can he be saying they gave him handing-over notes few days after inauguration for him to know what to do? He shouldn’t be talking like that. All along he was campaigning, criticising Jonathan, he ought to have known what was wrong with the gov-

Adebanjo

CONTINUED ON PAGE 20

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Opinion The parable Obama told Buhari Dominik Umosen

hether critics bought the story that care was required before appointments were made or not, the important thing is that the appointment of service chiefs has, thankfully, signalled the commencement of governance in the country, over a month after the inauguration of President Muhammadu Buhari. This is reassuring, coming when global attention focusses on Nigeria as President Buhari commences his much-hyped official visit to the United States of America. For the wrong reason of over-exposure to the extreme barbarism of religious fundamentalism masquerading as Boko Haram insurgency, the country has swirled in the news for the last few years. The visit provides both countries the opportunity to redefine bilateral relations which ran aground after former president Goodluck Jonathan balked at the renaissance of sodomy which is championed by the U.S as unfettered liberalism, including gay rights. Because of the quantum of loss suffered by the country since the mindless insurgency began in 2009, including the credibility of government that has been sullied in the process, international assistance to the country to rout the menace will naturally top the president’s shopping list in America. We do not require a soothsayer to predict that just as desperation to end insurgency and restore its sovereignty drove the Federal Government to entice criminals with offer of amnesty and unconditional negotiation, something similar will also compel the president to press for commensurate military assistance as that offered Syria and Iraq by

the Western coalition to fight the Islamic State (IS). What is significant, in all this, is that President Buhari is visiting America after coralling his security flank, putting it right by appointing service chiefs and national security adviser. If he had not done this, the president might have found it difficult to convince his hosts that his administration is prepared to address genuine concerns that discouraged international support for the anti-terror war; fear of rocking enduring frictions and mutual suspicion between the southern and northern parts of the country as the Americans have told their visitors. Those profiting from the hypocrisy pretend that it does not exist but the fact is that the original motivation for Boko Haram was to deploy it for religious cleansing to intimidate the former president which is why international support in the war suddenly went limp. Like the sorcerer’s apprentice who ill-advisedly exorcised a rogue demon, Boko Haram outgrew that phase to threaten even mainstream muslims which explains the underlying desperation by government to re-assert constitutional authority in affected areas. Obviously, President Buhari visited God’s own country with this mindset. As a matter of fact, ‘am dying to know how he handled the embarrassing reminder from Americans how detached his country became from the original dream of her founding fathers. The reason patriotic citizens pray that the president succeeds is so that he might reconcile this errant generation with glorious forebears whom we have repudiated with impunity. And faster than Peter denied Christ. Instances of this most unfortunate detachment from the original vision are simply shocking. For instance,

where the founding vision of the country recommended an egalitarian society where every citizen would be free to hold opinion without fear or favour, the country transmogrified into a malicious blend powered by hypocrisy for the benefit of vicious power brokers. Against the recommended constitutional secularism, a mischievous central government unilaterally redrew the rules of engagement among federating nationalities. Initial casualties of this malicious hypocrisy included the constitutional principle of revenue derivation which some sections relied upon to develop themselves. This was unilaterally expunged, triggering enduring tension which robbed the country of sustainable development. Another deviation from the founding vision is the involvement of the state in religion which merely compounded this hypocrisy. A state like Kano, for instance, relishes smashing beer bottles to dramatise religious morality, but this huge hypocrisy does not prevent it from scrambling for VAT proceeds from the same items it claims are immoral. Restoring popular confidence in project Nigeria compelled renowned writer, late Prof Chinua Achebe to write a satire called ‘There was a country’. Rejecting his national award and relocating abroad where he died a broken patriot was his style of registering dismay with the country’s blissful detachment from its founding ideals. What was President Buhari’s response to Obama’s challenge that he should convince Americans that he is committed to restoring Nigeria, alongside people like Gov Rochas Okorocha of Imo who is reinforcing this detachment by spitting, contemptuously, on a court order not to tamper with the allowances of rebel monarchs? This parable left the president speechless!

‘Can evil triumph over good?’: Matters arising (2) Ebere Wabara C O N T I N U E D F R O M L A S T F R I D AY

et us have a foresnsic audit of the finances of Abia State between 1999 and 2015. Very soon, I am sure, President Muhammadu Buhari will investigate the states he is bailing out. If he does not do that, he would be setting a very bad precedent for current governors to transcend professorship in pursuit of scarlet vice-chancellorship! Only rapture can stop this looming descent—or is it ascendancy! Yet another tantrum from the unknown James: “In the case of Abia State, former Governor Theodore Orji took over power from Orji Uzor Kalu and in the process inherited a staggering debt in excess of a whopping N55 billion naira deficit and bank loans which could not be accounted for. As a result of this monumental debt overhang, N1.5 billion was deducted at source from the federation account to service the 22 banks/creditors on monthly (sic: a monthly) basis. The ruination of the finances of Abia State and the high scale (sic: high-scale) mismanagement of its resources under the watch of Orji Uzor Kalu more than any other factor contributed to the parlous state of affairs in the state.” In my recent response to Professor Herbert Orji’s uncharitable and grossly unprofessional analysis of the finances of Abia State under the exclusive action (as acknowledged by Gen. Olusegun Obasanjo before the bubble burst) governance of Kalu, entitled “Abia debt hang: 1999-2015)”, I dismissed the pub gossip that lacked professorial accoutrements and nuances and called on the Central Bank of Nigeria (CBN) to publish in major national

newspapers the income and debt profile of Abia State during the aforementioned period for public scrutiny and edeification. I also asked the apex bank to mandate all banks to publish their transactive details with the state. This would have put an en end to the periodic reference to phantom figures as released by Prof. Herbert Orji. If Dr. Kalu insists that he did not owe any bank before and after leaving office, can financial institutions react and clinically close this matter? Enough of these interminable fairy-tales as these issues are verifiable and should not be shrouded in endless controversies stewed in asperity. At the opportune time, the former Group Managing Director/CEO of Diamond Bank PLC, Dr. Alex Otti, will let us into the staggering indebtedness of the state to the bank during his tenure. He cannot do that now lest it is misconstrued because of his current political battle in the state. I expect other banks like Access and Fidelity to publish such records for public consumption since the monies were not personal funds. If the state was so mirred in indebtedness, where did the governor access massive funds for The Patriots, Ochendo Vanguard, Abia Elite, obtuse media propaganda, unprecedented surrogacy and the dastardly abduction of this writer? These are in addition to all other purported achievements in debatable betterment of Kalu’s time. Just an innocuous poser: as the magisterial Chief of Staff to Kalu for seven years or thereabouts, is it not possible that Ochendo could have been privy to the alleged profligacies of his benefactor? Still from fictive James: “As had been confirmed by discerning observers of Abia politics, while Orji Uzor Kalu held sway, cronyism was elevated to a statecraft to the exent that fiscal rascality became one of the defining legacies of the vision-

less years of governance.” Does this bloke know the meaning of “cronyism” at all? Who are these anonymous “discerning observers of Abia politics”? Let them stand to be counted. If the fellow who wrote the malicious and vicious feedback to Kalu’s dispassionate statement knew about the preposterous depth of surrogacy in the past eight years in Abia State, he would quietly close his stinking bucchal cavity and spin us other stupid yarns after closing up (trade mark). Again, if there was fiscal rascality in the state from 1999 to 2007, the financial recklessness and develomental haemorrhage thereafter are unimaginable, scandalous and have plunged the state to 24-year infancy making it the most paralysed and backward state in the country, if not the world: a toddler at 24, courtesy of T. A. When will cats like James stop this vexatious and stale talk of imaginary “mamacracy”? Can anything in this world be compared to boyish “ikukucracy”? Even toddlers in Abia State know about the queer arrangement that hallmarked the abdication of constitutional responsibility to sonship deviancy! The so-called, if ever, “mamacracy” pales into insignificance when juxtaposed with the leadership juvenility and administration pedestrianism that characterised governance under Ochendo’s visionary kindergartnership! It is only an insane man that will have the audacity to declare in his derangement that Dr. Kalu does not have the inalienable right to express his views on national issues. Do these chaps ever think before coming to public space with their stupefactious distractions? Have these minions and their bankrollers ever heard of Section 36 of the 1999 Nigerian Constitution (as amended) which dwells on rights fundamentals? I agree with James that Kalu contributed to the ruination of Abia State by re-

grettably foisting his successor on Abians. James has a valid point here, which I have consistently declared on these pages. It is also interesting to note an oppositional traveller admitting that Abia was ruined under Ochendo Global. From James on this subject: “…He (Kalu) contributed is (sic: in) no small measure to the ruination of the state,” a position that tallies with my headline of May 28, 2015, article entitled “Abia in ruins as T. A. Orji quits”! Can someone graciously go and show me these much-parroted and invisible “legacy projects” of Ochendo international? As an Aba brought up, I am more interested in the ones located in Enyinmba City for nostalgic and peculiar reasons. Unfortunately, Aba of today is worse than a wartorn town. James also talks about the Economic and Financial Crimes Commission (EFCC) with regard to the political witch-hunt of Kalu using the instrumentality of this agency under General Obasanjo for obvious reasons known to right-thinking Nigerians. James in his thuggish trash advised Kalu to remove the “log of wood” in his eyes before evacuating the speck in the eyes of Ochendo worldwide. A tuitionfree lesson for James: there is nothing like “log of wood”, but just ‘log’! The spurious charges against Kalu notwithstanding, he is one of the freest former governors in Nigeria today amid local and international business engagements that create thousands of jobs for fellow Nigerians and other nationals as opposed to stolen political mandate indulgencies temporarily domiciled in Abuja and Umuahia. A reiteration of Orji Kalu’s irrefutable position: evil cannot triumph over good. •Concluded • Mr. Wabara (ewabara@yahoo.com/08055001948) is the media adviser to Dr. Orji Kalu.

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Between NAICOM and underwriters

ver time, the Nigerian insurance sector has suffered the most stunted growth among established financial institutions in the country. The industry has failed to get the necessary lift as a result of so many factors including reluctance on the part of some operators to promptly pay claims to policy holders who suffered losses. Besides operating under an economy that has been battered, thereby denying the citizenry enough disposable income for a safety net, public apathy has largely been enunciated by the unsavoury posture of some underwriters, who subject policyholders to further trauma whenever claims’ matters arise. Insurance, supposedly the pillar of every nation’s economy, has been highly relegated to the background in Nigeria. Although its growth potential in the near future remains upbeat, it, however, contributes less than seven per cent to the nation’s Gross Domestic Product (GDP) with less than five per cent penetration in a country of over 160 million people. The annual average growth in Gross Premium Income of 25 per cent in five years (2008 – 2012), hitting over N200 billion in 2012 and over N300 billion in 2014, remains a far cry going by the quantum of resources and investment potential in the country. As at today, Nigeria’s insurance sector ranks last in Africa with 0.6 per cent, South Africa, 15.4 per cent followed by Namibia with 7.7 per cent, Kenya with 3.4 per cent, and Morocco with 3.0 per cent.

A research carried out by Agusto and co, a firm of economic analysts, had revealed that apathy remains a key challenge for the industry because of the poor public image regarding claims payments. Shortly before the end of 2014, a major conflict erupted between one of the leading insurance firms and an officer with the Nigeria Customs Service over allegation that the former failed to meet its claims obligation in respect of her burnt house purportedly insured by the underwriter. The officer alleged that after she was compelled by an agent to take an insurance cover for the house, which,

Insurance, supposedly the pillar of every nation’s economy, has been highly relegated to the background in Nigeria

unfortunately got burnt, the insurance company failed to do the needful by paying the claims, thereby reneging on the flamboyant promises made prior to signing the agreement. The claims amounting to over N50 million was eventually paid when the officer threatened taking the matter to a higher authority where the underwriter already has at least one case bordering on infraction to answer. While the conflict lasted, the victim made several scathing remarks on why insurance practice in Nigeria remains a fraudulent contraption that nobody should get close to. Between 2012 and 2013, NAICOM, under the outgoing Commissioner for Insurance, Fola Daniel, recovered close to N2 billion from underwriters who reneged on claims payment to policyholders. This was made possible through the Public Complaint Bureau that was established for that purpose. In 2012 the commission had also intervened and ensured the settlement of N1.2billion claims in dispute that involved a total of 52 cases. The Complaints Bureau handled a total of 349 cases, 86 of which were fresh complaints with the remaining 263 being ongoing cases. Within a period of six months between January and July this year, the regulator issued circulars directing those indebted to policyholders to clear the payments by the end of September. The regulator having to prise the operators to honour claims obligation smacks

of insincerity on the part of operators, whose actions have put a question mark on the principle of utmost good faith. By the nature of insurance, most policy documents are infused with small prints and to avoid running into problems, potential policyholders are always advised to engage the services of experts or brokers to take a look at the document before parting with the premium. The commission believes the directive to underwriters to pay claims is part of statutory function to protect policyholders and bring to an end the persistent bad publicity the Nigerian insurance industry was getting on the matter of unsettled claims. According to Daniel, there are tension and apprehension in ensuring that things are done properly, NAICOM will not renege in providing good leadership. He said, “We are aware that insurance is a business of selling promises. But when these promises made to policyholders and investors are not kept, it then becomes NAICOM’s business to intervene and ensure these promises are kept.” To stem this tide of deliberate deviation and lawlessness, we advise the new administration to put mechanism and resources in place, and also encourage the regulator to ensure that underwriters no longer subject their clients to any form of trauma just as policyholders should also engage the services of experts especially insurance brokers entering into any ag reement.

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Politics

MONDAY, JULY 20, 2015 NEW TELEGRAPH

APC is a pack of incompatibles – Adebanjo CONTINUED FROM PAGE 17

ernment. For example in Lagos in 1979, before the Unity Party of Nigeria (UPN) came into power, we have located where there would be primary schools. We knew how many children are in school and how many should be in school. And by the time we came in, Governor Lateef Jakande was just opening new primary schools every week. He was not settling up committees; he was

implementing because he already knew what to do. That is what we call a prepared government. There is no politician dead or alive that toured Nigeria like Awolowo. There was no corner in Nigeria that Awolowo didn’t know and he knew the problem of each area. And those of us who are his lieutenants ab initio were able to talk about problems in everywhere in the country. When we are talking about creation of more

states and minorities in the North, we know what we are talking about. In Borno, where there is Boko Haram insurgency, I spent one year in Maiduguri campaigning for the UPN and that is why I know minority problems in the area. During the last National Conference, we advocated for minorities in the North to be given a state because we know that the Northern oligarchy will not support creation of more states in the North

because the minorities there are under them. One of the problems Buhari promised to tackle is corruption... He said he will stop corruption. It is too early; so I won’t rush him. He has to be fair and know what tactics to be used. The issue of corruption is part of what we believe we have solved with the recommendation of the confab. But if he didn’t do it that way, he must have

his own magic. So, let us see how he will solve the corruption problem. Some former governors are being tried by the Economic and Financial Crimes Commission (EFCC). How do you see the development? Buhari said nobody should be spared and I support him. Nobody will oppose any measure that he wants to use to fight corruption. Every honest Nigeria citizen must support any mea-

sure that the president wants to take to wipe out corruption. That is not contentious because people want corruption to be wiped out. We only differ on method. One of the things people are using against Buhari is that he may find it difficult to fight corruption with the people surrounding him. The president is surrounded by corrupt people because many people in his party are corrupt. He must embark on the corruption war without being selective and by the time he starts, he must not spare anybody. I want him to prove me wrong by the time he starts his corruption war, which I support. And when I see that he is not selective, I will say this is my man. But by the time he starts and deals with people in the opposition and leaves those who backed him to win the election, then one can raise an eyebrow. I support any measure that he will take to wipe out corruption because corruption will not take us anywhere. How do you see the rejection by Buhari of N400 million bullet proof cars? That is fine and I support him on that. People like me will not be surprised about that because that is his character. All we are saying is that he is in a team; can he do it honestly and wipe out corruption across board? I am not judging him yet; I want him to prove himself and I pray that he should succeeds. The Boko Haram insurgents have renewed attacks in the North. Why the resurgence? It is unfortunate. Before, they said Jonathan was slow and Buhari even said few days ago that the former president didn’t react adequately to the problem. He (Buhari) is there now and everybody knows that before Jonathan left office, we were almost forgetting about Boko Haram in the NorthEast. In Adamawa, Boko Haram was almost wiped out. The Boko Haram has now come back and the situation is getting worse. I am praying that President Buhari should be able to combat them because it is not in our interest. Boko Haram now go to Kano, Kaduna, Zaria and Jos killing people and if we are not careful like somebody said few days ago, they might come to the South.

Politics 21

NEW TELEGRAPH MONDAY, JULY 20, 2015

Olatunde Odunyemi

he emergence of the leadership of the current National Assembly in our country has thrown up many issues which will generate a heated debate for a long time. The June 9 inauguration of the Eighth National Assembly and the drama attending the election of the Senate President, Speaker and their deputies have presented drama, intrigues and political calculations which deserve that not only books be written about the event of that day and what happened before and after, but also requires scholars of political science and Nigerian political developments and government to further interrogate and document what happened for posterity. While so much has been written and many explanations given by the actors and their supporters on the leadership crisis, one has noticed how the issue of the emergence of Senator Ike Ekweremadu representing Enugu State and a member of the minority party, the Peoples Democratic Party (PDP), as the Deputy Senate President has equally assumed a life of its own. It is being presented that the Ekweremadu issue is what President Muhammadu Buhari could not live with in the entire National Assembly leadership crisis. Those who are sponsoring this narrative said the President and the leadership of the All Progressive Congress (APC) would not forgive the senators from the ruling party who participated in the June 9 election on the floor of the Senate. However, it appears that those who accuse the Senate President, Dr. Bukola Saraki and the other senators who participated in that election of selling out to PDP and betraying the position of the party have refused to answer one particular question. The question is: Why were majority of the APC Senators not in the Senate Chambers that morning? The follow up question is: were the APC Senators not aware that President Buhari had exercised his legal powers by communicating to the Clerk of the National Assembly, Alhaji Salisu Maikasuwa, that the Senate should be inaugurated by 10a.m. on June 9, 2015? Also, one can ask why over 50 APC Senators who were to take their oath of office that day chose to gather at the International Conference Centre (ICC), some kilometres away from the National Assembly Complex, instead of inside the Senate Chambers? It is also pertinent to raise the question of who convened the meeting inside the ICC and made it to coincide with the time the Senate was to be inaugurated and what was the motive, the motivation and objective of the convener? If one was to be a researcher or an academic, these will be the research questions. Providing answers to these questions will help in realising the research objectives. The dominant narrative earlier referred to had stated that the ICC meeting was convened by President Buhari for all APC Senators and House of Representatives members. However, subjecting this claim to further scrutiny showed that it stands fact on the head. It is on record that President Buhari has not disclaimed the fact

Ekweremadu, APC and the ICC meeting

Saraki

that he sent a proclamation order to the Clerk of National Assembly for the inauguration to commence by 10a.m. on the appointed day. That order was at no time withdrawn. The president flew into the country from Germany about 6a.m. that day. How will he fix a meeting for 9a.m. with the awareness of another constitutionally backed gathering fixed for an hour later with his expected audience being the main actors in the second meeting? Also, up till today, nobody has admitted that there was any formal invitation for the president’s meeting. It was said that the invite was a Short Messaging Service (SMS). The president convened a crucial meeting by SMS? Who also ordered the National Assembly gate closed early that morning of June 9, using the name of the president, until the IGP, Mr. Solomon Arase sought clarification from Buhari who then denied ever giving such? Again, as at 10:05a.m. when the election in the Senate Chambers commenced that day, President Buhari, a man known as a stickler for promptness had not arrived at the ICC where he supposedly fixed a meeting for 9a.m. That also appeared strange. One is therefore compelled to look beyond the dominant narrative to find a more plausible explanation. It is obvious Buhari did not convene the meeting in ICC, otherwise it will be a contradiction. That is why he did not attend it. Those who convened the meeting using Buhari’s name must be the ones behind the illegal order that the National Assembly gate be shut in the morning of June 9 to deny entry to even the then legislators-elect. The plan was to get all the Senators and Representatives to the ICC and whether Buhari attended or not, they were to use his name to cajole, coerce and intimidate the National Assembly

Ekweremadu

The APC should be grateful that PDP senators did not get too ambitious

members to go into the chambers and elect Ahmed Lawan, George Akume, Femi Gbajabiamila and Monguno as Senate President, Deputy Senate President, Speaker and Deputy Speaker respectively, without question. Those behind the meeting had also schemed to ensure that if Saraki attended that meeting, they were to tactically exclude him, using the name of Buhari, to an extent that he would not attend the plenary when the election would be held. Unfortunately, a member of that group got too loquacious and let the cat out of the bag, inadvertently though. What those who wove this plot did not reckon with was that the Saraki group had taken some precautions. They also did not fathom the capacity of the PDP Senators with 49 members against APC’s 59. Again, the untidy arrangements made by the plotters also did them in. For example, why did they not get the president to change the proclamation he earlier sent to the Clerk? Why did they not keep a few of their men in the chambers to monitor events? Why did they not get the President to keep to time and finish the ICC meeting by 9:30a.m. so that the members could get to the National Assembly Complex just on time for the commencement of business in the chambers by 10a.m.? Why did the ICC meeting not hold in the night with the president addressing his legislators as he arrived from Germany? Still many unanswered questions. So, if one is to join the blame game, the people to blame for the emergence of Ekweremadu, the PDP man as Deputy Senate President, are those who kept the senators away from the chambers for a partisan meeting at the time they should be working as legislators. Let us blame the schemers who have been out-schemed for

all these crises. Let us also blame the discerning lawmakers who did not see beyond the manipulations they were subjected to. The APC should be grateful that PDP senators did not get too ambitious. They could have taken the Senate Presidency because at the time that Saraki was elected unopposed, only about 25 or half of the full capacity of APC members were on the floor of the Senate as against PDP’s 49. When the nomination for the top post was called by the Clerk, if the PDP had nominated one of their own, he would have won. The PDP only displayed their own sophistication at the game by averting the noise that would have heralded such a big gamble. They then went for the next available office, that of the Deputy Senate President (DSP). It should be recalled that at the time the clerk called for nominations for the office of DSP, Saraki and other APC senators did not just leave the post for the PDP. They presented their own candidate, Ali Ndume, who got the votes of all the 25 APC senators present at that time. So, why are we blaming Saraki and his supporters for the enthronement of the PDP man, Ekweremadu, as DSP? President Buhari and all Nigerians should look in the direction of those who convened a subterfuge meeting in ICC to distract the senators from performing their first official duty. Now, everybody should either live with the reality of an Ekweremadu as DSP or APC senators should plot Ekweremadu’s impeachment. The latter option look far-fetched as there is need for a two-third majority to impeach the SP or DSP. And PDP has 49 senators as against APC ‘s 59. Two-third of the 109-member Senate is 73. Shikena! •Odunyemi writes in from Festac, Lagos.

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Arts 23

NEW TELEGRAPH MONDAY, JULY 20, 2015

Arts

CULTURE

I am influenced by my environment – Thompson Flora Onwudiwe

here is something disarmingly down to earth about Alhaji Rauf Thompson, a talented artist, who knew all the four walls of advertising, working so hard for the past three years for his solo exhibition to celebrate his 70th birthday. Consenting to an interview was no problem for Thompson who has been drawing at the age of five. At that tender age he declared that he was going to be an artist, but his parents never took him serious; they preferred that he studied any of the Engineering disciplines. According to him, to disabused his mind to look for a better discipline than to take art as a serious subject or career, his father recalled in his school days, how when he was a student at St. Gregory College, Obalende, where they had an art teacher, Mr. Aina Onabolu. “He was always riding bicycle to come to school and we as students never took him serious and you are now taking into art”. Fortunately, for the young Thompson, he was admitted at Ansar Ud-deen College Isolo, where Art was taught by a graduate Art teacher, Mr. James Ekobi from the then Zaria College, now Ahmadu Bello University (ABU), Zaria. So going to study Fine Art at Yaba College of Technology in 1968 for his National Diploma (OND) in Fine Art boosted his dream, also he was among the 10 pioneer students for Higher Diploma (HND), under the tutelage of Mr. Yusuf Grillo in 1972. He took the reporter to his bedroom that led to the balcony where he had some of the sketched artworks to be painted, some newly framed works and other works littered in the two blocks of flat, he was working so hard for his 70th birthday in November with 70 artworks purely on oil on canvas to be showcased at Eko Club, Surulere. Thompson artworks were in-

TONY OKUYEME Arts Editor tony.okuyeme@newtelegraphonline.com

fluenced by what caught his fancy in his environment, the works include, My pride, Conversation, Coronation, Return Market, Motherhood, Composer, What Next, Soothsayer, Vigilante Obioma, Eyo parade. As he titled one of his artwork, Kokoro, which is interpreted in Yoruba as an insect, very destructive that eats up kolanut, which is bad for human consumption. It becomes metaphorical when you link the destructive nature of the insect to a harmless old blind man, a minstrel, Mr. Benjamin Aderohunmu who moves about the town singing songs in his own local Ilesha dialect that no one could understand. His golden voice as he drums the maracas, was irresistible to the passers-by who could not One of the works by Thompson help than to stop by, and sometimes, danced to the rhythm of the Maracas, but also dropped expand his knowledge in Art, but he could not because of lack of fund, he a penny in appreciation of his talent and bringing joy to the resorted into exhibiting his artworks Lagosians in the 50’s. with other artists at Houston Art GalThis one man band moves lery, America, where he sold some of about without a cane guide his artworks. or any of his children to lead After spending four years in Amerhim. But he goes out every day ica, he got a job to work in a studio as entertaining people. The poor a visualiser and moved around the old man did not know that he four corners in the advertising comwas paving way for an Internapany in Nigeria and taught fine art tional recognition, as he later as part-time. performed to a larger audience He describes Grillo as a serious, in abroad with the Art Cultural intelligent and compassionate person Troupe from Lagos. He came who will make sure you understand home with hard currency and every aspect of the job. “That was when I learnt that art is not what not only that, Eco Bank gave him a shelter with his family. you can do in your room, you must go In another artwork titled out and get it first, you have to sketch “Sallah”, the staunch Muslim and sketch until you are convinced artist saw the preparation of that this thing that you want to draw the Sallah celebration as what is already part of you. The idea of every Muslim faithful looks who you have to draw, where and forward to; the painting is cohow should be related to your drawlourful with Chief Imam in ing, Grillo was ready to take you to Babariga, marching along with anywhere and to get you corrected,“ the youths, men and women to he said. the Mosque, under one big UmAs a member of the Society of Nibrella which signifies love and gerian Artist (SNA) at every exhibipeace. tion organised by the Association, he The artist recalled that as a always faulted the exhibition because young graduate from the Yaba he felt the artists were not right as Art School, you are expected to Grillo taught them. “The present artlook for a job in the Ministry ists are too attracted to the commeror in Advertising. “The first cial aspect,” he said. thing that comes to your mind Thompson had his first solo exhibias a graduate is where you are tion in 1978 at French Embassy, when going to work, nobody expects the Embassy opened their new office at Kofo Abayomi Victoria Island, Layou to open a studio, you are gos. “And that was the opportunity I compelled to look for a job in had to display some of my works.” the ministry or advertising company as at that time. The patronage was poor because “When you come back from the few people that came around work you can do some paintwere not keen in buying some of the ings, and if you have sufficient artworks except for the expatriates artworks, you can combine your and the few artists and they were the works of art with two or three regular faces who were not willing artists for an exhibition.” to buy. The publicity was not there, He gained admission in Texit was only two newspapers, Sketch as State University, America to and Daily Times at that time, he said.

Thompson

According to him, “ the highest art work sold then was N2000.000 or N1,500 and you will jump at it , having one thousand naira in those days was a big money, the Nigerian money was equivalent to pounds sterling.” In any case it was difficult for him to avoid from asking why this artist chose to be a realist, “you have to get something out of life. Art has to come out of you; you are to get something out of life that is where art comes in. A realist can veer into abstract painting. I paint abstract too”, he said. To him, art is a very fulfilling wishes that one needn’t have a publisher to be able to earn his living from it. “Art is an investment, it is like gold, if you have an art work that is about 20 years or more, it indicates period of time and durability, it tells you the story of how people relate with one another, when people are looking at the work they look at the time.” CONTINUED ON PAGE 24

24 Arts

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Training, mentorship for VoTC winners Tony Okuyeme

he 12 winners in the 2015 edition of the yearly Vision of the Child (VoTC) competition will be hosted to a series of activities from the 27th of July through early next month. The winners in the two categories – literary and painting – will be hosted by the VoTC organising team led by Foluke George to activities that include: training at Microsoft Nigeria; special exhibition of the winning work in the painting category; special visit to the sponsors of the project – Diamond Bank, Microsoft Nigeria, Honeywell Noodles and Airtel Nigeria; training and mentorship sessions (reading, writing and IT); and special interview with selected TV and Radio stations. Earlier in April at a post-event Gala Award Night that was swathe with glamour and pageantry, Master Ashaka Victory Ihona from Ajara Grammar School Badagry was declared the best studentpainter in the prestigious competition that held as part of the 2015 Lagos Black Heritage Festival, LBHF2015. Tamaramiebi Akika from Corona School picked the winning prize in the literary category with her essay on the competition theme “The Road To Sambisa.” The formal award ceremony held at the Civic Centre on Friday April 24 in the presence of parents, teachers and eminent citizens of Lagos led by Erelu Abiola Dosumu and distinguished painter and textile designer, Chief Mrs Nike Okundaiye. There were also chief executives of the sponsoring corporate organisations from Diamond Bank (Regional Manager, Mr. Benson Oraelosi, and Divisional Head Corporate Communications, Mrs. Ayona Trimnell); Airtel (head of High Value Experiences, Mrs Sarwi Rahaman); Honeywell Noodles (MD, Mr Lanre Jaiyeola, Divisional Managing Director, Dr. Nino Ozara) and Microsoft Company (Public Sector Director, Mr. Hakeem Adeniji-Adele and Citizenship Manager, Mr. Olusola Amusan). Ashaka came out tops from 30 finalists from 35 schools that participated in the statewide competition. Shittu Ololade from Reagan Memorial School Yaba, came second, while the 3rd place prize went to Anthony Blessing from Masterhand Academy Badagry. In the 4th position was Anjola Olanrewaju from Masterhand Academy Badagry; Amosu Abraham Akinlomo from Betterfuture College Badagry was fifth, while Okwuchukwu Ivy From Lagos state model College Badagry was sixth. In the Literary category, which had the participants writing either essay, poem or short story on the theme, Titiloye Tobi from Topo Grammar School Badagry came 2nd; Utibe Ekpeyong from Sacred Heart College Apapa was 3rd; while Etina Samuel Onche from Danvic Leaders Academy Apapa came 4th; and Princess Marinay from Park College Apapa Angela Obinwa from Pampers Private school took the 5th and 6th prizes respectively. The painting and literary competition, which was obviously dominated by schools from Badagry followed by Apapa areas of Lagos, had attracted 320 entries from 63 schools for the first phase. Sixty (60) finalists from 35 schools eventually featured in the last leg out of which the final 12 winners (six for painting, six for Literary) were decided by a panel of eminent judges including (for painting) renowned artists Chief Nike Okundaiye, Honourable Tola Wewe exCommissioner for Culture, Ondo State,

Winners in the 2015 edition of the yearly Vision of the Child (VoTC) competition

and the painter, art activist Ndidi Dike. The literary segment had among others, Mr Folu Agoi, a writer and educationist, Mr Segun Almaroof, a teacher and education activist and Mrs Adenike Arigbabu, a publisher and child worker. The competition theme “The Road To Sambisa” designed by the Festival Consultant and Nobel laureate in literature, Professor Wole Soyinka, was deliberately chosen to “reflect on the tragedy of the infamous ‘Chibok Girls’ episode in which over 276 girls were kidnapped overnight from their school in Chibok town in the Northeastern part of the country”. Over a year after, 217 of the girls remain missing in what has become a global embarrassment to the Nigerian nation and her people. The episode has led to nationwide campaign titled “Bring Back Our Girls”. At the award night, the winners took home prizes from the various sponsors. Diamond Bank presented winners in the painting category with cash prizes (1st Prize, N250,000; 2nd, N200,000; 3rd, N180,000; 4th, N150,000; 5th, N120,000; and 6th,N100,000 respectively) and gift bags for all the finalists. The cash prize was presented by the bank’s Regional Manager, Mr. Benson Oraelosi. Honeywell presented cash prizes of N100,000 each to the six winners from the Literary category with cartons of all its products to all the winners and 63 participants. The Prizes were presented by the Managing Director, Mr Lanre Jaiyeola, assisted by Divisional Man-

aging Director, Mr Nino Ozara; Executive director Marketing, Mr Benson Evbwuoman, and Human Resource Manager, Mr. Tunde Adebayo. Microsoft gave the 12 winners from both literary and painting categories with Tablets. The presentation was made by the Public Sector Director, Mr. Hakeem Adeniji-Adele and Citizenship Manager for the company, Mr Olusola Amusan Airtel Nigeria presented gifts contained in backpacks to the 63 finalists including the winners. Addressing the finalists, shortly before the winners were announced, the Head of LBHF Secretariat and coordinator of the VoTC Project, Mrs Foluke George, said “For making it into the final of the prestigious competition, you are all winners. So if you are not among the final list of winners, do not feel bad. You should learn even at this stage that we all cannot be winners in a competition, and that you must develop the mind to accept defeat in any contest you find yourself”. She urged the finalists to remain good pupils and students and continue to study hard so they would excel in their studies. She thanked parents and teachers for encouraging their children, students and wards to feature in the competition every year. She also appreciated the various sponsors, especially Lagos State Government for deploying state resources and goodwill in support of the project. In a message to the gathering, the LBHF coordinator Jahman Anikulapo, representing Prof Soyinka, thanked administration of Gover-

nor Babatude Raji Fashola for its continuous belief in the prospective of the project to produce a new generation of young leaders, and urged the sponsors to remain committed to supporting the development of the Nigerian Child through the Vision of the Child. “The LBHF through the VoTC is committed to bringing our children into the national conversation, especially where it concerns their welfare and interest. These are not just leaders of tomorrow, they are leaders of today and our future as a nation, so we must do all that is necessary to involve them in decision making even at this young age”, he said. The Gala Award Night, which had on the bandstand, members of the Renaissance Jazz Band of Freedom Park, Lagos, was climaxed with a superb performance by award-winning singer, Timi Dakolo who got the whole house dancing and singing along amidst loud applause for the artiste The Vision of the Child (VoTC) is the children segment of the yearly Lagos Black Heritage Festival (LBHF). The just-concluded edition is the Season 4 having started in 2010. Since inception, Diamond Bank has collaborated with the Lagos State Government to support the VOTC. Microsoft Nigeria, Honeywell Noodles and Airtel Nigeria have now joined up as supporters of the project. Ninety-two paintings produced by finalists in the previous editions will now be joined by the 30 from the 2015 edition and are expected to be mounted permanently in a hall of fame soon.

I am influenced by my environment CONTINUED FROM PAGE 23

The interview broke off when Thompson got up from his seat to go in search of one of his artwork’s , he hurriedly came back as if the reporter will disappear before he comes back, fortunately, he came back with different artworks though dull , because this was one of the works painted in the 70s.

Painting according to the 70 year old artist is a mode of thinking, a kind of relationship with the mind through forms, when the artist sees a form he tries to reproduce it, it is just the same way an academician would try to understand an idea. On the challenges ,this prompted his spontaneous comment, “Nigeria is a country where we are monolithic in economy, there was a time you can only

be a banker, lawyer to succeed, what we can think of to succeed as a Nigerian either you are in Oil and Gas, we don’t think of creativity, knowledge, ideas and these things rely on somebody who can think,” was his reply. “Art supposed to be an important subject in school because of it creativity aspect, the people that are ruling us today if they have been creative, there is no cause for fight.”

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Okonjo Iweala, a mismatch economy, says Enwegbara for Nigerian

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lDSS' story on hacking senseless, says Lai Mohammed Temitope Ogunbanke

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voters register across the country. Addressing a press conference yesterday in Lagos, CONTINUED ON PAGE 2

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Sancti ty of Tr uth

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MONDAY, JULY 20, 2015 NEW TELEGRAPH

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Insurance

Governor lauds pensioners for endurance

Mortgage firms should stop operating like commercial banks –Lasabi

Cadbury Nigeria: Profit shrinks on weak demands, contest

36-37

MPC rate hike doubtful despite rising inflation –Analysts

Interview

Stock Watch

Business What's news

Nigeria, others to invest N1.22trn on ports’ expansion Nigeria, Ghana and Cote d’Ivoire are investing a total of $6,100,000,400 (N1.22 trillion) on ports expansion as the volume of imports to West Africa surge.

p.28

Bi-Courtney seeks two entry points for foreign carriers The Federal Government has been asked to limit the entry points of international carriers to just one or two points to help Nigerian carriers partake in the market share of the nation’s aviation sector.

p.30

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

L-R: Manager, Media and Communications, ExxonMobil Nigeria, Oge Udeagha; Chief Executive Officer, Seplat Petroleum Development Company Plc, Austin Avuru; Upstream Treasurer, ExxonMobil Nigeria, Anibor Kragha and Executive Director/General Manager, Business Development, ExxonMobil Nigeria, Enyi Onokala, during the 2015 Energy Outlook Series organised by ExxonMobil Nigeria.

NNPC: Nigeria's yearly loss to gas flaring hits N174trn Chevron is worst offender with 53.6bn SCF MAJOR CULPRITS JVCs were the worst offenders in terms of quantity, as they flared 211.836 billion SCF of gas

Dele Alao

Industry & Agric Editor

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Adeola Yusuf

igeria's annual loss to gas flaring has hit N174 trillion ($868.8 million), the Annual Statistical Bulletin (ASB) of

Abdulwahab Isa Finance Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

the Nigerian National Petroleum Corporation (NNPC) has revealed. The ASB of 2014 obtained on the corporation's website at the weekend showed that oil and gas firms in the country flared 289.6 billion standard cubic feet (SCF) of gas, representing 11.47 per cent of the total gas produced in the country in that year. With the Nigerian Gas Company's (NGC) price of $3 per 1,000 SCF of gas at the current exchange rate realities, the flaring of 289.6 billion SCF of gas translated to a loss of $868.8

million, an equivalent of N174 trillion. The ASB revealed that Chevron Nigeria Limited (CNL) was the biggest offender among companies with 53.6 billion SCF burnt in 2014. Shell Petroleum Development Company (SPDC) followed with 51.92 billion SCF; Mobil

2.524trn

Total standard cubic feet (SCF) of gas produced by all the oil and gas firms in the country in 2014

Producing Nigeria flared 42.86 billion SCF, while Nigeria Agip Oil Company (NAOC) flared 35.79 billion SCF. Addax Petroleum Development Company burnt 35.6 billion SCF, Total Exploration and Production flared 22.78 billion SCF, Total Upstream Nigeria burnt 18.73 billion SCF, Esso flared 4.517 billion SCF, Chevron Texaco burnt 4.43 billion SCF and Amni Petroleum flared 3.87 billion SCF of gas in the year under review. Specifically, the oil and gas CONTINUED ON PAGE 28

Rates Dashboard INFLATION RATE May 2015.................................9% April 2015................................8.7% March 2015.............................8.5%

LENDING RATE Interbank Rate....................12.57% Prime Lending Rate...........17.93% Maximum Lending Rate...26.83%

EXCHANGE RATE (BDC as at July 17)

USD . . . . . . . . . . . . . . . . . . . . . . N245 Pounds . . . . . . . . . . . . . . . . . . . N365 Euro . . . . . . . . . . . . . . . . . . . . . . N265

l Foreign Reserves – $29.955bn as at 13/07/2015

Source: CBN

EXCHANGE RATE (Interbank as at July 17)

USD . . . . . . . . . . . . . . . . . . N199.00 Pounds . . . . . . . . . . . . . . . . N315.27 Euro . . . . . . . . . . . . . . . . . . N225.60

Business | News

INVESTMENT DEPOT West Africa is destination for consumer goods Bayo Akomolafe

igeria, Ghana and Cote d’Ivoire are investing a total of $6,100,000,400 (N1.22 trillion) on ports expansion as the volume of imports to West Africa surge. New Telegraph learnt that Nigeria accounts for 70 per cent of the total imports coming into this region. As a result of the steady increase of trade in the area, the existing capacity of their ports can

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Nigeria, others to invest N1.22trn on ports’ expansion no longer accommodate the cargo throughput at the various ports. These has necessitated the expansion of ports in West Africa. While the Lekki Port construction is put at $1.5 billion in Nigeria, sea reclamation, channel dredging and port expansion will gulp $150 million, $260 million and $2.1 billion respectively in Ghana.

Also, $2.5 billion will be spent on Abidjan port expansion and dredging in Cote d’Ivoie. Data by the Nigerian Ports Authority (NPA) for the year 2014 revealed that a cargo throughput of 86,603,903 metric tons of cargo was recorded, indicating an increase of 12.646 per cent over the 2013 figure of 76,886,997 metric tons. Also, the Ghana Ports

and Harbours Authority recorded 19.4 million tons of cargo, comprising 4.4 million tons of exports, 15 million tons of imports and trans-shipments in Tema and Takoradi ports in 2012. According to data from the Ghana Shippers’ Authority (GSA), the figure was an eight per cent rise over the 2011 total, with imports rising by 9.7 per cent and exports up by

over four per cent in 2013. In Nigeria, Toleram group is leading the development of $1.5 billion Lekki Port project with 60 per cent; NPA - 20 per cent and 20 per cent equity for the Lagos State government. The Lekki Port, sitting on 90 hectares of land, is billed to become operational in the third quarter of 2016, and it has Lagos State government and

NPA as shareholders in the project. When completed, it is envisaged that Lekki Port Container Terminal alone will have a handling capacity of 2.5 million Twenty-foot Equivalent Units (TEUs) with a quay length of 1,200 metres. This, it is believed, would ease the over stretched ports at the Lagos and Tincan Island. Also in Ghana, it was revealed that the country was reclaiming up to 130,966 acres of land from the sea for the construction of port facilities at the Takoradi Port under a $150 million contract by China Harbour Engineering Company Ltd. (CHEC). The ports in Ghana are struggling to keep up with the demands of the expanding economy, which are being fuelled by the rapidly developing energy industry and increasing domestic consumption. An additional 247 acres CONTINUED ON PAGE 30

Nigeria's yearly loss to gas flaring hits N174trn CONTINUED FROM PAGE 28 L-R: Representative of Deloitte, Mr. Durosaro Paul; Head, Consumer Banking, Sterling Bank Plc, Mr. Gbenga Adegoke and Mr. Oguile Kingsley of the National Lottery Regulatory Commission, at the first draw of the New Sterling Plush Cash Reward Promo held at the weekend

Broadband penetration: Experts seek market restructuring SLOW GROWTH Broadband growth in Nigeria is currently being adjudged as being slow Kunle Azeez

ith broadband penetration in Nigeria currently standing at 10 per cent, including the additional 20 per cent penetration points expected to be achieved by 2018, telecoms experts have called on government to immediately review and restructure certain variables in the market in order to pave the way for accelerated broadband penetration. Two of the experts, who spoke with New Telegraph on the development in Lagos are the Chief Executive Officer of MainOne Cables, Ms Funke Opeke and President, Association of Telecoms Companies of

Nigeria (ATCON), Mr. Lanre Ajayi. Opeke who lamented the slow pace of broadband penetration in Nigeria, said: “I think there are a number of things we need to urgently look into for restricting so that we can be confidently positioned to achieve our target of 30 per cent broadband penetration in the country in the next three and half years. She stated that while the country’s ability to achieve ubiquitous broadband penetration presents huge economic benefits for the country, efforts must be made to accelerate the challenges Nigeria is facing in the area of infrastructure rollout. “Today, we say we run an Open Model Access for broadband penetration, but this is still not yet being fully appreciated by some players and this is what I think we should look into as a country so that there can be interconnectivity of networks to achieve our national

broadband objective,” she said. Opeke harped on the need to ensure that the right of way (RoW) issue, which has been plaguing the industry’s growth, is resolved. “We have come to a time when we should stop looking at telecoms as ‘cash-cow’ by government agencies at all levels. We should work as partners so as to sustain our growth as a leading telecoms market in the African continent,” she added. Speaking in the same vein, Ajayi expressed doubt as to the ability Nigeria to achieve the remaining 20 per cent broadband penetration target by 2018. “Currently, we are not doing well in the area of broadband as we have done in the voice segment. In the voice segment, we keep meeting and surpassing forecasts. So, at the rate at which we are going in the area of broadband growth, I am afraid we may not be able to meet the 30 per cent penetration by 2018,” he said.

Ajayi, however, said that he was confident that the President Muhammed Buhari’s administration will bring in the necessary change promised during the electioneering campaign, tasking him to pay attention to some key areas for accelerating the industry growth. “Buhari’s administration should focus on enforcement of Cybercrime Act, particularly the section dealing with the protection of National Infrastructure under, which telecoms infrastructure also belong; promotion of e-government and e-commerce as a strategy to stimulate demand for broadband access provided by ATCON members, as well as provision of enabling environment. “Recognising the power of ICT in modern governance and socio-economic development, we advise the incoming administration to address issues bothering on right of ways (RoW), multiple taxations, promotion of Nigerian local content, vandalism of telecoms infrastructures, promotion of e-services, as well as acceleration of the implementation of the broadband plan,” he said.

companies produced 2.524 trillion SCF of gas, utilised 2.235 trillion SCF and flared 289.6 billion SCF. The joint venture (JV) companies, comprising the multinational oil companies were, according to the ASB, the worst offenders in terms of quantity, as they flared 211.836 billion SCF of gas, representing 11.2 per cent of their total gas production of 2.11 trillion SCF. Production Sharing Contract (PSC) companies trailed as they flared 66.12 billion SCF of gas, representing 19.95 per cent of their total gas production of 397.58 billion SCF. Sole Risk/independent oil companies produced 9.71 billion SCF of gas, utilised 1.85 billion SCF and flared 7.86 billion SCF, representing 424.5 per cent of the total gas produced in the sub-sector. Similarly, marginal fields companies utilised only 6.79 billion SCF of a total of 10.57 billion SCF gas produced in the subsector and flared 3.78 billion SCF or 55.7 per cent of their total production.

Business | Money Line

NEW TELEGRAPH MONDAY, JULY 20, 2015

MPC rate hike doubtful despite rising inflation –Analysts

THRESHOLD Monetary policy tightening nears upper limit Tony Chukwunyem

s the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) meets on Thursday and Friday this week against the backdrop of the ailing naira, financial analysts are predicting that the Committee is likely to leave rates unchanged despite the steady increase in the inflation

rate in recent months. According to latest figures released by the National Bureau of Statistics NBS (NBS), annual inflation rate in the country rose for the seventh consecutive month to 9.2 per cent in June of 2015 from a 9.0 per cent in May. Analysts point out that the current price level is now above the upper limit of the CBN’s accept-

Sterling Bank rewards 40 winners of new reward scheme

terling Bank Plc has rewarded 40 customers in the New Sterling Plus Cash Reward Scheme in fulfillment of its promise to reward customer loyalty and encourage a savings culture among Nigerians. According to a statement issued by the lender, the customers were selected via an electronic raffle draw and winners emerged from various parts of the country. All customers with a minimum balance of N5, 000 automatically qualify for the draws with one ticket while subsequent multiples of N5,000 result in additional tickets. The next draw will come up this week at the Sterling

able band of 6 per cent - 9 per cent, adding that the apex bank’s rate setting body- MPC- would have to address the issue at its meeting later this week. Analysts at Financial Derivatives Company Limited (FDC) noted in their Economic Bulletin released last week, that the increase in the price level will be one of the key considerations at the next

Towers head office of the Bank in Lagos. The New Sterling Plus is a hybrid offering with the promise of many goodies and freebies such as free Lenovo smartphones pre-loaded with cool financial and entertainment applications among others for individual customers. Sterling Bank’s Executive Director, Finance & Strategy, Abubakar Suleiman, explained that with applications such as the Sterling Mobile Banking (banking on the go), Solo music (which gives access to over 20 million songs

from local and foreign artistes), Solo movies (an affordable pay per view with access to the latest Hollywood, Bollywood, Nollywood movies) and the Billionaire Club game (a financial and investment literacy tool) preinstalled on it, customers are assured of having an exciting experience while fulfilling their banking, entertainment and financial literacy needs. He disclosed that the product, which can be accessed at any Sterling Bank branch with a minimum balance of N5,000, was the perfect solution

Monetary Policy Committee (MPC) meeting on July 23 and 24. The experts said: “The MPC is facing the typical monetary policy trilemma of increasing inflation, currency pressures and interest rate stability. While a decrease in interest rates is politically expedient to stimulate economic growth, it may not be the appropriate move

for individuals interested in enjoying the benefits of both current and savings account offerings, without the associated cost of running a current account. Mr. Suleiman stated that customers with the New Sterling Plus will be entitled to a free Lenovo mobile smart phone, free cheque books, free debit cards and free alerts (SMS and e-mails) on their transactions. He added that 20 people would win N50,000 each every week for a period of one year while10 people would win N100,000 monthly.

Economic Indicators M2* CPS* INF MPR 91-day NTB Bonny Light Ext Res**

As at Mar, 2015 Mar, 2015 June, 2015 4/6/2015 Mar 2015 16/7/2015 13/7/2015

N19,142,526.05m N18,579,219.49m 9.2 13 10.77 US$57.76 US$29,955,854,769

Source:CBN

Description 13.05 16-AUG-2016 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 10.00 23-JUL-2030 12.1493 18-JUL-2034

FGN Bonds

TTM

Price 98.21 100.26 102.51 101.61 104.99 95.39 68.00 81.40

1.09 1.78 3.95 4.58 6.54 8.66 15.02 19.01

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 9.4583 14.6645 16.0898 16.9052

Bid Yield 14.86 14.89 15.13 15.03 15.16 15.16 15.57 15.15

Change (%) -4.96 ▼ -0.52 ▼ -0.49 ▼ -0.51 ▼

Change (%) -0.09 ▼ -0.11 ▼ -0.13 ▼ -0.31 ▼ -0.19 ▼ -0.12 ▼ 0.00 ↔ -0.28 ▼

Price 98.36 100.41 102.81 101.91 105.29 95.69 68.30 81.70

Tenor (Months)

Offer Yield 14.71 14.79 15.02 14.94 15.09 15.10 15.49 15.10

NITTY

1 2 3 6 9 12

Treasury Bills

Rate (%) 12.3327 12.6839 13.7576 14.4257 14.6368 14.7674

Spot ($/N)

Offer 197.55

Change (%) 0.25 ▲ 0.01 ▲ 0.04 ▲ 0.30 ▲ -0.10 ▼ -0.36 ▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 13.31 13.76 0.24 ▲ Open-Buy-Back (OBB) 8.08 15-Oct-15 13.56 14.03 0.24 ▲ 13.35 14.30 -0.11 ▼ Overnight (O/N) 8.75 14-Jan-16 13.60 14.59 -0.11 ▼ 12.49 14.04 -0.01 ▼ 02-Jun-16 12.74 14.36 -0.01 ▼ Bid 197.45

Change (%) -0.09 ▼ -0.11 ▼ -0.13 ▼ -0.31 ▼ -0.19 ▼ -0.12 ▼ 0.00 ↔ -0.28 ▼

Change (%) -0.44 ▼

NIFEX

Bid Spot ($/N) 198.9500

Offer 199.0500

Change (%) -6.33 ▼ -6.17 ▼

Change (%) 0.00 ↔

CBN Clearing Rates of June 11, 2015 Spot ($/N)

195.95

196.95

0.00 ↔ Source: FMDQ

due to currency and inflationary pressures. The increased liquidity in the system from the bail-out funds is another factor that the Central Bank of Nigeria (CBN) would have to consider. The CBN will be reluctant to increase interest rates as monetary policy tightening is almost reaching its upper limit. The CBN could alternatively increase its use of administrative tools such as Cash Reserve Ratio (CRR) and Open Market Operations (OMO).” The analysts further predicted that the increasing inflationary trend is likely to extend into the next quarter, citing the lingering fuel shortages and the ongoing insurgency in the North-east, which would lead to an increase

in the prices of many farm products especially perishables, as well as what they described as the effect of the aftershock of the CBN’s restriction of importers’ access to foreign exchange at the interbank market. In spite of this forecast, the analysts said, “We are already at the upper limit of the tightening cycle, and the more probable outcome at the MPC meeting would be for the CBN to maintain the status quo and use more administrative measures in its quest to protect the Naira in the forex markets.” Similarly, Goldman Sachs analysts stated that while the CBN may need to boost interest rates by 100 basis points to stabilise the naira, and fight upward inflation pressure, the apex bank, “is likely to resist this tightening and remain on hold until it has exhausted complex alternatives or gained clarity on the new administration’s economic priorities.”

Skye Bank redeems promo prizes

kye Bank Plc has rewarded three of its customers with N1 million each it's 'Reach for the Skye' promotional draw, which took place in Ibadan, Oyo State. The luck winners according to a statement from the bank, were selected in an electronic draw conducted in the presence of officials of the National Lottery Commission. The winners are Damie Morrison of Garki Junction branch, Port Harcourt; Innocent Oguabi of Katako, Abuja Branch; and Donatus Okoro of Badagry branch. In addition, four other customers won N250,000 each, while another 10 won N100,000 each in the “transparent draws.” The total prize money redeemed by the bank ac-

cording to the statement, was N5 million. Speaking on the 'Reach for the Skye Millionaires promo’, Skye Bank's Head of Retail Banking Group, Nkolika Okoli, said the lender would continue to encourage the adoption of the savings culture by the members of the public. She therefore enjoined the members of the public to open a Skye Save Plus account with bank with a minimum balance of N2000 in order to benefit from the ongoing promotion. The Area Manager, Oyo State, of the National Lottery Commission, Mr. Tayo Fasuhanmi, described the electronic draw conducted as open, transparent and clear, saying it conformed to the commission's requirements of a credible draw.

EIB eyes Africa expansion

he European Investment Bank (EIB) plans to open offices in four more African cities as it strengthens its foothold on a continent looking for financing to build infrastructure, said a senior official with the lender. According to Bloomberg, EIB Vice President Pim van Ballekom disclosed that the financial institution would open an office in Cameroon’s capital, Yaounde, later this year, followed by Abidjan in Ivory Coast, Zambia’s Lusaka, and Maputo, Mozambique in 2016. The news agency quoted him as saying, “Africa is growing fast; there are many opportunities of in-

vestment in energy, water and sanitation and agriculture.” He also announced that EIB will provide 40 million euros ($43.8 million) to expand Ethiopia’s water and sanitation networks. Economic growth across Africa is set to accelerate to 5 per cent in 2016 from an estimated 4.5 percent this year, when foreign direct investment will rise to $73.5 billion, according to the African Development Bank (AFDB). The inflows may help narrow a funding gap for infrastructure development on the continent that the World Bank estimates at $93 billion a year.

Business | News

MONDAY, JULY 20, 2015 NEW TELEGRAPH

Bi-Courtney seeks two entry points for foreign carriers CODE-SHARE Government could put up code-share arrangement between foreign and local carriers

Wole Shadare

he Federal Gover nment has been asked to limit the entry points of international carriers to just one or two points to help Nigerian carriers partake in the market share of the nation’s aviation sector. Managing Director of Bi-Courtney Aviation Services Limited, operators of the ultra modern Murtala Muhammed Airport 2 (MMA2), Christophe Pinnick, disclosed this to New Telegraph at the weekend. As a condition, he said that government could equally put up a process that would allow the foreign carriers to partner with domestic airlines by way of code-share arrangement between them to fly their passengers to other destinations beyond their (foreign airlines’ points of entry). He said that’s one of the quickest ways the domestic carriers can thrive and become more competitive, expressing dismay at how Nigeria’s traffic rights are being given away freely to foreign carriers. Foreign airlines once had code-share partnership with many Nigerian

Nigeria, others to invest N1.22trn on ports’ expansion CONTINUED FROM PAGE 28

will be dredged from the Takoradi Port access channel as part of a separate $260 million contract by Jan De Nul to construct additional berthing space. According to Ghana Ports and Harbours Authority (GPHA), the country would reclaim about 988 acres to implement the $2.1 billion Tema Port expansion project in the next six years. The Phase 1 of the project is billed to be completed within 30 months. Also in Côte d’Ivoire, the $2.5 billion expansion of Abidjan port is continuing under a contract from CHEC. The project includes construction of a second container terminal, roll-on, roll-off terminal, grain terminal, fishing pier and expansion of the Vridi Canal to enable large ships to dock.

Slams planned national carrier carriers, but their lack of schedule integrity has adversely affected the partnership. The most recent codeshare partnership was between Emirates and Arik. The pact was signed last year, but it remains to be seen whether the agreement still subsist because of the latter’s uncertain operations to Dubai. Pinnick, however, de-

cried the clamour for a national airline, saying that the idea was no longer fashionable. He added that the three strong national airlines in Africa - Kenya Airways, South African Airways with the exception of Ethiopian Airways, are not doing well. Ethiopain is Africa’s most profitable airline, same way SAA and Ke-

nyan’s fortune have plummeted over time. Pinnick said: “I do not subscribe to the idea of national carrier. Government should look at airlines that have clean record, not airlines that are very weak and fragmented. “We have airlines that have reputation of over 50 years, but that may not be enough. People

are consolidating. To buy an aircraft is easy, but not what it takes to maintain them, pay aircraft leases, fuel, payment of salaries. C-check alone is $500,000 every 18 months; all that is tough.” The MMA2 boss admitted that the nation has a lot of potentials to grow strong airlines, but he condemned the proliferation of aerodromes with just three of them that are viable. The three viable ones

are those in Lagos, Abuja and Port-harcourt. Experts have expressed disappointment with the state of the Port-Harcourt airport where activities are conducted under tents. He explained that Nigeria deserves two world class international airports, lamenting that lack of good facilities has made a mess of air travel with lack of efficient transfer of international passengers.

NEW TELEGRAPH MONDAY, JULY 20, 2015

Insurance PLEDGE Governor promises not to renage on pledge to ensure comfortable living in the state Sunday Ojeme

overnor Rauf Aregbesola of Osun State has commended the state pensioners for enduring over their unpaid pensions. The governor, who made the commendation last Friday as part of his message to mark the eid-ilfitr celebration, noted that the current situation was forced on the state by the downturn in the nation's economy. While promising not to renege on his pledge to ensure comfortable living in the state, Aregbesola commended the workers and pensioners for their unrivaled endurance and resilience in the face of hardship caused by delay in payment of salaries, saying that the current challenge would not last long. Early last week, thugs allegedly loyal to the governor, beat pensioners who were protesting the non-payment of their seven months pension. The pensioners had gathered at the Ayetoro area of Osogbo, the state capital, from where the protest took off, when some youths pelted them with water sachets. The pensioners retaliated by also stoning the youths. When the protesters

Governor lauds pensioners for endurance got to Igbona, they were ambushed by armed thugs who hurled stones at the elderly persons and flogged some of them, especially the women who could not run as fast as their male colleagues. Officers and men of the Nigeria Police, however, appealed to the pensioners to stop the protest, saying that the police would not want a clash between them and pro-Aregbesola youths

who were also protesting at Olaiya Junction. Aregbesola, however, said in his message, that government was poised to utilise the lessons of the national revenue crisis as a springboard to intensify efforts to develop the natural potential to build a state that would be the envy of all. “After hardship comes ease. After problem, comes solution. So, no matter how hard a situ-

that the non-payment of their gratuities, which has accumulated to N13 billion under the administration of Governor Olusegun Mimiko, was making life unbearable. A statement issued in Akure, the state capital, and jointly signed by the National Union of Pensioners (NUP)'s State Chairman, Rapheal Adetuwo, and its Secretary, Adejare Adesida, said that the state government

L-R: Executive Director, Agusto & Co., Yinka Adelekan, Chief Executive Officer, Citibank Nigeria, Akin Dawodu; Managing Director, Agusto & Co., Vivien Shobo and Founder & Director, Agusto & Co., Olabode Agusto, at the Agusto & Co. 2015 Banking Seminar in Lagos.

NICON Insurance recognised on quality standard

ation may appear, succour will surely come from God. “I wish to thank all the people of Osun for their patience, love and support while the hardship lasted, despite the evil machinations of some who see some opportunities to throw this state into confusion in the national revenue crisis.” Meanwhile, retired civil servants in Ondo State, last week, said

had been making illegal deductions from pensioners’ monthly allowances since December 2013. The pensioners, who lamented the death of some of their colleagues following hardship, pointed out that paying and settling their outstanding benefits would give them the opportunity to live a decent life in their old age. “The entire pensioners in Ondo State appeal to Mr. Governor to look at our cases as a matter of urgency and settle all pensioners’ outstanding benefits in order to give us the opportunity to live decent lives in our old age.”

ICON Insurance Limited has received Africa’s Most Reliable Quality Insurance Company of the year 2015 Award at an event organised by African Quality Institute (AQI) in collaboration with South African Quality Institute (SAQ) and the Chartered Quality Institute in United Kingdom (UK). Editor of Quality World Journal, Michael Abugo, while announcing NICON Insurance as winner of this year’s edition, stated that the award was initiated at celebrating leadership innovation and creativity in quality management in Africa. Abugo said: “The award is aimed at identifying, recognising and rewarding companies, personalities and products that apply quality

assurance culture to achieve corporate objectives in both profit and non-profit making organisations in Africa.” The organiser, in its own statement, also revealed that this year’s award was based on the outcome of a technical committee made up of international quality professionals from South Africa and Nigeria, including Standard Organisation officials from Ghana Bureau of Standards (GBS), Uganada Bureau of Standards, Standard Organisation of Nigeria (SON), National Standard Bureau Liberia, Africa Organisation for Standardisation (ARSO) and International Organisation of Standardisation. Presenting the award, the Managing Director of Sparking Rose Nigeria Limited,

Edward Oiku, urged the company to always maintain its quality standard. Responding, NICON Insurance’s General Manager (Head Office Annex), Steve Ajudua, who represented the Managing Director, Bayode Samuel, said that NICON has re-energised to serve the public better. His said: “NICON Insurance has been re-energised to serve the insuring public better; the company is currently Africa’s leading insurance and financial services power house that has snowballed into a global player with newly minted core values that has translated her into an enduring institution of over forty years.” “We have upgraded our human capital template to meet the international standard by ensuring that our staff are among the best in the industry, in terms of efficiency and customer’s service prowess,” he added.

IGI, SLOT partner on mobile phone insurance

ndustrial And General Insurance Plc, in conjunction with Slot Systems Limited, has introduced a new insurance product, which protects mobile phones and other telecommunication gadgets against damage to their screens. Under the insurance policy, the cost of replacing any damaged or smashed screens of mobile devices that are insured will be borne completely by the insurance company. The drivers of this initiative, IGI and Slot, said that it was aimed at saving owners the stress associated with the timely replacement of cracked or shattered screens of mobile phones and iPads, among others. The Managing Director, Slot Sytems Limited, Nnamdi Ezeigbo, said: “This is a value-

added service and a first-class after-sales support offered by Slot. We encourage our customers to take advantage of the insurance policy, which provides cover and compensation in the event of any damage to the screens of their precious mobile devices.” Describing the mobile gadgets insurance as another trailblazer, the Deputy Managing Director, IGI, Sina Elusakin, said that mobile gadgets are now part of everyday life. This insurance is a costeffective way to protect valuable phones and other designated mobile gadgets for a modest premium. He put the repair period within seven days and the limit of the liability to the cost of screen replacement once a year.

MONDAY, JULY 20, 2015 NEW TELEGRAPH

A D V E R T R AT E S BLACK & WHITE

COLOUR SIZE F/Page H/Page Q/Page 14x5 14x4 14x2 13x5 13x3 12x4 12x2 11x5 11x4 11x3 10x6 10x5 10x4 10x3 10x2 9x5 9x3 8x2 7x5 7x2 6x6 6x3 6x2 5x5 5x3 5x2 4x2 3x6 3x2 2x6 2x2 2x1 1x1 2x6 FPS 2x6 BPS 2x2 Ear Piece

RATE 532,000 315,000 172,000 455,000 364,000 182,000 422,500 253,500 312,000 156,000 357,500 286,000 214,500 390,000 325,000 260,000 195,000 130,000 292,500 175,500 104,000 227,500 91,000 252,000 117,000 78,000 162,500 97,500 65,000 52,000 126,000 39,000 84,000 26,000 13,000 6,500 585,000 550,000 225,000

VAT 26,600 15,750 6,600 22,750 18,200 9,100 21,125 12,675 15,600 7,800 17,875 14,300 10,725 19,500 16,250 13,000 9,750 6,500 14,625 8,775 5,200 11,375 4,550 12,600 5,850 3,900 8,125 4,875 3,250 2,600 6,300 1,950 4,200 1,300 650 325 29,250 27,500 11,250

TOTAL 558,600 330,750 180,600 477,750 382,200 191,100 443,625 266,175 327,600 163,800 375,375 300,300 225,225 409,500 341,250 273,000 204,750 136,500 307,125 184,275 109,200 238,875 95,550 264,000 122,850 81,900 170,625 102,375 68,250 54,600 132,300 40,950 88,200 27,300 13,650 6,825 614,250 577,500 236,250

LOOSE INSERTS Rate / 1000 copies (1 Sheet) Rate / 1000 copies (Magazines) Handling Charge / 50000 copies Change of Name/Box

RATE 45,000 90,000 250,000 4,500

SIZE F/Page H/Page Q/Page 14x5 14x4 14x2 13x5 13x3 12x4 12x2 11x5 11x4 11x3 10x6 10x5 10x4 10x3 10x2 9x5 9x3 8x4 8x2 7x5 7x2 6x6 6x3 6x2 5x5 5x3 5x2 4x6 4x2 3x6 3x3 3x2 2x6 2x2 2x1 1x1

PRODUCT RATE VAT 398,600 19,930 230,000 11,500 118,500 5,925 308,000 15,400 264,400 12,320 123,200 6,160 286,000 14,300 171,600 8,580 211,200 10,560 105,600 5,280 242,000 12,100 193,600 9,680 145,200 7,260 264,000 13,200 220,000 11,000 176,000 8,800 132,000 6,600 88,000 4,400 198,000 9,900 118,800 5,940 140,800 7,040 70,400 3,520 154,000 7,700 61,600 3,080 187,200 9,360 79,200 3,960 52,800 2,640 110,000 5,500 66,000 3,300 44,000 2,200 124,800 6,240 35,200 1,760 93,600 4,680 39,600 1,980 26,400 1,320 62,400 3,120 17,600 880 8,800 440 4,400 220

VAT 2,250 4,500 12,500 225

TOTAL 418,530 241,500 124,425 323,400 258,720 129,360 300,300 180,180 221,760 110,880 254,100 203,280 152,460 277,200 231,000 184,800 138,600 92,400 207,900 124,740 147,840 73,920 161,700 64,680 196,650 83,160 55,440 115,500 69,300 46,200 131,040 36,960 98,280 41,580 27,720 65,520 18,480 9,240 4,620

SIZE F/Page H/Page Q/Page 14X5 14X4 13X5 12X4 11X4 10X6 10X5 10X3 9X4 8X3 8X2 7X4 7X2 6X3 6X2 5X2 4X2 3X6 3X2 2X6 2X2 2X1 1X1

RATE

5% VAT

TOTAL

20,000,000.00

1,000,000.00

21,000,000.00

10x6 FP

8,500,000.00

425,000.00

8,925,000.00

Half Page FP

5,750,000.00

287,500.00

6,037,500.00

4x6 FP

2,800,000.00

140,000.00

2,940,000.00

2x6 Under Masthead

1,550,000.00

77,500.00

1,627,500.00

10x6 BP

7,200,000.00

360,000.00

7,560,000.00

Half Page BP

4,850,000.00

242,500.00

5,092,500.00

4x6 BPS

1,425,000.00

71,250.00

1,496,250.00

Full Wrap

TOTAL 446,250 257,250 143,430 411,600 329,280 382,200 282,240 258,720 252,800 294,000 176,400 211,680 141,120 94,080 164,640 82,320 105,840 70,560 58,800 47,040 111,510 35,280 74,340 23,520 11,760 5,880

PROPERTY / ICT / VACANCY ADVERTS F/Page H/Page Q/Page 14x5 13x4 10x5 9x3 2x6 6x2 2x2 1x1

TOTAL 47,250 95,000 262,500 4,725

WRAP AROUND SIZE

PUBLIC NOTICE RATE VAT 425,000 21,250 245,000 12,250 136,600 6,830 392,000 19,600 313,600 15,680 364,000 18,200 268,800 13,440 246,400 12,320 336,000 16,800 280,000 14,000 168,000 8,400 201,600 10,080 134,400 6,720 89,600 4,480 156,800 7,840 78,400 3,920 100,800 5,040 67,200 3,360 56,000 2,800 44,800 2,240 106,200 5,310 33,600 1,680 70,800 3,540 22,400 1,120 11,200 560 5,600 280

DESCRIPTION Pages 2 & 3 (75% surcharge) Pages 4- 8 (50% surcharge) Pages 9-11 (25% surcharge) Back Page Centrespread Doublespread Halft Centrespread Half Doublespread

350,000 185,000 95,000 294,000 218,400 210,000 113,400 54,000 50,400 21,000 4,200

17,500 9,250 4,750 14,700 10,920 10,500 5,670 2,700 2,520 1,050 210

367,500 194,250 99,750 308,700 229,320 220,500 119,070 56,700 52,920 22,050 4,410

SERIES DISCOUNT 5-10 Insertions 2.5% 11-15 Insertions 5.0% 16-20 Insertions 7.5% 20-30 Insertions 10% INSIDE PAGES RATE 931,000.00 798,000.00 665,000.00 5,000,000.00 1,330,000.00 1,197,000.00 831,500.00 750,000.00

5% VAT 46,550.00 39,900.00 33,250.00 250,000.00 66,500.00 59,850.00 41,575.00 37,500.00

TOTAL 977,550.00 837,900.00 698,250.00 5,250,000.00 1,396,500.00 1,256,850.00 873,075.00 787,500.00

OTHER SPECIAL REQUEST ATTRACTS 25% SURCHARGE OF THE SIZE VALUE

FOR ADVERT BOOKINGS, CONTACT Lagos Office: 1A, Ajimobi St. Off ACME Rd., Agidingbi, Ikeja, Lagos. Advert Hotlines: (Lagos: 0902 928 1425; Abuja: 0805 511 8488). Abuja Office: Telegraph House, Minister’s Hall, Mabushi, Abuja. FCT. E-mail: newtelegraphadvert@yahoo.com, info@newtelegraphonline.com, advert@newtelegraphonline.com. Website: www.newtelegraphonline.com

Business | Insurance

NEW TELEGRAPH MONDAY, JULY 20, 2015

OBSTACLE Senegal and Niger experienced teething problems in getting insurance pay outs

frica's fledgling insurance scheme covering gover nments against drought expects to add five countries this year, expanding its client base to nine nations and plans to offer insurance for tropical cyclones and floods from next May. In its first year of operation, African Risk Capacity (ARC), an African Union agency, insured Niger, Senegal, Mauritania and Kenya for $129 million in total losses and paid out $26.3 million after three West African states suffered low rainfall. Senegal, Niger and Mauritania are using the money to distribute food and transfer cash to over 1.3 million people, and subsidise animal feed for 570,000 livestock. In the second policy year, which began in May, ARC expects Burkina Faso, Malawi, Mali, Gambia and Zimbabwe to join, with coverage set to rise to $192 million, it said. ARC is targeting total membership of 20 to 30 African countries over the next four years. Simon Young, CEO of ARC Ltd, the mutual that sells the insurance products to participating countries, said that the scheme was gearing up gradually because it requires "a lot of heavy lifting" to develop rigorous government plans that ensure any payouts quickly reach people in need. "The flaw ... is getting countries to buy something they have not thought they needed to buy in the past," he told the Thomson Reuters Foundation by phone from Washington DC on Wednesday. Until now, African nations have totally relied on donors to provide a rapid humanitarian response to food crises caused by extreme weather events such as drought, he added. But insurance schemes can offer payouts that are faster than waiting for rich governments to respond to aid appeals, Young said. This year, Senegal, Mauritania and Niger had already received their ARC money by the time the United Nations had launched an appeal in February to fund humanitarian support in the Sahel. But Senegal and Niger experienced teething problems in getting the in-

Africa's climate insurance scheme expands surance payouts through their government spending systems and procuring food aid, delaying delivery to people on the ground. Efforts would be made to smooth out such bottlenecks, ideally in partnership with experienced institutions such as the World Bank, Young said. "It is a bit frustrating for us, but we are breaking very new ground," he

added. ARC's key aim is to build the ability of African states to prepare for and respond to climaterelated disasters themselves, changing the norm where most relief aid bypasses government. Achieving this would have broader value because stronger government systems would benefit the wider hu-

manitarian response, Young noted. ARC also believes that it can help U.N. agencies like the World Food Programme and aid charities by offering them insurance against extreme weather events in African countries. It is hoping to receive backing from a new initiative announced by Group of Seven (G7) leaders in June, which

pledged to insure up to 400 million more people in developing countries against climate risks by 2020. Richard Wilcox, a leading founder of ARC, said that target could be met "if the G7 translate their commitment into real action." "In Africa, the capacities, technology and national demand are in place to reach $1 billion

in coverage by 2020," he said in a statement. That could double if the G7 initiative encouraged the global aid system to participate in climate risk insurance, he added. Young noted that the British and German governments had already provided interest-free loans to help set up ARC. "Most of the African sovereigns are limited in how much they can afford to pay in premiums and how much capacity they have to distribute a payout - as we have learned this year - so anything that can help on either of those sides is where we want to have the G7 focus," he added

L-R: Chief Executive Officer, Economic Associates/Guest Speaker, Ayo Teriba; former Nigeria's High Commissioner to United Kingdom, Christopher Kolade and President/ Chairman of Council, Nigeria Institute of Management (Chartered) (NIM), Nelson Uwaga, at the Institute’s 2015 Distinguished Management lecture in Lagos. PHOTO: SULEIMAN HUSAINI.

Pension: Workers fret over non-remittance

EU unveils €80m fund for risk reduction in Africa

orkers in the Ogun State civil service are worried over their future as the Nigeria Labour Congress (NLC) alleged that the state government had failed to remit their pension deductions for five years. The state chapter of NLC decried the state government’s failure to pay the contributory pension deductions, saying that the workers were becoming restless and fast losing hope of survival when eventually they retire from service. Chairman of the congress, Comrade Akeem Ambali, said in Abeokuta, the state capital, there were unremitted pension deductions, cooperative deductions, gratuities and check off dues, among others. He said: “We have backlog of unpaid contributory pension scheme deductions of 60 months; we also have unpaid check off dues of seven months. “We have unpaid co-operatives

n €80 million package of funds from the European Union to support disaster risk management across Sub-saharan Africa has been unveiled, the UN Office for Disaster Risk Reduction has said. "This is a really excellent initiative. It’s quite unique, and I really hope that we will see many more like it," said Margareta Wahlstràm, Special Representative of the UN Secretary-General for Disaster Risk Reduction. This is a strategic longterm investment in building resilience in Africa. It will help to reduce mortality and economic losses by improving preparedness, early warning systems and putting in place systems for understanding how disaster losses are generated in order to avoid them in the future, Wahlstràm added.

and other deductions of about eight months. We also have outstanding payment of gratuity from November 2012 till date that has not been paid to retirees.” Ambali, who advised the state government to treat workers’ welfare as a priority, commended President Muhammadu Buhari for the recent bailout of states. He, however, warned state governors not to divert the bail out funds provided by Federal Government to settle other debts, stressing that the bail out would only be a bonus to the state government since the Governor, Senator Ibikunle Amosun, had promised to pay all unremitted co-operatives deductions by this end of the month. Ambali said: “Now that we are having bailout from the Federal government, workers are afraid that some governors may use that money to settle other areas. We are not saying Ogun State government would do that, but we are being pro-active.

The five-year Building Disaster Resilience to Natural Hazards in Sub-saharan African Regions, Countries and Communities programme will be financed as part of the European Union’s cooperation with the African, Caribbean and Pacific (ACP) group of countries. The programme’s five areas include enhanced regional coordination and disaster risk reduction monitoring as well as enhanced capacity of regional economic communities for coordination and planning. The remaining three are: improved capacity of regional climate centres for weather and climate services and real-time early warning systems, improved risk knowledge for future risk modeling and enhanced financial strategies for informed decision-making.

Business |Financial Market News

MONDAY, JULY 20, 2015 NEW TELEGRAPH

FMDQ Daily Quotations List

16-Jul-15

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of any of the Information, neither do we accept liability for the results of any action taken on the basis of the Information.

Bonds FGN Bonds

Price

Rating/Agency

Issuer

Description ^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 ^15.54 13-FEB-2020 ^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 ^12.1493 18-JUL-2034

Issue Date

Coupon (%)

Outstanding Value (N'bn)

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 15.00 12.49 8.50 10.00 12.1493

581.39 480.13 20.00 100.00 300.00 351.30 233.90 233.73 605.31 599.99 75.00 150.00 200.00 591.57 324.50

TOTAL OUTSTANDING VALUE

4,846.82

TOTAL MARKET CAPITALISATION

4,398.87

Rating/Agency

Issuer

Description

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

1.09 1.78 2.03 2.13 2.87 3.95 4.27 4.58 6.54 8.66 13.37 13.85 14.35 15.02 19.01

14.86 14.89 14.94 14.95 15.04 15.13 15.11 15.03 15.16 15.16 15.91 16.00 16.10 15.57 15.15

14.71 14.79 14.84 14.86 14.97 15.02 15.00 14.94 15.09 15.10 15.85 15.93 16.01 15.49 15.10

98.21 100.26 91.35 90.09 90.13 102.51 75.10 101.61 104.99 95.39 94.97 80.62 57.89 68.00 81.40

98.36 100.41 91.50 90.24 90.28 102.81 75.40 101.91 105.29 95.69 95.27 80.92 58.19 68.30 81.70

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

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

17.25 0.00/16.00 0.00/16.50 0.00/16.50

2.10 112.22 116.70 66.49

03-Apr-17 08-Dec-16 19-Apr-17 06-Jul-17

0.97 1.40 1.76 1.97

2.94 1.00 2.66 3.13

17.44 15.82 17.58 18.06

99.83 100.17 102.31 97.93

Agency Bonds FMBN ***LCRM

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017

TOTAL OUTSTANDING VALUE

297.52

TOTAL MARKET CAPITALISATION

299.02

Sub-National Bonds A/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.13

4.44

17.64

99.29

A-/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

2.16

30-Sep-15

0.21

3.23

17.15

99.10

BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

2.60

30-Jun-16

0.71

4.46

19.01

96.83

‡ /Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

3.96

30-Jun-16

0.72

3.48

18.03

98.36

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.76

1.00

15.92

91.17

‡ /Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

21.24

30-Jun-17

1.25

1.00

15.70

97.88

‡ /Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

2.46

1.79

16.78

94.57

‡ /Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

30.81

30-Sep-18

1.84

1.00

15.92

97.07

Bb-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

1.85

1.00

15.92

97.03

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

12.40

09-Dec-18

2.04

1.00

15.94

97.61

Bb-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

9.21

12-Dec-18

2.04

4.78

19.72

91.05

‡ /Agusto; A-/GCR

*ONDO

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.02

1.00

15.94

99.26

BBB+/Agusto; A-/GCR Aa-/Agusto; ‡ /GCR

*GOMBE LAGOS

15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019

BBB-/Agusto; BBB+/GCR

*OSUN

14.75 OSUN 12-DEC-2019

02-Oct-12 22-Nov-12 12-Dec-12

15.50 14.50 14.75

15.09 80.00 24.74

02-Oct-19 22-Nov-19 12-Dec-19

2.46 4.35 2.52

2.02 1.00 1.00

17.01 16.09 16.00

97.10 95.09 97.55

BBB-/Agusto

*OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

14.75

10.46

10-Oct-20

3.06

1.82

16.88

95.21

Aa-/Agusto; ‡ /GCR

LAGOS

13.50 LAGOS 27-NOV-2020

27-Nov-13

13.50

87.50

27-Nov-20

5.37

1.00

16.11

90.79

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

5.46

1.00

16.12

96.00

‡ /Agusto A-/GCR

*EKITI *NASARAWA

14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021

31-Dec-13

14.50

4.30

31-Dec-20

3.30

1.00

16.09

96.19

06-Jan-14

15.00

4.31

06-Jan-21

3.33

1.00

16.10

97.36

99.65

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

440.27 416.70

Corporate Bonds BBB+/Agusto BBB-/Agusto

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

2.50

17-Aug-15

0.09

1.00

13.88

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

9.38

09-Dec-15

0.40

1.00

15.46

98.67

BB/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.22

06-Jan-16

0.48

2.63

17.18

98.53

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.21

1.00

15.66

97.12

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

1.28

1.34

16.06

97.91

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.21

1.00

15.96

94.61

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.56

30-Nov-17

1.44

1.88

16.73

102.24

Nil

*C & I LEASING *DANA#{r}

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

5.40

09-Apr-18

1.48

1.00

15.89

100.08

A-/DataPro†; B+/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.54

09-Sep-18

1.65

1.00

15.91

102.74

AAA/DataPro†; A/GCR

*TOWER#

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.70

09-Sep-18

1.65

1.00

15.91

100.06

A+/Agusto; A/GCR

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

3.21

3.00

18.08

90.31

BBB+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.10

18-Oct-18

1.76

2.29

17.21

97.85

BBB-/DataPro†; BB/GCR

*LA CASERA *CHELLARAMS#

MPR+5.00 CHELLARAMS II 17-FEB-2019

17-Feb-12

18.00

0.36

17-Feb-19

1.84

6.11

21.03

95.83

Nil

*DANA#{r}

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

2.46

2.16

17.15

97.74

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

5.33

2.76

17.87

91.15

BBB/GCR

FCMB

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

6.35

1.80

17.01

89.48

A/GCR

UBA

16.45 UBA I 30-DEC-2021

30-Dec-14

16.45

30.50

30-Dec-21

6.46

1.00

16.22

100.88

A/GCR

STANBIC IBTC

182D T.bills+1.20 STANBIC IA 30-SEP-2024

30-Sep-14

16.29

0.10

30-Sep-24

9.21

1.00

16.28

99.96

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.21

1.00

16.28

85.72

TOTAL OUTSTANDING VALUE

177.87

TOTAL MARKET CAPITALISATION

167.79

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.58

1.00

16.00

88.12

Aaa/Moody's; AAA/S&P

AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.79

1.00

16.15

86.71

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

24.95 21.80

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding 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

6.17

5.95

102.70

103.71

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.14

4.81

99.95

100.87

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.45

6.29

99.56

100.51

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,511.03

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

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

500.00

19-May-16

5.91

101.25

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.52

99.50

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

11.53

10.20

89.09

92.06

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.77

7.26

94.91

96.34

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.81

95.00

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

10.17

9.66

95.57

97.12

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

9.39 10.63 10.10

9.39 10.27 10.10

94.88 94.27 90.00

94.88 95.78 90.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

10.66

9.98

90.88

93.75

TOTAL OUTSTANDING VALUE

3,650.00

TOTAL MARKET CAPITALISATION

3,461.44

**Treasury Bills^ DTM 7 14 21 28 42 49 56 70

FIXINGS Maturity 23-Jul-15 30-Jul-15 6-Aug-15 13-Aug-15 27-Aug-15 3-Sep-15 10-Sep-15 24-Sep-15

Bid Discount (%) 9.43 11.58 12.47 12.32 11.34 12.39 12.74 12.75

Offer Discount (%) 9.18 11.33 12.22 12.07 11.09 12.14 12.49 12.50

Bid Yield (%) 9.44 11.63 12.56 12.43 11.49 12.59 13.00 13.06

Money Market Tenor

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 9.4583 14.6645 16.0898 16.9052

Foreign Exchange (Spot & Forwards)

Rate (%)

OBB

8.08

O/N

8.75

REPO Tenor Call 1M

Rate (%) 8.75 9.00

Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

197.45 199.30 199.72 200.69 202.60 205.04

197.55 199.82 200.26 201.32 203.43 206.16

FGN Bonds

Price

Rating/Agency

Issuer

Description

NEW TELEGRAPH MONDAY, JULY 20, 2015

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