Monday, may 23, 2016 binder1 by Newtelegraphonline

Fuel price hike: NLC bows to FG, suspends strike Yekeen Nurudeen Abuja

he Nigerian Labour Congress (NLC) yesterday

bowed to the Federal Government as it suspended the nationwide mass action it embarked on last Wednesday.

The strike was to protest the hike in the price of Premium Motor Spirit (PMS) also known as petrol from N86.50 to N145

per litre. The strike was greeted with apathy and mostly ineffective across the country.

A faction of the NLC led by Joe Ajaero and the Trade Union Congress (TUC) pulled out of the industrial action after the

Anti-corruption: Don’t witch-hunt, Onaiyekan tells buhari

talks between the Federal Government and Ayuba Wabba-led NLC collapsed. Announcing the suspension of the strike yesterday, NLC President, CONTINUED ON PAGE 4

Sanctity Of Truth

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Monday, May 23, 2016

Politics

Buhari @ One:

Waiting for promised change }11

/newtelegraph /newtelegraph

Vol. 3 No. 824

MOND AY, MAY NEW TELEG 23, RAPH 2016

Waiting for prom ised cha nge Buhari :

Buhari

One yea r aft er

Nigeria

ns still

Despite the the anti- gains of corruption war, the inability of the Muhamm adu Buha administr ri ation to most of fulfill its promises campaign in year is graduthe last one ally erodi the euph ng oria that ushered in the All Progressi Congress ves (APC)-led governme nt, NWANERI FELIX reports

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N150

Court orders FG, Okonjo-Iweala to account for }5 missing N30trn

Okonjo-Iweala

Abducted Reverend Sisters regain freedom }9

Perpetual and Roseline

Gunmen abduct three schoolboys }9

Umahi

Again, militants bomb Agip pipeline in Bayelsa NUED

ON PAGE

lExpatriates seek postings outside Nigeria }2 lShell, Chevron, others lose over 50% productions lNew investors mull Angola

The national secretariat of the Peoples Democratic Party (PDP) in Abuja sealed off by the police...yesterday

PHOTOS: Elijah Olaluyi

Police seal off PDP secretariat as Sheriff, NWC head for court lWike: His leadership destabilised party

Healthy lifestyle could cut cancer deaths }37

NEWS

MONday, May 23, 2016 NEW TELEGRAPH

Again, militants bomb Agip pipeline in Bayelsa Pauline Onyibe and Chris Ejim Yenagoa

uspected armed militants, yesterday, blew up a crude pipeline belonging to the Nigerian Agip Oil Company (NAOC), at Ikienghenbiri community in Southern Ijaw Local Government Area of Bayelsa State. The militants, led by

some youths in the community, used dynamites to bomb the pipeline, causing heavy fire outbreak. The attack occurred about 12:30a.m. The vandalised pipeline along the Azuzuama– Ikienghenbiri axis of the trunk line conveys crude oil from NAOC flow station at Tebidaba to Brass. The latest in the line of attacks on oil facilities in the Niger Delta was said to have been executed by

some armed youths within the community. Sources in the community hinted that a supremacy war between rival pipeline contractors over surveillance contract led to the attack on the pipeline. Operatives of the Nigeria Security and Civil Defence Corps (NSCDC), who visited the area shortly after the attack, were said to have arrested one of the suspects. The suspect was shot in

the leg. The state commandant, NSCDC, Mr. Desmond Agu, said one of the militants, identified as Peregbakumo was arrested through the assistance of the community leaders. "A gang of armed youths vandalised pipeline along Azuzuama axis of the Tebidaba-Brass pipeline with dynamite and ignited fire on the line," he said. Agu said his agency

L-R: Incoming Deputy Managing Director, Nigeria Liquified Natural Gas (NLNG), Sadeeq Mai-Bornu; the outgoing Deputy Managing Director, Isa Inuwa and former Abia State Governor, Dr. Orji Uzor Kalu, during a farewell/welcome ceremony for Inuwa and MaiBornu in Abuja … at the weekend. PHOTO: TIMOTHY IKUOMENISAN.

summoned an emergency meeting of senior officers of the command and ordered them to secure all pipelines, oil installations and other critical national assets in the state. He stated that the facility attacked by the militants was a pipeline along Azuzuama area of the Tebidaba-Brass trunk line. He said: "Through community help, we were able to arrest one of the suspects and to identify some of the fleeing suspects. There was a lot of community collaboration and we are grateful to the community because they don't like what the armed youths are doing." It was learnt that residents of the area are fleeing because of the attack. A resident, Ebidimo Joseph, told one of our correspondents that the groups were struggling for the control of the OgboinbiriTebidaba crude trunk line which passed through the area. Joseph said that residents were scared and were leaving to neighbouring villages for cover. “We understand it is a conflict between two armed groups for the ac-

IOCs fret as expatriates seek postings outside Nigeria Adeola Yusuf

xpatriate workers with international oil companies (IOCs) in Nigeria are demanding that their companies post them out of the country pending the resolution of the incessant attacks on oil and power installations in the Niger Delta, New Telegraph has learnt. A security source at one of the three biggest oil firms in Nigeria told this newspaper that the expats’ demands have heightened fears in the oil firms, which have now conveyed their concerns through the Oil Producers Technical Session (OPTS) to the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu. The attacks claimed by Niger Delta Avengers, a new militant group in the Niger Delta, had crashed Nigeria's crude and condensate production by over one million barrels per day. Besides the slide in output, which is a big economic issue for Nigeria, the renewed militancy in the Delta is now seen as a big security issue. The expatriates, New Telegraph gathered, have been advised by their countries to stay away from the oil-rich Niger Delta and, if possible, from Nigeria. And most of them are not

taking the advice from their countries lightly. "The individual companies have made the expatriates the number one priority in the evacuation of staff from the troubled region based on the belief that they are endangered species, but some expatriates went further with requests to be posted out of the country pending when the new Niger Delta question is answered," the source told this newspaper. He added that part of the pleas by the OPTS group to the minister is for the government to protect their investments and other business concerns in the region. "They also considered possible temporary lock down of major facilities considered security risk until the issue is addressed," he said. The business and security risks in the country, further checks revealed, are now considered by new investors to be getting out of hands. They (prospective investors) consider Angola ahead of Nigeria whose business and security risks are heightening, while oil reserves depletion continues to worsen due to drought in investments. Shell, Chevron and Eni have, at a different times since the commencement of the renewed attacks in

the Niger Delta, suffered impairment on their facilities. Aside from attacks, which have cut the crude production of all these companies by 50 per cent, the gas production for power and other businesses had also been seriously affected. Just last Friday, suspected militants blew up a section of the Escravos gas trunkline in Ogbe-Ijoh, Warri South West Local Government Area of Delta State, in an assault that impaired gas supply to major power plants in Nigeria. The sabotaged gas pipeline, which contributes to the Escravos Lagos Pipeline System (ELPS), had led to a loss of 160mmsfcd of gas daily. The Federal Government said that the last time the pipeline was blown, the power and gas sectors incurred multiple losses in repairs, electricity shortage and gas sales amounting to N470 million daily. The attack on the pipeline connected to Chevron Nigeria Limited’s facility at Escravos, impacted negatively on the Olorunsogo NIPP plant (capacity 600MW), and other power plants. Meanwhile, the turmoil in Nigeria at the weekend added to global supply disruptions. ANZ Bank said that un-

expected supply disruptions across the world, excluding output falls in the United States, amounted to around 2.5 million barrels of daily production, virtually erasing a production overhang that had pulled down prices by over 70 per cent between 2014 and early 2016. "The supply disruptions inflicting the oil market continue to ratchet up... As these issues linger, we expect an increasing supply risk premium will price into the market," the bank said. Nigeria's oil production showed further signs of strain last Thursday, as intruders blocked access to Exxon Mobil's (N:XOM) terminal exporting Qua Iboe, the country's largest crude stream. "Loading schedules have been interrupted at three of the five primary export terminals in Nigeria due to sabotage, with a fourth (Qua Iboe) interrupted by an operational incident; we estimate over 450,000 bpd is affected," U.S. investment bank Jefferies said. This means that the militants’ activities had cut Nigeria's oil output to a more than 22-year low of less than 1.4 million bpd. However, brimming inventories across the world were preventing supply shortfalls as well

as sharper price spikes, traders said. International Brent crude futures (LCOc1) were trading at $49.02 per barrel at 0653 GMT (0153 EDT), up 21 cents or 0.43 per cent from their last settlement. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were up 29 cents, or 0.6 per cent, at $48.45 a barrel. In North America, U.S. crude oil output has fallen 8.79 million barrels per day (bpd), down from a peak of more than 9.6 million bpd last year, as a wave of bankruptcies hits producers. In Canada, production has also been cut as wildfires forced closures of around one million barrels in daily production, although output is gradually returning. In South America, output from OPEC-member, Venezuela, is also stalling, as its state-owned oil company, PDVSA, struggles with a cash squeeze amid a deep political and economic crisis. Venezuelan crude oil output fell to around 2.53 million bpd in the first quarter of 2016 compared with 2.72 million bpd in the same quarter of last year, data from the Organisation of the Petroleum Exporting Countries (OPEC) showed.

cess to the crude pipeline. One group claims to be working to safeguard the pipeline and said members of the other group are vandals. They engaged in gun battle. “The sound of the gunfire is scary and there is no sign of the Joint Task Force soldiers who are supposed to be patrolling the area; we have not seen any soldier,” Joseph said. According to him, the pipeline was set ablaze while the two groups engaged each other in gun battle, adding that there was no way to ascertain if there was any casualty yet. He said that a thick ‘cloud of smoke’ had enveloped the community and polluted the atmosphere in the area. Bayelsa State Commissioner for Information and Orientation, Jonathan Obuebite, in a statement yesterday, said the pipeline vandals were apprehended by youths of Azuzuama community. The commissioner praised the youth "for their gallantry, patriotic disposition and commitment to the peace and economic well-being of the state and Nigeria as a whole." According to him, Governor Seriake Dickson would "reward the youth for responding positively to his clarion call when it mattered most." Obuebite also called on other communities to emulate the Azuzuama community, adding that "if every other community can act in like manner, the current wave of attacks on national assets and related criminal acts will be drastically minimised, if not completely eliminated." Meanwhile, policemen on routine search in Bayelsa State have arrested some suspects with some ammunition around the Gloryland Drive in Yenagoa, the state capital. According to the Police Public Relations Officer, Asinim Boswat, the arrests were made on Saturday. He said: “On 21/5/2016, at about 1700hrs, Policemen on routine Stop and Search Operations along the Gloryland Drive, Yenagoa, flagged down a Red Highlander Jeep with REG No. SPR 386 AA. Consequently, an AR riffle with five loaded magazines, containing 197 rounds of ammunition, were recovered from the vehicle. The occupants of the vehicle – James Ebi (31) and Pinni Oyakemeagha (34) were arrested, while one Ibori and one Destiny escaped. Efforts have been intensified to arrest the fleeing suspects. Investigation is ongoing.”

MONday, May 23, 2016 NEW TELEGRAPH

NEWS

MONday, May 23, 2016 NEW TELEGRAPH

Police seal off PDP secretariat as Sheriff, NWC head for court

Onyekachi Eze, Chukwu David and Emmanuel Masha

Abuja

nti-riot policemen from the Federal Capital Territory (FCT) Police Command yesterday sealed off the National Secretariat of the Peoples Democratic Party (PDP) at Michael Okpara Street, Abuja. The personnel, who came with two lorries and about 10 patrol trucks, blocked a section of Dalaba Street leading to the national secretariat, forcing motorists to use the remaining lane. They took over from regular policemen and officials of the Nigerian Security and Civil Defence Corps (NSCDC) posted to man the security, and prevented people access,

including journalists who were earlier invited for a press briefing. Nobody was told on whose order they were deployed in the area. A police sergeant who spoke to reporters said they were deployed on "order from above." It was further gathered that the order to seal off the secretariat came from the Inspector General of Police, Mr. Solomon Arase. The sergeant said they were drawn from Kubwa, one of the satellite towns of Abuja, to maintain law and order at the secretariat. He said they were told that the party officials were to hold a meeting at the secretariat. PDP National Convention, on Saturday, in Port Harcourt, the Rivers State capital, sacked the Senator Ali Modu Sheriff-led National Working Committee (NWC) and appointed a

seven-man caretaker committee headed by former Kaduna State governor, Senator Ahmed Makarfi. Meanwhile, the sacked NWC members are planning to challenge their removal in court. The embattled former National Chairman, Sheriff, who was locked in a meeting with other NWC members till late hours of Sunday, were denied access to the party's national secretariat by policemen who sealed off the area. The meeting, it was later gathered, was held in his Maitama residence in Abuja. Special Adviser to Sheriff, Alhaji Inuwa Bwala, who addressed the press said the meeting might end late in the night. Bwala, who described the decision at the National Convention in Port Harcourt as a nullity, said the sacked NWC members

were locked in a meeting and have invited their lawyers to tell them on the next line of action. "The meeting is still going on and it may likely end late in the night. "They are reviewing the situation and have invited their lawyers for their input and will commence action by Monday. "The caretaker committee is a contraption. Go and check the PDP constitution. There is nothing like caretaker committee there," he argued. According to him, there was an attempt to vacate the court order stopping the convention at Federal High Court in Lagos before the Port Harcourt convention, which was not successful. "What transpired in Port Harcourt was that four court papers were served on the chairman. Before we went to Port Har-

L-R: Chief of Naval Staff, Vice Adm. Ibok Ibas; representative of the Chief of Defence Staff, Maj.-Gen. Barry Ndiomu; Chief of Naval Safety and Standards, Naval Headquarters, Rear Adm. Emmanuel Ofik; representative of the Chief of Army Staff, Maj.-Gen. John Malu; Commissioner of Police, Adeyemi Ogunjemilusi; Commandant, National Defence College, Rear Adm. Samuel Alade and representative of the Chief of Air Staff, AVM Kinsley Lar, during an interdenominational service in commemoration of Nigerian Navy at 60 in Abuja …yesterday

Fuel price hike: NLC bows to FG, suspends strike CONTINUED FROM PAGE 1

Wabba, said the Congress was going to enter into negotiation with the Federal Government. Wabba, who read the communiqué issued after an emergency meeting of the National Executive Council (NEC) of the Congress ‎held in Abuja yesterday, said the suspension of the strike followed due consultation with constituents of the Congress. He explained that the labour movement would resume negotiation with the twin issues of the hike in electricity tariff and increase in the pump price of petroleum products and any other issue that may arise. Wabba said: “NEC, after due consultation with its constituents, resolved to suspend with immediate effect, the action it commenced on Wednesday, May 18. The action is thus hereby suspended. “Congress will resume

negotiations with government on the twin issues of the hike in electricity tariff and an increase in the pump price of petroleum products and any other issue that may arise thereof. “It similarly remains committed to genuine dialogue within the framework of internationally established and recognised principles of representation.” The Congress stated that it would continue to resist wrong legislations, policies and programmes and will always act in the best interest of Nigerians “as it remains the only pan-Nigerian organisation not affected by religion, region, creed, partisanship or primordial sentiments.” It urged the Federal Government to play by the rules in its engagement with its constituent parts, stakeholders and non-state actors as proof of its commitment to deepening the nation’s

democracy. NEC commended those who took part in the action and reaffirmed its commitment to the struggle. NLC noted that before it embarked on the action, it had anticipated a probable outcome and, therefore, was not surprised by government's negative response. “The action was taken in the best interest of the poor and the weak and in drawing government's attention to the dangers of relying on importation of petroleum products as a sustainable strategy for making available petroleum products. It expressed the belief that in the days ahead, time would prove its position right,” Wabba said. Speaking on the ‎impacts of the strike, the NLC President said that the NEC adjudged the protest action to be a success in spite of both internal and external challenges. “NEC adjudged the pro-

test action to be a success in spite of both internal and external challenges. NEC also acknowledged that the temptation to compare the strike action with that of 2012 could be compelling, but that the scenario had changed as both the actors and the terrain were different,” he said. Congress commended its state councils, affiliates and other patriotic Nigerians who, at very short notice, picked up the gauntlet for the struggle. It singled out the leadership of the National Assembly and the All Progressives Congress (APC) led by Senator Ahmed Bola Tinubu. Meanwhile, the President of TUC, Mr. Bobboi Kaigama, yesterday said the union shunned the strike by Nigeria Labour Congress (NLC) in the best interest of Nigerians. Kaigama, who spoke in Jalingo, the Taraba State CONTINUED ON PAGE 6

court he was not served. "The orders were contradictory. He did not even have the time to study the court order. "The national chairman has to call a meeting of NWC members, the Board of Trustees (BoT) and the Governors' Forum not knowing that they have a different agenda. They have already pencilled down who they want to

put in office," he further explained Bwala, who disowned the former Deputy National Chairman, Prince Uche Secondus, who claimed to stood in for the National Chairman at the convention venue, said other former NWC members were still together. He said the lawyers might advise the NWC to CONTINUED ON PAGE 6

Travel agents lament airlines’ monetary policy violation Wole Shadare

ravel agents have petitioned the Federal Government over threat to so many jobs following the decision of American airlines, especially United and Delta, to collect air fares in United States dollars. Unlike what obtains with other international airlines, United and Delta are accused of cutting out travel agents from ticket sales by asking passengers to pay them directly for flight ticket to the US in dollars. Reacting to the development, the Chief Executive Officer of Omni-Blu Aviation Services, Mr. Akin Olateru, said the action of the carriers and others who might follow suit portend grave danger to the Nigerian economy and a clear violation of an agreement between Nigeria and the US on the mode of transaction within the country. Olateru stated that he was not comfortable with the silence of the Nigeria Civil Aviation Authority (NCAA) over the issue, saying that the aviation regulatory body should have called the carrier to order to send a signal to others who might be planning to take same action. He described as illegal the act to charge dollars for commodity in Nigeria, saying the official currency in use in Nigeria was the naira. His words: “What United and Delta are doing portend grave danger to this country. They are trying to put all travel agents out of business. They do not accept bookings from travel agents. They do the booking and ask you to pay in their offices.” Just recently, the Financial Secretary of the National Association of Nigerian Travel Agencies (NANTA), Mrs. Ngozi Ngooka, raised similar issue, saying the situation had catastrophic consequences on the

economy of Nigeria and, by extension, the travel industry. Although, the airlines could not be reached for comments, there are indications that the airlines and others may have taken the action because of the difficulty in repatriating their funds out of the country. A source stated that mandating travellers to pay in dollars made it easier for them to take their monies out of the country. A source at NCAA, who pleaded anonymity, told New Telegraph that the Director-General of the regulatory agency, Capt. Muhtar Usman, had invited United for a meeting, which he said was deadlocked. He said the meeting got so heated that officials of the Americanbased airline threatened to cease operations to the country if the aviation regulatory body forced down the collection of fares in naira. The Central Bank of Nigeria (CBN) had, in 2013, said it was illegal for anybody to collect foreign currency for services rendered in Nigeria, insisting that “anybody that refuses to accept the naira as a legal tender is committing an offence." The then CBN Governor, Sanusi Lamido Sanusi, said that there was no country in the world where you get paid in the currency that is being remitted, except Nigeria. “If you are in the United Kingdom and someone transfers money to you from the US, in what currency do you get paid in London? You get pounds. There is nowhere in the world where you go to your bank after a transfer and insist on being paid in that currency. There is nowhere. "In Japan you get paid in yen; in China you get paid in renminbi. So there is nowhere in the world you get paid in the currency that is being remitted. You know Nigerians have this attitude of entitlement,” he said.

NEWS

MONday, May 23, 2016 NEW TELEGRAPH

Court orders FG, Okonjo-Iweala to account for missing N30trn Tunde Oyesina ABUJA

he Federal High Court sitting in Lagos has ordered the Federal Government and former Minister of Finance, Dr. Ngozi OkonjoIweala, to provide information on the spending of the alleged missing N30 trillion. The amount represents some accruable income to the Federal Government during the last four years of the former President Goodluck Jonathan administration. The Socio-Economic Rights and Accountability Project (SERAP) had, through a suit marked FHC/L/CS/196/2015 approached the court over the failure of the defendants to provide information about spending of the alleged missing N30 trillion, which represents some accruable income to the Federal Government in the past four years. The Federal Government under the leadership of Jonathan and OkonjoIweala, who served as Minister of Finance and Coordinating Minister for the Economy, were joined as defendants. The group had hinged its suit on information by a former Governor of the Central Bank of Nigeria (CBN), Charles Soludo, that “at least N30 trillion has either been stolen or unaccounted for, or grossly mismanaged over the last few years under OkonjoIweala’s watch.” Soludo had, in an article

entitled “Ngozi OkonjoIweala and the Missing Trillions,” stated that the missing trillions cover: oil theft, money that ought to accrue to stock of foreign reserves, unbudgeted oil subsidy payments, customs duty waivers, leakages through the self-financing government parastatals, unremitted sums by NNPC, etc. “I have a long list, but let me wait for now. I do not want to talk about other ‘black pots’ that impinge on national security. My estimate, Madam, is that probably more than N30 trillion has either been stolen or lost or unaccounted for or simply mismanaged under your watchful eyes in the past four years,” he had stated. The defendants, however, raised preliminary objection as to the jurisdiction of the court, mode of service and the way, which the trial was instituted. Delivering judgement in the suit, Justice Ibrahim Buba held that Jonathan and Okonjo-Iweala have no legally justifiable reason for refusing to provide SERAP with the information requested for. The court, however, granted all the prayers of the plaintiff. Parts of the plaintiff’s argument was that Okonjo-Iweala and the Federal Government should have either supplied the information requested by SERAP or communicate her denial within seven days of receipt of the letter from SERAP if she considers that the request should be denied.

The court held that: “Preliminary objection by Mrs. Okonjo-Iweala and the Federal Government is misconceived, the court upholds the arguments by SERAP for the reasons stated herein.” The court had noted that the main issue before it bothers on the legal binding obligation imposed on Okonjo-Iweala and the Federal Government by the provisions of the Freedom of Information Act access to a record of information requested for. "In the case at hand, SERAP, through its letter of February 2, 2015, Exhibit A, sought the information relating to the spending of the alleged missing N30 trillion, which represents some accruable income to the Federal Government during the last four years of the administration of President Goodluck Jonathan. Exhibit A has been received by them and Exhibit B is the acknowledgement of receipt of Exhibit A,” the court noted. The court further noted that Okonjo-Iweala and the Federal Government have, since the receipt of the request letter, failed, refused and or neglected to provide SERAP with the information it requested for within their custody. Justice Buba also held that the defendants should have either supplied the information requested by SERAP or communicated their denial within seven days of receipt of the application from SERAP if it considers that the application should be denied.

Stamp duty: FAAC opposes separate account for proceeds Abdulwahab Isa Abuja

here are indications that the dust raised with the introduction of stamp duty fee by the Federal Government is yet to abate following the current opposition by the Federation Account Allocation Committee (FAAC) against government’s decision to create a separate account for the proceeds. FAAC’s action is as a sequel to a provision in the 1999 Constitution that says all incomes, proceeds of government be kept in the federation account for the benefit of the three tier stakeholders of FAAC. A source within FAAC confided in New Telegraph that the consensus among FAAC stakeholders is that proceeds of stamp duty should be aggregated and paid into the federation account to be shared to all the three tiers of government. Beneficiaries of the

account include the Federal Government, all the 36 states, including the Federal Capital Territory (FCT) and all the 774 local government councils. On a monthly basis, revenue inflow into the federation purse is shared on an existing formula, which leaves the Federal Government with the highest allocation 52.68 per cent, states with 26.72 per cent while local government councils receive 20.60 per cent with 13 per cent going separately to oil-producing states as derivation. New Telegraph gathered over the weekend that members of the FAAC were miffed that the Federal Government took a unilateral decision of keeping custody of stamp duty fees charged by Deposit Money Banks (DMBs) on transactions. Government’s decision, the body insists, negates the provisions of FAAC that says all proceeds generated be kept in the federation account. "They said any account

other than the Federation Account for the use of the three tiers of government violates the 1999 Constitution," a source said. To trash out the development, FAAC is said to have constituted a special committee chaired by a representative from the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to look into the matter. Efforts to speak with the Deputy Director (Press) in the office of the Accountant General of the Federation, Mrs. Kene Offie, were futile. Both calls and message sent across were not responded to. As part of efforts to boost accruing revenue to the government, especially from the non-oil sector, the Federal Government, on January 19, announced that a stamp duty of N50 would be imposed on bank customers for money received into their accounts via electronic transfers, cash and cheques.

Adekunle Ajasin University P.M.B 001, AKUNGBA-AKOKO, ONDO STATE OF NIGERIA

LIST OF EXPELLED STUDENTS The Senate of Adekunle Ajasin University Akungba Akoko has, at its meeting held on Wednesday, 4th May, 2016, expelled the following students for offences ranging from examination misconduct to impersonation. S/N.

NAME AND MATRIC NO.

FACULTY/ DEPARTMENT MISCONDUCT COMMITTED

SENATE DECISION

EFFECTIVE SEMESTER/ SESSION

AHMED, Abdullah (090407014)

Social and Mgt. Sciences/Pure & Applied Psychology

Examination Misconduct

Expulsion

2nd Semester, 2014/2015 Session

OLADUN, Samuel Olaniyi (110222047)

Education/Educational Management

Impersonation in Examination

Expulsion

2nd Semester, 2014/2015 Session

OKERINOLA, Da- Science/Computer vid Oluwafemi Science (100404020)

Alleged Admission Racketeering

Expulsion

1st Semester, 2014/2015 Session

ARIJE, Benjamin Soji (130603207)

Social and Mgt. Sciences/Business Administration

Examination Misconduct

Expulsion

2nd Semester, 2014/2015 Session

IWUOHA, Emmanuel (130402072)

Science/Chemical Sciences

Impersonation in Examination

Expulsion

2nd Semester, 2014/2015 Session

BELLO, Temitope Science/Chemical (130402060) Sciences

Impersonation in Examination

Expulsion

2nd Semester, 2014/2015 Session

LIST OF SUSPENDED STUDENTS

The authority of Adekunle Ajasin University Akungba Akoko has suspended indefinitely the following students who were involved in secret cultism and destruction of University properties. The suspension takes immediate effect. S/N.

Name of Student

FACULTY/ DEPARTMENT

Amos Adeleke Benjamin

History Education

Balogun Emmanuel Oluwatosin

Political Science

AKINSOLA, Sunday Francis

History Education

Adewole Omotayo Mabel

Linguistics & Languages

Ayeni Femi Michael

Political Science

Ayobioloja Kehinde

Chemistry

George-Ojo Oluwafemi Ayomide

Sociology

Oludehinwa Daniel Akingbade

Pure & Applied Psychology

Adedoyin Adeola

Philosophy Department

Akinbinu Daniel

Plant Science

Ajewole, Daniel Tosin

English Education

Olusi Sunday Felix

Linguistics

Adeniyi Bidemi Emmanuel

Public Administration

Adelakun Oluwadamilare Enitan

Political Science

Ibukumi Kayode Clement

Guidance and Counseling

Amaraegbu Sebastine Ogechukwu

Religious Studies

Ojo Olatunbosun Olarewaju

Faculty of Education

Niniola Mojeed

Guidance and Counseling

Oronnaye Olawumi Anuoluwapo

Yoyila Peters

Olusi Felix

Oludeinwa Akingbade

Olorunnisola Adeleke Kalmadeen

Ojomo (Commandant of disbanded Students’ Cadet Corps)

Omolola Johnson

Angela Kikelomo Raphael

Femi Fesojaye

Abiodun Awe

Olajide Johnson Oluwaseun

Educational management

Geography and Planning Sciences

Signed: M.S. Ayeerun Ag. Registrar

NEWS

MONday, May 23, 2016 NEW TELEGRAPH

Anti-corruption: Don’t witch-hunt, Onaiyekan tells FG

Wale Elegbede

The Catholic Archbishop of Abuja, John Cardinal Onaiyekan, has urged the Federal Government to ensure fairness and transparency in its anti-corruption war, stating that government should not give the impression of witch-hunting any particular set of people. Onaiyekan said in Abuja at the weekend Nigerians have agreed that there was an intolerable level of corruption in the country and that something should be done about it, but it should not be done by just rounding up a few people. "Government should not let people have a feeling that the war on corruption is about targeting certain or a few people. That will defeat the war against corruption. My feelings about this whole thing are based on my understanding of the fact that the kind of corruption in Nigeria we had was systemic, endemic. “While not saying people who took money should be allowed to go free, I would have felt that

the emphasis should be on the system. Reorganise the system of governance in the country in such a way that it would not be easy for anybody to steal millions and billions of naira because of the position he or she had held in government. “Find a way to block all the holes in the system. Insist that the structures that regulate the affair of governance especially the financial aspect be done in such a way that you don't have to be a saint to be able to remain honest." While noting that it would be difficult to find anybody who had a hand in the affairs of the country in the last 20 years without not soiling his/ her hands, the Cardinal, however, warned government against creating the impression of witch-hunt. While reacting to the trial of former Head of Service of the Federation, Mr. Stephen Oronsaye, the archbishop said government should be careful and protect those who could be facing trial based on having made enemies while in government. He said: "If we have a

situation where someone had stepped on powerful toes while in government and he is now being unjustly punished, I would have thought that this would be a concern of government that this does not happen. "That being the case, the way we deal with the so-called corrupt people needs to be carefully addressed, so as not to appear, in the words we are hearing nowadays, witch hunting. Why do you pounce on

one person and leave others?" Onaiyekan also advised that judges be allowed to do their work without harassment and intimidation. "When I talk about structures we are to include not only how business should be conducted in the civil service but how the law should be administered. The whole scenario of 100 lawyers invading a court over one case, that is ridiculous. We should

find a way to prevent such charade. “We have to see that judges are in position to do their work without intimidation, without harassment. We are talking of separation of powers, without anybody telling them what to do. When we see the way some of the cases are going, one becomes a bit worried. Some of the judges have also come out to say that they were under strong

Sheriff's leadership distabilised PDP –Wike CONTINUED FROM PAGE 4

vacate the court order first and then fixed another date for the convention. But Rivers State governor, Nyesom Wike, explained that the leadership of the PDP dumped Sheriff because his leadership was destabilising the party. Wike, who chaired the party's 2016 National Convention Planning Committee, noted that he and others supported Sheriff when he was the best option, but decided to replace him due to the opposition to his emergence. He said: "All along, the

crisis has been about the former acting chairman whose emergence was strongly opposed. "This is destabilising the party and so we had to let him go. What is important is the party and not the individual. No sacrifice is too much for anyone to make as far as PDP is concerned. "We will not allow the PDP to die or suffer divisions under our watch. History will never forgive us if we watch the party die," he said. Sheriff and two other NWC members, the National Secretary, Prof. Adewale

Vice Chancellor, University of Jos, Prof. Hayward Mafuyia (left) with the General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, during the cleric's visit to Mafuyia in Jos …at the weekend

Oladipo and National Auditor, Fatai Adeyanju, had obtained restraining court order preventing PDP from conducting elections into the three positions. The Jerry Gana-led Concerned PDP Stakeholders' Forum has also set up a 57-member steering committee with former Deputy President of the Senate, Ibrahim Mantu and former Minister of Education, Prof. Tunde Adeniran, as co-chairmen. Meanwhile, the Deputy President of the Senate, Ike Ekweremadu, has dismissed media reports of existing factions in the PDP. Ekweremadu, who spoke at the Nnamdi Azikiwe International Airport, Abuja, on arrival from Port-Harcourt, in company of Makarfi, said what existed within the PDP were only contending interests, which, according to him, were normal in any political family. He said: “For the purpose of clarification, there are no factions within the PDP family as I speak. What we have are contending interests. Such is common in any party. Yes, there were some disagreements, but the good thing is that we have not allowed such

We shunned strike to guarantee workers’ salaries - TUC CONTINUED FROM PAGE 4

capital, disclosed that TUC shunned the industrial action to guarantee workers’ salaries. He said that the country's economy would have collapsed if the union had insisted on the old pump price regime of N86.50 or joined the NLC to embark on the strike. According to him, the old price regime became practically unsustainable, given the facts and figures presented to the union by the Federal Government’s team during negotiations. “Our economy is heavily dependent on crude oil sales and in the figures presented to us, the Nigerian National Petroleum Corporation (NNPC) made N550 billion on sales

of crude and only N50 billion was remitted to the Federation Account. “The chunk of N500 billion was used to import refined petroleum products. That was the reason the three tiers of government in the last federation account meeting shared what was considered to be the least to be shared in the last 16 years. “If we had insisted on the N86.50, our members would not receive salaries in the next two months. “So, when we saw this position. Instead of remaining dogmatic, we opted for negotiation on how to move forward to avoid the collapse of the economy,” he said. Kaigama said that the union signed an agree-

influences, that they are not free to do their work. “How many of them can resist any influences from above and from different places? We are back to the rules and to how things are done properly. I would have hoped that the whole process of dealing with the cases of corruption can be dispensed with without too much rigmarole and we still ensure that justice was done," he said.

ment with the Federal Government to address the issues of minimum wage and palliatives for Nigerians to cushion the effects of the increase. Also, Governor Adams Oshiomhole of Edo State explained that he stood with the Federal Government on the new price of petrol because the fundamentals and economic indices are different from what they were a few years ago. According to him, it doesn’t make economic sense for the government to spend more than half its earnings just on fuel subsidy to the detriment of other development programmes. Speaking at a thanksgiving service in Benin

City, Oshiomhole said the government of former President Goodluck Jonathan spent as much as N1.2 trillion on fuel subsidy. “As many of you might have known, this is not my first time in the struggle against pump price increase. I have fought it over and over again, and at a point, God used us to shut down the country just to make a point to the then government in power, but the truth is that the fundamentals have changed. “Under President Olusegun Obasanjo, we were talking of N20 billion for subsidy. And Obasanjo would ask me, Comrade, N20 billion can build XYZ road. I think the last one was about N40 to N45 billion a year for subsidy.

“However, the last government under President Goodluck Jonathan quadrupled the number to N1.2 trillion. When your total earning is about N2 trillion and you spend more than half for petrol, how much will you use for your house? How much money will you use for clothing of your children? How much will you use to send your children to school? “There will be sacrifice. So, no pain, no gain. I believe this is the time to accept a lot of pains, so that once free, the gains will come. I know under President Buhari, the gains will come. I know that this time will come and go and Nigeria will maintain its progress."

disagreements to degenerate into a major crisis that would warrant factions. “Instead, what happened in Port Harcourt over the weekend further confirms PDP’s capacity to resolve issues in favour of laid down precepts and in the overall interest of our great party and nation. I am sure what happened in Port Harcourt remains a disappointment for those who were expectant of major crisis and factions in the PDP because we emerged from the convention more determined to change the change, to save our economy, reposition the electoral process, and make life more bearable for the suffering masses of Nigeria again.” Ekweremadu, in a statement by his media adviser, Uche Anichukwu, said there were no legal or judicial encumbrances to the convention or the emergence of the interim NWC, maintaining that the convention did not conduct any elections. He said the NWC simply acted within its constitutional powers as the highest decision-making organ of the PDP to appoint an interim NWC to oversee the affairs of the party and also conduct elections into the NWC positions within 90 days. The Deputy President of the Senate expressed confidence in the leadership qualities of Makarfi and his team. He enjoined them to make the reconciliation of all aggrieved and divergent interests within the party their priority. “Distinguished Senator Makarfi is a quality leader, a pan-Nigerian, and someone I have worked with for many years in the Senate. He also served on the PDP Post Election Review Committee, which I chaired; I am sure his team is already reaching out to reassure all interests and amicably resolve any outstanding issues ahead of conducting a free, fair, and credible election of NWC members in line with the mandate handed to them by the party in Port Harcourt,” he added.

national | news

monday, may 23, 2016 NEW TELEGRAPH

Why I can’t protest against increase in fuel price, by Bakare Wale Elegbede

he Senior Overseer of the Latter Rain Assembly and convener of the Save Nigeria Group (SNG), Pastor Tunde Bakare, has said that the current situation surrounding the increase in price of fuel is not the same when he led the Occupy Nigeria protest against hike in fuel in 2012. Speaking yesterday in Lagos during a State of the Nation broadcast held in his church, Bakare, who was the running mate to President Muhammadu Buhari in the 2011 presidential election, said there was no political motivation in SNG’s driven protest in 2012. Bakare played pivotal role in the 2012 ‘Occupy

Nigeria’ mass protest against the removal of fuel subsidy by the government of former President Goodluck Jonathan. “The current situation differs significantly from the corruption-ridden 2012 subsidy crisis which we rose against. We were not against the economic arguments behind fuel subsidy removal. Instead, we wanted the government to investigate the subsidy regime, bring culprits in the maladministration of that regime to book.” While noting that his group has not changed its earlier conviction on fuel subsidy in spite of a change in government, Bakare said the SNG chose not to mobilise Nigerians for a protest because, “We have only

acknowledged that the new government has persistently demonstrated its anti-corruption stance while seeking policy solutions to the economic crisis, though there have been gaps in policy management. “Therefore, the call of the moment is not for the mobilisation of the citizenry in mass protest against an oppressive government but for all hands to be on deck to help a government that apparently genuinely seeks the welfare of the Nigerian but is faced with overwhelming challenges.” The fiery clergyman, however, urged the government to communicate clearly and transparently to Nigerians on the current petrol price policy, adding that effective governance

at the federal, state and local levels must become the pivot of all palliative measures to alleviate the sufferings of the masses. Explaining ways by which social welfare programmes can be funded by the government, he said: “The anti-corruption war should be extended beyond the misappropriated defence funds generally referred to as “Dasuki Gate”; it should include the 2010-2011 fuel subsidy regime that has been linked to the theft of over N1 trillion of public funds in an election year. “Indicted firms and persons should be investigated and stolen funds recovered, and these recovered funds should be injected, by way of a supplementary budget, into mitigating our infra-

structural decay as well as the social welfare programme.” Bakare further appealed also to civil society, labour and the Nigerian people to come together to engage the government intelligently in finding solutions to the subsidy conundrum, adding that the government should take other pro-people ideas into consideration and do all to alleviate the sufferings of the people. While calling for the overhaul of the Nigerian system and structure, he said, “Right now, about 27 states in the federation are broke and unable to pay salaries. Such a system of dependent, nonviable federating units is unsustainable. “The call towards restructuring must be

embraced while ensuring, through intelligent engagement, that the government is kept on its toes in delivering its promises to Nigerians. This call transcends political affiliation. “It means that the socalled opposition parties must organise to engage the party in power intelligently and with alternative solutions rather than merely setting their sights on the next elections. “It means that the All Progressives Congress must remember Nigerians are watching and must seek the most enduring ways to deliver on the promise of a New Nigeria. It means that civil society must keep itself abreast of the important facts and marshal those facts in engaging the government.”

IPMAN, Star Petroleum sign supply deal T he Independent Petroleum Marketers Association of Nigeria, IPMAN the umbrella body of the Oil and Gas distribution chains in Nigeria has signed a fiveyear Thruput and Trading agreement with Star Synergy Petroleum Services Limited. The agreement includes storage and supply of PMS, AGO, DPK and Aviation across Nigeria. The new agreement will boost IPMAN’s over 2,500 gas stations in Nigeria and as a direct move to play a major role in the deregulation of the sector by the Federal Government of Nigeria, according to the Managing Director of Star Synergy Petroleum Services, Engi-

neer Babatunde Babalola. “The arrangement between IPMAN and Star Petroleum is coming at a time the Nigerian government is doing all in its power to make petroleum products available in good quantity to all Nigerians and as such we must play our role positively to enhance the government gesture. “Though the recent increase in pump price of petroleum products, especially PMS, otherwise known as Petrol, came at a time the nation’s economy was going through one of its worst moment since nationhood but with the assurance from the President Muhamadu Buhari-led Federal Government, Nigerians would soon smile."

JAMB to bar 124 candidates from taking UTME Mojeed Alabi

he Joint Admission and Matriculation Board (JAMB) is set to sanction about 124 candidates by barring them from sitting for the examination within the next three years. That was part of the fallout of the crisis that rocked the 2016 edition of the Unified Tertiary Matriculation Examination (UTME). This is even as some senior officers and heads of departments with JAMB are already serving one punishment or the other for their alleged roles in the flops the examination suffered. The Registrar of the Examination body, Prof. Dibu Ojerinde, who stated this recently, accused

some unnamed individuals and organisations of frustrating the efforts of JAMB to conduct credible examinations that was devoid of malpractices. According to Ojerinde, the 124 candidates have been found to have registered more than once and sat for the examinations at different locations, using different thumbs for the biometric data capturing records. He said the minimum punishment will be their suspension from the examination for the next three years and that by that action, many of them may not gain admission to any higher institution in Nigeria. Ojerinde added that some of the heads of the agency’s offices in some states have already been transferred.

Deputy Senate President, Senator Ike Ekweremadu (right) and with the National Chairman, Peoples Democratic Party (PDP), Ahmed Maikarfi, on arrival at the Nnamdi Azikiwe International Airport, Abuja after the PDP Convention in Port Harcourt… yesterday

Why power generation dipped, by Fashola Adeola Yusuf

he Power, Works and Housing Minister, Mr. Babatunde Fashola (SAN), has given an insight into what led to the general power supply dip. He called for an end to practices like cutting gas pipelines through which gas for the supply of over 80 per cent of electricity to the whole country goes to the various gas plants across the country. The minister, who according to a statement, said this in Lagos after delivering a keynote address at the Nigeria Urban Design Forum 2016 at the LCCI Conference Centre in Ikeja, also assured the nation that incremental, steady and eventual uninterrupted power supply was achievable in the country. Noting that 23 of the nation’s power plants are gas powered, Fashola added that it was important for those involved to stop vandalizing and cutting gas pipelines, adding that it was also imperative that all those involved in the act be sensitized on

the evil consequences of their nefarious act to the economy and the people of Nigeria. Attributing the low power supply currently being experienced in the country today to the vandalism of some gas pipelines across the country, Fashola declared: “We are ready and willing to supply power but as I have said before, our power plants are no different from your generators at home. If you don’t have fuel, you cannot operate the power plants”. “The main source of about 23 of our power plants is gas. So, when people break the gas line, it’s like breaking the diesel tank or your petrol tank that supplies your generator at home and that’s why the power situation is currently this bad. So, as soon as we restore those gas pipelines, power will improve”, he assured. He appealed, however, that it could only happen if the citizenry cooperate with the government by taking ownership of and protecting the various

power supply facilities across the country. The government, Fashola said, was ready and willing and has mapped out its programme to take the country to incremental power from where it intends to move to steady power and ultimately to uninterrupted power supply. The Minister, who was responding to a journalist’s question on why power generation had gone down, Fashola said: “But one of the things we should stop doing is to stop cutting gas pipelines and all of you (the media men and women) must sensitise all of those who are involved because that’s why supply is down.” On government’s plans concerning other renewable sources of power, the Minister disclosed that there are proposals that government is currently receiving especially from those who want to do solar and other forms of renewable energy, adding that the major incentive for such investment was the market.

Reps to buy made-in-Nigeria cars Philip Nyam Abuja

he House of Representatives has resolved to buy locally-made vehicles as official cars for its members. Chairman of the House Committee on Media and Public Affairs, Hon. Abdulrazaq Namdas, who disclosed this, however, did not disclose the make or the company that will supply the cars. Namdas could not also make known the unit cost or total cost of the cars, as well as their numbers. "I told you we are going to buy cars, but I want to confirm to you that it will be made-in-Nigeria cars. So, do not worry. We are buying vehicles and when they come, you will see them" According to the House spokesman, the decision to buy locally-made vehicles was a deliberate ploy by the House to lead the campaign to patronise made-in-Nigeria goods as well as encourage local entrepreneurs.

monDAY, MAY 23, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS Juliana Francis

The suspects

How I stole N2.5m phones, by herdsman City Briefs

Rescued woman gives birth in IDP camp Ibrahim Abdul Yola

n abducted woman who was rescued from Sambisa forest, Mrs. Jummai Haruna, has delivered a baby boy at the Damare Internally Displaced Persons (IDP) Camp, Yola, Adamawa State. But for the woman, it was a bundle of joy mixed with sorrow. Jummai had a baby girl for her authentic husband, Mallam Haruna, but the girl was killed in Sambisa. While in Sambisa, Jummai was forcibly made to cohabit with a man identified as Abdulhamid, who is the father of the newly born baby boy. Jummai had bullet wounds on her face from the lower chin to the mouth

while her right hand is almost paralysed. Ironically, her husband, Haruna, is willing to take her back but she is still receiving care at the Adamawa-German Medical Centre. Camp officials said that her authentic husband wanted her moved to his sister’s place in Mubi, but government wants her to get proper medical care before leaving the camp. Confirming this development, the state Commissioner for Information, Mallam Ahmad Sajoh, said: “Hers is a pathetic story full of lessons, a bullet passing through the face but missing the brain, and through the upper arm but missing the heart. “If God says you will survive, you will survive.”

Fulani herdsman, Musa Abdullah, has told officials of the Rapid Response Squad (RRS) in Lagos that he used his ‘stick’ to break into a shop where he stole phones valued at over N2.5 million. Abdullah, 30, from Kano State, confessed to have sold the phones for a paltry N150,000. The suspect, who said that he had four wives and five children, added: “I broke the shop’s locks with my ‘sanda’ (stick). I use the stick to control my cows. I saw the shop while I was taking a cow to Ojodu Berger. I broke into the shop around 1:30am. I took all the phones. I left the phones’ packs with their accessories so that I can carry the phones. I sold all the phones at Railway Line Market, Agege for N150,000.” Abdullah was arrested on Friday at Abattoir, Agege, along with a phone dealer, Yusuf Ibrahim. They were arrested for stealing 65 phones. The phones belonged to Nelson Mendie, 27, a phone seller at Ogba, Ikeja. On April 24, Nelson lodged a complaint at Ogba Police Station that his shop was burgled and his 65 phones stolen. He said: “Someone told me that RRS is very good at tracking lost phones and cars. I reported the case to RRS on Thursday last week. I gave them some of the phone packs. On Friday, they invited me to their office to come and see the suspects. I was very shocked that a Fulani man I had never seen before broke into my shop. I saw 15 of my stolen phones. I’m very surprised. But as it is now, I want my money back because those who bought

the phones had been using them.” The receiver of the stolen phones, Ibrahim, said that he bought 15 phones with no accessories from Abdullah for N150,000. He said: “The phones are very expensive phones. Some of the phones cost nothing less than N75,000 each. I sold the phones to 15 people because I sell second hand goods. I regretted buying the phones from him.” Among the 15 phones recovered were two Samsung Galaxy Cone (G355 H), two Samsung Galaxy Tab 4, Microsoft Lumia 430, Tecno Phantom A3, Infinix Joypad 8, two Infinix Note 2, three Infinix Hot, Infinix Hot Note and Nokia 225, two G Five Z. One of the stolen phone users, who bought two Samsung Galaxy Tabs and two, Samsung Galaxy Cone, both at N35,000, claimed that he was told the phones were London used. He insisted that he never knew that they were stolen phones. The man added that he noticed the phones were new ones. He said that Ibrahim assured him that they were not stolen phones, and that he would take responsibility if there was any problem. He said he even wanted to buy for his wife, but for lack of funds. He added: “I even thought they were fake China phones. It was when I started using the phone that I discovered it was genuine. A lot of people who saw it in my hands couldn’t even believe I got it at that price.” Confirming the arrest, the acting state Police Public Relations Officer (PPRO), Damasus Ozoani, a Deputy Superintendent of Police, said the police were on their guards and poised to rid the state of criminals.

Navy honours slain officer Task force impounds 108 Flora Onwudiwe motorcycles T

he Chief of Naval Staff (CNS), Vice-Admiral Ibok Ette Ibas, has named a boat manufactured in Port Harcourt, Rivers State, after the late Lieutenant Commander, Emmanuel Ugwu. Ugwu was killed by militants in the creeks. The boat, ‘Tug CDR Ugwu,’ was locally-built by the Nigerian Navy at the Naval Dockyard, Port Harcourt. ‘Tug CDR Ugwu’ left Port Harcourt last Monday arrived Lagos last Wednesday to partake in the Nigerian Navy Diamond Jubilee. The Nigerian Navy Diamond Jubilee com-

menced on Saturday, with a Jumat service on Friday. There was also an interdenominational service on Sunday. The presentation of the Tug boat took place at Naval Base, Apapa. The Flag Officer Commanding (FOC), Western Naval Command (WNC), Rear Admiral Fergusson Bobai, said: “The tug boat is one 100 per cent built at the Naval Shipyard in Port Harcourt. It is the first of its kind. We believed that with this giant stride, we have a lot and will continue to improve. We will build more Tug boats of this kind. “The materials used in building the boat are 70 per cent sourced locally. But the engines and generators were imported.”

Muritala Ayinla

agos State Task Force on Environmental Sanitation and Special Offences Unit yesterday said that it impounded 108 motorcycles plying prohibited routes and arrested 163 miscreants in one week. This was even as the state Commissioner of Police, Mr Fatai Owoseni, decorated two newly promoted policemen attached to the task force. The task force Chairman, SP Olayinka Egbeyemi, said the suspects were charged to various environmental courts. Egbeyemi promised that the agency would continue to enforce the Traffic Law 2012. He charged other police

and paramilitary officers working with the agency to be more dedicated to their responsibilities in order to collectively sanitise the state. The chairman attributed the success being recorded by the task force since he assumed office to the new training and induction courses he introduced into the agency. He thanked Governor Akinwunmi Ambode and Owoseni for their unflinching support to the agency. Meanwhile, Adeoluwa Taiwo, who was promoted to Deputy Superintendent of Police (DSP) in 2011, was decorated with his new rank of Superintendent of Police while Sunday Ikharere was decorated with his new rank of DSP.

METRO

monDAY, MAY 23, 2016 NEW TELEGRAPH

Abducted reverend sisters regain freedom Babatope Okeowo Akure

olice in Ondo State yesterday rescued the two reverend sisters kidnapped on Benin-Ijebu-Ode Expressway. This came exactly a week after they were adopted on their way to a religious function. The reverend sisters, Apo Perpetual and Roseline Familade, were kidnapped last Sunday at Kajola village in Odigbo Local Government Area of the state when they were travelling to Ogun State for a religious programme. The nuns were rescued by a team of police in the state and men of

Perpetual and Roseline

the intelligent squad sent from Abuja by the Inspector General of Police (IG), Solomon Arase, for the rescue mission. The state Police Public Relations Officer (PPRO),

Mr. Femi Joseph, who confirmed this, said the victims were hale and healthy. He refused to give further information about how the nuns and their

driver were rescued. Joseph told our correspondent on the phone that “all what I can say for now is that the reverend sisters and their driver have been rescued by our men and the intelligent squad sent by the IG from Abuja. “We are still on the trail of the suspects and we will soon arrest them because we are presently combing the area where we rescued them. “They quickly abandoned the kidnapped victims when they discovered that we were closer to where they hid them. “No ransom was paid before we secured their release but very soon, the police will arrest those kidnappers.”

Two killed over boundary dispute Uchenna Inya ABAKALIKI

wo persons have been killed in a renewed boundary dispute between the people of Ochenyim village, Amagu community in Ikwo Local Government Area of Ebonyi State and Adadama community in Abi Local Government Area of Cross River State. The victims, from Ochenyim village, are Okechukwu Ogwa (28) and Mrs. Nweke Nwankwo. The assailants also attacked policemen guiding the disputed land. The Ochenyim village Head, Chief Peter Azuegu, said the first victim, Nwankwo, went to harvest cassava in a farm near the disputed

boundary when she was killed by the warlords who laid ambush for her. When contacted, the state Police Public Relations Officer (PPRO), ASP George Okafor, confirmed the incident. He said: “The matter was reported to the police that Nweke Nwankwo left her house about 9am to harvest cassava but did not come back and nobody could trace her whereabouts.” Okafor noted that immediately the matter was reported to the police, a team of policemen was sent to the disputed area to support mobile and conventional policemen on ground. But, according to him, immediately the policemen arrived, the

Camillus Nnaji

he father of two girls, Chikamso and Chinaza Opara, who were abducted by an apprentice hairstylist nine days ago at the Ajegunle area of Lagos State, yesterday said he and his wife had decided to leave the issue in the hands of God. The apprentice, Rose, abducted the kids from the salon, where their mother is a manager. Rose applied at the salon as an apprentice but disappeared with the kids four days later. Their father, Mr. Emeka Opara, said nine days after his children’s abduction, nobody had contacted the family. He added: “We have no clue yet to their whereabouts.” Opara said they had employed all human contacts in order to get back their children, without success. The family, according to him, has now decided to put their fate in the hands of Almighty God, through prayers in churches, by pastors and family members. He said: “Today (yesterday) is the eight day. We have not seen our children. We have tried our best as human beings. We have

hoodlums opened fire on them. He added: “They were using real bullets. They actually wanted to kill our men but God being on our side, no policeman

was killed.” The PPRO warned the people of the area to avoid the disputed land even as he urged them not to take laws into their hands.

9 Gunmen abduct three schoolboys in Ebonyi Uchenna Inya ABAKALIKI

hree students of Federal Government College, Okposi in Ohaozara Local Government Area of Ebonyi State have been reportedly abducted. The victims, Tochukwu Eneh and Chukwuemeka Ugwu, who are in JSS3 and another whose name could not be immediately ascertained, were last seen on Thursday May 12. Tochukwu is from Obioma while Chukwuemeka hails from Nsude, both in Udi Local Government Area of Enugu State. The boys were reportedly abducted near the school on that fateful Thursday. According to family sources, the students, who just finished their final examinations same day, were in a happy mood because they were to go home the next day. But that evening, a group of schoolboys, including Tochukwu and Chukwuemeka, were returning to school from the barber’s shop when they were accosted by some suspected kidnappers who ordered them to stop.

Alarmed, the schoolboys scampered away in different directions. But in the ensuing melee, the kidnappers grabbed Tochukwu and Chukwuemeka. It was gathered that all the other students, except three, made it safely back to school. However, the frightened boys did not raise the alarm because of the consequences of breaching school regulations. So, the incident did not become known to the authorities until the following day when Tochukwu’s guardian did not see him at home. The said guardian, a female worker in the college, had some items which she wanted Tochukwu to take to his mother in Enugu. When she learnt what had happened, she then notified the school authorities and the parents of the victims. When contacted, the state Police Public Relations Officer (PPRO), ASP George Okafor, said he was not aware of the incident at the time of filling this report. Okafor said he was just coming into the state from Abuja on an assignment.

Supposed female bomber flees with suicide belt Muhammad Kabir Kano

A IG, Arase

‘We leave our daughters’ abduction in God’s hands’

Chinaza

Chikamso

now handed everything over to God. The family has involved different churches, pastors and family prayers. The public and concerned individuals should help us in prayers to locate our children.” Okpara said the family had no knowledge of where Rose came from. Rose had earlier promised to bring her guarantor for proper

identification and signing of agreement form before she abducted the kids. She opted to resume immediately, in order not to stay idle pending when her people would come for paper formalisation. No one knew she had any sinister motive. The family has reported the abduction at Ajegunle Police Station.

supposed female suicide bomber, Khadija Ibrahim, who ought to have hit Kano Textile Kwari Market, fled with the suicide belt to the police. Ibrahim was said to have been abducted by the terror group in Maiduguri while on her way to the hospital. She reportedly became unconscious after she was injected while the terrorists strapped the suicide belt on her body. The state Police Commissioner, Abbati Dikko, paraded the mother of three before Governor Abdullahi Ganduje yesterday. Ibrahim was said to have been abducted at a bus stop in Maiduguri. Ibrahim said she was going to the hospital when some people stopped her, claiming they wanted to give her a lift to the hospital. According to her, she immediately lost consciousness after she was injected until when she heard that the car they were riding in had developed a problem. The woman also said she overheard one of her

Ganduje

captors say ‘have you injected her?’ According to her, that was when she realised that she was in Kano. Ibrahim added that her abductors told her that she would go to Kantin Kwari in Kano and do “aikin Allah” (God’s job) and put the suicide belt on her. She also said that it was in the course of repairing the car that she learnt the kidnappers had strapped explosive devices on her body. Ibrahim said when the car stopped; she took to her heels before security agents rescued her around 11pm and took her to the police station. During the parade, Ganduje urged Kano residents to be very vigilant, especially those around the market where the failed suicide mission would have taken place.

NEWS | national

monday, may 23, 2016 NEW TELEGRAPH

$3.25bn grant: World bank asked to publicise governors’projects

human rights and good governance advocacy initiative – Make A Difference (MAD) yesterday asked the World Bank to demand from each of the 36 state governors, the development projects they wish to execute, verify their relevance to their people before deciding on whether or not to release the said $3.25 Billion funds. Last week, the governors had met with officials of the World Bank led by its Director, Rachid Benmessaoud, in Abuja to negotiate for the release of $3.25 Billion fund, being balance of $4.25 Billion having released $1 Billion to some governors already. MAD said should the World Bank be convinced to release the said funds to the governors, it has an obligation to publish the projects for which the

money was released in line with the principles of transparency, accountability and probity. In a statement signed by the Executive Director of MAD, Lemmy Ughegbe, the Initiative said: “Whereas MAD appreciates the goodwill of World Bank to support development in the states through the dedicated funds, it however requests that the global institution is thorough, meticulous and detailed in the process leading to approving and releasing the funds.” The group noted that since the return of Nigeria to democracy in 1999, state governors have had a history of collecting loans and grants and diverting same to their personal purses rather than deploying them to the purpose for which they were accessed ab initio.

It however decried that practice, which it said had made many thieving governors stupendously rich while plunging their states and people into the abyss of poverty with attendant lack of infrastructural development. The statement reads in part; “MAD therefore wants the global bank to demand from each governor concrete development projects, which they seek to execute and the time frame for finishing the said projects if the said $3.25 Billion is made available to them.” “In line with the principles of transparency, accountability and probity, MAD also wants the bank to publish in some National Dailies each of the development projects proposed by each governor for which the fund was released”, it added.

FG reassures APC leaders on appointments Johnchuks Onuanyim Abuja

o douse the palpable tension over the appointments of members of the All Progressives Congress into boards of parastatals and agencies, the Federal Government has reassured the state chairmen and the secretaries of the party of working in their favour. The assurance came from the Secretary to the Government of the Federation, Engr. Babachir Lawal, who led a delegation

The life expectancy of women at age 60 years of DPR Korea in 2010-2015. Source: Un.org

L-R: Former Director General, Manufacturers Association of Nigeria (MAN), Mr. Jide Mike; Director, Standard Organisation of Nigeria (SON), Mrs. Oluremi Ayeni and former Minister of Industry, Trade and Investment, Mr. Joseph Musa, during SON’s World Metrology Day in Lagos…at the weekend.

I formerly known and addressed as Amos Laye now wish to be known and addressed as Amos Jothan Erelayefa. All former documents remain valid. UBA Plc and the general public please take note.

Sexxy

This is to confirm that Wee Sexxy and Ebitimi Wee Sexxy refer to one and same person now wish to be known and addressed as Wee Sexxy. All former documents remain valid. First Bank Plc and general public take note.

emony and commissioning of new machinery at the plant location in Kano also witnessed rewarding of distributors at various categories. Speaking at the commissioning of the plant in Kano at the weekend, President, Chief Executive Officer of the group, Dangote Industries Limited, Aliko Dangote, assured stakeholders that the mill was back for pro-

Police kill driver over N100 T

here was pandemonium yesterday at Igando, a suburb of Lagos, as an alleged trigger happy policemen shot and killed a commercial bus driver. Witnesses in the area said, the unidentified driver was shot at close range by one of the policemen, who were on patrol of the area, after demanding for N100 gratification from the deceased, who was said to have declined

Bakre-Yusuf

I formerly known,called and addressed as Yusuf Opeyemi Shukurat (Miss) now wish to be known, called and addressed as Bakre-Yusuf Opeyemi Shukurat (Mrs). All former documents remain valid. General public please take note.

Akeyo

I formerly known and addressed as Miss Oladosu Oluwakemi Abosede now wish to be known and addressed as Mrs Akeyo Oluwakemi Abosede. All former documents remain valid. University of Lagos (UNILAG) and general public note.

PUBLIC NOTICE

Dangote flour restructures operations A

Taiwo Jimoh

dated in the appointment. "He stated that the presidency was concerned that appointments of Board members would be round pegs in round wholes". Briefing the state chairmen and the secretaries on the board appointments, the SGF said, "issues that we know have been heating the polity, especially within the ranks of APC, is the issue of political appointments. I can see some of you are nodding your heads to this". It was reported recently that the presidency through the office of the Secretary of the Government of the Federation was compiling a new list. Also, another media report stated over the weekend that the office of the SGF was collecting N20 to N50 million from would be board members to include their names.

CONFIRMATION/change OF NAME

Erelayefa

PHOTO: SULEIMAN HUSAINI

s part of its restructuring process for greater market share, Dangote Flour Mills has reopened its plant in Kano with plans to grow wheat in the state. The plant was shut down by Tiger Branded Consumer Goods of South Africa following its acquisition of the flour mill. The reopening cer-

of the cabinet members to a stakeholders meeting with the leadership of the APC in the states at the National Secretariat of the party in Abuja. A state chairman of the APC, who spoke in anonymity, said that the presidency assured them that they were working in tandem with them and that they should disregard what they read from the media. He said: "We were told to disregard the reports in the media on the board appointments. We were told that the delay in the release of the appointments was as a result that the presidency wants to get it right. "The SGF assured us that the list would soon be released as the compilation was on going. According to him, no party member should feel that he would not be accommo-

giving the policeman. The action of the driver was said to have annoyed the policeman, who cocked his gun and shot him around 5pm, on the chest causing serious traffic and panic as many roadside traders and resident deserted their shops for fear of reprisal attack from other drivers. When contacted, the Deputy Police Public Relations Officer (PPRO), DSP Ozoani Damasus, said he was not aware of the incident.

duction and would not be shut for any interest. "I will like to assure you that we are back for good and we will never close this mill again. It has always been my desire to increase our investments in Kano. We are also looking forward to venturing into farming in the state, where we can create a lot of jobs and I think this flour mill will help us achieve this feat

in Kano. "Kano is very strategic because most of our products, be it flour, sugar, pasta, enjoy a lot of patronage and support. I want to announce that we have successfully reengineered Dangote Flour Mill, so as to meet the emerging challenges in the market place and also to meet the ever changing demands of our esteemed and loyal consumers."

Jail sentence: Omatseye files appeal T he lawyer to Temisan Omatseye, former director general of the Nigerian Maritime Administration and Safety Agency, NIMASA, Edoka Onyeke, has appealed against the five-year sentence handed to his client by Justice Rita Ofili-Ajumogobia. Ofili-Ajumogobia of the Federal High Court, Ikoyi, Lagos, pointing to approval above his threshold of N2.5million, sentenced Omatseye to five years imprisonment without an option of fine.

Arguing that his client was being persecuted and not prosecuted, Edoka pointed out that yes, contract splitting exist in the law, but approval above threshold does not exist. Ofili-Ajumogobia had in delivering the judgement noted that the embattled former DG of NIMASA, who faced a 27 count charge bordering on bid rigging and contract splitting worth N271 million while he was the boss of the Maritime regulatory agency was on suspension.

KING JESUS OUTREACH

The general public is hereby notified that the above named Church has applied for registration to the Corporate Affairs Commission, Abuja, Under Part “C” of the Companies and Allied Matters Decree 1990. The Trustees are: 1. Pst. Barr. Scent R. Ekine –General Overseer. 2. Mr. Samuel T. West –Secretary. 3. Mr. Wright McFlagg. 4. Chief Adokiye Benett Gira. 5. Mr. Dominio Sokari Horsefall. 6. Sist. Tonye Clinton –Treasurer. 7. Sist. Fabiawari Goodhead. 8. Sist. Gloria O. William-West AIMS AND OBJECTIVES 1. To establish a convenant relationship between God and man. 2. We teach people on how to serve God through the medium of our meetings. 3. We gather people of all races for formal training. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: Pst. Barr. Scent Ekine

PUBLIC NOTICE

REACH THE REST CHRISTIAN MISSION

This is to inform the general public that the above named has applied to the Corporate Affairs Commission Abuja, for registration under part "C" of the Companies and allied Matters Decree 1990. The Trustees are: 1. Reverend Olarinre James Olawale –President 2. Reverend Olatunji Johnson Olusola 3. Reverend Abiola Olufemi Omolade 4. Mr. Oguntona Benson Oluwagbemiga 5. Mr. Adejumo John Abiodun –Secretary 6. Mr. Olapade Ademola John –Treasurer.

AIMS AND OBJECTIVES 1. To proclaim the gospel of Jesus Christ especially to the unreached people. 2. To mobilize and motivate planters and missionaries with both materials and spiritual resources for the great commission 3 To provide support to the less privileged such as motherless babies homes as the Lord provides. Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: TRUSTEES

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Okorie

Politics

Buhari has saved Nigeria from collapse

Yakasai

Buhari:

One year after

Nigerians still expecting change from APC

12 12

Waiting for promised change Despite the gains of the anti-corruption war, the inability of the Muhammadu Buhari administration to fulfill most of its campaign promises in the last one year is gradually eroding the euphoria that ushered in the All Progressives Congress (APC)-led government, FELIX NWANERI reports

ith great expectations, Nigerians ushered in the Muhammadu Buhari All Progressives Congress (APC)-led government on May 29, 2015 after 16 years of unbroken rule by the Peoples Democratic Party (PDP). The euphoria that greeted the government was not unexpected. Many had blamed the nation’s woes on “PDP’s misrule” and it was expected that the APC government would turn things around. The then opposition party had made a catalogue of promises during the campaigns and there was no doubt among the populace that Buhari, a former military leader, was unaware of the heavy burden he must shoulder to turn the tide given his tortuous road to presidency. The journey began in 2003, when he took the first shot on the platform of the defunct All Nigerian People’s Party (ANPP), but was defeated by Chief Olusegun Obasanjo of the PDP. He was back in 2007, also on the platform of the ANPP, but was again defeated by late Umaru Yar’Adua, In 2010, he left the ANPP to form the Congress for Progressive Change (CPC). It was on this platform that he contested the 2011 presidential election against Dr. Goodluck Jonathan, also of the

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

President Buhari during his swearing-in on May 29, 2015

PDP, but lost for the third time. As fate would have it, Buhari defeated Jonathan in the 2015 polls, thereby making history as the first Nigerian to defeat of an incumbent president in Nigeria’s political history. He also became Nigeria’s second former military ruler after Obasanjo to return to the presidency through the ballot. But not much has changed after one year of the APC-led Federal Government. The high level dissatisfaction and discontent in the polity that compelled most Nigerians to seek for a new beginning in the last general elections is yet to be addressed, no thanks the “empty treasury” President Buhari claimed he met on coming to power and the nation’s dwindling revenue as a result of falling prices of oil at the international market. Many Nigerians are however not interested in listening to the tale of economic recession as a justification for yet to be fulfilled promises. To them, the President and his party were aware of the prevalent situation before they made promises of a better life for the citizenry. Despite

patience running out, the government has persistently appealed for time to work out measures to alleviate the sufferings of the citizenry even as the opposition political parties keep reminding the ruling party of its promises to turn the country to an Eldorado within the shortest possible time.

Buhari has started feeling the heat of leading Africa’s most populous nation

Catalogue of promises The dynamism Buhari and the APC leadership introduced in the 2015 presidential campaign saw the former military ruler extending his campaign beyond the northern part of the country, perhaps for the first time since 2003 he started vying for the country’s top job. His campaign train which took off from Port Harcourt, Rivers State on January 6, 2015 criss-crossed 35 out of the 36 states in the country and the Federal Capital Territory except Yobe due to the security situation in the North-East then. He made several promises, which he said will bring positive changes in the lives of Nigerians within two years as his desire for change has not diminished. The

promises revolve around three key issues – fight against corruption, insecurity and job creation. According to his blueprint, part of his strategies and plans, especially in the area of corruption, is to draw a line to ensure that the cankerworm, which has remained bane of Nigeria’s development, is dealt with. His words then: “Corruption has assumed such a high proportion. It stands for our culture in Nigeria. I have gone through so much to know this. If we say we are going to look back, we will never move forward. We will try and draw a line. Whoever has misappropriated public resources knows. He should also know how to cough them up because a line will be drawn from May 30 (2015). Henceforth, whoever is trusted with public office and betrays the trust would be dealt with.” On the economy, he said: “We have lined up programmes on how to tackle unemployment. We are going to assemble a team of professionals for wealth creation and employment for our teeming youths. CONTINUED ON PAGE 13

POLITICS

National Chairman of the United Progressive Party (UPP), Chief Chekwas Okorie says the Muhammdu Buhari administration has saved Nigeria from total collapse. TEMITOPE OGUNBANKE reports What is your assessment of the Muhammadu Buhari-led government in the last one year? He has used the greater part of his one year to consolidate and to learn the road. He has been a military Head of State before but democratically, this is his first outing. His emergence is a new experience for Nigerians because this is the first time we are witnessing one civilian government handing over to another in a democratic setting. He came with challenges and for some of us who are in friendly opposition; we seem to give him a benefit of a doubt. And considering that he has not implemented any budget of his own, we cannot truly assess his government. I believe it is now that he has signed a new budget that his true assessment will begin. Do you think that the president has really met your expectations? Actually I didn’t expect too much because I believe the All Progressives Congress (APC) and Peoples Democratic Party (PDP) are two sides of the same coin, so I wasn’t expecting magic. The only thing that made APC different is the personality of President Buhari. But considering that he is working in the midst of different characters, I didn’t expect much.

Buhari:

MONDAY, MAY 23, 2016 NEW TELEGRAPH

One year after

Buhari has saved Nigeria from collapse – Okorie But to be very candid, I didn’t also expect the type of stealing and looting of our common patrimony in the magnitude that it was looted. The exposure was quite disturbing and my pity goes to a person like President Buhari. It was misfortune to inherit that type of situation. The APC during the last general elections promised Nigerians positive change but some Nigerians are saying that what is playing out is not the change they voted for? Things are very tough now and if you seek general opinion, there are people who believe that the last administration was better than present one. But that is as far as immediate comfort or discomfort is concerned. But for me, things have to get a bit rough before they get better. So far it has been very rough, difficult and painful but only somebody with a character of President Buhari can take some of the painful, difficult and bold decisions that he had taken. For the first time, we are going to witness a high percentage implementation of the budget because of some of the seriousness I have seen. For instance, the President said he is going to release N350 billion to the system to pay old debts; debt incurred by his predecessors. He said he is going to pay the debt every quarter and he has followed it up by releasing the first tranche of N350 billion within few days of signing the budget. There is another N200 billion to pay new certificate for road construction unlike the

liberalising the downstream sector is another commendable effort.

Okorie

If there was no change of government... we will be talking about a total collapse of the system

Goodluck Jonathan era that only N16 billion was provided for such construction. I have seen seriousness in agriculture and very commendable efforts in blocking leakages by implementing policies that were in existence but was never implemented such as the Single Treasury Account (TSA) and Bank Verification Number (BVN). All of these things are positive impacts but the effects may not be immediately felt. At least today, as high as the petroleum prices have become, even those who operate in the provinces and rural areas would not be paying more than N145 per litre. People can drive to petrol stations, get fuel and go. If that alone,

But some Nigerians seem not to be comfortable with increase in prices of products and services including foreign exchange rate... I can tell you that if there was no change of government, by now we won’t be talking about increase in prices but we will be talking about a total collapse of the system. The situation would have been worse than this because at the rate our common patrimony was been plundered, I don’t think Nigeria would have survived up to this moment. Buhari came at a very difficult time and he is facing the challenge with a lot of courage. There are general pains but I can tell you that if you ask me this same question in a year’s time when the 2016 Budget would have been implemented, the answer would be obvious and many people would be smiling. What is your advice to government? My advice is that they must insist on palliative measure to alleviate the suffering of the people. Job creation and reviving the economy must be taken very seriously. There must also be more transparency because the president has assured us that during his anniversary broadcast he will measure how much has been recovered and from whom. There should also be proper accountability because before money was recovered and nobody knew where the money went into. This time we want the recovered money to be deployed in alleviating people suffering.

Nigerians still expecting change from APC – Yakasai Alhaji Tanko Yakasai, a Second Republic Special Adviser, in this interview with TEMITOPE OGUNBANKE, says Nigerians are still expecting the change the All Progressives Congress (APC) promised during the campaign for the 2015 general elections What is your take on the Muhammadu Buhari-led administration after one year in office? I don’t think it requires any expert to analyse what is happening in Nigeria today because everybody is a witness to what is happening in the country. The President himself has said that he is feeling the suffering of the people, so he knows they are suffering. My only concern is that the government seem to be concentrating attention on something that has to do with its predecessor. The most important thing is that the period of campaign is over and Nigerians have voted for All Progressives Congress (APC), which means that they wanted an alternative. The APC came with a

promise of changing the situation for the better. So, what Nigerians expect now is that change, which has not happened. In my opinion, APC should concentrate on looking for a way out of our predicaments. I believe that the problem the country is facing today did not start yesterday. The whole practice of government leaders using their offices to enrich themselves, in my opinion started about 40 years ago. It was from the regime of General Olusegun Obasanjo that government leaders were seen to be fantastically rich. We saw how government leaders from that time till today have become rich without anny obvious way of how they made their money. And the result is that everybody is now thinking of getting to power in order to get rich and that is why people in public offices are now trying to make as much money for themselves as they could. How do you think we can solve the problem? To solve the problem, we have to go back. If you don’t know the origin of a disease, you cannot cure it. The country is suffering and the beginning of our suffering was the 1975 coup detat that overthrew the General Murtala Muhammed regime and installed General Obasanjo. That was the begging of impunity, abuse of office, stealing of public funds and so on. And because most of the people who

did it are allowed to go free, others after them were tempted to copy them. So, we need to address the problem from the root. For instance, we have cases where the National Assembly conducted investigations on power, oil subsidy, PTDF and many other things and people who were indicted were not brought to book. Unless we tackle the problem from the source, we cannot solve it. In context of the various problems you have highlighted, how do you think the Buhari government can solve them? There are two things. One, he should look for experts who will advise Nigeria on how to revive our economy; how to revive our agriculture and how to get sufficient power because without power, you cannot industrialise. There are people in Nigeria who are specialists in these areas, so we should bring them on board. But if the problem in the country is above the experts in Nigeria, we should look for experts outside the country to give their advice on how government can resuscitate the economy and create jobs. All these things can be done; it is matter of planning. It happened in Brazil, Philippines and other countries who were in worst situation than Nigeria today but were determined and looked for experts and advisers to solve the problems. Has the APC government really met your expectations considering what they

Yakasai

promised Nigerians during the campaings for the 2015 general elections? I have said it several times that they only concentrated on the strategy of getting to power; they did not plan as to what to do with the power when they get it. The power came to them by surprise; they were not ready for it. It is only now they are looking left and right to see how they can scale through. But, you don’t do it that way. You have to look for experts to study the situation and give you recommendations as to how you can overcome and solve the problem.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Buhari:

One year after

POLITICS

Buhari: Walking his talk on corruption

Buhari presents the 2016 Budget before the National Assembly

We will also put a mechanism in place to improve on the economy. Our main objective is to make sure that agriculture and other non-oil sectors get priority to create opportunities for Nigerians, so that whether educated or not, they have gainful employment.” He also assured on security, saying: “Whatever we are going to do, we have to secure Nigeria first. What we are witnessing in the North-East where people are being killed is not acceptable. We know that the Nigerian military is capable of bringing peace and stability to this country. They need to be given the leadership and that is what I promise, if elected.” While it is a fact that the President is yet to fulfill some of the promises he made during the campaigns, the Presidency is of the view that it is uncharitable to say that it has not achieved anything. A report by the Centre for Democracy and Development during Buhari’s seventh month in office claimed that he had only achieved one out of his 222 tracked electoral promises, representing 0.5 per cent of the promises. But the Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, who countered the report, said it was unfortunate to attribute to the President, promises he did not make during the campaigns and hold him accountable. The presidential spokesman warned the group against misleading Nigerians with its cooked up analysis, saying no sincere Nigerian will fail to recognise the courage of the President to tackle corruption in a country where impunity was once celebrated. According to him, as a result of these efforts, the Nigeria Customs Service had quadrupled its revenue base within seven months, a feat the service could not achieve in years. “Doesn’t the President deserve credit for this and other efforts to confront the monster of corruption?” Shehu asked. Promises yet to be fulfilled The inability of the Buhari administration to fulfill its campaign promises within the last one year has earned his party the sobriquet – All Promises Cancelled as against All Progressives Congress. And as the euphoria, which greeted the

party’s victory in the 2015 presidential election and the elaborate celebrations that ushered in the former military ruler Buhari into office as Nigeria’s 15th Head of State wanes, Buhari has started feeling the heat of leading Africa’s most populous nation. From insecurity in the North Eastern part of the country, occasioned by the Boko Haram insurgency to systemic corruption that has bedeviled the country for decades, dwindling resources, depreciating value of the country’s currency – the naira, drop in power generation capacity, upsurge in the menace of herdsmen and the recent hike in fuel price as a result of subsidy removal, the President is facing a herculean task in his quest to take Nigeria out of the woods. But for a man, who had in his inaugural speech, said he is ready to make a change, Buhari seems to have what it takes to face the canker worm as he commences the implementation of his programmes though members of the opposition believe otherwise. Speaking before world leaders, who graced his inauguration at the Eagle Square, Abuja on May 29, last year, the President promised to fight corruption and strengthen the country’s democracy. His words: “At home we face enormous challenges. Insecurity, pervasive corruption, the hitherto unending and seemingly impossible fuel and power shortages are the immediate concerns. We are going to tackle them head on. Nigerians will not regret that they have entrusted national responsibility to us. We must not succumb to hopelessness and defeatism. We can fix our problems. “Daunting as the task may be it is by no means insurmountable. There is now a national consensus that our chosen route to national development is democracy. To achieve our objectives we must consciously work the democratic system. The Federal Executive under my watch will not seek to encroach on the duties and functions of the Legislative and Judicial arms of government. The law enforcing authorities will be charged to operate within the Constitution. We shall rebuild and reform the public service to become more effective and more serviceable. We shall charge them to apply themselves with integrity

Buhari (sitting) flanked by L-R: Vice President Osinbajo; Speaker House of Representatives, Hon. Yakubu Dogara; Chief Justice of Nigeria, Justice Justice Mahmud Mohammed and Senate President Bukola Saraki at the 2015 Independence Anniversary

to stabilize the system. “For their part, the legislative arm must keep to their brief of making laws, carrying out oversight functions and doing so expeditiously. The judicial system needs reform to cleanse itself from its immediate past. The country now expects the judiciary to act with dispatch on all cases especially on corruption, serious financial crimes or abuse of office. It is only when the three arms act constitutionally that government will be enabled to serve the country optimally and avoid the confusion all too often bedeviling governance today.”

We are working with our allies across the world... to source, locate and repatriate misappropriated funds

Delayed take off It is indisputable that Buhari’s quest for the presidency after three unsuccessful attempts was fired by the zeal to bring about positive changes in the lives of Nigerians, but some say the way his administration took off didn’t show that he was prepared for the job. For example, it took the President166 days, before he constituted his cabinet of 36 ministers. While the ministers were named in two batches between September and October, they were sworn in and assigned portfolios on November 11 – six months after the President’s inauguration. The delay in the appointment of ministers made Buhari, Nigeria’s only president to take such an extensive period to constitute a cabinet since 1999. His predecessors – Obasanjo, Yar’adua and Jonathan spent less time in doing that. Obasanjo was sworn in as president in May 1999 and he chose almost all members of his cabinet within the next month. In his second term as President in 2003, the cabinet was announced two months after his inauguration. For Yar’adua, who was sworn in as president in May 2007, he announced his cabinet in July, just two months after his inauguration, while Jonathan, who succeeded him, followed the footsteps of his predecessors by announcing his cabinet in July after winning the 2011 election. Expectedly, Buhari received knocks for the delayed take-off of his government but he linked it to Jonathan and the PDP’s unpreparedness for the outcome of the 2015 presidential election, saying they didn’t put in place structures

that will make the transition seamless. He maintained that had a system been in place, real-time information would have been available to assist him to quickly settle down, form cabinet and go about the business of governance. He also insisted that the inadequacy of the handover notes from the immediate past administration contributed in no small measure to the delay in constituting his cabinet, stressing that he needed to have a clear idea of what his administration was inheriting. “The country lacked an institutionalised transition system. The then ruling government simply did not know what to do and unpatriotic elements exploited the situation, which almost led to a national crisis. For the government led by a ruling party that had vowed to stay in power for 60 years in the first instance, they were not prepared for any transition that will not be from themselves to themselves. “How can they, when they felt invincible, judging by their perceived strength and assumed popularity and the huge resources at their disposal? Our experience in the last transition process was unique, despite the fact that we have held many general elections and transitioned from one government to another. “Indeed, the last election heralded the first real transition in the history of our nation, being the first time that an opposition party will sweep the ruling party out of power. This probably explains why the then ruling government was completely caught unawares by the outcome of the election,” he explained. The president also added that it took him much longer than expected before making ministerial appointments as he did background checks to ensure his first cabinet would reflect his central message of “change” and integrity. However, not every appointment was a new face or completely without blemish. A majority of those who made the cabinet were known names, especially former governors with little space for technocrats. Skewed appointments There is no denying the fact that CONTINUED ON PAGE 14

POLITICS

Buhari:

One year after

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Buhari returns Nigeria to comity of C O N T I N U E D F R O M PA G E 1 3

most of the President’s appointments have been skewed in favour of the North against South and this has eroded the goodwill earned by his administration from across the country upon coming into power last year. Some of the appointments are: Aide-de-Camp to President, Lt. Col Abubakar Lawal (Kano State, North-West); Special Adviser, Media and Publicity to the president, Mr. Femi Adesina (Osun State, South-West); Senior Special Assistant, Media and Publicity, Garba Shehu (Kano State, North-West) and State Chief of Protocol/Special Assistant (Presidential Matters), Lawal Kazaure (Jigawa State, North-West) Others are Accountant-General of the Federation, Ahmed Idris (Kano State, North-West); National Security Adviser, Maj. General Babagana Monguno (rtd) (Borno State, North-East); Chief of Defence Staff, Maj. General Abayomi Olonishakin (Ekiti State, SouthWest); Chief of Army Staff, Maj. General Tukur Buratai, (Borno State, North-East); Chief of Naval Staff, Rear Admiral Ibok-Ete Ekwe Ibas (Cross Rivers, South-South); Chief of Air Staff, Air Vice Marshall Sadique Abubakar (Bauchi State, North-East); Chief of Defence Intelligence, Air Vice Marshall Monday Riku Morgan (Benue State, North Central) and Director General, State Security Services (SSS), Lawal Daura (Katsina State, North-West) Acting Chairperson, Independent National Electoral Commission (INEC), Mrs. Amina Zakari, (Jigawa State, North-West); Managing Director, Nigerian Ports Authority (NPA), Habibu Abdullahi (Kano State, North-West); Special Adviser, Niger Delta Amnesty Office, Brig. General Paul Boroh (rtd) (Bayelsa State, South-South); Acting Director General, Nigerian Maritime Administration, Safety and Security Agency (NIMASA), Baba Haruna Jauro (Yobe State, North-East) and Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission (NCC), Umaru Dambatta (Kano State, North-West). Executive Chairman, Federal Inland Revenue Service (FIRS), Babatunde Fowler (Lagos State, SouthWest); Director General, Budget Office of the Federation, Aliyu Gusau (Zamfara State, North-west); Group Managing Director, Nigeria National Petroleum Corporation (NNPC), Dr. Emmanuel Kachikwu (Delta State, South-South); Secretary to Government of the Federation, Babachir David Lawal (Adamawa State, North-East); Chief of Staff to the President, Abba Kyari, (Borno, North-East); Comptroller-General, Nigerian Customs Service, Col. Hameed Ibrahim Ali (rtd) (Kaduna State, North Central) and Comptroller-General, Nigerian Immigration Service, Kure Martin Abeshi (Nasarawa State, North Central). Also on the list are Senior Special Assistant on National Assembly Matters (Senate), Senator Ita Enang (Akwa Ibom State, SouthSouth); Senior Special Assistant on National Assembly Matters (House of Representatives), Hon. Suleiman

Kawu (Kano State, North-West); Director, Department of Petroleum Resources (DPR), Modecai Baba Ladan (Kano State, North-West); Managing Director, Asset Management Company of Nigeria (AMCON); Ahmed Lawan Kuru (Kano State, North-West); Commissioner for Insurance and Chief Executive of the National Insurance Commission: Mohammed Kari (NorthWest). Out of these 30 major appointments, 23 are from the North while seven are from the South. Ordinarily, where the appointees comes from would not have been an issue, but because the various ethnic nationalities that make up Nigeria view each other with suspicion, critics of the president are of the view that his mode of appointments, not only negates the Federal Buhari with his ministers Character Principle but runs contrary of his oath office to serve as President to all Nigerians. Others went to the extreme by accusing him of promoting a Northern agenda aimed at Islamising the nation though he had promised to run an all-inclusive government during his inauguration. The president said then: “I intend to keep my oath and serve as President to all Nigerians. I belong to everybody and I belong to nobody.” However, members of another political school of thought said they were not surprised with the mode of appointments given a statement credited to the President during a question and answer session with journalists in the United States on July 22, last year. He was quoted to have said: “Going by election results, constituencies that gave me 95 per cent cannot in all honesty be treated, on some issues, with constituencies that gave me five per cent. I think these are political realities. While, certainly Buhari (1st back row) with other African leaders at AU Summit in South Africa there will be justice for everybody power and overlooks the actions and were moving about one million but the people who voted, and made and inactions of his predecessor, barrel per day on their own. their votes count, they must feel the President Buhari, who is known “I assure you that whichever government has appreciated the effor his hard stance on corruption, documents we’re able to get and fort they put in putting the government in place.” insisted on probing his predecessor subsequently trace the sale of the “to ensure a proper take-off of his crude or transfer of money from No doubt, Buhari’s emergence government.” ministries, departments, Central was a new dawn for the country He gave a hint of the probe, Bank, we’ll ask the cooperation given the circumstances that threw when he told Nigerians in Diaspora of those countries to return those him up, but the goodwill his governduring a visit to the United States monies to Federation Account. ment has so far enjoyed is gradually shortly after his inauguration that And we will use those documents turning sour as the citizenry are his administration had begun re- to arrest those people and prosecute beginning to run out of patience ceiving documents to prosecute them. This, I promise Nigerians.” although the picture has not been A run-up of the probe emerged all about gloom. The President has Jonathan’s ministers and other government officials who stole “mind- in June last year, when the National been criticised for starting on a tarNigeria was boggling” oil funds. He also during Economic Council (NEC) chaired dy note and moving at a snail speed becoming a the visit appealed to US President by Vice President Yemi Osinbajo since then, but his administration Barack Obama to help Nigeria set up a four-member committee has made some appreciable impact, pariah state recover and repatriate about $150 to scrutinise the accounts of the in some aspects of national life, esbillion allegedly stolen by past gov- Nigerian National Petroleum Corpecially on the war against graft ... so Buhari ernment officials. poration (NNPC) and Excess Crude and the fight against insurgency. His words: “We are now looking Account (ECA) under the last adis seeking to Anti-corruption war for evidence of shipping some of ministration. reverse that The probe was meant to unravel our crude, their destinations and Perhaps, the last time Nigerians an alleged N3.8 trillion that was not where and which accounts they witnessed a major probe of an adstatus and drive were paid and in which country. remitted to the Federation Account ministration by a succeeding one When we get as much as we can by the NNPC between 2012 and May was in 1984, after the fall of the investment Second Republic. Interestingly, it get as soon as possible, we will ap- 2015 as well as $2.1bn said to have proach those countries to frozen been deducted from the ECA withwas a Buhari-led military regime those accounts and go to court, out approval. Members of the panel that arrested and put to trial, key prosecute those people and let the were Governors Adams Oshiomhole actors in that dispensation. Some accounts be taken to Nigeria. (Edo), Ibrahim Dankwanbo (Gombe) of those tried bagged jail terms run“The amount of money is mind- Nasir el-Rufai (Kaduna) and Udom ning into hundreds of years. boggling, but we have started get- Emmanuel (Akwa Ibom). More than three decades after, ting documents. We have started What later manifested was Buhari is not pretending about getting documents where some of shocking, especially over how $2.1 probing the Jonathan administration, which he succeeded. In what the senior people in government, billion meant for the purchase of former ministers, some of them arms to fight the Boko Haram inseems a break from the past experiplotted as much as five accounts surgency in the North-East was ence, where a president comes to

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Buhari:

One year after

POLITICS

nations, decimates Boko Haram The documents also showed that he owns a number of cars, two of which he bought from his savings. The others were supplied to him by the Federal Government in his capacity as a former Head of State as provided by law. The rest were donated to him by well-wishers after his Sport Utility Vehicle (SUV) was damaged in the Boko Haram bomb attack on his convoy in July 2014. For Osinbajo, who could be said to be ‘richer’ than his principal, he had N94 million and 900,000 dollars in his bank accounts. Other assets of the professor of Law include his four-bedroom residence at Victoria Garden City, Lagos and a three-bedroom flat at 2 Mosley Road, Ikoyi. He also owns a two-bedroom flat at the popular Redemption Camp off the LagosIbadan Expressway and another two-bedroom mortgaged property in Bedford, England. The Vice President has no other landed properties on the form. Apart from his law firm, known as SimmonsCooper, the Vice-President also declared shareholding in six private companies based in Lagos, including Octogenerium Ltd., Windsor Grant Ltd., Tarapolsa, Vistorion Ltd., Aviva Ltd. and MTN Nigeria. The vice president also has 19,000 pounds in Nigerian banks with the foreign currencies kept in local domiciliary accounts. His personal vehicles are: one Infinity SUV, one Mercedes Benz and a Prado SUV.

Buhari (left) and United States President Barack Obama at the White House

Buhari presents Lance Corporal Kenneth Kulugh with the Purple Heart medal for gallantry in the fight against Boko Haram during his visit to Nigerian troops in Yola

misappropriated by the former National Security Adviser (NSA), Col. Sambo Dasuki. Consequently, some officials of the immediate past government, PDP officials as well as former military top brass were quizzed to render account of their stewardship. Their trials are still ongoing with more shocking revelations of how the nation’s treasury was looted during the era. Huge sums have also being recovered, even though the opposition PDP had persistently said that its members are being witch-hunted by the probe. Presidential spokesman (Shehu), in his assessment of the anti- graft war, said: “We are working with our allies across the world from Britain and America to France and Germany to China and the United Arab Emirate to source, locate and repatriate misappropriated funds. “So far, an escrow account has been opened for money that is being returned. This is only the start. The return of stolen funds is important, but it is just as critical to ensure that those who seek to steal realise that no longer will there be such impunity in Nigeria.” Assets declaration President Buhari did not only mouth the anti-graft war. He walked his talk, when he and his vice, Yemi Osinbajo, took the lead by declaring their assets with the

Code of Conduct Bureau (CCB) as demanded by the law, so that the citizenry can keep tab on them as they manage the nation’s resources between now and 2019. According to documents submitted by the President to the CCB shortly after he was sworn in, he had less than N30 million to his name. The documents further showed that he had only one bank account, with Union Bank. He had no foreign account, no factory, no enterprises, no registered company and no oil wells. The documents also revealed that the President had shares in Berger Paints, Union Bank and Skye Bank, a total of five homes, including two mud houses in Daura his home town. Two of the properties are in Kaduna, and one each in Kano, Daura and Abuja. One of the mud houses in Daura was inherited from his late older sister, another from his late father, while e borrowed money from the old Barclays Bank to build two of his homes. President Buhari also declared two undeveloped plots of land, one in Kano and the other in Port Harcourt, the location of which he is still trying to identify. He also owns farms, an orchard and a ranch. His farm holdings include 270 heads of cattle, 25 sheep, five horses, a variety of birds and a number of economic trees.

The insurgents have been effectively denied territory or sanctuary and are now in disarray

Security Evidently, the Buhari government has made progress in the war against terror in the country’s north eastern zone. As the government put, “Boko Haram remain decimated despite pockets of attacks.” This claim cannot be disputed because the Federal Government has succeeded in galvanizing Nigeria’s immediate neighbours and the global community, including major powers, towards the defeat of the Boko Haram insurgency and the reconstruction and rehabilitation of the communities and population affected. “Boko Haram has been dislodged from their occupied territories; thousands of their captives have been set free; their capacity to operate as a troop moving in convoy of vehicles and motor cycles to launch attacks on communities and military formations has been neutralised. In essence, the insurgents have been effectively denied territory or sanctuary and are now in disarray. “Scattered, demoralised and hungry, they have resorted to terror tactics available to a degraded and defeated insurgent group. The fact that they operate in a few local governments does not equate to holding and controlling territories. We must make that distinction,” Minister of Information and Culture, Alhaji Lai Mohammed said. The success recorded in the insurgency war has spurred the international community to partner with the Federal Government in rebuilding the devastated region. The World Bank recently announced that it has earmarked $800 million to support the rebuilding

of the infrastructure destroyed in the North-East by the Boko Haram. United Nations (UN) Resident and Humanitarian Coordinator, Fatma Samoura, who made the disclosure, said the UN was scaling up its presence in Borno and other North Eastern states ravaged by the insurgency. She added that the world body will also support government in its work on recovery and rehabilitation for the safe return of the IDPs back to their areas of origin. While kudos should go to the government for gradually restoring peace to the troubled region and kick-starting its reconstruction, analysts are of the view that it should step up efforts to curb the upsurge in the menace of herdsmen, which has claimed several lives of late and save the country another round of violence. Foreign affairs From a near pariah state status, Nigeria has returned to its rightful place in the comity of nations through concerted efforts of the Buhari government though some critics have described him as a ‘travelling president.’ The President has in the last one year visited over 20 countries. The countries include Niger Republic, Chad, Germany, South Africa, United Kingdom, United States, Benin Republic, France, Ghana and India. Others are Sudan, Iran, United Arab Emirates, Malta, Kenya, Ethiopia, Egypt, Qatar and Equatorial Guinea and China. The President has been to some of the countries more than once. But justifying his foreign trips, President Buhari said they have both economic and political benefits for Nigeria. According to him, there is no way he would embark on a visit that isn’t in the interest of the country. He also dismissed the figure bandied by the opposition that each visit outside Nigeria costs Nigeria $1 million. The Federal Executive Council (FEC) also justified the foreign trips, saying Nigeria was becoming a pariah state under Jonathan, and so Buhari is seeking to reverse that status and drive investment. “You do not run a country by being isolated and the personal presence of the president in many of these fora is very important because before now we were almost a pariah state and the two things that have been driving investments away from this country are terrorism and corruption,” the Information minister said. He added: “One thing that nobody can fault this president on is his determination to fight these two ills. Mr. President’s presence in these fora is very crucial even to the economy back at home. Before now, the level of corruption was very high that nobody was ready to risk his investment in Nigeria. The cost of doing business was so high that most international businessmen didn’t want to come here. Who is coming to invest in a country where there is insecurity?” No doubt, the Buhari administration has made appreciable progress despite its slow pace but it should be reminded that the deterioration of every government begins with the decay of the principle o which it was founded.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Opinion The law must have its way Jack Odubena

s you read this, chances are that some road users are passing through hassles on the LagosIbadan Expressway. They are victims of government’s disdain for the rule of law. The road would have been the best in the country had the Federal Government allowed the law to prevail. This all-important road is not the only victim of this disdain for the rule of law. Ikoyi, Lagos, was home to the Federal Secretariat until the seat of power was moved to Abuja. The structures lay fallow years after federal civil servants were herded to Abuja. Eventually, the government of the day decided to sell it. A preferred bidder emerged and planned to convert the complex into blocks of flats. Soon, a spanner was thrown in the works and as you read this, billions are wasting away. All because of a disdain for the rule of law. The Murtala Muhammed Airport 2 (MMA2) in Lagos has also suffered from this same disdain. Clear agreements signed by the government are not being respected, even after arbitration and the intervention of the courts. Take the case of the Lagos-Ibadan Expressway. The shoddiness that has seen the road in the sorry state it is in today, began with the Goodluck Jonathan administration, which in 2012 terminated a concession agreement with Bi-Courtney Highways Services Limited (BCHSL). The concession was to reconstruct and manage the road. The administration alleged that the company failed to make progress four

years after the agreement was signed with the Obasanjo administration. By July 2013, Jonathan’s government had awarded a N167 billion contract to Julius Berger Nigeria Plc and Reynolds Construction Company Limited, to handle Section I (Lagos to Sagamu Interchange) and Section II (Sagamu Interchange to Ibadan) respectively. Bi-Courtney bristled at the injustice and opted to let the law decide the rights and wrongs of the matter. The company said: “We are in court because the alleged cancellation of the concession did not follow due process. Apart from that, the so-called contract involving the two new companies handling the project was awarded arbitrarily without a bidding process.” It must be pointed out here that the situation which led to the cancellation of the concession was not even of Bi-Courtney’s making. For the three years and six months that the company had the concession, it was slowed down for two years and 10 months. The design approval process, which was to be completed within four months, took 18 months because of bureaucratic bottlenecks. The report of the Infrastructure Concession Regulatory Commission (ICRC) supports this position. The Jonathan administration’s disdain for the rule of law was evident in the way it managed the arbitration proposed by BiCourtney to the then Minister of Works, Mike Onolememen. In a letter to Onolememen, Bi-Courtney wrote: “The ministry’s purported notice of the non-compliance with the Agreement is premature and invalid. There is a need for the Grantor to comply with the Agreement before it alleges non-compliance by

The Murtala Muhammed Airport 2 (MMA2) in Lagos has also suffered from this same disdain

another party. We believe that a dispute has arisen which should have been resolved in accordance with the dispute resolution mechanism under Article 21 of the Agreement prior to the invocation of any termination clause. In the circumstance, we demand that the Dispute Resolution Board (“the board”) be set up, to determine the propriety or otherwise of your action under the Agreement. Kindly appoint your nominees to the Board within 14 days of your receipt of this letter. As you are aware, this should have been done earlier in the transaction. “For the avoidance of doubt, we reiterate that your purported termination of the Concession is, according to law, invalid and should be discountenanced by relevant parties.” But three years after, the Federal Government is yet to take action on the matter. A major piece of the jigsaw was introduced when a secret concession agreement was signed after government had given RCC and Julius Berger money to construct the road. The Managing Director of the Infrastructure Bank Plc, Mr. Adekunle Oyinloye, was the one who let out the secret pact. He said in a newspaper report: “Motorways Assets Limited (MAL) has been given consideration for the project. The Infrastructure Concession Regulatory Commission (ICRC) has to give the concession certificate, while the lenders and investors have to ensure that all the details are properly worked out. We have now got all the relevant approvals.” Oyinloye’s revelation raised posers, such as: were regulatory procedures complied with by Infrastructure Bank? Was the concession advertised in national newspapers as required by law? •Odubena, a business executive lives in Lagos

Awojobi, the legend lives on Bayo Windapo “IkuOgunni pa akikanju, Ikuodoni pa omuwe, Ikuokoni pa ayitale” Translation: “The valiant warrior dies in battle. The perfect swimmer swims away in death. The love-struck maiden dies in search of her heartthrob”. o is the story of late Dr. Oluyombo Awojobi, a great scientist, innovator and indeed a true legend of the medical profession. It is one year today that mother earth, unperturbed by the drenching tears of thousands, received the lifeless body of this great man: a good man snatched by the cold and cruel hands of death! How can we stop grieving over the death of a father, mentor, friend and a teacher like no other? Dr. Awojobi, was to many people, the architect, builder, engineer and the force behind Awojobi Clinic Eruwa (ACE). Awojobi established ACE to render the most uncommon service which now serves the whole world one way or the other. It is interesting to know that 80 per cent of the patients attending ACE are from Lagos - the distance and bad roads are not enough to deter them from

accessing the uncommon service made available and affordable with application of appropriate technology. To a multitude of doctors across the world, Awojobi was a source of inspiration and as such a messiah of some sort with die-hard disciples. A colleague, who did not have the opportunity of meeting the colossus of Eruwa, described this as “a cult-like followership”. In fact, this followership was borne out of reciprocal love and respect for and from a truly great leader. I am the third of the disciples. My predecessors were the late Olumide Awe and Niyi Adekola (Ade K). I make bold to say that no one, living or dead has had so much impact on my life as much as Chief, as we called him in our days at ACE. Beyond the rubrics of primary surgery, Awojobi taught us to be humble. He was an embodiment of humility. It is an uncommon situation to find a consultant sharing peanuts and popcorn in between surgical sessions with senior house officers that we were. “Eyinjanmo”, Chief would call us like an Imam addressing his congregation! He would otherwise call me Windy. Even as a workaholic, he taught the essence of vacation as a time

to ‘recharge the battery’. Awojobi also told us to be relevant in our environment by giving back to the society. He refused to be frustrated by the inadequacies and shortcomings of the society. This and his love for the common man form the mission of ACE. With the resounding and acclaimed success of ACE, Awojobi, expectedly, became irritated by the inactions of the society especially of his colleagues. And why not?Eruwa and its environs were in darkness for the better part of a decade and ACE, rather than suffer any setback, grew in leaps and bounds to become a Mecca of some sort! Despite his scientific disposition and the genius that he was, Awojobi had an unparalleled respect for the Yoruba culture and tradition and he would defend it unrepentantly. His appreciation and worship of the Yoruba forefathers and their supreme wisdom are instructive and worthy of emulation. Awojobi, a true Yoruba man, the uncrowned “Omoluabi”, was a good man, a kind-hearted man who loved the poor. There is no medical practice like ACE where patients only pay when they are discharged - an uncommon practice indeed. His grossly misunderstood fight against ‘Surgical Turf Protection’

was purely in defence of the common man vis-a-vis the surgical work load and how to deal with it. Awojobi, highly principled and painstaking, was a man of many enviable values. He would not compromise his values for anything or anybody. A man of impeccable character; detailed records, and accountability were his watchwords. His integrity was never in doubt and would defend it with the last drop of his blood; and so he did till the end. He died valiant in life and death. He could afford the service of the best hands in the field of medicine and I’m convinced beyond doubt that any of such hands would be very happy and willing to attend to this giant of medical profession. In his characteristic self, Awojobi stood by what he believed in - the ACE family and spirit. As I listened to his fainting but coherent voice, holding his cold hand from which I could hardly feel his pulse, in his last moments, I was overwhelmed by emotions which I had never experienced before; not even with my late biological parents. As he took his last breath, I could read the message of a gallant warrior defying the fear of impending death • Dr. Windapo wrote in from Lagos

MONDAY, MAY 23, 2016 NEW TELEGRAPH

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FRSC: As tyres take centre stage

raffic accidents account for a great percentage of deaths recorded in Nigeria. Statistics show that at least eleven compatriots lose their lives daily on our roads. This alarming development should worry those charged with maintaining sanity on the Highways. It is in this regard that the Federal Road Safety Commission (FRSC) should be commended for organising a National Conference on Tyres. There are many components of a vehicle each which play a vital role in movement. A car without brakes is as deadly as a truck without functional headlamps at night. However, recent happenings tend to give negative prominence to tyres. A member of the Federal cabinet, James Ocholi, perished in a car crash on the Kaduna Abuja Highway with his wife and son. His Lexus Sports Utility Vehicle (SUV) reportedly swerved off the road when it lost a tyre. The minister’s death was blamed on his driver who, according to the FRSC, had no valid drivers licence. Possibly, he could have matched on the brakes following the problem with the tyre which caused the vehicle to somersault. That was in March. In April, six medical doctors from Ekiti state died in a ghastly crash on the same

Kaduna - Abuja road. Twelve of them embarked on the journey to Sokoto to attend the Nigeria Medical Association (NMA) conference. There were six survivors. The driver also loss his life. Cause of the accident was another tyre lost. The FRSC was quick in blaming the driver for over speeding. However, one of the survivors faulted the FRSC for blaming the driver who unfortunately was not alive to offer any defence. According to the doctor the driver was not on top speed when the bus lost one of its

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Standards Organisation of Nigeria (SON) is saddled with the responsibility of quality control. There are instances where sub standard tyres are imported from the Far East. These products cannot survive the rigours of travelling on Nigerian roads. Many of them have contributed to deaths on our highways. A good tyre has a four- year life span after production and

The FRSC has a lot to do in the area of enlightenment

tyres. He said he was so sure because the vehicle had a speed limiter and any time the speedometer moved higher than 100 kilometres per hour, the warning signal came to life. Earlier this week, another bus crash claimed the lives of five Kano college students who were travelling back to their state from Lagos after taking part in a debate. The driver also died and cause of accident was identified as a lost tyre. In the past couple of weeks therefore, more attention has been paid on tyres as potential cause of many a fatal traffic accident. Attention is now on so many things about the tyre. The

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this is written on it. However, many drivers and road users hardly take time to find out before they buy from dealers.

It is possible that a tyre manufactured in 2013 will not be sold until 2016. A buyer could go and purchase it tomorrow, believing that it should be road worthy until 2020 while, in actual fact, the expiry date is 2017. The FRSC has a lot to do in the area of enlightenment. We commend the commission for making out time to organise this conference. It must not just be for drivers and commuters. Other stakeholders like the Police, Customs and top government functionaries should not be left out. The Customs have a role to play because fairly used tyres flood the country from our

porous borders. If smugglers are given an upper hand in the fight against fairly used tyres, some people have to be held responsible. Some of these waste from overseas come in handy because they are affordable. That is food for thought for the government. The economy has to work so that big time manufacturers like Dunlop and Michelin, forced out of the country by harsh environment could find their way back to the country. That is one move that will create thousands of job opportunities. Beyond the conference, therefore, there is need to work towards making life easier for Nigerians. New tyres are beyond the reach of many vehicle owners and users. In trying to keep their cars and trucks on the road, they settle for less. No sane Nigerian who has the means and knows where to buy good tyres would patronise junks sold in Ladipo or Owode. While we discourage the use of killer tyres, we believe this conference by the FRSC will further draw attention to the danger inherent in ignoring the manufacturer’s warning. This meeting is a subtle way of bringing sanity to our roads without enforcing penalties and if it achieves more than that we say kudos to those who initiated it.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

monDAY, MAY 23, 2016 NEW TELEGRAPH

Interview

Law

Fawehinmi: Buhari goofed on INEC boss’ choice

News CJ shuns Senate’s request to begin Nation’s suit de novo

Buhari:

Buhari

ven though it struggles to extricate itself from undue interferences of the executive and a hard knock by President Buhari that the judiciary remains his headache in the fight against corruption, lawyers were unanimous that but for the judiciary, the war against corruption being pursued by the All Progressives Congress (APC) ruling party would have been a wild goose chase lest. President Buhari had in January in far-away Ethiopia said the fight against corruption could be effectively tackled with the strong support of the judiciary. According to him, unless the judiciary rid itself of bad eggs by ensuring far-reaching reforms, the war against graft may be a mirage. He said: “On the fight against corruption vis-à-vis the judiciary, Nigerians will be right to say that is my main headache for now.” One year on, Buhari’s allegation had become a stimulant, propelling the judiciary to key into the government’s fight against graft as it first cleansed itself of corrupt practices. It however showed the way out to some of its members who were indicted of corrupt practices, an indication that it was ready to redeem its image being portrayed in bad light by the President Buhari’s allegation. Today, the judiciary had ignited a series of mechanism which stimulated some far reaching reforms,

FOLUSO OGUNMODEDE JUDICIARY Editor

foluso.ogunmodede@ newtelegraphonline.com

One year after

Judiciary: So far, so good Mohammed

The judiciary has played its traditional role in the last one year. It has been successful

Alegeh

As President Muhammadu Buhari marks one year in office on May 29, it was time for lawyers, including three Senior Advocates of Nigeria to appraise the judiciary and the rule of law. Although the members of the wig and gown believe that the third arm of government has its internal wrangling, Buhari’s allegation that it was his headache in the fight against corruption nonetheless quickened reforms in the judiciary. FOLUSO OGUNMODEDE writes making it a darling of the Nigerian people, at least in the last few months of the one year-old of the Buhari’s administration. Is the judiciary truly living statutorily in accordance with its constitutional duties in the Buhari administration? Is the rule of law stable under Buhari? Lawyers say yes, no. “President Muhammadu Buhari has certainly whipped the judiciary into the sanity line and our judiciary has keyed in into the

anti-corruption crusade of this administration. I must confess that our judges have really embraced the change mantra as it relates to the judiciary which now has a zero tolerance for corruption”, one said. Yet another said: “In the face of humiliation to which the judiciary has been subjected to under President Muhammadu Buhari, the courage of the judiciary must be commended for finding the voice to condemn disobedience of court orders.”

The lawyers however emphasized the need for independence, adequate funding and quicker justice delivery especially on corruption cases before it, insisting that unless the judiciary was freed from the clutches of the executive arm of government, the crisis of confidence would continue to dog it. Firing the first shot on judiciary in the last one year of the Buhari’s administration, a Senior Advocate of Nigeria (SAN), Moyosore Onigbanjo said “I think there is a respect for the rule of law under this present administration. For example, in the Kogi State crisis, the AttorneyGeneral of the Federation and Minister of Justice, Mallam Abubakar Malami, wrote a powerful opinion advising against the takeover of the Kogi State House of Assembly by the National Assembly. I think it’s being a while since we see that kind of intervention from the AGF’s office. I was very delighted at the AGF’s action. This is because, even though Kogi State belongs to the APC, the party is not playing politics with the crisis. “I agree entirely with the AGF’s opinion that the National Assembly was wrong to take over the functions of the Kogi State House of Assembly on the basis of a mere misunderstanding among the members. Also, largely under the present administration, court orders have been obeyed except in the case of the former National Security Adviser (NSA), Col. Sambo Dasuki. “I don’t think Dasuki should still be in detention up till now irrespective of what other charges the Federal Government has against him. It’s been a while that he has been locked up in detention even though CONTINUED ON PAGE 24

20 Law|Interview

Buhari:

Fawehinmi: Buhari goofed on INEC boss’ choice

Fawehinmi

should continue to function. A situation whereby the Senate is shut down each time Saraki is going for his trial is highly condemnable and if I am the President of Nigeria, I will just write the Chief Justice of Nigeria (CJN) based on the doctrine of necessity that the Senate be shut down and allow the lower house to continue with the business of lawmaking for the country. President Buhari is leading more than 170 million Nigerians and not just the Senate.

tion, they should come up with a bill that would help to increase the funding for these agencies. They should also come up with a bill to ensure effective implementation of the EFCC Act. I believe the EFCC is doing its work reasonably well at the moment. So, there is absolutely no need for the anti-money laundering bill before the National Assembly. What is your assessment of the 8th National Assembly in the last one year? I will give them twenty per cent over hundred. They might have done other things but the most disgraceful one is the issue of the 2016 budget. It is as if they are trying to blackmail the President. The President is now being urged to play the politics. It’s so sad that they are all in the same party and they are treating our President this way. They also know that Buhari is a man of integrity and that he will not compromise the integrity for anything. That is why the passage of the budget was delayed. I think the 8th Assembly has performed so woefully. They are not always interested in carrying out oversight functions on something that will be beneficial to the majority of Nigerians. It is only something that will put money in their pockets. They have also engaged themselves in physical fight on the floor of the Assembly. This is what other previous assemblies did. This tells us that they have not learnt anything from the mistakes of the past. I don’t also believe in the insinuations that the corruption trial of Senate President, Bukola Saraki, before the Code of Conduct Tribunal (CCT) is slowing down the activities at the red chamber. If Saraki misinformed the Code of Conduct Bureau (CCB), he should face his trial. After all, the Senate will exist with or without him. Yes, we know that quite a lot of these Senators have suspicious images. But if the Senate President is facing corruption charges, he should face it squarely and clear himself. It’s a matter of honour. If Saraki believes he has not done anything wrong, he should go ahead and defend himself. But the Senate

monDAY, MAY 23, 2016 NEW TELEGRAPH

the attack. I think the issue has gone beyond just the grazing of animals. It’s like these herdsmen are now out to terrorize and kill. So, something must be done to stop the killings one way or the other. When it is stopped, then, you can be talking about legality or illegality. But, the right to life for the people as enshrined in Section 33 of the Constitution must be fulfilled. The Federal Government should encourage states to make laws on how any of such attacks will be prevented in the future. States must now know how to protect their borders. These guys have to be wiped out. The President has done his own with all due respect, he came in and met all the francophone countries on this security issues and they also pleaded their supports. He also juggled up the military in the fight against insurgents. Everyone can see what has been achieved.

Mohammed Fawehinmi, in this interview with AKEEM NAFIU, speaks on President Muhammadu Buhari’s one year in office, 8th National Assembly, INEC, anti-money laundering bill, judiciary and the rule of law, PIB and sundry issues

How would you look at the bill seeking to divest the Economic and Financial Crimes Commission (EFCC) of its investigative powers? It is a big fraud. The EFCC is supposed to investigate financial misappropriation and I am curious as to why the Senators are coming up with such a bill now that most of them are under scrutiny. The Senate President is currently facing trial over corruption charges. His wife was recently questioned by the EFCC. Also, Senator Godswill Akpabio was also drilled by the anti-graft agency over his activities while he held sway as Akwa Ibom governor. Several others have also been questioned by the EFCC which I believe is in line with the mandate of the agency in line with the EFCC Act 2004. So, I don’t see the essence of bringing such a bill. I believe these people are trying to shield themselves from being prosecuted for corrupt practices because there are too many of them who have cases to answer either while in office as a governor or even as a Senator. Also condemnable is their halted plans to amend the Code of Conduct Bureau (CCB), Code of Conduct Tribunal (CCT) and the Administration of Criminal Justice Act (ACJA) 2015. All these actions are totally unnecessary. I can’t see any need for them. I have read through all these laws and I think they are serving their purposes properly. It’s very sad that they are coming up with all these actions at this point in time. What happened to the Petroleum Industry Bill (PIB) all these years? They have been dilly dallying on it. This is a bill that would have a positive effect on the lives of Nigerians. That is the bill I will expect them to pass instead of flogging a dead donkey. It doesn’t make sense at all and I am very disappointed at the conducts of these Senators. At the moment, both the EFCC and the ICPC are underfunded. Even, the CCB and the CCT are also underfunded. Despite this setback, the EFCC has been using the little capacity it has in carrying out its assignment. So, if the National Assembly is serious and ready to help in the fight against corrup-

One year after

I believe the EFCC is doing its work reasonably well at the moment

Fulani herdsmen is another face of terrorism, do you share this view? How would you want the government to tackle the new trend? Well, I am happy with what Buhari did. The first response should be from the affected State governors and their House of Assemblies. Yes, we saw the Enugu State Governor crying over the issue, but this is not enough. Of course, he is a man of compassion but that is not what we are talking about. The question is, as a governor, what will you do to secure your people? This is because as a governor, you are the Chief Security Officer of the State. If I am the Governor and you killed my people like that, I will ask the President to either give me soldiers or I will raise my own soldiers. I have to protect my people with every means reasonably and legally possible. I will enter the market place and get local artisans. The security operatives could have been bribed. The MASSOB or whatever they are called is also there and they cannot even protect Enugu State and they said they want Biafra State. I think they need to set their priority right. The Governor ought not to have depended solely on the security operatives to protect his people. He is supposed to have an alternative, even if it means mobilizing the entire village to come out and attack those intruders and collect their AK 47 rifles. It’s not a thing of shedding tears and lamenting the inability of the security operatives to act on any intelligence report. That is arrant nonsense. That is why I said a lot of our leaders do not know how to protect their people. As a Governor, you should know what to do at every point in time. So, the way out is for the state assemblies to make emergency resolutions on ways to protect their people from any attack. There is a need for proactive measure instead of just responding to

How reasonable is labour’s agitation for increase in the minimum wage to N56, 000? Yes, it is justified. In all the religious groups regardless of whatever denomination, a worker is entitled to his wages. The next step is what you can afford to pay. So, it is a question of negotiation. I believe if President Buhari implements his plans, coupled with the crop of people he has assembled to help him to govern this country, he should be able to improve the economy in such a way that the government might be able to pay something close to what Labour is asking for if not the particular amount. I believe they are entitled to ask for the increase in minimum wage. What I think the government can do to help is to bring back the Price Control Board. The Board will help in ensuring that prices of goods and services in the country are stabilized irrespective of any increment in workers’ salary. The Edo State Governor, Adams Oshiomhole, has said he is increasing the minimum wage in his state to N25,000. If he starts paying, then, I will see him as a man that is true to his words. But, if he doesn’t pay, then, he has shot himself in the foot. It means when next he says something, nobody will believe him again. However, in all these, the Federal Government needs to set up the economy and know how much precisely is coming in. After that, the government can be categorical about how much it will be offering as minimum wage. So, I think the clamour for wage increase by the labour is justified in my own view. Collapsed economy, hike in fuel pump, power outage, security challenge and many others in the last one year, why are Nigerians going through all this despite message of hope by the ruling APC? I believe it all boils down to the greed of the National Assembly members. Even, within the APC, there is a lot of clash. The bigwigs are currently engaging in superiority clash. So, let these people put aside their egos. They are the ones that I had expected will even talk sense to the National Assembly members, particularly, those representing the party. As far as Nigeria is concerned, no party is prepared for governance. It is when they get there that the work starts. I commend the APC up to the time Buhari was able to select his ministers, even though, it took a while. Do you know that the hand over notes that were given to the Buhari’s Administration by his predecessor were totally incomplete? That was why the civil servants were in charge of running the ministries at some point. If C O N T I N U E D O N PA G E 2 3

monDAY, MAY 23, 2016 NEW TELEGRAPH

Buhari:

Law 21

One year after

‘Buhari’s EFCC restores Nigeria’s image’ TUNDE OYESINA writes that after a brief lull, the nation’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC) has given a boost to President Muhammadu Buhari’s war against corruption

ntil November 2015, nothing or little was heard about the once feared antigraft agency, the Economic and Financial Crimes Commission (EFCC) under the Nuhu Ribadu leadership. While Ribadu held sway, the agency lived up to its constitutional duty. A few years after Ribadu was removed, the agency which had seen two leaderships was ‘stripped of ’ its powers. Although constitutionally, it retained its powers, the agency became a toothless dog that lacked the venon it once had under Ribadu. But seven months after a change of guard from Ibrahim Larmodeled EFCC, the docile EFCC suddenly found its teeth as the new helmsman, Ibrahim Mustafa Magu repositioned the agency with a view to keying it into President Muhammadu Buhar’s anti-corruption war. This has nonetheless become the stronghold of the Buhari-led government as within six months of Magu’s leadership of the agency, the world perception of Nigeria as a corrupt nation changed. Its number on corruption index dropped. Even though the British Prime Minister, David Cameron described Nigeria as ‘fantastically corrupt nation’, he acknowledged that Nigeria has improved since Buhari became the President. This is due to the Magu’s leadership of the EFCC. Nigeria has dropped from 136 in 2015 on the corruption index as Buhari ‘s anti-corruption war has redeemed the country’s image in the last seven month. It will not be out of place to say that anti-corruption war was the All Progressive Congress ‘Unique Selling Point’ in the 2015 general election. Most Nigerian had confessed to voting for Buhari becuase of his zero tolerance for corruption. In his bid to do what he said during the pre-election campaign, Buhari hit the ground running within one year in office as some men of yesterday are already in EFCC’s net for alleged corrupt practices while others are already facing corruption. The President is desperately working very hard to rid the country of corruption. Some of these cases are more than enough to show that the EFCC has stepped up the fight against corrupt practices. Already in court for various allegations of corrupt practices ranging from Arms scandal which involves several people such as, former NSA, Col. Sambo Dasuki, former Chairman of Daar Communications, High Chief Raymond Dokpesi and National Publicity Secretary of

Magu

PDP, Olisa Metuh, former PDP BOT chairman, Dr. Haliru among others to contract scams. Other cases presently in court are that of alleged false assets declaration by the Senate President, Dr. Bukola Saraki and a former Minister of Niger Delta, Godsday Orubebe. Another one is that of a former Chief of Defense Staff, Air Chief Marshal Alex Badeh (rtd) who is being tried over alleged diversion of N3.97 billion belonging to the Nigeria Air Force. Also a former Chief of Air Staff, Air Marshal Mohammed Diko Umar is also standing trial for allegedly diverting about N4.8 billion belonging to the Nigerian Air Force to purchase property for himself. All the trials had however commenced. For instance, Sambo Dasuki, the immediate past National Security Adviser is facing trial before three separate courts. The first one which bothers on illegal possession of fire arms is before the Federal High Court sitting in Abuja, while two others which bother on diversion of about $2.1 billion meant for the procurement of arms to fight the dreaded Boko Haram is before an Abuja High Court. In the case before the Abuja High Court, Dasuki was charged alongside some former ministers. Several issues had however trailed Dasuki’s trial as the Federal Government had refused to obey bail conditions granted him (Dasuki) by the three courts. As of now, the trial of Dasuki before the Abuja High Court has been stalled as the Director of State Services had refused to produce him in court after re-arresting him at the gate of Kuje prisons, Abuja in December 2015 after perfecting his bail condition. However, ECOWAS court has asked the Federal Government to explain why it is still detaining Dasuki. High Chief Raymond Dokpesi, the Chairman of Daar Communication is another Nigerian standing trial before the Federal High Court sitting in Abuja on six counts of money laundering and procurement-related fraud to the tune of N2.1 billion.

Ribadu

Even though the British Prime Minister, David Cameron described Nigeria as ‘fantastically corrupt nation’, he acknowledged that Nigeria has improved since Buhari became the President

Larmode

Dokpesi and his firm allegedly collected the said money from the office of the National Security Adviser between October 2014 and March 2015. The money was said to be part of the funds allegedly diverted by the immediate past National Security Adviser, Col. Sambo Dasuki (retd), to fund the presidential campaign of the Peoples Democratic Party. Dokpesi had since pleaded not guilty to the charge and was consequently admitted to bail. Metuh is the National Publicity Secretary of the Peoples Democratic Party. He is standing trial alongside his company, Destra Nigerian Limited over alleged collection of N400 million from the office of ONSA. Metuh had since pleaded not guilty, and admitted to bail. The trial had since started and the prosecution had called all his witnesses. At the moment, Metuh is presenting his own witnesses in a bid to show his innocence in the charge filed against him. Metuh had approached the Court of Appeal to challenge the ruling of the Federal High Court which dismissed his no case submission. The appellate court is yet to give judgement in the matter. Dr. Haliru Bello who was a former BOT chairman of the PDP is charged alongside his son, Abba Bello, following allegations of money laundering leveled against them and their company, BAM projects and Properties Ltd, by the Economic and Financial Crimes Commission (EFCC). The EFCC had on December 26, 2015 filed a four-count charge of money laundering against Bello and his son for their alleged role in the diversion of funds meant for the procurement of arms in the office of the National Security Adviser. Abbah Mohammed is alleged to have received N600m from the office of the National Security Adviser in the name of Bam Properties when Col. Sambo Dasuki (rtd) held sway. Mohammed and his son pleaded not guilty to the charges.

The court had however admitted the defendants to bail.The trial is also ongoing. Badeh was the immediate past Chief of Defense Staff and is standing trial before the Federal High Court sitting in Abuja over alleged diversion of about N3.9 billion belonging to the Nigerian Airforce. Badeh was alleged to have used the said money to procure property for himself and his children. Badeh pleaded not guilty to the charge and was consequently admitted to bail. The trial is on going as the prosecution has called about three witnesses who had in turn testified as to how Badeh diverted the said sum. Diko was a retired Chief of Air Staff and was arraigned before the Federal High Court sitting in Abuja over alleged diversion of N4.8 billion belonging to the Nigerian Airforce. Diko was alleged to have used the said money to procure property for himself. He however pleaded not guilty and admitted to bail. The trial is also on going. Saraki is the current Senate President and he is standing trial before the Code of Conduct Tribunal sitting in Abuja over alleged anticipatory and false assets declaration. Saraki pleaded not guilty and was subsequently admitted to bail. The prosecution had however opened its case against Saraki by calling its first witness, Michael Wetkas who is currently being cross-examined by the defense team of lawyers. In spite of several controversies trailing the trial, the chairman of the tribunal, Danladi Umar has assured parties that the panel will do justice in the case. Elder Godsday Orubebe was a former minister of Ministry of Niger/Delta and he is standing trial before the Code of Conduct Tribunal over alleged false asset declaration. Orubebe also pleaded not guilty and hence admitted to bail. The trial is on going at the tribunal.

22 Law|news

monDAY, MAY 23, 2016 NEW TELEGRAPH

CJ shuns Senate’s request to begin Nation’s suit de novo Akeem Nafiu

he Chief Judge of the Federal High Court (CJ), Justice Ibrahim Auta, has turned down a request by the Senate to withdraw the fiat directing Justice Mohammed Yunusa to deliver judgment in The Nation’s suit against the lawmakers. The Senate had urged the CJ to withdraw the fiat so that the case could begin afresh before a new judge, Justice Jude Dagat. Justice Yunusa had adjourned for judgment before he was transferred to the Enugu Division of the court. Rather than withdraw the fiat, Justice Auta asked the Senate to raise any objections it

may have before Justice Yunusa. Justice Dagat has, therefore, directed that the file be returned to Justice Yunusa. At the weekend, lawyer representing Vintage Press Limited (publisher of The Nation), Mr Wahab Shittu, told Justice Dagat about the fiat. He later sought an adjournment to a convenient date for Justice Yunusa to deliver the judgment. However, The Senate’s lawyer, Dr George Ogunyomi, informed the court that the CJ responded to their letter in which they asked him to withdraw the fiat. “The CJ replied and noted our complaint. He said we are free to raise the issues before Justice Yunusa,” he said. Justice Dagat said he could not adjourn to any

particular date since he would not know when Justice Yunusa would return to Lagos. “Since there is a fiat, the file is hereby remitted to Justice Yunusa for further action,” he ruled. After Justice Dagat took over the case, the plaintiffs applied to the CJ for a fiat to enable Justice Yunusa return to Lagos to deliver the judgment rather than the case starting de novo (afresh). The fiat was issued. The applicants (Vintage Press, The Nation Editor Gbenga Omotoso and a Correspondent Imam Bello) are praying for an order of perpetual injunction restraining the Senate from summoning them or compelling their appearance over a story. The Senate had in

Auta

August 4, 2015 invited Omotoso and Bello over the story: Motion: 22 APC Northern senators ‘working against Buhari’, which was published last July 30. It wrote again last Au-

gust 11 threatening to invoke Section 89 (1) (D) of the 1999 Constitution (as amended) to compel the applicants to appear. Justice Yunusa later made an interim order of injunction restrain-

ing the respondents from issuing a warrant to compel the applicants’ attendance before a Senate committee set up to investigate the publication. The Senate, in an April 7, 2016, letter to the CJ through its lawyer, Offiong Effiong Offiong (SAN), asked Justice Auta to withdraw the fiat on the basis that the plaintiffs “failed to duly effect service of the originating processes” on it. According to Offiong, his client’s rights to justice would be “seriously compromised” if Justice Yunusa went ahead to deliver the judgment, adding that it must have “escaped Your Lordship’s attention to ask for comments from the other parties” before the fiat was issued. However, Shittu urged Justice Auta not to ignore the Senate’s request on the fiat, adding that Justice Yunusa was entitled to examine the Senate’s pending applications and proceed in whatever manner he deemed fit without the case having to start afresh.

NBA Presidency: South-west lawyers back Gadzama Foluso Ogunmodede

bid by a Senior Advocate of Nigeria, Chief Joe Kyari Gadzama to lead the Nigerian Bar Association (NBA) as its president come July,has received a boost at the weekend. The South West Lawyers Forum (SWF) has pledged its support for the Senior Advocate. Gadzama and another Senior Advocate of Nigeria, A.B.Mahmud jostle for the NBA top post come July. Ahead of the July election, Gadzama who had begun its campaign told the Forum of his intention to lead the Bar, saying he remains the only aspirant to beat in the election. The pledge is coming against the backdrop of his adoption by the North East Lawyers Forum as its sole candidate. A Screening Committee set up by the influential Arewa Lawyers Forum (ALF) and chaired by Dr. Garba Pwul (SAN) had also recommended Gadzama for ALF’s adoption. Also, two key pillars of the Egbe Amofin O’odua, Chief Bandele Aiku (SAN) and Asiwaju Adegboyega Awomolo (SAN) had given their blessings to Gadzama’s presidential aspira-

Gadzama

tions. Aiku had prayed for Gadzama and offered his blessings towards his ambition when the aspirant paid the revered Egbe Leader a visit at his country home in Ibadan. On his part, Awomolo had in a letter sent to the SWF expressed “great pleasure” over current efforts to resuscitate the comatose umbrella union of the Yoruba lawyers “after the last Bar election that caused the Egbe a humiliating de-

feat.” Throwing his immense clout behind Gadzama’s bid, Awomolo said “Chief J. K. Gadzama, SAN is a good colleague and worthy of our relationship.” Gadzama had earlier addressed the Ibadan branch of the NBA where he received a rousing reception especially from young lawyers. However, Gadzama at the forum’s meeting held at Ile-Ife over the

weekend, the Forum’s interim Chair man, Chief A. A. Ayodele said “we have listened to our distinguished visitors, colleagues and their submissions. I want to assure you that the West will give you appropriate support.” He added that the forum would fashion out a “symbiotic relationship” with Gadzama for its support. Speaking earlier, Gadzama said that he had served the Bar un-

der various regimes, adding “I wear the shoe, I know where it pinches. I know the issues, I know the challenges. I want to sustain the work that Alegeh (SAN) has done. But apart from that, I want to give vibrant, courageous, purposeful leadership that will ensure that the NBA remains the conscience of the nation, the eye of the blind, the ear of the deaf, and the mouthpiece of the voiceless.” Gadzama went on: “I want to ensure that we have that kind of leadership whereby NBA can respond to issues and challenges that are being thrown up as a result of activities and upheavals in the polity and the economy especially now. When we became lawyers in 1986 I remember we met Alao Aka-Bashorun. He wasn’t a Senior Advocate of Nigeria but he was one of the best performing lawyers. That is the kind of leadership I want to offer. “I have mentorship scheme. I have over 40 juniors in my office. I attend IBA conferences; I go there with not less than 10 lawyers to empower them. I will ensure that your welfare is taken care of; you will have baseline in terms of salaries; you will belong to committees; you will have mentorship scheme. You need to know who you will elect

as your president because it is not about the NBA alone, it is about the nation; if the NBA is sick, judiciary must be sick, the nation must be sick. Don’t elect me without knowing what I have to offer. “I will professionalize the secretariat. One good aspect of a good leader is that you must be a good loser and a good winner. When I won in Abuja (Branch) I accommodated my opponent; when I lost in Ibadan in 2010 I raised the hand of Chef J. B. Daudu (SAN) and declared him winner, even though I was advised to the contrary. I am a good loser. I am a man of peace, I mean well for this country. A lot of stories are being told about us which are all lies. But a lot was said about Buhari but he still became president; a lot was said about Alegeh, but he still became NBA President; a lot is being said about Gadzama but with your votes and by the grace of God, I will be elected to serve you. “My word is my bond. I am accessible. I am contesting out of my deep personal conviction and personal desire to serve you; nobody conscripted me. I will listen to you; I will lead by the majority for the welfare of the Bar and good representation of the Bar - with integrity, with courage, with vision, and for service.”

Law|News 23

monDAY, MAY 23, 2016 NEW TELEGRAPH

Babatope Okeowo Akure

he Chief Judge of Ondo State, Justice Olaseinde Kumuyi has inaugurated a 17man Justice Reform team headed by Justice Yemi Akintan-Osadabay to fast track quick dispensation of criminal justice system in the state. The Justice Reform Team, which had been inaugurated in 17 other states of the federation, according to Justice Kumuyi was to enhance cooperation among the agencies of government and the organization saddled with the dispensation of justice in the state. All the institutions saddled with Criminal Justice dispensation including the Police, Judiciary and Prison were part of the team headed by Justice Akintan-Osadabey. Other members of the Justice Reform Team were Justice Ikpatt, the State Commissioner of Police, Commandant of the National Security and Civil Defence Corps (NSCDC), Comptroller of Prison, Attorney-General and Commissioner for Justice and the Chairman State House of Assembly committee on judiciary Also included in the team are Chief Magistrates including Mrs Adeyanju, Mrs Adegoroye, Mr Akinwumi and Adewumi, Directorate of Public Prosecution(DPP), Nigeria Bar Association (NBA), Commissioner

Ondo CJ inaugurates reform team L-R: Mrs Adesola Adeyemi-Tuki, DPP, coordinator of International Federation of Women Lawyer ( FIDA), Mrs Bunmi Niyi-Arajuwa, Magistrate Adeyanju, representative of Comptroller of Prison, Ondo CP, Hilda HarrisonIbirufo, Commandant NSCDC, Justice Osadabay and Justice C Ikpatt

for Women Affairs, Commissioner for Information, FIDA and Mrs Yinka Omole. Justice Kumuyi and the Attorney-General and Commissioner for Justice, Mr Eyitayo Jegede SAN said the essence of the team was to help fast track criminal justice delivery system in the state as all channels of justice delivery system had been incorporated in the team. The Chief Justice said the Justice Reform Team was to bring all the stakeholders together so as to synergise and discuss the challenges

impeding quick dispensation of justice in the state and proffer solutions to it. Justice Kumuyi said buck passing problem among the agents of government saddled with quick dispensation of justice like the police, prison service, judiciary and Legal Aid Council and members of the Bar would be eradicated when there was regular meeting among the members of the team. With the inauguration, he said there would be cooperation among the institutions saddle with justice sector and

ensure quick dispensation of justice. Before the inauguration of the team, Justice Kumuyi said Criminal Division with three judges had been created within the precinct of the Medium Security Prison, Olokuta in order to fast track quick dispensation of justice. He said: “This court has reduced the attendance logistics associated with transport, prison break, crowd interference, witness issues and has generally brought justice to the doorposts of the accused detainees. There is a re-

markable improvement in the number of cases being heard and disposed.” Justice Kumuyi said different magistrate’s courts grades had been established all over the state to ensure that there was a court and resident magistrate in order to ensure quick dispensation of justice within a distance of 20 kilometers. The Chief Justice added that a Practice Direction would be issued to give legal bite to any of the decisions reached by the Justice Reform Team.

In his remark, Jegede said the essence of the team was to make sure the challenges thrown up in the justice sector were tackled. Some of the problems, he said were prison congestion, delay in bringing accused persons to court by the Police and the dispensation of criminal Justice by the courts. The Commissioner of Police, Hilda HarrisonIbirufo said as the first set of institution in the dispensation of Justice, they would cooperate with other sectors to ensure quick dispensation of justice.

Blame National Assembly for Nigeria’s woes –Fawehinmi budget had been passed? When the budget is passed, let it be fully implemented. The country will restructure itself. Let money enter the economy, then, you will see things taking shape. Now, it is very difficult for anyone to steal. There is no hanky-panky anywhere again. Whatever you are doing now must be for the progress of Nigeria.

Fawehinmi C O N T I N UE D F R O M PA G E 2 0

the Jonathan’s Administration has put down a proper and complete handover notes, I don’t think it would take such a while for Buhari to appoint his ministers. In all these, I still blame the National Assembly. It’s not that the APC was not ready for governance. Also, those who are the chieftains of the ruling party should keep their pride and think more of Nigerians. There is a limit to what the President can do because this is not a military regime. What do you envision for the country in this fiscal year especially now that the

What is your take on the new guidelines announced by INEC in the conduct of elections in Nigeria? I am sorry to say this. You might not like what I am about to say. I think the INEC Chairman, Prof. Mahmud Yakubu should be dismissed. The only mistake made by Buhari is the appointment of this man as the INEC Chairman. How many elections have been concluded successfully since he came on board? All the elections conducted under him have been inconclusive. What will now happen in 2019 general elections? Many people blame these inconclusive elections on security lapses but my question is, were there no security lapses during Jega’s time? Of course, Jega knew how to handle it. The reverse is the case with the present INEC Chairman.

This man does not know what he is doing. The INEC Chairman should be a Southerner, either an Ibo or a Yoruba man. He should not be a Northerner. I really fault the President on his appointment. This INEC Chairman should be dismissed immediately. We need to balance the equation. There is a Northern President, we can’t have a Northerner as INEC Chairman. When Jonathan was there, we had a Northerner as INEC Chairman. There must be a proper balance in what we are doing. The incumbent INEC Chairman was rejected by former President Jonathan. I am surprised at his appointment now. I think he should just return to the classroom and continue his lecture. But, as far as he is the INEC Chairman, he is a failure. If this man is allowed to conduct the 2019 general elections, there is going to be civil war in Nigeria. This is because elections in Nigeria are seen as a matter of life and death. So, the President should look into that immediately. I also can’t see any usefulness of the new INEC guidelines. Even if people were allowed to vote immediately after been accredited, those who want to do things through the back door will still do so. The only way out for us is to be

automated in our electoral processes. I am not sure card readers have been used in any elections of late. Three months after giving judgement in a civil case, a judge reversed herself and started the case afresh after accepting the defendants’ plea that their nonappearance throughout the pendency of the case was due to a wrong advice from their lawyer. What is your take on this issue? Well, once a judgement is given in a matter, the only option left for the party that lost out is to appeal the judgement. The judge cannot reverse herself. It is only the Court of Appeal that can do so. The judge should be dismissed immediately by the National Judicial Council (NJC). Where did the judge go to school? Is it not the same law school that we all attended? The NJC needs to really focus on these judges. Any judge that is found wanting on the Bench should be dismissed immediately so that he did not stain others. So, the judge that reversed herself after giving judgement should either be dismissed outrightly or suspended for thorough investigations to be carried out into her activities by the NJC.

24 Law|news

One year after

Buhari:

How Buhari’s change mantra revives reforms in judiciary, by lawyers C O N T I N U E D F R O M PA G E 1 9

court has ordered that he should be released. Despite this, I think we have had it good as far as complying with the rule of law under the Buhari’s Administration is concerned.” Another silk wig, Malam Yusuf Ali said that the rule of law had been stable and consistent in the last one year of the President Buhari-led government. Ali said: “It has been the sign post of the political operators. But we must know there are challenges, observance of human rights is part of the rule of law. There have been one or two cases of people saying that their rights have been breached, but breaching of it is not in per se, but it is the mechanism and enforcement of such rights that is important. But as far as enforcement is concerned, Nigeria has a good record because any one that his rights is breached or about to be breached has access to the court. “That is very important and in the last one year, access has been very open to all people who feel that they want to approach the court for one thing or the other. “The judiciary has played its traditional role in the last one year. It has been successful. It adjudicated on all the post-election litigations from the tribunal to the appeal court up to the Supreme Court. And to the credit of the judiciary, all the tribunals were able to finish in record time all the petitions before them. The Court of Appeal was able to finish all the appeals within 60 days allocated by the Constitution. “The Supreme Court also did the same. All the governorship appeals that went to the Supreme Court were concluded within 60 days. “In my own assessment, the judiciary in the last year has done very well. But of course, it is a human institution and there is always room for improvement.” To another Senior Advocate and titled chief, Mike Ozekhome said “the judiciary still stands out gidigba and strong as the Olumo rock of Abeokuta in spite of concerted and orchestrated efforts by the executive to force it to toe its line in a peculiar and unconstitutional definition of what constitutes the rule law. Ozekhome went on: “The judiciary has so far refused to be dictated to so much so that President Buhari on one occasion had to admit that the judiciary was his headache. The judiciary could only be his headache simply because the judiciary refuses to be influenced as to how to fight the war against corruption, outside the box of respect for due process, fundamental rights and the rule of law. “Judges of superior courts at a time were being owed three to four months’ salary, salary which is one of the lowest in the entire world. It is even not a living wage as it does not actually constitute a living wage for any Nigerian of their calibre with a wife and children. “That a Federal High Court judge and a state High Court judge receive N500, 000 in a month and Justices of the Court of Appeal receive N600, 000 while Justices of the Supreme Court receive N700, 000 in a month. None of which is enough for a minister or a special adviser in the executive or a senator or member of the House of Representatives in the National Assembly to buy fuel or take care of his cars on a monthly basis. “As the last hope of the common man, as a defender of the rights of the people, as a sentinel or guardian at the door steps of beleaguered Nigerians, the judiciary has stood brandishing its sword against governmental infractions, executive law-

Ali

lessness and legislative rascality. Surprisingly, in deodorizing and self-stabilising stance against corrupt judges within its fold which the National Judicial Council smokes out and deal with appropriately. So, the judiciary like it did under despotic and tyranical military juntas has insisted on sanctimoniously upholding that hallowed doctrine of separation of powers which although started with great philosophers like De Roco Pound, Thomas Hobbs and actually blossomed and became popularized by Baron De Montesque in 1748: that the three arms of government must operate within the three arms of their department. “No one should be so powerful as to terrorize the other or dictate to the other how it should operate. But even at that, there must be an in built mechanism for checks and balances so as to ensure that none of the three arms of government is so powerful that it becomes uncheckable because power corrupt and absolute power corrupts absolutely. “But for the judiciary, the present government would have emerged like Louis the fourteenth of France which is “Le tat, le moi” which means ‘I am the state”. The judiciary has curbed the menacing image of the executive that has descended on the rights, freedom and liberties of Nigerians particularly the politically exposed. Many of whom have been detained and refused bail from government dungeon in spite of court’s pronouncement giving them bail on the grounds that they determined when such person approaches the court. “I hail the judiciary, I urge judges to stand firm because those in the executive will always come and go, but the judiciary has always stood there like the Zuma rock of Abuja, upholding the rights of all Nigerians irrespective of their status in life or gender or political belief or political inclination or cultural affiliation. The judiciary must be encouraged because without it, rule of law will be in retreat forever. All of us will have return to the Obesian state of nature, where life was short, nasty and brutish. May God forbid us returning to that dark, primordial and animalistic era.” An activist lawyer, Mr Femi Aborisade said “in order to appropriately assess President Muhammadu Buhari (PMB)’s administration in the last one year in the area of rule of law, we need to define rule of law from the point of view of the conduct of the executive.” Citing Golden Nanibo v. Uche Okafor & Ors (2003) 10 SCM 85, Aborisade said: “The Supreme Court held that it is a necessary implication of the rule of law that

Malami

Ozekhome

except where the law gives a discretion to a public functionary, he can only act in accordance with law as to do otherwise may enthrone arbitrariness. “Also, in Saidu Garba v. F.C.S.C. & Anor (1988) 7 SC (Pt. II) 170, the Supreme Court reiterated the point that the full implication of a country opting for a rule of law is that once parties have turned over their disputes to the court, none of them, be it a government or an individual should do anything in the nature of self-help which could frustrate the courts from due performance of its functions or render whatever judgment it may give nugatory. “Yet, in Military Governor of Lagos v. Ojukwu & Anor (1986) NSCC 304, the apex court of Nigeria held that where the rule of law is forced to abdicate, the rule of force is automatically enthroned. “Using the above definitions of rule of law as a guide, we may easily conclude that under President Muhammadu Buhari’s first year in office, rule of law has been overthrown and arbitrariness and rule of force have become the order of the day. The evidence of this assertion is not hard to come by. “The President in a presidential chat publicly stated that if court orders were obeyed, those persons the court had ordered their release could run away. This means Nigeria has come under the rule of what President Buhari considers proper and fit, not what rule of law dictates. Other arms of government have imbibed the culture of unprecedented

monDAY, MAY 23, 2016 NEW TELEGRAPH

political impunity emanating from the President. “The Kaduna State Government has publicly revealed that 347 Shiites who were shot dead by the military were given mass burial. Their leader, El-ZakZakky, has been in incarceration since December 2015 without trial for any specific offence and without anybody, including his lawyers, being allowed to have access to him. Nobody knows whether or not he is still alive. “The pro-Biafra Movement has also alleged that several of their supporters were shot dead, burnt alive while others were either injured or arrested and detained. Honourable Afolabi Akanni of Ekiti State was arrested and detained for 18 days by the Department of State Services (DSS) without charging him to court for any specific offence before he was released. “The “Independent” National Electoral Commission (INEC) has refused to obey the judgment of the Federal High Court, Abuja Judicial Division, which restored the status of some political parties, including the Peoples Redemption party (PRP), as registered political parties. “The above realities are issues that have defined the character of President Buhari’s regime as far as the rule of law is concerned. In the face of humiliation to which the judiciary has been subjected under PMB, the courage of the judiciary must be commended for finding the voice to condemn disobedience of court orders. The courage and quality of the Judiciary at the present time is symbolized by Hon. Justice Yusuf Haliru of the Federal High Court, Abuja Judicial Division. In the case of Col. Nicholas Ashinze versus EFCC and the Nigerian Army, the Federal High Court deprecated the conduct of the EFCC and the Nigerian Army under PMB’s regime. According to Justice Yusuf Haliru, Ashinze’s detention for over three months without trial was illegal, wrongful, unlawful and constituted a blatant violation of the fundamental rights of the applicant. Justice Haliru was compelled to condemn the EFCC and the Army, saying they are behaving as if Nigeria was still under military dictatorship. According to the FHC, “the EFCC is a creation of the law. The court will not allow it to act as if it is above the law. It is remarkable to note that the motto of the EFCC is that nobody is above the law, yet they are acting as if they are above the law. … The EFCC Act is not superior to the Constitution of the Federal Republic of Nigeria. The respondents in this matter have not behaved as if we are in a civilized society.” They have behaved as if we are in a military dictatorship where they arrest and release persons at will …The respondents, I must be bold to say the EFCC and the Army have behaved like illiterates …Why has the 1st respondent kept the applicant without bringing him to court? …Or is it that the applicant has been found guilty and already serving his jail term? Nobody should be subjected to the whims and caprices of the EFCC …. ‘The essence of the rule of law and constitutional provisions is to ensure a just balance between the ruler and the ruled, between the powerful and the weak.” In conclusion, the rule of law has been subdued under President Muhammadu Buhari’s government in the last one year. Even military regimes obeyed court orders until they placed before the courts the excuse that detainees were held under the obnoxious Decree No. 2. The state of the rule of law in Nigeria today must be unconditionally condemned. This is not the change Nigerians voted for.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Interview ‘Best way to secure pipelines is engagement of all stakeholders’

Business What's new Consumer credit rose to N785.53bn in 2015

Money Line MPC: Analysts predict unchanged forex policy, rate hike

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

EXCHANGE RATE

l Foreign Reserves – $26.587bn as at 19/5/2016

Joint Venture (JV) production has slide from more than 2 million barrels to one million barrels daily in last 10 years Adeola Yusuf

Bayo Akomolafe Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

USD . . . . . . . . . . . . . . . . . . . . . N200 Pounds . . . . . . . . . . . . . . . . . . N307 Euro . . . . . . . . . . . . . . . . . . . . . N224

Source: CBN

L-R: Financial Controller, Nigerian Sovereign Investment Authority (NSIA), Olubisi Makoju; Chief Executive Officer, The Nigerian Stock Exchange (NSE), Oscar N. Onyema; Managing Director/ Chief Executive Officer, NSIA, Uche Orji; Executive Director/Chief Investment Officer, NSIA, Hanspeter Ackermann and Communications Adviser, Titilope Olubiyi, at the closing gong ceremony in Lagosx

PLUNGE

Asst. Editor (Maritime)

(Interbank as at May 20)

USD . . . . . . . . . . . . . . . . . . . . . . N346 Pounds . . . . . . . . . . . . . . . . . . . N490 Euro . . . . . . . . . . . . . . . . . . . . . . N390

p.26

Ayodele Aminu

EXCHANGE RATE

(BDC as at May 20)

Domain growth to curb N600m annual losses

Deputy Editor (Business)

Rates Dashboard INFLATION RATE April 2016...................................13.7% March 2016...............................12.8% February 2016............................11.4%

p.26

The Business Desk

he bickering between the Federal Government and its partners in the offshore oil Production Sharing Contracts (PSCs) has landed in court of arbitration, as the crude lifting accounts’ disparity between the parties hit N2 trillion ($10 trillion), New Telegraph has learnt. A document of the ministry of petroleum resources sighted by New Telegraph at the weekend revealed that the partners got the Nigerian National Petroleum Corporation (NNPC), representative of government in the contracts, to arbitration after many years of allegation and counter-allegation of cheating on crude lifting. The Deep Offshore and Inland Basin Production Sharing Contract Act, Laws of the Federation of Nigeria 2004 mainly regulate the PSC, which was, according to the document, introduced as a policy for the exploration of the country’s petroleum resources. The document stated: “Under this policy, the Nigeria National Petroleum Corporation (NNPC), a governmental agency, engages a competent contractor (Petroleum Exploration and Production

Oil contractors sue FG as crude gap hits N2trn Companies or its subsidiary duly registered in Nigeria) to carry out petroleum operations in Nigeria. “The contractor undertakes the initial exploration risks and if oil is discovered and extracted, the contractor will be allocated a portion of the oil produced sufficient to reimburse its costs of production (cost oil), as well as payment of royalty (royalty oil), which is fixed in accordance with the location of the oil field such that the deeper the concession is from onshore, the lower the royalty rate that is applicable. “Also from the production, a portion will be allocated as tax to the Nigerian Government (tax oil). Whatever remains after these deductions shall be shared among the parties by the ratio stated in their agreement (profit oil).” The contractors had, as stated by the Deep Offshore and Inland Basin Production Sharing Contract Act Laws of the Federation of Nigeria 2004, undertaken the initial exploration risks, which stipulates that if oil is discovered and extracted, the contractor will be allocated a portion of the oil produced sufficient to reimburse its costs of production (cost oil), as well as payment of royalty (royalty oil), which is fixed in accordance with the location of the oil field, such that

$55 billion Being the value of the cash calls owed the international oil companies (IOCs) and Production Sharing Contracts (PSCs) by the Federal Government

the deeper the concession is from onshore, the lower the royalty rate that is applicable. Also from the production, a portion will be allocated as tax to the Nigerian Government (tax oil). Whatever remains after these deductions shall be shared among the parties by the ratio stated in their agreement (profit oil). “All the companies that have done PSC with NNPC in Nigeria are in court over inability to recoup cost and particularly the dispute over $10 billion (and growing) crude lifting dispute between NNPC, the contractors,” the document showed. A contractor confirmed the court action in a chat with this newspaper after his anonymity was guaranteed. The crude lifting debacle, he said, was triggered by mistrust between government and the international oil companies (IOCs)-contractors. “Later, what we did was to bring in a third party - someone we can trust and someone government can trust who are lawyers, to come and look at our books and I can tell you that in all, government lost its grounds,” he said. Stating that NNPC is owing cash call to PSCs, the contractor said that even in 2016, NNPC had, since CONTINUED ON PAGE 26

BUSINESS |news

Oil contractors sue FG as crude gap hits N2trn CONTINUED FROM PAGE 25

last January, been paying 30 per cent of its cash call in PSC, whereas it had been lifting 60 per cent of volumes produced through PSC. The key issues that this action of government has caused are declining production and revenue; declining employment and decreasing competitiveness/investments. Others are decreasing fiscal buffers (forex reserves, social safety nets) and increasing financial exposures (JV cash calls and PSC crude over lifts, among others.) Besides, he stated that government’s attitude towards projects financing is dangerous for the venture. The source said: “Ten years ago. Joint Venture (JV) produces over two million barrels, but today we hardly do one million barrels. This is a dramatic decline in JVs, where all IOCs have lost over 50 per cent production. Government’s take on JV is over 90 per cent of Gross Margin and this has declined by 52 per cent. “Government’s take in PSC is below 60 per cent growing to 70 per cent Gross Margin Growth +77 per cent.” Giving an insight into how budgetary funding is done for PSCs, he said: “By October of a prior year, both parties must have agreed on a budget and by December of a prior year, both parties must have signed the budget, but since 2009, government had reneged on this contractual standard.” For the last five years, according to him, the industry has suffered $7 billion PSC cash call underfunding, amounting to a loss of 500,000 to one million barrels daily. Breaking this down, he said that about $5.5 billion cash calls are owed to IOCs PSC and about 1.1 billion had not been paid to the indigenous firms in the PSC. “At the end of May this year, you can easily add another 400,000 million to it so, in total, about $7 billion is owed. “The IOCs, through arbitrators, have all gone to court and all judgements have been in favour of the IOCs arbitrators.” Under the PSC policy, the concession ownership remains entirely in the NNPC. However, on production, its interest and title are attached to usually a higher percentage of the profit oil. The contractor is permitted to market the portion of the production allocated to cost oil, tax oil and contractor’s share of the profit oil but at the price fixed by the NNPC. No doubt, this puts Nigeria in charge of her oil and gas sector. Certainly, the contractor bears all initial costs of the oil operation, though gets reimbursed through the allocation of Cost Oil. Nevertheless, the reimbursement of such cost only occurs on the discovery and production of commercial oil reserve. No contribution from the NNPC when there is no production.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Consumer credit rose to N785.53bn in 2015 MAJORITY Oil and gas sector attracted highest share of total credit

Tony Chukwunyem

mid continuing efforts by banks to excel in the retail segment of the market, latest data released by the Central Bank of Nigeria (CBN) shows that the volume of consumer credit granted by lenders improved during the second half of 2015. According to the Financial Stability Report (FSR)

for the end of December 2015, released by the apex bank last Thursday, the aggregate outstanding consumer credit stood at N785.53 billion at the end of the second half of 2015, compared with N767.69 billion at the end-June 2015. This reflected an increase of 2.32 per cent, compared with 3.49 per cent at the end of the first half of last year. The study also stated that consumer credit constituted 4.34 per cent, as a ratio of total credit to the core private sector, compared with 4.18 per cent in the first half of 2015. However, the report noted: “Relative to the first half of 2015, the amount of credit extended to the various sectors by banks during the review

period showed a downward trend. Total credit to the various sectors of the economy fell by 1.44 per cent to N13, 328.7 billion in the second half of 2015, as against the increase of 7.07 and 16.62 per cent in the first half of 2015 and the second half of 2014 respectively.” In addition, the study revealed that the oil and gas sector continued to attract the highest share of total credit, as it accounted for 24.82 per cent of the total credit, compared with 23.78 per cent in the first half of 2015. It was followed by the manufacturing sector, which accounted for 13.91 per cent of the total credit, compared with 13.98 per cent in the preceding half year.

Also, agriculture, forestry and fishery accounted for 4.00 per cent of the total credit, indicating a 0.13 percentage point decline below the 4.13 per cent recorded in the preceding half year. Significantly, the report said: “The structure of bank credit in the second half of 2015 indicated the continued dominance of loans and advances of short-term maturities. Credit maturing within one year accounted for 47.1 per cent, compared with 44.5 per cent at the end of the first half of 2015. The medium-term five and long-term six maturities stood at 16.9 and 36.0 per cent, compared with 18.8 and 36.7 per cent, at end-June 2015, respectively.”

L-R: Executive Director, Commercial, NASCON Allied Industries Limited, Fatima Aliko Dangote; Chairperson, Yemisi Ayeni; Managing Director, Paul Farrer; Outgoing Chairman, Aliko Dangote; Director, Halima Aliko Dangote, at the company’s Annual General Meeting in Lagos. PHOTO: SULEIMAN HUSAINI

Domain growth to curb N600m annual losses TRACTION NiRA recorded 9,511 new domain names in the first months of this year Kunle Azeez

he month-on-month growth of Nigeria’s .ng domain names could help in reducing the current annual capital flight of N600 million incurred by the country as a result of patronage of foreign domain names, New Telegraph has gathered. Nigeria’s domain name system (DNS) continues to gain traction, as the total number .ng domains registered in the first months of this year stood at 9,511,according to the latest Nigeria’s DNS report. Till date, the number of .ng domain names registered in the country may have reached over 70,000 with more efforts being put in place to boost further adoption. As at last December, the total number of .ng domain names registered in the country stood at 60,000, according to data obtained from the Nigeria Internet Registration Association (NiRA), the official

…As .ng domain names hit 70,000

managers of the country’s .ng domain resources. The .ng is Nigeria’s country code Top Level Domain (ccTLD), the country’s identifier on the World Wide Web (WWW). According to the latest statistics released by NiRA, which provides information on the country’s DNS ecosystem, between January and April this year, close to 10,000 new .ng domain names were registered. The statistics show that total number of domain names registration from January to April 2016 is 9,511 registrations and 6,062 renewals. It also reveals that in April 2016, 2,436 new domain names were registered, 1,785 domain names were renewed and there were 134 transfers between the NiRA accredited registrars. Till date, the number of NiRA accredited registrars has increased to 53, according to the latest data. “It is interesting and refreshing to witness such growth. The renewal rate is encouraging as well,” said NiRA President, Mr. Sunday Folayan. Speaking during a recent Annual General Meeting (AGM) of the domain name managers in Lagos, Folayan

noted that growth in new .ng domain names registrations from 18,870 in 2014 to 22,113 in 2015. He said NiRA had also recorded growth in the number and quality of staff with the engagement of head, technical services and head, business development. “Also, we are not fully utilising NiRA property as a resource centre for training and certification in the DNS industry, in addition to opening up of the. i.ng zone for registration to serve as another platform in promoting the .ng ccTLD,” he added. According to him, NiRA is also engaging fully in staff development with periodic local and overseas training; sponsorship of relevant programmes and youth empowerment programmes, among others. The AGM also witnessed the election of the President of Medallion Communications Limited, Mr. Ikechukwu Nnamani, as a member of the NiRA Executive Board of Directors. Till date, Nigeria continues to lose an estimated N600 million in capital flight annually to dominant use of foreign domain names such as .com and

.uk, at the expense of local domain engine, .ng. However, Afolayan, who said the association has been engaging in a lot of activities to popularise the domain names, dispelled the perception that .ng domain name is not secure. According to him, the security of .ng is top-rated. “Even to scam with .ng is very difficult because we would be able to know the person that registered the domain name. Others do proxy, but we don’t do proxy in Nigeria. We know who is registering what; the registry is here with us,” he said. Explaining some of the many benefits of .ng domain name, Afolayan said, “The value of using .ng to individuals, businesses and governments is huge. In the first place, the local content policy of Federal Government starts with .ng. So, if you are a Nigerian and you want to promote the local content, you should be on .ng registry. That is the first thing.” Secondly, the NIRA President said that the policy of the federal government is also promoting local content for businesses to be online and preferably on .ng.

MONDAY, MAY 23, 2016 NEW TELEGRAPH

RETURNS ON UTILIZATION OF FUNDS PURCHASED FROM THE CENTRAL BANK OF NIGERIA ON WEDNESDAY, 18th MAY 2016. SN 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90

CUSTOMER OMOKHODI ON CELESTINA EHIOMONE ARINZE SAMSON UCHENNA OJO KAYODE BASIL NCHEKWUBE ORAGU ALEX ADEDIPE ADEBIYI PRIMERO TRANSPORT SERV LTD AARTI ROLLING MILLS LIMITED AARTI ROLLING MILLS LIMITED PRIMERO TRANSPORT SERV LTD RAINOIL LTD IBAFON OIL LTD SWIFT OIL LTD BULK STRATEGIC RES LTD BOVAS & CO LTD CONOIL PLC NIGERIAN SECURITY PRINTING AND MINTING CO. LTD NIGERIAN SECURITY PRINTING AND MINTING CO. LTD NIGERIAN SECURITY PRINTING AND MINTING CO. LTD SANCOMEX LTD SARO AGRO LTD SUNCHEM INDUSTRIES LIMITED CREST AGRO LTD CELPLAS IND INTRACHEM LTD MELVYN NICKSON SOCIETE DECOMPOUNDAGE BEAUMONT AROMATIC EURO GLOBAL FRESH SYNERGY OLANIYI ABIMBOLA MOTUNRAYO ELUWOLE OLAOLUWA GABRIEL TIJANI UTHMAN OLATOKUNBOH MEZU AGWAJINMA VERONICA NZELI CHRISTINE OSSAI THANGAVELU VIJAYA CHANDRA DERIBE NDELLA ZANNA MUSTAPHA IBRAHEEM OLAWALE ABDULLAH AWONUGA BABATUNDE HEZEKIAH BABSKAREEM ABIODUN RAFIAT FAMUYIDE OLADAPO OLANIYI MMEZI CHUKS ANDY OLUDARE AKINBAMI UKAEJIOFOR HARRY OGOCHUKWU AYO-YUSUF OY EYINKA ADEDOJA BANJO ADEWALE TEMITOPE NWANKWOR CHUKWUEBUKA JUSTIN MRS CHINYERE GERALDINE AMUCHEAZI AMODU AGNES OLANIKE ADEDAYO OGUNNEYE KARIMOT IBIWOY E-OBA ADERONKE FOLAKEMI ADEBAYO FOLASADE ONAOLAPO EMMANUEL KOLAWOLE MOORE ERIC OLATUNJI MOORE OLUSOLA OLUFUNMILAYO ALANAMU RAMOTA TOY IN IBRAHIM ALADE TAIBAT OLOLADE AJENIFUJA LATIFATU OLABISI BANKOLE OLALEKAN ABIOLA EKPEDEME UBOM YAHAYA ABUBAKAR SADIQ JINOD ARIYO KAZEEM OY EDELE OMOBOLANLE OLUBUSOLA FAGITE FEMMY DAVID CARIM AYOMIDE HAPHYSAT MOHAMMED-JANTABO JAMILAH SHUAIBU FATI ALI ESISUE JOY BLESSING KHADIJAT AHMED LIMAN Obaweya Babat unde Benjamin Olusegun Oyelade Lat eef Oyeola ABDUR RASAQ ABOLARIN AJARAT IYABO SALAWUDEEN BALOGUN ABIODUN BALOGUN OLUFUNMILAYO OLANRE ABDULWAHAB HAUWA JOKE AKINLAJA BENJAMIN OLUROPO Ehigiat or Rita Ejiro ENAOHWO ADA BIOSAH AMOS CHUKWUEMEKA IKE SINHA SANJIVA KUMAR ADEOY E TEMITOPE FOWOWE IDOWU OMOLOLA GRACE IDOWU OLABISI ORIYOMI SANJAY KHATHURIA ADEOLA SOLA AMINAT ADEOLA OLUTOY IN ADEFOLUKE OFUASIA EKWITORZIM PATRICIA OLORUNSAIYE JOHNSON SUNDAY OLANIYI ADEKUNLE JACOB YEMI-SHODI MU TITILAYO TOLULOPE

FORM M/A NUMBER AA0534862 AA2503027 AA2503042 AA2786125 AA2790447 MF20140177693 MF20150007170 MF20150007170 MF20150018540 MF20150052549 MF20150057001 MF20150075920 MF20150080167 MF20150083251 MF20150095983 MF20150117080 MF20150117081 MF20150117081 MF20150119523 MF20160013874 MF20160018629 MF20160030646 MF20160041500 MF20160041669 MF20160042081 MF20160049629 MF20160050093 MF20160052962 MF20450036354 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

LC NUMBER INV/16/EDU/1064 INV/16/EDU/1062 INV/16/EDU/1065 INV/16/EDU/1061 INV/16/EDU/1063 SB/ILC150073U SB/ILC150052CL SB/ILC150052CL SB/ILC150135U SB/ILC150313CL SB/ILC150354CL SB/ILC150413CL SB/ILC150454CL SB/ILC150461CL SB/ILC150490CL SB/ILC150595U SB/ILC150594U SB/ILC150594U SB/ILC150593CL SB/ILC160189U SB/ILC160152CL SB/ILC160200U SB/ILC160296U SB/ILC160401C SB/ILC160399C SB/ILC160398C SB/ILC160400C SB/ILC160402C SB/ILC150207CL N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

ITEM OF IMPORT DATE OF FUND PURCHASE EXCHANGE RATE AMOUNT SCHOOL FEES 18-May-16 197.50 5,921.92 SCHOOL FEES 18-May-16 197.50 9,973.67 SCHOOL FEES 18-May-16 197.50 9,443.97 SCHOOL FEES 18-May-16 197.50 9,994.15 SCHOOL FEES 18-May-16 197.50 7,000.00 TRANSPORT BUSES 18-May-16 197.50 255,584.20 CAPITAL MACHINERY 18-May-16 197.50 97,100.00 CAPITAL MACHINERY 18-May-16 197.50 44,600.00 TRANSPORT BUSES 18-May-16 197.50 150,000.00 UNLEADED GASOLINE 18-May-16 197.50 200,000.00 UNLEADED GASOLINE 18-May-16 197.50 200,000.00 UNLEADED GASOLINE 18-May-16 197.50 200,000.00 UNLEADED GASOLINE 18-May-16 197.50 200,000.00 UNLEADED GASOLINE 18-May-16 197.50 200,000.00 18-May-16 197.50 200,000.00 BASE OIL WHITE N1000 BANKNOTE PAPER 18-May-16 197.50 13,918.44 WHITE N1000 BANKNOTE PAPER 18-May-16 197.50 664,527.50 WHITE N1000 BANKNOTE PAPER 18-May-16 197.50 664,527.50 LATTICE TOWER AND ACCESSORIES 18-May-16 197.50 62,000.00 AGRICULTURAL INSECTIDE SNIPPER 18-May-16 197.50 100,000.00 INDUSTRIAL RAW MATERIALS 18-May-16 197.50 188,400.00 FULL CASSAVA PROCESSING PLANT 18-May-16 197.50 100,000.00 ISOCY ANATE 18-May-16 197.50 63,200.00 HIGH DENSITY AMMONIUM NITRATE 18-May-16 197.50 100,000.00 INDUSTRIAL RAW MATERIALS 18-May-16 197.50 21,241.00 CALCIUM CARBONATE COMPOUND 18-May-16 197.50 95,688.00 INDUSTRIAL MATERIALS HANDLING MATERIALS 18-May-16 197.50 92,810.00 VARIOUS MOULD AND ACCESSORIES 18-May-16 197.50 115,344.00 407,019.64 UNLEADED GASOLINE 18-May-16 197.50 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 2,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 500.00 PTA 18-May-16 197.50 2,000.00 PTA PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 1,500.00 PTA 18-May-16 197.50 18-May-16 197.50 2,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA PTA 18-May-16 197.50 2,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 197.50 1,500.00 PTA 18-May-16 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 3,000.00 PTA 18-May-16 197.50 1,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 1,500.00 PTA PTA 18-May-16 197.50 2,000.00 PTA 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 2,000.00 PTA 18-May-16 197.50 2,500.00 PTA 18-May-16 197.50 2,500.00 PTA 18-May-16 197.50 2,500.00 197.50 3,000.00 PTA 18-May-16 18-May-16 197.50 1,500.00 PTA 18-May-16 197.50 3,000.00 PTA 18-May-16 197.50 2,000.00 PTA

BUSINESS |Stock Watch

MONDAY, MAY 23, 2016 NEW TELEGRAPH

C&I Leasing: Economic pressures drain earnings C&I Leasing Plc like most firms operating in the country, have in the face of daunting macroeconomic headwinds and a tough operating environment recorded decline in profits. CHRIS UGWU writes

easing facilitates easy access to the muchneeded assets required for productive ventures that would stimulate economic growth and development. This developmental need is more important now in Nigeria given the present economic situation where outright purchase of productive assets is almost difficult. However, the marketing environment has continued to be more turbulent in Nigeria due largely to the effect of international oil price fluctuations and yet to be resolved infrastructural challenges, multiple taxation and high cost of operation arising from adverse fiscal and monetary policy, inflation and high cost of funds. The leasing industry is one sector that has fallen victim to the persistent macroeconomic headwinds that have weakened consumer purchasing powers and eroded earnings of companies. Another issue of concern to the lease practitioners is the socio-political instability and security in the country. In spite of the fact that Nigeria - an emerging democracy, has experienced some degree of political stability compared to some other Africa countries, the political stability is yet to ensure policy stability, as policies rather than tied to economic interests of the nation, are most cases skewed to the interests of the nation’s leadership. This has impacted negatively on the economy and general investment outlook. Given the creeping inflation, forex uncertainty, leasing companies in Nigerian have continued to find it difficult to weather the storm. Market watchers also believe that for leasing industry to survive, more is needed to be done in order to reinforce the quality of legal and regulatory environments for the sector. However, in spite of the challenges, C&I Leasing Plc was one of the few companies in the industry that began the 2015 year with an impressive performance during the first quarter ended March 2015. But after facing challenges posed by harsh operating environment, the company ended the year with 16.45 per cent decline in profit after tax. The market sentiments for the shares of the company has also dropped, reflecting the general trend in value of shares quoted on the floor of the Nigerian Stock

market, which was triggered by volatility in the economy. The share price of C&I Leasing, which closed at 54 kobo per share at the close of business in June 2015, has declined in value. At the close of business last Friday, the company’s share price stood at 50 kobo, representing a drop of four kobo or 7.4 per cent year to date. Financials C&I Leasing Plc began 2015 with 91.6 per cent growth in net earnings for the first quarter ended March 31, 2015. The leasing company in a filing to the Exchange said its profit after tax grew to N219.702 million in the first quarter from N114.630 million posted in 2014, representing a growth of 91.6 per cent. The company’s gross earnings equally firmed up by 56.7 per cent from N3.039 billion in 2014 to N4.763 billion during the period under review. CI Leasing had reported an increase in earnings per share of 69 per cent to 19.15 kobo at the end of 2014. The company then followed the results with 8 kobo per share dividend payment, representing a 50 per cent rise from the 4 kobo it paid a year ago. The 2015 first quarter results also showed that earnings per share rose by 72 per cent year-onyear to 13.5 kobo, while Pre-tax profits also appreciated by 94 per cent year-on-year to N275 million from N142.137 million. However, signs of downswing for the company began during the half year financial results ended June 30, 2015 as profit after tax declined by 11.14 per cent from N369.003 million in 2014 to N327.906 million in 2015, while profit before tax equally decreased marginally by 3.53 per cent to N409.754 million against N424.730 million posted a year earlier. The company’s gross earnings however, grew by 52.79 per cent to N9.692 billion during the second quarter 2015 from N6.343 billion in 2014. The trend continued during the third quarter, as the company posted 11.88 per cent drop in profit after tax to N345.477million from N392.077 million in 2014. Pretax profit dropped marginally by 0.097 per cent from N446.996 million in 2014 to N446.559 million during the period under review. Consequently, the company ended 2015 year with16.45 per cent decline in profit after tax for the financial year ended December 31, 2015. It posted a profit after tax of N148.768 million as against N178.067 million recorded during the comparable period of 2014, representing a decline of 16.45 per cent. However, profit before tax grew from N411.806 million posted the previous year to N465.639 million during the year under review, accounting for an increase of 13.07 per cent. The company’s revenue grew marginally by 4.99 per cent to N14.577 billion in the review period of 2015 from N13.883 billion in the corresponding period of 2014.

Otike-Odibi

CWG Plc. 2015

We expect improved economic activities and business opportunities in the rest of the year

June 30

N0.54

July 31

N0.50

August 31

N0.50

September 30

N0.50

October 30

N0.50

November 30

N0.50

December 31

N0.50

January 29

N0.50

February 29

N0.50

March 24

N0.50

April 30

N0.50

May 20

N0.50

C & I Leasing began 2016 with 56.32 decline in profit after tax for the first quarter ended March 31, 2016 In a filing with the Exchange, the group reported a profit after tax of N95.972 million during the first quarter ended March from N219.702 million recorded in 2015, accounting for a percentage drop of 56.32 per cent. The profit before tax stood at N111.163 million in 2016 as against N275.393 recorded in 2015, representing a decline of 59.63 per cent. The group’s revenue also dropped by 8.18 per cent to N4.373 billion during the period under review as against N4.763 billion in 2015. Reasons for decline Commenting on the Q1 2016 results, the Managing Director and Chief Executive Officer, C&I Leasing Plc, Mr. Andrew Otike-

Odibi, noted that the beginning of the year was tough for every companies operating in the country due to the economic uncertainties, which was orchestrated by the government policies, forex scarcity, fuel scarcity and electricity challenges. According to him, in spite of the operating environment, it was commendable to note that many of the company’s subsidiary businesses now contribute about 30 per cent to the group earnings, which represents hope that in the other remaining quarters to come, the company will broaden its income generation base. His words: “As we had expected, the year presented a set of challenges ranging from inflationary threats to fuel shortages, all of which impacted the business environment. Our first quarter 2016 results reflect the stability and growth potential of our business in the face of daunting macroeconomic headwinds and a tough operating environment. Nevertheless, our focus on our core business activities and fleet management services, offshore marine support services and manpower outsourcing services gave us an edge in the industry and contributed greatly to our revenue of N4 billion in the first quarter of the year. “As a means to run our business more efficiently, we discontinued our finance leasing business by suspending the creation of new assets, as this operation has been under a lot of strain due to the macroeconomic pressures facing some of our clients in the retail segment of the industry.” Outlook Otike-Odibi noted that as at end of the first quarter 2016, the subsidiary businesses now contribute about 30 per cent to the group earnings, which “give us confidence that as we expand our geographical reach and consolidate our business segments, we will be able to broaden our income streams in the coming quarters.” On the 2016 business forecasts, Otike-Odibi said the group remained focused on the fundamentals of its business, which are excellent customer service and superior support services that would serve as the bedrock for achieving its corporate objectives in the course of the year. “As we look forward to the implementation of the 2016 budget and a stable political climate, we expect improved economic activities and business opportunities in the rest of the year, which will translate to increased earnings and profitability of our different business lines; a diversification benefit, which we continue to offer our shareholders,” he said. Conclusion The business climate for C&I Leasing like any other leasing companies has remained challenging due to harsh operating environment. It is however, laudable that the company should continue to adapt business strategies to fit the dynamic operating environment.

BUSINESS | Capital Market

MONDAY, MAY 23, 2016 NEW TELEGRAPH

DAILY STOCK MARKET REPORT The Nigerian Stock Market Exchange as at May 20, 2016 Prices for Securities Traded as of 20/05/2016

Printed 20/05/2016 14:49:44.044

PRICES FOR PREMIUM BOARD SECURITIES

Price List (Equities)

FINANCIAL SERVICES S/N 1

BANKING ZENITH INTERNATIONAL BANK PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

TELECOMMUNICATIONS SERVICES

500,774.08

15.95

1.79

595

111,956,294

ICT

249,300

595

111,956,294

INDUSTRIAL GOODS VOLUME

BANKING S/N 2

OTHER FINANCIAL INSTITUTIONS FBN HOLDINGS PLC

MARKET CAP(Nm)

PRICE

%CHANGE

138,196.88

3.85

5.19

OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES

TRADES

VOLUME

S/N

BUILDING MATERIALS

454

54,566,513

121

ASHAKA CEM PLC

454

54,566,513

122

BERGER PAINTS PLC

1,049

166,522,807

123

CAP PLC

124

CEMENT CO. OF NORTH.NIG. PLC

TRADES

VOLUME

125

DN MEYER PLC.

INDUSTRIAL GOODS S/N 3

BUILDING MATERIALS DANGOTE CEMENT PLC

MARKET CAP(Nm)

PRICE

%CHANGE

2,847,298.38

167.09

0.05

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

42,728.77

19.08

46,049

2,260.62

7.80

1.69

141,240

28,000.00

40.00

339

9,877.49

7.86

84,020

237.25

0.73

6,000

122,543

308,106

127

LAFARGE AFRICA PLC.

352,549.40

77.40

1.84

BUILDING MATERIALS

308,106

128

PAINTS AND COATINGS MANUFACTURES PLC

784.99

0.99

INDUSTRIAL GOODS

308,106

129

PORTLAND PAINTS & PRODUCTS NIGERIA PLC

824.00

2.06

302,075

1,097

166,830,913

108

707,166 VOLUME

PREMIUM BOARD TOTALS PRICES FOR MAIN BOARD SECURITIES

Price List (Equities)

AGRICULTURE S/N

CROP PRODUCTION

%CHANGE

TRADES

VOLUME

S/N

PACKAGING/CONTAINERS

1,100.00

0.50

8,906

133

AVON CROWNCAPS & CONTAINERS

134

BETA GLASS CO PLC.

OKOMU OIL PALM PLC.

27,672.93

29.01

49,024

PRESCO PLC

35,710.00

35.71

1,051,484

1,109,414 VOLUME

CROP PRODUCTION MARKET CAP(Nm)

PRICE

%CHANGE

TRADES 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,920.00

0.96

3.23

FISHING/HUNTING/TRAPPING LIVESTOCK/ANIMAL SPECIALTIES

5,340,560

LIVESTOCK/ANIMAL SPECIALTIES

5,340,560

AGRICULTURE

6,449,974

LIVESTOCK FEEDS PLC.

CUTIX PLC.

PRICE

FISHING/HUNTING/TRAPPING

ELECTRONIC AND ELECTRICAL PRODUCTS

132

MARKET CAP(Nm)

FTN COCOA PROCESSORS PLC

S/N

CONGLOMERATES PRICE

TOOLS AND MACHINERY

%CHANGE

TRADES

1.58

S/N

CHEMICALS

S/N

METALS

138

ALUMINIUM EXTRUSION IND. PLC.

TRADES

VOLUME

2,647.29

1.00

34,775

3.58

100

319.10

0.82

6,326

S/N

PAPER/FOREST PRODUCTS

TRANSNATIONAL CORPORATION OF NIGERIA PLC

47,568.75

1.17

2.63

204

44,958,195

140

THOMAS WYATT NIG. PLC.

U A C N PLC.

36,131.46

18.81

266,453 45,265,849

TRADES

VOLUME

991.76

1.45

100

21,613.79

43.23

MARKET CAP(Nm)

PRICE

%CHANGE

150

TRADES

VOLUME

112

711,316

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,164.37

9.84

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

CHEMICALS

2,588.07

254

4,000

%CHANGE

NATURAL RESOURCES

A.G. LEVENTIS NIGERIA PLC.

DIVERSIFIED INDUSTRIES

4,000

2 PRICE

INDUSTRIAL GOODS

CHELLARAMS PLC.

%CHANGE

4,900

MARKET CAP(Nm)

TOOLS AND MACHINERY

JOHN HOLT PLC.

DIVERSIFIED INDUSTRIES

MARKET CAP(Nm)

S/N

PRICE

1,391.44

PACKAGING/CONTAINERS

S/N

MARKET CAP(Nm)

ELECTRONIC AND ELECTRICAL PRODUCTS

S/N

BUILDING MATERIALS

METALS S/N

MINING SERVICES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

127.60

0.58

-4.92

101,786

PAPER/FOREST PRODUCTS

101,786

NATURAL RESOURCES

101,816 VOLUME

OIL AND GAS CONGLOMERATES

254

45,265,849

BUILDING CONSTRUCTION

ARBICO PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

S/N

INTEGRATED OIL AND GAS SERVICES

748.44

5.04

114

142

OANDO PLC

114

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

BUILDING CONSTRUCTION S/N

BUILDING STRUCTURE/COMPLETION/OTHER

BUILDING STRUCTURE/COMPLETION/OTHER S/N

INFRASTRUCTURE/HEAVY CONSTRUCTION

JULIUS BERGER NIG. PLC. REAL ESTATE DEVELOPMENT

UACN PROPERTY DEVELOPMENT CO. LIMITED REAL ESTATE INVESTMENT TRUSTS (REITS)

UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) REAL ESTATE INVESTMENT TRUSTS (REITS)

DN TYRE & RUBBER PLC BEVERAGES--BREWERS/DISTILLERS

CHAMPION BREW. PLC.

GOLDEN GUINEA BREW. PLC.

GUINNESS NIG PLC

INTERNATIONAL BREWERIES PLC.

NIGERIAN BREW. PLC.

PREMIER BREWERIES PLC BEVERAGES--NON-ALCOHOLIC

7-UP BOTTLING COMP. PLC. FOOD PRODUCTS

INTEGRATED OIL AND GAS SERVICES S/N PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS 143 BECO PETROLEUM PRODUCT PLC

MARKET CAP(Nm)

PRICE

%CHANGE

209 TRADES

1,858.49

0.50

15,960.90

23.00

54,197

ETERNA PLC.

4,095.01

3.14

-0.95

1,403,555

34,150

146

FORTE OIL PLC.

277,428.47

213.00

3.62

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

147

MOBIL OIL NIG PLC.

63,104.17

175.00

13,900

7,081.25

4.12

3.26

106

11,091,554

148

MRS OIL NIGERIA PLC.

9,278.21

36.53

188,099

106

11,091,554

149

TOTAL NIGERIA PLC.

57,379.19

169.00

12,661

176

1,736,586

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

195,571.61

347.10

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

11,305.89

45.22

119

11,125,868

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,386.33

0.50

1 1

1,000

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,000

21,922.59

2.80

-3.45

1,122,471

231.34

0.85

200

143,209.97

95.10

29,701

65,819.10

19.98

-0.10

842,671

999,066.71

126.00

0.40

1,598,986

2,751.58

2.81

200

187

3,594,229

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

90,323.24

141.00

10,949

PRICE

%CHANGE

TRADES

VOLUME

6.30

0.80

1,771,070

23.00

433,262

MARKET CAP(Nm)

HONEYWELL FLOUR MILL PLC

13,481.34

1.70

-2.35

727,911

N NIG. FLOUR MILLS PLC.

1,185.03

6.65

25,000

NASCON ALLIED INDUSTRIES PLC

21,990.34

8.30

-2.35

588,980

TIGER BRANDED CONSUMER GOODS PLC

24,000.00

4.80

-2.04

126

4,138,021

616.69

0.50

1,000

3,599.87

13.17

-4.98

225,000

290

7,910,244

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS S/N

EXPLORATION AND PRODUCTION

150

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

FOOD PRODUCTS--DIVERSIFIED CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.

MARKET CAP(Nm)

PRICE

OIL AND GAS

S/N

HOUSEHOLD DURABLES

VITAFOAM NIG PLC.

S/N

ADVERTISING

151

AFROMEDIA PLC

S/N

PERSONAL/HOUSEHOLD PRODUCTS

P Z CUSSONS NIGERIA PLC.

UNILEVER NIGERIA PLC.

S/N

APPAREL RETAILERS

%CHANGE

TRADES

0.50

MARKET CAP(Nm)

PRICE

%CHANGE

S/N

AUTOMOBILE/AUTO PART RETAILERS

MARKET CAP(Nm)

PRICE

%CHANGE

AUTOMOBILE/AUTO PART RETAILERS S/N

COURIER/FREIGHT/DELIVERY

155

TRANS-NATIONWIDE EXPRESS PLC. HOSPITALITY

S/N

HOTELS/LODGING

158

IKEJA HOTEL PLC

160

TRANSCORP HOTELS PLC MEDIA/ENTERTAINMENT PRINTING/PUBLISHING

163

LEARN AFRICA PLC

165

UNIVERSITY PRESS PLC. ROAD TRANSPORTATION

BANKING

SPECIALTY

TRADES

VOLUME

27,988

16,705

44,693

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

4,216.21

4.29

-0.93

332,201

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

91,122.45

22.95

47,491

117,282.18

31.00

1.94

300,749

SERVICES

348,240

MAIN BOARD TOTALS

615

12,241,556

TRADES

VOLUME

S/N

TRANSPORT-RELATED SERVICES

154,764.65

PRICE

ACCESS BANK PLC.

DIAMOND BANK PLC

ECOBANK TRANSNATIONAL INCORPORATED

VOLUME

43,633

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

FIDELITY BANK PLC

GUARANTY TRUST BANK PLC.

SKYE BANK PLC

STERLING BANK PLC.

45,200.96

UNION BANK NIG.PLC.

84,679.03

UNITED BANK FOR AFRICA PLC

161,443.89

4.45

UNITY BANK PLC

9,117.68

0.78

WEMA BANK PLC.

29,316.59

0.76

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

4,386.26

2.11

-4.95

63,500

40,282.14

5.30

2 5

66,300

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,800

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

655.73

0.85

34,111

2,109.59

4.89

3 5

36,884

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

2,773

TRADES

VOLUME

169

AIRLINE SERVICES AND LOGISTICS PLC

1,236.30

1.95

1,200

170

NIGERIAN AVIATION HANDLING COMPANY PLC

7,081.59

4.36

4.81

345,935

347,135 VOLUME

S/N

SUPPORT AND LOGISTICS

172

CAVERTON OFFSHORE SUPPORT GRP PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

5,025.76

1.50

SUPPORT AND LOGISTICS

16,143

510,195

3,800

392,229,331

Price List (Equities)

CONSTRUCTION/REAL ESTATE TRADES

VOLUME

PROPERTY MANAGEMENT

CONSTRUCTION/REAL ESTATE

TRADES

VOLUME

S/N

PROPERTY MANAGEMENT

MARKET CAP(Nm)

PRICE

%CHANGE

0.93

292

82,915,159

44,236.34

1.91

9.77

169

14,307,463

277,445.21

15.12

-0.46

519,413

35,928.75

1.24

-3.12

3,721,270

594,509.82

20.20

-3.67

390

10,144,154

1.17

6.36

115

26,616,380

19,480

1.57

-4.85

3,112,815

FOOD PRODUCTS

19,480

5.00

-0.60

1,734,615

CONSUMER GOODS

19,480

5.45

347

27,906,688

1.30

603,000

-1.32

4,492,435

1,580

176,073,392

16,239.95

5.35

%CHANGE

TRADES

TRANSPORT-RELATED SERVICES

PRICES FOR ASEM SECURITIES MARKET CAP(Nm)

VOLUME

0 -

SPECIALTY

%CHANGE

CONSUMER GOODS S/N

S/N

TRADES

%CHANGE

PRINTING/PUBLISHING S/N

1.33

MEDIA/ENTERTAINMENT S/N

VOLUME

PRICE

HOTELS/LODGING S/N

100

TRADES

264.43

COURIER/FREIGHT/DELIVERY S/N

100

MARKET CAP(Nm)

HOSPITALITY

17.24

FINANCIAL SERVICES

VOLUME

PRICE

2,219.52

APPAREL RETAILERS

732.50

PERSONAL/HOUSEHOLD PRODUCTS

14,652 7,182,162

MARKET CAP(Nm)

ADVERTISING

32,380.20

HOUSEHOLD DURABLES

14,652

3 389

SERVICES

580,620.70

FOOD PRODUCTS--DIVERSIFIED

63,174

EXPLORATION AND PRODUCTION

ROAD TRANSPORTATION FOOD PRODUCTS 41

1,000

CONOIL PLC

60,357.46

5,422,018 VOLUME

145

75,600.00

S/N

8,906

144

DANGOTE SUGAR REFINERY PLC

U T C NIG. PLC.

5,422,018

34,150

FLOUR MILLS NIG. PLC.

UNION DICON SALT PLC.

VOLUME

209

VOLUME

TRADES

1.52

%CHANGE

6.00

TRADES

BEVERAGES--NON-ALCOHOLIC S/N

PRICE

72,207.71

BEVERAGES--BREWERS/DISTILLERS S/N

MARKET CAP(Nm)

%CHANGE

AUTOMOBILES/AUTO PARTS S/N

TRADES

45.00

CONSUMER GOODS AUTOMOBILES/AUTO PARTS

%CHANGE

PRICE

CONSTRUCTION/REAL ESTATE S/N

PRICE

59,400.00

REAL ESTATE DEVELOPMENT S/N

MARKET CAP(Nm)

INFRASTRUCTURE/HEAVY CONSTRUCTION S/N

ENERGY EQUIPMENT AND SERVICES

CONSTRUCTION/REAL ESTATE S/N

S/N

BANKING S/N

INSURANCE CARRIERS, BROKERS AND SERVICES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

AIICO INSURANCE PLC.

5,266.96

0.76

-1.30

1,510,889

AXAMANSARD INSURANCE PLC

22,155.00

2.11

0.48

76,000

CONTINENTAL REINSURANCE PLC

10,683.93

1.03

-0.97

465,000

CORNERSTONE INSURANCE COMPANY PLC.

7,364.75

0.50

100

EQUITY ASSURANCE PLC.

7,000.00

0.50

20,000

CONSUMER GOODS S/N

FOOD PRODUCTS

174

MCNICHOLS PLC

MARKET CAP(Nm)

PRICE

%CHANGE

412.83

1.39

FINANCIAL SERVICES S/N

MORTGAGE CARRIERS, BROKERS AND SERVICES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MORTGAGE CARRIERS, BROKERS AND SERVICES

FINANCIAL SERVICES

TRADES

VOLUME

PHARMACEUTICALS

HEALTHCARE

TRADES

VOLUME

HEALTHCARE S/N

PHARMACEUTICALS

MARKET CAP(Nm)

PRICE

%CHANGE

OIL AND GAS S/N

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS

INTERNATIONAL ENERGY INSURANCE COMPANY PLC

642.04

0.50

777

LASACO ASSURANCE PLC.

3,661.72

0.50

15,000

OIL AND GAS

LAW UNION AND ROCK INS. PLC.

1,753.04

0.51

10,000

SERVICES

LINKAGE ASSURANCE PLC

4,000.00

0.50

100

S/N

FOOD/DRUG RETAILERS AND WHOLESALERS

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MUTUAL BENEFITS ASSURANCE PLC.

4,000.00

0.50

FOOD/DRUG RETAILERS AND WHOLESALERS

N.E.M INSURANCE CO (NIG) PLC.

4,224.40

0.80

-1.23

2,979,000

SERVICES

WAPIC INSURANCE PLC

6,691.37

0.50

65,505,601

ASEM TOTALS

19,480

70,582,567

EQUITIES TOTALS

4,902

559,079,724

TRADES

VOLUME

INSURANCE CARRIERS, BROKERS AND SERVICES S/N

MICRO-FINANCE BANKS

NPF MICROFINANCE BANK PLC

100

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,606.77

1.14

49,900

49,900 VOLUME

MICRO-FINANCE BANKS

PRICES FOR ETP SECURITIES S/N

COMPANY

Price List (ETP) MARKET CAP(Nm)

PRICE

%CHANGE

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

INFINITY TRUST MORTGAGE BANK PLC

6,422.50

1.54

200

LOTUS HALAL EQUITY ETF

535.06

8.63

0.35

UNION HOMES SAVINGS AND LOANS PLC.

3,095.70

3.17

1,000

NEWGOLD EXCHANGE TRADED FUND (ETF)

361.20

2,408.00

0.25

1,526

1,200

STANBIC IBTC ETF 30

824.18

72.00

101.64

2.78

-0.71

77.59

6.68

1,895.04

12.60

0.48

85.70

19.56

0.62

S/N

MORTGAGE CARRIERS, BROKERS AND SERVICES

MORTGAGE CARRIERS, BROKERS AND SERVICES S/N

OTHER FINANCIAL INSTITUTIONS

AFRICA PRUDENTIAL REGISTRARS PLC

CUSTODIAN AND ALLIED PLC

FCMB GROUP PLC.

STANBIC IBTC HOLDINGS PLC

100

UNITED CAPITAL PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

VETIVA BANKING ETF

5,700.00

2.85

-3.39

4,085,017

VETIVA CONSUMER GOODS ETF

21,233.53

3.61

747,142

VETIVA GRIFFIN 30 ETF

VETIVA INDUSTRIAL ETF

27,525.77

1.39

4.51

156

33,404,239

150,100.00

15.01

4.97

719,874

12,600.00

2.10

2.44

186

19,679,912

OTHER FINANCIAL INSTITUTIONS FINANCIAL SERVICES

445

58,636,184

2,126

305,343,243

TRADES

VOLUME

TRADES

VOLUME

HEALTHCARE S/N

HEALTHCARE PROVIDERS

MARKET CAP(Nm)

PRICE

%CHANGE

HEALTHCARE PROVIDERS S/N

MEDICAL SUPPLIES

MARKET CAP(Nm)

PRICE

%CHANGE

MEDICAL SUPPLIES MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

366.17

0.50

120

3,000.00

2.00

-1.96

1,429,542

26,811.55

22.42

999.60

1.02

-0.97

451,130

1,491.07

0.95

-5.00

1,126,614

PHARMACEUTICALS

3,048,052

HEALTHCARE

3,048,052 VOLUME

S/N

PHARMACEUTICALS

104

EVANS MEDICAL PLC.

105

FIDSON HEALTHCARE PLC

106

GLAXO SMITHKLINE CONSUMER NIG. PLC.

107

MAY & BAKER NIGERIA PLC.

108

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

40,646

ICT S/N

COMPUTER BASED SYSTEMS

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

COMPUTER BASED SYSTEMS S/N

COMPUTERS AND PERIPHERALS

COMPUTERS AND PERIPHERALS S/N

ELECTRONIC COMMUNICATIONS SERVICES

MARKET CAP(Nm)

PRICE

%CHANGE

ELECTRONIC COMMUNICATIONS SERVICES S/N

IT SERVICES

115

NCR (NIGERIA) PLC.

MARKET CAP(Nm)

PRICE

%CHANGE

970.92

8.99

-4.97

IT SERVICES S/N

PROCESSING SYSTEMS

118

E-TRANZACT INTERNATIONAL PLC

MARKET CAP(Nm)

PRICE

%CHANGE

TELECOMMUNICATIONS SERVICES

TRADES

VOLUME

TRADES

VOLUME

100,300

TRADES

VOLUME

18,060.00

4.30

4 4

149,000

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

PROCESSING SYSTEMS S/N

149,000

ETP TOTALS

PRICES FOR DEBT SECURITIES S/N

COMPANY

15.54% FGN FEB 2020

BONDS TOTALS

1,551

Price List (BONDS) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

619,496.38

106.00

0.47

100

30 With the Federal Government working assiduously to erase the ugly past of the nation’s economy and introduce policies to redirect development, the insurance industry has become one of the most affected as dearth of disposable income heightens apathy and weighs down on premium. SUNDAY OJEME reports

Insurance

Voyage of despair, optimism as advise the government on all insurance related matters. In line with the directive, the commission has put in place necessary machinery to effectively discharge the function, to ensure proper protection of public assets and value added transactions for government.

n the last one year, the Federal Government has evolved from maintaining, hitherto, aesthetic distance from the insurance sector to suddenly taking a closer and requisite interest in the activities of the industry. Despite this position, it has, however, been an admixture of despair and profit-packed optimism, as the economic policies of the same government are practically working against the industry at the moment even though a brighter future lies ahead considering some of the legal frameworks being put in place to further strengthen the sector and the economy generally. For the fact that insurance thrives under a stable and vibrant economy, the experience in the last one year has been that of despair for the operators, as some Federal Government policies have practically put the economy in suspense and also deny most Nigerians disposable income always earmarked for insurance. While the industry is currently being insulated from the abuse of the past in anticipation of a profitable future, the operators are now feeling the pinch, as the slow run in the economy in the last one year has drastically affected premium payments and renewals. Premium payment Before the emergence of President Muhammadu Buhari, previous administrations could be said to have taken lightly the important role the industry plays in economic development. Despite calls by from different quarters to take the underwriting sector seriously as the pillar of the economy globally, the sector suffered devastating neglect that was prominently headlined by government’s refusal to pay premium on its insured assets. However, in the last one year, the tendency that things would be done differently started manifesting with the special interest the Minister of Finance, Mrs. Kemi Adeosun, took in the sector as soon as she was appointed. In a bid to strengthen the sector and ensure the operators were up and doing as regards policy formulation and implementation, the minister was quick to put together the Insurers’ Committee, a body similar to the Bankers’ Com-

MONDAY, MAY 16, 2016 NEW TELEGRAPH

Buhari

Buhari: mittee, where important decisions to review and move the sector forward are normally taken. To strengthen the sector further, the minister also mooted the idea of overhauling it with a new bill. The proposed Bill is expected to modify insurance practice and turn the sector around, as one of Nigeria’s most efficient industries. To underline its seriousness, a committee, whose members were drawn from the public and private sectors, was constituted to carry out the review. It is expected that the review would form the basis of a new draft Bill, which will be sent to the National Assembly for consideration. The Terms of Reference of the committee include a critical review of the draft Insurance (Consolidated) Bill, with a view to making it a framework or principle-based legislation; a comparative review of the Bill to align it with the powers of other financial regulators in the country as well as a thorough examination of current market problems and recommendation of appropriate regulatory powers to allow the regulator act appropriately. Furthermore, the Review Committee is to undertake a review of all other insurance laws and update the draft Insurance Bill to align with international best practices. The Committee is also to make other recommendations, as it deems fit for the overall good of the nation’s insurance industry. Claims payment In the 12 months under review, the Insurers’ Committee also brought down the number of days from 90 to 30 days a policyholder should wait before re-

Adaramola

One year after

Even now premiums are no longer being paid, basically because of the TSA (Treasury Single Account)

ceiving his claims. After the expiration of the 30days period, the insurer would be expected to pay an interest equivalent to that of the Central Bank of Nigeria to the insured on his claim. The interest starts running exactly 30 days after the discharge voucher has been signed between the parties. In the last couple of years, records have revealed the Federal Government as the biggest client of the industry. However, this status has failed to reflect in the fortunes of the operators, as the ministries departments and agencies have often failed to pay their premium, making government, ironically, the biggest debtor to underwriters. Although it has often not been put straight, feelers from the operators show that the Federal Government owes the industry well over N25 billion in unpaid premiums. This, obviously, would be a thing of the past, as Federal Government in the current dispensation has directed the office of the Head of Service and the National Insurance Commission (NAICOM) to protect all government assets by ensuring they are insured. The Head of Service was directed to coordinate all relevant permanent secretaries and heads of extra ministerial departments to ensure compliance with the NAICOM Act 1997. On its part, the apex insurance regulator, in a notice, requested for details of all insurance policies in respect of all government assets and liabilities as at February. The act mandates the commission to ensure adequate protection of government assets as well

New commissioner Coincidentally, a major change also occurred within the year with a new leader, Mohammed Kari, emerging the Commissioner for Insurance. Kari, who came in with President Buhari’s ‘change’ mantra as his guide, in the last one year, has strengthened the reforms his predecessor left behind. Apart from ensuring the ethics of the profession are strictly adhered to as part of instilling discipline, Kari has also ensured that claims that have been duly verified are paid as soon as possible. The period under review has also provided an opportunity for the regulator to reignite its call on Nigerians to embrace and take advantage of the provisions in Compulsory Insurances. This is to be done through collaboration with state government. It is expected that the enforcement of compulsory insurance at the state level would open opportunities for the industry and the economy in employment, resources and, most importantly, protection of public assets of the states and public interest. He said: “Discussions are already going on with some state governments on the need to adopt compulsory insurances. The commission will extend such crusade to other states of the federation, as this would ensure that the motive of the Market Development and Restructuring Initiative (MDRI) is achieved. “Our motive is to ensure that all the 36 states, including the Federal Capital Territory (FCT), comply with these insurance.” As good as the year under review was, a sour taste, however, emerged when for the first time in so many years, workers at NAICOM embarked on an industrial action, which saw activities at the headquarters of the commission disrupted for at least two days. The workers, under the aegis of the Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Service Employees, called on President Muhammadu Buhari to intervene and put things right at the commission. Speaking on the development, the Assistant Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Mr. Tope Adaramola, described the last one year as that of despair and optimism. He said the fact that Federal Government’s economic direction had not been too clear to investors has impacted significantly in the sector. According to him, it has actually been an admixture of feelCONTINUED ON PAGE 31

BUSINESS | Insurance

MONDAY, MAY 23, 2016 NEW TELEGRAPH

Pension: Reform, consolidation signal hope for workers Stories by Sunday Ojeme

uring the year, the pension industry witnessed more sensitisation by the National Pension Commission (PenCom). This was headlined through the hosting of the World Pension Summit Africa Special in October. The annual event, which was hosted in Nigeria last year, provided another opportunity for PenCom to market the gains and opportunities in the nation’s Contributory Pension Scheme (CPS) to the outside world. The CPS has grown in the last 10 years to N5.3 trillion. Events at WPS This year’s edition introduced the ‘African Pension Awards, which was the main highlight of the summit. The event, themed, ‘Building Sustainable Pensions Systems in Africa,’ focused on entrenching enduring pension systems across Africa, by emphasising pension funds as an avenue towards addressing the huge infrastructure deficit in the continent. The programme attracted experts from around the world in investment, infrastructure financing, real estate and other pension-related fields, who provide insights on global developments in pensions. At the summit, many issues, including the introduction of high level regional reports on the advancement of pension systems within the regions, were discussed. Funds transfer The year also provided relief for workers whose contributions had been in the custody of Nigerian Social Insurance Trust Fund (NSITF). The commission in its 2015 report revealed that a total of N9.22 billion NSITF contribution was transferred to the CPS in the first quarter of 2015. The commission also recovered a total of N6.73 billion from defaulting employers across the country as outstanding contributions and penalties for their failures to comply with the CPS law within the same period. During the quarter, the commission received a total of 1,330 applications for the transfer of NSITF contributions amounting to N91.68 million. Following the review of the applications, the commission granted “no objection” to Trustfund Pensions Plc to pay the sum of N82.14 million to 1,200 contributors. This suggested that 130 applications, amounting to N9.54 million were rejected due to incomplete documentations. Recoveries PenCom in the report said it retained the services of its enforcement consultants to follow-up and conclude work on the recovery of outstanding pension contributions and penalty from defaulting employers. The effort led to recovery of sum of N540.94 million repre-

senting principal contributions of N145.85 million and penalty of N395.09 million was recovered. PenCom also disclosed that as at the end of the first quarter, 2015, 26 State Governments had enacted laws on the CPS, while the remaining 10 were at the bills stage. Mortgage window Within the period, the Direc-

tor General of the commission, Mrs. Chinelo Anohu-Amazu, also opened an opportunity for contributors to benefit from a special mortgage arrangement through the use of pension savings as equity contribution for homes. She also made a passionate appeal to all the states and local governments to adopt or implement the CPS to quickly

embark on the scheme in order to avail their employees of the numerous benefits of the scheme as well as avoid huge future pension liabilities. PTAD However, a not too palatable event also occurred within the period following the suspension from office of

the Executive Secretary, Pension Transition Arrangement Directorate, Mrs. Nellie Mayshak. Mayshak, who is currently being investigated, was alleged to have placed herself on a salary of N60 million per month while in charge of the pension body that sees to the welfare of pensioners under the noncontributory scheme.

L-R: Chief Operating Officer, MultiChoice Nigeria, Kurt Otto; Head, Strategy, Busola Tejumade; Marketing Manager, DStv, Chioma Afe and General Manager, Sales, MultiChoice Nigeria, Akinola Saliu, during the MultiChoice Retailers Loyalty Awards at the Celebrations Event Center, GRA, Ikeja.

Bancassurance: Access Bank partners WAPIC, Ghana Life

Voyage of despair, optimism

ccess Bank Ghana has partnered Wapic Insurance and Ghana Life Insurance companies to launch innovative insurance products for consumers in Ghana, In line with its strategy to build capacity in retail banking. The launch, which follows the signing of a strategic partnership agreement between Access Bank and the two insurance companies last year, will see Access Bank promote the sale of both general and life insurance products and services in all its 45 locations across the country. The insurance products unveiled to the public are the Shop owners Policy, Child Welfare Plan, Child Starter Plan, Asset All Risks Policy, Motor Insurance, Home and Personal Assets protection, Personal Accident Policy, Transitional Plan and Retirement Assurance Plan. Speaking on the partnership, the Managing Director of Access Bank, Mr. Dolapo Ogundimu, noted that a buoyant insurance industry was critical to the growth of the Ghanaian economy and that Access Bank was demonstrating its readiness to partner with insurers to espouse its relevance for national development. He added: “We are optimistic that with the introduction of our bancassurance bouquet of products, our customers will find it easier and more convenient to own insurance policies, and help improve the current low rate of insurance owners in the country.” Unveiling the bancassur-

ings in terms of the economic impact on insurance. When the economy is facing a challenge, insurance suffers. He said: “The economy and insurance, as you are aware, are like Siamese twins. In the last one year, government has been battling with the economy in terms of direction. This indecision is preventing investors from putting down money and it is also encroaching on the disposable incomes of Nigeria making it difficult to make insurance a priority. You recall that even when the economy was a bit stable, the industry was a fragile, not many people like to be insured. “The other catchment is

ance products, the Group Head for Personal Banking, Mr. Stephen Abban, added that the introduction of bancassurance was in fulfilment of the bank’s strategy to introduce non-generic banking products as part of its total product bouquet that addresses the banking needs of customers. He cited the Shop owners’ policy for SME’s as a renewable policy that protects the shop and its content of the insurer in the event of fire, floods, theft and allied perils. It also covers third parties for damage to their properties, injury or death sustained at the shop. The Managing Director of Wapic Insurance, Mr. Adedayo Arowojolu, stressed that “with the transformative leadership positioning that Wapic is bringing to the industry, the Bancassurance is a value adding partnership for the Bank’s customers that will provide affordable insurance products through exceptional quality service to protect customers against insurable risks.” Explaining the need for everyone to have some form of insurance policy, the Managing Director of Ghana Life, Mr. Ivan Avereyireh, also noted that “this partnership with Access Bank is to further increase the commitment of Ghana Life Insurance Company in bringing Life Insurance Products to the door steps of every Ghanaian, in this particular case, the customers of Access Bank, to ensure financial inclusion for all. This will in no doubt help increase Insurance Penetration in the country.”

CO N T INU E D FROM PAGE 30

the corporate. The same thing applies to them. Certain government policies are not giving them idea on what to do. Even now premiums are no longer being paid, basically because of the TSA (Treasury Single Account). Now everything goes into one account. That’s not good for insurance. “In the face of this, however, the sector is expected to pick up with time especially with the consolidation bill. When the bill is eventually signed into law, it is going to impact positively on the industry. At least, the bill will ensure the industry is capitalised to where it should be and it will also ensure the full implementation of Compulsory Insurances.”

PFAs’ UNIT RATES FOR RSA FUND AS AT MAY 13, 2016 S/No 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

PFA Premium Pension Crusader Sterling ARM Pension Stanbic IBTC Legacy Pension NLPC Pension Pension Alliance Trust Fund Pensions First Guarantee Pension Sigma Pension Leadway Pensure AIICO pension Fidelity Pension FUG Pension AXA Mansard OAK Pension

Unit Value - RSA 2.9707 2.9472 2.9118 2.8010 2.7830 2.6150 2.5670 2.5053 2.4492 2.4334 2.3767 2.2886 2.0996 2.0605 1.9105 2.0035

Date 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 30-Apr-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16 13-May-16

BUSINESS | Financial Market News

MONDAY, MAY 23, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

20-May-16

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 ^12.50 22-JAN-2026 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 ^12.40 18-MAR-2036

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

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

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

581.39 480.13 20.00 100.00 300.00 351.30 233.90 584.43 605.31 719.99 286.02 75.00 150.00 200.00 591.57 1075.92 105.00

TOTAL OUTSTANDING VALUE

6,459.96

TOTAL MARKET CAPITALISATION

6,124.50

Rating/Agency

Description

Issuer

Maturity Date

TTM (Yrs)

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.24 0.94 1.18 1.28 2.03 3.11 3.43 3.73 5.69 7.81 9.67 12.52 13.00 13.50 14.17 18.16 19.83

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

8.21 12.92 13.34 13.38 13.69 14.14 14.02 13.93 13.99 14.20 13.80 13.96 13.99 14.02 14.06 14.29 14.02

7.60 12.74 13.20 13.25 13.60 14.02 13.89 13.83 13.91 14.13 13.74 13.92 13.94 13.95 14.00 14.24 13.97

101.08 101.85 96.24 95.36 94.84 104.51 81.39 104.50 109.15 99.95 93.12 106.04 91.11 66.95 75.30 86.20 89.17

101.23 102.00 96.39 95.51 94.99 104.81 81.69 104.80 109.45 100.25 93.42 106.34 91.41 67.25 75.60 86.50 89.47

6414.957269

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.45

2.94

12.97

101.80

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 09-Dec-21 16-Feb-22 27-Feb-22 30-Mar-22 31-Mar-22 27-May-22

0.11 0.11 0.92 0.63 1.61 1.43 1.44 1.41 1.41 1.59 2.02 3.51 1.98 4.52 4.61 2.65 2.67 3.97 3.46 3.49 4.03 6.46 3.58

4.46 3.48 1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53 1.00 1.52 4.01 1.00 2.52 1.79 3.04

11.85 10.87 13.79 16.97 15.91 14.44 14.45 17.26 17.00 17.33 15.71 16.02 14.67 15.25 17.72 16.48 14.96 15.57 18.03 15.01 16.51 15.80 17.04

100.17 100.44 96.82 98.13 97.32 99.41 99.40 96.78 96.48 97.54 99.61 96.04 100.11 94.41 91.62 96.04 100.03 99.80 96.31 103.67 102.41 104.43 99.90

29-Sep-16 25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18 09-Sep-18 09-Sep-18 30-Sep-18 18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20 14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24 29-Jul-30

0.36 0.43 0.55 0.92 1.13 1.36 0.82 1.14 1.31 1.31 2.36 1.41 1.49 1.62 2.47 4.49 2.99 5.50 5.61 5.98 4.15 8.36 8.36 9.49

1.00 1.34 1.00 5.49 5.25 1.88 1.88 3.15 6.35 1.00 1.17 4.42 6.11 3.28 4.47 1.00 3.55 2.51 1.00 1.00 2.77 1.00 1.00 1.00

10.25 11.23 11.79 18.28 18.57 15.30 14.13 16.48 19.74 14.39 15.00 17.86 19.58 16.80 18.34 14.95 17.64 16.49 14.99 15.02 16.71 15.08 15.08 14.84

100.89 101.20 102.17 98.51 97.90 97.22 103.65 99.47 98.00 101.71 98.02 97.46 98.04 98.88 93.88 100.94 95.31 92.09 105.36 105.64 97.97 105.58 91.41 100.31

10-Oct-20

2.51

3.37

17.26

95.19

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.22

Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; AA-/GCR BBB-/Agusto; BBB+/GCR† Aa-/Agusto; AA-/GCR Bbb+/Agusto; BBB+/DataPro A/Agusto‡ A-/GCR A-/Agusto A-/Agusto Bbb-/Agusto Bbb+/Agusto Bbb+/Agusto A-/GCR

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA *BAUCHI *OYO *BENUE *PLATEAU KOGI *CROSS RIVER

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 17.50 PLATEAU 30-MAR-2022 17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

1.30 2.05 57.00 16.45 25.00 23.44 4.22 10.98 8.14 21.68 12.55 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

446.12 434.09

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

NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} *FCMB NAHCO *TRANSCORP HOTELS PLC *FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 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 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

29-Sep-11 25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11 09-Sep-11 09-Sep-11 30-Sep-11 18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15 14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14 29-Jul-15

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.46 3.60 1.82 0.50 35.00 1.50 0.27 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

536.21

TOTAL MARKET CAPITALISATION

532.39

Sukuk BBB-/Agusto

*OSUN

10-Oct-13

14.75 OSUN II 10-OCT-2020

14.75

9.40

TOTAL OUTSTANDING VALUE

9.40

TOTAL MARKET CAPITALISATION

8.95

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.73

1.00

12.85

95.97

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.95

1.00

13.16

95.55

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.89 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.14

6.92

98.46

99.34

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.58

5.20

99.10

99.84

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.42

7.26

94.28

95.12

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,459.16

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

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

373.41

19-May-16

#N/A

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.15

7.25

99.00

99.99

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

21.76

21.18

77.25

78.00

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.10

97.56

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

8.52

94.25

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

18.05

17.33

79.20

80.61

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

13.81 13.95 14.63

82.25 83.00 76.00

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

2.77

29-Jul-16

6.18

14.08

13.71

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,523.41 #N/A Description

Issuer

Issue Date

Yield @ Issue (%)

04-Nov-15

13.75

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

TOTAL OUTSTANDING VALUE

2.77

**TREASURY BILLS^ DTM 13 20 27 34 41 55 62 69 76

FIXINGS Maturity 2-Jun-16 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 21-Jul-16 28-Jul-16 4-Aug-16

Bid Discount (%) 5.14 6.76 6.98 6.57 6.42 6.89 7.41 8.00 7.97

Offer Discount (%) 4.89 6.51 6.73 6.32 6.17 6.64 7.16 7.75 7.72

Bid Yield (%) 5.15 6.79 7.02 6.61 6.47 6.96 7.51 8.12 8.10

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 9.2500 11.1471 12.7602 14.3454

Tenor

Rate (%)

OBB

8.50

O/N

8.92

Tenor Call 1M 3M

REPO

Rate (%) 8.83 9.25 9.75

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

Spot 7D 14D 1M 2M 3M 6M

197.33 199.27 199.38 199.98 201.29 202.68 207.10

197.43 199.81 199.96 200.73 202.29 203.93 209.09

FMDQ Daily Quotations List

20-May-16

Bonds FGN Bonds

Price

Rating/Agency

Issuer

MONDAY, MAY 23, 2016 NEW TELEGRAPH NA

SANCTION NSE raises the bar on regulatory functions TOTAL OUTSTANDING VALUE