Monday, june 29, 2015 2 binder1 by Newtelegraphonline

Sanctity Of Truth

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Monday, June 29, 2015

Vol. 2 No. 495

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12 pages of international new york times

B u s i n es s

'Nigeria to lose $70m daily if PIB is passed'}21

N150

}23

Why banks fail, by NDIC Abdulwahab Isa Abuja

ix years after a major crisis hit the banking sector, the Nigeria Deposit Insur-

ance Corporation (NDIC) has traced the genesis of the crisis to the absence of sound corporate governance. NDIC Managing Director, Alhaji Umaru Ibrahim, said at the weekend that the 2009 crisis

was detected through a special examination conducted on the 24 banks by the corporation and the Central Bank of Nigeria (CBN). He said the test revealed that 10 of the 24 banks were criti-

cally distressed as a result of many factors, amongst which was poor corporate governance. Delivering an address at the 2015 Executive Breakfast CONTINUED ON PAGE 6

Oyegun: We're ashamed of N'Assembly crisis

}2&6 lSays we all made mistakes lAPC's letter: My hands are tied - Dogara

QuickRead

EFCC set to quiz more }2 ex-govs

Former President Shehu Shagari and Sokoto State Governor, Hon. Aminu Tambuwal, during the governor's visit to Shagari in Sokoto...yesterday.

We killed FUTA's ex-VC in his sleep, say domestic staff

}10

A month in Buhari's presidency }13 Govs, others' pay cut cosmetic, says Ajibola }7 EU to provide electricity in North-East }5

News

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Oyegun: We're ashamed of N'Assembly crisis Ayodele Ojo

ational Chairman of the All Progressives Congress (APC), Chief John Odigie-Oyegun, has said President Muhammadu Buhari and the leadership of the party are ashamed of the National Assembly crisis. Odigie-Oyegun, in an interview with New Telegraph yesterday, however, said mistakes were made by the party and its leaders in the leadership crisis that has pitted Senate President Bukola Saraki and House of Representatives Speaker, Hon. Yakubu Dogara along with their support-

ers against APC. He, however, denied an allegation that the party leadership mismanaged the National Assembly issue. But he is optimistic that the crisis will soon be resolved just as he warned party rebels that a day of reckoning is at hand. Oyegun said it was a tactical error by the party to have fixed a meeting for 9am on June 9 at the International Conference Centre (ICC), an hour before the inauguration of the Eighth National Assembly. He said there were many other mistakes made by the party, which would be addressed to

prevent a future recurrence. Oyegun also lamented attempts by some party members to tarnish his image. He said: “All I can assure Nigerians is that the crisis will be resolved. We cannot afford not to deliver on the promises we have made to the Nigerian people. We are ashamed that we are going through this kind of path due to ambitions, but we will get over it. “The change is still very much on course. But you know people will fight back. What we are seeing now is the last strand of those who don’t wish us well.” According to him,

what is going on in the party is a proxy war among some powerful forces. “A lot of leaders made a lot of mistakes. Yes, there were mistakes all round not just by the party executive and the NWC, at all. There were all sorts of influences all around the party. They made very serious mistakes and some vested interests interfered in the way they should not have interfered. This led to the problem, which is not a resultant of any action taken by the National working Committee (NWC). “It’s a proxy war and we the executive of the party know this; there

is a war going on and I know you people know what is going on.” When asked on the specific mistakes the party leaders made, he said: “No, leave that one! There is no point going into that. That is water under the bridge. In terms of all the party did as far as the NWC is concerned, we were very much on course and at every stage we wanted the selection process to be free just like we did with the presidential primaries, we were not going back on internal democracy, we were never going to compromise that, and we never did. “The meeting on the day of inauguration was one of the mistakes.” He stated that the party leadership was working on reconciling

all the warring factions in the state. “Reconciliation is a must at the end of the day, but you know that forgiveness always comes with penitence. Even in all our religions, if you are penitent, forgiveness can be on the card. We are working hard on all fronts. “The House of Representatives has been very much forthcoming and even now they are still seeking compromise; we will engage them and we will work out something that I hope will be to everybody’s satisfaction,” he said. Oyegun did not rule out sanction for the errant APC lawmakers. “Nothing is off the table,” he said. “Nothing at all, including sanction, is CONTINUED ON PAGE 7

EFCC set to quiz more ex-governors Emmanuel Onani Abuja

L-R: Senate President Bukola Saraki, the Chinese Ambassador to Nigeria, Mr. Gu Xiaojie and Deputy Senate President Ike Ekweremadu, during the ambassador's visit to Saraki in Abuja.

Speaker, House of Representatives, Hon. Yakubu Dogara (left) with the Chinese Ambassador to Nigeria, Mr. Gu Xiaojie, during the ambassador's visit to the speaker in Abuja.

he Economic and Financial Crimes Commission (EFCC) is set to invite some former governors for interrogation for alleged money laundering, embezzlement of public funds and abuse of public office, investigation has revealed. New Telegraph gathered from sources in Abuja that some of the former governors, who just left office, may be needed to provide answers to "some weighty allegations of corruption" contained in some petitions pending against them. The source, who spoke on the condition of anonymity, said operatives had found merit in some of the petitions, hence the decision to invite them for interrogation. He added that the EFCC would only invite suspects for questioning only when its operatives have found merit in petitions written against them while petitions found to be frivolous are not acted upon. When New Telegraph probed further on the identities of the ex-governors being expected in the days ahead, the source declined to mention names, saying some of those to be quizzed include a former SouthSouth governor and another from the NorthCentral. "The point I need you

to know is that we are going to invite some former governors to our headquarters here for interrogation. "We've got a couple of petitions alleging money laundering and looting of public funds by some of them; and I believe our operatives will soon start interacting with some of the former governors based on the merits they may have found in some of the petitions. "It is important to also let you know that questioning a suspect doesn't mean he is guilty already; there are other issues that must be addressed, before we proceed to file charges in court. "All I can say for now is that among those that may be invited for interaction, will be a former South-South governor and another of his counterparts from the NorthCentral," he stated. The Head of Media and Publicity of the Commission, Mr. Wilson Uwujaren, could not be reached for comments. Since May 29 when President Muhammadu Buhari, who rode to power on his promise to fight corruption, assumed duty, the EFCC has quizzed five former governors over alleged corruption. Among those quizzed were former Adamawa State Governor, Alhaji Murtala Nyako, former Imo State Governor, Chief Ikedi Ohakim and former Borno State Governor, Alhaji Ali Modu Sheriff.

NEW TELEGRAPH MONDAY, JUNE 29, 2015

Travel Advisory

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

International Flight Schedule Air France

Destination Abuja- Paris Paris-Lagos Paris-PHC PHC-Paris Paris –Abuja Lagos –Paris

Flight No. AF 513 AF 3822 AF514 AF513 AF514 AF3849

Departure 23.55hrs 10.55hrs 11:00hrs 21:20hrs 11:00hrs 23:55hrs

Arrival 6:05hrs 17:15hrs 19:15hrs 6:05hrs 17:00hrs 6:20hrs

Amsterdam-Lagos Lagos-Amsterdam

KL587 KL588

13:15hrs 23:05hrs

20:00hrs 05:50hrs

KLM

ARIK AIRLINES

Lagos-London London-Lagos Lagos-New York

W3 101 W3 102 W3 107 (Mon, Wed , Fri) New York-Lagos W3 108 (Tues,Thurs, Fri) Lagos-Johannesburg W3 103 Johannesburg-Lagos W3 104 Lagos-Douala - (Tues, Wed ,Thur) Douala-Lagos - (Tues, Wed, Thur) Lagos-Accra Accra-Lagos

Abuja-Accra Accra-Abuja Lagos-Freetown Freetown-Lagos Lagos-Banjul Banjul-Lagos Lagos-Dakar Dakar-Lagos

-(Tue, Thur, Sat, Sun) -(Mon, Wed, Fri) -(Daily) - (Wed, Fri, Sun) -(Wed, Fri, Sun) -(Wed, Fri, Sun) -(Wed, Fri, Sun) -(Mon, Tue, Thur, Fri,Sat) -(Tue,Wed, Fri,Sat,Sun)

BRITISH AIRWAYS

London-Lagos Lagos-London Abuja-London Abuja-London

07:00hrs 20:05hrs 20:10hrs 11:45hrs

Lagos-Cairo Cairo-Lagos

MS 876 MS 875

14:25hrs 08:30hrs

22:20hrs 13:30hrs

EGYPT AIR

KENYA AIRWAYS

16:00hrs

Lagos-Kigali

11:15hrs

16:45hrs

10:45hrs 09:35hrs 11:10hrs 13:25hrs 07:20hrs 17:00hrs 08:05hrs 13:35hrs 18:00hrs

hrs 14:44hrs hrs hrs hrs hrs hrs hrs hrs

AWB 201 (Mon, Wed, Fri, Sun) AWB 202 (Tue, Thur, Sat, Sun)

14:00hrs

17:30hrs

22:35hrs 15:10hrs

06:00hrs 21:20hrs

17:00hrs 06:00hrs 08:00hrs 17:00hrs 08:00hrs 15:20hrs 21:00hrs

hrs hrs hrs hrs hrs hrs hrs

01:00hrs

hrs

3:00hrs 14:00hrs

8:00hrs 19:00hrs

EK 7821 (Sun-Sat) EK 7822 EK 7831 EK 7811 EK 761

21:30hrs 14:40hrs 07:35hrs 14:20hrs 23:55hrs

07:40hrs 01:05hrs 12:50hrs 19:45hrs 10:30hrs

Lagos-Doha Flight Doha-Lagos Flight

QR 1414 (daily) QR 1415

14:55hrs 07:20hrs

23:45hrs 13:35hrs

Lagos-Atlanta Atlanta-Lagos

DL053 DL 054

22:15hrs 5:15hrs

05:32hrs 16:15hrs

Lagos-Houston Houston-Lagos

UA 143 UA 142

10:10hrs 19:10hrs

6:05hrs 15.15hrs

Lagos - Addis Ababa ET900 Addis Ababa - Lagos ET901 Abuja - Addis Ababa ET910 Addis Ababa - Abuja ET911 Enugu - Addis Ababa ET930 Addis Ababa - Enugu ET931 Kano - Addis Ababa ET930 Addis Ababa - Kano ET931

13:15hrs 09:00hrs 13:40hrs 09:40hrs 12:00hrs 09:20hrs 14:05hrs 09:20hrs

20:25hrs 12:15hr 20:10hrs 12:20hrs 20:50hrs 11:15hrs 20:50hrs 13:20hrs

Lagos-Madrid Madrid-Lagos

IB 3337 IB 3336

22:55hrs 16:00hrs

5:25+1hrs 20:20hrs

Lagos-Casablanca Casablanca-Lagos

AT738 AT 737

06:25hrs 02:15hrs

09:55hrs 6:00hrs

air maroc

20.45hrs 09:50hrs 09.20 hrs 06:30hrs

12:30hrs

Lagos-Dubai Lagos-Dubai Dubai-Lagos Dubai-Lagos Abuja-Dubai

IBERIA

Abu Dhabi-Lagos

EY 0672 (Sunday) (Monday) (Saturday) EY 955

19:35hrs 23:45hrs

MEA 571 MEA 572

ETHIOPIAN AIRLINES

Lagos- Abu Dhabi

ETIHAD AIRWAYS

12:30hrs 18:00hrs

to Lagos)

UNITED AIRLINES

17:00hrs 4:40hrs

KQ 533 KQ 534

11:55hrs 5:50hrs 14:35hrs 06:00hrs

DELTA AIRLINES

11:00hrs 22:40hrs

Lagos-Nairobi Nairobi-Lagos

17:55hrs 00:00hrs 09:00hrs 22:40hrs

QATAR AIRWAYS

VS 652 VS 651

18:30hrs 05:15hrs 05:30hrs

BA075 BA074 BA 082 BA 083

EMIRATES AIRLINES

Lagos-London London-Lagos

12:00hrs 21:30hrs 23:50hrs

Middle East Airlines (Two flights weekly (Tues & Friday)

Lebanon-Lagos Lagos-Lebanon

VIRGIN ATLANTIC

RwandAir

Kigali-Lagos

Turkish Airlines

Lagos-Istanbul Nairobi-Lagos

332 333

Air Côte d'Ivoire Lagos to Abidjan Abidjan to Lagos

HF 851 (Tues, Thurs, Fri, Sun) HF 852 (Mon,Wed, Thurs, Sat)

ASKY AIRLINES

Destination Lome to Abuja Abuja-Lome- Kinshasa Kinshasa-Abuja Abuja-Lome Lome-Lagos Lagos-Libreville Libreville-Kinshasa Kinshasa-Libreville Libreville-Lagos Lagos-Lome Lome-Lagos Lagos-Libreville Libreville-Brazaville Brazaville-Libreville Brazzaville-Lagos Lagos-Lome

10:10hrs

10:50hrs

19:20hrs

21.50hrs

Flight No. KP 032 (Tue-Fri) KP 032 ( Tue-Fri)

Departure Arrival 14:00hrs 15:55hrs 16:30hrs 18:15hrs

KP 033 (Wed-Sat) KP O33 (Wed-Sat) KP O40 (Sun-Sat) KP 040 (Sun-Sat) KP 040 (Sun-Sat) KP041 (Tue-Sat) KP 041 (Tue-Sat) KP 041 (Tue-Sat) KP O44 (Tue-Fri) KP 044 (Tue-Fri) KP 044 (Tue-Fri) KP O45 (Wed-Sat) KP 045 (Wed-Sat) KP 045 (Wed-Sat)

8:20hrs 10:35hrs 13:00hr 14:40hrs 17:00hrs 7:15hrs 9:35hrs 11:55hrs 13:10hrs 14:50hrs 17:10hrs 07:00hrs 09:20hrs 11:40hrs

10:00hrs 12:20hrs 14:00hrs 16:30hrs 18:45hrs 08:55hrs 11:25hrs 12:45hrs 14:10hrs 16:40hrs 18:50hrs 08:40hrs 11:10hrs 12:30hrs

Local FLIGHT SCHEDULE ARIK AIR

LAGOS-ABUJA (MON-FRI) 07:00; 08:00; 09:00; 11:00 13:00; 15:00; 17:00; 19:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 11:00; 13:00; 15:00; 17:00; 19:00 ABUJA-LAGOS (MON-FRI) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00; 20:00 (SAT) 07:00; 09:00; 11:00; 13:00; 15:00; 17:00; 19:00 (SUN) 09:00; 13:00; 15:00; 17:00; 19:00 LAGOS-PORT-HARCOURT (MON-FRI) 07:00; 09:30; 11:00; 13:30; 15:00; 17:30 (SAT) 07:00; 11:00; 15:00 (SUN) 09:30; 11:00; 13:30; 15:00; 17:30 PORT-HARCOURT-LAGOS (MON-FRI) 07:30; 09:00; 11:30; 13:00; 15:30; 17:00 (SAT) 07:30; 11:30; 09:00; 13:00; 17:00 (SUN) 11:30; 13:00; 15:30; 17:00 ABUJA-PORT-HARCOURT (MON-FRI) 06:45; 10:10; 13:30; 16:50 (SAT/SUN) 06:45; 10:10; 13:30 PORT-HARCOURT-ABUJA (MON-FRI) 08:30; 11:50; 15:10; 18:30 (SAT/SUN) 08:30; 11:50; 15:10

AZMAN FLIGHT SCHEDULE

WEEKLY SCHEDULE Kano-Lagos 8:00am Lagos-Abuja 10:30am Abuja-Lagos 12:40pm

Lagos-Abuja/Kano 4:00pm Abuja-Kano 5:45pm Kaduna-Lagos 8:00am Lagos-Kan 10:10am Kano-Abuja/Lagos 12:40pm Abuja-Lagos 1:00pm Abuja-Lagos 2:40pm Lagos-Kaduna 5:00pm WEEKEND SCHEDULE SATURDAY Kano-Lagos 8:00am Lagos-Abuja 10:30am Abuja-Lagos 1:00pm Lagos-Kano 4:00pm Kaduna-Lagos 8:00am Lagos-Kano 4:00pm Sunday Kano-Lagos 8:00am Lagos-Kano 10:30am Kano-Abuja/Lagos 1:20pm Abuja-Lagos 2:40pm Lagos-Kaduna 5:00pm

FIRST NATION AIRWAYS

LAGOS-ABUJA (MON-FRI) 06.50; 09:30; 11:45; 16:00 (SAT) 06:50; 11:45 (SUN) 11:45; 16:00 ABUJA-LAGOS (MON-FRI) 09:00; 11:30; 13:40;18:30 (SAT) 09:00; 13:40 (SUN) 13:40; 18:30 LAGOS-PORT-HARCOURT (MON-FRI) 14:45

(SAT) 16:15 (SUN) 14:45 PORT-HARCOURT-LAGOS (MON-FRI) 16:50 (SAT) 18:20 (SUN) 16:50

AEROCONTRACTORS

LAGOS-ABUJA (MON-FRI) 06:50; 13:30; 16:30; 19:45 (SAT/SUN) 12:30; 16:45 ABUJA-LAGOS (MON-FRI) 07:30; 13:00; 19:00 (SAT) 12:30 (SUN) 15:30

MEDVIEW AIRLINES

LAGOS-ABUJA (MON-FRI) 07:00; 08:50; 12:00; 15:30 (SAT) 10:00; 15:00 (SUN) 17:30; 18:30 ABUJA-LAGOS (MON-FRI) 09:00; 14:00, 15:00; 18:30

OVERLAND AIRWAYS LAGOS-ILORIN (MON-FRI) 07:15 LAGOS-IBADAN (MON-FRI) 7:00 IBADAN-ABUJA (MON-FRI) 08:00 IBADAN-LAGOS (MON-FRI) 16:30 ILORIN –ABUJA (MON-FRI) 08:30 ILORIN –LAGOS (MON-FRI) 17:00 ABUJA-ASABA (MON-FRI) 10:00 ASABA-ABUJA (MON-FRI) 14:15 ASABA-LAGOS (MON-FRI) 11:30 LAGOS-ASABA (MON-FRI) 13:00 ABUJA-ILORIN 16:00 ABUJA-IBADAN 15:00

News

NEW TELEGRAPH MONDAY, JUNE 29, 2015

PDP to Buhari: Your administration is motion without movement lBuhari’ll clean up PDP mess – Presidency Onyekachi Eze and Anule Emmanuel ABUJA

he Peoples Democratic Party (PDP) has described the first 30 days of administration of President Muhammadu Buhari as mere motion without movement. The party also reminded the president and his party, the All Progressives Congress (APC), that Nigerians did not vote for a sole administrator, but a democratic government. In a statement yesterday by its National Public-

ity Secretary, Olisa Metuh, PDP regretted that after 30 days on the saddle, President Buhari is yet to appoint his ministers. This, the party noted, "has brought government business in ministries, departments and agencies to a dangerous standstill as important policies vested on ministers and the Secretary to the Government of the Federation (SGF) are now in tatters while the system drifts. "This situation also creates loopholes through which overzealous persons around the president can connive with unscrupu-

lous elements in the bureaucracy to syphon public resources in addition to possibly misleading the President to violate due process by spending beyond and outside his statutory limits." According to the PDP, the enormity of the confusion surrounding the Buhari government and his party in the last one month makes it imperative for Nigerians to pray for the president as "failure of the Buhari administration will not only affect the president and his party but also the entire nation." It said prayers have be-

come necessary given the fact that the administration is finding it difficult to locate its bearing and even take off and face the challenges of governance at the centre, "resulting in 30 days of all motion and no movement, a scenario that does not augur well for the polity." The party expressed worry that the President, who promised to unveil his cabinet two weeks after his inauguration, has not been able to decide on key appointments such as ministers, SGF, Chief of Staff and advisers in key sectors of the economy.

L-R: Member, Board of Tony Elumelu Foundation, Lady Lynn Forester de Rothschild; Former United States President Bill Clinton; Chairman, Heirs Holdings, Mr. Tony Elumelu; Chairman, PepsiCo, Indra Nooyi and Executive Vice-President, General Counsel & Corporate Secretary, PepsiCo, Mr. Tony West, at a conference in London... at the weekend.

EU to provide electricity in North-East Johnchuks Onuanyim Abuja

uccour is on the way for electricity consumers in the North-East as the European Union (EU) concluded feasibility study on embedded generation of power using solar panel. The leader of EU delegation to Nigeria, David Cameron, revealed this during a visit to the chairman of the Nigeria Electricity Regulatory Commission (NERC), Dr. Sam Amadi, in Abuja. According to a statement issued by NERC’s Head, Public Affairs Department, Dr. Usman Abba Arab, the EU team mission was to investigate how best to assist

Nigerians get access to electricity. Meanwhile, Amadi has stated that the commission will ensure electricity customers pay only an efficient tariff. "We want a transparent, participatory and cost reflective tariff. We have outsourced the tariff making process to the distribution companies and provided them strict guidelines. The regulatory question is about what should be passed to the consumers. "One school of thought is legalism and another is about what is right. So essentially, we ruled out collection losses and put it at zero", Amadi said, adding that electricity distribution companies must consult with the

consumers before it can approach the commission for tariff review. He informed the visitors that as part of Commission’s drive to enhance electricity supply, it has been advocating embedded generation, which is already yielding fruits. According to him, “The process of improving power supply lies with embedded generation. For now, Ikeja Electricity Distribution Company is making progress and other distribution companies would soon follow suit.” Amadi explained that the industry is between 80 and 85 per cent gas dependant but that gas pipeline vandalism has remained a big challenge.

He enthused that the East West gas pipeline if completed on schedule by 2016 would open the door for massive gas supply. According to him, the problem of gas shortage is affecting revenue flow. “Non-commerciality of gas is a major constraint to gas supply as some of the generators are unable to sign gas contract that should provide them guaranteed supply,” he said. He stated that capacity constraint has remained a major challenge at the transmission level, but that the completion of some of the 118 projects listed last year by the Transmission Company of Nigeria (TCN) would assist in removing the bottlenecks.

"The situation is taking its toll on the economy, which has, in the 30 days, witnessed unprecedented decline with a terrifying crippling of foreign and domestic investments including activities in the money and capital market sectors. Under President Buhari, the stock market has lost over N238 billion while the All-Share Index fell by 849.87 basis points as at June 19," PDP observed. The opposition party further noted that apart from the directive to relocate the counter terrorism command centre to Borno State and seeking assistance from foreigners, no other concrete step has been taken by the president in the fight against insurgency, which, it said Buhari promised to end within his two months in office. “Instead, the anti-terrorism effort has completely lost steam in the last 30 days, with insurgents, who had already been pushed to the verge of surrender in the Sambisa forest by the Goodluck Jonathan administration, now surging back and spreading into the country. "In this regard, we urge the President to confront insurgency and issues of national security with all the vigour they deserve while calling for restrain from actions capable of destroying the fabrics of security intelligence. "We also urge for adequate respect for all organs of internal security such as the Directorate of State Security (DSS), which is answerable to the Nigerian state and as such should not be publicly ridiculed by an aide of the president," the party added. PDP also said it was disturbed by the ominous signals emanating from the attempt by the APC to undermine and appropriate the federal legislature, which it said, resulted in the disruption of lawful proceedings and forced closure of the National Assembly. It urged the presidency and the APC to imbibe democratic tenets and respect the independence of that arm of government. While urging Nigerians to join hands in prayers and offer useful suggestions to President Buhari and the APC, the opposition party reminded the president and his party that their campaign promises are bonds which must be fulfilled. It advised him to use the next 10 days to set up his government by naming his ministers, the SGF and advisers in critical sectors "as Nigerians did not vote

for a sole administrator, but for a democratic government." Meanwhile, the presidency has given assurances that the administration of President Buhari was prepared to clean up the huge mess done in the nation's economy in the last 16 years by the PDP. A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, said the enormity of the sleaze of the immediate past administration will be evident when stolen money, to the tune of billions of dollars, is recovered, and returned to the national treasury soon. The presidential spokesman said: "In the process of time, after all that is being planned by the current administration has matured, and bearing fruits, Nigerians will be able to determine who is serving them acceptably, and who has taken them for a ride. It is just a matter of time.” “Metuh and his masters can only rue the missed opportunities to make salutary impact on the lives of Nigerians. They have a long road of regrets to travel." "It is amusing to read what the National Publicity Secretary of the defeated PDP, Olisa Metuh, considers a 30-day appraisal of the Muhammadu Buhari administration. "He wants Nigerians to join hands in prayers for the government, so that things would begin to move. What he does not know is that Nigerians had long formed such coalition. They are hands in hands, and that was what gave victory to President Buhari in the March 28 poll. "They had teamed up to uproot an administration that had brought the country to her knees, and was about to tip her off the precipice. And Nigerians have resolved that never would they allow any government to divide them along regional, religious and ethnic fault lines again. "The Buhari administration is naturally contemplative because there was absolutely no rhyme or reason to the way PDP ran the country, particularly in the immediate past dispensation. That is why the Augean Stable is being cleaned now, and it requires scrupulous and painstaking planning. "Across all sectors, our national life was devalued, and it takes meticulousness and sure-footedness to repair all the breaches. This, the Buhari administration will deliver."

News

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

APC's letter: My hands are tied, says Dogara Philip Nyam Abuja

ouse of Repr e s e n t a t ive s Speaker, Hon. Yakubu Dogara at the weekend opened up on why he declined to act on the letter from the All Progressives Congress (APC) directing him to recognise Hon. Femi Gbajabiamila and three others as principal officers. He said he could not do so because of a court paper served on the leadership of the House, based on a suit by the North-Central Caucus of the party, adding that the need to observe the federal character provision also compelled him to stay action on the letter. Dogara spoke when he received the Forum of Former Members of House of Representatives, led by Hon. Dauda Bundot and Hon. Jonathan Asake, who visited him in Abuja. His reluctance to announce Gbajabiamila and others as principal officers, as recommended by the APC had, last Thursday, plunged the House into crisis as the plenary degenerated into a freefor-all.

The party has, however, insisted that its list of principal officers must be respected. Shedding more light on the circumstances that led to his refusal to read the APC letter, the speaker said: "We got that letter to provide for some positions. And even before I saw the letter, there was a court process served on the leadership of the House. What they (North-Central caucus) are alleging is very simple: whether it is in accordance with the constitution of Nigeria and the House rules that a political party has the right to choose the principal officers of the House? "The second question is: assuming the political party has the right, whether it is in tandem with the constitution to exclude their zone? Whether that meets the requirement of the provision of the federal character? "It is not that we don't

want to announce the position of the party. But there are issues of law, issues relating to court, issues relating to the provisions of the constitution. "Now, the precedent that we saw not too long in the House is that anytime we have such an audacious report, we have always run away from trying to force that. Assuming we went ahead to announce the party’s position, which did not recognise members of the North-Central as principal officers and then the North-Central members made a very strong allegation against APC. Assuming they win the case and the court now rules that the directive of the party breaches the provision of the constitution relating to the federal character, so do we now begin to see somebody vacating his principal position so that we can accommodate the court’s ruling? "So these are issues

that are really not easy to fathom or to sort out. When we got this letter, we raised this issue with the party that there is the need for us to have another look at it so that we don’t get a ruling that will compel us to go back and enforce the alignment. "We said best thing is, in order to avoid this, let’s circulate that to the zones in the House and there has never been a time in the House where a zone got more than two leadership positions and we all know the provision of the constitution, which did say that all positions must be guided by the standing orders." According to him, where the standing order is not so clear in such a situation, then the House will fall back on precedent and tradition. "So that, therefore, means even though the law does not say distribute the positions to six zones, but

the tradition has been that it should go to six zones in line with the constitutional provision relating to the federal character. "So this is the bone of contention. But as leaders, we are bound by the constitution and when we got that directive from the party, we said that we must defend the constitution, we must enforce our rules," he added. Dogara said efforts were being made to resolve the crisis in the House over the distribution of positions. "We would create the platform through which we can ventilate the wishes and aspirations of our people. That was why I had to call on the chairman, Ad hoc Committee on Media to apologise to Nigerians. I have accepted responsibility for anything that transpired and we apologised to the nation," he said. Dogara, also at another forum at the weekend, as-

sured the public that the chaos witnessed during last Thursday's plenary would not create divisions and factions; rather it would strengthen the House. He told members of the House Press Corps who were on a courtesy and congratulatory visit to him that the House would overcome the crisis and emerge as a stronger and united legislature thereafter. "We need to have a united House. We are reaching out to members. We've managed our conflict in such a way that we even emerge stronger after it," he stated. On the widely reported N9 billion wardrobe allowance for senators and House of Representatives members, the speaker urged the press to endeavour to provide valid and adequate information to the public, adding that doing otherwise would endanger our democracy.

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L-R: Political economist and management expert, Prof. Pat Utomi; General Manager, Corporate Affairs, MTN Nigeria, Ms. Funmi Onajide; Group Enterprise Officer, Mr. Mteto Nyati and Chief Executive Officer, Mr. Michael Ikpoki, at a forum in Lagos.

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Why banks fail, by insurance corporation CONTINUED FROM PAGE 1

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meeting of the Society for Corporate Governance Nigeria in Lagos, Ibrahim asked banks to pay more attention to the implementation of sound corporate governance. “The special examination revealed that boards and executive managements in some banks were not equipped to run their institutions as their ineffectiveness manifested in the form of overbearing influence of some board members, ineffectiveness of board committees; non-

adherence to the CBN code of corporate governance and weak ethical standards amongst others,” a statement at the weekend by NDIC’s Head of Public Affairs, Hadi Birchi, quoted Ibrahim as saying. According to him, the problems of the affected banks informed the comprehensive reform embarked upon by the CBN, which emphasised enhancing quality of banks, financial stability and ensuring that the financial sector contributes to the real economy. Ibrahim reviewed the

various laws governing banking operations in Nigeria such as the Banks and Other Financial Act 1991, the Companies and Allied Matters Act, the NDIC Act, the CBN Act and the Failed Banks Act and expressed the need for more stringent sanctions to serve as deterrent to irresponsible and greedy behaviours. He cited the case of the recent move by the regulatory authority in the United Kingdom to enhance supervision and management of banks with emphasis on per-

sonal responsibilities of directors. He said both the UK Companies Acts 2006 and the recent tough new banking rules were compelling some bank directors to rethink their suitability and competence to remain as bank directors while some board directors resigned. According to him, in their bid to establish a robust and stable financial system to promote national development, supervisory and regulatory authorities also accorded priority attention to sound

corporate governance in their own operations. He listed some of the initiatives put in place by the corporation to promote sound corporate governance to include the adoption of a charter and code of corporate governance for its board, compliance with the code of corporate governance for all regulators under the auspices of the Financial Services Regulation Coordinating Committee, code of conduct for bank examiners and compliance with provisions of laws on disclosure and accountability.

News

NEW TELEGRAPH MONDAY, JUNE 29, 2015

N’Assembly leadership: APC state chairmen back Saraki, Dogara Johnchuks Onuanyim Abuja

ndications emerged yesterday that the state chairmen of the All Progressives Congress (APC) have thrown their weight behind the emergence of Senator Bukola Saraki as the Senate President and Hon. Yakubu Dogara as

Speaker, House of Representatives. The two-day meeting of the state chairmen held in Abuja last week did not fault the emergence of the principal officers of the Senate against the directive of the party last week. The National Assembly leadership has been a source of crisis in the ruling party in the last

one month. An APC state chairman, who attended the meeting and preferred anonymity, told New Telegraph that the Forum did not find any problem with election of presiding and principal officers of the National Assembly as they acted within their constitutional rights. According to him, the chairmen were

concerned that party supremacy within the constitution of the party must be observed. He stated that there was no disagreement among the chairmen at the meeting. He said: "At our meeting in Abuja, we aligned ourselves with the party on the position of the president and the position of the national

chairman. There was this view among us that the position of Senate President, Deputy Senate President, Speaker and Deputy Speaker are things that we don't have option than to accept because it is the constitutional right of members of the National Assembly to elect their principal officers and their presiding officers.

"We believe that there must be party discipline. We also cautioned everybody to stop making comments that can aggravate the situation," the source said. The chairmen had last week after their two-day meeting issued a communique calling on the leadership of the party to guard against insubordination.

Oyegun: We all made mistakes CONTINUED FROM PAGE 2

Chairman, National Drug Law Enforcement Agency (NDLEA), Ahmadu Giade with Director-General, Mrs. Roli Bode George, during the International Day against Drug Abuse and Illicit Drug Trafficking in Lagos…at the weekend.

Govs’ pay cut cosmetic, says Ajibola Kunle Olayeni Abeokuta

former AttorneyGeneral of the Federation and Minister of Justice, Justice Bola Ajibola (SAN), yesterday described as “cosmetic and window-dressing” the recent salary cut of some state governors and reduction in the jumbo allowances of National Assembly members. Ajibola, a former World Court judge, said the state governors and federal legislators needed to effect a drastic reduction in their spending to save Nigeria from capitulating under the stress of financial crisis. He spoke with reporters in Abeokuta, the Ogun State capital, shortly after this year’s Ramadan lecture organised by the Islamic Mission for Africa (IMA), which he founded. It will be recalled that some state governors have announced a reduction in their salaries and the number of ministries in their respective states to save cost following the inability of several state

governments to pay workers’ salaries. Similarly, the Senate President, Dr. Bukola Saraki, declared that the National Assembly budget has been reduced from N150 billion to N120 billion in line with the clamour for downward review of the salaries and allowances of federal lawmakers. But fielding questions from journalists, Ajibola faulted the type of pay cut by the governors and legislators, saying their action was not enough. "It is not enough; they are just still scratching it. It is cosmetic and windowdressing. They should reduce the whole thing drastically and whether they like it or not, it’s bound to come," he said. The former minister, however, noted that the reality of the drop in oil price at the international market and refusal of oil cartel to buy Nigeria’s crude again would force the nation’s ruling class to drastically cut down their excessive spending. He expressed regret that majority of Nigerians are wallowing in ab-

ject poverty while their leaders and the political class are displaying excessive wealth and opulence. Ajibola warned that failure to put in place urgent measures to address Nigeria’s parlous financial situation, the country’s Naira may become worthless and further escalate inflation rate. He added: "The situation will soon come because what we had all the time been selling is oil and if nobody is buying the oil again – if the cartel made up their mind not to buy from us again – we shall definitely be in problem. "We shall go from that top down to the end of our time because there will be nothing left again. We will be left with confetti – the paper that is worthless and then, you’d find that you want to buy a loaf of bread for N1 million because it’s just ordinary paper. It will be a sad thing. “Unless we stand up and do something now and reduce the spending by all these politicians to the barest minimum, we will get into trouble and the trouble is gradually rearing its head. We must

have seen the escalation of gangs of robbers going about disrupting places – in Lekki, Ikorodu, IjebuOde and things like that. It’s coming when people will now start to take the laws into their hands.” The former justice minister urged President Muhammadu Buhari to decisively tackle the perennial violence of Boko Haram sect with "military and political solution." He also advised the president to wade into the leadership crisis rocking the Senate and House of Representatives, saying the problem must not be allowed to further degenerate in the interest of the nation. The lecture, tagged "World peace: Islamic injunctions and the roles of Muslims," was attended by notable personalities, including the Secretary-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), Prof. Ishaq Oloyede; Chief Imam of Egbaland, Sheikh Liadi Orunsolu and Imam of Islamic Centre for Dawah and Research, Dr. Ibrahim Mustapha.

off the table. Everything depends on how the parties in the dispute handle themselves in the next few days.” He, however, said despite the situation, the party's wish on all issues would prevail. “The party will always be supreme. The party provided you with the platform anyway. For anybody working against the interest of the party should know that the day of reckoning will come and they will know that the party is indeed supreme. The party supremacy is always there. Ambition may blind people temporarily, but we will come around to it inevitably. “If a child says he does not respect his father and disown his father, there are consequences and these are laws of nature,” he stated. Oyegun also said the party had been in talks with Dogara after the list of principal officers was sent to the House. “Of course, we have spoken,” he said. When prodded on the rejection of the list he sent to Dogara, Oyegun said: “Let us leave it at that. We discussed and we are going to continue the dialogue.” The APC national chairman dismissed the allegation that he collected bribe from some vested interests on the National Assembly leadership. “I am disappointed, but I have a reputation that I have built up from 1976 and the ambitions of people in politics will not rob me of that. It is unfortunate, dirty, unnecessary and very unbecoming. That is the way some people want to fight, but I am not engaging or answering them. But the truth, at the end of the day, will prevail. “As governor and permanent secretary, nobody ever accused me of taking bribe and just suddenly, people are

blackmailing me of collecting bribe. So unfortunate. “If I wanted to take bribe, I would have done it when I came back from exile. I was in exile for four solid years. When I came back, I was distressed economically and I would have run into PDP ranks and live very good life. But I didn’t do that, I put up with all the depravation for so many years. So, if anybody tells me now that I am taking peanuts from individuals in politics, the person must be totally out of his mind. “If what was going around in the days of the PDP did not lead me into temptation, is it now at the twilight of my life that I will start taking peanuts? What am I doing with it? I don’t have a house or land in Abuja to maintain, so what is it for? Is it at 76 I want to be building estates? It’s just stupid and silly. “For those who are doing that, there is a nemesis. And when you start to destroy somebody’s reputation unjustly, there is a nemesis,” Oyegun said He also dismissed the celebration of the opposition Peoples Democratic Party (PDP) over the crisis in the APC, saying it will be short-lived. “Their celebration is natural. When we were in opposition, we celebrated their difficulties and magnified it. Let them have their celebration, which of course will be short-lived. Our target is to keep our promises with the Nigeria people,” he added. He, however, admitted that the crisis had become distracting to the APC-led administration. “Of course, naturally, there is a bit of distraction, but we are still focused. We are operating on two lines, those managing the crisis and those ensuring that we do not lose our bearing in terms of service delivery," Oyegun stated.

News

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

APC chief warns of fresh crisis over national leader status lN'Assembly recess to ease pressure on Buhari over ministerial list

Donald Ojogo Abuja

s the ruling All Pro g ressives Congress (APC) continues to grapple with the challenges posed by the unexpected emergence of the leadership of the National Assembly, a fresh tussle is brewing in the party. This has to do with the status of some specific leaders amongst the APC hierarchy. "Who is what, who is number one in the party ladder, is a major challenge now’, a member of the party’s national caucus confided in our correspondent at the weekend. The APC has been embroiled in a crisis since the emergence of Senator Bukola Saraki as Senate president and Hon Yakubu Dogara as Speaker of the House of Representatives. Both had emerged with the support of the opposition Peoples Democratic Party (PDP) against the wish of the APC. The crisis has festered for over three weeks without clear signs of resolution. But the APC chief said the issues surrounding the challenges elicited by the emergence of both Saraki and Dogara "are far less significant than the monster of the status war’ within the party." “To me, all these matters relating to the National Assembly leaders tussle

are not things to worry about because they come and go as things progress in the parliament. “Both Saraki and Dogara should only pray not to offend the PDP which played the spoiler role to give them prominence on the floor of both chambers of the National Assembly. “If only party leadership can face the truth and say it as it is, then we will cross over this mess called the National Assembly crisis. I see nothing too serious about it because the challenges we are talking about are far less significant than the monster of the status war within the party; it is status war, ego trip, no more no less. “If some persons did not think they did more for the party and deserve eternal privileges, while on the other hand others did not see such as a slight on them that no singular individual is more important than the others, the National Assembly crisis would not have come up in the first place. “Some of us saw this coming and quietly warned of the possible consequences but we were ignored until people started making blunders in their public statements and this has further ridiculed the party leadership,” he said. He disclosed that although President Muhammadu Buhari could not be blamed for the festering crisis ‘the fact that some persons around him might

Oil vandals endanger $23bn anti-theft investment Adeola Yusuf

he Federal Government's $23 billion investment planned for the Horizontal Directional Drilling (HDD) pipeline technology, to stop oil theft, is being threatened by vandals, New Telegraph has learnt. The technology, held in high esteem for its effectiveness in pipeline security all over the world, has already been defied in Nigeria. The government's effort to check the excesses of vandals, it was learnt, made it to deploy HDD over a year ago to protect the pipeline from thieves accessing oil in Ije-Ododo and Arepo. Investigation, however, revealed that the vandals' network in Ije-Ododo, a suburb of Lagos and Arepo, a town near Lagos in Obafemi Owode Local Government of Ogun

State, are already defiling the pipelines. A consultant, who was a former Chief Security Officer (CSO) of one of the International Oil Companies (IOCs), said: "Nigeria has defied HDD. This is because there is a strong network of vandals, which involves the top military personnel, NNPC engineers and some businessmen. In this case, you need technology, but you need strong will to make the technology work. "The security of pipeline in Nigeria is a different kettle of fish; it goes far beyond technology. The human factor must first be adequately addressed by a strong political will.” A document from the Pipelines and Products Marketing Company (PPMC), which is in charge of the pipeline, confirmed the deployment of the HDD technology, which the company's Managing Director, Prince Haruna Momoh, had earlier promised.

exploit the situation cannot be ruled out." The APC chieftain expressed surprise that both chambers of the National Assembly adjourned for recess till July 21 without any sign of worry from the presidency. But another source said it was possible that the president might have welcomed the recess to avoid unnecessary pressure from party leaders over the list of ministers. The source, a senator from the South-West said a section of the APC leadership was envious of some

leaders whose profiles gave birth to the current administration. "Anybody who ignores the sacrifices and contributions of Asiwaju (Bola Tinubu) in this journey is only envious because the man gave his all; he made it possible for us to have this change. Presidency is presidency, but the real leader is known whether people like it or not," he said. New Telegraph gathered that the recent verbal war between the APC National Publicity Secretary, Alhaji Lai Mohammed and

Buhari’s Senior Special Assistant on Media and Publicity, Mallam Garba Shehu, were signs of the frosty relationship among the APC leaders. In a live television programme in the early days of the National Assembly crisis, Mohammed had described Buhari as a product of the party and not the APC leader. But the presidency fired back a few days later, saying any comment that doubted the president as the leader of the APC should be ignored. Curiously, a few days

after Shehu’s reaction, posters and banners of a former Lagos State Governor, Senator Bola Tinubu, disappeared from the APC national secretariat in Abuja. His banners were hitherto pasted side by side those of the Buhari and Vice-President Yemi Osinbajo. Efforts to reach the leadership of the APC for reaction were unsuccessful as Mohammed’s mobile line was not available but his deputy, Mr. Timi Frank, whose phone rang, did not pick his calls.

L-R: Managing Director, Med-View Airline, Alhaji Muneer Bankole; Commissioner of Police, Airport Police Command, Mr. Taiwo Lakanu; Deputy Managing Director, Med-View Airline, Mr. Lookman Animashaun and Head of Operation, Capt. Godfree Ogbogu, during the commissioner’s visit to the airline in Lagos. PHOTO: TONY EGUAYE

Northern elite, oil barons behind APC crisis -Akande Wale Elegbede

he former interim national chairman of the All Progressives Congress (APC), Chief Bisi Akande, has described the crisis rocking the ruling party over the composition of principal officers of the National Assembly as a conspiracy aimed at hijacking the party before the 2019 election. In a statement issued yesterday, the former Osun State governor noted that the current impasse in the party is the handiwork of the defunct New Peoples Democratic Party (PDP) members in the APC, polluted interests in the business sector, some Northern elites, and the Nigerian oil subsidy barons. According to Akande, after the March 28 elections won the APC, a meeting was held by certain old New PDP leaders in Alhaji Kawu Baraje's house at Abuja to review what should be their (former New PDP members) share in Buhari's government. He noted that the group resolved to seek collabora-

tion with PDP with a view to hijacking the National Assembly with an ultimate aim of resuscitating PDP as their future political platform. The statement reads: “Unknown to most APC members, while Senator Bukola Saraki was being adopted as the candidate for Senate President by certain old New PDP tendencies, the theory was being propagated that, like in most presidential democracy, the APC minority leaders in the old National Assembly (George Akume for the Senate and Femi Gbajabiamila for the House of Representatives) should automatically become Senate President and Speaker respectively now that APC has the majority. “Numerous among those calling themselves businessmen in Nigeria are like leaches sucking from the nation's blood largely through various governments and particularly through the Federal Government. While all these schisms were going on in the APC, those who were jittery of Buhari's

constant threat of anticorruption's battle began to encourage and finance rebellions against the APC democratic positions which led to the emergence of Senator Bukola Saraki as the candidate of the PDP tendencies inside and outside APC. “Before the party knew it, the process had been hijacked by polluted interests who saw the inordinate contests as a loophole for stifling APC governments' efforts in its desire to fight corruption. Most Northern elites, the Nigerian oil subsidy barons and other business cartels who never liked Buhari's anticorruption political stance are quickly backing-up the rebellion against APC with strong support. While other position seekers are waiting in the wings until Buhari's ministers are announced, a large section of the South-West see the rebellion as a conspiracy of the north against the Yoruba. “What began as political patronages to be shared into APC membershipspreads among ethnic

zones, religious faiths and political rankings and experiences have now become so complicated that the sharing has to be done by and among PDP leadership together with cohorts of former New PDP affiliations in the APC, by and among gangs of past antiBuhari's Presidency, and certain APC legislators and party members who dance round the crisis arena to pick some crumbs. “Now that the whole conspiracy has blown open, it is doubtful if the present institutions of party leadership can muster the required capacity to arrest the drift. It is my opinion that President Buhari and the APC governors should now see APC as a wrecking platform that may not be strong enough again to carry them to political victory in 2019 and they should quickly begin a joint damage control effort to reconstruct the party in its claim to bring about the promised change before the party's shortcomings begin to aggravate the challenges of governance in their hands.”

NEW TELEGRAPH monday, june 29, 2015

human rights group, Move on Nigeria, which promotes democracy and good governance has described as another tissues of lies the rumours making round that President Jonathan sold an Oil Block for $1.85Bn but remitted only a $1000m to government coffers. The group charged the media and the ruling All Progressives Congress (APC), to stop misleading

N’Assembly crisis over in two weeks, says Alasoadura Babatope Okeowo Akure

arring any further hitches, the crisis rocking the National Assembly will be resolved within the next two weeks, the Senator representing Ondo Central senatorial district in the Senate, Chief Tayo Alasoadura has predicted. This development came as the All Progressives Congress (APC) in Ondo State asked Nigerians to hold the Senate President, Dr. Bukola Saraki and the Speaker House of Representatives, Hon. Yakubu Dogara responsible for the fracas in the National Assembly. Alasoadura who spoke with journalists at his country home in Iju in Akure North local government area of Ondo State, at the weekend after a thanksgiving service said the leadership of the APC, was working round the clock to end the crisis in the party and the National Assembly. According to him, there is no fundamental differences among members of the ruling APC in the National Assembly and that all the perceived differences would be over in matter of days. Alasoadura who was one of the senators that supported Dr Bukola Saraki to emerge as Senate President denied the existence of faction in the party ad National Assembly saying what people perceived as crisis is a family affairs that would be resolved in few weeks time. Also, he said he would set up six constituency offices in each of the local governments in his senatorial district so that he could get feedback from the people of his constituencies in order to bring dividends of democracy to the grassroots.

News

national

Jonathan administration never sold oil blocks — Group l Accuses Shell of inappropriate conduct the public. ‘We have good and evil and unfortunately we live in a country where truth has taken flight and lies are told by political elites without recourse to good rationale. Sadly those spreading lies and making unsubstantiated allegations are not inspiring support for President Buhari. It can be recalled that prior to her scheduled meeting with President Muhammadu Buhari, the Secretary General of NEITI, MS Scot Clare, had alleged that the Fed-

eral Government under President Jonathan, sold an Oil block for 1.85 billion and remitted only $100 million to the Federation Account. The governing party had since been reechoing these allegations without making any effort to verify or substantiate them. In a statement issued to Journalists in Lagos and signed by the National Coordinator of the group, Mr. Clem Aguiyi, the group dismissed Clare’s statement as ‘ignorant and mischievous’. ‘Who

is the buyer of this block and how was this payment made?’ He queried. Aguiyi flayed a section of the media, for aiding falsehood against the former President describing them as lazy hands, who have been compromised, making it impossible for them to ask simple questions or conduct critical investigation on issues. ‘’The facts remain verifiable that at no time throughout the life of the Jonathan government was there any sale in whatever form of any oil

block. Neither was there a time Jonathan awarded an oil block to himself , family or cronies’ for that matter’’,’ Aguyi noted, He challenged anyone with evidence to the contrary to come up with them. It would be recalled that the country was completely paralyzed a few weeks before the May 29 handover following politically motivated strikes and protests by members of PENGASSAN and NUPENG over the purported sale of OMLs 4, 38 and 41 to some foreign interests.

L-R: Consultant, Psychiatry, Dr. Keshinro Ajibola; Chairman, Lagos State Inter-Ministerial Drug Abuse Control Committee, Dr. Moyosore Adejumo; Permanent Secretary, Ministry of Special Duties, Dr. Aderemi Desalu; Permanent Secretary, Ministry of Health, Dr. Modele Osunkiyesi and state’s Commander, National Drug Law Enforcement Agency (NDLEA), Mr. Aliyu Sule, at a public lecture on the commemoration of International Day Against Drug Abuse and Illicit Trafficking in Lagos. PHOTO: TONY EGUAYE

Rescue our colleagues from abductors, VCs tell Buhari Yekeen Nurudeen Abuja

orried by the spate of abduction of university teachers across the country, Vice Chancellors of Nigerian universities have condemned the recent abduction of a serving Vice-Chancellor, Professor Rosemund Osahogulu, of the Ignatius Ajuru University of Education, Port Harcourt, and a former Vice-Chancellor, Professor Albert Ilemobade of the Federal University of Technology, Akure. They have accordingly, called on President Muhammadu Buhari, to act quickly by ordering relevant security agencies to ensure safe release of their abducted colleagues.

The VCs under the auspices of the Association of Vice-chancellors of Nigerian (Federal, State & Private) Universities, made the call in a statement issued in Abuja at the weekend. The statement signed by the Secretary General of the Association, Professor Michael Faborade, described the abduction of the Vice Chancellors as worrisome. Foborade, said the kidnapping of Osahogulu and Ilemobade, was more worrisome because their where-about have not been established. The statement reads in part: "The Association of Vice-chancellors of Nigerian (Federal, State & Private) Universities, hereby condemns in very strong terms, the recent kidnapping of serving

Vice-Chancellor, Prof. Rosemund Osahogulu of the Ignatius Ajuru University of Education, Port Harcourt, a former ViceChancellor, Prof. Albert Ilemobade of the Federal University of Technology, Akure. "What has made these kidnappings worrisome is the fact that since the two were abducted, there had been neither contact nor news about their whereabout. "Considering their age and state of health at the time of the incident, we call on Mr. President and Commander-in-Chief of the Armed Forces, the Governor of Rivers State and all the relevant security agencies to, as a matter of urgency, take necessary action to ensure the safe release of our colleagues.

Army to punish soldier over robbery Flora Onwudiwe

he authority of the Nigerian army has said that it has initiated move to punish a soldier caught in armed robbery and tasked its relevant officers to carry out detailed investigation on the allegation brought against the soldier and to take appropriate actions against him. A statement from the 14 Brigade of the Nigerian Army in Ohafia Abia State, said it frowns greatly at the actions of one Lance Corporal Itugbu Augustine Omorodion who was arrested by the Nigeria Police personnel in Aba, Abia state for alleged robbery. The statement signed by the spokesman of the Brigade, Captain Sydney Mgbemena said: “The Brigade condemns the alleged action of the soldier in its entirety, noting that it is wrong for personnel who has the constitutional powers of protecting the citizenry to turn against them.” It said the soldier had no business being in Aba at the time the he was alleged to have committed the crime, adding that, “he was granted five days pass to visit his family in Benin prior to the incident. Instead of proceeding to Benin he diverted to Aba allegedly to hatch the crime.

Certificate forgery: Group accuses Buhari of evasion of service Tunde Oyesina Abuja

he Incorporated Trustees of Advocacy for Societal Rights Advancement and Development Initiative (ASRADI), yesterday accused President Mohammed Buhari, of evading service of the process it earlier filed before the Federal High Court sitting in Abuja, seeking to stop the Chief Justice of Nigeria, Justice Mahmud Mohammed from swearing him in as president. Listed as respondents in the suit are; Buhari, the Independent National Electoral Commission (INEC) and the Chief Justice of Nigeria. Counsel to the group, Philips Ekpo, said that counsel to Buhari, Lateef Fagbemi, SAN, who had earlier filedV a memorandum of appearance,

when an ex-parte application was brought to the hearing, did not only rejected service at his chamber but also failed to appear when the case came up last week. He said that the Chief Justice of Nigeria did not appear and was not represented even though he was duly served the court process. He, however, noted that service on Buhari, was rejected at Aso Villa Gate. At the last adjourned date, one Chima Okereke, had appeared for Buhari, but rejected service of the process in court. INEC was represented in court by Abdulaziz Sani. At the last hearing, the trial judge, Justice A.R Mohammed, suggested July 3 for hearing but Okereke, said he would not be available until after the vacation.

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Metro

We killed FUTA’s ex-VC in his sleep –Domestic staff

The late Ilemobade

Babatope Okeowo Akure

omestic aides of former Vice-Chancellor of the Federal University of Technology, Akure (FUTA), Prof Albert Ilemobade, have told the police how they sneaked into his bed-

Babatope Okeowo Akure

he National Drug Law Enforcement Agency (NDLEA) in Ondo State at the weekend said it had seized 61,298.474kgs of cannabis sativa

ABIODUN BELLO FEATURES Editor

abiodun.bello@newtelegraphonline.com

room at night and took his life. According to the police, the two men, the driver and the gateman, slaughtered Ilemobade last Monday, dumped his body in his car park. They also poured diesel on the body and fled in his car. The suspects, identified simply as Yemi and Daniel, had made the crime to look like a kidnap.

The family of Ilemobade expected the supposed kidnapers to call for ransom but to no avail. In order to make it easier for the supposed abductors, the family and church members were sending text messages to Ilemobade’s mobile phone numbers so that they could be reached. However, his body was dis-

covered yesterday in his car park in Akure, the Ondo State capital, after he was allegedly slaughtered by his driver and the gateman. The former VC was declared missing last Monday after he could not be found in his bedroom. Efforts to locate him proved abortive. The thinking was that he had been kidnapped alongside his driver and gateman until the men were arrested yesterday by the police in Ogun State. Giving details of how the body was found, Venerable Ayodeji Fagbemi, who spoke for the family, said some policemen from Ogun State called him after the church service yesterday that he should come to the house of the Ilamobades at Ijapo. Being the head of the church, which the former VC attended, he rushed there only to find out that both the driver and the gateman were there to lead the policemen to the place where the remains were kept. According to him, Yemi and Daniel confessed that they killed Ilemobade and poured diesel on his body so that the odour of the decomposing body would not be detected on time. He said the policemen had removed the remains to the mortuary for further investigation. A police source said the suspects were apprehended while trying to sell the car of the deceased in Ogun State. The Ondo State Police Public Relations Officer (PPRO), Wole Ogodo, said some people were arrested in connection with Ilemobade’s death. He, however, said the details would be made known today.

Septuagenarian defiles four-year -old girl Uchenna Inya Abakaliki

70-year-old man, Omena Nzogbu, of Okwuanyi Onu village at Umuezeokaoha community in Ezza North Local Government Area of Ebonyi State was caught at the weekend while allegedly defiling a four-year-old girl (name withheld). One of the witnesses, Robinson Nwokwu, said the man molested the girl at a farm. Nwokwu said Nzogbu was farming when he saw the girl and asked her to fetch water for him at a near-by stream. He said: “While the girl was fetching the water, Nzogbu went to meet her and started defiling her. The cry of the girl attracted me and some other people who were farming in the area to the scene. “By the time we got get there, blood was already gushing out from the girl’s private part. So people kept coming there to see things for themselves. “The man would have been lynched by angry mob but for some people who rushed to report the matter to the police. The police rescued the man and then directed us to take the girl to the hospital for medical examination.” When contacted, the state Police Public Relations Officer (PPRO), DSP Chris Anyanwu, said he heard about the incident but was awaiting official report from the Ezza North Divisional Police. He said the suspect would be paraded after investigation.

NDLEA seizes 61.2kg of hemps also known as Indian hemp in the last six months. The command also said it had arrested 75 people in connection with drug-related offences while 18 persons had been convicted to various jail terms within the period under review. The state NDLEA Commander, Mr Mohammed Sokoto, disclosed this at the commemoration of the United Nations International Day against Drug Abuse and Illicit Trafficking. According to him, the com-

mand destroyed an estimated 342.32 tonnes of Indian hemp plantation in the state. Commending the state government for its efforts in eradicating drug business and consumption among the people, Sokoto said the government was ahead of the agency, in this regard, through a robust and vigorous programme of crop substitution for cannabis planters across the state. He said: “No doubt, the Cocoa Revolution Initiative (CRI) is the most practical step to-

wards eradication of cannabis plantation on the one hand and an economic revolution on the other for a sustained socio-economic growth and development of the state. “At this critical time when the country is experiencing economic downturn and with Nigeria operating on a monocommodity oriented and import dependent economy, the state government’s cocoa revolution initiative would not have come at any better time than now.” Sokoto implored the canna-

bis planters to embrace the lucrative agro-economic initiative of the government. He added that the agency would continue to support other laudable developmental projects of the government and ensure drastic reduction of drug abuse and illicit trafficking. In her remark, wife of the Ondo State governor, Mrs Olukemi Mimiko, said the government was making progress through the support of the NDLEA to eradicate cannabis production and consumption.

Metro 11

NEW TELEGRAPH MONDAY, JUNE 29, 2015

Suspected criminals held for robbery, abduction, cultism Taiwo Jimoh

olice said they had arrested some suspected kidnappers, cult members, armed robbers and car snatchers at different locations in Rivers State. The suspects were arrested by police detectives. The police recovered one AK 47 rifle, five AK

The suspects and recovered arms

City Briefs

47 magazines, 152 rounds of 7.62 live ammunition from kidnappers at their hideout at Abulomo area. The state Police Public Relations Officer (PPRO), DSP Ahmad Muhammad, said that on June 21, at 5:40am, a team of anticultism unit, on a tip-off, stormed Rumuekini forest and arrested 69 suspected cult members. According to him, two

suspects sustained injury during a gun duel with the policemen. He added that the police recovered two pump action guns, nine live cartridges and a Toyota Camry from the suspects. Muhammad said that on June 22, at 2pm at Borikiri Sand-fill area, men of the anti-cultism unit arrested another six suspects who specialised in

car-snatching within the metropolis. According to him, about 4:10pm on June 25, at Ogale-Nchia, Eleme, anti-robbery unit of Eleme Police Division, acting on a distress call, engaged in a gun duel some suspected armed robbers using military uniform to rob on the highways. Two of the suspects sustained injuries during the shootout. The PPRO added that the police recovered one pump action gun, one locally-made pistol, 15 live cartridges, one red mask and charms from them.

Cultists stab teachers

Hoodlums almost killed me at Seme –Journalist

Uchenna Inya

Camillus Nnaji

Abakaliki

rmed men suspected to be cult members invaded Shekinah Secondary School, Abakaliki, Ebonyi State and injured three teachers and a student. The cult members attacked the school because one of them, an SS2 student (name withheld), was punished for lateness. The victims are Udu Emmanuel, Uguru Vincent, Chita Mathew and the sanitary prefect. The school proprietor, Pastor Nicodemus Musoanya, said the SS2 student was a cult member and had attended school late last week. According to him, the teachers attempted to give him some lashes of cane as punishment for lateness but he resisted. Musoanya said the student left the school in anger and came back with fierce looking boys armed with cutlasses. He added that the armed men flogged the teachers and inflicted machete cuts on them. The proprietor explained that other teachers sustained varying degrees of injuries while attempting to escape from the attack.

journalist, Otunba Yomi Olomofe, has disclosed that some hoodlums almost killed him at Seme, a border town between Nigeria and Republic of Benin. Olomofe, who spoke at a briefing yesterday, called on the Inspector General of Police, Solomon Arase, to investigate the matter and give him and his family full police protection. According to him, he fainted after over 15 hooligans brutalised him. Olomofe said on June 25, he was invited by the Customs at Seme border because a correspondent of Tide magazine was doing a story which perhaps he was asked to drop. He said: “I never read any meaning to my invitation. After the meeting, I came out to see over 15 hoodlums led by one Alhaji Momoh also called

Basket. “Basket asked his boys to attack me, saying that after killing me, other journalists would see it as a deterrent not to do some stories on smuggling activities at Seme border. Basket told me he had also killed people in the past and nothing happened. I was beaten severely on my head until I passed out. “It was at that juncture that the Customs personnel started shooting into the air to scare people away. They then took me to a hospital.” Efforts to speak with the Assistant Comptroller of Customs, Ibrahim Turaki, in charge of imports at the unit, were not successful as his mobile phones were switched off at press time. But Olomofe described his attack as unwarranted. He said: “My battering and attack remain what I could not comprehend.”

Olomofe after the attack

Deeper Life Church donates patrol van to FRSC

Nasarawa community cries out over robbery attacks

Taiwo Jimoh

Caleb Onwe Abuja

n armed gang, which has been unleashing terror on Nasarawa and its environs, has launched another robbery attack on the residents of Auta-Balefi, one of the most strategic towns in Nasarawa State. Auta-Balefi, located on Abuja-Keffi Expressway, plays host to one of the largest congregation of the Living Faith Church (Winners Chapel) popularly known as Goshen City and the Bingham (ECWA) University. The residents of Mission village, a segment of the community, said the robbers stole money and other valuables. “The area that was once peaceful has turned to a place where you can no longer sleep with your two eyes closed,” one of the victims said. Rev Alex Ukachukwu, the proprietor of ICI International Academy, narrated how he has suffered psychological trauma following threat to life calls from an unknown number.

Army investigates soldier caught for armed robbery

Akpabio cutting the tape during the presentation of the Hilux van

Camillus Nnaji

eeper Life Christian Church Ministry donated a Toyota Hilux van to the Federal Road Safety Commission (FRSC) RS2.23 Unit Command, Mowe, at a ceremony held at the church camp on Lagos-Ibadan Expressway, Ogun state. The General Superintendent of the church, Pastor William Kumuyi, who spoke through Pastor John Akinwade,

said the gesture was in line with the church’s objective of partnering the FRSC in keeping the expressway safe. He said: “Our gesture is in answer to the request of the sector to help join FRSC keep the expressway safe. One way we want to achieve zero-road accident is if we all come together to tackle it. Road accident is an obstacle to God’s plan of long life.” Receiving the ve-

hicle on behalf of the unit, Zonal Commander FRSC, Zone 2, Lagos and Ogun states, Assistant Corps Marshal, Charles Akpabio, thanked the church for identifying with the commission in one of its challenges, which was provision of patrol vehicles. The zonal commander said the commission had stepped up partnership with other stakeholders too because government could not do it alone.

he Nigerian Army said it had initiated steps to punish a soldier arrested for armed robbery, adding that it would not tolerate personnel with such tendencies within its fold. The 14 Brigade of Nigerian Army located at Ohafia in Abia State said it had asked its relevant offices to carry out detailed investigation on the allegation levelled against the soldier and take appropriate actions. The brigade said in a statement by its spokesman, Captain Sydney Mgbemena, that it frowned at the actions of one Lance Corporal Itugbu Omorodion, who was arrested by the police in Aba, Abia State for alleged robbery. The statement reads in part: “The brigade condemns the alleged action of the soldier in its entirety, noting that it is wrong for personnel who have the constitutional powers of protecting the citizenry to turn against them.” It added that the soldier had no business being in Aba at the time he was alleged to have committed the crime. “He was granted five days pass to visit his family in Benin prior to the incident. Instead of proceeding to Benin, he diverted to Aba allegedly to hatch the crime.”

News

Johnchuks Onuanyim Abuja

he crisis in the All Progressives Congress (APC) took another dimension at the weekend when a National Working Committee member of the party blamed the crisis on President Muhammadu Buhari. The member, who preferred not to be named, said the inability of the President to take decisive position on party issues was responsible for the crisis in the party. According to him, Buhari’s continuous silence was capable of destroying the party. President Buhari, who contested on the platform of the APC, was sworn in on May 29. He said Buhari’s luke-

NWC member blames Buhari for APC crisis warm attitude to the issue of party supremacy had placed the National Chairman, Chief John Odigie-Oyegun, at the receiving end of blames for the party’s failure. He said Oyegun, who was always waiting to get directives from the President, who supposedly is the leader of the party, gets a bashing from other members of the party when he takes a belated decision that always fails. According to him, such belated decisions were the issues of conducting mock elections for the presiding officers of the

party for the 8th Assembly where Senator Ahmed Lawan and Hon. Femi Gbajabiamila emerged as Senate President and Speaker House of Representatives respectively and the recent letter to the Senate President, Senator Bukola Saraki and the Speaker, House of Representatives, Hon. Yakubu Dogara on the Senate Leader, House Leader and other principal officers of the Assembly by the party leadership. The APC NWC had written to the Senate President and the Speaker, House of Assembly on

the choices of the party for the principal offices of the Assembly, but the Senate did not adhered to the letter, but relied on the APC Senate caucus to elect its principal officers. The source told New Telegraph that the inability of the party to produce the Senate President and other leaders of the Senate of its choice was as a result of the President’s indifference. Buhari had before the convocation of the 8th Assembly said that he can work with anybody, therefore was not bothered over who emerges as Sen-

President, Rotary Club District 9125 of Jos, Mr. Santos Larab (left) with the District Governor, Rotary International, Mr. Tola Mogbeyi Omotsola, during the club’s end of the year valedictory ceremony in Jos …at the weekend.

Cephas Iorhemen MAKURDI

he Benue State government is to carry out staff audit before the commencement of payment of June salaries. The decision of the present administration to carry out the exercise, New Telegraph gathered, is not unconnected with the over 14, 000 ghost workers discovered on the payroll of government during the Gabriel Suswam administration in the state. Governor Samuel Ortom, who disclosed this at the weekend when the

Benue to embark on staff audit forum of former local government chairmen visited him in his office, said the decision became imperative in view of the need to flush out ghost workers in the service. The governor said avenues where there were financial leakages have to be blocked to ensure prudent and judicious application of resources. He explained that his government would use the N10 billion loan it is about to obtain from the bank to pay two months salaries in the first instance, begin-

ning with May after which that of June would be paid after the staff audit. He said his administration will also utilise the loan to tackle other challenges such as accreditation of courses at the College of Health Sciences at the Benue State University, Makurdi, as well as takeoff of the state House of Assembly and other pressing government businesses. The governor informed members of the forum that his administration will follow due process in all its dealings while stressing

the need for them to cooperate with it to succeed. Chairman of the forum and one time chairman of Ushongo local government area, Chief Mrs. Keziah Agundu urged the governor to be prudent, accountable, and tolerant, and accord the welfare of workers and pensioners top priority in his government. Mrs. Agundu urged the governor to forgive all his opponents, saying if he is able to pay salaries alone, his one hundred days in office would be meaningful.

Emmanuel bids security chiefs farewell A

kwa Ibom State Governor, Udom Emmanuel, has attributed the relative peace experienced in the state in the last couple of years to the extraordinary talent, professionalism and competence exhibited by the outgoing Director of the Department of the State Security Service (SSS),

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

NATIONAL

Mr. T. C. Minti and his Deputy, Mr. Fubara Duke. The governor stated this during a send forth dinner organised for the outgoing security chiefs in the state. At the occasion, the governor said it was difficult bidding them farewell as they have worked selflessly in the

discharge of their duties, thereby proving their mettle as security chiefs of the highest order. He said their degree of service intelligence have reduced crime to the barest minimum and commended them for the positive attitude towards service delivery. The governor spoke at

the dinner held in honour of the security chiefs. He said the people of the state appreciate their contribution to the security of the state; he also solicited for such commitment from officers of the department to enable their successors sustain the feat recorded in the state.

ate President or Speaker, House of Representatives. He maintained this position till the last minute for the election of the leadership of the Assembly. The NWC member stated that such statement was responsible for the members of the National Assembly to defiled instructions or directives from the party. He said the explanation by the Senate President, Senator Bukola Saraki that the party’s letter for the leadership of the Senate came late was as a result of the fact that Oyegun was expecting Buhari to say something on the Senate and House Leaders. He said: “When Senator Saraki and Hon. Yakubu Dogara emerged as Senate President House Speaker against the position of the party, Oyegun was expecting Buhari to give directives on the next line of action for the party.” He, however, stated that such directives did not come from Buhari and the APC National Chairman was reluctant to take directives from former Lagos State governor Bola Tinubu as the national leader of the party to avoid being tagged as disloyal to the President.

Buhari urged to be cautious of Wike Abubakari Abdul BIRNIN KEBBI

he Chairman, Northern Youths Political Vanguard, Kebbi State chapter, Alhaji Ahmed Ahmed, has called on President Mohammed Buhari to be careful of the River State Governor, Nyesom Wike, describing him as an agent of the wife of the former President Goodluck Jonathan, aiming to destroy his administration. Ahmed made the call at the weekend while addressing newsmen in his country home in BirninKebbi, lamenting over the scenario that brought him to power. He said Wike’s election was full of irregularities and as such the tribunal should remove him from that seat. “You see, the truth of the matter is that the former president, Goodluck Jonathan, wants to use Nyesom Wike for blocking their irregularities in the River State oil sector area and be feeding them with information from the present administration,” he stated. Ahmed added that the way and manner Wike is trying to witch-hunt former Governor Rotimi Amaechi is suspicious.

ALGON seeks bail-out over huge workers’ salaries Cajetan Mmuta BENIN

nable to continue to bear the pains of financial constraints, the chairmen of councils under the auspices of the Association of Local Governments of Nigeria (ALGON) drawn from 21 states of the federation are set to meet with President Muhammadu Buhari, for bailout. This move is coming on the heels of inability of councils to meet up with the problems associated with payment of salaries of local government workers in many states of the country. It will be recalled that council workers in Edo State and other states under the auspices of the Nigerian Union of Local Government Employees (NULGE) have, amid protests, held the council bosses and their states responsible even in the face of the dearth of funds by the local governments to embark on development initiatives for several months. Governors from the ruling All Progressives Congress (APC) had recently met with President Buhari

to seek for financial bailout to pave way for them towards relieving their states of huge debts and obligations. The council chairmen under ALGON said they were not happy with the plight of council workers and are determined to seek for possible solution with the present administration to get out of the present woods as well as meet with the peoples’ needs within their respective areas. Chairman of ALGON in Edo State, Mrs. Itohan Osahon-Ogbeide, who disclosed this in an interview with newsmen in Benin, the state capital, at the weekend, said the worrisome situation is not the making of the council bosses but rather a consequence of the nation passing through financial crisis. Osahon-Ogbeide said: “ALGON is equally in the process; you know we have 774 local governments in the federation and for you to come out and say you want to approach the President you must have been able to gather the facts from those local governments that are owing their workers.”

NEW TELEGRAPH MONDAY, JUNE 29, 2015

Presidency

Between Buhari’s age and performance

Politics A month in Buhari’s presidency Since May 29, President Muhammadu Buhari has been piloting the affairs of the nation without a cabinet. ANULE EMMANUEL reviews activities of the Buhari’s one-month-old presidency

he word ‘Change’ prior to the 2015 general elections, no doubt, was a household name in almost every part of Nigeria just like it became synonymous with the new Muhammadu Buhari administration in Nigeria’s political parlance. Nigerians indeed need change that would transform all sectors of the economy and improve their standard of living. Interestingly, President Buhari who comes with promises tailored in this regard, although may not be seen as a Messiah, is held in high esteem with the qualities and strong-willed character of a non-blemish and incorruptible personality that would deliver. But the nation’s challenges are enormous and the time and resources needed to combat them are in short supply. The belief, however, is that having prepared for the presidency and thrown the shots several times, President Buhari is abreast with the fact that Nigerians have been yearning for change that would propel speedy economic growth at all levels with their improved living conditions. The emergence of President Buhari therefore in the March 28 presidential election, no doubt, rekindled the hope of better days ahead. Having defeated incumbent President Goodluck Jonathan

AYODELE OJO

DEPUTY Editor, POLITICS ayodele.ojo@newtelegraphonline.com

Buhari in the Villa’s office

in the presidential election and sworn in on May 29, the president who understands that he has no time to waste in meeting the great expectations of Nigerians have since hit the ground running. From hosting diplomats and visiting Heads of State and Presidents who attended the inauguration ceremony to a gala night at the Presidential Villa, the President has also engaged the leadership of the armed forces to know the state of affairs regarding security of the country for further actions. He has equally embarked on foreign trips and met with world leaders, seeking for support in tackling the insurgency in the North-East as well as also taken major decision to stabilise the polity. But with the speed which Nigerians expect that the President will take off, he is yet to make any major appointment including that of his cabinet members. The President has since assumption of office only announced the appointment of his media aides, the State House Chief of Protocol and Accountant-General of the Federation. The crisis in both chambers of the National Assembly concerning the election of its leadership has however been

blamed on the delay.

The President... is yet to make any major appointment including that of his cabinet members

Day one: Power changes hands On May 29, the baton of leadership changed hands. At the Eagle Square in Abuja, the venue of the presidential inauguration, President Jonathan’s rein came to an end. General Buhari took over the driver’s seat of Nigeria’s leadership at an event attended by world leaders, diplomats and who is who in Nigeria. In keeping with his campaign promises to provide a more purposeful leadership for Nigerians, President Buhari and his vice, Prof. Yemi Osinbajo, shortly after taken the oath of office and allegiance, performed their first official assignment signalling the beginning of a new era with the hosting of heads of governments and presidents to a luncheon at the new banquet hall of the Presidential Villa. Of course, the event was organised to appreciate the foreign leaders for their patience and interest in witnessing how Nigeria made history with the smooth transition of power from a democraticallyelected president to another. Although, Buhari did not stay to the end of the luncheon, Vice-

President Osinbajo, who stood in for him, assured the visitors of Nigeria’s desire to strengthen diplomatic ties with friends, nations and working towards a beneficial foreign policy. The President later hosted guests and friends to a gala night where he thanked supporters and re-assured Nigerians of his government’s readiness to face headon, the task ahead. Day two: No activity Saturday May 30 passed without an activity, apparently Buhari and Osinbajo took off time to rest. Day three: Appointments On Sunday May 31, the President made his first appointments of close aides. He announced two officers, who barring any changes would in the next four years help manage his image and establish feedback mechanism for the administration. They both hold the portfolio of media and publicity. President Buhari announced Mr. Femi Adesina, a former Managing Director and Editorin-Chief of the Sun Newspaper as Special Adviser while Mallam CONTINUED ON PAGE 14

Politics

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

The Buhari’s presidency: C O N T I N U E D F R O M PA G E 1 3

Garba Shehu, a former President of the Nigerian Guild of Editors (NGE) like Adesina, was named Senior Special Assistant on Media and Publicity. On the same day, he also approved the appointment of Lawal Abdullahi Kazaure as the Chief of Protocol (SCOP) in the State House. Day four: Condolences The first day in the month of June also witnessed a low event at the Defence House. President Buhari issued two statements first, condoling the governor and people of Anambra State, over the unfortunate death of 60 persons who died when a petrol tanker crashed into a busy bus station in Onitsha. He described the incident as sad and unfortunate. On the same day, the President extended condolences to the Vice President of United States, Joe Biden, who had lost his son, Beau Biden, to cancer. Day five: Meeting with Service Chiefs On Tuesday June 2, the President was locked up in a crucial meeting with the nation’s security chiefs. Indeed, he had told Nigerians in his inaugural speech that three things that would be accorded immediate priority by his government are power, security and the continued problem of fuel scarcity across the country. The meeting with the top military officers lasted for over five hours. Of course, the military brass took time to brief the president on the state of affairs regarding the security of the country and the level of progress on the Boko Haram crisis in the North-East. One major decision that came from the extended meeting was the perfection of arrangement to finally move the Military Command-Centre on Boko Haram to Maiduguri, the Borno State capital. That all-important meeting which lasted for over five hours was attended by the National Security Adviser (NSA) to former President Jonathan, Colonel Sambo Dasuki (rtd); Chief of Defence Staff, Air Marshal Alex Badeh; Chief of Naval Staff, Vice Admiral Usman Jibrin; Chief of Army Staff, Lt. Gen. Kenneth Minimah; the Chief of Air Staff, Air Vice Marshal Adeola Amosu as well as the Inspector General of Police, Mr. Solomon Arase. The day was actually loaded for the President. The National Chairman of his party, the All Progressives Congress (APC), Chief John Odigie-Oyegun, had also visited with his National Working Committee (NWC) members earlier. The APC chairman told reporters after meeting with the President that: “I

led my colleagues in the NWC of the APC to pay their respects to the president.” He said that they were unable to do so before that time because they wanted the event to move to the ultimate climax which was his installation as President and Commander-in-Chief and that has occurred. Day six: The Niger/Chad trip On Wednesday June 3, President Buhari departed for Niamey, Niger Republic after being equipped with the necessary information to begin talks with the Nigerien government on how they could better cooperate with Nigeria in ending the insurgency in the North-East. During his stay in Niamey, he got the commitment of the country in rekindling its support to Nigeria in the fight against Boko Haram. “Your decision to move the military command of Nigeria to the North-East has further strengthened our conviction that the war against terrorism will soon come to an end,” Niger’s President Issoufou Mahamadou assured Buhari. President Issoufou gave an assurance that Niger will continue to support Nigeria in the fight against Boko Haram. On his part, President Buhari told President Issoufou that the Nigerian Army which had earned a good reputation across the world, remained a virile fighting force. Day seven: Talks on Boko Haram After conferring with the Niger President, Buhari proceeded to Chad Republic the following day, June 4, where he held meetings with the Chadian leader on similar security challenges and key role countries of the sub-region needed to play to assist Nigeria. While he was on the foreign trip to the two African countries, his vice, Osinbajo siezed the opportunity to visit Anambra State where he condoled with victims of the unfortunate fuel tanker accident and sympathised with the government and people of the state over the tragic incident. The Vice President made the visit on behalf of President Buhari. Buhari returned to the country on Thursday evening, and was received at the Nnamdi Azikiwe International Airport by top government functionaries and politicians. Day eight: Award for Danjuma Friday June 5 witnessed low turnout of events. The president had written to condole with the government and people of Ghana over the dual tragedy of flooding and fire outbreak which claimed scores of lives in the country.

President Buhari meeting with service chiefs at the Defence House.

Buhari in his farm at Daura, Katsina

For Buhari, while sympathising with the people of Ghana, the tragic event of the flood incident undoubtedly reminds leaders and governments in the West African sub-region of their responsibilities to the problem of global warming. Later in the evening of the same day, Osinbajo represented the president where the government conferred on General Theophilus Danjuma and five other Nigerians an environmentalfriendly award. The entire world was marking the day as the World Environment Day. Day nine/10: G-7 Summit In continuation of his consultations

across regional and continental borders, President Buhari on June 6, jetted out of the country and headed to Germany where he attended the G-7 summit for the first time. He had been invited to participate in some of the outreach programmes at the summit by the German Chancellor Angela Merkel even before he was sworn in on May 29. Nigeria is not a member of the group. Interestingly, the President during the two-day event interacted with other world leaders including the President of the United States, Barrack Obama; Secretary-General of the United Nations, Ban Ki Moon and secured their promises

One month not enough to assess Buhari – Ikedife Dr. Dozie Ikedife is a former PresidentGeneral of Ohanaeze Ndigbo

O Ikedife

ne month is not long enough to assess anybody. I think President Muhammadu Buhari is taking his time to assess and reassess the situation before he plunges into activities. I appreciate

that people expect a lot from him but I don’t think he should because of that start acting before thinking through it. I think he has to see through the whole thing and then set a target before he goes into action. I think prudency dictates that he should do a proper assessment and evaluation because there is a possibility that what he saw when he received the handover note is totally not what he expected and therefore it requires that he will do reappraisal of his plans, reassessment and re-

aligning his priorities, tactics and strategy. I believe that the delay in the nomination of the president’s cabinet may be part of the president’s plan. I understand that with the present situation of the country, he intends not to have too many ministers. So, he must know which ministry to squeeze into which; may be Aviation Ministry going into Transport and Water Resources going into Agriculture. When you are starting something totally fundamentally different, you must

think through it properly because people expect change and the change must be planned, so that you don’t jump from frying pan into fire. We want a change but not just any change. We want a change for the better; reduction of impunity, corruption and programmes that ought not to be continued. The president should look at the programmes on ground to see which one to continue, enlarge and stop. We need a proper circumspection before you look forward and get started.

Politics

NEW TELEGRAPH MONDAY, JUNE 29, 2015

One month after This singular position apparently calmed down the tempo with the party leadership also rescinding its earlier stand not to recognise Saraki and Dogara.

Wife of the President, Mrs. Aisha Buhari (second right) with mothers of the Chibok schoolgirls in Abuja.

President Buhari being welcomed by Germany’s Chief of Protocol, Mr. Juergen Mertuer, on his arrival at Schloss Elmau, Germany.

in assisting Nigeria end the insurgency. Specially, Germany, France and Canada assured the government of military and intelligence cooperation in executing the war against Boko Haram. Day 11: Trouble in the National Assembly President Buhari returned from the Germany trip on Tuesday June 9 and was scheduled to meet with Senators and House of Representatives members elected on the platform of the APC ahead of the election of their principal officers, a meeting which never held. His failure to attend the purported meeting sent a signal of his resolve that he had no interest in meddling in the

selection process of the National Assembly leadership. All through the day, Buhari and his team glued to the television watching events as they unfolded on both floors of the legislative chambers. Against the wishes of his party, both Senate President Bukola Saraki and Speaker of the House of Representatives, Hon. Yakubu Dogara, emerged in a process that was heavily criticised by the party’s leadership. But the President in his promised transparent and neutral posture issued a statement same day, insisting that he had no preferred candidate in that election and was prepared to work with whoever became the leaders in any of the chambers.

Day 12: Security meetings On June 10, President Buhari continued with another series of meetings. He met with the Chief of Defence Staff, Badeh; the Chief of Naval Staff, Jubril and the National Security Adviser, Dasuki to perfect arrangements for a meeting of Heads of State and Governments of the Lake Chad Basin Commission that had been scheduled to meet in Abuja the next day. Permanent Secretary in the Ministry of Defence, Ismali Aliyu, told reporters after the two-hour meeting that they were at the Defence House to brief the President on preparations for a scheduled meeting of head of states and presidents in Abuja to discuss on the Lake Chad Basin Commission (LCBC). Aliyu also said that the meeting discussed the citing of the operational headquarters of the Multinational Joint Task Force (MNJTF) deployed by the member states of the LCBC and Benin, to combat the Boko Haram terrorist group. Day 13: Buhari meets four presidents Having concluded discussions on plans for the meeting, President Buhari on Thursday June 11 met with Presidents Paul Biya of Cameroon, Mahamadou Issoufou of Niger Republic, Idriss Deby of Chad and Boni Yayi of Benin Republic, at the Nnamdi Azikiwe International Airport, Abuja, where they all agreed on providing the needed support for the operation of the MNJTF in tackling the menace of the Boko Haram sect in the North-East and the sub-region. Knowing fully well that Nigeria is worst hit by the insurgency, President Buhari did not hesitate to redeem an earlier pledge by the country of $100 million as funding to support the MNJTF. Nigeria had made the commitment under the Goodluck Jonathan administration to provide the task force with the fund as part of her obligation. He had during the meeting re-echoed the need to strengthen cross border patrol and intelligence sharing with more efforts targeted at limiting the insurgents’ capacity to access funds and weapons. A major decision which was agreed by the leaders at the Abuja meeting was to forward military requirements of the member states to the G-7 and seek the African Union support in tackling the Boko Haram insurgency. Day 14: Interacts with Chibok mothers It was a moment of tears at the De-

fence House on Friday June 12 when the President received two mothers from Chibok village, whose daughters are among the over 200 schoolgirls kidnapped by the Boko Haram insurgents more than a year ago. The brief event was attended by both the wife of the President, Mrs. Aisha Buhari and wife of the Vice President, Mrs. Dolapo Osinbajo. The President spoke to the women in both English and Hausa explaining that he keeps telling everybody to put themselves in their shoes. That moment provided Buhari and his wife as well as the wife of the Vice President to show that they are truly a father and mothers. Earlier in the day, President Buhari had also held meetings with the National chairman of the APC, Oyegun, before receiving a report from the Ahmed Jodaled transition committee. Joda and his team submitted an 800-page document containing observations and recommendations following a careful study of the handover notes that the APC transition committee received from the government of President Jonathan. Day 15: Attends AU summit In pushing further negotiations and seeking support for the fight against Boko Haram, the President on Saturday June 13 took the message to the 25th African Union summit in Johannesburg, South Africa. For the first time, he had the opportunity to chair the meeting of the Peace and Security Committee of the AU summit. While the President left the country, his wife, Aisha, hosted APC women and youths from across the 36 states to an appreciation dinner at the Presidential Villa, Abuja. At an event which was a gathering of the de cream de la cream, the President’s wife took time to caution politicians and associates of her husband on pursuing parochial interest other than the nation’s development. In South Africa, President Buhari advised African leaders to work strongly towards changing the face of the continent. He said leaders must deliver a continent “that is at peace with itself, prosperous, a global partner and a democratic showcase.” While lamenting the spate of crisis in the continent, the President approved the release of $21 million as part of the $100 million commitment to the operations of the MNJTF. He also seized the opportunity to interact with the Nigerian community in South Africa. Day 16 and 17: Age and performance At a ceremony which held on Sunday June 14, the president told a gathering of Nigerians in South Africa that considering his thinking for the country, he wished he had become President at a younger age. CONTINUED ON PAGE 16

The travelling President Anule Emmanuel

ince his assumption of office on May 29, President Muhammadu Buhari has embarked on four foreign trips. Two more are in the offing. The President is scheduled to go on other foreign trips immediately after the Ramadan fast. He will be in Cameroon for the high-level talks immediately after the fasting. On July 20, the president is expected to meet with the United States President Barrack Obama in Washington DC. The president had within the first four days of his administration travelled

to Niger where he held talks with President Issoufou Mahamadou in Niamey, on the need for improved commitment and cooperation in the fight against the insurgency in the North-East. Buhari like the popular adage, ‘used one stone to kill two birds’; he also paid a visit to the Chadian President, Idriss Deby Itno in N’Djamena, the Chadian capital. In both Niger and Chad, discussions centred on the insecurity in the NorthEast. The president was also in Germany where he attended the G7 summit on the invitation of the German Chancellor Angela Merkel. He participated in some of the outreach programmes since

Nigeria is not a member of the group. Buhari also attended the African Union (AU) summit in South Africa. Both in Germany and South Africa, the president took time to seek the assistance of the international community in fighting the insurgency in the country. The expectation of the new government is that in tackling corruption as well, there is need to get the assistance of some advanced nations including the United Kingdom, United States, Germany, France and a few others regarding efforts at repatriating stolen funds back to Nigeria when the need arises. Buhari has also made his position clear, that these countries are ready and prepared

to render such assistance. A statement by the White House on the planned visit to the US explained that Obama would host Buhari in a symbolic show of solidarity, during which they would discuss combating Boko Haram militants as well as economic and political issues. But no matter how often he embarks on foreign trips, it would be hard for President Buhari to beat the record of former President Olusegun Obasanjo who out of the 366 days in year 2004, spent 189 days outside Nigeria. . Noble Laureate, Professor Wole Soyinka, urged the president to embark on as many as possible foreign trips so far it will end the insurgency in the North.

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

He said: “How I wish I became Head of State when I was a governor, just a few years as a young man. Now at 72, there is a limit to what I can do.” This comment sparked off criticisms but immediately put into better perspective by his media aides. President Buhari returned to the country on Tuesday June 16.

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

A month in Buhari’s Presidency The suspicion is that the President may have not forgotten the involvement of the DSS in politics in the build up to the March presidential election. As it is presently, officers and men of the Army have since taken this position. Day 28: ECOWAS’ president at the Villa On June 25, the President granted audience to President of the Economic Community of West African States (ECOWAS) Commission, Mr. Kadre Desire Ouedraogo, where he restated his view that greater regional and international cooperation was needed to ensure victory over terrorism in Nigeria and other countries. He assured Ouedraogo that Nigeria would hold further consultations with other stakeholders to agree on a new date for the ECOWAS-ECCAS security summit on Boko Haram, earlier scheduled to hold in Malabo, Equatorial Guinea on April 8, 2015. The President also appointed Ahmed Idris as Accountant General of the Federation.

Day 18-22: Abuja, Daura and Ramadam After meeting with chieftains of the APC including former Vice-President Atiku Abubakar at the Defence House where he had been living, the President proceeded to Kaduna same day before proceeding to Daura, his village in Katsina State where he started his Ramandan fasting. He remained in Daura and continued with official functions, issuing statements of condolences and congratulations to some high profile Nigerians who celebrated birthdays while sympathising with the Chadian government for the twin suicide bombings which took place in the country’s capital. Day 23: Buhari moves to Villa President Buhari returned to Abuja on Saturday June 20 and proceeded straight to occupy his official residence at the Presidential Villa which had been under renovation since his inauguration on May 29. His wife, Aisha, had moved in with members of the first family on Thursday in the absence of her husband. Day 24 and 25: First day at work, meeting with the media The President spent his first night at the villa on Saturday and rested through Sunday June 21 to resume official duties at the Oval Office on Monday June 22. Since he occupied the Oval Office, it has been work all through. One of the official assignments carried out by the president at the Villa on the first day was his meeting with the Service Chiefs. The nation’s security chiefs including the Chief of Defence Staff, Badeh; Chief Army Staff, Minimah; Chief of Naval Staff, Jubril and the Chief of Air Staff, Amosu were at the presidential villa where they briefed the President on further developments regarding strategies of tackling the security problems being faced by the country. One highpoint of the meeting was a directive from the President for the removal of all military checkpoints on the roads with exception of areas perceived by the military as susceptible to Boko Haram attacks. Later in the evening, President Buhari met with State House Correspondents very unexpectedly. Giving his antecedent as someone with a sour relationship with the press, no member of the press corps expected a quick meet with the President. Maybe, now as a democratically-elected leader, he is a changed person and ready to make new friends in the media. The President was ushered in by two of his media aides, Adesina and Shehu, at the gathering which saw him exchanged pleasantries with every reporter including some staff of the media office. Day 26: Governors, emirs at the Villa On Tuesday June 23, President Buhari met with governors of the 36 states of the federation at the Presidential Villa to find a way out of the crisis facing the country regarding dwindling revenues and inability of some state governments to pay workers’ salaries. It was during the meeting that the president vowed to pursue all government officials who abused offices in recent past and stole from the treasury until they return such monies. The president told the governors that the rot in the country’s financial system was worse than what was experienced in

decision of the party. At the meeting, the governors assured Buhari that they would move in to intervene on the matter and invite the lawmakers to a meeting.

Day 29: President dissolves NNPC board President Buhari on Friday June 26 announced the dissolution of the board of the Nigerian National Petroleum Corporation (NNPC). This decision is one that has long been expected from his government by Nigerians. The oil sector particularly the NNPC is one agency which the new government has vowed to investigate considering the rot that has gone in the management of the sector in recent times. That decision is the singular one and assignment carried by the president on Friday. He had earlier in the day held the Jumat prayer with Muslim faithful in the Presidential Villa for the first time.

Day 27: Of Buhari’s security and DSS On Wednesday June 24, there was low key activities in the Villa but a major decision which appeared to be causing friction among security agencies in the seat of power was taken. The President through his Aide de Camp, Lt Col Muhammed Abubakar was alleged to have driven all men of the Department of State Security (DSS) out of the Villa. Although, the Presidency has denied such development, insisting that it was normal realignment of security around the President which entailed that members of the armed forces would man the inner perimeter of the President security while operatives of the DSS would man the outer perimeter.

Day 30 and 31: Days of rest Saturday June 29 came without an activity in the Presidential Villa. There was no travel and statement of policy action from the government. Yesterday, June 28, was another resting day for the President and his vice, Osinbajo. It was a quiet time as Christians attended the Aso Rock Chapel but with the absence of the vice president. President Buhari stayed all through the day in his residence. With a month passed by, there seems to be little achievement from the Buhari administration with regards to the record of events. It is all about familiarisation and crucial talks with relevant stakeholders.

President Buhari and his vice, Osinbajo

the Second Republic. He promised to put the system back on track. President Buhari also same day met with members Northern Council of Traditional Rulers, who came to express their solidarity for his government. They were led to the Villa by the Sultan of Sokoto, Alhaji Muhammadu Sa’ad Abubakar III. He told the traditional rulers that interestingly, his administration has received firm assurances and cooperation from the United States and other countries on the recovery and repatriation of funds stolen from the nation’s treasury. Later in the night, the president met separately with governors elected on the platform of the APC at the Presidential Villa where they discussed the leadership crisis in both chambers of the National Assembly. Both the president and governors agreed that there was need for members of the party to respect the

President is working alone, says Yakasai Alhaji Tanko Yakasai is an elder statesman and Special Adviser to ex-President Shehu Shagari

think one month is too short to begin to assess President Muhammadu Buhari because apart from his vice, Prof. Yemi Osinbajo, and the media team, the president has not set up his team yet. He seems to be working and operating on his own for now. The president has not appointed the Secretary to the Government of the Federation (SGF) and the Chief of Staff or Principal Secretary, which are the necessary staff he needs to operate. He has also not assembled his ministers.

It is when he sets up his cabinet that we can begin to assess his performance. So, I don’t think it would be fair to start assessing someone who has no team to work with. Let us wait for him to appoint all the necessary officials and members of his cabinet. If I were to be the president, by now I should have SGF, Chief of Staff, Principal Secretary and other officials because I know that without them I cannot operate. President Buhari, being a former governor, minister and Head of State, I am sure he should appreciate this. And also by the time you are thinking of contesting election to be a governor or president, you must have an idea of who is going to be your Chief of Staff, Secretary to the Government, principal officers and cabinet members. But the President in the last one month has been oper-

Yakasai

ating alone and there is nobody working with him apart from those issuing press statements. An administration cannot operate on the basis of press statement. We need somebody who will do correspondence between the president and other government sectors.

Politics 17

NEW TELEGRAPH MONDAY, JUNE 29, 2015

BUHARI’s presidency (MAY 29 - june 29)

ANULE EMMANUEL writes that despite President Muhammadu Buhari’s age, Nigerians are expectant of his campaign promises

Between Buhari’s age and performance

igerians have been yearning for change that would propel speedy economic growth at all levels with their improved living conditions. The emergence of President Muhammadu Buhari therefore in the March 28 presidential election, no doubt, has rekindled the hope of better days ahead. Interestingly too, President Buhari who comes with less blemishes as a non-corruptible leader, during and after his electioneering, had promised and continues to put forward declarations that he would tackle headon some of the major challenges that impede speedy development of the country including high level corruption, insecurity and low power generation. With just few weeks into the government, President Buhari himself advised Nigerians to brace up for tougher times, at least within the next three months as his administration takes bold steps to totally revive the economy for massive growth and development. What is also not in contention is his understanding that the stakes are high. In fact, his disposition shows clearly that the president is worried about the quantum of desperation in seeing him deliver in earnest. “The expectation is too high and I have started nervously to explain to people that Rome was not built in a day,” Buhari acknowledged recently at a public event. For most Nigerians, the huge expectations from Buhari are not just based on his campaign promises but more importantly on his personality. Analysts are of the view that the president needs to stick to those qualities

Buhari

Fayose

that endeared him to the citizens while striving to meet their expectations. However, the president’s recent comments that he may be limited by age in delivering the promised dividends of democracy to Nigerians have thrown up some doubts about his promises, re-echoing earlier criticisms about his age and fitness to run for the highest office in the land. In the build-up to the March 28 presidential election, President Buhari was heavily criticised by members of the Peoples Democratic Party (PDP) particularly as being too old at 72 to lead Nigeria. Prominent among members of the then ruling party now in the opposition who raised concerns about Buhari’s age were the wife of former President Goodluck Jonathan, Patience. Mrs. Jonathan did not hide her

Old wines are tasty and the president we have today is a man, like old wine, that has got tastier

feelings when she campaigned at a women rally in Lokoja, the Kogi State capital. “Vote for my husband, Jonathan. Do not vote for Buhari. He is an old man. People when they become old may not reason well and their brain may even be dead,” she said at the rally. The former First Lady was not alone in her thoughts. She was joined by other PDP stalwarts like the Ekiti State Governor Ayodele Fayose. The governor’s attack was in fact perceived to be on the extreme. At a forum in Lagos, the Ekiti State governor described Buhari as too old to rule the country. He compared Buhari’s age with his mother’s, adding that most people older than 70 wear diapers to aid with incontinence. For apologists of the PDP therefore, President Buhari’s re-

I respect Buhari’s cautious optimism – Babatope Chief Ebenezer Babatope is a former Minister of Transportation and a member of the Board of Trustees (BoT) of the Peoples Democratic Party (PDP). He speaks on the Muhammadu Buhari-led administration. Temitope Ogunbanke reports

t is too early to judge President Muhammadu Buhari’s one month in office. But all I can say is that I respect his cautious optimism about governing Nigeria. He is not rushing, which is good. He is taking his time, which shows that he has drawn a line of demarcation between a military rule and civilian rule. A civilian government

does not rush matters like military rule and I think one should respect and praise him for his cautious optimism. But having said that, the Peoples Democratic Party (PDP) will wait because we are in the opposition. We will wait for concrete things that we can laid hold on and criticise him. But the PDP will offer highly effective opposition

to the All Progressives Congress (APC). But right now, it is too early to judge President Buhari and I think he is not doing badly. I don’t see any reason why President Buhari should rush in appointing his cabinet members. He must take his time because he is going to work with them. I believe nobody should rush the president to appoint ministers. So, I think he is taking his time. I particularly don’t like the idea of appointing ministers and start dropping them few months after. I don’t like it and I have written against it many times. So, let him pick those he can work with and those who can really assist him. But

if we rush him, he will rush to present people who is not going to help Nigeria and his administration.

Babatope

marks concerning his age recently in South Africa is a vindication of their earlier expressed fears which were then seen as mere attacks and campaign strategies by the All Progressives Congress (APC) supporters. While attending the 25th African Union (AU) summit in Johannesburg, South Africa, the president told Nigerians resident in that country that he wished he would have become President at a younger age with more vigour to deliver. “I wish I became Head of State when I was a governor. Now at 72, there is a limit to what I can do,” he noted. But at this age, the President must contend with the nation’s economy which has been described as ailing, hit by low crude oil prices and an insurgency by Boko Haram, a choice he made voluntarily. As widely reported in the media after those comments, there seems to have been the representation that the President had truly confessed he was too old to rule the country. Contrary to the belief that an individual’s skills particularly speed, agility, strength, and coordination decay over time and prolonged job boredom as well as lack of intellectual stimulation and forgetfulness all contributing to reduced productivity, the President’s media aides have argued that rather, Buhari like a good wine, gets better with age. President Buhari would be 73 by December this year. Special Adviser on Media and Publicity to the President, Mr. Femi Adesina, buttressed the point that although Buhari could not be called a youth at 72, he has CONTINUED ON PAGE 20

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Opinion APC: Choking on change Dominik Umosen

ven if you were afraid of asking basic questions as a logical person, as I have been for some time now, for fear of being blackmailed or confused with political opponents, a most cursory analysis of hypocritical signals from the ruling All Progressives Congress (APC) and the new regime in the country reinforce this option as futile escapism. For example, soon after former Political Adviser to former president Goodluck Jonathan, Professor Rufai Alkali advised the new ruling party to start comporting itself as one, I resisted the urge to comment on this counsel for fear of blackmail and assault by the formidable APC propaganda machinery. But after these contradictory signals from the party, including its comical failure to determine leadership of the National Assembly, the dishonesty in confusing this failure by a faction in the party to impose its will with disrespect for party supremacy, makes it morally indefensible to pretend any further. Not that one needed a Prof. Akin Oyebode to emphasize the glaring fact that contrary to its pre-election posturings and unrealistic promises of change, the party began choking on these soon after it assumed the strange role of a responsible driver in the cockpit of power. Alkali put it succinctly that jerky utterances and body language by party members betrayed a fundamental challenge of migrating from the rascality of opposition to the decorum and comportment that is required of a ruling party. Because the capacity to manipulate propaganda

has always been dear to the party, demonizing the opposition, even if for the fun of it, became impossible or difficult to purge. And because of this inability or reluctance to purge itself of the subsisting propaganda mindset, the Action Congress of Nigeria bloc within the party found it extremely difficult, even impossible to internalise simple fact that it had been outsmarted in a game it thought it was a super star by the duo of Senator Bukola Saraki and Alhaji Yakubu Dogara in the jostle for leadership of the National Assembly. So instead of embracing the new NASS leadership and the new reality they represent as President Muhammadu Buhari did without prompting, the comrades-in-mischief leadership of the APC prefered to be manipulated into defending the interest of the domineering bloc as if it was the party’s will. As a reporter conscious of professionalism, instead of collaborating as is profitably fashionable, I remind that this cluelessness is worse than that for which the party emptied its propagandistic arsenal on Jonathan. As if this blun-dishonesty over the NASS leadership was not enough, President Buhari went to South Africa and confided in compatriots that his only regret was in the fact that he became president at the advanced age of 72. Besides providing reason for possible breach of promises that his party made before the election, the admission that he might be constrained by age from fulfilling most of those unrealistic promises which were obviously intended for the gallery sounds like an after-thought. While slack-jawed Nigerians battle to rationalize this volte-face, the president who was hurriedly re-

packaged as old wine that gets better with age, stepped up controversy by alleging that he inherited a nearempty treasury which merely deepened the charge of mischief. How could any one buy this yarn when every one is aware that all the junkets undertaken by the president since he was sworn-in could not have been possible on an empty treasury? They are also aware about S30billion was inherited as external reserves. They also know that there was provision for S2billion cash that was also left behind. As a matter of fact, the group that is contesting this bogus claim, ‘Move on Nigeria’, led by Mr. Clem. Aguiyi, said that the money the president shared to errant governors to be used in liquidating salary arrears could not have been possible unless a mischief is unravelling. And as if this so called hypocrisy fest was not damning enough, the Special Assistant on Media to the president, Mallam Garba Shehu said on Channels Television, last Thursday, that the reason his principal has not waded into the political deconstruction process in the APC over the NASS leadership is partly because the situation is not alarming enough and partly because state governors have not requested presidential intervention. How alarming should the situation get before the ruling party realizes that Nigerians are exasperated with this rigmarole? Should Nigerians wait until the APC has exhausted its nauseating comedy of errors which is categorically affirmative of the fact that the mantra of change was designed to deceive the electorate, just like Nigeria which has been fumbling on auto-pilot since the party, regrettably, became the ruling party?

FMC Owerri: Buhari must hear this Godwin Umah

he lingering crisis at the federal Medical Centre Owerri has entered its eighth week. For the stated period, the workers of the institution have engaged the management in an endless battle insisting that the medical director of the hospital Dr. Mrs. Angela Uwakwem must be suspended and probed for the hospital to function again. The unredeemable breakdown of industrial harmony resulted from the startling discoveries made by staff bordering on financial misappropriation of an alarming rate. The original intention of the house unions was to ascertain the appropriateness or otherwise of the public private partnership embarked upon by the management of the hospital without recourse to laid down rules and procedure. It would be recalled that the Olusegun Obasanjo administration toyed with the idea of PPP as a way of attracting private investment to the health care sector, however certain conditions were outlined as pre-requisite for PPP to arise in any health institution, primary of the conditions include lack of efficiency and acute need for infrastructure. To the bewilderment of the unions, the management without any reasonable justification, other than selfish interest, embarked on PPP with reckless abandon. The unions then embarked on a mission to ascertain the appropriateness of the exercise. It was in the course of this independent investigation by the unions that huge financial fraud being perpetrated against the staff and government were discovered.

For record purposes, according to the PPP official document, there must be inefficiency on the part of concerned department and the private partner must commit huge resources on investment in the department for PPP to exist. No single investments were made by these unknown firms who are mere milking pipes. How can you declare the entire hospital inefficient when over two hundred million naira is generated internally every month? As at the time this industrial disharmony started eight departments had been privatized with five more at the concluding stage of hand over. This resulted in further increase in the already high cost of healthcare regime in the hospital. For instance, deposit for the new mortuary constructed by the federal government was fixed at one hundred thousand naira. The accident and emergency department had their bills fixed for three thousand naira per night for only accommodation, delivery packs for pregnant women previously provided for N1,500 became N10,000. Every single thing in FMC Owerri had the cost quadrupled or more. The unions discovered to our chagrin that the sole purpose of embarking on PPP was to create an impression that all the money generated in FMC Owerri belongs to private firms so as to prevent the federal government from enforcing the remittance of internally generated revenue to the federal government as initiated by Ngozi Okonjo-Iweala. It would interest us to know that it is only in FMC Owerri that charges are still being paid in the name of disposables used for the prevention of Ebola till date, every visiting or new

patient pays it, that brought consultation fee to N500 from N300. It is only in FMC Owerri that feeding bill is N1800 daily and it is compulsory for every patient. It is only in FMC Owerri that you enter some clinics and pay N2300 as card fee before you see a doctor. It is only in FMC Owerri that deposit of minimum of N50,000 is required before admission to a ward, it is only in FMC Owerri that patients of the national health insurance scheme access quite few selected services as others are clearly not covered under FMC NHIS. It would interest us to know that a staff of the hospital had surgery in University of Ife teaching hospital, caesarian section, was admitted for two weeks, sumptuously fed and was given a bill of ten naira (N10) simply because she is covered under the National health insurance scheme as a staff of a federal establishment. FMC Owerri typifies the most inhuman management anywhere in this country. Certain categories of staff have remained on level 3 for over ten years simply because the director has refused to allow them cross that cadre. Ordinarily the highest level for junior cadre is Level 6 so why are people on 3 for over a decade. Why would a senior staff without any justifiable reason remain on level 9 for nine years now? It is only in FMC Owerri that before you get a query for an alleged misconduct, your salary would have been stopped. The medical director knows everything and is head of everything. Employments are made with new staff placed on level 7 in paper and paid level 6 in salary, hundreds of staff have their appointment papers back dated by several months even up to a year all to cover personnel funds

misappropriated. Staff are recklessly sacked for the minutest of issues including N200, N1,500 etc. Documents to back my assertions are inexhaustible. Without mincing words, staff of FMC Owerri earns the lowest salaries and allowances when compared with our colleagues in similar hospitals. Several allowances earmarked for payment by government are diverted. In FMC Owerri, you cannot be promoted unless you belong to a clique of spies maintained in every unit by the medical director. Experiences abound where people have been given names of people to spy on as a pre-condition for one favour or the other. In neighboring FMC Umuahia, there are thirty five Assistant Directors of Nursing simply because they have merited it but in FMC Owerri promotion to that rank was done only once about five years ago and no more for any single reason even though the only remaining three are almost retiring. If the M.D is sincere, why was a staff of the hospital who went to Abuja IPPIS office to correct his salary imbalances queried and summoned to a panel. Before now when management was paying salaries, approximately a hundred and fifty million naira remained in the personnel account after payment of salaries every month, someone should help me calculate the total amount after twelve months, yet no returns goes to Abuja so where does it go. The entire structures being created in the centre are direct federal government projects contained in the national budget so where do all these money go to? • Umah wrote in from Owerri (08037788319)

NEW TELEGRAPH MONDAY, JUNE 29, 2015

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Enyeama deserves some respect

omething is wrong with our football, exasperation sets in when those who are part of the problem set themselves above board and determine they are the solution. That is why one of our best, Vincent Enyeama, may be sanctioned by the Nigeria Football Federation[NFF]. Enyeama is swimming in troubled waters simply because , as captain of the Super Eagles, he spoke the minds of his team mates following the security situation in the North. The senior national team was billed to face Chad in an African Nations Cup qualifier, at the Ahmadu Bello Stadium, Kaduna. There were fears that the venue did not exactly fit the mood of the players. Many of them play in Europe. There is insurgency which even the military would agree, has tasked their capability. The Boko Haram fighters are not conventional warriors and they choose to strike using unorthodox methods. One strategy which they apply successfully is suicide bombing. They have no respect for live and property, they dare the armed forces as much as they incapacitate civilians. The terrorists do not keep prisoners of war. They only pave the streets with human skulls. Kaduna hosts one of the several divisions of the Nigeria Army. It also boasts of the Nigeria Defence Academy. However, this rich profile did not deter Boko Haram from attacking the convoy of President Muhammadu Buhari , just as he was pursuing his presidential ambition. The ex-general was lucky to have escaped in one piece. There is virtually no major town in Northern Nigeria that has not witnessed insurgency

and sectarian violence in recent times. Kano, Zaria, Jos , Maiduguri, Damaturu, Makurdi, Katsina, Suleija. Boko Haram, herdsmen and cattle rustlers are competing in this Hall of Infamy. Even the Federal Capital Territory[FCT] did not escape attack. Headquarters of the Nigeria Police Force was bombed, killing among many others, a senior naval officer. The United Nations office was not spared. Busy motor parks and shopping malls went up in flames, consuming hundreds of people including diplomats and journalists. If the military could not stop those attacks , it was not improper for Enyeama to express such fears. NFF officials did not appreciate the fact that after Enyeama raised his voice on behalf of the team, he still captained Nigeria to a 2-0 victory over Chad in Kaduna. What he got as commendation were strictures from the Glass House. We begin to wonder why those living in glass house are throwing

On January 10, 2010, a bus conveying the Togolese national team was attacked by gunmen. Three persons died and seven were injured in the process

stones. Nigeria playing against Chad was enough to put the footballers in a deep blue funk. President Buhari had visited Chad to parley with his counterpart Idris Debby in the bid to combine strength in the fight against the terrorists. A regional force is also in place as a result of that understanding. Chadian air force jets have been bombarding Boko Haram settlements around the Lake Chad Basin and even beyond. Enyeama is too experienced to know the implications of insecurity. Promises were not as good as a crisis free zone. On the way to the Angola 2010 Nations Cup, the oil rich country promised Africa and the world that there was enough security to guarantee a smooth tournament. On January 10, 2010, a bus conveying the Togolese national team was attacked by gunmen. Three persons died and seven were injured in the process. Among the dead were assistant coach Amelete Abulo, television journalist Stanislas Ocloo and Angolan bus driver, Mario Adjoua. Keeper Kodjovi Obilale suffered a spinal injury that retired him from soccer. Team doctor Tadeframe Wadje and physio Divinlae Amevor spent time in hospital as well as veteran goalie Nibombe Wake. Rebel Group, Forces for Liberation of the state of Cabinda[FLEC]claimed responsibility for the attack. The Togolese withdrew from the tourney and their captain, Emmanuel Adebayor, excused himself from national duty for one year, following that traumatic experience. He spoke on behalf of his team mates.

The deaths occurred inspite of the security promised and provided by the Angolans., The bus was accompanied by ten soldiers who returned fire. That did not stop the 15 AK-47 carrying rebels from gaining the upper hand. Prime Minister Antonio Paolo Cassoma insisted that security was guaranteed. Much later, Jean Antuan Puaty, a Congolese was given a 24-year- jail term for murder, attempted murder and armed rebellion. That did not bring the dead back to life. A year earlier, in 2009, six policemen were killed and some cricketers injured in Lahore ,Pakistan when terrorists launched attack on a bus conveying the Sri Lankan national cricket team to their base. Those who follow football ,and we cannot say that about the NFF dictators, recall that Enyeama is never afraid to man the post. In 2004, a taxi taking him to Uyo, was involved in a traffic accident which led to loss of lives. The goalie was injured. That did not stop him from playing for Enyimba against Esperance of Tunisia in a CAF Champion’s League semifinals game. The Aba Elephants would go on to win the trophy for a second time. For a dedicated player who has been part of the national team since 2002, it is disrespectful to ridicule him for standing up as Eagles captain. While we loathe indiscipline, it is ridiculous to threaten such a great player with suspension. Instead, we commend Enyeama for expressing his mates’ fears. We condemn the NFF, for it is like killing a fly with a bomb.

DAILY TELEGRAPH PUBLISHING COMPANY LIMITED Managing Director/Editor-in-Chief

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Editor n Yemi Ajayi

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Politics

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

BUHARI’s presidency (MAY 29 - june 29)

CONTINUED FROM PAGE 17

in quantum the wisdom, patience, temperance and forbearance that age come with and therefore brings all these virtues to the presidency to make a difference in national life. According to Adesina, the interpretation by a section of the media was far from the true meaning of President Buhari’s statement in South Africa. “...The comments have been reported by some newspapers to mean that the President was saying he was too old to cope with the demands

The older, the better?

of his office. Far from it. “As the saying goes, old wines are tasty and the president we have today is a man, like old wine, that has got tastier,” Adesina said. But does age really matter on whether or not a leader could perform? The universal principle of leadership on the contrary shows that age has never been the determinant factor in the choice of leadership. This explains why most leaders

in the continent are often on the advanced side of age. Unlike developed societies, in many African societies, an old person is seen as embodiment or repository of knowledge, experience wisdom and grace. In fact, old age is rather a virtue in African culture and norms. What leaders primarily do as once presented by the Harvard Business School is that they set strategy; motivate; they create a mission and

build a culture which eventually leads to efficiency and productivity at work place. This is where delegation of authority also comes in. President Buhari comes to the scene with a precedence that has already been set in Africa. For instance, Ellen Johnson Sirleaf became President of Liberia at age 70 in 2006. She was 75 in 2011 and will remain president till 2016, at age 80. Available records

also indicate that Jacob Zuma, President of South Africa is 72 years old. He will be 77 at the end of his tenure in 2019. The most celebrated Nelson Mandela became President of South Africa in 1994 at the age of 76. Mandela stepped down for Mbeki in 1998 at the age of 80. There are also several other leaders in the category of the present Nigerian President. President Peter Mutharika of Malawi was 74 when he was

sworn in on May 31, 2014. He will be president till 2019 at 79. President Alpha Conde of Guinea is now 76 years old. He was sworn in in December 2011 when he was 72 years. Even in advanced democracies, it has not been different. Ronald Reagan, became US President at 70, and served two terms before retiring in 1989 at the age of 78. He was born on February 6, 1911. What appears to be a consolation for Nigerians is that the strong character known in the President is intact. According to presidential spokesman, at 72, the Buhari persona has not changed. Adesina in putting the comments about the age issue in perspective, explained that the president remained “the simple, honest, incorruptible patriot he has always been;” all the virtues and values of his persona which would be deployed into governance in the weeks and months ahead. Because Nigerians earnestly desired change, they overwhelmingly voted for him at the general elections in March. When the President eventually announces members of his cabinet any moment from now, they would be implementing policies and programmes designed by the President and his party in providing dividends of democracy to Nigerians. Close associates of the President belief that he has been meticulous and took his time to ensure that only competent and trusted persons with proven integrity are brought on board so that he could dissipate less energy for supervision. What Nigerians want is positive change which they voted for, change that must in earnest begin to show without excuses in any quarters. Speaking on the president’s age, former Attorney-General of the Federation and Minister of Justice, Chief Richard Akinjide (SAN), said that Buhari is sincere with his statement. “That is a very honest statement and anybody who expect too much from him would be disappointed. You enjoyed such offices when you are in your 40s, 50s. But when you get to certain age, the tension is so much that it might affect your productivity and the quality of your performance,” Akinjide told New Telegraph.

NEW TELEGRAPH MONDAY, JUNE 29, 2015

BVN: Calls for extension grow as deadline expires tomorrow

Niger Insurance: Subdued by underwriting expenses

Stock Watch

Insurance

Industry records N319bn gross premium

Nigeria can’t meet 2015 7,000MW target –Amadi

42-43

Money Line

Interview

Business What's news

NIBSS: 62% Lagos merchants adopt PoS deals About 62 per cent of merchants in Lagos have adopted Point of Sales (PoS) terminals as a form of payment for their businesses with 49 per cent of them having more than one terminal, the latest report of the Nigerian Interbank Settlement System (NIBSS), has revealed.

p.22

Vietnam's exports to Nigeria, others decline N29.56bn Vietnam’s exports to Nigeria, Ivory Coast, Angola and Mozambique have declined to N29.56billion ($147.8million).

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L-R: Business Manager, Ogudu branch, Sterling Bank Plc, Mrs. Toyin Olateru; Head of Secondary, The Childville, Ogudu, Mrs. Eta Ezinwanne; Member, Governing Council, The Childville, Mr. Ayomide Smith; Head of Primary, The Childville, Mrs. Bamigboye Bunmi and a member, sOne Education, Sterling Bank Plc, Mrs. Zoe Jibunoh, during The Childville drama presentation of ‘Agho Obaseki’ in Lagos.

Nigeria to lose $70m daily if PIB is passed –Investigation TARDY

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Seplat boss, others foreclose passage of PIB before 2016

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dele Alao

Industry & Agric Editor

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa

Adeola Yusuf

igeria will lose about $70 million daily if the controversial Petroleum Industry Bill (PIB) is passed now, New Telegraph has learnt. Checks by this newspaper revealed that the bill, which is drafted based on $100 per barrel price would need adjustment in some of its sections before passage to prevent the imminent loss.

Finance Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

The price of oil, which is around $65 per barrel, is not economical for the bill, which is based on $100 per barrel. Managing Director of Seplat Petroleum Development Company, Mr. Austin Avuru, corroborated this view in an interview with New Telegraph. Fielding questions on the sideline of a forum in Lagos, Avuru maintained that some sections of the PIB have already been rendered irrelevant by new realities in the global oil industry, including the oil price rout. Calling for a total overhaul of the bill, he said that the footdragging on the bill has also rendered most sections of the bill archaic. “I don’t see the PIB been

passed in the next 12 months, based on new realities at the global oil market. “The PIB was based on $100 per barrel price of oil but today it is far less than $80 per barrel. This and other new realities have rendered most sections in the bill to be irrelevant. Circumstances have changed on the bill. “I don’t see the bill been passed in the next 12 months.

N17.2trn Total value of proposed investments in the oil industry slowed down by non-passage of the PIB

This is because thorough works have to be done on the bill to address those new realities and circumstances,” the Seplat boss said. The imminent delay in passage now means that the loss to the bill will exceed $125 billion by 2016 when serious deliberations are likely to be re-opened on the bill. Federal Government’s loss to the non-passage of the PIB from February 2009 to February 2014, had already hit $125 billion, occasioned by the inability of Nigeria, Africa’s biggest crude exporter, to attain her annual crude production capacity of about 3.6 million barrels per day due to investment draught CONTINUED ON PAGE 36

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 Jun 26)

USD . . . . . . . . . . . . . . . . . . . . . . N226 Pounds . . . . . . . . . . . . . . . . . . . N350 Euro . . . . . . . . . . . . . . . . . . . . . . . N247

l Foreign Reserves – $29.029bn as at 25/06/2015

Source: CBN

EXCHANGE RATE (Interbank as at Jun 26)

USD . . . . . . . . . . . . . . . . . . . . . N200 Pounds . . . . . . . . . . . . . . . N307.65 Euro . . . . . . . . . . . . . . . . . . N223.50

Business | News

CONNECTVITY Connectivity and low awareness remain big challenges Kunle Azeez

bout 62 per cent of merchants in Lagos have adopted Point of Sales (PoS) terminals as a form of payment for their businesses with 49 per cent of them having more than one terminal, the latest report of the Nigerian Interbank Settlement System (NIBSS), has revealed. The report obtained by New Telegraph at the weekend titled: ‘PoS Adoption and Usage: A Study on Lagos State’, chronicles adoption trend for PoS transactions up until April this year. It provides insights from various stakeholders in the PoS value-chain as well as the perspectives of merchants and consumers on the adoption and usage of PoS in Nigeria. Though, the survey showed that cash continues to lead as the accepted payment option for goods and services, PoS is the preferred non-cash payment option. “Of merchants in Lagos State who have PoS terminals, cash is the most accepted mode of payment received by 98 per cent of surveyed merchants. It is, however, followed closely by PoS and accepted by 91.4 per cent of respondents. “Cheques and electronic funds transfer (EFT) are less preferred at 30.9 per cent. Of the non-cash payment options, PoS is most widely preferred as 93.6 per cent of merchants prefer this over other noncash forms of payment including EFT, cheque and mobile money,” the report says. Besides, a quarter of the merchants with PoS terminals made the request for the service to be deployed at their businesses. Says the report: “25 per cent of merchants with PoS terminal requested for the devices to be deployed to their business, while 72 per cent were offered a PoS terminal by their bank. Only three per cent of the merchants were offered PoS terminals by payment terminal service providers (PTSPs). “Another 56.2 per cent of the merchants using PoS would continue to use PoS even if they were required to pay for the devices.” The study also found that an average of three to four of 10 customers request to pay for trans-

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

NIBSS: 62% Lagos merchants adopt PoS deals 49 per cent use multiple terminals actions by PoS and over 90 per cent of payments are towards goods and services. “Merchants' attitudes to mPoS appear negative, as the majority, (70 per cent) indicates that they would not prefer a mobile PoS system (mPoS). Also, 49.4 per cent of merchants appear interested in Near

Field Communication/ contactless payments, while 50.6 per cent appear uninterested in Near Field Communication/ contactless payments,” it says. According to the survey, 46.3 per cent of merchants without PoS are open to deploying the PoS service, but 86.8 per cent

are opposed to mobile mPoS. Also, the study reveals that merchants who do not use PoS claim that customers' preference for cash is the main reason why they do not have PoS terminals. Other reasons for not having PoS include concern about fraud (20.5 per

cent) and banks refusal to deploy PoS (16.7 per cent). However, the report says that 46.3 per cent of merchants without PoS are open to having PoS deployed to their business if terminal errors are reduced (28.3 per cent), transaction charges are reduced (25 per cent), and incentive and rewards are offered (21 per cent). About 86.8 per cent of

merchants without PoS are also not interested in a mobile mPoS. However, the most salient challenges to usage among consumers are a preference for cash, connectivity issues and lack of knowledge, even as data obtained shows that awareness is low, both amongst banked and unbanked consumers, according to the survey.

L-R: Chairman/CEO, Mobil Oil Nigeria Plc and Director, Society for Corporate Governance Nigeria (SCGN), Mr. Tunji Oyebanji; Director/Fellow, SCGN, Professor Pat Utomi; MD/CEO, NDIC, Alhaji Umaru Ibrahim; President, SCGN, Chief Olusegun Osunkeye; CEO, Economic Associates, Dr Ayo Teriba and Director/Fellow, SCGN, Dr Fabian Ajogwu, at the 2015 Executive Breakfast Meeting of the Society in Lagos.

ONE-SIDED The pact maximises potential competition and encourages price flexibility Wole Shadare

igeria was not ready when it entered into ‘Open Skies agreement’ with the United States 15 years ago (2000), experts in the aviation sector have said. Consequently, they have urged government to strengthen the country’s airlines by way of incentive to compete and partake in the humungous market share with the two designated American carriers - Delta and United. The US and Nigeria, on August 26, 2000, concluded an ‘Open Skies Agreement’ that will expand and enhance the overall aviation partnership between the two countries. The pact was signed by US Secretary of Transportation, Rodney Slater and Nigerian Transport Minister, Kema Chikwe. America also announced several other transportation initiatives with Nigeria, including a $3.58 million Nigeri-

‘Nigeria not ready when Open Skies pact was sealed’ an transportation project that included training, technical assistance, procurement of aviation equipment and the development of mechanisms for the privatisation of the transportation system. A total of 47 such agreements were signed by the United States. The pact permits unrestricted international air service by airlines of the two countries between any cities in one country with any city in the other. The pact maximises potential competition, encourages price flexibility for passengers and shippers and encourages improved and expanded service to existing and new markets. President, Nigeria Aviation Safety Initiative (NASI), Capt Dung Pam, lamented that 15 years after signing a provisional open skies agreement with the US, the country is still unable to take full advantage of it air pact. He disclosed that open skies

defy the principle of reciprocity, which he said countries deploy to protect their commercial aviation from exploitation by foreign carriers, especially as it provides parties to the agreement equal stake. He noted that Nigeria is at the receiving end of the agreement with two airlines from the US already designated while only Arik Air operates to America. Consequently, the agreement has given the US the liberty to designate to Nigeria as many airlines as possible, provided they have the wherewithal to operate to the country. His words: “Because Arik does not have the kind of connections paraded by the American carriers, Nigeria’s earning capacity from the airline’s operations to the US is further limited. Delta, United and Continental are either in One World, Star Alliance or other airlines’ network, which take their passengers to every corner of the globe.”

A pressure group in the sector, Aviation Round Table (ART), noted that considering the huge market offered by the country, it is very likely that many more American carriers may soon invade the country to have a share of the market, and there is no corresponding move by more Nigerian airlines to take advantage of the agreement to also fly into the US, with a view to reducing the stakes of the Americans. Many European carriers have spoken so glowingly about how they had used their operations to Nigeria to underwrite losses incurred from their operations in other parts of the world. The United States Assistant Deputy Secretary of States, Susan Mc Dermott, had, however, refuted claims that they found out that with open sky agreement with countries, no carrier is sent out of the market, adding that these airlines go to market to make money and not to kill airlines.

INTERNATIONAL WEEKLY

In collaboration with

Sanctity of Truth

A Mission for the Poor, and the Planet For the Faithful, Social Justice and Concern for the Climate Are Intertwined By JUSTIN GILLIS

For a young Christian named Ben Lowe, revelation came on the shores of Lake Tanganyika, in Africa. A warming of the lake was reducing the catch of fish, the people were going hungry — and he had learned of scientific evidence that climate change was to blame. For the Reverend Brian Sauder, the moment came in a college classroom. Studying the fallout from environmental degradation, he learned of poor people who had to walk hours longer each day to gather firewood

from depleted forests. For both men, Christian duties that their upbringing had led them to regard as separate — taking care of the earth and taking care of the poor — merged into a morally urgent problem. “Why haven’t I ever made this connection before?” Mr. Sauder recalled asking himself. It is a connection that many people of faith all over the world are starting to make. The sweeping pastoral letter recently issued by Pope Francis may prove to be a watershed, highlighting

the issues of social justice at the heart of the environmental crisis. But the pope’s encyclical is, in a sense, simply an exclamation mark on a broad shift in thinking that has been underway for decades and extends far beyond the Roman Catholic Church. Many faith traditions are awakening to the burden that climate change is placing on poor people, and finding justification for caring for the environment in their scripture. The pope’s call is likely to intensify this discussion, provoking what could be one of

the most important dialogues between science and religion since the days of Charles Darwin. Environmental scientists who are themselves people of faith are in rising demand, valued as translators between two camps that have often seen the world in radically different ways. These scientists have known for a long time that the facts and data produced by their research colleagues would not be sufficient to rouse the public to act. For that to happen, the science had to be reframed in moral terms, they said.

“Science is like a compass,” said Nathaniel P. Hitt, a fisheries biologist who is active in a Presbyterian church in Shepherdstown, West Virginia. “It can tell us where north is, but it can’t tell us if we want to go north. That’s where our morality comes in.” Dr. Hitt and the congregation to which he belongs recently put solar panels on the roof of their church and linked their home water heaters into a network that can help balance the grid

Continued on Page 26

Helping Moms, Hurting Women IN CHILE, A law requires employers to provide working mothers with child care. One result? Women are paid less. In Spain, a policy to give parents of young children the right to work part-time CLAIRE CAIN has led to a decline in MILLER full-time, stable jobs available to all women ANALYSIS — even those who are not mothers. Elsewhere in Europe, generous maternity leaves have meant that women are much less likely than men to become managers or achieve other high-powered positions at work. Family-friendly policies can help parents balance jobs and responsibilities at home, and help make it possible for women with children to remain in the work force. But these policies often have unintended consequences. They can end up discouraging employ-

ANNA PARINI

ers from hiring women in the first place, because they fear women will leave for long periods or use expensive benefits. “For employers, it becomes much easier to justify discrimination,” said Sarah Jane Glynn, director of women’s economic policy at the Center for American Progress. Unlike many countries, the United States has few federal policies for working parents. One is the Family and Medical Leave Act of 1993, which provides workers at companies of a certain size with 12 weeks of unpaid leave. Women are 5 percent more likely to remain employed but 8 percent less likely to get promotions

than they were before it became law, according to an unpublished new study by Mallika Thomas, who will be an assistant professor of economics at Cornell University in Ithaca, New York. She attributed this partly to companies that don’t take a chance on investing in the careers of women who might leave. “The problem ends up being that all women, even those who do not anticipate having children or cutting back in hours, may be penalized,” she said. The child-care law in Chile was intended to increase the percentage of women who work, which is below 50 percent,

among the lowest rates in Latin America. It requires that companies with 20 or more female workers provide and pay for child care for women with children under 2, in a location nearby where the women can go to feed them. It eases the transition back to work and helps children’s development, said María F. Prada, an economist at the Inter-American Development Bank and lead author of a new study on the effects of the law. But it has also led to a decline in women’s starting salaries of between 9 percent

Continued on Page 26

INTELLIGENCE

WORLD TRENDS

MONEY & BUSINESS

ARTS & DESIGN

Europe fails to confront refugee crisis. PAGE 24

Korean prostitute fights for her rights. PAGE 25

Siena’s new strategy to lure investors. PAGE 29

Upending conventions of black films. PAGE 34

THE NEW YORK TIMES INTERNATIONAL WEEKLY

Sanctity of Truth

MONDAY, JUNE 29, 2015

O P I N I O N & C O M M E N TA RY A highly lethal contagious disease that has been detected in camels and humans in the Middle East is slowly spreading around the world and is causing havoc in South Korea. Known as the Middle East respiratory syndrome, or MERS, it has killed 35 percent of those it has infected. There have been 1,333 laboratory-confirmed cases of MERS in more than two dozen countries; at least 471 people have died. Officials at the World Health Organization and the United States Centers for Disease Control and Prevention have expressed confidence that the disease is not yet a global emergency. But a series of medical errors in South Korea shows what can happen to any country that

ED I T O R I A L S O F T H E T I M ES

Coping With MERS lets its guard down. All of the South Korean MERS cases so far involved people who were infected in hospitals, either as patients and staff members or as visitors. As of June 19, South Korea had 166 confirmed cases, with 24 deaths. Almost half of the cases were traced to the Samsung Medical Center in Seoul, which is considered the top hospital in the country but which in this case bungled badly. Samsung doctors

had confirmed the country’s first MERS case on May 20 in a patient who had returned from the Middle East. But on May 27 they failed to identify a second MERS case and mistakenly diagnosed a 35-year-old man’s illness as pneumonia. He was kept in a crowded emergency room and hallway for three days, coughing up sputum teeming with the MERS virus while waiting for a bed to open up in a general ward upstairs.

More than 6,000 patients, staff members and visitors in South Korea have since been quarantined, at home or in institutions, to prevent further spread. But the hospital failed to identify many visitors who had been in the emergency room with the infected man and then left, potentially infecting many others in the community or in other hospitals. On June 16, the World Health Organization’s emergency com-

mittee noted a decline in the incidence of new cases, which coincided with enhanced measures to trace, isolate and monitor contacts who might be infected. It called Korea’s outbreak “a wakeup call” for nations to be prepared for outbreaks of serious infectious diseases. But it stopped short of declaring an emergency. The Centers for Disease Control and Prevention says the risk to the public “remains very low,” and it does not recommend that people change their travel plans because of MERS. But vigilant monitoring will be crucial. Hospital systems, the main culprits in spreading the disease in many countries, need to beef up their ability to identify and isolate cases and contacts.

INTELLIGENCE/SYLVIE KAUFFMANN

Europe’s Refugee Tragedy Awaits Solutions Paris On June 11, the bodies of 18 African migrants were found in the Sahara. According to Giuseppe Loprete, Niger’s chief of mission for the International Organization for Migration, they had died more than a week earlier — most likely from dehydration. Caught in a sandstorm between Arlit, in Niger, and Algeria, they lost their way, he said, and “the heat and lack of water did the rest.” A few days later, the remains of 30 more migrants were discovered in the desert. This sad news didn’t reach the front pages in Europe: The Continent has been too busy trying to grasp the scale of the wave of migrants landing on its southern shores to pay attention to 48 unlucky Africans. Nobody here will see those bodies; no one will tell their stories. This particular tragedy will remain an African one. The other tragedy, the drama of hundreds of thousands of people on the move, risking their lives on the Mediterranean, is now a European story. And as it unfolds before our eyes, we have no clear idea of what to do. It’s not that we couldn’t see it coming. A year ago, the United Nations High Commissioner for Refugees published some staggering statistics: At the end of 2013, the world counted 51.2 million displaced people — six million more than the year before. Recently, the refugee agency said the number rose to 59.5 million in 2014. This is truly historic: Sylvie Kauffmann is the editorial director and a former editor in chief of Le Monde. Send comments to intelligence@nytimes.com.

Not since the end of World War II have so many people been uprooted against their will. Yet the 2013 figure went almost unnoticed. Millions of Syrians had already fled their country and taken refuge in Lebanon, Jordan and Turkey. The hardships of family life in refugee camps weren’t on our radar screens, and hardly on our TV screens. A number of refugees, from as far away as Afghanistan, did reach the European Union through Turkey to Greece and Bulgaria; so we built walls and sealed frontiers. Then in the spring everything changed. Finding land borders locked, refugees had taken to the sea. Overwhelmed and frustrated by a lack of European solidarity, Italy had ended its Mediterranean rescue mission in December. Suddenly, the human tragedy was there for all Europeans to see: rickety boats capsizing every day; refugees drowning by the hundreds. So far this year, at least 1,868 people have died or disappeared in the Mediterranean, compared with 448 in the same period last year. Forced to do something, European Union members sent some ships to help with the crisis. But then what? Those who reach dry land alive now face Act III of the tragedy — Act I being the first leg of the long journey from home, before they reach the sea. The Greek island of Lesbos and the Italian island of Lampedusa are swamped with migrants. The refugees want to go north, but nobody wants them. With summer here, life on the run turns from chaotic to surreal, as well-fed European tourists flock to Mediterranean beaches.

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The Greek island of Lesbos and the Italian island of Lampedusa are swamped with migrants. A refugee from Afghanistan carried a baby on Lesbos.

The French police push migrants back to Italy; dozens of families sleep on the floor in the Ventimiglia rail station. In Nice, undocumented migrants are prevented from boarding trains to Paris. In the City of Light, police evacuate makeshift camps of African migrants, only to find them back, with newcomers, the next day. Local people and relief groups feed them and clothe them, even though Marine Le Pen, the National Front leader, demands that they be given “neither shelter nor medical care.” The town of Calais, last stop before the Channel, now has a “jungle”: a camp of about 3,000 migrants who in their desperation try to jump on trucks bound for Britain. The Continent is now the premier destination for the world’s migrants. Last year, 626,000 people requested asylum in Europe, a 45 percent increase over 2013. (North America also registered a 42 percent increase but deals with far smaller numbers: 134,600 asylum seekers.) These figures go beyond the already high levels of legal and illegal immigration — an inflow of people that has spurred a populist and anti-immigrant backlash among voters across Europe. Further confusing the picture,

posals amount to positive steps in the right direction, but most of its agenda remains focused on preventing people from coming to the European Union in the first place. This human wave cannot be stopped. The sheer nature of the conflicts raging in parts of SOEREN BIDSTRUP/AGENCE FRANCE-PRESSE — GETTY IMAGES Africa and in the Middle the difference between refugees East, along with the powerful defleeing war or persecution and mographic dynamics of Africa, economic migrants has blurred, means that migration will be a as the latter suffer grave human European feature for many years rights violations on their odysto come. This is an exceptional situation — in need of an excepseys, especially at the hands of traffickers in Libya. tional response. Faced with this rapidly exExperts know that solutions exist, but changing the political panding crisis, the European discourse on immigration reUnion has reacted as it often does: slowly, burdened by the quires courage and long-term lack of a common immigration vision, something not widely and asylum policy. shared in Western capitals these A few leaders in Brussels seem days. to have understood the scale of Perhaps European leaders can this movement of people and the recall a tragic precedent. In July challenges it poses to Europe’s 1938, President Franklin D. Rooidentity as well as to its ideals sevelt of the United States conof solidarity and shared human vened the Évian conference to values. In May, the European address the plight of hundreds of Commission belatedly came up thousands of German and Austriwith “A European Agenda on Mian Jews desperate for refuge afgration” that asked Union memter Hitler had expelled them. As Zeid Ra’ad Al Hussein, the Unitbers to share 40,000 refugees among themselves according to ed Nations High Commissioner predetermined quotas. The idea for Human Rights, wrote in late of quotas was quickly rejected May: “The Évian conference was by several countries, including a catastrophe. ... The outcome of France and some Central Eurothe meeting was clear: Europe, North America and Australia pean nations. Instead, Brussels would not accept significant is now talking about a relocation numbers of these refugees. In the scheme based on the somewhat verbatim record, two words were more palatable notion of a “distriuttered repeatedly: ‘density’ and bution key” that sets out the cri‘saturation.’” teria under which member states May this catastrophe not be would absorb the migrants. repeated. Some of the Commission’s pro-

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Chinese Suppliers Fuel the World’s Illicit Drug Trade By DAN LEVIN

SHANGHAI — Ordering illegal drugs from China is as easy as typing on a keyboard. On guidechem.com, more than 150 Chinese companies sell alpha-PVP, also known as flakka, a dangerous stimulant that is illegal in the United States but not in China, and was blamed for 18 recent deaths in one Florida county. Qinjiayuan sells air-conditioners, trampolines and a banned hallucinogen known as spice, which set off a spike in emergency room visits in America in April. The stimulant mephedrone, sometimes sold as “bath salts,” is banned in China but for sale at the Nanjing Takanobu Chemical Company. “I can handle this for you legally or illegally,” a company salesman said by phone when asked about shipping the product overseas. The open online drug market is the most blatant example of what Patrick Zuo, Mia Li and Chen Jiehao contributed research.

international law enforcement officials say is China’s reluctance to take action as it has emerged as a major player in the global supply chain for synthetic drugs. While China says it has made thousands of arrests and “joined hands” with foreign law enforcement agencies, officials from several countries say Chinese authorities have shown little interest in combating what they see as the drug problems of other countries. China’s chemical factories and drug traffickers have turned the nation into a leading producer and exporter of synthetic drugs, including methamphetamine, and the compounds used to manufacture them, according to international law enforcement agencies. As governments around the world have stepped up regulation of these so-called precursor chemicals, the Mexican cartels have increasingly turned to Chinese chemical factories. Clandestine Chinese labs man-

ufacture and export their own meth and other synthetic drugs around the world. The country’s chemical industry is weakly regulated, officials say, making it easy for criminal syndicates to divert chemicals with legitimate uses into the production of new and dangerous drugs. The labs stay one step ahead of laws banning illicit synthetic drugs simply by tweaking a few molecules, creating new and not-yet-illegal drugs. Since 2008, the number of new psychoactive substances reported to the United Nations Office on Drugs and Crime has soared to 541, far outpacing the 244 drugs controlled under global conventions. Often sold as “legal highs” and “research chemicals,” these drugs are designed specifically to exploit an outdated international legal framework. Some countries have banned whole ranges of chemicals that mimic illegal drugs, but many nations do not. The European Union, with its open borders and

By CHOE SANG-HUN

By DAVID D. KIRKPATRICK

Sheikh al-Dosary, Ben Hubbard and Michael D. Shear contributed reporting.

disparate drug laws, provides ample opportunity for smuggling. “Drug traffickers take advantage of this,” said Soren Pedersen of the European police agency Europol. “As soon as a substance becomes illegal in Germany, they can just divert it to Denmark, Sweden or Austria.” According to the Australian Crime Commission’s latest Illicit Drugs Report, released last month, China was the primary source of illicit amphetamine-type drugs detected at the Australian border in 2013 to 2014. “China likes everyone to think they’re in control of everything,” said a United Nations official, who asked not to be identified. Even when China does make

Prostitute Strikes Back At South Korea’s Laws

Saudi Prince Rises Swiftly RIYADH, Saudi Arabia — Until about four months ago, Prince Mohammed bin Salman, 29, was just another Saudi royal. He grew up overshadowed by three older half brothers who were among the most accomplished princes in the kingdom — the first Arab astronaut; an Oxford-educated political scientist who was once a research fellow at Georgetown University in Washington D.C. and founded an investment company; and a deputy oil minister. But that was before their father, King Salman bin Abdulaziz, 79, ascended to the throne. Now Prince Mohammed, the eldest son of the king’s third and most recent wife, is the rising star. He has swiftly accumulated more power than any prince has ever held, upending a longstanding system of distributing positions around the royal family to help preserve its unity, and he has used his growing influence to take a leading role in Saudi Arabia’s newly assertive stance in the region, including its military intervention in Yemen. When King Salman installed Prince Mohammed as deputy crown prince, he passed over tens of older princes to put him second in line to the throne. He also put him in charge of the state oil monopoly, the public investment company, economic policy

Mexican cartels tap into China’s chemical industry.

an arrest, it may not accomplish much. For more than a decade, Zhang Lei, also known as Eric Chang, manufactured thousands of kilos of synthetic drugs for buyers in 57 countries, earning about $30 million from shipments to the United States alone, American officials say. The Chinese police knew about Mr. Zhang for years, and finally arrested him in 2013. Last July, the United States Treasury Department froze the American assets of Mr. Zhang and his company and associates. Yet the company remains open, and its English-language website promises three-day international delivery and full refunds if customs seizes any shipments. Mr. Zhang’s mother, Wang Guoying, 65, denied that the company ever sold illegal drugs. “What American buyers did with the chemicals they bought from my son can’t be blamed on him,” she said. “We’re a legitimate company. If we weren’t would we still be up and running?”

MANUEL BALCE CENETA/ASSOCIATED PRESS

Deputy Crown Prince Mohammed bin Salman, right, with President Barack Obama and Prince Mohammed bin Nayef. and the ministry of defense. The sweeping changes have thrust the young prince into power at a time when Saudi Arabia is locked in a series of conflicts. It is arming rebels in Syria, fighting in the United States-led air campaign over Iraq and leading an air assault in Yemen. Some Western diplomats say they are worried about the growing influence of the prince, with one even calling him “rash” and “impulsive.” At least two other princes in the main line of the royal family made it clear that some older members of the clan have doubts as well. King Salman, of course, has ultimate authority, and some diplomats who have met with both Prince Mohammed bin Salman and Crown Prince Mohammed bin Nayef in recent months said the senior prince appeared avuncular toward his younger cousin. Several said the crown prince appeared to be working hard to guide and train Prince Mohammed bin Salman. After meeting with both princes at a summit meeting of gulf nations at Camp David last month, President Barack Obama said the younger Prince Mohammed “struck us as extremely knowledgeable, very smart.” Prince Mohammed seemed to be planning for a future in gov-

ernment from an early age, said one family associate who knew him well. He never smoked, drank alcohol or stayed out late. “He was always very concerned about his image,” the family associate said. He became a constant presence at the side of his father, according to friends, relatives and associates. Prince Mohammed has seldom, if ever given an interview, . Associates say he likes water-skiing and other water sports on the Red Sea or during travels. He is a fan of iPhones and other Apple products. And he developed an early and abiding love of Japan, which remains his favorite country, a close associate said. When Prince Mohammed first married several years ago, he took his wife on a two-month honeymoon to Japan and the Maldives. (He recently married a second wife, associates said.) Many Saudis interviewed on the streets of Riyadh praised Prince Mohammed as representative of the nearly 70 percent of the population that is under 30. But several said they worried about his rise. Abu Fahad, a businessman sipping coffee in a luxury hotel, said, “He has become Mr. Knows Everything. But he is 29 years old — what does he know?”

SEOUL, South Korea — Kim Jeong-mi, a 43-year-old prostitute in Seoul, says she knows about humiliation. She usually charges customers 20,000 to 30,000 won, or about $18 to $27 — roughly a third of what her younger competition gets. When desperate, she has gone as low as 10,000 won. She has felt people sneering. But what happened in July 2012 was too much to accept, she says. Three uniformed male police officers raided her room while she was with a customer. During such raids, the police typically collect a used condom or other evidence. But that night, she says, the officers made her get dressed while they watched and took photographs, “giving me no time to keep the least dignity as a human.” So she pushed back. She challenged the 500,000 won fine from the police. With the help of an advocacy group, she also filed a lawsuit asking the Constitutional Court of South Korea to strike down a law that, besides criminalizing prostitution, calls on the state to root it out. In April, after two years of deliberation, the court held a public hearing, which lawyers said indicated the justices were nearing a decision. “I want what I do to be recognized as a job, a legitimate way of making a living,” Ms. Kim said After 14 young prostitutes died in a fire in 2002, the South Korean government began an aggressive campaign against the sex trade. A statute called not merely for preventing prostitution, but for eradicating it. Police crackdowns have since become more frequent. The

number of red-light districts in the country fell to 44 in 2013, from 69 in 2002, according to government figures, and the number of prostitutes fell to 5,100 from 9,100. But prostitutes say those numbers failed to account for the many women selling sex at bars, on social networking services and through dating apps. These represent a side of the sex industry that is expanding because of the crackdowns on red-light districts and leaves the women involved more vulnerable to abusive customers, pimps and others, critics say. “These are women struggling to make a living despite a social stigma. Should we drive them to death by branding them again as criminals?” asked Park Kyung-shin, a professor of law at Korea University in Seoul. He was referring to the November death of a 24-year-old single mother who jumped out of a sixth-floor motel room to escape a police raid. Ms. Kim goes to work in the capital’s Cheongryangri redlight district, a lattice of alleys lined with “glass rooms” where young women in miniskirts and high heels can be observed sitting on stools under neon lights. Ms. Kim, a high-school dropout who drifted from one menial job to another and now lives in a motel room, vows to continue as a prostitute for as long as she can. She notes that a police station overlooks one entrance to her red-light zone, and that officers patrol but never close it. “They come and selectively catch a few unfortunate women at a time and collect fines like taxes,” Ms. Kim said. “The state is no different than a pimp.”

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Religions Awakening To Climate Challenge Continued from Page 23 fluctuations from renewable power, and they are avidly studying other ways to tackle the emissions causing global warming. Hundreds of other churches, mosques and synagogues in America have put up solar panels in recent years or retrofitted their buildings to cut energy use. With the cost of renewable energy falling, that number could soon be in the thousands. Politicians who try to reduce incentives for renewable power can find themselves contending with upset preachers. A pastor in Fort Wayne, Indiana, Brian Flory, recently helped stall such a bill in his state, citing the right of churches to “generate electricity from God’s free sunshine.” Men like Mr. Lowe and Mr. Sauder have dedicated their lives to helping other people of faith grasp the connection between climate change and the harm being done to the poor. Mr. Sauder, ordained in the Mennonite denomination, is the executive director of Faith in Place, an interfaith group in Illinois that helps houses of worship cut emissions. Similar groups have sprouted across the United States under the banner of a national organization called Interfaith Power and Light. Mr. Lowe traveled as a college student, nearly a decade ago, to Lake Tanganyika, where he studied with an environmental scientist named Catherine O’Reilly. Dr. O’Reilly had documented

that rising temperatures in the lake were depleting the surface waters of nutrients. That, in turn, was damaging fish populations that historically helped feed millions of people. “I realized that climate change was already having impacts, and not just on God’s creation, but on many of my brothers and sisters around the world,” Mr. Lowe said. The situation has grown only worse since, with overfishing being a possible factor, said Dr. O’Reilly, now at Illinois State University. She visited the lake last year, and “the price of a small pile of fish has gone up 10 times, which is huge for people who are living day to day,” she said. After college, Mr. Lowe helped found, and is now the spokesman for, Young Evangelicals for Climate Action, an organization that has allied with other faith and environmental groups to push for change. Despite shifting public opinion, Mr. Lowe and others who employ the slogan “creation care” are still viewed with suspicion by many fellow evangelicals. Polls suggest that evangelicals are the American religious group least likely to believe that global warming is real or caused by humans. Many of them are politically conservative and are influenced by groups that question established climate science and defend the rising use of fossil fuels. Among Christians and Jews, theological discussion sometimes centers on exactly what God meant in the first chapter

KALEB NYQUIST/YOUNG EVANGELICALS FOR CLIMATE ACTION; LEFT, AARON P. BERNSTEIN FOR THE NEW YORK TIMES

A prayer circle of Young Evangelicals for Climate Action. Top left, Brian Flory, an Indiana pastor, helped stall a state bill to reduce incentives for clean energy. of Genesis when he granted human beings “dominion over the fish of the sea, and over the fowl of the air, and over the cattle, and over all the earth, and over every creeping thing.” Does this passage — in Christian theology, it is called the dominion mandate — mean that people can do no ecological wrong? Some conservative

Trying to end a perception that fossil fuels lift the poor. politicians do seem to interpret the verse, and related ones, as a promise that God would not let humans wreck their only home. “My point is, God’s still up there,” Senator James M. Inhofe, an Oklahoma Republican who is one of the leading climate-science doubters in Congress, said on a Christian radio program in 2012. “The arrogance of people

to think that we, human beings, would be able to change what he is doing in the climate is, to me, outrageous.” In his encyclical, Francis disputed this view, declaring not only that humans are altering the climate but that the dominion mandate encompasses a duty to care for creation. Katharine Hayhoe, a climate scientist at Texas Tech University who is an evangelical Christian, lines up with the pope on the issue. If God granted humanity free will, she sometimes asks audiences, why would that not include the capacity to harm the planet? Religious conservatives who oppose environmentalism point out that economic success has historically been closely linked to the use of fossil fuels. “The policies meant to mitigate global warming would oppress the poor by depriving them of the energy without which they cannot rise out of poverty,” E. Calvin Beisner, a leader of an American group called the Cornwall Alliance for the Stewardship of Creation, declared this year in Rome

at a symposium held to pre-emptively counter Francis’ message. Liberal groups often dismiss that view as tendentious, yet it is precisely the fear that preoccupies countries like India that have refused to commit to serious emissions limits. The stated goal of the environmental movement is to break the link between fossil fuels and economic success. Perhaps the biggest question now is whether rising concern about the environment among religious groups will translate into stronger political demands that governments find ways to reduce the cost of low-carbon energy supplies, improve their reliability and speed their deployment. This month, more than 350 American rabbis issued a letter of their own, declaring that the time for action was at hand. It declared: “The hope is that over and over in our history, when our country faced the need for profound change, it has been our communities of moral commitment, religious covenant and spiritual search that have arisen to meet the need.”

Job Laws Intended to Help Moms Can End Up Hurting Their Careers Continued from Page 23 and 20 percent. Researchers compared pay at the same companies before and after they were big enough to be forced to comply with the law. “That was thought to be a provision to help them participate in the labor force and achieve more work-family balance, and it’s doing the opposite,” said Ms. Prada, whose study was published last month by the National Bureau of Economic Research. Spain passed a law in 1999 giving workers with children younger than 7 the right to ask for reduced hours without fear of being laid off. Those who took advantage of it were nearly all women.

Over the next decade, companies were 6 percent less likely to hire women of childbearing age compared with men, 37 percent less likely to promote them and 45 percent more likely to dismiss them, according to a study by Daniel Fernández-Kranz, an economist at IE Business School in Madrid, and Núria Rodríguez-Planas, an economist at City University of New York, Queens College. The probability of women of childbearing age not being employed climbed 20 percent. Another result: Women were more likely to be in less stable, short-term contract jobs, which are not required to provide such benefits. “One of the unintended consequences of the law has been to

push women into the lower segment of the labor market with bad-quality, unprotected jobs where their rights cannot be enforced,” Mr. Fernández-Kranz said. These findings are consistent with previous research by Francine Blau and Lawrence Kahn, economists at Cornell. In a study of 22 countries, they found that generous family-friendly policies like long maternity leaves and part-time work protections in Europe made it possible for more women to work — but that they were more likely to be in dead-end jobs and less likely to be managers. There is no simple way to prevent family-friendly policies from backfiring, researchers say.

Family-friendly employee policies sometimes backfire. One idea is to make sure that employers do not have to finance them. As in Chile, they will often pass the burden to employees. The three American states — California, New Jersey and Rhode Island — that offer paid family leave finance it through employee payroll taxes, for example. Another suggestion is to make sure policies are generous but not too generous. Some say

that more than three months of maternity leave is helpful, but that more than nine months begins to hurt women’s career prospects. Perhaps the most successful way to devise policies that help working families but avoid unintended consequences, people who study the issue say, is to make them gender neutral. In places like Sweden and Quebec, for instance, parental leave policies encourage both men and women to take time off for a new baby. “It has to become something that humans do,” said Ms. Glynn, from the Center for American Progress, “as opposed to something that women do.”

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A Steady Approach To Life Life can be one big balancing act: How can we strive for more but also be happy with what we have? How do we work to reach our full potential without LENS stressing out? It is important to find that middle ground, because when things are out of balance, body and mind can fall apart. A momentary lapse of balance can lead to falling down, and you might not be aware of your own limits. One quick test is to stand on one leg for 30 seconds — and then close your eyes and try it again, a balance test that the runner Alex Hutchinson wrote about in The Times. He put himself to a series of such tests a few years ago while researching an article about high-altitude hiking. Despite his strength and endurance fitness, he found he was “as unsteady as

Testing one’s focus, as a Himalayan hiker or an investor.

newer range of inventions to nudge us in the right direction, monitoring eating speeds and relaxation time. There is a danger that such devices that do the work for you are a form of “dumbing-down,” Natasha Dow Schüll, an associate professor at the Massachusetts Institute of Technology, told The Times. But they can also — with a nudge from a mindful awareness — give insight into a person’s behavior and help her meet certain personal goals. “It’s like you are a detective of the self and you have discerned these patterns,” Ms. Schüll said. A favorite of hers is Muse, a headband that monitors brain waves and plays different sounds based on whether a person is distracted or calm. By hearing the sounds and being more aware of the brain’s state of being, she said, “you do learn to calm your mind.” Such a cool head can also have financial benefits for investors. The trick, as Jeff Sommer wrote in The Times, is to think of the long term rather than living in the moment. “When investors think short-term CHRISTOPHER GREGORY FOR THE NEW YORK TIMES and try to time Physical fitness should be centered the market, they more on balance than on muscle haven’t done very strength, one athlete believes. well,” said Louis S. Harvey, the president of a Bosa Himalayan hiker with mounton research firm that tracks the outcomes of investors in tain sickness.” mutual funds. This is partly The problem, he wrote, is because people buy and sell that fitness too often focuses frequently based on headlines on muscle strength, aerobic in the news, and do not take endurance and flexibility as into account the transaction elements to be achieved sepcosts involved. arately rather than viewing A $10,000 investment in them as a holistic, interconthe S.&P. 500 index would nected state of being. One grow to $65,464 over 20 years, way to tie them together, he compared with only $27,510 suggested, is to keep the mind for the average stock mutual active in the process. fund investors, Mr. Sommer Whether doing coordination reported. After 40 years, with exercises like obstacle courscompounding, the nest egg es or partaking in activities would grow to about $428,550, like dancing or tennis with compared with only $75,680 a partner, “it is novelty and for mutual fund investors, a unpredictability, rather than $352,870 difference. repetition, that are essential to “It’s not just about buying keep your brain engaged,” Mr. hot mutual funds,” John RekHutchinson wrote. Another way to keep yourenthaler of Morningstar, an investment research and manself in balance is by using devices and applications that agement firm, told The Times. monitor your body’s activity, “It’s important not to chase whether it’s the steps you’ve hot asset classes, either. Longtaken in a day, calories eaten term and steady, both of them, or hours slept. There is even a are important.” Finding a balance can pay off in more ways than one. For comments, write to TESS FELDER nytweekly@nytimes.com.

JIM WILSON/THE NEW YORK TIMES; BELOW, APPLE

Americans’ willingness to experiment lies behind the astonishing success of technological pioneers like Mark Zuckerberg of Facebook, in 2005, and Steve Jobs, below, at Apple in 1977.

Innovation Held Back in Europe By JAMES B. STEWART

Antitrust fervor in Europe seems to have hit fever pitch. Apple, Google and Facebook are all subjects of investigation, and Amazon is now the focus of at least three separate inquiries. Europe’s top antitrust regulator, Margrethe Vestager, contends it’s just coincidence that so many of her targets are American tech companies: “This just reflects that there are many strong companies in the U.S. that influence the digital market elsewhere,” she said. But even if true, why would that be? Why hasn’t Europe fostered the kind of innovation that has spawned hugely successful technology companies? In the United States, three of the top 10 companies by market capitalization are technology companies founded in the last half-century: Apple, Microsoft and Google. In Europe, there are none among the top 10. Yet if any region of the world could compete successfully with the United States in technology, it would be Europe. The European Union has venerable universities, a well-educated work force, affluent and technically skilled consumers and large pools of investment capital. Europe has a long history of inventions, including the printing press, the optical lenses used in microscopes and telescopes and the steam engine. But recently? Not so much. This hasn’t gone unnoticed in Europe. The European Union has unveiled its “Digital Single Market” strategy to foster European entrepreneurship and ease barriers to innovation. European countries have tried to replicate the critical mass of a Silicon Valley with technology centers like Oxford Science Park in Britain, “Silicon Allee” in Berlin and Isar Valley in Munich, and “Silicon Docks” in Dublin. There are institutional and structural barriers to innovation in Europe, like smaller pools of venture capital and rigid employment laws that restrict growth. Jacob Kirkegaard, a Danish economist and senior fellow at the Peterson Institute for Inter-

The freedom to fail liberates U.S. entrepreneurs. national Economics, and Petra Moser, a German-born assistant professor of economics at Stanford University in California, said the major barriers were cultural. Often overlooked in the success of American start-ups is the even greater number of failures. “Fail fast, fail often” is a Silicon Valley mantra, and the freedom to innovate is inextricably linked to the freedom to fail. In Europe, failure carries a much greater stigma than it does in the United States. Bankruptcy codes are far more punitive, in contrast to the United States, where bankruptcy is simply a rite of passage for many successful entrepreneurs. Professor Moser recalled that a businessman who declared bankruptcy in her hometown in Germany committed suicide. “In Europe, failure is regarded as a personal tragedy,” she said. “Here it’s something of a badge of honor. An environment like that doesn’t encourage as much risk-taking and entrepreneurship.” There is also little or no stigma in Silicon Valley to being fired; Steve Jobs himself was forced out of Apple. “American companies allow their employees to leave and try something else,”

Professor Moser said. “Then, if it works, great, the mother company acquires the start-up. If it doesn’t, they hire them back. It’s a great system. It allows people to experiment and try things. In Germany, you can’t do that. People would hold it against you. They’d see it as disloyal.” Europeans are also much less receptive to the kind of truly disruptive innovation represented by a Google or a Facebook, Mr. Kirkegaard said. He cited the example of Uber, the ride-hailing service that has been greeted with hostility in Europe, and its reception says a lot about the power of incumbent taxi operators. “But it goes deeper than that,” Mr. Kirkegaard said. “New Yorkers don’t get all nostalgic about yellow cabs. In London, the black cab is seen as something that makes London what it is. People like it that way. Americans tend to act in a more rational and less emotional way about the goods and services they consume, because it’s not tied up with their national and regional identities.” One of Europe’s greatest innovations was the forerunner of the modern university: Bologna, founded in 1088. But as centers of research and innovation, Europe’s universities long ago ceded leadership to those in the United States. With its emphasis on early testing and sorting, the educational system in Europe tends to be very rigid. “If you don’t do well at age 18, you’re out,” Professor Moser said. “That cuts out a lot of people who could do better but never get the chance. The person who does best at a test of rote memorization at age 17 may not be innovative at 23.” She added that many of Europe’s most enterprising students go to the United States to study and end up staying. None of this will be easy to change, even assuming Europeans want change. “In Europe, stability is prized,” Professor Moser said. “Inequality is much less tolerated. There’s a culture of sharing. People aren’t so cutthroat. Money isn’t the only thing that matters.”

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ISIS Is Entrenching Itself in Its Territories’ Fabric By BEN HUBBARD

ERBIL, Iraq — In northern Syria, the jihadists of the Islamic State have fixed power lines and dug sewage systems. In Raqqa, they search markets for expired food. In Deir al-Zour, they have imposed taxes on farmers and shopkeepers and fined men for wearing short beards. A year after the Islamic State seized Mosul, the jihadist group continues to stitch itself deeper into the fabric of the communities it controls. In areas with shattered ties to national governments, the jihadists have worked to fill the void, according to interviews with residents from areas in Syria and Iraq ruled by the Islamic State, also known as ISIS or ISIL. The group is offering reliable, if harsh, security; providing jobs; and projecting a sense of order in a region overwhelmed by conflict. “As a way of life, people got used to it,” said a laborer from Raqqa. If you followed the rules, the jihadists left you alone, he said. “It is not our life, all the violence and fighting and death,” he Hwaida Saad, Karam Shoumali and Omar Al-Jawoshy contributed reporting.

said, speaking on the condition of anonymity. “But they got rid of the tyranny of the Arab rulers.” In the process, the Islamic State’s administration has banned dynamite fishing and Apple products, pressured teachers to work in its schools and offered rewards for killing Jordanian fighter pilots, according to jihadist documents compiled by Aymenn Jawad Al-Tamimi, a fellow at the Middle East Forum. The Islamic State’s territory stretches from the outskirts of Aleppo in Syria into central Iraq, where it shares a volatile border with the Kurds in the north and approaches Baghdad in the south. Much of the area is sparsely populated desert, but the group has millions of people under its charge. The Islamic State differs from jihadist groups like Al Qaeda in its drive to establish a Sunni Muslim state governed by an extreme version of Islam. Its method of seizing territory seeks to lay the groundwork for this by prompting a “geographic cleansing,” according to Hassan Abu Hanieh, a Jordanian expert on Islamist groups. Enemies flee or are killed. What remains are mostly Sunni Arabs who try to

NOUR FOURAT/REUTERS

The Islamic State provides services and order usually lacking during war. Men disposed of confiscated products in Raqqa. continue their lives. The Islamic State works to coopt them by providing services lacking in wartime, Mr. Abu Hanieh said. “People may not be with the organization’s ideology, but the group has been able to give some stability, punish thieves and put in place a legal system,” he said. Many residents have become dependent on the Islamic State’s services, Mr. Tamimi said. “The end effect of this is that the Islam-

ic State entrenches itself and becomes very difficult to get rid of,” he said. “Are you going to bomb the schools in the towns they run and deny the people access to any education whatsoever?” To enhance their staying power, the jihadists have focused on children, revamping curriculums and indoctrinating teachers. Islamic State propaganda videos often show children planting bombs to kill Iraqi security forces, cheering for Islamic State con-

voys and watching executions. “The biggest threat we have is that the children have a new curriculum that is very extremist,” said a Kurdish security official. “This is a ticking time bomb for the future.” Residents of Islamic State areas did not describe easy lives, but some wanted the jihadists to stay, reflecting the deep political failures in their countries. Many now living under the Islamic State in Syria suffered under both President Bashar al-Assad and the rebels who chased out his forces, leaving them with no alternative to the jihadists. And many Sunnis in Iraq trust the Islamic State more than the Shiite-led government in Baghdad and the militias it has used to fight the jihadists. “Now there is more security and freedom, no arrests, no harassment, no concrete barriers and no checkpoints where we used to spend hours to get into the city,” said Mohamed al-Dulaimi of Falluja, Iraq. “What will happen if the militias enter Falluja?” he asked. “We will take our guns and fight them, not because we are ISIS, but because the militias will kill us all.”

Doping Charges Hit Russian Walkers

Elena Lashmanova, second from right, served a ban for doping. Far left, Viktor Chegin, the Russian coach.

By CHARLY WILDER

SARANSK, Russia — Racewalking is the peculiar track and field event that elicits snickers every four years when its athletes are seen wiggling toward the finish line in the Summer Olympics. The palatial glass-and-steel Olympic Training Center of the Republic of Mordovia, where athletes work out on a 3.2-kilometer wooded path, is one of the largest, most important facilities in the world devoted to the sport. The high-tech, live-in center has churned out champions for the past decade and led Russia to dominate the sport on the world stage. At the helm of the Russian race walking program is Viktor Chegin, whose name adorns the facade of the center here in Saransk, about 650 kilometers east of Moscow. Responsible for coaching the three Russian athletes who swept the 2009 world championships, as well as multiple Olympic medal winners and world-record holders in the years since, Mr. Chegin is a hero here. But now Mr. Chegin and the racewalking center in Saransk are in the middle of one of the biggest doping scandals in the history of track and field. As far back as 2008, Mr. Chegin faced accusations of doping when five of his athletes tested positive for banned substances on the eve of the Beijing Olympics. To date, 26 Russian racewalkers have been barred from the sport for doping violations, at least 20 of them trained by Mr. Chegin. Several of Mr. Chegin’s ath-

OLEG NIKISHIN/GETTY IMAGES; LEFT, OKSANA YUSHKO FOR THE NEW YORK TIMES

letes are serving lifetime bans for use of EPO, a blood-doping agent that improves oxygen delivery to the muscles but also increases the likelihood of thrombosis and stroke. Many have had medals rescinded. Yet for years, even as his walkers were caught again and again, Mr. Chegin emerged largely unscathed, and the center in Mordovia continued to receive hundreds of millions of rubles in federal and state funding. Last year, the Russian government allocated an additional 375 million rubles (about $7 million currently) to the center, part of the city’s preparation to host a site in soccer’s 2018 World Cup. Even after July 2014, when Mr. Chegin was officially fired from Russia’s national team after five new doping violations finally led to an investigation by the Russian Anti-Doping Agency, or

Rusada, he has continued to train athletes in Saransk. It was not until the beginning of this year that track and field’s world governing body, the I.A.A.F., together with Russia’s antidoping agency and the World Anti-Doping Agency, investigated Mr. Chegin, prompted largely by an online campaign run by a group of racewalkers from Canada, Australia and New Zealand. No matter — Mr. Chegin continues to draw broad support at home. A poll in January by the leading Russian web portal Mail. ru showed that 72 percent of respondents thought the doping scandal was, entirely or in part, a Western conspiracy against Russia. He declined to be interviewed for this article. Over the past decade, resentment has grown among other national teams as more and more

Russian racewalkers were caught doping but continued to dominate international competitions. “The last couple years, I started getting really angry, knowing I’m racing against doped-up athletes,” said Jared Tallent, an Australian racewalking champion who has repeatedly finished second or third at world championships behind Russian walkers who were coached by Mr. Chegin and later barred for doping. “He’s cheating, and it’s bad for the sport.” Last December, Elena Lashmanova, a Russian walker who had been banned for two years over doping charges, apparently took part in an official race at the Saransk training center. That, together with six new doping violations this year alone, might have finally tipped the scales against Mr. Chegin. The I.A.A.F., WADA and Rusada are conducting mul-

tiple investigations against him and the Olympic Training Center in Saransk, all of them set to conclude by the end of the year. Both the I.A.A.F. and WADA were already engaged in a major investigation into Russian athletics after a documentary by the German broadcaster ARD alleged that systemic doping and cover-ups were widespread in the country. Igor Zagorsky, the Rusada director, denies the claims made in the documentary. Brent Vallance, a former racewalker and coach for Australia’s national team, said: “I personally don’t hold anything against the individual athletes, because I believe they don’t know they’re doing it. I honestly believe they’re just following blindly what they’re told to do. It’s almost worship status that Viktor Chegin gets there, so when you’re told to do something, you just do it.“

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MONEY & BUSINESS

Investors Again Willing To Put Money in Brazil By DAN HORCH

GIANNI CIPRIANO FOR THE NEW YORK TIMES

Banca Monte dei Paschi survived plagues and wars, but financial hubris felled it.

Seeking a Renaissance in Siena By JACK EWING and GAIA PIANIGIANI

SIENA, Italy — Operators of an ambulance service had to find new sources of funds. A biotech company filed for bankruptcy. The local professional soccer team slipped into the minor leagues after it could not pay top salaries. As for the Palio, Siena’s famed bareback horse race, clans must pay for their own costumes. Siena, a city in central Tuscany, is scrambling to fill the financial hole caused by the near collapse of Banca Monte dei Paschi di Siena, the world’s oldest bank. The foundation that owned the bank financed a broad range of social services and cultural events, showering 150 million euros a year, about $170 million, on Siena and the surrounding region. The bank was the city’s largest private sector employer. Now, Siena is trying to attract outside investments and show that it can create jobs. Since its founding in 1472, Monte dei Paschi and its wealth have been at the center of life in Siena. The bank survived plagues, panics and wars. Its headquarters are still located inside a medieval fortress. But modern financial hubris felled the centuries-old bank. In 2008, Monte dei Paschi acquired a rival to become Italy’s third-largest bank. The €9 billion price tag was considered too high, even at the time, and bank management engaged in a series of derivatives transactions that later produced huge losses. In mid-June, Monte dei Paschi completed a sale of shares valued at €3 billion and replenished its capital. But the bank is gasping under a pile of bad loans and has effectively put itself up for sale, which could mean moving its headquarters. Fabrizio Viola, the bank’s chief executive, said that Monte dei Paschi will continue to support Siena as a bank, though not as a benefactor. Some of the changes have been small. The Misericordia di Siena, which provides the ambu-

lance service, is making up the lost funds by renting out real estate and collecting more money from members and other private sources. “Had we survived only with the foundation’s money, we’d have gone belly up,” said Mario Marzucchi, president of the Misericordia. “There was too much money. Everything was easy,” said Marcello Clarich, the president of the Monte dei Paschi Foundation. “Now we are going back to normality.” With a lwell-preserved medieval center, Siena is crowded with tourists in the summer but is often underbooked the rest of the year. Work has long been underway to improve the highway that connects Siena with Florence, and officials have staged events to attract sports tourists, boosting tourism by an estimated 10 per-

As easy money dries up, a Tuscan city tries new strategies. cent last year. But tourism will not replace the high-paying jobs Monte dei Paschi once provided. To fill that gap, officials are trying to turn the surrounding province of Tuscany into an international center for drug research. The British drugmaker GlaxoSmithKline has a large operation in Siena. The effort suffered a blow when Siena Biotech filed for bankruptcy in April. Despite spending 14 years and €160 million seeking treatments for Alzheimer’s and Huntington’s diseases, the company never produced any marketable therapies. The failure of Siena Biotech, which depended entirely on the Monte dei Paschi Foundation, is seen as a cautionary tale. Now officials are trying a new strategy. Toscana Life Sciences is serving as an incubator for 16

start-ups developing new technologies and related services. It is trying to mold the small pharmaceutical companies scattered around the region into a cluster that can feed off each other and take better advantage of the proximity of GlaxoSmithKline as well as Eli Lilly, which has a drugmaking plant outside Florence. The organization is supporting research into the therapeutic qualities of ingredients found in local products like olive oil and red wine, among other activities. It is also working with local universities. But the effort also requires a government rethink. Investors won’t come to Tuscany “just because it’s more beautiful and has better wine,” said Andrea Paolini, director general of Toscana Life Sciences. Entrepreneurs here, as with much of Italy, face a mountain of bureaucracy. So officials are trying to simplify things. “This is critical for companies,” said Luigi Marroni, the regional minister of health. “If it takes six months to get an approval in Tuscany and two months in New Jersey, they’ll go to New Jersey.” In January, the University of Pittsburgh Medical Center, a nonprofit health care provider, decided to open a center to diagnose liver and digestive ailments in Chianciano Terme, a town near Siena known for its healing waters. Officials in Siena helped accelerate the approval process, and the center opened in June. “Our impression is that the local government is really pushing hard,” said Bruno Gridelli of U.P.M.C. International. “They understand that if they want to improve the economy, particularly after the problems of Monte dei Paschi, they need to attract investment.” Officials are working on centralizing procedures like building permits. Bruno Valentini, Siena’s mayor, said, “The only way to save the city is to renew it.”

SÃO PAULO, Brazil — Six months ago, stocks and bonds in Brazilian companies were practically left for dead. Brazil was sinking deeper into a recession. Its currency, the real, was reeling. And the country’s largest company, the government-controlled energy giant Petrobras, was embroiled in a corruption scandal that drew in politicians and weakened the government of President Dilma Rousseff. Although Brazil is still recovering from its economic malaise, the nation’s major companies are attracting investors again. In recent months, President Rousseff has taken steps to cut the budget deficit. And Petrobras sold $2.5 billion in bonds with a 100-year maturity. Brazil, the world’s seventh-largest economy, still faces hurdles. Investors have lost billions in companies under investigation in possible securities law violations. The real has dropped nearly 40 percent against the dollar in the last year, adding to losses for foreign investors. Inflation is still more than 8 percent. And should the government’s progress in stabilizing the national debt falter, fears of a ratings downgrade could again send the currency plunging. But, cautiously, some companies are tapping the public markets. Once new management took over in February, Petrobras — the world’s most indebted energy company, with about $130 billion in debt — moved quickly to build cash reserves. In the last two months, it raised more than $11 billion from the China Development Bank, the Standard Chartered Bank and three Brazilian banks. In early May, the Brazilian subsidiary of the Spanish telecom giant Telefónica issued new shares and raised $1.4 billion to help finance its acquisition of Vivendi’s Brazilian telecom unit. In other signs of a turnaround, a local insurance brokerage firm, Par Corretora, just held an initial public offering,

the first Brazilian company to do so in almost eight months. It raised a modest $190 million, but that exceeded the high end of its target range, as a surge in demand led it to raise its share price. “The success of recent offerings shows that there is a demand for quality names,” said Jean-Marc Etlin, chief executive of the Brazilian investment bank Itaú BBA. More transactions are considered likely. The reinsurance company IRB-Brasil is expected to file for an initial public offering, seeking to raise $1.3 billion. Another large bank, Caixa Econômica Federal, said in April that it was looking to hire investment banks to spin off its insurance division this year in an I.P.O. that could raise $3 billion. The government has an interest in helping to elevate the

A country slowly recovering from its economic malaise. capital markets. IRB and Caixa Econômica Federal’s insurance division are partly owned by the government, which is eager to raise money to close a gaping budget deficit. Brazil’s deficit is 7.5 percent of its gross domestic product; in contrast, the deficit of crisis-ridden Greece was 3.5 percent last year. “The government, given its need for money, will probably be aggressive about opening capital in the companies it owns,” said Eliana Chimenti, an analyst. Some $4 billion is expected to come from selling offshore petroleum reserves. “Uncertainties have lifted enough that investors can see opportunities,” said Renato Ejnisman, head of Banco Bradesco BBI. “There are good names available at good prices.”

YASUYOSHI CHIBA/AGENCE FRANCE-PRESSE — GETTY IMAGES

Brazil is eager to close its budget deficit, which is still 7.5 percent of its gross domestic product. A protester in April.

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MONEY & BUSINESS

Easier, Cheaper Ways To Send Cash Abroad

In Johannesburg last month, a protest against France and Engie, a French company, to stop supporting coal there. Below, a power plant in Ohio.

By MARK SCOTT

LONDON — When Stellah Vardling in Kampala, Uganda, was getting ready for her birthday party, she texted her sister in Sweden, who quickly sent money directly to her smartphone. “All it takes is a few minutes,” said Ms. Vardling, who receives a couple of remittances each month on her phone from her extended family in Sweden to pay for food, clothes and other basic necessities. “By the time I ask for the money, there’s always something urgent that needs to be bought.” Ms. Vardling’s experiences are part of a growing shift in how people send money to each other around the world. While companies like Western Union have offered international money transfers for decades, tech start-ups and traditional telecom companies are reducing the barriers to, and costs of, sending cash overseas. “International remittances is the fastest-growing mobile money product,” said Seema Desai, head of mobile money at the GS-

Tech start-ups are changing the global remittance market.

Vodafone, the European telecom giant — as the most practical way to pay for goods and send money to friends and family. Ismail Ahmed, a former remittance expert at the United Nations, started WorldRemit, a London-based financial company in 2010. WorldRemit allows people to send money digitally from more than 50 countries and receive it in over 115 countries. Mr. Ahmed has secured more than $140 million in funding, for a valuation of about $500 million. “We want people to send money like they send text messages,” he said. “From the beginning, I wanted to make sending and receiving money as digital as possible.” Most online transfer companies require individuals to send money from bank accounts that are already highly regulated. Cellphone operators also collect large amounts of data on their users who rely on these services. And as all transactions are processed digitally, there is an audit trail detailing exactly where, and to whom, the money is sent. Mr. Ahmed said the company’s customers — hundreds of thousands of people now SVEN TORFINN FOR THE NEW YORK TIMES send money through its M-Pesa, a Kenyan cellphone-based digital platform each month — are quickly money transfer service, has become forgoing cash transfers popular in the developing world. for mobile money. When the business first began offering its services, MA, a telecom trade organizarecipients had to pick up the cash. tion in London. “It’s disrupting Now, those transactions reprethe traditional players like Western Union.” sent just a third of the remittancThe global remittance market es on WorldRemit’s platform. will be valued at almost $600 bilIn many countries, like Zimbalion this year, according to the bwe and the Philippines, about World Bank. New technology has three-quarters of people now helped cut the price of sending receive remittances as mobile traditional remittances in half, to money directly on their phones. an average of $4 for sending $100, “At the end of last year, 20 according to the GSMA. percent of all global mobile Individuals log into online sermoney transfers came through WorldRemit,” Mr. Ahmed said. vices either through a computer “It’s our fastest-growing area.” or, increasingly, a smartphone, Telecom operators are introand enter their bank details. To send the money, the user has onducing their own international remittance programs. In East ly to type in the recipient’s cellAfrica, the local carrier MTN phone number, enter a password and Vodafone recently agreed to and confirm the transaction, allow their customers to transfer which usually takes less than a money through cellphones. few hours, compared with several Orange, the French telecom days for a traditional remittance. giant, also offers international The recipient receives a text mesmobile money transfers across sage when the money is available several West African countries, for pickup or has been credited to and plans to extend the service to a mobile money account. France, home to a large diaspora These sort of mobile payments of immigrants, by early next year. have not caught on in many West“We’re addressing a basic ern countries. But mobile money need,” said Laurent Paillassot, is now a fixture across large who oversees Orange’s mobile parts of the developing world. banking services in Paris. “The With limited access to traditional ability to make an instantaneous bank accounts, people have often money transfer is what people turned to services like M-Pesa want.” — a mobile money offering from

GIANLUIGI GUERCIA/AGENCE FRANCE-PRESSE — GETTY IMAGES; BELOW, GREG SAILOR FOR THE NEW YORK TIMES

NEWS ANALYSIS

Fossil Fuels Remain Resilient By DAVID GELLES

Norway this month became an unlikely leader in a growing social movement: persuading investors to sell their stock in fossil fuel companies. In Norway’s case, its $890 billion pension fund — the largest sovereign wealth fund in the world — will begin divesting itself of its stakes in coal companies. The move offered a powerful endorsement of a tactic its backers say has the potential to reduce carbon consumption. The fossil fuel divestment movement, begun on the campus of Swarthmore College in Pennsylvania in 2011, has gathered force in only four years. AXA, the French insurance group, said it would sell $560 million in coal investments. The Rockefeller family said its philanthropic arm would sell fossil fuel investments. And the endowments of several universities have purged coal company stocks. “There’s been a tipping point in the last six months,” said Ben Caldecott of Oxford University. Coal prices are falling. The Dow Jones coal index is down 86 percent since 2011. In a recent securities filing, Peabody Energy, one of the country’s biggest coal producers, listed the divestment campaign as a risk factor that threatened its share price. The logic of the campaign is that diminishing support from the markets will create financial hardship and ultimately lead fossil fuel producers to change. But there is an open secret: For all its focus on stock holdings, the true impact of divestment campaigns has nothing to do with a company’s investor base, share price or creditworthiness. It lies in the shame it causes. In 2013, Mr. Caldecott and others at Oxford examined previous divestment movements — like those against apartheid in South Africa and tobacco companies. The study concluded that even if every public pension fund and university endowment sold its fossil fuel stock, the effect would be negligible.

That’s largely because most energy company stock is held by big institutional investors like BlackRock and Fidelity, whose managers are unlikely to use their portfolios to advance moral or social agendas. “Divestment in itself is neither here nor there,” said Atif Ansar, an author of the study and a professor at Saïd Business School at Oxford. “On its own, it’s not going to generate any real impact.” In the case of coal, the stocks are down because shale mining and cheap natural gas have re-

Big investors want big returns, not emission reductions. duced demand for coal. But that does not mean divestment campaigns have no consequences. Again, there’s the shame factor. Critics, though, argue that damaging the reputations of coal and oil companies does nothing to reduce reliance on fossil fuels. “I’m very supportive of aggressive climate policies,” said Robert Stavins of the Harvard Kennedy School of Government. “But the message from the divestment movement is fundamentally misguided.” He contends that the problem is an economy that re-

mains dependent on fossil fuel production and consumption. While clean energy production is growing, Western economies would grind to a halt tomorrow without fossil fuels. And the divestment movement has focused on Western companies, while India and China have continued to mine and burn huge amounts of coal. Norway, now a leader in the movement, amassed its gargantuan sovereign fund by drilling for oil and gas in the North Sea. “Divestment comes at the expense of meaningful action,” said Frank Wolak of Stanford University in California. “It will do nothing to reduce global greenhouse emissions. It will not prevent these companies from raising capital.” A more effective use of activists’ energy, Mr. Wolak and Mr. Stavins said, would be to work on putting a price on carbon emissions through a carbon tax or a cap-and-trade system. “What we need to do is focus on actions that will make a real difference,” Mr. Stavins said, “as opposed to actions that may feel or look good, but have very little real world impact.” Divestment campaigners are more than happy to provoke companies like Exxon Mobil and Peabody Energy. But Bill McKibben of the divestment group 350.org said, “Left to their own devices, a sense of concern is inadequate to move the fossil fuel industry to action.”

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SCIENCE & TECHNOLOGY

Naomi Oreskes, Lightning Rod in a Changing Climate “One of the things that should always be asked about scientific evidence is, how old is it?”

By JUSTIN GILLIS

Naomi Oreskes, a professor at Harvard, is one of the biggest names in climate science. But she did not earn her recognition as a climatologist. She earned it by applying the tools of historical scholarship to defend the field against ideologically driven attacks. Formally, she is a historian of science. Informally, she has become a boxer, throwing herself into a messy public arena that many career-minded climate scientists try to avoid. She helps raise money to defend researchers targeted for criticism by climate change denialists. She has become a heroine to activist college students, supporting their demand that universities and other institutions divest from fossil fuels. Climatologists, though often reluctant themselves to get into fights, have showered her with praise for being willing to do it. “Her courage and persistence in communicating climate science to the wider public have made her a living legend among her colleagues,” two climate researchers, Benjamin D. Santer and John Abraham, wrote in a prize-nomination letter in 2011. Dr. Oreskes’s core discovery, made with a co-author, Erik M. Conway, was twofold. They reported that dubious tactics had been used over decades to cast doubt on scientific findings relating to subjects like acid rain, the ozone shield, tobacco smoke and climate change. And, in each case, the tactics were employed by the same group of people. In a 2010 book, Dr. Oreskes and Dr. Conway called these men “Merchants of Doubt,” and this spring the book became a documentary film, by Robert Kenner. Dr. Oreskes has been vilified on conservative websites, and gets hate mail. Complaints about

NAOMI ORESKES

Historian of science

KAYANA SZYMCZAK FOR THE NEW YORK TIMES

her research were filed at her previous employer, the University of California, San Diego, though never upheld. One of the men she has targeted in her writing, the physicist S. Fred Singer, said that she was protected at that institution by “a mostly feminist mafia.” Born in 1958, Dr. Oreskes grew up in Manhattan. She started at Brown University, but finished her undergraduate geology degree at the Royal School of Mines in London. After graduating with high honors, she won a job in 1981 as a young field geologist for Western Mining, an Australian company. After three years she decided to return to the United States to pursue a doctoral degree at Stanford University. But she felt a growing desire to plunge into more fundamental questions about the nature and

history of science. She established her career as a historian with a book-length study examining the role of dissent in the scientific method. As she put it a few months ago to an audience at Indiana University, she wanted to wrestle with this question: “How do you distinguish a maverick from a crank?” Her subject was Alfred Wegener, the German scientist who proposed in 1912 that continents drifted around the earth. Initially rejected, his idea was revived decades after his death to become the theory of plate tectonics. Dr. Oreskes started wondering about climate science. At the time, the widespread public impression was that scientists were still divided over whether humans were primarily responsible for the warming of the plan-

et. But how sharp was the split, she wondered? She decided to do something no climate scientist had thought to do: count the published scientific papers. Pulling 928 of them, she was startled to find that not one dissented from the basic findings that warming was underway and human activity was the main reason. She published that finding in a short paper in the journal Science in 2004, and the reaction was electric. Advocates of climate action seized on it as proof of a level of scientific consensus that most had not fully perceived. Just as suddenly, Dr. Oreskes found herself under political attack. Some of the voices criticizing her were barely known to her at the time, Dr. Oreskes said. She had connected by then with Dr. Conway. It did not take them long to document that this group,

Rise in Retractions Draws Scrutiny to Science Papers By BENEDICT CAREY

After two graduate students raised questions in mid-May about a study in the journal Science on how political canvassing affects opinions of same-sex marriage, editors began to investigate. Science soon pulled the paper, by Michael LaCour of the University of California, Los Angeles, and Donald Green of Columbia University, because of concerns about Mr. LaCour’s data. The case has played out against an increase in retractions that has alarmed many journal editors and authors. Scientists in fields as diverse as neurobiology, anesthesia and economics are debating how to reduce misconduct. The blog Retraction Watch, the first news media outlet to report that the study had been challenged, has charted a 20 percent to 25 percent increase in retractions across some 10,000 medical

and science journals in the past five years: 500 to 600 a year today from 400 in 2010. (The number in 2001 was 40, according to previous research.) The primary causes are far from clear. More papers are being published in more journals. New tools for detecting misconduct, like plagiarism-sifting software, have become widely available. The pressure to publish attention-grabbing findings is also stronger than ever — and so is the ability to “borrow” and digitally massage data. Retraction Watch’s records suggest that about a third of retractions are because of errors, like tainted samples or mistakes in statistics, and about twothirds are because of misconduct, or suspicions of misconduct, such as image manipulation. The second leading cause is plagiarizing text, followed by republishing — presenting the same results in two or more journals.

Dr. Ivan Oransky helps edit the Retraction Watch. The blog found that retractions had risen 20 percent to 25 percent in five years. CHRISTIAN HANSEN FOR THE NEW YORK TIMES

Uncovering tainted samples, fake data and plagiarized text. Faked data is also a factor. No one knows the rate of fraud with any certainty. In a 2011 survey of more than 2,000 psychologists, about 1 percent admitted to falsifying data. Other studies have estimated a rate of about 2 percent. Yet one offender can do a lot of damage. The Dutch social

psychologist Diederik Stapel published dozens of studies in major journals for nearly a decade based on faked data, investigators at the universities where he had worked concluded in 2011. Suspicions were first raised by two of his graduate students. “If I’m a scientist and I fabricate data and put that online, others are going to assume this is accurate data,” said John Budd, a professor at the University of Missouri and an author of one of the first exhaustive analyses of retractions, in 1999. “There’s no way to know” without inside information.

which included prominent Cold War scientists, had been attacking environmental research for decades, challenging the science of the ozone layer, even the finding that breathing secondhand tobacco smoke was harmful. Trying to undermine climate science was simply the latest project. Dr. Oreskes and Dr. Conway came to believe that the attacks were patterned on the strategy employed by the tobacco industry when evidence of health risks first emerged. Documents showed that the industry had paid certain scientists to contrive dubious research and had cherry-picked evidence to present a misleading picture. The tobacco industry had used these tactics in defense of profits. But Dr. Oreskes and Dr. Conway wrote that the so-called merchants of doubt had adopted them for a deep ideological reason: contempt for government regulation. “One of the things that should always be asked about scientific evidence is, how old is it?” Dr. Oreskes said. “It’s like wine. If the science about climate change were only a few years old, I’d be a skeptic, too.” People pushing climate denial remain unpersuaded, regularly issuing attacks on Dr. Oreskes. “Most people would think it’s a bad thing to be a lightning rod, and I cannot say I enjoy it,” she said. “But remember, the whole purpose of a lightning rod is to keep people safe.”

One of Retraction Watch’s most effective allies has been Dr. Steven Shafer, the current editor of the journal Anesthesia & Analgesia, whose aggressiveness in re-examining published papers has led to scores of retractions. The field of anesthesia is a leader in retractions, largely because of Dr. Shafer’s efforts. Other cases emerge from issues raised at post-publication sites, where scientists dig into papers, sometimes anonymously. David Broockman, one of the two who challenged the LaCour-Green paper, had first made public some of his suspicions on a message board called poliscirumors.com. What these various tipsters, anonymous post-reviewers and whistle-blowers have in common is a nose for data that looks too good to be true, he said. “Until recently it was unusual for us to report on studies that were not yet retracted,” said Dr. Ivan Oransky, an editor of Retraction Watch. But new technology and a push for transparency from younger scientists have changed that, he said. “We have more tips than we can handle.”

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SCIENCE & TECHNOLOGY

Real Concerns Arise About Virtual Reality By NICK WINGFIELD

The ability of virtual reality to transport people to locales both exotic and ordinary is well known. Yet how the medium will fit into people’s online and offline lives is a new frontier. The best known of a new league of virtual reality headsets, HTC’s Vive by Valve, will start going on sale by the end of the year. That makes the thousands of developers and early adopters effectively lab rats for these devices. They’re the ones figuring out how to navigate their real-life surroundings when their vision of the real world is shut out. On a recent night, a dozen people strapped on virtual reality headsets, logged on to the Internet and sat down to watch a movie. The sounds from the virtual movie theater was so accurate that munching potato chips can be problematic. “When all of a sudden 10 avatars turn around and look at you, you know you should be quiet,” said Eric Romo of AltspaceVR, a Silicon Valley start-up that organizes the virtual movie gatherings. Etiquette around social forms of virtual reality is taking shape as proponents say the promise of the technology has caught up to the hype. Facebook paid $2

With headsets, it’s a challenge to navigate the real world.

There are headsets already on the market that cradle smartphones in front of peoples’ eyes, using lenses and the screens on the devices to create 3-D images. They have no dangling wires, so users are free to tune out in virtual space while sitting in a restaurant or park. And this year, the Australian airline Qantas started testing mobile virtual reality headsets, made by Samsung, in some airport lounges and firstclass cabins on some flights. But wearing a virtual reality headset in public could make someone a target for derision and, more seriously, theft. Patrick O’Luanaigh, the chief executive of nDreams, a British developer of virtual reality software, put on a mobile headset earlier this year on a train ride from Reading to Bristol. He turned on an nDreams app called Perfect Beach that simulated the experience of being at the beach. “You forget where you are other than the vibrations and bouncing,” said Mr. O’Luanaigh, who did not forget to secure his bag between his actual feet. The protocol for interrupting someone’s virtual reality session isn’t clear, either. “When you’re in a room with somebody and you have a mobile device in front of you, they think they have your presence,” said Mark Bolas, an associRAMIN TALAIE FOR THE NEW YORK TIMES ate professor of interVirtual reality headsets are active media at of the University of Southern becoming more common. The California. “In a virtual Oculus Rift at a recent event. environment, they know they don’t have your billion for Oculus VR, a start-up presence. You almost want to that recently showed the final deleave that person alone.” A trickier challenge could be sign of the virtual reality headset policing virtual reality games that it plans to begin selling next that are social in nature. year. And Sony is getting its own Developers are buzzing over headset ready for PlayStation 4. the possibilities of immersive One question about virtual revirtual worlds in which people ality is what will happen to peoconnect with each other. The pople in the real world when they are transfixed by virtual space. tential for harassment, though, All of the screens in consumers’ which is bad enough in convenlives — whether on televisions, tional online video games, and smartphones and computers — other forms of abuse — especially can be absorbing. They do not, in online settings that permit anhowever, completely occlude onymity — is very real for virtual what’s happening around somereality. When players in a virtual realone the way virtual reality headsets do. ity game are inhabiting the perPeople immersed in a virtual spective of an avatar, other playreality game can easily lose track ers who get too close to them can of where furniture, windows and feel like they are inappropriately humans are around them. At violating their personal space. Valve, developers plan to mini“It creates these lifelike experimize unwanted collisions with a ences in a space pretty abstractfeature that it calls a “chaperone” ed from the real world,” said Matt system. The technology maps the McIlwain, managing director of terrain of a room and when someMadrona Venture Group, a venone wearing a headset gets close ture capital firm in Seattle that is to an object, a wireframe model pursuing virtual reality investof the room materializes in the ments. “That has the opportunity virtual space in front of their to amplify both the positives and eyes. negatives of human nature.”

LEFT, JURAJ LIPTÁK/LDA SACHSEN-ANHALT; PAVEL KUZNETSOV AND NATALIA SHISHLINA, BELOW

DNA extracted from bones found near Samara, Russia, below and right; near SaxonyAnhalt, Germany, left; and elsewhere point to three sources of today’s Europeans.

Tracing Roots of Europe With DNA By CARL ZIMMER

For centuries, archaeologists have reconstructed the early history of Europe by digging up ancient settlements and examining the items that their inhabitants has left behind. More recently, researchers have been scrutinizing something even more revealing than pots, chariots and swords: DNA. In the journal Nature this month, two teams of scientists — one based at the University of Copenhagen and one based at Harvard University — presented the largest studies to date of ancient European DNA, extracted from 170 skeletons found in countries from Spain to Russia. Both studies indicate that today’s Europeans descend from three groups who moved into Europe at different stages of history. The first were hunter-gatherers who arrived some 45,000 years ago. Then came farmers from the Middle East about 8,000 years ago. Finally, a group of nomadic shepherds from western Russia called the Yamnaya arrived about 4,500 years ago. The authors of the new studies also suggest that the Yamnaya language may have given rise to many of the languages spoken in Europe today. Ron Pinhasi, an archaeologist at University College Dublin who was not involved in either study, said that the new studies were “a major game-changer. To me, it marks a new phase in ancient DNA research.” The two teams worked independently, studying different skeletons and using different methods to analyze their DNA. The Harvard team collected DNA from 69 human remains dating back 8,000 years and cataloged the genetic variations at almost 400,000 points. The Copenhagen team collected DNA from 101 skeletons dating back about 3,400 years and sequenced the entire genomes.

Both teams also compared the newly sequenced DNA to genes retrieved from other ancient Europeans and Asians, and to living humans. Until about 9,000 years ago, Europe was home to a genetically distinct population of hunter-gatherers, the researchers found. Then, 9,000 to 7,000 years ago, the genetic profiles of the inhabitants in some parts of Europe abruptly changed, acquiring DNA from Near Eastern populations. Archaeologists have long known that farming practices spread into Europe from Turkey at the time. But the new evidence shows that it

wasn’t just the ideas that spread — the farmers did, too. The hunter-gatherers didn’t disappear, however. They managed to survive in pockets across Europe between the farming communities. “It’s an amazing cultural process,” said David Reich, a geneticist at Harvard Medical School who led the university’s team. “You have groups which are as genetically distinct as Europeans and East Asians. And they’re living side by side for thousands of years.” From 7,000 to 5,000 years ago, however, hunter-gatherer DNA

Ancient skeletons’ genes point to three key migrations. began turning up in the genes of European farmers. “There’s a breakdown of these cultural barriers, and they mix,” Dr. Reich said. About 4,500 years ago, the final piece of Europe’s genetic puzzle fell into place. A new infusion of DNA arrived, one that is still very common in living Europeans, especially in central and northern Europe. The closest match to this new DNA, both teams of scientists found, comes from skeletons found in Yamnaya graves in western Russia and Ukraine. Archaeologists have long been fascinated by the Yamnaya, who left behind artifacts on the steppes of western Russia and Ukraine dating from 5,300 to 4,600 years ago. The Yamnaya used horses to manage huge herds of sheep, and followed their livestock across the steppes with wagons full of food and water. It was an immensely successful way of life, allowing the Yamnaya to build huge funeral mounds for their dead, which they filled with jewelry, weapons and even entire chariots. David W. Anthony, an archaeologist at Hartwick College and an author of the Harvard study, said it was likely that the expansion of Yamnaya into Europe was relatively peaceful. Dr. Anthony said he thought the most likely scenario was that the Yamnaya “entered into some kind of stable opposition” with the resident Europeans that lasted for a few centuries. But then, gradually, the barriers between the cultures eroded. “It wasn’t Attila the Hun coming in and killing everybody,” he said.

MONDAY, JUNE 29, 2015

THE NEW YORK TIMES INTERNATIONAL WEEKLY

Sanctity of Truth

H E A LT H & F I T N E S S

A Class of Drugs Shows Promise Against Cancer By ANDREW POLLACK

A new drug that unleashes the body’s immune system to attack tumors can prolong the lives of people with the most common form of lung cancer, doctors reported, the latest example of the significant results being achieved by this new class of medicines. In a separate study, researchers said they had found that a particular genetic signature in the tumor can help predict which patients could benefit from the immune-boosting drugs. The finding could potentially extend use of these drugs to tumors that have seemed almost impervious to the new drugs. “If you have the signature, you should treat with these checkpoint inhibitors,” said Dr. Luis A. Diaz Jr., an associate professor of oncology at Johns Hopkins University in Maryland and the senior author of the study on the genetic marker, referring to the new drugs. Both studies were published online in May by the New En-

gland Journal of Medicine. The checkpoint inhibitors work by releasing molecular brakes, or checkpoints, that prevent the body’s immune system from attacking tumors. The products on the market so far are Keytruda, which is made by Merck, and Opdivo and Yervoy from Bristol-Myers Squibb. All three are approved in the United States to treat melanoma, a deadly skin cancer. Opdivo was also approved in March to treat the so-called squamous-cell form of non-small cell lung cancer, which accounts for about one-quarter of the cases of lung cancer. The new study shows that Opdivo also prolongs survival for patients with nonsquamous cell lung cancer, which accounts for most of the rest of the cases. Patients who received Opdivo lived a median of 12.2 months compared with 9.4 months for those treated with the chemotherapy drug docetaxel. Moreover, Opdivo, also known as nivolumab, had

far fewer serious side effects. Patients whose tumors produced a protein called PD-L1, which looks to be another predictor of success for certain checkpoint inhibitors, fared even better. Among just those patients, median survival was 17.2 months in the group receiving Opdivo and nine months for docetaxel. Other studies have found that Opdivo significantly shrank tumors in 19 percent of patients with advanced liver cancer and Keytruda in 25 percent of patients with head and neck cancer. (Keytruda and Opdivo cost $150,000 a year.) Still other studies have shown the checkpoint inhibitors can help some patients with kidney, bladder, stomach and other forms of cancer. But there have been few signs of effectiveness with colorectal, prostate or pancreatic cancers. Why do the drugs work so well for some cancers and barely at all for others? One thought is that lung cancer and melanoma are

difficulty perceiving their child’s weight is because of the “new normal”: Throughout the developed world and even in some developing countries, children are generally becoming heavier. But in an interview, Dr. Katz also cited parents for “willful, genuine denial.” Once a parent acknowledges the child has a problem, he said, “You have to deal with it.” Other experts counter that the problem can be complicated and subtle, the result of family dynamics. Perhaps there are slender siblings, and the parents cannot figure out a diet that fits all. It is “natural for a parent to want to think optimistically about their child,” Dr. Thomas N. Robinson, a professor of pediatrics and director of the Center for Healthy Weight at Stanford University in California, wrote in an email. “When they take their loose fitting shirts and pants off in the exam room, you see just how a tremendous amount of body fat can be hidden,” he said. It is only now, as Bonnie Ryan of Bridgeport, Connecticut, looks at old photographs of her grandson, 12, that she sees how the weight accumulated over the years. At 7, he was “chunky,” she remembers thinking. And at 8, chunkier still. But his father grew to 1.93 meters and 100 kilos. She

hoped her grandson would stretch out, too. Shortly after her grandson’s checkup at 11, she and her son met with the pediatrician. Her grandson, the doctor said, was 1.54 meters, 91 kilos and had pre-diabetes. She has enrolled the boy in Bright Bodies, a healthy lifestyle program in New Haven, sponsored by Yale. When parents believe their chilGISELLE POTTER dren are active, they are more likely to consider their child’s weight to be normal, studies have shown. But parents often overestimate their children’s activity. A 2011 study in Pediatrics found that parents preferred that physicians use terms like “weight problem” and “unhealthy weight,” rather than “fat” and “obese.” Research shows that some low-income mothers distrust growth and weight charts. Of course, a body mass index score or a number on a scale is one factor among many that indicate a child’s overall health. “But weight is the canary in the coal mine of chronic disease,” Dr. Katz said. He and others said that a first step in helping parents help their children was to set aside the shame that might be their biggest impediment. “It has to be about love,” Dr. Katz said. “Families have to approach this together.” Indeed, children may be more aware than their parents that they are overweight. The other night at Bright Bodies, Ms. Savoye facilitated a discussion in a weight-management group for teenagers. One girl, 15, had lost 14 kilos and had about 18 more to go. “I wish my parents had done something about my weight earlier,” the girl said.

Childhood Obesity Fed By Parents In Denial By JAN HOFFMAN

Not only was the 16-year-old boy 27 kilos overweight, but a blood test showed he might have fatty liver disease. At last, his mother took him to a weight management clinic in New Haven, Connecticut. But she did not at all like the dietitian’s advice. “I can’t believe you’re telling me I can’t buy Chips Ahoy! cookies,” said the mother. This was hardly the first time that Mary Savoye, the exasperated dietitian, had counseled parents who seem unable to acknowledge the harsh truth about their child’s weight. “Often they don’t want to accept it because change means a lot of work for everyone, including themselves,” she said. In a recent study in Childhood Obesity, more than three-quarters of parents of pre-school-age obese sons and nearly 70 percent of parents of obese daughters described their children as “about the right weight.” The researchers also compared these 2012 survey results with those from a similar survey in 1994. Not only were the children in the recent survey significantly heavier, but the likelihood that parents could identify their child’s weight accurately had declined about 30 percent. Dr. David L. Katz, the director of Yale University’s Prevention Research Center, has coined a word for the problem: “oblivobesity.” “Parents cannot ignore the threat of obesity to our children and still hope to fix it,” he wrote in an editorial accompanying the new study. One reason parents may have

Scientists zero in on the most effective way to fight tumors. often caused by things that damage DNA — tobacco smoke and ultraviolet radiation. They thus “have tons of mutations, hundreds of mutations per tumor,” said Dr. Diaz, more than most other tumors. That might make it easier for the immune system to recognize the cancer cells as something to be destroyed. But some cancers have even more mutations — those with a genetic defect known as mismatch repair deficiency. This deficiency prevents the repair of changes in DNA that can arise as cells divide, allowing mutations to accumulate. The deficiency is found in Lynch syndrome, an inherited condition that puts

people at a high risk of developing cancer. The mismatch repair deficiency is also found in about 10 percent of colorectal cancers that are not inherited, and probably in a few percent of many other cancers, including prostate and pancreatic, Dr. Diaz said. One of the patients in the study, Stefanie Joho, has Lynch syndrome. Her mother had colon cancer at age 44. Ms. Joho was diagnosed with colorectal cancer shortly after graduating from New York University. Two surgeries and two different types of chemotherapy failed to stop the disease. Out of options and in terrible pain despite taking high doses of a narcotic, Ms. Joho returned to her parents’ home outside Philadelphia, where she was mostly bedridden. But after she began receiving Keytruda in August, her tumor started shrinking. She threw away her narcotics. “I haven’t felt this well in four years,” said Ms. Joho, who is now 25.

Measuring the Rise Of Doughy Dad Bods By JOSH BARRO and JUSTIN WOLFERS

The Internet has burned recently with commentary about women’s alleged new interest in the soft, doughy “dad bod.” How much softer does a man’s body get, on average, when he becomes a father? Every few years the National Health and Nutrition Examination Survey herds about 5,000 men and women into medical trailers to be poked, prodded, measured and weighed. On average, the survey found, dads are 5 kilos heavier than nondads; they are carrying nearly an extra five centimeters on their waist; and their bellies stick out an extra centimeter or so. Health care workers measure the sagittal abdominal diameter by having the subject lie flat on a table so that they can measure how high the navel sits above the table surface to get a measurement. Half the non-dads in the 18to-45 age bracket had a sagittal abdominal diameter of less than 20 centimeters, but only 29 percent of the dads did. But dads seem to wear their extra paunch with some degree of comfort. Despite the extra five kilos, nearly as many dads described themselves as being “about the right weight” as those who are not dads. (The exact proportions are 49 percent and 53 percent.) When asked their ideal weight, dads volunteered a number that was two kilos heavier than what non-dads did. And fathers seemed to be making no particular effort to fight the dad bod. They were no more likely than non-dads to say they had tried to lose weight in the last year, with 70

percent saying they hadn’t. Two pieces of evidence suggest there is something about dads’ lives that causes the dad bod. Although dads weigh five kilos more than non-dads, when those 27 and older in both groups are asked how much they weighed at age 25, the weight difference was much smaller, only a kilo. And the dad bod is barely evident among recent dads while it is much more prominent among those with older children. That relaxation does not seem to be just about getting older. Even after adjusting for differences in age and marital status, a noticeable difference between dad and nondad bods persists. Some in the news media have called the “dad bod” phenomenon a double standard. Nobody’s talking approvingly about the “mom bod,” even though the same data show approximately equal parenthood gains in weight, waistline and belly size for men and women. Parents of both sexes adjust their expectations in the same way: Moms in our age bracket were about four kilos heavier than the non-moms, but much like the dads, they adjusted their average desired weight targets up (by less than two kilos). Yet both moms and nonmoms are much more likely than dads and non-dads to report that they tried to lose weight in the last year, and on average women report they would like to lose about twice as much weight as men. The “dad bod” fascination seems to be one of the manifestations of the double standard, and perhaps it’s something men have already internalized, by deciding it’s O.K. to let themselves go at least a little.

Sanctity of Truth

THE NEW YORK TIMES INTERNATIONAL WEEKLY

MONDAY, JUNE 29, 2015

ARTS & DESIGN

Inner City Is Revisited in Film, This Time With Wit By JON CARAMANICA

When Shameik Moore got the part of Malcolm, the soft guy in a tough world at the heart of the film “Dope,” he had a problem. “Dope” is an answer to, a repudiation of and a reconciliation with the streetwise black cinema of the early 1990s, films like “Juice,” “Boyz N the Hood,” “Menace II Society.” But Mr. Moore, who is just 20 and spent much of his youth in Christian schools, hadn’t seen any of those foundational films. So for a week before filming began, he embarked on a crash course guided by Rick Famuyiwa, the writer-director of “Dope.” What Mr. Moore found was context, but not inspiration. “I think what Rick did, how he shot it and edited it, makes it similar,” Mr. Moore said, “but how we performed is totally opposite.” That’s because “Dope,” now showing in the United States and in select theaters in Europe, is a sort of photonegative of those films, keeping their structure while upending their conventions. The harshness of that era of movies, and its reliance on gangster narratives, is replaced with joy and wit. In the early 1990s, the antiheroes were as appealing, if not more so, than the heroes. By contrast, “Dope” takes a character type that was effectively invisible in that time — the black nerd — and imbues it with glory. It’s a modern-day black coming-of-age tale for an era in which the heroes are more likely to be creative experimenters like Kanye West, Pharrell Williams and Donald Glover than the gangster rappers of decades past. “There are some gangsters, but it wasn’t shot from the perspective of a gangster,” said Mr. Williams, the music and fashion superstar who served as one of

RACHEL MORRISON/OPEN ROAD FILMS

Shameik Moore as Malcolm in ‘‘Dope,’’ a coming-of-age tale set in a tough black neighborhood. the film’s executive producers and also wrote and produced its music. “It homes in on the mentality of someone who’s from there but not of there. And it doesn’t exclude the ’hood — it includes the ’hood. It’s encouraging.” Much like those early ’90s films, “Dope” was made on a relatively small budget. After its premiere at Sundance in January, it became one of the most lauded films of this year’s festival circuit, starting a bidding war among distributors (Open Road and Sony won, paying $7 million). What “Dope” does is reinvigorate the milieu with new characters and perspectives. Malcolm and his two friends, Diggy (Kiersey Clemons) and Jib (Tony Revolori), fetishize 1990s hiphop; play in a punk band, Awreeoh (pronounced oreo); and try to steer clear of trouble. They are on the bottom of the high

A film where the ‘gangsters’ use the computer lab. school food chain, largely anonymous except when being muscled by the local hoodlums. Malcolm aspires to get into Harvard University, and in his quest, an unlikely series of events propel him and his friends into a caper that takes them into the gang and drug underworlds they’ve spent years avoiding. But all the usual criminal touchstones are upended: They use their school’s science and computer labs for work space, use the Internet to facilitate distribution primarily to suburban white kids, and the spoils end up largely as Bitcoins. Malcolm never quite becomes

a full antihero — rather he, like the film, plays with expectations, shifting attitudes and approaches as the situations warrant. “Dope” not only recasts the outsider as hero but also peels back the outer layer of the tough-guy character to reveal something much more complex. Malcolm finds himself under the thumb of Dom (ASAP Rocky), a drug dealer who between transactions discusses drone strikes on Al Qaeda and is precise in his use of words. What Mr. Famuyiwa — who turns 42 this month and spent his teenage years in Inglewood, California, where “Dope” is set — wanted to capture was a sympathy to the circumstances that could lead even a well-intentioned young person down a bad, irreversible path. “In my mind, they were regular kids,” he said. That speaks to some of the nuance that was lost as films like “Menace” and “Boyz” became

Tech Novel Unveils Layers of Paranoia By ALEXANDRA ALTER

A strange thing happened when Joshua Cohen was writing “Book of Numbers.” It started to come true. He had already written most of the book, a dizzying story about a struggling novelist named Joshua Cohen who is hired to ghostwrite the memoir of the billionaire founder of Tetration, a technology company whose mission is to “equalize ourselves with data and data with ourselves.” The fictional Joshua Cohen learns that Tetration is sharing consumers’ search-engine history with government intelligence agencies. Several years ago, the real Joshua Cohen showed a draft to a friend, an expert in cybersecurity and civil liberties who warned him that a plot twist based on such a revelation might be a bit of a stretch. Then, in the summer of 2013, Edward J. Snowden, the former intelligence contractor, leaked hundreds of thousands of classified documents revealing the extent of the United States government’s surveillance of its citi-

An author’s world of extensive monitoring comes true. zens, and the role that communications and technology companies played in handing over data. “The world made this book true while I was writing it, which of course is the paranoid’s greatest fantasy,” Mr. Cohen said. “The question now is not, ‘Is this true,’ but, ‘How can we live with it?’ ” The novelist Adam Ross has called Mr. Cohen’s book “the single best novel yet written about what it means to remain human in the Internet Era.” The narrative explores how technology permeates every aspect of our daily lives and consciousness, altering how we construct our sense of self and infecting our speech. Mr. Cohen, 34, said a simple, nagging question provided the

spark for the novel. “What are the basic principles behind these devices that have come to dominate every aspect of my life?” he said. He read more than 180 books about surveillance and cybersecurity, about the history and architecture of the Internet, and about innovators like Bill Gates, Steve Jobs, Alan Turing and Konrad Zuse, a German computer pioneer. He visited the National Security Agency’s museum of cryptology. He studied patents. He learned to write code. He turned to his friend Ben Wizner, a lawyer at the American Civil Liberties Union, for feedback. Mr. Wizner, who ended up representing Mr. Snowden, said the depiction of the “surveillance economy” in “Book of Numbers” was accurate, and added that he hoped the book would drive a more robust discussion about Internet-enabled surveillance. “There’s a frustration on the law and advocacy side about how abstract some of these issues can seem to the public,” he said. “For

DANNY GHITIS FOR THE NEW YORK TIMES

Joshua Cohen read 180 books on technology before writing ‘‘Book of Numbers.’’ some people, the novelist’s eye can show the power and the danger of these systems in ways that we can’t.” Mr. Cohen grew up in New Jersey and studied composition at the Manhattan School of Music. When he was 20, he moved to Berlin with money from a music composition prize. “I went with this romantic idea that I would just write and live on $300 a month,” he said. “I’ve spent a decade entirely broke, published by small presses, read

phenomena. In the early 1990s, “the most pop thing you could be was a gangster,” said Allen Hughes, who with his brother Albert wrote and directed “Menace II Society,” the bleakest of that era’s movies. “There wasn’t any optimism at all in our film.” Mr. Famuyiwa presents the Bottoms — the rough section of Inglewood where much of the action takes place — lavishly and with love. “Dope,” he said, plays to his creative ambitions while also allowing him to close the circle with the films of the early 1990s that helped shape him and the broader conversation about black cinema. “I was very specific that I wanted ‘Dope’ to be in that genre,” Mr. Famuyiwa said. “I wanted to use everyone’s preconceptions, and also the language those films introduced, to ask why as an audience we’ve accepted those conventions so easily.”

by no one.” Earlier this month, Random House published “Book of Numbers,” which some have compared to works by David Foster Wallace and Thomas Pynchon. It also shares some literary DNA with classic stories by Poe, Nabokov and Dostoyevsky about doppelgängers and doubles, a theme that Mr. Cohen felt was ripe for reworking in the Internet age. In the novel, the writer Joshua Cohen is handpicked to ghostwrite the memoir of Tetration’s founder partly because they have the same name, and he is irked that his famous subject takes up the first 324 entries on Tetration’s search rankings, making his own writing virtually invisible. The real Mr. Cohen has been similarly haunted by another Joshua Cohen, a political philosopher. Once, when Mr. Cohen was giving a reading in Berlin, a man approached him with the other Joshua Cohen’s books to sign. The man could not be reasoned with, so he signed them. But Mr. Cohen has started to overshadow his Internet twin in search engine rankings. He said, “I’m destroying him on Google, which makes me so happy.”

Business | Money Line

NEW TELEGRAPH MONDAY, JUNE 29, 2015

BVN: Calls for extension grow as deadline expires tomorrow

SCRAMBLE Customers scramble to register Tony Chukwunyem

s the deadline for enrolment on the Bank Verification Number (BVN) platform expires tomorrow, there are growing calls for the Central Bank of Nigeria (CBN) to extend the exercise. New Telegraph's investigations revealed that many bank customers are yet to be registered on the BVN platform despite the last minute rush by most of them to beat the deadline.

complained that banks did not assign adequate number of staff to handle the exercise even when it became obvious that there would be last minute rush in the last week of the exercise. A bank customer, Akin Ogunwale, said: “I made out time to be at the bank by 8.10 am, thinking that I would be one of the first to be attended to. But to my surprise, there were

Findings show that customers, who were scrambling to obtain the BVN besieged most bank branches across the country last Friday, resulting in chaotic scenes in some branches. This newspaper gathered that the situation was worse in parts of the country where customers face challenges accessing bank branches. In Lagos, customers

already many customers waiting on the BVN queue. It took almost two hours before I was registered. If not that I had made up my mind not to leave the bank until I was registered, I would have left in frustration. Many customers who did not have the patience to wait left to go and try their luck in other branches.” Ogunwale urged the

Sterling Bank to publish debtors’ names

terling Bank has concluded plans to publish the names of individuals and institutions with non-performing loans (NPLs) on national newspapers, including social media, if they fail to repay loans obtained from it, according to a statement issued by the lender. This is in line with a directive from the Central Bank of Nigeria (CBN) mandating banks to publish such names in at least three national daily newspapers. With non-performing loans in the industry to-

taling N390 billion as at May 2015, the apex bank has given a deadline of July 31, 2015, for delinquent debtors to change the status of their accounts from non-performing to performing, failing which their names (including directors in the case of companies) will be made public. Sterling Bank admitted that some of its delinquent debtors had approached it after receiving formal notice for amicable settlement to avoid embarrassment. Part of the statement from the Bank reads:

“Some delinquent debtors are making frantic efforts to repay their loans and avoid their names being published, while others are hopeful that the CBN will extend the deadline and are asking for more time to pay. “Our position on this remains that those who negotiate agreeable terms of repayment before the expiration of the deadline will not have their names published, while the names of other delinquent debtors will be published in compliance with the CBN’s directive.” Sterling Bank com-

mended the CBN for alerting operators and the general public to the increasing volume of NPLs and for coming up with a solution to curb this potentially dangerous trend. In a circular by Tokunbo Martins, CBN Director of Banking Supervision and sent to banks and discount houses, the banking watchdog noted the rising trend of NPLs and insisted that the industry’s NPL ratio must not exceed the prudential limit of five per cent in order to improve the banking industry’s asset quality.

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

N19,142,526.05m N18,579,219.49m 9 13 10.77 US$60.72 US$29,029,901,591

Mar, 2015 Mar, 2015 May, 2015 4/6/2015 Mar 2015 10/6/2015 25/6/2015

TTM

Price

1.14 1.84 4.01 4.64 6.59 8.72 15.08

FGN Bonds 98.74 101.25 104.81 102.69 108.42 100.17 68.00

NIBOR

Tenor (Days) Call 30 90 180

Rate (%) 8.6250 15.0964 16.1079 17.2538

Bid Yield

14.24 14.27 14.38 14.70 14.36 14.15 15.55

Change (%) -2.50▼ -0.63▼ -0.67▼ -0.72▼

Change (%) 0.56▲ 0.45▲ 0.33▲ 0.28▲ 0.26▲ 0.29▲ 0.00 ↔

Price 98.89 101.40 105.11 102.99 108.72 100.47 68.30

Tenor (Months)

Offer Yield 14.09 14.17 14.28 14.61 14.29 14.09 15.48

NITTY

1 2 3 6 9 12

Treasury Bills

Spot ($/N)

Offer 197.71

Rate (%) 12.4029 12.6352 13.0032 13.0854 13.3486 14.0460

Change (%) 0.55▲ 0.45▲ 0.33▲ 0.28▲ 0.26▲ 0.29▲ 0.00 ↔ Change (%) 0.14 ▲ 0.27 ▲ 0.29 ▲ 0.35 ▲ 0.10 ▲ -0.07▼

Money Market

Change (%) -0.04 ▼

NIFEX

Bid Spot ($/N) 198.9000

Offer 199.0000

Change (%) -8.33▼ -9.08▼

Change (%) 0.00 ↔

CBN Clearing Rates of June 26, 2015 Spot ($/N)

195.90

196.90

said that the bank would open last Saturday to continue the enrollment. The BVN is an initiative of the CBN and the Bankers’ Committee, aimed at checking identity theft and fraud in the industry, as well as enhancing credit advancement to customers.

Fitch rates Wema Bank ‘B-’, stable outlook

itch Ratings has assigned a Long-Term Issuer Default Rating (IDR) of 'B-' with a Stable Outlook, ShortTerm IDR of 'B' and Viability Rating (VR) of 'B-' to Wema Bank. The agency has also assigned the lender, a “Long-term and Shortterm National Ratings of 'BBB-(nga)' and 'F3(nga)', respectively. In a statement, Fitch stated that the rating reflects Wema Bank's “intrinsic characteristics, including the bank's improving performance, although earnings capacity is still limited.” It noted that although the lender is still recovering from large historical losses, resulting in its recapitalisation in 2013, it had since returned to profitability, even though “internal capital generation remains weak, providing limited capital buffers with

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 10.98 11.29 0.01 ▲ Open-Buy-Back (OBB) 9.17 24-Sep-15 11.23 11.55 0.01 ▲ 10.77 11.35 0.34 ▲ Overnight (O/N) 9.67 17-Dec-15 11.02 11.63 0.34 ▲ 12.63 14.34 0.51 ▲ 02-Jun-16 12.88 14.66 0.51 ▲ Bid 197.61

CBN to extend the deadline so that more bank customers will get enrolled on the BVN platform. A staff of one of the banks, who spoke on condition of anonymity, blamed the customers for waiting until the last minute before coming to enroll for the BVN. He, however,

which to absorb losses.” The agency further stated: “The ratings also consider Wema's modest Fitch Core Capital (FCC) ratio relative to peers, which provides limited buffers against moderate internal or external shocks, particularly given the increasingly challenging economic conditions and market volatility in Nigeria. The FCC ratio improved significantly under Basel II due to the use of credit risk mitigation to reduce riskweighted assets. Wema was recapitalised by N40 billion in 2013 in order to meet regulatory requirements. The bank plans to raise tier 2 qualifying junior debt to fund growth and strengthen regulatory capital ratios. However, this will not benefit its FCC ratio and lending growth is likely to put pressure on core capital ratios.”

Frist Bank CEO: Deposit rules hurting profit

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

-0.03 Source: FMDQ

he Group Managing Director/Chief Executive Officer, First Bank of Nigeria Ltd., Mr. Bisi Onasanya, has called on the Central Bank of Nigeria (CBN) to ease regulations he said are hurting profits and causing some foreign investors to shun the country’s economy. He told Bloomberg that the rule forcing banks to place 31 per cent of deposits with the regulator needs to changed. Specifically, he said that the requirement should be lowered or the central bank should pay interest on the funds. The First Bank boss was quoted as saying: “The existing cash reserve regime is not helpful; First Bank has close to N650 billion ($3.3 billion) sterilised at the Central Bank at zero per cent interest. These are funds we pay interest on. So, you can imagine the impact this has on our revenue-

generating capabilities and our ability to fund loan obligations.” The CBN increased the Cash Reserve Requirements (CRR) as part of measures to bolster the naira, which fell 18 percent against the dollar in the past year as crude prices slumped. Ratcheting up the ratio reduces the amount of naira in circulation, helping to bolster its value. “If the Central Bank must keep that level, which I feel is very high, it should be complemented with some cushioning effects,” Onasanya said. “The central bank should consider remunerating, even at the average cost of funds, for banks to be able to meet their funding costs.” Ibrahim Mu’azu, an Abuja-based spokesman for the Central Bank, didn’t answer a call to his mobile or immediately respond to an e-mail requesting comment.

Business | News

IRONY Vietnam's exports to African countries this year, however, increased Bayo Akomolafe

ietnam’s exports to Nigeria, Ivory Coast, Angola and Mozambique have declined year-on-year (between 2013 and 2014) to N29.56 billion ($147.8 million).

Nigeria to lose $70m daily if PIB is passed CONTINUED FROM PAGE 21

in her oil and gas industry since five years ago. After assessing the growth prospects of Nigeria’s oil and gas industry, experts have raised the alarm over the declining investment in exploration and production since 2009, when PIB became controversial. Former president, Nigerian Association of Petroleum Explorationists (NAPE), George Osahon, said that Nigeria’s target of 40 billion barrels oil reserves would remain ‘a tall dream’ if the footdragging on the PIB passage continues. “That we are yet to have the bill has implications on exploration activities in the country and, like I said earlier, it is in the interest of all of us that the bill is passed,” he told newsmen in a recent interview. At the Chatham House forum on the controversial PIB, experts from the private sector, operators in the oil and gas industry, management and financial consultants, also warned that government’s business was facing a turbulence, which may wreck havoc on the economy of the country that depends largely on oil proceeds to service over 85 per cent of its budget. The upstream sector was responsible for the loss of the $125 billion from 2008 to date as it failed to attain her annual crude oil production quota even when resources and investment to achieve it are available. International oil companies (IOCs) operating in Nigeria have said that the delay in the passage of the PIB has completely slowed down their N17.2 trillion ($109 billion) proposed investments in the oil industry. The bill, subjected to stakeholders’ debates for about 12 years, is still being discussed at the National Assembly.

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Vietnam's exports to Nigeria, others decline N29.56bn

Already, Nigeria has experienced some 44 per cent or N9.58billion ($47.3 million) decrease in exports from Vietnambetween January and May this year. Major export products to these countries included mobile phones and components, computers, electronic products, means of transport and machines and equipment. Others are rice, footwear,

garments and construction materials. Vietnam attributed the fall in its exports to Nigeria to the country’s unstable political situation. Also, Vietnam recorded slumps in the shipment of rice and garments to Angola, which fell by 35 per cent. Statistics from the Department of Africa, West Asia, and South Asia markets under the

Ministry of Industry and Trade, revealed that between January and May this year, Vietnam's exports to the Angola’s market was only $20.8 million. It noted that export earnings from Ivory Coast and Mozambique plummeted by seven per cent and two per cent to $54.5 million and $25.2 million, respectively, mainly due to a fall in the

turnover of major export items such as textile and garment, construction materials and rice. However, Vietnam's exports to major African markets recorded high growth over the past five months of this year. South Africa remained Vietnam's largest importer, contributing $439 million to the country's export revenue, recording a year-on-year rise of

39 per cent. Vietnam's exports to Egypt also grew by 5 per cent to $146.6 million, while that to Ghana saw a yearly rise of 15 per cent to $95.8 million. During the reviewed period, Vietnam's exports to Tanzania obtained the highest growth of 150 per cent to $37.5 million with rice, computers, and components being key items. Meanwhile, Vietnam also generated $22 million from its exports to Senegal, which surged by 49 per cent against the corresponding period last year, and $17.2 million from Kenya, up 23 per cent.

Business |Stock Watch

NEW TELEGRAPH MONDAY, JUNE 29, 2015

TOUGH TIMES

Share price movement of Niger Insurance Plc

Harsh operating environment weakens profit margin

2014

Chris Ugwu

hallenges of poor power supply, weak infrastructure and the continuing insurgency in the North East contributed in no small measure to slowdown the pace of growth of the insurance industry and the Nigerian economy. As a developing country, the challenges for Nigerian insurance companies also include enforceability of insurance regulations. The growth target expected for the industry by the regulators can only be achieved through the enforcement of compulsory insurance. Expectedly, the success of Nigeria’s insurance industry will depend largely on the resolution of the identified challenges, especially the enforcement of compulsory insurance. Other key success factors are prompt claim settlement, competent management and corporate governance, innovative products, human capital and technology. Since the crash of the nation’s capital market in 2008, negative perception has trailed the subsector, which was compounded by inability of about 85 per cent of the companies in the insurance industry to pay dividend to shareholders for many years. Market watchers attributed the inability of the subsector to rise above the nominal level to crisis of confidence. The few ones that raised high expectation for good results ended up posting negative financial results. Niger Insurance Plc got its fair share from the dwindling fortune of the sub-sector, as the movement of its share price has tilted to negative trajectory. The insurance firm’s price trend reflects the spike in values observed in 2007 and the early part of 2008, as post-consolidation and speculative trade pushed prices upwards. However, the economic crisis has seen the company along with other insurance participants, including Niger Insurance, badly beaten with its share price remaining flat at a nominal value of 50 kobo. The insurance firm ended the year 2014 with bad numbers, as operating and underwriting expenses absorbed most of its revenues, leaving the company with low profit margins. However, expectations that the company will sustain the profitability it recorded in 2013 was a mirage due to its poor outing that led to a 10 per cent decline in profits during the financial year ended December 31, 2014. The share price, which closed at 50 kobo per share on June 30, 2014, remained flat at a nominal value. At the close of business last Friday, the company’s share price remained unchanged at 50 kobo year-to-date. Financials In full year 2013, Niger Insurance posted a profit before tax of N716.42 million as against N703.49 in 2012. This indicated an increase of 163 per cent. Total

Jul 31

50k

Aug 31

50k

Sept 30

50k

Oct 31

50k

Nov 30

50k

Dec 31

50k

2015

Zakariyau

Niger Insurance: Subdued by underwriting expenses assets moved from N22.28 billion in 2012 to N24.75 billion in 2013, while the shareholders’ fund rose from N7.35 billion to N8.17 billion. The company’s total comprehensive income declined from N988.2 million to N794.6 million, while the group’s figure was N1.29 billion in 2012 and N822.5 million in the 2013 financial period. The company’s fortune, however, dwindled during the 2014 financial year, as it posted 63.8 per cent decline in post tax profits for the third quarter ended September 30, 2014. The company, in a filing with the Nigerian Stock Exchange, (NSE) said that its third quarter net earnings decreased from N599.472 million to N365.771 million, accounting for a drop of 63.8 per cent. Its net operating profit before tax also fell to N419.500 million down 60.7 per cent from N674.305 million in the same period last year. Gross premium written decreased by 26.04 per cent to N8.285 billion during the nine months to September 30, from N10.443 billion recorded during the comparable period of 2013. Niger Insurance posted 10 per cent decline in profit before tax for the financial year ended December 31, 2014. The company, in a filing with the Exchange, said that its full

Market watchers attributed the inability of the subsector to rise above the nominal level to crisis of confidence

year pre-tax earnings decreased from N716.108 million to N644.781 million, accounting for a drop of 10 per cent. The insurance firm’s operating profit transferred to general reserve increased by 10.11 per cent to N690.96 million from N627.42 million the previous year. Gross premium written increased by six per cent to N11.064 billion during the period under review, from N10.443 billion recorded during the comparable period of 2013. Niger insurance underwriting capacity was inefficient, as gross premium income decreased by 1.04 per cent to N10.53 billion from N10.64 billion. The drop in gross premium was due to a sharp rise in unearned premium. The company’s total assets reduced by 6.40 per cent to N22.79 billion in 2014 from N24.75 billion the previous year, while the market capitalisation stood at N3.87 billion. Strength Speaking on the strength of the company’s annuity programme, Managing Director of Niger Insurance Plc, Mr. Kolapo Adedeji, said that Niger had been able to raise its head above the stormy waters to ensure that its annuity business remained one of the most competitive in the country.

Jan 31

50k

Feb 28

50k

Mar 31

50k

Apr 30

50k

May 30

50k

June 19

50k

He pointed out that the plan could compete with any other post-retirement arrangement despite the obvious dominance of the business by the PFAs. According to him, “Niger has started selling annuity and the package we have is one of the most competitive. In a short while, we will be there among the best. Naturally, the PFAs are reluctant to let the fund go. What we have now can compete with any other programme and I am sure more business will surely come our way.” Looking ahead The Chairman of the company, Alhaji Bala Zakariyau, said during the firm’s 44th annual general meeting (AGM) that notwithstanding the harsh operating environment, the firm was delivering value to its shareholders, which was a testimony that its business model was resilient enough to deliver on consistent basis. “The company is looking into the possibility of doing away with any loss-sustaining subsidiary so as not to impact negatively on the group performance,” he said. The chairman said that the firm would focus its attention on revamping and reintroducing old products after making them more attractive to the insuring public. He said: “We will continue to strengthen our renewed strategic alliances with insurance intermediaries and clients to engender improved market share and to advance our leadership position in the industry.” Conclusion Despite having faced several challenges recently, market watchers believe that the insurance sector will flourish if the industry steps up introduction of innovative products, strategic business models and improved service delivery. The enforcement of ‘No Premium No Cover’ implementation of IFRS, strict adherence to antimoney laundering guidelines, better corporate governance structures, tighter supervisory oversight and the shift to development-oriented regulation by the National Insurance Commission, will also continue to contribute significantly to the improvement in quantum of premium that the sector reports.

CLAIMS Underwriters paid claims worth N326.25 billion in four years Sunday Ojeme

nsurance sector has posted a 12 per cent increase in gross premium for the financial year ended 2014. The Chairman of Nigerian Insurers Association, Mr. Godwin Wiggle, who disclosed this at the association’s Annual General Meeting (AGM) in Lagos last week, said the estimated value of business underwritten by the insurance industry was N319 billion in 2014 as against N285 billion posted in 2013, representing an increase of about 12 per cent. He also revealed that the companies settled claims amounting to N326.25 billion between 2011 and 2014. A breakdown of the claims shows that N70.71 billion was paid in 2011; N72.20 billion in 2012; N92.95 billion in 2013 and N90.39 in 2014. “It should be noted that this did not come easy as the Nigerian insurance landscape was plagued by several challenges. As we know, the insurance sector cannot be separated from the vagaries and vicissitudes of the national economy,” Wiggle said. He noted that the challenge of poor power supply, weak infrastructure and the continuing insurgency in the North East contributed to slow down the pace

he performance of one of Nigeria’s underwriting firms, Sovereign Trust Insurance Plc, has started on a not too palatable note as it has recorded a drop in its gross premium written in the first quarter of 2015. Reports made available to the Nigerian Stock Exchange revealed that the GPI for the period decreased by 21.2 per cent to N2.420 billion from N2.933 billion recorded during the comparable period of 2014. The company had posted a profit of N294.49 million in 2014, compared with N929.92 million in the previous year of 2013 indicating a loss of 68.3 per cent. Profit before tax also shrank by 62 per cent to N326.02 million. It, however, posted 21.8 per cent growth in profit before tax during the first quarter ended March 31,

Insurance

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Industry records N319bn gross premium of growth of the industry. Wiggle noted that the introduction of innovative products, strategic business models and improved service delivery helped to up the ante for the industry. “The enforcement of ‘No Premium No Cover’ implementation of IFRS,

strict adherence to antimoney laundering guidelines, better corporate governance structures and tighter supervisory oversight and the shift to development oriented regulation by the National Insurance Commission contributed significantly to the improvement in

quantum of premium that we are reporting. The downside risk to Nigeria’s economic growth however remains the sluggish recovery of the global economic security challenges in the north eastern part of the country, unpatriotic activities of pipeline vandals

and the increasing rate of privacy and crude oil theft in the Niger Delta region. Poverty and unemployment remain prominent among the major challenges facing the economy,” he said. Wiggle noted that within the year under review, the association continued

to make giant strides in the implementation of the Nigerian Insurance Industry Database (NIID) adding that concerted efforts were made to extend the areas covered by the device to locations such as Abuja, Nasarawa and Lagos. He said more verification devices were distributed to member companies to enhance their marketing activities, adding that as a fall out of the public acceptance of the device, the number of uploads has increased significantly from 778,928 in 2013 to 1,099,837 in 2014.

L-R: Director-General, Nigerian Insurers Association (NIA), Mr. Sunday Thomas; Chairman, Mr. Godwin Wiggle; Deputy Chairman,, Mr. Eddie Efekoha and Treasurer, Mr. Sakiru Oyefeso, at the association’s 44th Annual General Meeting in Lagos…yesterday. PHOTO: GODWIN IREKHE

Sovereign Trust’s gross premium drops by 22.2% 2015. The pre-tax earnings increased from N160.469 million in 2014 to N205.226 million during the period under review, accounting for a growth of 21.8 per cent. Profit after tax equally firmed up to N179.573 million in 2015 from N140.411 million recorded in 2014 representing a growth of 21.8 per cent. In 2014, total operating and underwriting expenses went up by 22.41 per cent to N4.86 billion, compared with N3.97 billion in 2013. STI recently unveiled its recent claims payment, which it put at N113 million paid for the fire incident that occurred on the farmland of Phinomar Nigeria Limited,

an agricultural company located in Enugu State. Commenting on the claims, the Managing Director/CEO of the under writing firm, Wale Onaolapo, said that the organisation would continue to honour its pledge as a claims-paying company in all sense of the word provided all parties played their parts within the ambit of the contract. He stated that the underwriting firm had gone a step further in strengthening its claims-paying ability in recent time, and as such, all claims brought to the notice of management would be duly attended to and necessary obligations honoured to the letter.

Global insurance rebounds

he global insurance industry gained momentum last year, as economies improved and the long suffering life insurance sector returned to growth in Europe and Japan, a study showed on Wednesday. Dawn reports that insurance premiums rose 3.7 per cent to $4.8 trillion (4.2trn euros), a sharp rise over the 1.4per cent growth recorded in 2013, according to the Sigma study, conducted for the Swiss Re insurance group. Developed countries saw growth of 2.9 per cent while insurance premiums shot up 7.4 per cent in emerging countries. “There was a return to positive growth in the life sector, with premiums up 4.3 per cent to $2.7trn after a 1.8 per cent decline in 2013,” the Swiss insurer said.

“Very strong growth in Oceania and solid results in Western Europe and Japan more than offset yet another year of contraction in North America, with falling sales of term and universal life products in the United States,” it said. In the non-life sector, premiums rose 2.9 per cent to $2.1trn globally. Swiss Re said since the financial crisis of 2008, life premiums in the advanced markets had stagnated while in emerging markets, average annual premium growth was slower than in the pre-crisis years. The insurer said it expected to see accelerated growth in 2015, with low oil prices likely to boost the global economy and lead to higher consumer spending and investment.

Business | Insurance

NEW TELEGRAPH MONDAY, JUNE 29, 2015

SYNERGY Underwriters must collaborate to deal with critical industry issues

Sunday Ojeme

takeholders in the nation’s insurance sector have once again decried the unimpressive growth of the industry despite the efforts made to lift it in the past years. President, Chartered Insurance Institute of Nigeria (CIIN), Mr. Bola Temowo, who lamented the dismal performance to the sector in Lagos, attributed the snag to lack of synergy among operators. Temowo, who spoke in view of the forthcoming mega conference being put together by the Insurance Industry Consultative Council (IICC), said although the insurance industry should be the catalyst for economic growth as obtainable in other climes, it has, however, not been the case in Nigeria, even though operators were on the part to progress. He said, “Many reasons have been adduced for this impeded growth, among which is the seeming lack of cohesion amongst all the industry operators. We have realised that no tangible development can be achieved when all the operators roll in different directions. The IICC is concerned and has been working to put paid to this and project the industry cohesively. “The IICC has therefore set an agenda to improve the presence of the insurance industry as a holistic entity for the purpose of strategic policy engagement of relevant stakeholders. With this level of advocacy, it is hoped that the industry will be able to follow up matters of collective interest with renewed vigour.” He, therefore, advocated that insurance be made the cornerstone of the nation’s economic vision of the present administration, bearing in mind that risk management and mitigation is the fulcrum of enduring economic growth. Speaking further, he pointed out that the industry had endeavoured to organise a common insurance industry conference in the past without success, stressing that the IICC had resolved to hold an Annual Mega Conference of the Industry. He said this position was taken as the first step towards bringing the entire industry together to act together and speak with one voice.

Stakeholders lament slow industry growth He added that the theme of the Conference, “Developing Insurance Business for National Growth,” was informed by the need to upscale the capacity of the insurance industry for effective performance and improved contribution to the

growth of the Nigerian Gross Domestic Product, which is receiving the coordinated attention of the industry. Temowo noted that, “The emergence of new ideas to improve the relevance of the industry in all facets of the nation’s

economy is a focal point of the conference. It also represents a platform for all stakeholders to discuss topical issues affecting the insurance industry, the financial services sector and the national economy. “The Mega Conference

represents a platform for all stakeholders to discuss topical issues affecting the insurance industry, the financial services sector and the national economy. The Nigerian insurance industry being critical stakeholder in the achievement of financial

inclusion for all within our economy; considers it necessary to bring together all arms of the industry to achieve the required insurance penetration for higher percentage of financial inclusion in the country. The focus of the conference will therefore be on the vital steps the insurance industry must take in the development of the business of insurance with the objective of having a major impact in the growth of the nation’s economy.

L-R: African Development Bank Consultant, Mrs. Zouhour Karray; AfDB Country Economist, Dr. Alemu Zerihun Gudeta; AfDB Consultant, Mr. Riadh Ben Messaoud; and Managing Director/CEO, Federal Road Maintenance Agency, Engr. Gabriel C. Amuchi, during a visit of AfDB delegation to FERMA headquarters in Abuja

ot giving up on its bid to ensure a tax friendly regime for its members, the Nigerian Insurers’ Association (NIA) has sustained its negotiation with the Federal Inland Revenue Service (FIRS). Chairman of the association, Mr. Godwin Wiggle, who disclosed this, said the discussions with the tax body was a follow up to last year’s meeting with the immediate past Minister of State for Finance, Ambassador Bashir Yuguda. For over three years, the insurance operators

CITA 2007: NIA, FIRS meet to resolve impasse have been lamenting part of the provisions of the Companies Income Tax Amendment Act 2007 (CITA), which placed a heavy tax burden on insurance companies. The operators believe that it is not only antiinvestment but also constitutes a big clog in the operations of insurance companies as claims are capped thereby defeating

the whole essence of insurance business. Wiggled recalled, “In our determination to address the issue of the heavy tax burden placed on insurance companies by the law, a delegation of the Governing Council met with the former Hon. Minister of State for Finance, Ambassador Bashir Yuguda, in September last year to seek

ways of getting a Presidential waiver for the insurance sector on the implementation of the law pending necessary amendments. “As a follow up to our presentation at the meeting, the Association is engaging with the Federal Inland Revenue Services (FIRS) with a view to charting the way forward on the matter.

“We are optimistic that the new government will address the issues raised.” On the association’s relationship with the industry regulator, the National insurance Commission (NAICOM), the chairman said that the association made input into the various guidelines and circulars released by NAICOM to enhance greater market discipline, promote ethical conduct and position the market to cope with the changing dynamics of business and in line with global best practices.

AIICO’s pre-tax profit rises by 156%

IICO Insurance Plc has recorded a profit before tax of N3.2 billion for the year ended December 31, 2014. The figure represents a 156 per cent increase over N1.2 billion loss recorded in 2013. The company’s profit after tax also grew by 202 per cent from a loss position of N739 million in 2013 to N2.2 billion in 2014. In the same vein, the gross premium written (GPW) rose to N33.6 billion, representing

42 per cent growth compared with N23.6 billion, while underwriting profit increased by 91 per cent from N2.7 billion to N5.2 billion. The company’s total assets for the Group also increased by 38 per cent from N42 billion in 2013 to N58 billion in 2014. Speaking on the performance, the Chairman of the company, Oladele Fajemirokun, promised that the company would sustain the momentum for profits

and market leadership, by becoming a truly world class financial services group and economic powerhouse. The Managing Director/ Chief Executive Officer, AIICO, Plc Edwin Igbiti, at the 45th Annual General Meeting (AGM), stated that the company’s financial performance was an evidence of the dexterity and dedication of its people, a customer centric culture and high corporate governance standards.

Also speaking, an Executive Director, Babatunde Fajemirokun, said the company’s performance was in line with the company’s FY 2014 objectives of strengthening its balance sheet, business model and people. “The upturn in our net earnings is attributable to disciplined underwriting of risks in our target segments, improved operational efficiency and focus on value creation,” he noted.

Business | Financial Market News

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

FMDQ Daily Quotations List

26-Jun-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)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

581.39 476.80 20.00 100.00 300.00 351.30 233.90 233.73 600.00 599.99 75.00 150.00 200.00 591.57 324.50

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

1.14 1.84 2.09 2.18 2.93 4.01 4.33 4.63 6.59 8.72 13.43 13.90 14.40 15.07 19.06

14.01 14.22 14.29 14.29 14.30 14.30 14.52 14.57 14.25 14.15 16.62 16.99 17.42 15.55 14.62

13.87 14.12 14.20 14.20 14.24 14.20 14.41 14.48 14.18 14.09 16.56 16.92 17.32 15.48 14.56

98.97 101.33 92.21 90.99 91.60 105.06 76.41 103.13 108.93 100.17 91.37 76.21 53.39 68.00 84.24

99.12 101.48 92.36 91.14 91.75 105.36 76.71 103.43 109.23 100.47 91.67 76.51 53.69 68.30 84.54

TOTAL OUTSTANDING VALUE

4,838.17

TOTAL MARKET CAPITALISATION

4,463.68

Rating/Agency

Issuer

Description

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

0.77 1.45 1.81 2.03

2.27 1.69 1.00 1.00

15.33 15.84 15.25 15.28

101.38 100.17 104.92 101.62

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

304.55

Sub-National Bonds A/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.18

4.44

16.62

99.18

A-/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

2.16

30-Sep-15

0.26

3.23

15.47

99.31

BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

3.90

30-Jun-16

0.51

4.46

16.61

98.80

‡ /Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

5.73

30-Jun-16

0.54

3.48

15.72

99.89

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.81

1.00

15.25

91.91

‡ /Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

25.73

30-Jun-17

1.08

1.00

14.92

98.91

‡ /Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

2.52

1.79

16.08

95.83

‡ /Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

30.81

30-Sep-18

1.90

1.80

16.06

96.79

Bb-/Agusto; A-/GCR

NIGER

14.00 NIGER II 4-OCT-2018

04-Oct-11

14.00

9.00

04-Oct-18

1.91

1.00

15.27

97.96

‡ /Agusto; A-/GCR†

*EKITI

14.50 EKITI 09-DEC-2018

09-Dec-11

14.50

12.40

09-Dec-18

2.09

1.00

15.29

Bb-/Agusto

*NIGER

14.00 NIGER III 12-DEC-2018

12-Dec-13

14.00

9.21

12-Dec-18

2.10

4.78

19.07

91.85

15.50 ONDO 14-FEB-2019

14-Feb-12

15.50

27.00

14-Feb-19

2.08

1.00

15.29

100.30

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

2.52 4.41 2.58

2.02 1.00 1.00

16.31 15.57 15.29

98.35 96.63 98.89

‡ /Agusto; A-/GCR

*ONDO

98.66

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

BBB-/Agusto

*OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

14.75

10.78

10-Oct-20

3.02

1.82

16.13

96.91

Aa-/Agusto; ‡ /GCR

LAGOS

13.50 LAGOS 27-NOV-2020

27-Nov-13

13.50

87.50

27-Nov-20

5.42

1.00

15.50

92.80

A-/Agusto; BBB+/DataPro

KOGI

15.00 KOGI 31-DEC-2020

31-Dec-13

15.00

5.00

31-Dec-20

5.52

1.00

15.48

98.26

‡ /Agusto A-/GCR

*EKITI *NASARAWA

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

31-Dec-13

14.50

4.55

31-Dec-20

3.17

1.00

15.31

98.12

06-Jan-14

15.00

4.56

06-Jan-21

3.20

1.00

15.31

99.26

99.53

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

448.65 430.51

Corporate Bonds BBB+/Agusto BBB-/Agusto

*UPDC

10.00 UPDC 17-AUG-2015

17-Aug-10

10.00

2.50

17-Aug-15

0.14

1.00

13.14

*FLOURMILLS

12.00 FLOURMILLS 9-DEC-2015

09-Dec-10

12.00

9.38

09-Dec-15

0.45

1.00

13.13

99.50

BB/GCR

*CHELLARAMS

14.00 CHELLARAMS 06-JAN-2016

06-Jan-11

14.00

0.42

06-Jan-16

0.29

2.63

14.85

99.82

A+/Agusto; A-/GCR

NAHCO

13.00 NAHCO 29-SEP-2016

29-Sep-11

13.00

15.00

29-Sep-16

1.26

1.00

15.03

97.69

A-/Agusto

FSDH

14.25 FSDH 25-OCT-2016

25-Oct-13

14.25

5.53

25-Oct-16

1.33

1.34

15.42

98.58

A/GCR

UBA

13.00 UBA 30-SEP-2017

30-Sep-10

13.00

20.00

30-Sep-17

2.26

1.00

15.29

95.70

BBB-/GCR

18.00 C&I LEASING 30-NOV-2017

30-Nov-12

18.00

0.56

30-Nov-17

1.50

1.88

16.06

103.18

Nil

*C & I LEASING *DANA#{r}

MPR+7.00 DANA 9-APR-2018

09-Apr-11

16.00

5.40

09-Apr-18

1.54

3.84

18.03

97.41

A-/DataPro†; B+/GCR

*TOWER#

MPR+7.00 TOWER 9-SEP-2018

09-Sep-11

18.00

2.54

09-Sep-18

1.71

1.00

15.22

103.81

101.02

AAA/DataPro†; A/GCR

*TOWER

MPR+5.25 TOWER 9-SEP-2018

09-Sep-11

16.00

0.70

09-Sep-18

1.71

1.00

15.22

A+/Agusto; A/GCR

UBA

14.00 UBA II 30-SEP-2018

30-Sep-11

14.00

35.00

30-Sep-18

3.26

3.00

17.31

91.92

BBB+/Agusto; BBB+/GCR

15.75 LA CASERA 18-OCT-2018

18-Oct-13

15.75

2.10

18-Oct-18

1.81

2.29

16.54

98.76

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

1.89

6.11

20.37

96.60

Nil

*DANA#{r}

16.00 DANA II 1-APR-2019

01-Apr-14

16.00

4.50

01-Apr-19

2.52

2.16

16.45

99.04

A+/Agusto; A-/GCR

NAHCO

15.25 NAHCO II 14-NOV-2020

14-Nov-13

15.25

2.05

14-Nov-20

5.39

2.76

17.27

93.04

BBB/GCR

FCMB

14.25 FCMB I 20-NOV-2021

20-Nov-14

14.25

26.00

20-Nov-21

6.40

1.80

16.05

92.92

A/GCR

UBA

16.45 UBA I 30-DEC-2021

30-Dec-14

16.45

30.50

30-Dec-21

6.51

2.63

16.85

98.44

A/GCR

STANBIC IBTC

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

30-Sep-14

16.29

0.10

30-Sep-24

9.26

1.00

15.29

104.78

A/GCR

STANBIC IBTC

13.25 STANBIC IB 30-SEP-2024

30-Sep-14

13.25

15.44

30-Sep-24

9.26

1.00

15.29

89.99

TOTAL OUTSTANDING VALUE

178.07

TOTAL MARKET CAPITALISATION

169.80

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

2.63

1.00

15.30

89.27

Aaa/Moody's; AAA/S&P

AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

4.75

1.00

15.62

82.07

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE

24.95 21.34

TOTAL MARKET CAPITALISATION Rating/Agency

Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

5.78

5.59

104.56

105.51

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.70

4.35

101.18

102.17

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.10

5.95

101.75

102.71

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,537.44

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

4.29

102.75

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.51

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

10.98

9.97

90.15

92.45

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.45

6.98

95.76

97.10

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.24

96.75

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

10.15

9.60

95.56

97.28

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

9.29 10.43 9.72

9.29 10.17 9.72

95.25 95.19 91.55

95.25 96.27 91.55

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

10.53

9.95

91.38

93.88

TOTAL OUTSTANDING VALUE

3,650.00

TOTAL MARKET CAPITALISATION

3,497.27

**Treasury Bills^ DTM 13 20 27 34 41 48 62 69

FIXINGS Maturity 9-Jul-15 16-Jul-15 23-Jul-15 30-Jul-15 6-Aug-15 13-Aug-15 27-Aug-15 3-Sep-15

Bid Discount (%) 11.91 11.75 11.68 12.03 12.34 12.69 13.09 12.30

Offer Discount (%) 11.66 11.50 11.43 11.78 12.09 12.44 12.84 12.05

Bid Yield (%) 11.96 11.83 11.78 12.16 12.52 12.90 13.38 12.59

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 8.6250 15.0964 16.1079 17.2538

Tenor

Rate (%)

OBB

7.00

O/N Tenor Call 1M

7.75

REPO

Rate (%) 8.25 8.50

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M

197.31 201.81 202.13 202.87 204.24 205.60

197.41 201.93 202.28 203.37 205.31 207.21

Rating/Agency

Issuer

Description

NEW TELEGRAPH MONDAY, JUNE 29, 2015

Issue Date

Coupon (%)

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

^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

(N'bn) 581.39 476.80 20.00 100.00 300.00 351.30 233.90 233.73 600.00 599.99 75.00 150.00 200.00 591.57 324.50

Maturity Date

TTM (Yrs)

Bid Yield (%)

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

1.14 1.84 2.09 2.18 2.93 4.01 4.33 4.63 6.59 8.72 13.43 13.90 14.40 15.07 19.06

14.01 14.22 14.29 14.29 14.30 14.30 14.52 14.57 14.25 14.15 16.62 16.99 17.42 15.55 14.62

Bid Price

Offer Price

98.97 101.33 92.21 90.99 91.60 105.06 76.41 103.13 108.93 100.17 91.37 76.21 53.39 68.00 84.24

99.12 101.48 92.36 91.14 91.75 105.36 76.71 103.43 109.23 100.47 91.67 76.51 53.69 68.30 84.54

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

2.27 1.69

15.33 15.84

101.38 100.17

(%) 13.87 14.12 14.20 14.20 14.24 14.20 14.41 14.48 14.18 14.09 16.56 16.92 17.32 15.48 14.56

Business | Financial Market News

TOTAL OUTSTANDING VALUE

4,838.17

TOTAL MARKET CAPITALISATION

4,463.68

BGL owe investors N5.8bn, says SEC Rating/Agency

Description

Issuer

Issue Date

Coupon (%)

03-Apr-12 09-Dec-11

17.25 0.00/16.00

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

03-Apr-17 08-Dec-16

0.77 1.45

Agency Bonds

FMBN

INFRACTION

***LCRM

TOTAL OUTSTANDING VALUE

Billions of naira in investors’ funds was put at risk through questionable investments

TOTAL MARKET CAPITALISATION Sub-National Bonds A/Agusto

KADUNA

A-/Agusto

*EBONYI

BBB+/Agusto

*BENUE

‡ /Agusto

*IMO

A+/Agusto; ‡ /GCR

LAGOS

‡ /Agusto

*BAYELSA

‡ /Agusto

EDO

‡ /Agusto; A+/GCR

*DELTA

Stories by Chris Ugwu Bb-/Agusto; A-/GCR

NIGER

‡ /Agusto; A-/GCR†

*EKITI

Bb-/Agusto

*NIGER

*ONDO he Securities and Ex*GOMBE LAGOS change Commission BBB-/Agusto; BBB+/GCR *OSUN received BBB-/Agusto(SEC) said it *OSUN Aa-/Agusto; ‡over /GCR LAGOSof in40 letters A-/Agusto; BBB+/DataPro KOGI vestor BGL ‡ /Agusto complaints against *EKITI A-/GCR Group Plc alleging *NASARAWA indebtedTOTAL OUTSTANDING VALUE ness to the tune of about N5.8 TOTAL MARKET CAPITALISATION billion. ‡ /Agusto; A-/GCR

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

Corporate Bonds

BBB+/Agusto BBB-/Agusto

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016

A document obtained 0.00/16.50 LCRM II 19-APR-2017 from LCRM III 06-JUL-2017 SEC at0.00/16.50 the weekend, said that investigations were conducted and all-parties meetings were arranged12.50 byKADUNA the commission dur31-AUG-2015 ing which agreements 13.00 repayment EBONYI 30-SEP-2015 14.00 BENUE 30-JUN-2016 were struck between BGL and 15.50 IMO 30-JUN-2016 some of the affected investors. 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 It noted that unfortunately , 14.00 EDO 31-DEC-2017 BGL continued reneging on 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 promises to restitute investors. 14.50 EKITI 09-DEC-2018 14.00 NIGERto III 12-DEC-2018 According the apex regula15.50 ONDO 14-FEB-2019 tor, backed by a court order from 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 the Investments and Securities 14.75 OSUN 12-DEC-2019 Tribunal (IST), it set up a sev14.75 OSUN II 10-OCT-2020 13.50 LAGOS 27-NOV-2020 en-man Interim Management 15.00 KOGI 31-DEC-2020 Team 14.50 (IMT) BGL Group. EKITIfor II 31-DEC-2020 15.00was NASARAWA 06-JAN-2021 , well“This a necessary considered action with the sole objective of protecting inves-

tors while a more detailed 20-Apr-12 0.00/16.50 fo06-Jul-12 0.00/16.50 rensic audit was conducted to determine the financial health of the companies within the BGL Group and the nature/ 31-Aug-10 12.50 extent of infractions commit30-Sep-10 13.00 30-Jun-11 14.00 ted by the BGL management,” 30-Jun-09 15.50 SEC noted. 19-Apr-10 10.00 30-Jun-10 13.75 The Commission noted that 30-Dec-10 14.00 30-Sep-11 from the preliminary14.00 report 04-Oct-11 14.00 of the forensic auditors, it was 09-Dec-11 14.50 12-Dec-13 14.00 revealed, among other facts, 14-Feb-12 15.50 that BGL Group was in a criti02-Oct-12 15.50 22-Nov-12 14.50 cal financial state in which the 12-Dec-12 14.75 group’s 10-Oct-13 management had 14.75 pro27-Nov-13 13.50 gressively eroded its sharehold31-Dec-13 15.00 ers’ funds through losses 31-Dec-13 14.50 sus06-Jan-14 tained over a five-year15.00 period totaling about N48 billion as at December 31, 2014.

10.00 UPDC 17-AUG-2015

*UPDC

17-Aug-10

10.00

Rewane: NSE may witness foreign deals’ reversals

12.00 FLOURMILLS 9-DEC-2015 09-Dec-10 12.00 he Nigerian equities *FLOURMILLS 14.00 CHELLARAMS 06-JAN-2016 BB/GCR 06-Jan-11 14.00 *CHELLARAMS market may witness 13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR 29-Sep-11 13.00 NAHCO 14.25 FSDH 25-OCT-2016 A-/AgustoForeign Portfolio 25-Oct-13 14.25 FSDH In13.00 UBA 30-SEP-2017 A/GCR 30-Sep-10 13.00 UBA vestment (FPI) reversals 18.00 C&I LEASING 30-NOV-2017 BBB-/GCR 30-Nov-12 18.00 *C & I LEASING as FedMPR+7.00 DANA 9-APR-2018 09-Apr-11 16.00 Nil the United States *DANA MPR+7.00 TOWER 9-SEP-2018 09-Sep-11 18.00 A-/DataPro†; B+/GCR *TOWER eral Reserve prepares to from N181.97 billion in Janu- safety in treasury bills and 16.00 MPR+5.25 TOWER 9-SEP-2018 09-Sep-11 AAA/DataPro†; A/GCR *TOWER increase interest rates in ary to N201.61 billion in May. evaluate the risk of a further 14.00 14.00 UBA II 30-SEP-2018 A+/Agusto; A/GCR 30-Sep-11 UBA 15.75 LA CASERA 18-OCT-2018 BBB+/Agusto; BBB+/GCR *LA CASERA September, Chief ExecuForeign portfolio investors’ depreciation of18-Oct-13 the naira. 15.75 MPR+5.00 CHELLARAMS II 17-FEB-2019 17-Feb-12 18.00 BBB-/DataPro†; BB/GCR *CHELLARAMS Besides, he 01-Apr-14 noted that the 16.00 tive Officer, Financial inflows accounted for 20.47 16.00 DANA II 1-APR-2019 Nil *DANADeA+/Agusto; A-/GCR 14-Nov-13 the equities 15.25 rivatives CompaniesNAHCO (FDC) per cent15.25 of NAHCO totalII 14-NOV-2020 transac- performance of 14.25 FCMB I 20-NOV-2021 20-Nov-14 14.25 BBB/GCR FCMB market continued to drag as 16.45 Limited, Mr. Bismark tions, while outflows 16.45 UBA I 30-DEC-2021 acA/GCR 30-Dec-14 UBA Re182D25.09 T.bills+1.20 A/GCR 30-Sep-14 largely 16.29 STANBIC IBTC counted for wane has said. perSTANBIC centIAof30-SEP-2024 activities was driven 13.25 STANBIC IB 30-SEP-2024 A/GCR 30-Sep-14 13.25 IBTC the total transactions. Rewane, who STANBIC stated by negative sentiment in the TOTAL OUTSTANDING VALUE this the company’s BiOn a monthly basis, The Ni- first two weeks of June. TOTALin MARKET CAPITALISATION monthly Economic & Busigerian Stock Exchange (NSE) Rewane noted: “The bourse Supranational Bond polls trading from ma- closed negative11-Feb-13 ness Update, said that on eight of the 10.20 10.20 figures IFC 11-FEB-2018 AAA/S&P IFCother 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P and market op- 11 trading days10-Jul-14 emerging markets AfDB might jor custodians and reported 11.25 TOTAL OUTSTANDING VALUE erators on their FPI. experience the investment only marginal gains on the reTOTAL MARKET CAPITALISATION reversal. In comparison to the same maining days. Daily changes Domestic participation Issuerperiod in 2013, there was no ranged from 0.59 Description Rating/Agency Issue per Date cent to Coupon (%) at the nation’s bourse in- change in total FPI, whilst -1.22 per cent during the period FGN Eurobonds creased to N109.75 billion the total domestic transac- under review. 6.75 JAN 28, 2021 BB-/Fitch; B+/S&P 07-Oct-11 (about $0.71 billion) in May tions increased by 13.32 per “The Nigerian Stock Ex- 6.75 BB-/Fitch; FGNcent. 5.13 JUL 12, 2018 change (NSE) 12-Jul-13 2014, All Share In- 5.13 BB-/S&P up 18.9 per cent from BB-/Fitch; January 2014. Rewane said that6.38activiJUL 12, 2023 dex (ASI) declined 12-Jul-13 by 0.96 6.38 BB-/S&P In a report obtained from per cent to 33,719.45 from ties on the Exchange are exTOTAL OUTSTANDING VALUE the NSE website, FPI ceded pected to remain low paced 34,044.65, while market capiTOTAL MARKET CAPITALISATION about 8.88 per cent of trading as investors await appoint- talisation decreased by 0.51 Corporate Eurobonds to domestic investorsGTBANK as forments of the new economic per cent to 11,476.77 from 7.50 7.50 MAY 19, 2016 B+/Fitch; B+/S&P PLC I 19-May-11 eign team by the present7.25 adminyear to date 7.25 JUL 25, 2017 11,510.06. The25-Jul-12 B+/S&Ptransactions decreased ACCESS BANK PLC 6.88policy MAY 09, 2018 return on the 09-May-13 B/Fitch; B/S&P FIDELITY BANK PLC marginally from 49.28 per istration and a firm index is; -2.71 6.88 6.00 NOV 08, 2018 B+/Fitch; B+/S&P GTBANK PLC 08-Nov-13 cent to 45.56 per cent over direction to drive the bourse. per cent, which is in contrast 6.00 6.25 APR 22, 2019 B+/Fitch; BB-/S&P ZENITH BANK PLC 22-Apr-14 6.25 the same period. He added that the stock to the -0.63 per cent return of 8.75 8.75 May 21, 2019 B/Fitch; B/S&P DIAMOND BANK PLC 21-May-14 8.25 AUG 07, 2020 B-/Fitch; B/S&P FIRST BANK PLC 07-Aug-13 Total transactions in- market is expected to remain the market in24-Jun-14 the first half 8.25 9.25/6M USD LIBOR+7.677 JUN 24, 2021 B-/Fitch; B/S&P ACCESS BANK PLC II 9.25 creased by 10.79 per cent bearish, as investors seek of May . 8.00/2Y USD SWAP+6.488 JUL 23 2021 B-/Fitch; B/S&P FIRST BANK LTD 23-Jul-14 8.00 #{r}

#{r}

B-/S&P

8.75 AUG 14, 2021

ECOBANK NIG. LTD

TOTAL OUTSTANDING VALUE

14-Aug-14

8.75

The DQL contains **Treasury Bills^

formal investigations, BGL 1.00 15.25 104.92 1.00 15.28 obtained a Federal High101.62 Court order asking the IMT to vacate BGL premises. In obedience of the 4.44 court order, SEC complied 16.62 99.18 with3.23 the ruling, despite an exist15.47 99.31 4.46 16.61 ing 3.48 order from15.72 the IST. 98.80 99.89 “In 1.00 addition, 15.25 BGL got 91.91 an1.00 14.92 98.91 other Federal 16.08 High Court95.83 order 1.79 1.80 16.06to reverse 96.79 the mandating SEC 1.00 15.27 97.96 suspension. This ruling was 1.00 15.29 98.66 4.78without19.07 given putting the91.85 other 1.00 15.29 100.30 parties on notice (exparte). The 2.02 16.31 98.35 1.00 has since 15.57 lapsed,96.63 order given 1.00 15.29 98.89 the 1.82 provision16.13 of the Federal 96.91 1.00Court rules 15.50 regarding 92.80 all High 1.00 15.48 98.26 interim injunctions obtained 1.00 15.31 98.12 1.00 15.31 99.26 exparte.”

“Billions of19-Apr-17 naira in inves1.81 06-Jul-17 2.03 tors’ funds was put at extreme 297.52 risk through questionable in304.55 vestments by the BGL management in some 31-Aug-15 illiquid, unlisted 8.50 0.18 companies’ securities, one0.26 of 2.16 30-Sep-15 3.90 30-Jun-16 0.51 which has been declared bank5.73 30-Jun-16 0.54 rupt,” regulator. 1.81 57.00 said the19-Apr-17 25.73 30-Jun-17 1.08 It noted that the group has 25.00 31-Dec-17 2.52 30.81 30-Sep-18 challenges, 1.90 significant liquidity 9.00 04-Oct-18 1.91 making it unable to meet its re12.40 09-Dec-18 2.09 9.21 12-Dec-18 2.10 sponsibilities towards clients 27.00 2.08 and investors 14-Feb-19 as evidenced2.52 by 15.09 02-Oct-19 80.00N11 billion 22-Nov-19 4.41 over in unpaid ma24.74 12-Dec-19 2.58 tured investors. 3.02 10.78 funds to10-Oct-20 87.50 27-Nov-20 5.42 SEC said: “While the IMT, 5.00 31-Dec-20 5.52 in 4.55 conjunction31-Dec-20 with the foren3.17 06-Jan-21 3.20 sic4.56 auditors, were conducting 448.65 430.51

NSE reviews market indices’ composition 2.50

17-Aug-15

9.38

09-Dec-15

0.45

1.00

13.13

99.50

0.42

06-Jan-16

0.29

2.63

14.85

99.82

15.00

0.14

1.00

13.14

99.53

29-Sep-16

1.26

1.00

15.03

97.69

5.53

25-Oct-16

1.33

1.34

15.42

98.58

20.00

30-Sep-17

2.26

1.00

15.29

95.70

14-Aug-21

10.53

9.95

91.38

93.88

he Nigerian Stock Ex30-Nov-17 1.50 change 09-Apr-18 (NSE) has an1.54 2.54 09-Sep-18 1.71 nounced09-Sep-18 the results 1.71 of 0.70 the35.00 bi-annual30-Sep-18 review for the 3.26 2.10 30 and the 18-Oct-18 1.81 NSE five sectoral 0.36 17-Feb-19 1.89 indices of the Exchange. 4.50 01-Apr-19 2.52 2.05 14-Nov-20 5.39 The five sectoral Indices 26.00 20-Nov-21 6.40 include the NSE Banking, the 30.50 30-Dec-21 6.51 0.10Consumer 30-Sep-24 9.26 NSE Goods, the NSE 15.44 30-Sep-24 9.26 Oil & Gas, the NSE Industrial 178.07 and the NSE Insurance. 169.80 A statement from the Exchange, said that the compo12.00 11-Feb-18 2.63 12.95 of these 01-Feb-21 4.75 sition indices after 24.95 the review will be effective on 21.34 Wednesday July 1, 2015. Outstanding Value The Nigerian bourse began Maturity Date Bid Yield (%) ($mm) publishing the NSE 30 Index in February 2009 with index 500.00 28-Jan-21 5.78 values available from Janu500.00 4.70 ary 1, 2007. On12-Jul-18 July 1, 2008, the NSE four sectorial 500.00developed 12-Jul-23 6.10 indices 1,500.00 with a base value of 1,000 points designed to pro1,537.44 vide investable benchmarks to 500.00 capture the19-May-16 performance4.29 of specific sectors. 350.00 25-Jul-17 7.51 300.00 02-May-18 10.98 The sectorial indices com400.00 08-Nov-18 7.45 prise of the top 10 most capi500.00 22-Apr-19 7.24 talised and liquid companies 200.00 21-May-19 10.15 300.00 07-Aug-20 9.29 in400.00 the banking, Insurance and 24-Jun-21 10.43 Food/Beverage & Tobacco 450.00 23-Jul-21 9.72 0.56

5.40

250.00

(now Consumer Goods) sectors 1.88 16.06 103.18 and3.84 the top five 18.03 most capital97.41 1.00 15.22 103.81 ised1.00 and liquid companies in 15.22 101.02 the Oil Mar3.00 & Gas (Petroleum 17.31 91.92 2.29 sector.16.54 98.76 keting) 6.11 20.37 96.60 The indices, which were 2.16 16.45 99.04 2.76 17.27 93.04 developed using the market 1.80 16.05 92.92 capitalisation methodology, 2.63 16.85 98.44 15.29 104.78 are 1.00 rebalanced on a biannual 1.00 15.29 89.99 basis -on the first business day in January and in July. According to the management the stocks 1.00of Exchange, 15.30 89.27 are 1.00 selected 15.62 based on82.07 their market capitalisation from the most liquid sectors. The liquidity based on the number of Offeris Yield (%) Bid Price Offer Price times the stock is traded durPrices & Yields ing the preceding two quarters. 5.59 104.56 105.51 To be included, the stock must 4.35 101.18 102.17 be traded for at least 70 per cent of the 5.95 number 101.75of times 102.71the market opened for business. The Exchange noted that it was not oblivious of the fact that4.29 the number of the 102.75 stocks 102.75 included in some 7.51 99.50 of the indices 99.50 90.15 92.45 may9.97 be inappropriate for opti95.76 97.10 mal6.98 portfolio diversification. 7.24 96.75 96.75 However, the numbers would 9.60 95.56 97.28 be 9.29 95.25 95.25 reviewed as sector conditions 10.17 95.19 96.27 change. 9.72 91.55 91.55

3,650.00

FMDQ Daily Quotations List

TOTAL MARKET CAPITALISATION

2.10 112.22 116.70 66.49

26-Jun-15

3,497.27

data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial (the “Information”). The Information does not constitute FIXINGS Moneymarket Market Foreign Exchange (Spot & Forwards) professional,DTM financial or investment advice. We attempt to ensure the Information is accurate; theBidInformation is provided “AS IS” and on an “AS AVAILABLE”Tenor basis and mayRate not(%) be accurate or up to date. We do not guarantee Maturity Bid Discount (%) Offer Discounthowever, (%) Yield (%) NIBOR 13 9-Jul-15 11.91 11.66 11.96 the accuracy,20timeliness, 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 Bid ($/N) Offer ($/N) OBB 7.00 of the Information. Tenor 16-Jul-15 11.75 11.50 11.83 Tenor Rate (%) 27 34 41 48 62 69 76 Rating/Agency 90 97 111 125 139 153 160 167 174 195 202 209 NA 216 223 230 237 244 251 265 272

23-Jul-15 30-Jul-15 6-Aug-15 13-Aug-15 27-Aug-15 3-Sep-15 10-Sep-15 Issuer 24-Sep-15 1-Oct-15 15-Oct-15 29-Oct-15 12-Nov-15 26-Nov-15 3-Dec-15 10-Dec-15 17-Dec-15 7-Jan-16 14-Jan-16 21-Jan-16 NA 28-Jan-16 4-Feb-16 11-Feb-16 18-Feb-16 25-Feb-16 3-Mar-16 17-Mar-16 24-Mar-16

FGN Bonds

286

7-Apr-16

300

21-Apr-16

TOTAL OUTSTANDING VALUE 314

11.68 12.03 12.34 12.69 13.09 12.30 11.62 Description 11.72 13.39 ^13.05 16-AUG-2016 13.70 13.74 ^15.10 27-APR-2017 13.57 9.85 27-JUL-2017 13.78 9.35 31-AUG-2017 12.05 13.83 10.70 30-MAY-2018 11.35 ^16.00 29-JUN-2019 12.36 7.00 23-OCT-2019 13.70 13.61 ^15.54 13-FEB-2020 13.71 ^16.39 27-JAN-2022 13.73 ^14.20 14-MAR-2024 13.64 13.58 15.00 28-NOV-2028 13.62 12.49 22-MAY-2029 13.31 8.50 20-NOV-2029 13.30 13.33 ^10.00 23-JUL-2030

13.23 ^12.1493 18-JUL-2034

12.98 18-Jul-14

Bonds

11.78 12.16 12.52 12.90 13.38 12.59 11.90 (%) Coupon 12.06 13.88 13.05 14.30 14.41 15.10 14.31 9.85 14.62 9.35 12.72 14.76 10.70 12.00 16.00 13.24 7.00 14.82 14.75 15.54 14.92 16.39 14.99 14.20 14.92 14.89 15.00 14.98 12.49 14.65 8.50 14.72 14.80 10.00 14.75 12.1493

13.02

14.90

5-May-16

12.83

12.58

14.42

2-Jun-16

12.55

12.30

14.22

342

TOTAL MARKET CAPITALISATION

13.27

11.43 11.78 12.09 12.44 12.84 12.05 11.37Date Issue 11.47 13.14 16-Aug-13 13.45 13.49 27-Apr-12 13.32 27-Jul-07 13.53 31-Aug-07 11.80 13.58 30-May-08 11.10 29-Jun-12 12.11 23-Oct-09 13.45 13.36 13-Feb-15 13.46 27-Jan-12 13.48 14-Mar-14 13.39 13.33 28-Nov-08 13.37 22-May-09 13.06 20-Nov-09 13.05 13.08 23-Jul-10

O/N 1M 3M 6M

8.6250 15.0964 16.1079 17.2538

Tenor 581.39 1M 2M 476.80 3M 20.00 6M 100.00 9M 12M 300.00

Description

7.75

REPO

Tenor Call 1M 3M (Yrs) TTM 6M

Outstanding Value Maturity Date (N'bn) NITTY Rate (%) 16-Aug-16 12.4029 12.6352 27-Apr-17 13.0032 27-Jul-17 13.0854 31-Aug-17 13.3486 14.0460 30-May-18

351.30 29-Jun-19 233.90 23-Oct-19 NIFEX 233.73 13-Feb-20 Current Price ($/N) 600.00 27-Jan-22 BID($/N) 198.9000 599.99 14-Mar-24 OFFER ($/N) 199.0000 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 324.50 18-Jul-34

Rate (%) 8.25 8.50 Bid8.75 Yield 9.00

(%)

Spot 7D 14D 1M 2M 3M Yield Offer 6M (%) 1Y

1.14 14.01 13.87 1.84 14.22 14.12 :Benchmarks 2.09 14.29 14.20 * :Amortising Bond 2.18Bond 14.29 14.20 µ :Convertible AMCON: Asset Management Corporation of Nigeria 2.93 14.30 14.24 FGN: Federal Government of Nigeria 4.01 14.30 14.20 FMBN: Federal Mortgage Bank of Nigeria 4.33 Finance Corporation 14.52 14.41 IFC: International LCRM: Local Contractors Receivables Management 4.63 14.57 14.48 NAHCO: Nigerian Aviation Handling Company 6.59 14.25 14.18 O/N: Overnight 8.72 14.15Company 14.09 UPDC: UAC Property Development WAPCO:West 13.43Africa Portland Cement 16.62 Company16.56 13.90 16.99 16.92 14.40 17.42 17.32 15.07 15.55 15.48 19.06 14.62 14.56

NOTE:

197.31 197.41 201.81 201.93 202.13 202.28 Price 203.37 202.87 204.24 205.31 205.60 207.21 206.28 213.47Price Bid Price Offer 220.29 226.27

98.97 101.33

99.12 101.48

105.06

105.36

108.93

109.23

76.21 53.39 68.00 84.24

76.51 53.69 68.30 84.54

Valuation Yield (%)

Modelled Price

NA :Not 92.21 Applicable 92.36 ^ : Market Prices 90.99 91.14 # : Floating Rate Bond ***: Deferred 91.60coupon bonds 91.75

‡ : Bond rating under review 76.71 †: Bond 76.41 rating expired N/A :Not103.13 Available 103.43 {r} :Issuer in receivership

100.17 100.47 NGC: Nigeria-German Company UBA: United 91.37Bank for Africa 91.67

4,838.17 4,463.68

*for the Amortising bonds, the average life is calculated and not the duration # Risk Premium is a combination of credit risk and liquidity risk premiums Rating/Agency Issuer **Exclusive of non-trading t.bills

O/N

Issue Date

Coupon (%)

Outstanding Value (N'bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Agency Bonds FMBN ***LCRM

Modified Duration Buckets

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

<3 3<5 >5 Market

Sub-National Bonds

17.25 FMB II 03-APR-2017 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 Total Outstanding Porfolio Market Value(Bn) 0.00/16.50 LCRM III 06-JUL-2017 Volume(Bn)

03-Apr-12 17.25 FMDQ FGN BOND INDEX 2.10 09-Dec-11 0.00/16.00 112.22 20-Apr-12 0.00/16.50 116.70 Weighting by Weighting by Mkt Bucket Weighting 06-Jul-12Vol 0.00/16.50 66.49 Outstanding Value

03-Apr-17 08-Dec-16 19-Apr-17 % Exposure_ 06-Jul-17 Mod_Duration

0.77 1.45 1.81 Implied Yield 2.03

2.27 1.69 1.00 Implied 1.00 Portfolio Price

15.33 15.84 15.25 INDEX 15.28

101.38 100.17 104.92 YTD Return 101.62 (%)

852.20

828.10

28.63

31.17

297.520.29

14.11

14.26

107.5222

1,204.67

8.7399

1,227.64

1,173.14

40.56

44.90

41.62

14.20

109.8245

1,095.84

8.2234

654.55

891.07

30.81

23.94

304.550.41 0.31

44.27

15.18

77.8895

1,094.74

8.7116

2,734.39

2,892.30

100.00

1.00

100.00

14.64

99.3267

1,122.38

6.3686

A/Agusto

KADUNA

12.50 KADUNA 31-AUG-2015

31-Aug-10

12.50

8.50

31-Aug-15

0.18

4.44

16.62

99.18

A-/Agusto

*EBONYI

13.00 EBONYI 30-SEP-2015

30-Sep-10

13.00

2.16

30-Sep-15

0.26

3.23

15.47

99.31

BBB+/Agusto

*BENUE

14.00 BENUE 30-JUN-2016

30-Jun-11

14.00

3.90

30-Jun-16

0.51

4.46

16.61

98.80

‡ /Agusto

*IMO

15.50 IMO 30-JUN-2016

30-Jun-09

15.50

5.73

30-Jun-16

0.54

3.48

15.72

99.89

A+/Agusto; ‡ /GCR

LAGOS

10.00 LAGOS 19-APR-2017

19-Apr-10

10.00

57.00

19-Apr-17

1.81

1.00

15.25

91.91

‡ /Agusto

*BAYELSA

13.75 BAYELSA 30-JUN-2017

30-Jun-10

13.75

25.73

30-Jun-17

1.08

1.00

14.92

98.91

‡ /Agusto

EDO

14.00 EDO 31-DEC-2017

30-Dec-10

14.00

25.00

31-Dec-17

2.52

1.79

16.08

95.83

‡ /Agusto; A+/GCR

*DELTA

14.00 DELTA 30-SEP-2018

30-Sep-11

14.00

30.81

30-Sep-18

1.90

1.80

16.06

96.79

42 Business | Interview

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Nigeria can’t meet 2015 7,000MW target –Amadi Dr. Sam Amadi is the Executive Chairman of the Nigeria Electricity Regulatory Commission (NERC). In this interview, he talks about plans by the commission to revoke some licenses earlier granted to some firms to build power plants in Nigeria, the challenges facing the power sector, increasing complaints of overbilling by power distributing companies and other issues. He spoke with Iyobosa Uwugiaren do well. But, on the proper management side, National Integrated Power Project (NIPP) was designed by former President Olusegun Obasanjo to give us more powerful plants. But, it was not properly managed. Maybe, the contracts were given to people who don’t have the technical know-how to carry out the jobs. So, there were lapses until former President Goodluck Jonathan-led government came in. We have seen some improvement in execution of NIPP projects. Perhaps, we could have done better, faster and be more efficient. Some of the plants not yet completed like Gbmare Plant, is stranded; if the project was completed and gas is available – we would be expecting about 500 Mega Watts from the project. We have some plants that are not completed, because they do not have enough gas. We have some that are completed but there is a transmiss i o n net-

Amadi

Almost on a daily basis, Nigerians complain about lack of power supply. What is really happening? It is clear to everyone that we started this journey under a very hard situation in terms of power availability. Some people may put it at 2,000 Mega Watts, while some will put it at 2,500 Mega Watts. The problem is more than that; Even though some of our existing capacities were very low, they are not readily available. The generating plants were doing less than 50 per cent utilisation before the privatisation process kicked off. Of course, mistakes were made and corruption and lack of projects management were also parts of the problems. All things being equal, let us put our best feet forward: there was no way we would have been able to get between

6,000 to 7,000 megawatts, which was the target before 2015. There is legacy problem, many years of diversion of funds made for the sector, lack of proper planning and there were also some mistakes we made. For example, we did not underline gas supply as a major issue. If we have done that properly, couple with effective management of gas supply, maybe we would have had the East-West line running, which is one of the biggest infrastructures to get gas supply to power plants. We could have also intensified production of more gas and other industrial needs. We could also have focused on streamlining polices of the sector. Tell us more about the problems. There were things we do not

The reason we don’t have power supply today is a function of legacy problem

work bottleneck. As at today, NIPP is working very hard; very soon Calabar plant will be ready with about 500 megawatts because the Itu Line work is on-going. We could get the one in Nnewi in if we strengthen the line that is supposed to evacuate the power there. There are three things now – in terms of clarity, historically, we did not do well in the last three decades or so; we have Egbin, Kainji, Shiroro and others, we could have expanded their capacities. If we have done those things, we will be talking about 10,000 to 15,000 megawatts today. But since we started this reform, we are taking more actions to develop the capacity and if we continue like this, we will make progress in the next few

years. People were not investing in the sector because they were not sure of guarantee of on-taker. Today we have about 100 licensees and until 2014, none of them could raise fund to start work. If we had all these institutions in place we would have been able to make progress. Primarily, the reason we don’t have power supply today is a function of legacy problem of under investment, lack of project management, wrong policy framework and some later day, inefficiency and corruption, which are part of our political economy. Some people could also argue that since your reform started, the Federal Government has invested huge amount of public funds in the system. Can we really justify this huge investment? We should look at the issue of investment from two perspectives. One, the investment before the regulatory framework was developed. For example, NIPP was started before we started developing the regulatory framework. And those investments are also matter of technical review and people can go and see how much it really costs. It is a minimum of $1 million per megawatt. Of course, if it is project finance – for example, Azura is about 550 Mega Watt plant that is being sponsored and it gives you about one to two million dollars per megawatt. I use that figure to assess the project for you to see whether it is expense or not. Those projects were carried out before our present regulatory frameworks were put in place. If those investments were done after our framework, we would have been able to tell the actual costs and the level of investment. Second, how much of those budgets actually went into the projects we are talking about? For example, we are currently doing assessment of some states’ investment in power projects and each of them will tell you they have spent billions of naira for the projects. They are looking at the budget on paper – how much was voted. But, we are going to look at the real cost – the benchmark-cost of what

Business | Interview

NEW TELEGRAPH MONDAY, JUNE 29, 2015

they are claiming. We want to look at the cost of transformers in the market. Take note that we do not control public finances. If government budgets N100 billion for lines, the question is: How much really goes into the lines? It is about budgeting and corruption. We should not mix up these figures. That notwithstanding, we are going to spend more. As from 2012, government started spending less while private investors are spending more. For example, in 2013 and 2014 national budgets, there was no provision for DISCOs. We had argued that there was no point providing for distribution companies, but the argument they put forward was that there was need to nurture these companies. But we disagreed with them, advising to run their companies through tariffs. The only budget you have seen since government handed over to private investors is for transmission. We are going to see a gradual reduction of finance in power projects as private sectors come in. Yes, we have got value for our investments. Today, investments are coming in because we have brought stability and investors are now sure they can get back their monies once they invest. Before now, there was no foreign investor in power sector. These have changed. We Amadi should not look at it only in terms of megawatts; if we fight vandalism, our megawatts will improve. But beyond megawatts, our greatest achievement is that we have framework that allows increase in capacity growth. A few days ago, we licenced some plants, including solar plants; we never had them before now. Not just today, we have secured the future. With this new government expectedly coming with a stronger discipline and anticorruption policies, we can easily cure projects failure - arising more from corruption. We would have had up to 6,000 megawatts today if all the plants were functioning and those given licenses to build plants had carried out their works and we stop vandalism. Cumulatively, all the past governments recorded success in their investments in power sector. Recently, you thought about revoking some licenses earlier granted to some firms for not performance. What informed their not performance? Does that mean you did not carry out a proper check on them before granting them those licenses? Not that; most of these licenses were approved before we came in. Some of the licenses were done even before the previous commissioners came on board. Of course, license is the way to enter into the market; but sometimes we try to liberalise and open the market. No serious investor was willing to come to Nigeria, and Nigerians were the first set of people who came. And like the communication sector, they thought it was an opportunity for them to plan for the future. Yes, some of them

If we fight vandalism, our megawatts will improve

failed to do their proposals properly; they did not have business plans. Second, all of them were serious investors, but we did not have a good tariff system, no bulk trader and other institutions in place to motivate them. Before now, there was no Power Proposal Agreement because the tariff was not cost-effective, there was no credible off-takers; they could not sign agreement with government distribution companies that were inefficient. And until we fix that, some of those we granted licenses could not really function. If you are talking about $100 million per megawatt, the money should come from borrowing and they would not go for it if there is no credible tariff, off-taker and certain stability in place. Now, we have all these and many of them are now making progress. Most of these licenses not performing are victims of a lack of institutions that will support the market. And because they took those licenses when there was no way they have access to any financing, they were stucked. Now, they are making progress; some of them were speculators, typical Nigeria thing â&#x20AC;&#x201C; this is a new sector that must be explored. They wanted to speculate and plan for the future and they discovered it was not a windfall. And they could not perform. Nevertheless, it took us more time - through rigorous process - to give licenses to this new set of people. Do you have confidence in the new people you recently gave licenses? Yes, we have done due dili-

gence on them and we found that they have the capacity to source funds; they have good investment plans and their partners are more secured. What is the trust of the Multi-Year Order you recently came out with? It has always been there. It is a five-year plan, what your tariff will be like in the next five years. It is our framework for tariff in the industry. All the costs are discovered accurately and recovered within a period of time. It gives you a range within which investors will recover their money. We review it from time to time. Consumers are increasingly complaining of overbilling by power firms and you know that most consumers do not have meters in their houses. How are you handling the grievances to ensure that consumers get value for their money? Of course, the ideal thing is for all consumers to have meters in their houses. But there is also a legacy problem. Before we came in, we had about 30 per cent of meters across the country; now we have about 67 per cent. It will take time and it is capital intensive. What we are doing is monitoring how the DISCOs are charging their consumers. We have penalised Abuja DISCO and directed the firm to refund what it admitted was overbillings to the customers. And they have agreed and also promised to write public apology through newspapers telling customers when their money would be refunded. And they are going to get back to us on that. Our ap-

proach is to provide the framework that will enable DISCOs to be more accurate in dealing their customers.

Career: : Chairman/CEO of the Nigerian Electricity Regulatory Commission (NERC) (December 22, 2010 till date) Technical expert/advisor, United States (US) â&#x20AC;&#x201C; Nigeria Bi-National Commission. Member of the Presidential Committee on Review of Reform Processes in the Public Service in Nigeria, March 2011. Membership: Chairman, International Consortium on Law and Development (ICLAD) of Boston University programme on Legislative Drafting for Democratic Social Change; Chairman, Centre for Law and Social Action, Lagos Chairman, Maldova Foundation â&#x20AC;&#x201C; a Washington-based policy Think-Tank for the promotion of socio-political and economic development in Maldova. Fellowship Fellow at the Carr Center for Human Rights Policy, the Edward Mason Fellowship in Public Policy and Management, Kennedy school of Government, Harvard. Fellow Reginald Laws at the Harvard Law School.

Daily Summary (Equities) Activity Summary on Board EQTY FINANCIAL SERVICES Mortgage Carriers, Brokers and Services UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Daily Summary as of 26/06/2015

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

Printed 26/06/2015 15:15:34.034

Business | Capital Market Daily Summary (Bonds)

No Debt Trading Activity

Symbol UNHOMES

No. of Deals 1 2

Current Price 5.78

Quantity Traded 2,500 2,550

Value Traded 13,750.00 13,809.50

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

No. of Deals 46 11 357 55 1 20 54 544

Current Price 2.70 4.05 7.96 3.00 0.50 27.05 1.36

Quantity Traded 2,391,602 651,967 11,217,384 5,723,836 50 148,841 3,551,964 23,685,644

Value Traded 6,606,503.83 2,620,834.32 89,365,249.76 16,979,593.36 25.00 4,024,698.56 4,906,631.18 124,503,536.01

155,450,629

921,646,269.52

Quantity Traded 210,151 21,500 183,289 423,600 252,550 220,992 1,312,082

Value Traded 277,482.32 68,761.44 8,063,308.00 597,789.06 363,907.00 488,281.60 9,859,529.42

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

The Nigerian Stock Market Exchange as at June 26, 2015 Daily Summary (Equities)

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

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

FINANCIAL SERVICES Totals Symbol OKOMUOIL PRESCO

No. of Deals 18 16 34

Current Price 28.66 33.50

Quantity Traded 335,172 159,344 494,516

Value Traded 9,609,476.72 5,307,842.14 14,917,318.86

Symbol LIVESTOCK

No. of Deals 28 28

Current Price 2.15

Quantity Traded 671,212 671,212

Value Traded 1,451,870.46 1,451,870.46

1,165,728

16,369,189.32

Quantity Traded 100 7,568,990 439,687 8,008,777

Value Traded 376.00 21,122,843.10 18,473,773.44 39,596,992.54

8,008,777

39,596,992.54

AGRICULTURE Totals CONGLOMERATES Diversified Industries Daily Summary as of 26/06/2015 CHELLARAMS PLC. Printed 26/06/2015 15:15:34.034CORPORATION OF NIGERIA PLC TRANSNATIONAL U A C N PLC. Diversified Industries Totals CONGLOMERATES Totals

62 Symbol CHELLARAM TRANSCORP UACN

No. of Deals 1 107 34 142

Daily Summary (Equities)

Current Price 3.95 2.76 42.01

142

HEALTHCARE Pharmaceuticals Daily Summary as ofMEDICAL 26/06/2015 EVANS PLC. Printed 26/06/2015 15:15:34.034 FIDSON HEALTHCARE PLC GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC. NEIMETH INTERNATIONAL PHARMACEUTICALS PLC PHARMA-DEKO PLC. Pharmaceuticals Totals Activity Summary on Board EQTY

Page Quantity Traded 2,619,335 2,619,335

HEALTHCARE HEALTHCARE Totals

ICT Computers and Peripherals OMATEK VENTURES PLC Computers and Peripherals Totals

1 of 11 Value Traded 2,260,335.85 2,260,335.85

Symbol COSTAIN

No. of Deals 31 31

Current Price 0.88

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

Symbol JBERGER

No. of Deals 31 31

Current Price 48.50

Quantity Traded 136,232,239 136,232,239

Value Traded 7,042,546,751.10 7,042,546,751.10

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

Symbol UAC-PROP

No. of Deals 14 14

Current Price 10.50

Quantity Traded 81,210 81,210

Value Traded 867,491.00 867,491.00

Real Estate Investment Trusts (REITs) Symbol UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UHOMREIT Real Estate Investment Trusts (REITs) Totals

No. of Deals 1 1

Current Price 45.22

Quantity Traded 10 10

Value Traded 429.60 429.60

138,932,794

7,045,675,007.55

Quantity Traded 243,850 134,330 375,950 768,569 24,620 1,547,319

Value Traded 1,542,701.50 20,601,616.06 7,147,659.50 113,855,112.20 76,322.00 143,223,411.26

CONSTRUCTION/REAL ESTATE Totals

Daily Summary asGOODS of 26/06/2015 CONSUMER

Printed 26/06/2015 15:15:34.034 Beverages--Brewers/Distillers CHAMPION BREW. PLC. GUINNESS NIG PLC INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC. PREMIER BREWERIES PLC Activity Summary on Board EQTY Beverages--Brewers/Distillers Totals CONSUMER GOODS Published by The Nigerian Stock Exchange © Beverages--Non-Alcoholic 7-UP BOTTLING COMP. PLC. Beverages--Non-Alcoholic Totals Food Products DANGOTE FLOUR MILLS PLC DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC. HONEYWELL FLOUR MILL PLC P S MANDRIDES & CO PLC. NATIONAL SALT CO. NIG. PLC N NIG. FLOUR MILLS PLC. Food Products Totals Food Products--Diversified CADBURY PLC. Daily Summary as ofNIGERIA 26/06/2015 NESTLE NIGERIA PLC. Printed 26/06/2015 15:15:34.034 Food Products--Diversified Totals Household Durables VITAFOAM NIG PLC. VONO PRODUCTS PLC. Household Durables Totals Personal/Household Products ActivityPSummary onNIGERIA Board EQTY Z CUSSONS PLC.

Personal/Household Products UNILEVER NIGERIA PLC. Personal/Household Products Totals

77 Symbol CHAMPION GUINNESS INTBREW Daily Summary NB PREMBREW

No. of Deals 16 62 20 (Equities) 92 2 192

Symbol 7UP

No. of Deals 15 15

Current Price 179.10

Page Quantity Traded 52,062 52,062

2 of 11 Value Traded 9,330,126.65 9,330,126.65

Symbol DANGFLOUR DANGSUGAR FLOURMILL HONYFLOUR MANDRID NASCON NNFM

No. of Deals 27 36 39 18 1 35 2 158

Current Price 3.86 6.90 34.00 3.46 5.35 7.90 18.05

Quantity Traded 149,646 828,285 292,974 531,875 500 555,823 1,100 2,360,203

Value Traded 573,504.28 5,641,937.96 9,877,146.65 1,850,018.10 2,545.00 4,374,264.83 20,665.00 22,340,081.82

Symbol CADBURY NESTLE

No. of Deals 19 59 78

Current Price 35.15 891.45

Quantity Traded 143,108 225,502 368,610

Value Traded 5,037,041.64 194,669,537.08 199,706,578.72

Symbol VITAFOAM VONO

No. of Deals 22 16 (Equities) 38

Current Price 5.63 1.14

Quantity Traded 757,264 497,190 1,254,454

Value Traded 4,112,633.52 548,352.60 4,660,986.12

No. of Deals 43

Current Price 32.00

Quantity Traded 474,430

Value Traded 15,041,948.93

No. of Deals Current Price 52 45.50 95

Quantity Traded 1,327,143 1,801,573

Value Traded 60,116,310.04 75,158,258.97

7,384,221

454,419,443.54

Quantity Traded 26,575,124 7,471,253 2,282,661 7,876,150 8,976,363 3,142,056 2,523,544 14,037,071 122,295 1,242,791 457,621

Value Traded 155,359,248.02 31,353,878.84 50,264,727.29 13,491,681.21 242,432,499.29 7,589,154.29 5,032,289.92 68,675,406.31 1,136,109.23 3,066,717.80 437,175.70

Daily Summary Symbol PZ

Symbol UNILEVER

CONSUMER GOODS Totals FINANCIAL SERVICES Banking ACCESS BANK PLC. DIAMOND BANK PLC ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC GUARANTY TRUST BANK PLC. Daily Summary as of 26/06/2015 SKYE BANK PLC Printed 26/06/2015 15:15:34.034 STERLING BANK PLC. UNITED BANK FOR AFRICA PLC UNION BANK NIG.PLC. UNITY BANK PLC WEMA BANK PLC.

Current Price 6.27 153.50 19.01 148.01 3.26

576 Symbol No. of Deals Current Price ACCESS 162 5.77 DIAMONDBNK 49 4.10 ETI 60 22.00 FIDELITYBK 91 1.75 GUARANTY 237 27.00 SKYEBANK 53 2.40 STERLNBANK 24 1.98 UBA 225 4.90 UBN 33 9.35 UNITYBNK 19 2.50 Daily Summary (Equities) WEMABANK 16 0.95

Page

Insurance Carriers, Brokers and Services AIICO INSURANCE PLC. CONTINENTAL REINSURANCE PLC CORNERSTONE INSURANCE COMPANY PLC. EQUITY ASSURANCE PLC. GREAT NIGERIAN INSURANCE PLC LASACO ASSURANCE PLC. MANSARD INSURANCE PLC N.E.M INSURANCE CO (NIG) PLC. NIGER INSURANCE CO. PLC. PRESTIGE ASSURANCE CO. PLC. SOVEREIGN TRUST INSURANCE PLC UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC Insurance Carriers, Brokers and Services Totals

Daily Summary as of 26/06/2015 Micro-Finance Banks Printed 26/06/2015 15:15:34.034 NPF MICROFINANCE BANK PLC

Micro-Finance Banks Totals

Mortgage Carriers, Brokers and Services ABBEY MORTGAGE BANK PLC

Electronic and Electrical Products

INDUSTRIAL GOODS Electronic and Electrical Products CUTIX PLC. Electronic and Electrical Products Totals Packaging/Containers BETA GLASS CO PLC. GREIF NIGERIA PLC Packaging/Containers Totals

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

Integrated Oil and Gas Services Totals Daily Summary as of 26/06/2015 Printed 26/06/2015 15:15:34.034

Petroleum and Petroleum Products Distributors BECO PETROLEUM PRODUCT PLC CONOIL PLC ETERNA PLC. FORTE OIL PLC. MOBIL OIL NIG PLC.

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

Courier/Freight/Delivery RED STAR EXPRESS PLC TRANS-NATIONWIDE EXPRESS PLC. Courier/Freight/Delivery Totals

Daily Summary as of 26/06/2015 Employment Solutions Printed 26/06/2015 15:15:34.034

C & I LEASING PLC. Employment Solutions Totals

Value Traded 191,473,495.21 770,312,383.11

155,450,629

921,646,269.52

Quantity Traded 210,151 21,500 183,289 423,600 252,550 220,992 1,312,082

Value Traded 277,482.32 68,761.44 8,063,308.00 597,789.06 363,907.00 488,281.60 9,859,529.42

1,913 Symbol EVANSMED FIDSON GLAXOSMITH MAYBAKER NEIMETH PHARMDEKO

No. of Deals 8 4 21 12 11 2 58

Current Price 1.32 3.18 44.00 1.42 1.43 2.20

Page

Current Price 1.65

Quantity Traded 226,900 226,900

Value Traded 375,755.00 375,755.00

Symbol BETAGLAS VANLEER

No. of Deals 13 1 14

Current Price 35.46 11.48

Quantity Traded 242,203 540 242,743

Value Traded 8,589,696.99 5,891.40 8,595,588.39

4,466,953

370,197,984.75

203 Symbol JAPAULOIL

No. of Deals 5 5

Current Price 0.50

Quantity Traded 124,100 124,100

Value Traded 62,050.00 62,050.00

Symbol OANDO

No. of Deals 134 134

Current Price 15.36

Quantity Traded 2,895,606 2,895,606

Value Traded 44,726,307.68 44,726,307.68

No. of Deals 3 28 21 (Equities) 76 23

Current Price 0.50 40.85 2.41 182.00 158.85

Quantity Traded 9,914,526 28,238 376,180 476,707 24,386

Value Traded 4,957,263.00 1,141,570.64 940,066.04 88,351,072.94 3,749,577.76

Symbol BECOPETRO CONOIL ETERNA DailyFOSummary MOBIL

Page

Symbol MRS TOTAL

No. of Deals 1 12 164

Current Price 50.54 165.00

Quantity Traded 10 5,514 10,825,561

Value Traded 480.20 897,896.00 100,037,926.58

Symbol SEPLAT

No. of Deals 5 5

Current Price 331.25

Quantity Traded 12,240 12,240

Value Traded 4,071,797.00 4,071,797.00

13,857,507

148,898,081.26

308 Symbol RTBRISCOE

No. of Deals 8 8

Current Price 0.77

Quantity Traded 76,287 76,287

Value Traded 56,770.60 56,770.60

Symbol REDSTAREX TRANSEXPR

No. of Deals 7 1 8

Current Price 4.80 1.27

Quantity Traded 302,988 500 303,488

Value Traded 1,461,706.45 605.00 1,462,311.45

Symbol CILEASING

No. of Deals 18 18

Current Price 0.52

Quantity Traded 2,429,195 2,429,195

Value Traded 1,241,281.40 1,241,281.40

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

Quantity Traded 237,999

Value Traded 899,336.20

No. of Deals 16 16

Current Price 0.50

Quantity Traded 468,900 468,900

Value Traded 234,450.00 234,450.00

Transport-Related Services NIGERIAN AVIATION HANDLING COMPANY PLC Transport-Related Services Totals

Symbol NAHCO

No. of Deals 18 18

Current Price 4.77

Quantity Traded 228,940 228,940

Value Traded 1,100,218.40 1,100,218.40

Symbol CAVERTON

No. of Deals 1 1

Current Price 3.42

Quantity Traded 300 300

Value Traded 975.00 975.00

116

4,827,201

11,065,658.17

3,458

335,406,542

9,017,730,089.07

Daily Summary as ofand 26/06/2015 Support Logistics Printed 26/06/2015 15:15:34.034 CAVERTON OFFSHORE SUPPORT GRP PLC Support and Logistics Totals

SERVICES Totals

Food Products Totals

No. of Deals 4 4

Symbol ABCTRANS

SERVICES Hotels/Lodging TRANSCORP HOTELS PLC Hotels/Lodging Totals

CONSUMER GOODS

Symbol CUTIX

Road Transportation ASSOCIATED BUS COMPANY PLC Road Transportation Totals

Value Traded 6,606,503.83 2,620,834.32 89,365,249.76 16,979,593.36 25.00 4,024,698.56 4,906,631.18 124,503,536.01

Value Traded

No. of Deals

Value Traded 3,145.00 6,066,255.12 6,069,400.12

Value Traded 59.50

Quantity Traded 2,391,602 651,967 11,217,384 5,723,836 50 148,841 3,551,964 23,685,644

Quantity Traded

Symbol

Quantity Traded 2,500 1,079,492 1,081,992

Quantity Traded 50

Current Price 2.70 4.05 7.96 3.00 0.50 27.05 1.36

Current Price

Daily Summary (Equities)

Current Price 1.26 5.61

No. of Deals Current Price 1 1.25

No. of Deals 46 11 357 55 1 20 54 544

Value Traded 11,369,811.01 11,534.40 205,422.30 1,008,316.07 26,406,084.18 805.74 46,678.54 322,177,989.12 361,226,641.36

No. of Deals 2 31 33

Symbol ABBEYBDS

Symbol AFRIPRUD CUSTODYINS FBNH FCMB ROYALEX STANBIC UBCAP

Quantity Traded 506,738 1,080 5,274 95,774 154,898 1,033 10,494 3,222,019 3,997,310

No. of Deals 30 2 2 10 44 1 3 93 185

Symbol LEARNAFRCA UPL

EQTY Board Totals Activity Summary on Board ASeM

Value Traded 13,750.00 13,809.50

Current Price 22.60 11.24 41.00 10.50 170.00 0.76 4.45 100.00

Symbol ASHAKACEM BERGER CAP CCNN DANGCEM DNMEYER PORTPAINT WAPCO

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

Value Traded 1,334,082.55 1,334,082.55

Quantity Traded 2,500 2,550

1,933.00

Value Traded 915.00 900,251.20

Quantity Traded 1,314,827 1,314,827

Current Price 5.78

650

Quantity Traded 100 238,099

No. of Deals Current Price 25 1.05 25

No. of Deals 1 2

Value Traded 1,908.00 1,908.00

Current Price 9.63

Symbol NPFMCRFBK

Value Traded 1,790,924.59 of 11 3,049,797.65 5,800.00 1,000.00 2,000.00 228,950.00 43,430.31 576,037.30 290,050.00 2,900.00 1,700,441.00 10,000.00 17,781,127.50 25,482,458.35

Symbol UNHOMES

Quantity Traded 600 600

No. of Deals 1 14

Quantity Traded 1,867,258 Page 3,105,158 11,600 2,000 4,000 457,900 14,623 821,939 580,100 5,800 3,400,882 20,000 35,562,255 45,853,515

Current Price 3.34

Symbol TRANSCOHOT

No. of Deals Current Price 22 0.97 30 0.97 4 0.50 1 0.50 1 0.50 3 0.50 4 2.96 15 0.70 4 0.50 2 0.50 8 0.50 1 0.50 28 0.50 123

No. of Deals 2 2

3.80

Symbol AIICO CONTINSURE CORNERST EQUITYASUR GNI LASACO MANSARD NEM NIGERINS PRESTIGE SOVRENINS UNIVINSURE WAPIC

Page

Symbol ETRANZACT

Quantity Traded 9,887,164 84,594,093

Daily Summary (Equities)

Value Traded 25.00 25.00

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

Quantity Traded 50 50

Activity Summary on Board EQTY

9,859,529.42

Current Price 0.50

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

No. of Deals 1 1

No. of Deals Current Price 250 19.25 1,219

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

INDUSTRIAL GOODS Building Materials ASHAKA CEM PLC BERGER PAINTS PLC CAP PLC CEMENT CO. OF NORTH.NIG. PLC DANGOTE CEMENT PLC Daily Summary as of 26/06/2015 DN MEYER PLC. Printed 26/06/2015 15:15:34.034 PORTLAND PAINTS & PRODUCTS NIGERIA PLC LAFARGE AFRICA PLC. Building Materials Totals

Page

1,312,082

Symbol OMATEK

ICT Totals

Symbol ZENITHBANK

Activity Summary on Board EQTY Published by The Nigerian Stock Exchange © FINANCIAL SERVICES Mortgage Carriers, Brokers and Services UNION HOMES SAVINGS AND LOANS PLC. Mortgage Carriers, Brokers and Services Totals

Processing Systems E-TRANZACT INTERNATIONAL PLC Processing Systems Totals

Current Price 1.32 3.18 44.00 1.42 1.43 2.20

INDUSTRIAL GOODS Totals

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

Symbol No. of Deals EVANSMED 8 FIDSON 4 GLAXOSMITH 21 MAYBAKER 12 NEIMETH 11 Daily Summary (Equities) PHARMDEKO 2 58

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

1,913

IKEJAHOTEL

Page

Daily Summary (Equities)

Symbol MCNICHOLS

No. of Deals 4 4

CONSUMER GOODS Totals

Current Price 1.50

Quantity Traded Page 2,700 2,700

Traded11 10Value of 4,050.00 4,050.00

2,700

4,050.00

ASeM Board Totals

2,700

4,050.00

Equity Activity Totals

3,462

335,409,242

9,017,734,139.07

Daily Summary (ETP) Exchange Traded Fund

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

Symbol LOTUSHAL15 NEWGOLD VETGRIF30

No. of Deals 1 1 1 3

Current Price 10.48 2,257.00 15.04

Quantity Traded 1 55 1 57

Value Traded 10.48 124,135.00 15.04 124,160.52

ETF Board Totals

124,160.52

ETP Activity Totals

124,160.52

Page

Photo | News

NEW TELEGRAPH MONDAY, JUNE 29, 2015

L-R: New Chief Imam of Jos, Sheikh Muhammad Lawal; his deputy, Sheikh Gazali Ismail and Archbishop of Jos, Most Rev. Ignatius Kaigama, during Kaigamaâ&#x20AC;&#x2122;s visit to the new Chief Imam in Jos.

PHOTO: NAN

Chief of Administration, Nigerian Army, Maj.-Gen. Adamu Abubakar (left), presenting a cheque to widow of the late Corporal Abubakar Atiku, one of the army personnel who died in operation against insurgents in the North-East, Mrs. Adiza Atiku, in Abuja.

L-R: Head, Steering Committee, Hope Movement, Mr. Waleade Jide-Akinwale; convener, Concerned Nigerian in the Diaspora, Mr. Olu Alakija; member/Managing Director, First Katalyst Marketing, Mr. Soji Odedina and member, Mr. Michael Adesiji, at the groupâ&#x20AC;&#x2122;s press conference on the outrageous cost of governance in Nigeria held in Lagos. PHOTO: SULEIMAN HUSAINI

L-R: Chairman, Photojournalists Association of Nigeria (PJAN), Ademola Akinlabi; Head, Photojournalism Department, Nigeria Institute of Journalism, Adeboye Ola; Peace Ndugba and Femi Akintobi, at a workshop for PJAN members in Lagos.

L-R: Director-General of that National Emmergency Management Agency (NEMA), Muhammad Sidi; Public Relations Consultant, Mr. Yushan Shuaibu and Executive Secretary, Centre for Crisis Communication, Air Commodore Yusuf Anas, during a courtesy visit in Abuja.

L-R: Founder, Heeba Foundation, Abuja, Mrs. Fatima Abdu; Deputy Director, Nigeria Investment Promotion Commission, Hajia Gana Wakil; Initiator, Hope for Borno, Mrs. Iby Ikotidem and Creative Director, Qhaflani Coutive and Life Style, Hajia Hauwa Lawan, at the unveiling of Hope for Borno Initiative in Abuja.

Participants of Iyawo Dance, at the Ogidi-Ela Day celebration at Ogidi, Kogi State.

L-R: The embattled Olu of Iyemero, Oba Ebenezer Agboola Ogungbemi; Attah of Ayede, Oba Mumuni Adebayo Orisagbemi and Olu of Itapaji, Oba Abdulkareem Adebanjo, during a peace meeting with the people of Iyemero who were calling for the sack of their monarch, in Ekiti State.

46 News

'Why Aregbesola, deputy must be impeached' Adeolu Adeyemo Osogbo

he Chairman, Centre for Human Rights and Social Justice (CHRSJ), Comrade Adeniyi Alimi Sulaiman, at the weekend, listed what he called impeachable offences against Osun State governor, Rauf Aregbesola and his Deputy, Mrs. Grace Titilayo Laoye-Tomori and gave reasons why they should be impeached without delay. He therefore called on the House of Assembly to commence impeachment processes against the governor and his deputy. The group in a statement in Osogbo, said it has submitted a list of impeachable offences against the governor in a letter to the Assembly Speaker, Hon. Najeem Salaam. He listed the offences to include “Unilaterally changing the name of the state from Osun State to ‘State of Osun’ in contravention of the constitution, buying of a helicopter without budgetary provision and without approval by the House of Assembly. “Embarking on public expenditure without budgetary allocation, illegally intervening and expending scarce funds on federal roads without Federal Government’s approval and refusal to conduct local government elections in the state.”

south south--south west Muritala Ayinla

t least 23 people lost their lives in no fewer than 200 fire incidents recorded in the South-West part of the country in the last three months, the National Emergency Management Agency (NEMA), said yesterday. In the tragedies, a total of seven children, including a six-month- old baby were consumed in the disaster while 1, 675 houses were destroyed in disasters, which include rainstorms and other selfinflicted ones. The NEMA made this disclosure while reviewing its activities from

l You’re destroying education, APC replies Ado-Ekiti

kiti State chapter of the Peoples Democratic Party (PDP), at the weekend, gave insight into how the immediate past government of the All Progressives Congress (APC) in the state allegedly shared the N2.6 billion meant for the building of classrooms in secondary schools in Ekiti State among its members. The PDP, which reiterated its call for anti-corruption agencies to investigate the wanton looting of the state's treasury by the immediate past APC government, said no fewer than five petitions are with the Economic and Financial Crimes

23 die, 1,675 houses destroyed in fire incidents, says NEMA l Records 200 fire incidents in South-West March to June, 2015, saying that the agency also recorded suicide attempts and cases. The agency said Lagos recorded no fewer than five fire incidents daily, commending the personnel of the Lagos State Fire Service for effectively managing such incidents with the use of state-of-the-art fire equipment, acquired by the

state government. Speaking on the suicide cases recorded in the South-West, NEMA said one person, who climbed a television mast was rescued while another had died before help could get to him while 10 people suffered varying degrees of injuries during the period under review. NEMA added: “However, it is disheartening

to say that during the period, a fireman was lost on the line of duty while trying to rescue a victim in a local well; he was in coma for a long period before giving up the ghost. This incident really dampened the morale, passion and spirits of the officers and men of the Lagos Fire Service as it was the first time that the service would experi-

L-R: Vice-Chancellor, Olabisi Onabanjo University (OOU), Prof. Saburi Adesanya; Ogun Sate Deputy Governor, Mrs. Yetunde Onanuga and the only survivor of the auto crash that claimed the lives of eight undergraduates of OOU and four post-UTME candidates, Akinbo Laughter Ibukun, during their visit to Ibukun at the Babcock University Teaching Hospital, Ilishan Remo…yesterday.

How APC shared N2.5bn education fund — PDP Adesina Wahab

monday, june 29, 2015 NEW TELEGRAPH

Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) against the former governor, Dr. Kayode Fayemi and other top functionaries of the APC, who ran the government with him. A statement by the Publicity Secretary of the PDP, Mr. Jackson Adebayo, said the APC government led by Fayemi transferred federal grants meant for the building of blocks of classrooms in secondary schools to the party in an apparent motive to shortchange the state. Adebayo, said N3 billion was made available for the state government to build blocks of classrooms for all the secondary schools in the state by the Goodluck Jonathan

administration. While challenging the APC to come out with the details of how the projects were executed, Adebayo said no building was ever put up throughout the four years the APC government in the Ekiti State. He added that instead of building classrooms as stipulated by the Federal Government, the former governor decided to renovate existing ones at the cost of building new ones in order to perfect the diversion of the funds meant for the project to the party for sharing among members at all levels. Meanwhile, Ekiti State chapter of the APC has urged Governor Ayo Fayose to preserve the greatest legacy the late Chief Obafemi Awolowo bequeathed to the Yoruba, saying the recent announcement by the governor on the need for the commercialisation of basic education is a disservice to the memory of the late sage.

ence such. “The state government that has always lauded the diligence of the service personnel is passionately implored to further look into how it can enhance the welfare of the firemen. “Furthermore, a total of 1,675 houses and 313 shops were affected by fire and windstorm across the South-West during the period under review.” NEMA added that Lagos recorded over 90 percent of the fire tragedies, urging residents to be safety conscious always. Given the statistic of the badly affected states, NEMA said: “Out of these, Lagos have a record of 989 houses and 219 shops affected while Oyo State have a record of 430 houses affected and Ogun State recorded 280 houses and 85 shops affected by fire and windstorm during the period.” To reduce the burden of the disaster on the victims, NEMA said it has provided relief materials to victims in 15 communities namely; Odofin, Agboju and Alakija in Amuwo Odofin Local Government Area; Epe, Ogunmodede, Epetedo, Odo Iragbusi, Iraye, Poka and Ketu communities in Epe Local Government Area; Ijede, Imota and Ikorodu in Ikorodu Local Government Area; Ajara, Ibereko and Kakoa in Badagry Local Government Area.

Depose our monarch, community urges Fayose Adesina Wahab Ado-Ekiti

he Olu of Iyemero in Ikole Local Government Areea of Ekiti State, Oba Ebenezer Agboola Ogungbemi, is now in trouble with the people of his community as they are calling on Governor Ayo Fayose to remove him from the throne for what they called “acts unbecoming of his revered posi-

tion.” Members of the community staged a protest at the weekend before and after a peace meeting chaired by the Attah of Ayede, Oba Mumuni Adebayo Orisagbemi, who came to reconcile the Iyemero monarch with his subjects. The people of the community are accusing Oba Ogungbemi of misappropriating allowances due to his chiefs, illegal arrest

and detention of his subjects and illegal sale of parcels of the community's ancestral land to the tune of N5 million without their consent. They also accused the monarch of illegal felling and selling of the community’s economic trees, use of divide and rule tactics, highhandedness, dictatorial tendencies and lack of interest in the development of the town.

Osun governor warned against misleading public Adeolu Adeyemo Osogbo

sun State chapter of the Peoples Democratic Party (PDP) at the weekend warned the state governor, Rauf Aregbesola, against misleading the public about the salaries owed the

state’s civil servants. The party said the governor has been misleading the public that the salary arrears owed the workers had been paid. He queried why “everything about the Aregbesola government is shrouded in lies, mystery and secrecy.” The party’s Director

of Publicity and Strategy, Prince Diran Odeyemi, in a statement in Osogbo, said the online media have been awash with “stories from questionable sources portending that civil servants in the state have been paid their seven months’ salaries when, indeed, they have not been paid.

NEW TELEGRAPH MONDAY, JUNE 29, 2015

News 47

SOUTH-EAST

Ebonyi/Cross River border crisis: NEMA tasks FG on security Uchenna Inya ABAKALIKI

he south-east zonal coordinator of the National Emergency Management Agency (NEMA), Major James Eze, has called on the Federal Government to

deploy more security personnel in the disputed area of Ochienyim community of Amagu village, Ikwo local government area of Ebonyi State and Adadama community, Abi local government area of Cross River State, to forestall further breakdown of law and order.

There have been protracted crisis between the two neighbouring communities over boundary isssues, which has claimed many lives with properties worth millions of naira destroyed. Eze, while speaking at the weekend during a joint assessment tour

by a team of NEMA and the Ebonyi State Emergency Management Agency(SEMA), to ascertain the extent of destruction and displacement of persons from Ochienyim Amagu, urged the people of Ikwo not to attack the Adadama people, and to avoid taking laws into their

hands, adding that government will do everything possible to come to their aid. He condemned the protracted crisis between the two communities and called for harmonious co-existence among the people of the areas. On his part, the Executive Secretary of Ebonyi

State Emergency Management Agency, Chief Igboke Umunna, thanked NEMA for its quick response to the emergency situation. He implored the people of Ochienyim, to continue to maintain the peace and assured that the state government will come to their aid.

Ebonyi Assembly recommends sack of caretaker chairmen Charles Onyekwere ABAKALIKI

bonyi State House of Assembly has recommended the immediate sack of the 13 caretaker chairmen, as well as the treasurers, Cashiers and Heads of the works departments of all the local government areas in the state over the alleged mismanagement of several millions of naira allocated to their respective councils. The House, however, absolved the treasurer of Ezza South, Mr. Vincent Nweke, while his counter-

part in Ohaozara, was recommended for demotion. It equally recommended that the internal auditors of Onicha, Ikwo and Ezza south local government areas be redeployed for incompetence. The legislature also recommended that caretakers of Ohaozara and Ivo be relieved of their positions and demoted as punishment. While the House passed the resolution last week against the heads of the LGAs, the state governor, Chief Dave Umahihad, on June 22, sacked all the 13 caretaker chairmen and the heads of the 64 development centres in the state.

Police displays weapons recovered from abductors of GUO motors boss Pamela EBOH Onitsha

he police on Friday at an Onitsha High Court in Anambra State, displayed the weapons allegedly used by the kidnappers who abducted the Chairman of GUO Motors Limited, Chief Godwin Okeke , in 2009. Police Corporal Victor Edet, formerly attached to the Anambra State Headquarters of the Special Anti-Robbery Squad, SARS, Awkuzu, Oyi local government area of Anambra State, displayed the weapons. It would be recalled that the businessman was abducted six years ago while he was leaving

the All Saints Anglican Church Cathedral, Onitsha, where he attended church service in company of his wife but was later released the following day after his family members paid his captors a ransom of N30 million. Though the trial had suffered a lot of setbacks, at the resumed trial on Friday, Edet, who is currently serving under the Kano State Police Command, mounted the witness box as the fifth prosecution witness, before the court presided over by Justice Alexander Okumah and made some disclosures while displaying some of the weapons used by the gang.

L-R: Representative of the Ebonyi State Police Commissioner, Mr. Mathew Akinyosola; Comptroller of Prisons, Mrs. Bibiana Okposo; Commander, National Drug Law Enforcement Agency (NDLEA), Mr. Ralph Igwenagu and Coordinator, Okposi Development Centre, Chief Magnus Eze, at the commemoration of the UN International Day Against Drug Abuse and Illicit Trafficking in Ebonyi State

APGA lauds Buhari’s removal of military roadblocks Igbeaku Orji Umuahia

he candidate of the All Progressives Grand Alliance for the Abia North Senatorial district in the last election, Dr. David Ogba Onuoha-Bourdex, has commended President Muhammadu Buhari, decision to abolish military road blocks across the country, describing it as a demonstration of democratic . Onuoha-Bourdex explained that despite his

military background, Buhari has continued to uplift the democratic credentials of Nigeria by removing all that could be seen as inhibitions to a peaceful atmosphere, adding that the president has convinced Nigerians that he would defeat and eliminate the insurgent group in Nigeria. He also noted that by directing the removal of military road blocks in the country, the president has not only restored the sense of civility and democracy in the country, but also de-

nied the insurgents the feeling of bequeathing siege mentality on the nation. The politician added that barely one month after taking over the mantle of leadership, President Buhari has shown a sense of leadership in upholding his integrity through his non-interference in the leadership of the National Assembly, which shows that the president is a man of his words. He noted that the emergence of Buhari has also rekindled hope

in the country, stressing that various institutions, especially the judicial arm of government has woken up to the new realities of transparency and the rule of law. “I wish to also commend the Abia State National Assembly election petition tribunal for the able way it has been handling the cases brought before it. At every seating of the tribunal, genuine progress is recorded and the panel convinces all parties that it was out to do justice without fear or favour,” he stated.

PDP accused of plan to hijack APC Obi applauded for prudence

or mer National Chair man of the Progressive Peoples Alliance (PPA) and member, Board of Trustees (BOT) of the All Progressives Congress (APC), Chief Sam Nkire, has accused the Peoples Democratic Party (PDP) members of plotting to hijack the All Progressives Congress (APC), government at all costs. He said, “The leadership crisis in the national assembly can

never throw the APC off balance in promoting good gover nance Nigerians have been craving for. The party had taken a bold position and definitely the concerned parties will make amends accordingly”. The administrator accused the Peoples Democratic Party of plotting to get back to power through the back door, so soon after being rejected at the polls by Nigerians

for recklessly squandering the country’s resources. The party chieftain while expressing confidence in the national leadership of the APC, urged the PDP to stop setting APC members against themselves in a bid to discredit the governing party, adding that the APC possess the “will” to surmount all the obstacles thePDP may place on the road to the desired “change.”

ormer Governor of Anambra State, Mr. Peter Obi, has been described as the true apostle of prudence and management of resources. This commendation was contained in a release signed by a political leader in Anambra State, Mr. Fidelis Onwusogbulu. Onwusogbulu said it was surprising to note that Obi, after eight years as the Governor of Anambra State, left N75 billion in cash and investment in the state coffers in spite of not

owing salaries or contractors. He said it was even more surprising that he accomplished more than other governors with stronger economic bases without, like them, borrowing money or raising bonds. While frowning at what he called “epidemic of debt bequeathed to their predecessors by immediate past governors of their respective States,” Onwusogbulu said that Obi stood out among the crowd for daring to be different. His words: “If there

is one former governor to be respected and commended in Nigeria today, that person is Mr. Peter Obi. As the governor, he reduced the cost of governance and used the money belonging to the state the way it should be used. Today, while other states are crying of debts inherited from their predecessors, Anambra State has enough money to execute projects and pay salaries due to healthy purse of N75 billion he left for his successor.”

48 News

south - south

monday, june 29, 2015 NEW TELEGRAPH

Okowa: I’m in dilemma over 60,000 workers’ salaries

Dominic Adewole ASABA

elta State governor, Ifeanyi Okowa, has lamented the quandary he found himself over the payment of salaries since former Governor Emmanuel Uduaghan handed over to him on May 29, this year. Okowa, who said the revenue receipts from the Federal Accounts Allocation Committee (FAAC) to the state has dipped significant from a high of over N20 billion to N8.3 billion, said he was left with N5.4 billion to pay over 60,000 workers. While he wondered where he would raise money to fund overhead costs and embark on capital projects, he said the state would definitely run at a deficit and would need to borrow to augment. The governor, who again touched on the state of the economy of the state in Asaba at the weekend, said the specter of broken promises and profligate lifestyle of politicians must now give way if he must succeed. He said: “This is the dilemma that we face as we strive to deliver on our campaign promise of prosperity for all Delta people. The state workforce as at May 28,

Ogbemudia calls for unity in Africa Joe Obende Warri

he former Military Governor of Mid-West and later Bendel State, Dr. Samuel Ogbemudia, has called on Africans to be united and speak with one voice. Ogbemudia made this appeal at the weekend in Koko, Delta State, at the Nana Living Museum during the presentation of some colonial photographs to the centre. He said it was easy for the British to do what they did to parts of Africa, because Africans were not united. He said they were shocked by the level of civilization they met at Nana's residence and were able to achieve the evil they wreaked on the land because of the power at their disposal and because Africans were not united. The British, he said were driven by jealousy as they were miffed by the level of advancement they met in Koko. One of the photographs was one of a near modern storey building in which Nana lived.

2015 stood at over 60, 000 persons with a monthly personnel cost of N7, 437, 940, 015.38 inclusive of the N678 million state government’s support to local government councils for the payment of primary school teachers’ salaries. “Although, I see more opportunities,” he continued; “in our current economic predicament than the threats it poses. A good way to start is for us to re-

ject the old ways of doing business and be ready to make the necessary sacrifices to reduce the cost of governance. “We must muster the resolve and political will to boldly and decisively confront the challenges that we face, right the ship of our state and lay a solid foundation of prosperity.” Governor Okowa urged the people not to despair or allow the threats posed

by the crisis to breed complacency, dull their sensitivity or foster an indulgent lifestyle steeped in corruption, maintaining that; “We must now court the more invidious phenomenon of kidnapping, cultism, sea piracy and crude oil theft with its attendant environmental challenges.” Meanwhile, Governor Okowa yesterday justified why he declared the

employment exercise conducted by former Governor Emmanuel Uduaghan after December 31, 2013 to date, null and void. The governor, who expatiated on the issue, said his predecessor underscored the failure of the recruitment process and sacked those he recruited before handing over. According to him, his predecessor knew that the process that brought them

was faulty hence he suspended the chairman and members of the state’s Civil Service Commission (CSC) before May 29. Sympathising with those affected at the weekend, Governor Okowa, who acknowledged the agonising pains of his action, said the weighty corruption that trailed the recruitment exercise violated the law establishing the commission.

L-R: Plant Controller, Unicem, Calabar, Maxwell Okolie; Senior Account Lead, Seven Energy, Ndidi Ejekam; Senior Manager, Commercial Gas, Seven Energy, James Odiase and Executive Director, HFGC Energy & Power Solutions, Oluwaseun Olaleye, during Accugas SME Forum in Calabar…at the weekend

Delta governor assures people of equity, fairness Dominic Adewole ASABA

elta State Governor, Ifeanyi Okowa, at the weekend commended the Ijaw nation for their support during the last governorship election, assuring the people of the state of equity and fairness in the governance of the state. He spoke in Warri, Delta State, when he paid a condolence visit to the member representing Delta South senatorial district, Senator James Manager, to commiserate with him on the death of his father, Chief Emiemukumor Manager. Okowa, who described

the death of the octogenarian as a great loss to the Ijaw nation and the entire people of Delta State, observed that the wise counsel of the deceased was instrumental to the success of the senator and prayed God to grant the family the fortitude to bear the loss. While reminding the Ijaw nation of his administration's resolve to carry everybody along, he gave an assurance that the state government would be involved in the burial rites. Responding, Manager said his family was grateful to the governor for the visit, adding that the death of his father at the age of 84 was a celebration of life.

Wike: God ordained my emergence as governor Emmanuel Masha Port Harcourt

ivers State gover nor, Nyesom Wike, yesterday said that his emergence as the governor of the state was an act of God so that he “can help solve the problems confronting the state.” He said due to God’s involvement, he would provide democratic governance, find solutions to the people’s problems and move the state forward, just as he said it was not the time to look for those who supported or did not support him during the elections. Speaking yesterday during a church ser-

vice at the Royal House of Grace International Church, Port Harcourt, Wike assured the people that his government would protect lives and property of all the people living and doing business in Rivers State. He said: “It’s by God’s grace that I became governor. So, this is not the time to say you supported me or you didn’t support me. It’s not a time for complaints, but it is incumbent on government to solve problems. “So, we must sit down and ensure that the problems of the people are solved in order to move the state forward.” The governor promised to provide conducive atmosphere for those who

have left the state, return for business, and his readiness to complete all projects embarked upon by previous administrations that are beneficial to Rivers people. He said he has ordered the contractor handling the Shopping Mall awarded by former Governor Celestine Omehia to ensure that the project is completed. “Let me tell you formally that I have ordered the contractor to make sure that everything is done to complete that project. Yes, some people would ask why are you doing this. Why not start your own projects? “The problem we have in this country is that; let it be me that started it. But, I don’t want to be the one that started it; I prefer to be the one that finished it” Governor Wike noted.

Delta community leader supports Ijaw film producers tasked on moral balance informing that “Izon” heart-warming, pointChris Ejim NPDC over OML34 means truth. ing out that Izonllywood, Gabriel Choba

Ughelli

s the controversy over the operatorship of Oil Mining Leases (OML) in Delta State, between the Nigerian Petroleum Development Company (NPDC) and its joint partners lingers, the immediate past

Chairman of Iwrekan community in the state, Mr. George , has supported the NPDC as the best to operate OML34. Djukpan, who spoke with newsmen yesterday said: “Though NPDC has some issues to resolve with the host communities, but NPDC should be allowed to operate the assets.”

Yenagoa

he Director-General of Bayelsa State Tourism Development Agency, Mrs. Ebiere Irene Musah, at the weekend, tasked Ijaw film makers to reflect moral uprightness and fairness in their films, which she said characterised the Izon people,

The Director-General, who was represented by the Deputy Rector (Administration), International Institute of Tourism and Hospitality, Yenagoa, Mr. Piriye Kiyaramo, during the World Ijaw Film Makers Day, organised under the auspices of ‘Izonllywood’ at Ijaw House, Yenagoa, described the event as

which started like a simple dream few years ago, is beginning to gather steam and taking shape. She lamented that “over the years, we have come to see how the movie industry within and outside Nigeria has compromised the moral fabric of the society on the altar of profit and modernity.”

NEW TELEGRAPH monday, june 29, 2015

Death toll in Gujba crisis rises to 15 Hassan Jirgi DAMATURU

esidents of Wagir village of Gujba local government of Yobe State, who visited their lovely ones at the Specialist hospital in Damaturu, the Yobe state capital, yesterday said the toll in Tuesday blast in the village has risen to 15. There have been conflicting reports on the number of casualties. While the media reported that 10 people died and over 30 were injured in the blast, and hospital source said over 20 people died, residents of Gujba Local Government declared the death toll is 15. Mallam Ba'aji Mala, one of the visitors who came to sympathise with their loved ones hospitalised in Damaturu, yesterday spoke to New Telegraph, saying the number of the dead had risen to 15. "Some severely injured men died before they could reach the hospital, other dead ones were discovered later after evacuation had taken place," Mala said. It will be recalled that last week, a female suicide bomber killed over 10 people and injured over 30 others in a market at Wagir villege of Gujba local government area of Yobe State. One of the eye witnesses during the accident told to our reporter that the bomber was a girl below the age of 12.

loot recovery Governor moves to take back public property taken away by govt officials Dahiru Suleiman DUTSE

igawa State governor, Muhammad Badaru, has set up an eight-man committee to recover govern-

LAFIA

overnor Tanko AlMakura of Nasarawa State has warned government officials against indiscriminate sale of government properties in the state. He said that government will not hesitate to deal decisively with anyone caught involved either directly or indirectly in the fraudulent sale of government lands and properties. The governor said that the state government would pull down structures erected on water ways, roads and government land without the necessary government approval. He explained that his administration would not tolerate criminal conduct from any government of-

Badaru raises panel to recover looted property ment property allegedly looted by political appointees in the last four years. This was contained in a statement by the Secretary to the State Government, Alhaji Adamu Abdulkadir, in Dutse, at the weekend.

According to the statement, the committee, which has retired Air Cdr. Abubakar Sadik as Chairman with Alhaji Garba Auyo, a Permanent Secretary in the SSG’s office, as Secretary, is to trace and

recover all property belonging to the state government such as official vehicles, equipment, furniture and fittings as well as movable and immovable property. Other members of the committee include the

Commissioner of Police, Director, State Services, the Auditor-General as well as representatives from Ministry of Justice, state Assembly and All Progressives Congress (APC).

Former Head of State, Gen. Yakubu Gowon (left) with the Emir of Dutse, Alhaji Nuhu Sunusi, during the visit of members of Nigeria Prays to Jigawa for North-West prayers rally in Dutse…yesterday. PHOTO:NAN

El-Rufai to probe Yero’s administration Ibraheem Musa KADUNA

overnor Nasir El Rufai of Kaduna state may begin a subtle probe of the Muktar Yero administration

Al-Makura warns against sale of government property Cheke Emmanuel

News 49

south north - south

ficial and that henceforth security agencies will be mandated to prosecute anybody involved in using government property for personal use without proper authorisation. “Government will soon take inventory of government properties in Ministries, Agencies and Parastatals and provide a data bank for easy access in future,” the governor said in a statement, adding that whoever purchased land or any items belonging to government from unauthorised persons or group of persons under any guise, such persons are doing that at their own risk. Al-makura further warned potential property developers, individuals and the public to be wary of the activities of desperate land speculators and fraudsters.

when the investigating committee completes its assignment next week, a highly placed source told New Telegraph at the weekend. The source, who wants to remain anonymous, told our correspondent

that ‘’El Rufai will invite those that were indicted for an ‘interview’, where the committee’s findings will be laid bare to them”. According to him, “the governor will ask them to return the missing money quietly and their iden-

Benue APC lifts suspension on Waku, Jime, others Cephas Iorhemen MAKURDI

he Benue State chapter of the All Progressive Congress has lifted the suspension it slammed on Senator JKN Waku, former member of the House of Representative, Rt. Hon. Emmanuel Jime and ten others for anti-party activities. Both Waku and Jime had contested the 2015 governorship primary election of the party but lost out woefully. The aggrieved aspirants had dragged APC to a Federal High Court in Abuja, to challenge the election of Governor Samuel Ortom, over what they considered his alleged wrongful nomination by the party. In a statement signed by the State APC chairman, Comrade Abba

Yaro and Secretary, Hon. Ayem Atsem, the party said their suspension has been lifted. The lifting of the suspension, the statement said, followed the intervention of President Muhammed Buhari, through the APC leader in Benue State, Sen. George Akume and Governor Samuel Ortom. Yaro said the State Executive Committee of the party reviewed the entire scenario that gave rise to the resolution to sanction the party members respectively, decided to comply with the intervention of President Buhari by lifting the suspension. The statement reads in part: “It is, therefore, resolved that suspension of Waku, Jime and other members of the parties who dragged the party to court is automatically lifted.”

tities will be concealed. But if they choose to be adamant, he will resort to the Economic and Financial Crimes Commission (EFCC)”. The source further said that past PDP governments that have governed Kaduna state have been found wanting in several instances. “About five years ago, funds were appropriated for the dualisation of Waff road in Kaduna. The money, was actually dis-

bursed but as you can see, the road is still the same as Sir Ahmadu Bello left it in 1966,” he added. The source narrated how El Rufai went to Barau Dikko Hospital incognito with his sick child. According to him, “the patient was attended to and drugs were prescribed for him, but upon reaching the pharmacy, they didn’t even have panadol. “But the records that we have show that just before the April election, drugs worth over N700 million were purchased by the former government”.

NDLEA arrests 92 drug suspects in six months Dahiru Suleiman DUTSE

he National Drugs Law Enforcement Agency, (NDLEA) Jigawa State Command has arrested 92 suspects for allegedly using and dealing in illegal drugs in the state between January and June this year. This was contained in a statement signed by the Commandant of the NDLEA, Abdullahi Abdul, in Dutse, on Friday, in commemoration of this year’s International Day Against Drug Abuse and Illicit Trafficking.

The statement further stated that the command had seized 151.704 kilogrammes of illicit substance from the suspects within the period under review. “The major seizure within the period under review was the seizure of 22.350kgs of cannabis belonging to Muhammad Jazuli and Sani Aminu, all arrested in Gumel on 1st of June 2015,” he said. It added that 60 drug addicts that were arrested earlier by the command were counseled and rehabilitated by the agency within the same period.

50 WORLD | News

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Hundreds injured in Taiwan water park blast

itnesses described the scene at a Taiwan water park as "hell" after a ball of fire ripped through a crowd, with authorities putting the injured at nearly 500 yesterday, more than 200 of them seriously hurt. Horrifying amateur video footage showed crowds of young revelers dancing in front of a stage and cheering as clouds of green and yellow powder covered them at the "colour party" Saturday night. But their joy turned to terror when the powder suddenly erupted into flames engulfing the partygoers in an inferno as

they ran screaming for their lives. Some were dressed only in swimwear and images from the scene show many with severe burns being tended by those who escaped. The injury toll from the blast sharply rose yesterday morning as officials began to track down victims who had taken themselves to the hospital or had been ferried there by others. One male student who sustained minor injuries described the scene as "hell". "There was blood everywhere, including in the pool where lots of the injured were soaking themselves for relief from the pain," he told

reporters. His visibly shaken girlfriend added: "I saw lots of people whose skin was gone." Ambulances had struggled to reach the scene, and victims were carried away on rubber rings and inflatable dinghies as friends desperately tried to get them out. Bystanders poured bottles of water on the scorched skin of the injured. Trails of bloody footprints leading away from the stage remained. Around 1,000 spectators had been at the Color Play Asia event at the Formosa Fun Coast water park, just outside the capital Taipei, according to officials. One male

witness told local news channel CTI: "It started on the left side of the stage. At the beginning I thought it was part of the special effects of the party but then I realised there was something wrong and people started screaming and running." Public Health Department said 498 people had been injured, revising down earlier figures after it emerged that some of the wounded had been counted twice as they were transferred between hospitals. Officials described 202 of the injured as in serious condition. The severely wounded are being treated in intensive care

units at 37 different hospitals. "The reason why the burns were so severe was that in addition to burns to the skin, there were also injuries caused by burns to the respiratory organs from the large amount of colour powder inhaled," Lee Lih-jong, deputy chief of the health bureau of the New Taipei City government, told AFP. "The next 24 hours will be critical for those severely injured." Several major hospitals in Taiwan have been asked to donate skin grafts and surgical equipment to help treat the injured, the Ministry of Health and Welfare said.

Tunisian police hunt for accomplices in deadly beach attack

L-R: Ms. Nardos Bekele-Thomas of UNDP; Justice Victoria Okobi of Nigeria; Mrs. Salima Salifu of Ghana; Mrs. Nana Konadu Rawling of Ghana; Liberia's President, Ellen Johnson Sirleaf; Dr. Juliette Tuakli of Ghana; former Malawi President, Dr. Joyce Banda and Mama Ngina Kenyatta, during African Union/Diaspora African Forum Women of Excellence Awards in Johannesburg, South Africa.

nvestigators are searching for one or more accomplices in an attack on a luxury hotel in a Tunisian beach resort that killed at least 38 people, some of them sunbathers on the beach, an official said yesterday. The father and three roommates of the attacker were detained and being questioned in the capital, Tunis, Interior Ministry spokesman Mohamed Ali Aroui told The Associated Press. The attacker has been identified as Seifeddine Rezgui, a 24-year-old graduate of Tunisia's Kairouan University where he had been living with the other students. "We are sure that others helped, but did not participate," Aroui said. "They participated

indirectly." A security official close to the investigation confirmed news reports indicating that a swimmer had found the attacker's cellphone in the Mediterranean. The phone showed the attacker spoke with his father just before his assault, the official said on condition of anonymity because he wasn't authorized to speak publicly. Authorities believe the suspected accomplices provided the Kalashnikov assault rifle to Rezgui and helped him get to the scene, Aroui said. Ballistic tests showed the bullets came from that single weapon, and the attacker was carrying four cartridges of ammunition all were found by investigators, he said.

Burundi parliament head denounces president Suspect confesses in French

he head of Burundi's parliament yesterday said he had left the nation due to the violence raging there and urged the president not to seek an "illegal" third term. "For the moment, I am forced to stay in Brussels... I stayed here given the difficulties in my country, difficulties which are due to the illegal third mandate of the President of the Republic," Pie Ntavyohanyuma told France 24 news channel in an interview from Brussels. "On the eve of the election ... I would like to say

to him (President Pierre Nkurunziza) that the mandate he wants to have is illegal. I would like to say to him that forcing through the election is senseless," added Ntavyohanyuma, Burundi's parliamentary speaker. All the mediators in the country are urging Burundi to postpone the election to have an "inclusive" vote, noted Ntavyohanyuma, who is president of the National Assembly, the lower house of parliament. "He could give up and ... organise inclusive elections which could reconcile all Burundans

who have been exiled to return to Burundi," he said. He called on Nkurunziza to perform a "positive u-turn." UN Secretary General Ban Kimoon has called for Monday's polls to be scrapped after the opposition said it would not take part, as Burundi faces its worst crisis since its civil war ended nine years ago. Three people were killed overnight Saturday, adding to the more than 70 who have lost their lives in violence and an attempted coup sparked by Nkurunziza's bid to stay in power for a third term.

Moldovans choose between Russia, Europe in local elections

oldovans voted yesterday in local election runoffs being seen as a test of whether the former Soviet republic moves closer to the European Union or to neighboring Russia. The key post is for the next mayor of Chisinau, the capital, where pro-European incumbent Dorin Chirtoaca faces proRussian challenger Zinaida Greceanai, a former prime minister of the Communist Party. A low turnout in the city of 1 million will benefit the 59-year-old Greceanai. "I hope we will clarify things and build something that is

certain, definitive, irreversible, for the future of Chisinau and Moldova," Chirtoaca said after voting. Greceanai said that "residents have a great desire to see deeds and not just statements." Interim Prime Minister Natalia Gherman, who is pro-European, voted in Chisinau, saying: "I voted for a city to look like Stockholm, Brussels or Vienna." Runoffs were being held in 458 towns in this country of 4 million and results were expected late yesterday. Some 348 seats were already decided in the first round. At 4 p.m. (1300 GMT; 9 a.m. EDT), about 34

percent of the electorate had voted, slightly higher than on June 14. Renato Usatii, a proRussian businessman, won outright on June 14 in Moldova's second-largest city, Balti, and pro-Russian businessman Ilan Shor won in the eastern town of Orhei. Moldova, which declared independence in 1991 after the Soviet Union broke up, is located between Romania and Ukraine. Last year, it signed an association agreement with the 28-nation EU, angering Russia, which then banned some of its fruits and vegetables, hurting the largely agricultural nation.

beheading attack

he man suspected of decapitating his boss in an attack on a gas factory in France confessed to the grisly crime yesterday, when he was transferred to Paris for questioning by anti-terrorism police. Yassin Salhi, 35, "has also given details about the circumstances" surrounding the killing, according to sources close to the investigation, without offering further details. Salhi left the police headquarters in France's southern city of Lyon in a van escorted by nine unmarked cars en route to Paris where he will be grilled by spe-

cialist officers. The convoy stopped briefly at Salhi's house to pick up his passport, where several masked officers bundled him into his apartment, covering his face with a white cloth and fitting him with a bulletproof vest. His confession came after it emerged the married fatherof-three sent a gruesome selfie photo of himself and the severed head to a WhatsApp number in Canada. Investigators have warned however that it could be a relay number and the intended recipient could be anywhere in the world.

EU Commission releases Greece reform plan text

he European Commission says it has released the text of its proposals on Greek reforms, which are the documents Greek Prime Minister Alexis Tsipras has asked his countrymen to vote on in a referendum. The Greek government is advocating a no vote in next Sunday's referendum, saying the proposals were humiliating for Greece and would have pushed the country's already devastated economy further into recession. But the propos-

als Greeks are being called on to vote for haven't been officially released until now, or translated into Greek. The commission said it was releasing the text of the proposals "in the interests of transparency and for the information of the Greek people." It said discussions had been ongoing with Greek authorities on Friday night on the proposals, and that any agreement would have "addressed future financing needs and the sustainability of the Greek debt."

NEW TELEGRAPH MONDAY, JUNE 29, 2015

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Features

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COPA AMERICA: Tevez’s atonement hits the spot

Did you know? That the most Olympic medals won by a single competitor in the Summer Olympics was the 18 won by gymnast Larissa Latynina between 1956 and 1964.

Disu: NFF too hasty on Keshi’s case • Says Enyeama’s comment political F Ajibade Olusesan

ormer Technical Director of the Nigeria Football Federation, Tunde Disu, said the federation was hasty in its attempt to unravel the truth about Coach Stephen Keshi’s alleged application for the Cote d’Ivoire job. The former Eagles Eagles coach told our correspondent that the federation should have allowed Keshi to go for an interview before challenging him. He said that since the coach had denied applying for the vacant job, the NFF should allow the matter to rest instead of making it a media mess. “The media is feasting on this issue and it should not have gotten to this level. The NFF made a mistake by acting too early, the coach has not gone for an interview and you cannot at this stage say he really applied. Moreover, the coach has denied it and the NFF has said they want to investigate further and I think it is not necessary. But if they find out that Keshi really applied, then it is too bad for the coach because that means divided loyalty. I think what Keshi should have done if he actually applied is to meet these people and say ‘yes, I applied’ and they iron it out instead of this ongoing drama,” he said. The NFF is also at logger-

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ifeanyi Ibeh Sport Correspondent

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

Disu

Pinnick

heads with the Eagles captain, Vincent Enyeama, and Disu said that the goalkeeper erred with his conduct. He said that although the NFF should not have allowed the matter degenerate to this level, the goalkeeper had not covered himself in glory. “I worked with Enyeama when he was still very young and I know his temperament. A right thinking man will know that his statement was political. He was not happy that the Eagles match was taken away from his home state Akwa Ibom and the NFF with politically savvy people understand this and that is why they had to caution him. His statement could affect the whole team and as a captain you are more like an official on the pitch. “I think some people would have inspected the stadium, CAF would have sanctioned it and as a captain if you have any reservations you can approach the technical committee and they will tell you why Kaduna was chosen instead of talking to the media about it. Thank God we still won the match but that statement could have affected the result,” he said.

South Africa’s Tokelo Rantie battling Nigeria’s Kenneth Omeruo during the AFCON 2015 final round qualifier match

Keshi, Enyeama, NFF spat

Akanni faults federation’s approach Ifeanyi Ibeh

ormer Nigeria international, Waidi Akanni, feels the Nigeria Football Federation has not ‘properly handled’ its current impasse with Super Eagles coach, Stephen Keshi, and the national team’s skipper, Vincent Enyeama. Keshi was accused of applying for the vacant Elephants of Cote d’Ivoire coaching position, an accusation the former Mali and Togo coach denied at last week Tuesday’s meeting with the NFF’s Disciplinary Committee, while Enyeama was issued a ‘historic’ query for comments he made in the build-up to the Super Eagles’

June 13 opening 2017 Africa Cup of Nations qualifier against Chad in Kaduna. Enyeama, however, did not show up to keep a date with the Disciplinary Committee, claiming that he never got a letter ordering him to Abuja. The NFF is threatening to sack Keshi if it eventually turns out he applied for the Cote d’Ivoire job, while Enyeama’s 13year international career could come to an abrupt end. But Akanni, speaking on a television programme monitored by New Telegraph, said: “I think it has not been properly handled. For example, the most important thing for Keshi and the team was to have won that game against Chad.

Any other thing that came out of that game could have been handled in a different way. He added: “A lot of things are done in the public in Nigeria. For example, the young man (Enyeama) said he didn’t get any letter to that effect (informing him to come to Abuja) and I want to believe him because there won’t be any reason for him to lie. “Having said that, I think the NFF should show that they communicated to him whichever way they like either by calling him on the phone or by making sure he got that letter that required him to come for that meeting. But the young man said he didn’t get any letter and I think he should just be left alone.”

52 Sport

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

Funds hinder U -23 preparations – Siasia Charles Ogundiya

ational U-23 coach, Samson Siasia, has stated categorically that lack of funds has affected the team’s preparations for the Olympic Games qualifier match against Congo in July. The team, currently camped in Abuja under the watchful eyes of the former Super Eagles coach, have been playing friendly games against some academies based in the capital city.

Speaking with New Telegraph in Abuja, the coach said it would have been better for the team to play against some top teams in preparation for the big game, but would make do with what was available. “The plan was to go Ghana and play, but lack of money is the issue,” Siasia said. “We are still looking for more friendly games, and if you can get one for us (addressing our correspondent), we are ready for it. “We are not complaining about anything, all we

want to do now is to win our games against Congo and qualify for the group stage of the qualifiers.” When asked how much knowledge he has of the team’s opponent, Congo, the coach said he had been working on the video of the game played between Congo and Ghana during the last qualifiers, while also declaring that he was not under any pressure to perform despite the nation relying on his team after the dismal outings of the Flying Eagles and Super

Boost your technical dept, Bewarang tells NFF

Siasia

Flying Eagles captain to seal Hamburg deal • Portuguese club chase Idowu, Bello

Adeolu Johnson Abuja

he President of the Nigeria Football Coaches Association, Bitrus Bewarang, has appealed to the Nigeria Football Federation President, Amaju Pinnick, to boost the technical department of the football house to further improve the performance of the various national teams. Bewarang said the activities of the technical department needed to be fast-tracked as a matter of urgency in order to re-launch the nation’s football into prominence. The Aminu Maigari-led NFF made effort in that regard by appointing former Super Eagles coach, Amodu Shaibu, Kashimawo Laloko and James Peters to handle several areas of the technical department. But they have not commenced operation. “NFF really needs a functional technical department because that is the department that will drive the football development of the

Falcons at their respective World Cup finals recently. Siasia said: “We are trying to work with their video, the home and away games they played against Ghana, we trying to see how we can counter them. “I don’t normally feel pressure like that, the important thing for me like I said will be to get my team together, we need to score goals in the game so that we don’t have problems during the second leg away in Congo,” he said.

Bewarang

country. And I want to urge the new NFF leadership to make it a priority,” Bewarang who led his team Plateau United to Abuja last weekend for a league tie against Supreme Court FC said. Currently, Shaibu is said to be the head of the technical department but has not actually resumed work up till now. Bewarang who is a former Super Eagles assistant coach and is currently the General Manager of Nigeria’s second tie league club, Plateau United Football Club of Jos, urged the football house to empower Shaibu.

erman Bundesliga club Hamburg SV will this week table an offer for Flying Eagles skipper Musa Mohammed, AfricanFootball. com has exclusively learnt. Top scouts of the Bundesliga club have been monitoring Musa for several months now, but cooled their interest after they thought he had already moved to Turkey. But further investigations have shown that is not the case and they are now expected to make a presentation to the board after which a formal offer will be tabled not later than this week. The player’s agent, Adam Mohammed, who also transferred Macauley Chrisantus to Hamburg soon after he emerged as top scorer at the 2007 FIFA U17 World Cup, revealed that the deal is almost concluded. Mohammed, 18, from FC Hearts Abuja also has an offer from Turkey, and Norwegian club Rosenborg have also expressed interest in the

player widely tipped to soon make his full international debut for Nigeria. Last season, Hamburg barely escaped relegation from the German top flight after they finished a disappointing 16th on the table. Meanwhile, ambitious Portuguese side CD Aves have tabled offers for Flying Eagles stars Akinjide Idowu

and Zaharadeen Bello. Defensive midfielder Idowu and central defender Bello featured at the recent FIFA U20 World Cup in New Zealand. A source revealed Bello’s club Dabo Babes of Kano are studying the offer for him. “They have made an offer for Zaharadeen and Dabo are studying it to see if they will accept it,” said the source.

Mohammed

‘Keshi-NFF dispute may spell doom for Eagles’ Sunshine, Ajax battle for Peace Cup Ifeanyi Ibeh

ormer Super Eagles midfielder, Emeka Ezeugo, feels the Nigeria Football Federation’s threat to sack Stephen Keshi if it is eventually proven that the Super Eagles handler applied for the vacant coaching position of the Ivoirian national team is a non-issue. Ezeugo also warned that the issue, if left unchecked, could deny the Super Eagles a place at the 2017 Africa Cup of Nations. Keshi, last week, appeared before the NFF’s Disciplinary Committee over allegations that he had applied for the job to coach the reigning African champions. The former handler of the Mali and Togo national teams denied applying for the position previously occupied by Frenchman Herve Renard, who had joined French first division side, Lille OSC. Ezeugo, who is currently on a nationwide run from Port Harcourt to Kaduna to garner

support for Nigeria President Muhammadu Buhari, however cautions the NFF against over flogging the issue as it could come back to haunt them. “This is a non-issue,” Ezeugo told New Telegraph in a telephone interview. “Keshi has denied having anything to do with the Cote d’Ivoire job and I am sure the Ivoirians will no longer be interested in him after that statement, even if they were previously. “So why cause further distractions by over flogging this matter. “What everyone should be working towards is getting us to qualify for the next Africa Cup of Nations after missing out on the last edition Ezeugo, who featured alongside Keshi in the dominant Super Eagles side of the 1990s that won the 1994 Africa Cup of Nations added that,“I don’t think anyone would be willing to listen to this (Keshi’s issue with the NFF) as the excuse for the team’s failure to qualify. I think this matter shouldn’t

have been brought to the public domain; it should have been resolved quietly. But it’s not too late to end it now before things spiral out of control.” The Super Eagles are currently second in Group G behind Egypt following their recent 2-0 win against Chad in Kaduna. The team’s next game comes up on the weekend of September 4 to 6 in Tanzania against the Taifa Stars at the 60,000-capacity National Stadium in Dar es Salaam.

Ezeugo

Adeolu Johnson Abuja

he first edition of the International Invitational Tournament tagged Africa for Peace will hold in Oba, Anambra State, in July with seven teams participating, the Local Organising Committee chairman Alhaji Mustapha Mohammed has said The tourney, according to Mohammed billed to hold from July 21 to 26, will have seven teams from Nigeria and South Africa in attendance He said FC Ifeanyi Ubah, Sunshine Stars FC, Kano Pillars FC and one of the national teams would be flying the Nigeria flag while Ajax Cape Town, Jomo Cosmos FC and Golden Arrow FC are the teams from South Africa. Mohammed said already the Nigeria Football Federation through a letter signed by the General Secretary Dr. Mohammed Sanusi had given its provisional approval for the tourney

to be held in the country. The chairman said that already arrangements were in top gear to ensure a hitch-free tournament, organised to shape the Nigerian teams for the second round of the Nigeria Premier League while the South Africans will use it as part of their pre-season engagements. He said the choice of Anambra as the venue was to show the world that the state has the facilities to host bigger events as well as help develop the followership of the game in the state. Mohammed said the organising committee was in touch with notable Nigerians and corporate bodies to key into the programme so as to make it a huge success. “We have big clubs like FC Ifeanyi Ubah, Kano Pillars FC and Sunshine and one of the national teams in a competition with teams from South Africa; you cannot expect anything less than a week of football fiesta in Anambra and from all indications the matches may be live on television.

International Sport 53

NEW TELEGRAPH MONDAY, JUNE 29, 2015

Van Gaal warned over new buy, Depay

ormer Netherlands international Pierre van Hooijdonk hopes Louis van Gaal is tactically astute enough to ensure that Manchester United’s latest bigmoney signing Memphis Depay does not become an Old Trafford flop. Depay formally completed his move from PSV earlier this month – the transfer was initially announced in May – and the young forward has been warned by fellow Dutchman Ronald Koeman to expect a tricky transition as he attempts to acclima-

tise to the Premier League. Van Hooijdonk thinks Van Gaal needs to think carefully about how he deploys the 21-year-old, who netted 22 Eredivisie goals in 2014-15 en route to winning the title. “I don’t know yet how Depay will fit in and in which position, but when you sign a forward player you have to be very careful,” Van Hooijdonk said. “You have to create an environment the player has played in. A lot of coaches take a player out of that environment and put him in a different en-

vironment, and then it’s not going to happen. “Memphis plays on the left. I don’t think he will play on the right. Maybe he could play in the two up front. He is capable of creating something and making things happen, and he can score goals. “These qualities these days are very important. Many teams struggle to score goals. “He’s not a central forward, he plays more from the left and comes inside quite a lot. He still needs to find the right balance.”

‘Zlatan in the same league as Messi’

rrigo Sacchi claims reported AC Milan target Zlatan Ibrahimovic is arguably a better player than Lionel Messi, but also warns of the need to integrate the striker into Sinisa Mihajlovic’s side. The Sweden international has just one year left on his contract at Paris Saint-Germain and has been heavily linked with a return to San Siro, where he featured between 2010 and 2012. “I am too friendly with [president Silvio] Berlusconi and [CEO Adrian] Galliani to say what I think of Milan in the transfer market,” he told Rai Radio 2. “Ibrahimovic is one of the greats. If football were an individual sport, I think he would

Arturo Vidal (left) in action for Italian side Juventus

Arsenal agree Vidal deal

rsenal have reportedly agreed a deal with Juventus for the transfer of Arturo Vidal. The 28-year-old is currently playing for Chile in the Copa America, with his country set to play Peru in the semifinals on Tuesday. He has spent the past

four seasons at the Bianconeri, helping the Italians to win four consecutive Serie A titles. His impressive displays are said to have attracted the attention of a number of Europe’s biggest clubs, and according to Chilean publication La Stampa, Arsenal have struck a deal with Juven-

Dunga blames virus for Brazil’s Copa America exit

razil coach Dunga blamed a virus for his team’s quarterfinal exit at the Copa America after watching Paraguay triumph on penalties. The 51-year-old coach claimed 15 members of his squad were not in prime physical condition, with their preparation for the lasteight clash in Concepcion disrupted by illness. Brazil took the lead through Robinho on Saturday but were pegged back by a Derlis Gonzalez penalty, with the same player scoring the decisive spot-kick for Paraguay in the shootout. “It’s not an excuse, but 15 of our players suffered from a virus this week.

We had to limit some training sessions,” Dunga said at his post-match media conference. “Players suffered from a lot of headaches, back pain and illness - some felt it more than others. We had to reduce the intensity of training to try and help them recover. Some of them were vomiting. “Willian wasn’t feeling well at half-time, and Robinho was suffering in the end.” Still, Dunga thought Brazil did a good job of

tus for his services. It is believed that Vidal will cost the Gunners £21m, and that the transfer will be announced at the end of the Copa America. Should Vidal sign for Arsenal, he will be joining his international teammate Alexis Sanchez in North London.

thwarting Paraguay’s aerial play but suggested they lacked the attacking speed to make a decisive impact. “We had to balance the match on the physical aspect, and tried to win until the very end,” he said. “We tried to neutralise their main game-plan - the aerial ball. We had good moments through the match, with speed and switching between the sides. “Today we had an important match that needed speed and we lacked that in the end.”

Blatter urged to stand by resignation pledge

epp Blatter has been urged to “stop flirting with power” by FIFA’s Audit and Compliance Committee chairman Domenico Scala. On June 2, Blatter announced he would step aside as FIFA president - just four days after winning re-election for a fifth term of office - amid a scandal that saw nine past and present FIFA officials named among 14 people indicted on charges of racketeering conspiracy and corruption. An interview with Blatter, published by Swiss

newspaper Walliser Bote on Saturday, dampened those suggestions, though, with the 79-year-old saying: “I am not a candidate, but the elected president” and claiming the decision to leave FIFA was “liberating”. Scala, who will oversee the next FIFA presidential election that is expected to take place in early 2016, has now called on Blatter to stick by his original decision. “The times of flirting with power are definitely gone,” Scala said in a statement. “I call on all concerned, including Mr.

Zlatan Ibrahimovic hugging Lionel Messi during a Champions League game

Copa America: Tragedy for Paraguay hero

oy turned to tragedy for Paraguay hero Derlis Gonzalez as he learned that his uncle died while celebrating his winning Copa America penalty. The 21-year-old levelled the quarter-final against Brazil from the penalty spot and then scored the decisive pen-

P Blatter

Blatter, to endorse in the interest of the reforms unequivocally the announced changing of the guard at the top of FIFA.”

even be superior to Messi. “This is a great strength, but also a limitation if he cannot work in synergy with the others.” Following Filippo Inzaghi’s exit, Milan have moved to secure the futures of Ignazio Abate and Nigel de Jong but have yet to freshen up their squad with big-name arrivals. “We always talk about football as if it were a sport for individuals, but unfortunately for us it is not and therefore we must understand that what counts is the engine,” he added. “The engine is the style of football that does not come from the abilities of the individual, but from the game plan and hard work.”

ablo Larrazabal clinched the BMW International Open in Munich by one stroke from Henrik Stenson after a sparkling finalround 66. England’s overnight pacesetter James Morrison, chasing a second win on tour in six weeks, slipped down the leaderboard after a poor start

alty in the shootout to seal his country’s place in the last four. However, the FC Basel forward then learnt after the game that his uncle had died of a heart attack celebrating the victory. Paraguayan newspaper Ultima Hora reported Irrazabal Manuel, 44, was watching the game

with friends in Paraguay and Gonzalez was told the news by his wife afterwards. “Why today uncle? Why?” wrote the striker on Twitter along with a picture of his uncle. “You left me after a heart attack because I gave you so much joy and so much happiness. I can’t believe it.”

Golf: Larrazabal snatches BMW win

on the final day and never recovered to finish outside the top 10 after a five-over 77 for a 11-under-par total. Spaniard Larrazabal capitalised on the Englishman’s misfortune by firing five birdies in his first nine holes which helped him join English

rookie Chris Paisley on 16-under. One more birdie, on the par-four 16th, was enough to give Larrazabal a second BMW International victory after a flawless round, despite Stenson’s brilliant 65 which included an eagle three at the par-five 11th.

Sport

MONDAY, JUNE 29, 2015 NEW TELEGRAPH

op seeds Novak Djokovic and Serena Williams will take the spotlight when Wimbledon gets under way on Monday. Defending champion Djokovic opens play on Centre Court against Germany’s Philipp Kohlschreiber. Williams, who is half way to a possible calendar Grand Slam, plays Russia’s Margarita Gasparyan on Court One. Fourth seed Maria Sharapova takes on Johanna Konta, one of four Britons in action on day one, in the second match on Centre Court. Konta will be making her debut on the main show court, to be followed by French Open champion Stan Wawrinka against Portugal’s Joao Sousa.

Wimbledon: Djokovic, Serena begin title chase

• As Ferrer withdraws

Play on the outside courts gets under way at with wildcard Liam Broady taking on Australian Marinko Matosevic first on court 18 and the Briton’s sister, Naomi Broady, up against Colombian Mariana Duque-Marino later in the day. Andy Murray, Laura Robson, Roger Federer, Rafael Nadal and Petra Kvitova will

be among those in action on Tuesday, when temperatures are expected to push 30C as hot weather is forecast for the opening days. Meanwhile eighth seed David Ferrer has pulled out of Wimbledon with an elbow injury. He was set to play Britain’s James Ward, 28, in the first

round, but will be replaced by a lucky loser from qualifying, Italy’s Luca Vanni. World number seven Ferrer, 33, reached the quarterfinals at SW19 in 2013. His exit opens up the draw for Rafael Nadal, who could have faced his fellow Spaniard in the fourth round, with a potential quarterfinal against Murray for the title shield.

Abuja

ormer Nigeria international and current Nigeria U-23 chief coach, Samson Siasia’s son, Sean, has been dazzling in the camp of the team, prompting suggestions that he may be better than his father was during his playing days. Several football fans who throng the Abuja National Stadium to watch the team training session have also suggested that the boy is even good enough to break into the team. But Siasia ruled out the possibility, saying the boy is still not ready for such challenge. And reacting to the opinion that his son may be better than him, Siasia agreed, but noted that the boy does not have the native intelligence that he had while playing.

Ifeanyi Ibeh

hairman of the Lagos State Badminton Association, Francis Orbih, is confident the upcoming Lagos International Badminton Classics will outshine last year’s inaugural edition. The 2015 Lagos International Badminton Classics will come up from July 15 to 18 with a record $15,000 – up from last year’s $10,000 – up for grabs. A record 28 countries will also be in attendance during the championship taking

place at the Mobolaji Johnson Indoor Sports Hall, Rowe Park, Lagos. Last year’s maiden edition of the Lagos International Badminton Classics had only 16 countries in attendance but this year’s will have an additional 12 countries talking part. “The first edition was a success and people that came went back to say wonderful things about us, so more people are willing to come and participate in this year’s edition,” Orbih told New Telegraph. “It’s a plus for

the championship.” Countries that have signified their readiness to take part in this year’s Lagos International Badminton Classics include England, Germany, Belgium, Ireland, Poland, Russia, Turkey, Czech Republic, Mauritius, India, Italy and the United States of America. Others are Israel, South Africa, France, Portugal, Egypt, Austria, Canada, Slovakia, Hungary, Benin, Ghana, the Netherlands, Slovenia, Uganda, Zambia, and hosts Nigeria.

Badminton Federation Technical Director, Tunde Kazeem; Chairman, Lagos State Badminton Association, Francis Orbih; Permanent Secretary, Lagos State Sport Ministry, Whenu Oluseyi; and Vice President, NOC, Babatunde Fatayi-Williams, at the 2nd Lagos Badminton Classics press conference.

Akwa 1 – 1 Warri Bayelsa 2 – 0 Kwara Rangers 1 – 0 Sunshine Stars Enyimba 2 – 0 Nasarawa Ifeanyi Ubah 0 – 1 Wikki Giwa 3 – 1 El Kanemi Kano Pillars 2 – 2 Dolphins Lobi Stars 2 – 0 Abia Warriors Sharks 1 – 1 Heartland Taraba 1 – 1 Shooting Stars WOMEN’S WORLD CUP Q’FINALS England 2 – 1 Canada Australia 0 – 1 Japan Germany 1 – 1 France (5-4 pen) SEMIFINALS FIXTURES

“Yes, my son is a very good player and I particularly like his confidence which is very common with players featuring in the United States of America. But, he still has a lot to learn and he needs to have that native intelligence which I had. On whether the boy has the chance of breaking into the U-23 side, Siasia said, “Sean is on holidays and he is just training with the team. He enjoys playing football and has better qualities compared with me at his age. But he is still in school. He will play when the time is ripe,” Siasia said. The U-23 team continued their preparations for the Olympics qualifier against Congo as they beat resilient Amakson Soccer Academy 6-2 in a friendly match decided at the main bowl of the Abuja National Stadium on Thursday.

Orbih upbeat on 2015 Lagos Badminton Classics

NIGERIA PREMIER LEAGUE

China 0 – 1 USA

Siasia’s son joins U-23 camp Adeolu Johnson

FIXTURES/RESULTS

USA v Germany Japan v England COPA AMERICA QUARTERFINALS Brazil 1 – 1 (3 – 4 pen) Paraguay Argentina 0 – 0 Colombia (5 – 4 pen) Bolivia 1 – 3 Peru Chile 1 – 0 Uruguay SEMIFINALS FIXTURES Chile v Peru Argentina v Paraguay

Golden Eaglets shine in six-goal thriller

Serena

Wikki go top of NPL table Emmanuel Tobi

ikki Tourists on Sunday shot to the top of the Nigeria Professional Football League table following their 1-0 win at Ifeanyi Ubah FC. The coach Abdul Maikaba-tutored team got the victory courtesy of Chukwudi Samuel’s 77th minute strike. The Bauchi club now have 27 points from 14 games, a point more than second-place Sunshine Stars, who lost 1-0 at the Nnamdi Azikiwe Stadium to Enugu Rangers. In Makurdi, record top-scoring goalkeeper, Terkaa Melai, was on target as Lobi Stars defeated Abia Warriors 2-0. Melai, who ended last season with eight goals, the highest by a goalkeeper in the history of the Nigeria League, opened the scoring for his side from the penalty spot in the third minute before Gbadebo Samson doubled the lead for the home side on 34 minutes. In Kaduna, hosts Giwa FC defeated El Kanemi Warriors 3-1 to go into fourth place on the log, behind Enyimba, who defeated Nasarawa United 2-0 in Aba. Giwa’s scorers were Ocheme Edoh (2nd minute), Saleh Mohammed (14th) and Shuaibu Ibrahim (28th), while Bamai Bukar got a goal for El Kanemi in the 75th minute. In Kano, a late rally inspired by substitute Ifeanyi Egwim earned struggling Dolphins a precious point against Kano Pillars. Adamu Mohammed shot Pillars into a 19th minute lead before Aniefiok Godspower made it 2-0 on 39 minutes. But Ghanaian striker, Godbless Asamoah, pulled a goal back for Dolphins in the 68th minute before Zikiye completed the comeback for the visitors with a 79th minute equaliser.

igeria’s U-17 team, the Golden Eaglets, on Saturday yet again showed their strength in depth by forcing Jay-1 Football Academy to a 3-3 draw at the NFF\ FIFA Goal Project pitch in Abuja. The Abuja-based academy under coach Chekwas Obinna, gave the Emmanuel Amuneke-led side a run for their money but surrendered a 3-1 lead following second half goals by Emmanuel Robert, Samuel Gero and Emmanuel Justin. In between, Tunde Azeez who is one of the new lads fielded by Amuneke, grabbed his first for Eaglets but it was there for all to see that the new recruits still have more work to do in order to break into the Chile 2015 World Cup-bound squad. With defeat starring the team in the face, Amuneke brought in experienced captain Kelechi Nwakali; Striker Victor Osimhen and Nduka Ebere and those substitutions, barely 20 minutes to the end of regulation time, proved decisive against the now-wearied opponents. Gangling Osimhen pulled a goal back for the Eaglets in the 72 minute and Nduka had the last word with the best move of the match when he struck with seconds to spare.

Amuneke

Features 55

NEW TELEGRAPH MONDAY, JUNE 29, 2015

COPA AMERICA: Tevez’s atonement hits the spot

Argentina’s Tevez scores against Colombia’s Ospina the penalty shootout

t is a fair bet that Carlos Tevez had flashbacks of his fateful night in Santa Fe as he ran up to take Argentina’s seventh penalty in the Copa America Chile 2015 quarter-finals against Colombia. At the same stage of the competition four years ago,

Argentina had dominated a similar game against Uruguay, which was also decided on penalties. On that occasion El Apache was the third Albiceleste player to step up to the spot and he opted to blast the ball to his left, only for Fernando Muslera to guess correctly and make the save. To

compound Tevez’s misery, that miss was ultimately responsible for his team’s elimination from the tournament in front of their home fans. The repercussions did not end there for Tevez. That defeat cost Sergio Batista his job in the Argentinian nationalteam dugout, with Alejandro

Sabella appointed as his replacement. The rest of the story is well known: the new coach overlooked the cult hero often known as El Jugador del Pueblo (the People’s Player), who spent almost four years in the international wilderness before Gerardo Martino recalled him in 2014. Speaking after his side had secured their berth in this year’s semi-finals, Martino readily admitted that he had sought to protect Tevez when choosing his list of penaltykick takers for the encounter against Colombia in Vina del Mar. “I didn’t put him among the top five [takers] because he had missed the last time when we got knocked out. We tried to avoid him having to take one but there were so many twists and turns, so many were taken, that he ended up doing so. Tou (journalists) will soon be talking about redemption,” Martino said – his prediction was just as accurate as Tevez’s winning kick. And what a way to redeem yourself. After Lucas Biglia and Marcos Rojo both spurned the opportunity to seal the win, there was Tevez hoping to make it third time lucky. Once again, like in Santa Fe, El Apache went for power and smashed his kick to his left, but this time the flight of the ball was different and the

strike eluded the despairing dive of David Ospina, Colombia’s hero up to that point. “That’s football for you, it always gives you a chance to make amends,” the striker said shortly after his moment of glory, which came on the back of a 0-0 stalemate over the 120 minutes. “What happened, happened, and today I’m happy about the victory and pleased for my team-mates. We put in a fantastic performance and I’m proud to be part of this team,” added the forward, who will make a return to his beloved Boca Juniors from Juventus at the conclusion of the tournament in Chile. For the time being, though, Tevez is relishing the current experience of helping his country in their attempt to win their first piece of senior silverware for 22 years. Not even a substitute’s role, something he is not used to, can dim his enthusiasm: “If an opponent that reached the quarter-finals of a World Cup only has one shot at your goal, that means you’re doing something right. It’s impossible to get into this team when we’re playing the way we are. You just have to enjoy it from the outside, and then when you’re brought on, try to do your best for the good of everyone.” Tevez did just that when put on the spot, exorcising his demons in the process.

Canada 2015: The day Japan’s prodigy graduated

efore the Homare Sawadriven success of Japan at the 2011 FIFA Women’s World Cup™ and Women’s Olympic Football Tournament at London 2012, there was an unassuming teenager who grabbed many of the headlines in the Land of the Rising Sun. In 2008 a shy diminutive 15-yearold from Tokyo took the world by storm winning the Golden Ball as the best player at the FIFA U-17 World Cup in New Zealand, despite Japan being knocked out in the quarter-finals. More glory followed with personal awards at continental level, but as well as peripheral roles during Japan’s march to the Germany 2011 crown and London 2012 silver medal. But despite contributions at senior level the Nadeshiko’s brightest flower never seemed to fully blossom on the international stage. That is until the 87th minute of Japan’s quarter-final against Australia when Mana Iwabuchi popped up to score a deserved winner in a knife-edge encounter that always seemed just one Matildas counter-attack away from Japan losing their crown. Little wonder that Iwabuchi told FIFA.com after the match that the goal was the biggest highlight of her career to date. “I haven’t scored much for the national team. It was great to score my first at the World Cup, and now I want more. We really didn’t have much time (to score a winner), so I was just thinking about scoring a goal. I was glad that I could have some

Iwabuchi celebrating her goal against Australia, surrounded by ecstatic team-mate

effect on the match. I haven’t scored many goals for Nadeshiko yet, so I was hoping to become a player that can come on and do so.” When I was very young, I did feel some pressure with the attention, but I couldn’t always get the results. Iwabuchi, a bustling flash of energetic fast feet and swift movement, was a constant menace in a match where both sets of teams were drained by the hot afternoon sun. It proved an inspired substitution by Norio Sasaki, as did some words of advice for the 22-year-old. “When I went to put Mana on I said to her ‘this was her time’, it

took a while but she did it in the end,” a smiling Japan manager told the media after the match.

From prodigy to major player

Iwabuchi admits that dealing with the pressure and attention she received early in her career proved a challenge. “There is a great difference between underage level and the senior level,” Iwabuchi said. “It has been difficult for me at times, but now I feel I can score much more at this level. When I was very young, I did feel some pressure with the attention, but I couldn’t always get the

results. But now I think that now I have passed that point in my career.” Japan may yet need all of Iwabuchi’s creative scheming in attack if they are to defend their crown. While Japan have displayed plenty of trademark technical domination, they have been unable to dominate on the scoreboard, winning all five games by a single goal. “I’m very happy that I can play two more games with this team, and I feel I need to have a stronger desire to win and score. I hope that scoring this goal can take me to the next step.”

On Marble

When a man has the habit of drinking by the junction which leads to everybody’s farm; he would have lost the peoples’ sympathy, when he comes begging for financial assistance.

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Deepening power sector reforms

o nation can achieve meaningful economic growth and development without stable and reliable power supply. It is also a factor in the general quality of life of the citizenry. With about 40 per centof the Nigeria population which is approximately 68 million people unconnected to the national grid, the remaining 60 per cent yet suffer regular power outages and epileptic supply. Nigeria with the largest economy in Africa, going by the recently rebased GDP on the average presently generates a floating 4,000 megawatts of power to service a population of 170 million including industries and other categories of consumers. A quick comparative analysis shows that South Africa generates 40,000 megawatts of electricity and has a current population estimate of 48million. In 1960 Nigeria was generating the same amount of power as South Africa. It is important to also note that Nigeria has one of the highest exploitable natural resources for power generation ranging from gas, coal, crude oil, and hydro energy. The poor power situation in Nigeria only began to get attention from 1999 under the administration of former President Olusegun Obasanjo. The Federal Government blamed it on the collapse of the power infrastructure, government ownership of the utility and lack of funding. With the inauguration of Electric Power Implementation Committee, the National Electric Power Policy was developed leading to the enactment of the Electric Power Sector Reform (EPSR) Act of 2005 and the establishment of Power Holding Company of Nigeria (PHCN) after the repeal of the National Electric Power Authority (NEPA) Act. The Electricity Regulatory Commission (NERC) was also created by the EPSR Act of 2005. NEPA was renamed PHCN and 18 successor companies were unbundled from PHCN with Transmission Company of Nigeria (TCN) to handle transmission. Six companies were created to handle generation while eleven others were to handle distribution. By this, the Nigeria Power Sector reform was born. The reforms were largely driven by the need to reduce the cost of doing business in Nigeria thereby creating the required environment for industrialisation and investments in commercial ventures as well as enhancing domestic activities. This brought hope to Nigerians as private sector participation in the business of service delivery is globally acclaimed to result in the best outcomes. By November 1, 2003 the power assets were handed over to the investors. The first sign of trouble with the process emerged when the companies could not hit the ground running and had to be bailed out by the Federal Government. It was obvious that the opaque nature of the privatisation process had created entities incapable of raising the huge funding requirement of the sector. While it must be admitted that the problem of Nigeria’s power sector has been perennial and that successive administrations, since 1999, shot off the targets, it would be wrong to altogether dismiss

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their efforts. While one does not hold brief for the immediate past administration in particular, one could state with a measure of confidence that it took some remarkable steps to reposition the sector. One of such measures is the privatization and deregulation programme but the administration unfortunately stopped half way. While it did a lot to unbundle the distribution machinery, little or nothing was achieved in the area of power generation. And the reason it failed in that regard was its inability to address the issue of gas supply to the power generating facilities. The roadmap for power sector reform of the last administration stopped in the twin concept of deregulation and privatization, with little or no plan for the post privatization and deregulation era. Here, two major issues arise. One is the failure to address the issue of problematic gas supply to the power plants. The other as far as I am concerned, is that the road map failed in striking the needed balance between the imperative of deregulation and curtailing the appetite of the average Nigerian entrepreneur to the pursuit of quick return on investment. The next misstep in the power sector reform road map was the failure to diversify the sources of power generation and the heavy reliance on gas. While there was this over reliance on gas, the roadmap rejected the nationwide gas pipeline master plan initiated by the administration of President Obasanjo. Particularly tragic was the abandonment of the EastNorth gas pipeline that ran from Calabar through Enugu, to Ajaokuta and Kano. The result is that today, most gas infrastructure in the country are located in highly vulnerable parts of the country where gas pipe lines are vandalized at will, with the federal government proving

incapable of stopping it. The problem is perhaps best appreciated when it is realized that over 80 percent of the country’s power is generated through gas plants. Once this issue of inadequate gas supply is addressed, the problem of electricity would have been half solved, at least in the short run. Currently, Nigeria generates at least 2.5billion cubic feet of gas daily. According to experts, this level of gas can generate at least 6,000 megawatts of electricity. Unfortunately, less than 2000MW is generated because of the inability to take gas to the generating plants. Last count, Nigeria losses between 120 and 150 million cubic feet of gas to pipe vandalism everyday. This experts say, translates to a reduction of over 500MW of power supply everyday. Now, the big question is why can’t the nation protect gas pipe lines that are so vital to her survival? Daily, the newspapers and airwaves are inundated with grandstanding and posturing of relevant agencies on the issue of pipeline vandalism. Yet, the problem gets worse daily. How can a country with close to 200million people, with several battalions of soldiers, several formations of Police, Civil Defence, Navy etc, be unable to protect the infrastructural facilities of its major economic life wire? I am aware that some ex-militants are currently handling the contract for securing gas and petroleum pipelines but that seems to have proved inadequate for reasons that are beyond the scope of this piece. I am also aware that there have been suggestions to the new federal administration to revoke those contracts but that may again be ill advised at least for now. What I would suggest to President Muhammadu Buhari is to use a combination of the existing arrangement and a military task force to tackle

the problem of vandalism for immediate result while developing a long term solution to the problem. While this is going on, the Administration should look into the reasons some gas powered plants already completed and ready to fire are not functional. Statistics show that the idle (gas powered) plants can be accommodated by the existing gas supply level if put to use. In the circumstances, some critics especially of the last administration have attributed the failure to get the already completed gas plants to work as a deliberate political gimmick. Perhaps the most easily cited example is Geometric Power plant located in Aba, Abia State. The plant is the first indigenous power generating plant which is believed to be capable of guaranteeing steady power supply to the entire South East when it becomes operational. It is now years since the plant was completed but it is yet to be allowed to take off, amid the desperate hunger for power in an area known for its enterprise. Again, the insinuation is that this is a deliberate plot to hold down the economy of the South East. How does this help the country? While the effort at protecting gas pipelines and getting already completed plants running are being pursued, the nation can begin to work out plans for minimizing the dependence on natural gas for power generation. It is good to note that huge investments have been made in hydro power plants which currently account for less than 20 per cent of power generated into the national grid. With the seven billion US Dollar 3050MW Mambila Power Station, together with hydro plants, the total hydro generating capacity of the country is said to stand at about 5,500MW. Still, there is the fear that we may fall into a similar temptation of merely building more and more hydro plants instead of ensuing that existing hydro stations are put to full use. My take is that once we can fully utilize the existing hydro and thermal plants we can go further in the diversification programme into other renewable sources of power, such as solar, wind, biofuels and most importantly, coal. I am aware that the last administration came up with a new draft policy on renewable energy but the draft policy does not place the needed emphasis on coal. However it needs no emphasis to state that the most reasonable thing to do for the programme to fetch the expected benefits is to step up the use of coal in power generation. Currently, Nigeria has the seventh largest coal deposit in the world. It is time we stepped up the use of this important, though neglected, natural resource to get what we need to survive in this new age. According to experts, it is easier to mount coal power plants than to build gas and hydro plants. Nigeria has coal reserve enough to generate up to 5,500MW of electricity. Unfortunately, the three proposed coal power stations at Enugu, Kogi and Gombe state, said to be capable of providing at least 1000MW of electricity when completed, have been abandoned, of course because of ‘oil drunkenness’. But now that we are through with the hangover, the time is now to revive those projects and have them completed.

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