Monday, may 9, 2016 binder1 by Newtelegraphonline

Nigerian travellers pursue cheap fares to Accra

lNation’s aviation may lose over N100bn lDelta, United Airlines accept only dollar payment Wole Shadare

igeria’s neighbour, Ghana, is reaping bountifully from

aviation, as passengers now fly to Europe, United States and other parts of the world via Accra, making the nation to lose annu-

ally about N100 billion in taxes and other ancillary services. Aviation experts who spoke to New Telegraph

said the development where travellers go to Accra to catch international flights would hurt the sector in Nigeria and, by ex-

tension, the economy. They added that it is also a reflection of the slowdown in consumers’ purchasing power and,

by extension, the broader economy. They put the country's loss annually at approxiCONTINUED ON PAGE 3

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Monday, May 9, 2016

PDP govs plot to capture Edo, meet in Asaba

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NNPC records N107.8bn }2 revenue, pays N69bn to govt

N150

Anxiety in APC over board appointments Oshiomhole

Kanu

Amaechi

Kachikwu

lParty nominates 2,035 members for consideration }2 No respite for rickety Ijora-Apapa Bridge

Different sections of the dilapidated Ijora-Apapa Bridge in Lagos… yesterday.

PHOTOS: TONY EGUAYE

Why I collected N950m campaign funds –Wali lSays money was shared in Shekarau’s residence lFani-Kayode faces EFCC today }3 New treatment procedure raises hope on cancer cure }6

NEWS

MONday, May 9, 2016 NEW TELEGRAPH

Anxiety in APC over board appointments

Johnchuks Onuanyim Abuja

here is high apprehension in the All Progressives Congress (APC) as members of the party await the release of appointments into the boards of federal agencies and parastatals, as well as appointments for chief executives of these agencies. Already, names of 1,850 party members in 36 states and the Federal Capital Territory (FCT) have been submitted for consideration as members of boards of agencies, parastatals and commissions of the Federal Government. Also, names of 185 APC members have been submitted to President Muhammadu Buhari for appointments as heads of Ministries, Departments and Agencies (MDA) of government. Members of the National Working Committee (NWC) of the APC are also awaiting the an-

nouncement. Some of the NWC members have been pencilled for board and ambassadorial appointments. APC National Chairman, Chief John OdigieOyegun, is expected to be sent on diplomatic mission as ambassador. Other NWC members expected to be given board and diplomatic appointments are: Deputy National Chairman (South), Engr. Segun Oni; National Secretary, Alhaji Mai Mala Buni; National Organising Secretary, Senator Osita Izunaso; National Legal Adviser, Dr. Muiz Banire (SAN); and Deputy National Chairman (North), Senator Lawal Shuaibu, among others. The appointments are being expected barely one year after the party took over the reins of governance and several months after Buhari dissolved all the boards and relieved the heads of some of these organisations of their duties. The leadership of the APC had earlier accused

the heads of parastatals and agencies appointed by the previous administration of sabotaging the efforts of the present government. Leaders of the party had expected an immediate replacement of the sacked chief executives, but the Presidency appeared not in a hurry to fill those vacancies. As a prelude to making new appointments, the Presidency had directed each state chapter of the party to submit 50 names for board appointments and five names for the position of chief executives in these agencies and parastatals. Those nominated would have to jostle for the headship of organisations such as Petroleum Products Price Regulatory Agency (PPPRA), National Orientation Agency (NOA), News Agency of Nigeria (NAN), Petroleum Technology Development Agency (PTDF), Petroleum Equalisation Fund

(PEF), Nigeria Television Authority (NTA) and the National Agency for Food and Drug Administration and Control (NAFDAC), among others. New Telegraph learnt that it was the contest among party leaders to have their choice candidates nominated for these positions that led to the current crisis in Bayelsa State. The leadership of the party in the state had accused the party's governorship candidate in the last election, Chief Timipre Sylva, of filling all the five slots with his cronies. The perceived delay in making fresh appointments was a major agenda during the last National Executive Council (NEC) meeting of the party. Members had expressed concerns that they have not been appointed into these vacant positions after they worked for the party to secure victory at the 2015 general elections. In response to these

complaints, Buhari apologised to them and explained that the delay was due to the restructuring of the MDAs and the need to streamline the various positions. "For the party, I will like you to continue to make sacrifice. I know you are being harassed since the election that they haven't seen anything on the ground. When we came in after 16 years of the Peoples Democratic Party (PDP), we met 42 ministries. We reduced them to 24, removed 21 Permanent Secretaries. Having cut 42 to 24, correspondingly, the parastatals will be cut down to some size and realigned and the boards reconstituted. So, please, try to bear with us as we reflect on where we found ourselves," Buhari said at the meeting. However, a chieftain of APC who prefer to remain anonymous said that the delay in appointing party faithful into positions was very worrisome and has impacted negatively on both the members and the party. "For close to one year now, we are in government, but we are not in governance. All these people that they are catching for stealing money, they are still the same set of people who are in the system, covering their people who have left.

146.56m

L-R: Emir of Daura, Alhaji Faruk Umar Faruk; Katsina State Governor, Aminu Masari and President Muhammadu Buhari, in Daura, Katsina State… yesterday.

The total number of active lines of Nigeria in May 2015. Source: Ncc.gov.ng

10%

The crude death rate of Western Europe in 2010-2015. Source: Un.org

NNPC records N107.8bn revenue, pays N69bn to Federation Account lSubsidiaries lose N18.89bn in March

he Nigerian National Petroleum Corporation (NNPC) has paid N69.544 billion into the Federation Account in March. This is contained in the corporation's monthly financial report for March released in Abuja. It said that the amount had brought the total amount paid to the Federation Account for Domestic Crude Oil and Gas and other receipts from April 2015 to March 2016 to N1.118 trillion. It added that NNPC also recorded N107.826 billion revenue in the month of March against N104.804 billion in February. It said that the revenue rose marginally by 2.88 per cent, adding that the expenses of the corporation dipped by 12.92 per cent

to N112.368 billion from N129.034 billion recorded in previous month. According to the report, the corporation also made a loss of N18.89 billion in the month under review. It said the loss was an improvement from a deficit of N24.23 billion recorded in February. A breakdown of the financial performance of its subsidiaries showed that the Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Engineering and Technical Company Limited posted losses of N9.874 billion, N469 million and N69 million, respectively. It reported that the Nigerian Gas Company recorded a profit of N5.155 billion.

“Kaduna, Port Harcourt and Warri refining companies recorded losses of N1.824 billion, N1.971 billion and N845 million, respectively, while the PPMC recorded a deficit of N923 million,” it added. The report said that the deficit recorded by NPDC in February and March 2016 was due to production shut-in occasioned by vandalism of Forcados Export Line. This, it said, resulted in the loss of its entire revenue from crude oil sales of about N20 billion. The report also put the combined value of output by the three refineries at import parity price in March 2016 at N22.93 billion, while the associated crude plus freight cost was N20.02 billion. It said that this gave

negative margin of N3.95 billion after considering overhead of N6.87 billion. The report also said that a total of N85.66 billion was collected as sales revenue from white products sold by the PPMC in the month of March 2016 compared with N85.23 billion collected in the previous month. “Total revenues generated from the sales of white products for the period April 2015 to March 2016 stands at N775.90 billion where PMS contributed about 88.85 per cent of the revenues collected with a value of N689.41 billion," it stated. The NNPC recorded total export proceeds of $170.12 million in the month under review with crude oil export accounting for $98.31 million, while gas export accounted for $71.81 million.

On dollar payments to Joint Venture Cash Call, it said total export proceeds of $141.87 million were recorded in March 2016, consisting of crude oil receipt of $88.36 million. It added that Liquefied Petroleum Gas (LPG) and Escravos Gas to Liquid (EGTL) recorded a proceed of $1.52 million and miscellaneous receipts amounting to $51.99 million. “The drastic slump in total export receipt is largely due to shut in of about 300,000 barrel of oil per day (bopd) at Forcados Terminal, following the force majeure declared by Shell Petroleum Development Company (SPDC) on 15th February, 2016. “Hence, all un-lifted February and March cargoes were deferred until the repair is completed,” the report stated.

“There are people who worked for the success of the APC. It is not only Buhari that won the election; he was just an individual. It could have been anybody; it could have been Rabiu Kwakwanso; it could have been Atiku Abubakar. People must be worried going to one year now and you know that in politicking all over the world, if it is a term of four years, you know you have barely two active years and one year is gone now. "So, I think people should be worried that Mr. President should release these appointments and, as you know in economics, there is what is called trickling down effect. I am quite sure that everybody who is a member of this party should be worried over the delay in the appointments and those that will tell you that they are not worried are those who are ministers and what is the percentage? "We have today over 160 ambassadorial positions that are vacant. That means that every state in the country would have a minimum of three ambassadors. If you have these ambassadors, they would be leaders of the party in their states. So, people are becoming disenchanted," he said. However, another chieftain of the party expressed a different opinion and explained that a number of factors were responsible for the delay in the appointments. Some of these factors, he said, have to do with the delay in the passage of the budget. According to him, it would be wrong for the Presidency to make appointments and to continue to pay salaries without concluding the process of the 2016 budget. He also explained that the proposed merger or scrapping of some agencies was also partly responsible for the delayed appointments. "I appreciate the feelings of my colleagues in the party, but what I have to say is that they should have more patience with the president. Whatever is worth doing at all, is worth doing well," he said. It was learnt that the meeting of the ruling party's G-19 leaders, hosted by Buhari last Wednesday night at the presidential villa, Abuja, centred on pending political appointments, especially those of chairmen of boards of federal parastatals. Although the agenda of the meeting was not disclosed, our correspondents scooped that the reconstitution of the APC's Board of Trustees (BoT) may have been discussed.

NEWS

MONday, May 9, 2016 NEW TELEGRAPH

Why I collected N950m campaign funds – Wali

Muhammad Kabir KANO

former Minister of Foreign Affairs, Alhaji Aminu Wali, has explained why he collected the N950 million campaign funds for Kano State. Wali was arrested on Thursday by the Economic and Financial Crimes Commission (EFCC) over the campaign funds. Speaking on a local ra-

dio programme monitored in Kano yesterday, the former Nigeria’s Ambassador to China admitted receiving the campaign funds as the head of a seven-man committee for Kano State. The committee also included former Minister of Education, Malam Ibrahim Shekarau; Senators Bashir Lado and Bello Hayathou of the Seventh Senate; Kano State chairman of the Peoples Democratic Party (PDP), Alhaji Rabi'u

Dansharu and Goodluck Jonathan Campaign Coordinator, Mansur Ahmad. He, however, insisted that the money was taken to Shekarau’s house where it was shared. Wali said he did not benefit personally from the campaign funds. The former minister stated that he only collected the money from Abuja because he was the most senior in the committee. The former envoy said

Nigerian travellers pursue cheap fares to Accra CONTINUED FROM PAGE 1

mately N100 billion in taxes and other ancillary services that are going to the coffers of Ghana. Former President of National Association of Nigeria Travel Agencies (NANTA), Alhaji Aminu Agoha, said that Nigerian travellers are now developing the Ghanaian economy. He lamented that travel agencies in Ghana are making huge sales from the Nigerian travellers while most of the Nigerian agencies are folding up. The decision to travel to Europe and other parts of the world via Accra for passengers from Nigeria is worsened by the carriers’ actions, especially American carriers such as Delta, United, which now demand US dollars for the purchase of tickets; a clear departure from the past where tickets were purchased in naira. This is also coming at a time when virtually all the foreign airlines operating to Nigeria have increased fares by over 100 per cent, compared to Ghana, which still charges about 50 less of the fares charged travellers from Nigeria. New Telegraph’s findings show that these airlines now charge an average sum of $2,500 for a Lagos-New York economy class return ticket, while from Accra, it costs $1,500 or less if the fares are promotional. For instance, a British carrier charges $10,070 for a First Class flight ticket from Abuja to London, while passengers flying from Accra to London pay $4,943 for the same class of ticket. Abuja-London Premium Economy ticket costs $3,208, while Accra-London ticket of the same category is $2,240. The Economy ticket on the same flight costs $2,140 from Abuja, but $1,156 from Accra. Lufthansa’s rate for Abuja-Frankfurt Economy class ticket is $3,661 while Accra-Frankfurt on the same class of ticket is $1,330.

Alitalia charges $863 for one of its Accra-Rome Economy tickets but $1,509 for the Lagos-Rome equivalent. Industry watchers say that the implication of this is that passengers who are unable to access forex at the official rate (N200 per dollar) will be left with the option of paying for tickets in dollars using the elevated black market rates (N320 per dollar). Also, checks revealed that a first class ticket to Las Vegas from Lagos is N1.8 million more than a first class ticket to the same destination from Accra. A top official of a British carrier attributed the astronomical increase in fares between the two countries to airlines’ huge revenue that was trapped in the Central Bank of Nigeria (CBN), arguing that if their revenues would be delayed, they want to make sure that they do not lose the value of their fares. The carriers are piqued over their $2 billion with the CBN, which they find difficult to repatriate. One of the carriers that spoke to this newspaper, but elected that his identity be veiled, said: “When we (carriers) go there, CBN gives us just 10 per cent of what we have. The foreign airlines have complained that they need cash, which they use to buy fuel, pay for lease, catering and so on. “You can only benefit from the promotional fares if you are using dollar-denominated cards, which means they are getting their money directly. So, these monies we are getting in piecemeal and if they devalue the naira now, the airlines will lose substantial part of their money trapped with CBN.” Managing Director, AshtonDave Travels and Tours, Mr. Abiola Lawal, recently told New Telegraph that the situation portended serious crisis for the travel industry in Nigeria, adding that what was playing out would limit choices for travellers.

The situation, he said, was counterproductive for the sector. “It is not good for all stakeholders across the value chain. It is not good for airlines and it gives the country a bad image. It affects our reputation as Nigerians,” he said. Lawal said that there is need for a stakeholders’ meeting on how to resolve the problem, which has seriously affected them, culCONTINUED ON PAGE 5

he subsequently handed over the money to the committee, which now shared it in Shekarau’s residence in Kano. Among the beneficiaries of the campaign funds, according to Wali, are Shekarau, Ahmad, Dansharu, Lado and Hayatou. The former minister said he was only invited by the EFCC to explain what he knew about the money and he was allowed to take his leave. Shekarau may appear before the anti-graft agency to explain his role in the sharing of the N950 million campaign funds. A source said the commission had invited Shekarau to its Kano office today to answer questions relating to the funds. The EFCC had, on Thursday, grilled Wali and ex-Minister of State for Foreign Affairs, Dr. Nurudeen Mohammed. Both Wali and Mohammed served in the Goodluck Jonathan administration. Mohammed was alleged to have collected N500 million from the campaign

1,593.6m The estimated total population of Eastern Asia in 2010. Source: Un.org

1.22m

The total area (in sq. km) of land of South Africa. Source: Worldfactsandfigures.com

funds. It was learnt that the amounts were part of money said to have been allegedly budgeted for the 2015 general elections by Mrs. Diezani Alison-Madueke, the former Minister of Petroleum Resources. Also, operatives of the EFCC, last week, arrested the Cross River State Chairman of the PDP, Mr. Ntufam John Okon. Okon was arrested in connection with the $115 million campaign funds. The Managing Director of Fidelity Bank, Mr. Nnamdi Okonkwo, has since been in the custody of the anti-graft agency over the money. One of the sources, which spoke on condition

of anonymity, said the PDP state chairman allegedly, received N500 million from the campaign funds. Okon was arrested on Thursday in Calabar, the Cross River State capital. Meanwhile, former Minister of Aviation, Chief Femi Fani-Kayode, will appear at the EFCC office in Abuja today. Fani-Kayode, who was director, media and publicity of the PDP Presidential Campaign Organisation in 2015, was said to have received N840 million for the campaign project. Operatives of the EFCC stormed Fani-Kayode’s residence on Friday after an invitation on the former minister to appear before the commission today. Some members of the party, including former Imo State governor, Chief Achike Udenwa; former Minister of Finance, Mrs. Esther Nenadi Usman and ex-Minister of State for Foreign Affairs, Prof. Viola Onwilari have been invited and questioned by the anti-corruption agency in relation to the campaign funds.

L-R: Former Governor of Imo State, Ikedi Ohakim; Governors Dave Umahi (Ebonyi), Ifeanyi Ugwuanyi (Enugu); Deputy Senate President, Ike Ekweremadu; Abia State Governor, Dr. Okezie Ikpeazu and former Governor of Anambra State, Mr. Peter Obi, at a South-East stakeholders' meeting in Enugu... yesterday.

Uncertainty over PDP national convention Onyekachi Eze ABUJA

here are palpable fears over the May 21 National Convention of the Peoples Democratic Party (PDP) scheduled for Port Harcourt, the Rivers State capital. This is because certain grey areas, which ought to be smoothened before the convention, are yet to be attended to. This ranged from the agitation by deputy national officers who still believe that their tenure would expire in 2017 (because they were elected into office in August 2013), to the rumoured court action by Dr. Ayodele Adebo-led Concerned PDP Members seeking to stop the convention. At its mid-convention

on August 31, 2013, eight national officers and their deputies were elected. One of the deputy national officers told New Telegraph at the weekend that the constitution of the PDP guarantees fouryear tenure for all elected officers from ward to the national level. "No organ of the party is authorised to alter that except you alter the constitution. "I hear they have zoned certain offices, but I have not heard anyone resigning from the offices that have been declared because I believe there is no vacancy. "Except vacancy has been created, there won't be any election into such offices," he said. He, however, denied that the deputy national officers are in court to stop the con-

vention. There is concern that the convention might be postponed. For instance, the forms for the national offices to the contested for at the Port Harcourt convention are not yet on sale, less than two weeks to the convention. A national officer of the party, in response to the delay in the sale of the forms asked rhetorically: "Are the forms ready?" He, however, admitted that there are some issues concerning the convention that are yet to be resolved. "You cannot say precisely what is happening to the convention. There are so many problems. One is the position of Jerry Gana and Babangida Aliyu (groups) that the convention should be shifted. And there is

the other issue that some people have gone to court. "It is just a rumour. By Wednesday, we will be able to know, but it may likely be a reality," he said. PDP has scheduled its National Executive Committee (NEC) meeting for Wednesday, May 11, to discuss amendment of the constitution, which will be presented for ratification at the convention. But the issues threatening the convention might dominate discussions at the NEC. The PDP source said all the contending issues would be tabled before the NEC members. The source said he was aware that some people are planning to hold a parallel convention, but added, "Everything will be known when the NEC meets."

NEWS

No respite for rickety Ijora-Apapa Bridge

Dayo Ayeyemi

espite public outcry over the precarious state of the IjoraApapa Bridge in Lagos, the Federal Government appears not to be bothered, as nothing has been done to remedy the situation. For motorists, commuters and residents plying the bridge to and from Apapa and Lagos Mainland, their experience on a daily basis is better imagined. At the moment, residents and motorists are nursing fears that the bridge may give way soon, leading to destruction of lives, properties and businesses if nothing is urgently done to salvage the situation. They claimed to have

made different calls to the Federal Government on the precarious state of the bridge and the need to work on it, but that their pleas seem to have fallen on deaf ears. Although, the Lagos State Government carried out some repair works on the expansion joints of the bridge two years ago, one of the residents, Mrs. Taiba Shogbade, said the repair works were done on one of the interchanges and not on the particular link bridge. When New Telegraph carried out a tour of the bridge last week, potholes on the bridge had increased, while some of the asphalt overlays had peeled off, exposing its disjointed structural elements to weather. A motorist, Mr. Abayo-

mi Tokunbo, who works with an oil and gas company, told our correspondent that nothing had changed about the damaged bridge. He said that the situation had grown worse over time. Our correspondent’s effort to seek the official position of government on the state of the bridge met a brick wall, as no official of the Federal Road Maintenance Agency (FERMA) at the Ijora office was ready to talk. One of them asked this correspondent to direct his queries to Abuja, adding that “the bridge is still in order and all technical assessments of the bridge have been submitted to the head office.” Further investigation revealed that FERMA lacked the required fund

to properly rehabilitate and maintain the facility. However, stakeholders claim that the dilapidating nature of the bridge has been responsible for prolonged traffic jam, damage to vehicles and stress commuters encounter on the bridge as they move to and from Apapa, Lagos Island and mainland. Ijora Bridge is a major entry route into Apapa, where the nation’s mostutilised seaports are located. Its interchange, which stretches from Apapa to Ijora Bridge, Ijora to Eko bridge, Apapa link bridge to Naval/Dockyard road, Ijora to Ajegunle and Brewery to Alaka axes, has been badly damaged. From physical assessment, the expansion joints of the bridge are terribly

Minister of Solid Minerals Development, Dr. Kayode Fayemi (middle), examining sample of bitumen scooped from a site in Agbabu, in Odigbo Local Government Area of Ondo State… at the weekend.

disjointed from their members; columns supporting the bridge are already peeling off, while condition of its alignments cannot be ascertained. The condition of the bridge has worsened in the last one year as heavyduty vehicles, oil tankers and container-laden trucks converted it to parking bay, following the unending traffic snarl in Apapa area. A commercial cab operator under the bridge, Mr. Sulaimon Oseni, said the poor condition of the bridge was a major concern to them. Apart from the stress of having to endure the traffic jam due to the poor state of the bridge, he said passing through some spots when climbing the bridge had become an unpleasant experience to motorists. Apart from trailers that always queue on the bridge to Apapa ports, he stated that motorists had to slow down at the locations of the expansion joints and bumps, leading to huge traffic jam as they struggle to outwit one another. Oseni said the bridge had been derelict for over 10 years, adding that it was also engulfed in fire about four years ago. Since the fire incident, he said the condition of the bridge had worsened; noting that the volume of traffic, especially trucks loading petroleum products from Apapa, was a

MONday, May 9, 2016 NEW TELEGRAPH

contributing factor. A trader under the bridge, who simply identified herself as Iya Ibadan, narrated that at a time, the state government relocated some cab operators and traders hawking under the bridge due to fear that the bridge could collapse unexpectedly. Another cab operator, who did not want his name mentioned, said that the damaged expansion joints of the bridge had been a source of vehicles breakdown. Minister of Power, Work and Housing, Mr. Babatunde Fashola, recently stressed the need to strengthen FERMA, disclosing that there was a bill that he met seeking to reform the road sector. Fashola said because he was not there when the bill was passed to the parliament, it was sent to him for his input, which he had already done. “The inputs that have been made have gone to parliament and parliament has been graceful enough to send it back to me to make my input because they had started considering it before I came in. I have made those inputs and now we are planning to go back to them,” he said. According to him, the bill is essentially to strengthen the road maintenance capacity of government and also “to put sustainability into financing and maintaining roads as people have done all over the world.”

Unlawful detention: Court slams Fashola restates FG’s commitment to develop infrastructure N10m damages against EFCC Tunde Oyesina ABUJA

n Abuja High Court has ordered the Economic and Financial Crimes Commission (EFCC) to pay N10 million damages to an Abuja-based foreigner and security expert, Mr. Wolgang Reinl, over his unlawful detention and seizure of his international passport by the anti-graft agency. The order followed a suit filed by Reinl through his counsel, Afam Osigwe, against the EFCC. Reinl had challenged his arrest and detention by the anti-graft agency for no just cause. Delivering judgement in the suit, the trial judge, Justice Peter Affen, held that the N10 million fine was imposed as compensatory damages for the violation of fundamental rights and dignity of human person and personal liberty of Reinl. Justice Affen further barred the EFCC from arresting, re-arresting, detaining or embarking

on further seizure of the international passport of the plaintiff who is an Austrian security consultant. The court also ordered that EFCC must, forthwith, release the international passport, chequebooks and cell phones seized from the plaintiff in the wake of his arrest and detention. In addition, the court ordered EFCC to delist the plaintiff's name from their watch-list or no-fly list as doing so infringes on his fundamental rights to freedom of liberty. The court, however, held that the detention of the plaintiff at the EFCC custody in Abuja for over a month was unlawful, unconstitutional and constituted a gross violation of the plaintiff’s fundamental right to dignity as enshrined in Sections 34 and 35 of the 1999 Constitution. Reinl had, in the suit, prayed the court for an order of injunction restraining EFCC by itself, servants, privies, agents or whosoever purporting to act on its behalf from violating or further violating his fundamental right

as guaranteed by Sections 34, 35 and 43 of the 19999 Constitution. The plaintiff also prayed the court for an order to remove his name from the EFCC watch-list and to direct the anti-graft agency to tender a public apology to him and also for the immediate release of his international passport and other confiscated properties. At the argument stage, the EFCC, while denying ever arresting, detaining or seizing any property of the plaintiff, asked the court to dismiss the suit for lacking in merit. The anti-graft agency argued that their detention records did not indicate anything like that.

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

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

he Minister of Power, Works and Housing, Mr. Babatunde Fashola, has restated the Federal Government’s determination to develop stable power supply, good road network and affordable housing for Nigerians. This is contained in a statement issued yesterday by the Minister’s Special Adviser (Communications), Mr. Hakeem Bello. Fashola gave the assurance when he spoke at the African Alliance 2016 Investors Day in Lagos. He stated that the ministry was determined to achieve results by doing things differently to develop sustainable infrastructure to convert current challenges to opportunities for economic growth. He decried the problems inherent in the entire power chain, “from distribution to transmission, generation and gas supply, including a cross-cutting liquidity problem.”

Fashola said the existing gap of meter supply in the distribution segment of the power chain had created enormous opportunities for local production for estimated three million consumers. “Local producers or investors are expected to meet a significant local content participation that would help Small and Medium Enterprises supply an estimated three million consumers who needed to be metered. “Apart from metering, the distribution companies have aging assets: Transformers, ring main units, poles, cables, breakers and so on, some of which are 20 to 30 years old. “It is a problem on one hand and enormous opportunity on the other hand," he said. The statement stated that the ministry planned to complete about 47 transmission projects to deliver 1,000 megawatts this year to expand national growth plan.

The statement said that the Federal Government, in spite of low oil revenue, had upgraded budgetary allocation to ensure completion of existing roads across the six geo-political zones. “This is the first step to sustainability. But it is not enough to budget. It is important to implement the budget and use the finances properly. “We plan to phase 206 roads over three years to ensure completion or substantial progress of existing roads with heaviest traffic and strategic economic significance in each of the six geo-political zones.'' The minister said an agreed common purpose and parameters must be defined to have a sustainable and affordable housing design that had national acceptability. The minister disclosed that the Federal Government, in partnership with the private sector, was on a Nigerian housing model that would consider geo-political cultural differences.

NEWS

MONday, May 9, 2016 NEW TELEGRAPH

I didn’t frustrate recovery of N300bn stolen funds –AGF Tunde Oyesina ABUJA

he Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has denied frustrating the recovery of alleged N300 billion stashed away by individuals in different Nigerian banks as well as some ministries, departments and agencies (MDAs). Dr. George Uboh and his company, Panic Alert Security System (PASS), had, in two separate letters of complaint to President Muhammadu Buhari, accused the AGF of frustrating efforts to recover already identified funds. Buhari had, in turn, asked the AGF to respond to the allegation by Uboh. Malami, in his response to the president through the office of the Chief of Staff, Alhaji Abba Kyari and dated April 4, with Reference Number HAGF/ SH/2016/Vol.1/20, refuted the allegations. The AGF, however, described as false the claims by Uboh that he deliberately frustrated him in his effort to recover the over N300 billion his company, PASS, traced to some banks. The minister also stated as untrue the insinuations that he made an unholy alliance with the banking sector mafia not to cooperate with PASS, and/or that he promised Access Bank that he would call Uboh to soft pedal on the bank. The letter reads in part: “I must state that the above allegations are untrue, incorrect, false, a figment of the imagination of the author and a smear campaign by Dr. Uboh to tarnish my name. I did not make, never made and will never make any alliance with anyone in and outside of the banking industry to frustrate PASS or any firm from recovering any FGN’s funds stashed/trapped in the listed banks or any bank or company in Nigeria or elsewhere. “In demonstration of my firm commitment to the recovery efforts of the FGN, I gave PASS a letter titled: To Whom It May Concern dated 17th February, 2016, introducing PASS to the aforesaid banks/financial institutions.” The AGF further noted that the letter of engagement dated 9th February, and the subsequent Letter of Introduction dated 17th February, were given to

1.04m

The total area (in sq. km) of land of Colombia. Source: Worldfactsandfigures.com

PASS on the firm understanding that PASS had already identified and/or traced specific FGN funds stashed/trapped in the aforementioned banks and that PASS would promptly embark on processes that would lead to actual recovery and remittance of the traced funds into the designated account of the FGN in line with the proposals submitted, presentations made and the terms contained in its letter of 9th February.” On why he had to revoke the letter of engagement given to PASS, Malami said he took the action when he discovered that it was on window-shopping mission upon receipt of the letter by going beyond his brief, embarking on subtle threats to all banks, some private individuals and entities solely to shop for data and information to execute the brief contrary to the representations made to the minister. He added that in manner that clearly demonstrated that PASS was merely on a voyage of information and window-shopping, PASS, upon receipt of the letters, went to town and unilaterally expanded the scope of its brief far beyond the 13 banks covered by his brief and embarked on subtle threats to all banks and some individuals. The AGF revealed that he was inundated with the excesses of Uboh of PASS and later found out that PASS actually wrote several banks, private individuals, corporate entities (national and multinationals), government agencies and virtually all FGN’s ministries soliciting for data, information, official records, remittances (funds and stocks) and records of whereabouts of all forfeited assets not yet disposed of by some of the FGN agencies, amongst other things. The minister further submitted that Uboh had solicited and requested bank officials to allow him access to certain encrypted systems in order to enable him extract relevant information to execute the brief without appreciation of the security implications of such a delicate venture on Nigeria’s financial sector and without any prior discussions with and approval from him. Besides the 13 banks, the minister stated that Uboh went beyond his brief by writing all ministers, managing directors of 25 Money Deposit Banks (MDBs), FSDH Merchant

16%

The percentage of the population of women above 60 years of DPR Korea in 2012. Source: Un.org

Bank Limited, CitiBank Nigeria Limited, FBN Holdings Plc., Asset Management Corporation of Nigeria (AMCON); Chairman, Federal Inland Revenue Service (FIRS); former Chairman, Presidential Amnesty Committee; and DG/CEO, National Identity Management Commission (NIMC). Malami stated that PASS also wrote the Chairman, Independent Corrupt Practices and Other Offences Commission; Inspector General of the Police (IGP); Ag Managing Director, Niger Delta Development Commission (NDDC); Managing Director, Petroleum Products Marketing Company (PPMC); Managing Director, Nigerian Ports Authority (NPA); and Acting Chairman, Economic and

Financial Crimes Commission (EFCC). Letters, according to him, were also sent to the immediate past Comptroller General of Customs, Alhaji A. Dikko Inde; Mr. Bello Adoke (SAN), Mrs. Nenadi Usman, Senator Godswill Akpabio, Mr. Tony Chukwu, Technip Offshore Nigeria Ltd., Halliburton Energy Services Ltd., Intels Nigeria Ltd., TransOcean, Marubeni Nigeria Ltd, Nobles Drilling Nigeria Ltd., Japanese Gas Corporation Nig. Ltd., Snamprogetti, SIEMEMS, Julius Berger Nig. Ltd., Governor, Central Bank of Nigeria and Accountant General of the Federation. “In view of acting outside the scope of its brief and given the ways and manners Uboh was going about the execution of the

brief which was clear to me would embarrass the FGN, and in order to avert any likelihood of security breach of high magnitude in the banking sector, I exercised my power under the letter of engagement dated 9th February, 2016 by revoking the letter of engagement I earlier gave PASS vide my letter dated 24th March," he stated. The AGF, however, noted that his decision to revoke the instructions was further re-enforced by the startling revelations, which were not disclosed to him (Uboh) that was requesting for those sensitive materials from the banks was that he was indeed an ex-convict prosecuted after US law enforcement agents carried out a major raid on a credit card and bank fraud ring led by Uboh in

Georgia in 1992. He noted that he reportedly came out of jail on January 16, 2001. “Your Excellency, permit me to state emphatically that I did not fail to recover the above captioned sum allegedly traced by PASS as alleged. The fact is that the terms of letter of engagement I gave to PASS on 9th February, 2016 did not only place a duty on PASS to trace funds trapped in the listed banks (which to all intents and purposes PASS did not do prior to my revocation of the letter of engagement of PASS for acting outside its brief), the said letter of engagement imposed on PASS duties to trace, recover and remit FGN’s funds trapped in the 13 banks listed in paragraph 2 of the letter," Malami noted.

President, New Era Foundation, Senator Oluremi Tinubu (fourth left) with the 2016 beneficiaries of the foundation's scholarship scheme, during the presentation of cheques, in Lagos....at the weekend.

Delta, United Airlines accept only dollar payment CONTINUED FROM PAGE 3

minating in a sharp drop in passengers for the carriers. He said: “This situation has a lot of implications for Nigeria and one that affects the value chain. When I look at the Global Distribution System (GDS), everything reads zero down. All the discounted fares have been taken off.” He said no economy developed well where there is no free movement of people and services. “It is not good when tickets are being restricted. This is a very strategic industry and we have no choice than to make it better,” he added. Chief Executive Officer, Zigona Travel, Ngozi Ngooka, said that she could not explain why the airlines decided to hike fares at these hard times, but acknowledged that fares are higher compared to last year. A former Managing Director of the defunct Nigeria Airways, who preferred anonymity, said the trade movement between Nigeria and Ghana, which had increased over the years, has made the West African country’s aviation sector to

grow tremendously. On fares disparity, he said Ghana offers travellers considerably cheaper fares than what is obtainable in Nigeria, adding that the difference, which is as high as 50 per cent would encourage anybody from Nigeria wishing to travel to London, United States and the Middle East to go through Accra. The source corroborated Ngooka, saying foreign airlines’ tickets cost so much because of the elimination of promotional fares and other incentives, which were hitherto given to travellers. Foreign airlines to Nigeria are already losing patronage, as many travellers are beginning to cut the frequency of their trips, while others are taking the Accra option, which helps them to save about 50 per cent of their tickets costs. Some of the airlines’ booking and payment platforms, particularly that of Delta Airlines and United Airlines remain inaccessible for close to one month, as intending passengers could only pay directly in the airlines’ offices with

dollars or pay outside the shores of Nigeria. A frequent traveller who simply gave his name as Ade Joseph described his frustration thus: “I have been trying to book online for a Lagos-US economy class return ticket through Delta Airline for the past one week, but their website does not accept payment, meaning that one can only pay in their offices. When I got to their office, I was told categorically that I should pay $2,000 cash or pay from outside the shores of Nigeria.” Joseph said he had to contact a friend in Accra who helped him to do his booking, which costs just $1,000 compared to $2,000 he was asked to pay in Nigeria. He stated that immediately the booking was confirmed, he directed his friend to help him offset the bill, as he plans to travel to New York via the Kotoka International Airport, Accra. Country Commercial Manager of British Airways, Mr. Kola Olayinka, has consistently maintained that prices are de-

termined by market forces of demand and supply and not by legislation. He said: “Prices are determined by the forces of demand and supply; let more airlines come in. Let more airlines fly into Nigeria many more times. Our skies are closed. Open up the skies and let more airlines come in.” He stated that British Airways’ position on this issue has not changed. Olayinka stated that the disparity in fares between passengers going to London from Accra, Ghana and those travelling from Lagos to London is now minimal. Olayinka said since market forces determine the prices of goods and services, British Airways places the interest and satisfaction of its customers first. “That is why its fares are competitive,” he said. Besides, he said the operating environment must be taken into consideration when discussing fare disparity. Other factors such as market size demand for premium and economy tickets must also be considered, he explained.

NEWS | national

monday, may 9, 2016 NEW TELEGRAPH

N93bn debts: DISCOs declare war on MDAs, others

Adeola Yusuff

lectricity distribution companies in the country are poised for a showdown with their historic debtors, who face the possibility of mass disconnection of electricity supply in the days ahead. Barr. Sunday Oduntan, Executive Director, Association of Nigerian Electricity Distributors, ANED, disclosed this in Lagos.

11%

The percentage of the population of men above 60 years of DPR Korea in 2012. Source: Un.org

The electricity distribution companies have, for months, been groaning under severe liquidity constraints because of unpaid utility bills, from residential customers to commercial, industrial and particularly, from the Ministries, Departments and Agencies (MDA) across the three tiers of government. Military and security agencies are similarly guilty of huge indebtedness to the distribution companies. Oduntan noted that, as of the end of April, the total indebtedness of MDAs, military and security agencies inclusive, stood at approximately N93billion made up of N39.1billion pre-privati-

sation and N39.5billion post-privatisation as well as outstanding interest of N15billion, which the Bulk trader charges Discos for late payment of their Energy bills arising from nonsettlement of utility bills. A breakdown of this huge sum is as follows: Abuja DISCO - N18.6 billion; Eko DISCO - N8.6 billion; Kaduna - N8.2 billion; Enugu - N7.2 billion; Ibadan - N6.8 billion; Ikeja - N5.9 billion; Port Harcourt - N6.8 billion; Benin - N5.8 billion; Jos-N6.5 billion; Yola - N2.4 billion; and Kano - N1.2 billion. To fully appreciate the impact of the non-payment of utility bills by the government agencies,

it would be recalled that last October, the Distribution companies, together with National Electricity Regulatory Agency, NERC, the Nigerian Bulk electricity Trader (NBET) and electricity generating firms met with the Vice President, Professor Yemi Osinbajo and a modality for settlement of outstanding receivables from the government agencies was worked out. Wherein, the government was to work on the arrangement of deducting the outstanding receivables for utility bills of approximately N71.6 billion, from source. And based on this agreement, the regulator, NERC deducted the outstanding

New treatment procedure raises hope on cancer cure

n an effort to stop cancer, scientists have uncovered that beating the disease could lie in the ability to cut off vital nutritional supply lines that fuel the condition and allow it to grow. The findings are published in the Journal of Biological Chemistry. The researchers identified a key supply route that diseased cells manipulate, to obtain nutrients. According to a report in the mailonline, the discovery could herald new treatments that act to stop the

growth of tumours. It is estimated that about two million cancer cases are reported in Nigeria with over 100,000 new cases recorded annually. Available statistics show that cancer killed 7.6 million persons in 2008 worldwide, and there is indication that the figure could double to 13 million by 2030. According to the World Health Organisation (WHO), cancer accounts for 13 per cent of all deaths registered globally and 70 per cent of that figure occurs in middle and low income countries. In Nigeria, about 10,000 cancer deaths are recorded

Army clears 7 villages occupied by insurgents

he Nigerian Army says it has cleared seven more villages taken by suspected Boko Haram insurgents in Borno in its bid to end terrorism in the North East. Col. Sani Usman, the Acting Director, Army Public Relations, stated this in a statement issued in Maiduguri yesterday. “As the ongoing clearance and rescue operations gained momentum, troops of 28 Task Force Brigade have successfully cleared enclaves of Boko Haram terrorists

sion of the DISCOs to publish an advertorial, giving its historic debtors ultimatum within which to pay up or face imminent mass disconnection of electricity. Sources close to the DISCOs said they are determined to carry out the threat unless the authorities concerned resolve the issue. Some of the DISCOS have started publishing the names of their historical debtors. Benin Disco has started this in the past two weeks. Oduntan stated last Friday that his association (ANED) is still working with the office of the Vice President to resolve the issue in the interest of all stakeholders.

FG lauds Akwa Ibom on specialist hospital

L-R: Executive Director, Stakeholder Management and Corporate Communication, Dangote Group, Mr. Ahmed Mansur; Executive Director, Strategy, Capital Projects & Portfolio Development, Chief D.V.G. Edwin and President, Afrieximbank, Dr. Benedict Oramah, during a facilities visit to Dangote Refinery, Lekki Lagos and Dangote Cement Plant in Ibese, Ogun State.. at the weekend.

Appolonia Adeyemi

receivables of the government from the collection loss component of the sculpted tariff. As such, the revenue shortfall, which the entire industry values chain is suffering from, has been exacerbated by the government not honouring its obligations to the electricity industry. Cash strapped and further squeezed of working capital by the resistance that greeted the new power tariff structure, the distribution companies’ predicament has been made more precarious by the refusal of these historic debtors, particularly the MDAs to pay for power consumed. This, according to a source, informed the deci-

along Galtha Baba, Galtha Musa, Bulakurma, Shatimari, Chukruk, Bulangaje, and Disa villages. “During the operation, one Boko Haram terrorist was captured alive,'' Usman said. According to him, three motorcycles, bags of grains, terrorists’ flags and uniforms have also been recovered. He listed other items recovered to include: suicide bomber’s hijab, a cell phone and one Dane gun, as well as foodstuffs and cooking utensils.''

annually while 100,000 new cases are recorded yearly. To arrive at their findings, which showed that cutting off vital nutritional supply lines could tackle cancer, a team from The Australian National University, blocked gateways through which the cancer cell was obtaining the amino acid glutamine. They found the cells almost completely stopped growing. Professor Stefan Bröer, who led the study, said: 'This is likely to work in a wide range of cancers, because it is a very common mechanism in cancer cells.'

“Better still, this should lead to chemotherapy with much less serious sideeffects, as normal cells do not use glutamine as a building material. “Crucial white blood cells, which current treatments damage, could be spared, and it could cut out the hair loss that chemotherapy causes. There are 917 different types of cancer currently identified, and many cures work only for a single type of the disease. Futher more, many treatments are rendered ineffective as cancers develop resistance to chemotherapy.

Ambode named Enterprise and Investment Council VP Muritala Ayinla

ommonwealth Enterprise and Investment Council (CWEIC) has appointed the Lagos State Governor, Mr. Akinwunmi Ambode, as its Vice President. CWEIC, an interest group established to promote trade and investment by facilitating engagement between Government and the private sector throughout the Commonwealth, also said that Ambode would be in

office alongside Rt. Hon Jeffrey Mountevans, the Lord Mayor of the City of London as co-Vice President of the Council for the next one year, subject to renewal for another year. Speaking during a meeting with a group of Nigerian businessmen at the Lagos House in Alausa, Ikeja, the Chief Executive Officer of CWEIC, Oliver Everett, who stated that said the appointment of Ambode was a major pointer to the fact that Nigeria and indeed Lagos was open for real and serious investment.

he Federal Government has praised the Akwa Ibom State government over its decision to construct a World Class Specialist Hospital in the state. The hospital was constructed by the Senate Minority Leader and immediate past Governor of the state, Chief Godswill Akpabio during his tenure. The gover nment stressed that with the facilities at the Ibom Specialist Hospital, medical tourism would become a thing of the past. It also promised that the government at the centre will partner with the Akwa Ibom State Government on the operation of the hospital. The Minister of Health, Prof. Isaac Adewole, disclosed this in Uyo, while inspecting facilities at the

Akwa Ibom State government’s owned Ibom Specialist Hospital. Adewole noted that "with the facilities at Ibom Specialist Hospital, medical tourism abroad can be reversed". According to the former vice chancellor of the University of Ibadan, “visiting the hospital complex today is an eye opener and as far as I know, there is no such complex like this anywhere in Nigeria." He declared that "with the proposed partnership, no Nigerian would be allowed to go abroad for treatment on government sponsorship from Jan. 2017". “We will partner to make sure that it works and reverses medical tourism."

Nigerians lampoon APC for budget assent noise Johnchuks Onuanyim Abuja

he applause expressed by the All Progressives Congress, APC, over the signing of the budget into law by President Muhammadu Buhari last week has been a criticized by some Nigerians. According to them, APC was insensitive to Nigerians’ plight. APC had on Friday applauded the Buhari and the leadership of the National Assembly for signing the Appropriation Bill into law. Speaking to New Telegraph in Abuja on Saturday, some persons expressed concerns that the national leadership of the ruling APC could not intervene and resolve the controversies that existed in the budget between the legislature and the execu-

tive but to turn around to applaud them after many months of inflicting pains on Nigerians. They opined that there was no synergy between the party and its members who are position of government, as the party leaders could not intervene on the budget impasse but to turn around to hail the signing of the budget into law. Also, they viewed the inability of the national leadership of the party to resolve the crisis between its members in the National Assembly and some other states as a mark of weakness of the leadership. They cited such states that is controlled by APC with political crisis to include, Edo, Kogi and Kano. For them, "APC is like a father who cannot call his children to order".

national | news

monday, may 9, 2016 NEW TELEGRAPH

Dogara to engage 161 students today Philip Nyam Abuja

peaker of the House of Representatives, Hon Yakubu Dogara, will today meet with 161 students from all 141 public and private universities across the country for an interactive session. The event, which will be done over a two day period, is in fulfilment of the speaker’s promise to promote youth inclusion in governance and encourage their active participation in democracy. The dialogue is also aimed at exposing stereotypes that have constantly pitched the people against the National Assembly due to general misconception and misunderstanding of the legislature as a result of prolonged military rule in Nigeria. The Citizen Engagement and Youth Development programme, a sole initiative of the speaker, will be a regular interactive forum with Nigerian University students, and is part of the fulfilment of the 8th House of Representatives’ Legislative Agenda. A statement from the Special Adviser on Media and Public Affairs to the speaker, Turaki Hassan, said “this strategic move by the speaker will, in no small way, promote active youth inclusiveness in democracy.

Nigerians lament long process of replacing lost passports Johnchuks Onuanyim Abuja

igerians seeking for the replacement of their lost Inter national Passports or replacement based on change of name have lamented the strenuous processes they face in doing this. They are alleging that they spend about N100, 000 in most cases to replace their passports as they have to travel down to the Nigeria Immigration Service, NIS Headquarters in Abuja to obtain a fresh passport. According to one Nkechi, who was at the Headquarters of the Immigration Service last week to replace her passport for

change of name due to marriage, she had spent one week in Abuja in a hotel waiting to have her passport replaced. She explained that she came in from Port Harcourt to replace her passport because of marriage and she had been staying in the hotel. Nkechi is one among the numerous applicants who travelled to Abuja in order to replace their passports But the Immigration Service has come in defence of the policy that all lost passport or replacement of passport based on change of name must be done in Abuja at the Headquarters of the Service. According to the spokesperson of the Ser-

vice, Deputy Comptroller immigration, Mr. Kings Ekpedeme, the policy is to avoid multi-issuance of passport to individuals. Ekpedeme explained that biometric information of passport applicants are stored in the database in the headquarters; therefore, they would be expected to replace their lost passports at the headquarters. Also, he explained that such stringent conditions would make people to be careful with their passports. Explaining the policy, Ekpedeme said, "The application for the e-passport and the biometrics are stored in the data base. E-passport has so much ambiguity. The need to replace lost pass-

National Chairman, All Progressives Congress (APC), Chief John Odigie-Oyegun (left), receiving an achievement award from the President of Saint Patrick’s College (SPC), Asaba, Old Boys Association (Abuja Branch), Ogbuefi Tony Anyameluhor at a dinner held in honour of the APC National Chairman in Abuja …at the weekend.

port at the headquarters is to protect the integrity of the international passport. It will also help to know how you handle your passport", But another senior Immigration Officer, who preferred anonymity, stated that the policy was not based on any law of the Service. Asked to react to the need for applicants to come to Abuja to replace a lost passport, the officer said, "The issue of passport applicants coming to Abuja for change of name

ABUJA

s President Muhammadu Buhari braces up for the implementation of the 2016 Appropriation Act which was signed into law last Friday, economists and financial experts have canvassed for a robust framework for monitoring the implementation of the budget Renowned economist and former Deputy Governor of the Central Bank of Nigeria ( CBN), Dr. Obadiah Mailafia, observed that Nigeria's previous budget had been less successful due to poor monitoring and implementation. The financial analyst was of the view that having crossed the first hurdle with the signing of the budget, the executive arm of the government must be prepared to scale the next and even more important hurdle, which is the implementation of the budget. " Many of our past budgets have been less than optimally successful due to poor monitoring and implementation. We need

a more robust framework for implementation. There are software available for tracking progress in public expenditures, so that stakeholders can monitor progress. The Presidency also require a Strategy Office to drive budget and strategy implementation", noted Obadiah. Similarly, a former Director- General of Bureau of Public Procurement and Special Adviser on procurement and Due process to former President Olusegun Obasanjo, Prof. Kunle Ade Wahab, enjoined every Nigerian to be interested in the monitoring of the 2016 budget. " Now that everybody has got hold of the budget, there is nothing left. The President has promised that he was going to personally get involved in the implementation exercise. Once the president makes his point of view known, the Ministers , the Special Advisers and all the people who want the success of this administration will just have to abide by it. The task now is between the Ministry of Budget and National Planning and of course, the Bureau

of Public Procurement because where or budget failed mostly was from the failure to monitor . "You set a target, everybody said they are looking for the blue print of government. Now, you got the blue print . The next step look at it, those who cannot follow , have other people to interpret for them, but the message is clear . All the special projects the government has in mind, they all are all beneficiary of this budget. We all, including the media, must all be seen putting our searchlight to ensure the

monitoring of the implementation of the budget. We must ask questions. Fortunately, all the ministers have said they will be willing to answer any queries. Even members of the National Assembly have said they will abide by what is in the budget," Wahab said. In another reaction, National Chairman of United Progressives Party (UPP) Chief Chekwas Okorie, has said that the 2016 budget signed last Friday by President Muhammadu Buhari would activate growth of the country.

Access Bank hosts Innovation Challenge

ccess Bank Plc has hosted an innovation challenge where several ideas were pitched by participants with a view to finding solutions to problems in agriculture, transportation, security and power in Nigeria. The Access Bank Innovation Challenge is a competition that invites teams of contestants to develop innovative solutions to Nigerian societal, infrastructural and environmental challenges, and provides them with edu-

cational guidance along the path to prototyping and possibly implementing their projects. The 2016 Access Bank Innovation Challenge focused on the Internet of Things (IoT), which connects billions of smart devices to the Internet. Cities all over the world have developed data-driven IoT systems that have enhanced infrastructure and security, decreased traffic congestions and improved public transportation.

and lost passport, is not done by any law; "It is not done by any gazette of government. It is just the whims and caprices of some powerful people in the Service. "You can compare it also to an obnoxious administrative practice of may be a male chauvinist that no woman can collect the International Passport without the consent of the husband, when the constitution made it clear that nobody should be discriminated against for whatever reason".

Insurgency: 500,000 households to receive N17, 000 each

lhaji Ahmed Satomi, the Chairman of Borno State Emergency Agency (SEMA), says no fewer than 500,000 households would receive N17, 000 each from the World Food Programme in 2016. Satomi, who disclosed this in an interview with the News Agency of Nigeria (NAN) yesterday in Maiduguri, said 35, 000 households had so far benefited. The chairman said that the agency planned to reach out to 1.4 million Internally Displaced Persons (IDPs) taking refuge in other communities. ``We are targeting the most vulnerable couples, widows and those who

Budget: Experts want monitoring of implementation Isa Abdulwahab and Yekeen Nurudeen

46%

The percentage of the population of Dem. People’s Republic of Korea under 15 years in 2012. Source: Un.org

have passed through great hardship as a result of the insurgency. ``Apart from our IDPs in the 28 camps, we also have about a million of them taking refuge in host communities of Jere and Maiduguri Metropolitan Council. ``The token would be given to them to encourage them to start up something that would enable them cater for their families to alleviate their suffering. ``We will go to each and every of these households to obtain their bio-metric data and head count. ``We will also try to see how we can empower them on basic skills acquisition as well as entrepreneurship which will go a long way in assisting the beneficiaries. ``So far, we have started with Gwange one, two and three, Meri and Shettimari areas in the state capital," Satomi said.

Aides reject Melaye’s brother as NASSLAF chair Chukwu David Abuja

nother phase of crisis has again, hit the National Assembly, with the legislative aides forum of the institution now facing serious turmoil over who should be its authentic leader. Following lingering controversy over the leadership of the National Assembly Legislative Aides Forum (NASSLAF), some members of the association have rejected the process, which led to the emergence of Sam Melaye as Chairman of the forum. New Telegraph learnt that Sam Melaye, the younger brother of Senator Dino Melaye, had without any formal election, started parading himself as the Chairman

of the forum, despite recent protests by members of the group. It was also learnt that Melaye was enjoying the backing of the top echelon of the National Assembly bureaucracy and the leadership of the two legislative chambers of the apex Assembly. But NASSLAF, in a statement signed by its Public Relations Officer, Yusuf Sikiru Bamidele, and issued yesterday in Abuja, said that the forum did not recognize Melaye and his factional group. The association, while accusing a section of the National Assembly management led by one C.J. Osman, a secretary with corporate services, of imposing Sam Melaye on NASSLAF as Chairman, stated that the forum elected its officials in accordance with the provisions of the constitution.

MONDAY, MAY 9, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Railway officials, passengers die in train crash lIt’s unfortunate, say Saraki, Ahmed Biodun Oyeleye Ilorin

hree persons, two officials of the Nigerian Railway Corporation (NRC) and two passengers, lost their lives at the weekend when a cargo train from Ibadan to Kano lost control and crashed. The accident occurred at Jebba, a few metres after the main entrance of Jebba Paper Mill. There was also a second crash a few metres to the River Niger Bridge at Jebba but there was no casualty recorded from that episode. Officials of the corporation told our correspondent that the two NRC officials were a male guard and a female employee identified simply as Janet. The remains of Janet were packed into body bag by a combined team of medical personnel, police, and officials of the Federal Road Safety Commission (FRSC) about 3.40pm yesterday. It was learnt that the head and the leg of another victim had earlier been retrieved from the crash scene. A huge crane from the NRC was deployed to the scene to lift the three coaches which crashed. The operation was still ongoing at press time. Officials of the corporation, at the scene, refused to make official comments because they were not authorised to speak with the press. It was also learnt that the Permanent Secretary in the Ministry of Transport was on the way to the site but was yet to arrive at the time of filing this report. The second crash created a huge pile of trailers stranded on the ever-busy Ilorin-Jebba Road. The gridlock stretched for about 12 kilometres, leaving road users stranded. The NRC Assistant Director in charge of Publicity in the corporation, Mr. Rauf Akinloye, said yesterday that four people died in the accident. He told journalists that three other passengers sustained injuries. Akinloye said the victims’ bodies were deposited at the mortuary while those injured were discharged after receiving treatment. The spokesman added the damaged tracks were being repaired in order to restore North-

The scene of the accident

South services. He said the rear portion of the train that derailed led to the death of the four persons. Akinloye, however, assured travellers of safety of lives and property while travelling on the trains despite the incident. Meanwhile, Kwara State Governor, Abdulfatah Ahmed, has commiserated with the families

of those who died in the rail accident at Jebba in Moro Local Government Area. Ahmed, according to a statement issued by his Chief Press Secretary (CPS), Abdulwahab Oba, also wished the passengers who sustained injuries as a result of the accident speedy recovery. The governor described the accident as painful and unfortunate

because “rail transportation is one of the safest modes of travel”. Ahmed, therefore, called on the NRC management to investigate the immediate and remote causes of the accident with a view to preventing a reoccurrence. Also, Senate President, Bukola Saraki, has expressed sadness over the train crash and com-

miserated with families of the deceased. Saraki also expressed sympathy with those who sustained injuries and prayed God to heal their wounds. He also urged the NRC management to investigate the cause of the accident and immediately put in place a measure to prevent recurrence.

My lover gave me money for weapon, says suspect Sola Adeyemo Ibadan

suspected armed robber, Taofeek Lamidi, has told the police in Oyo State how he attacked a female trader with a machete and robbed her of N23,500. Lamidi of Ile Epo, Isale Oyo in Oyo town, who was earlier convicted for rape, was released from prison on February 1. But about three months later, he became a guest of the police along with 18 others linked to various criminal offences. The state Police Commissioner, Mr Leye Oyebade, told journalists that on April 12 Lamidi accosted a woman, Fasilat Asimiyu, in Oyo town and proposed to befriend her in order to advance his criminal intent through her. The suspect, while speaking with our correspondent, corroborated the commissioner’s statement when he said that he met the woman and proposed to her. According to him, the woman said she was living at Jamoosan Compound around Kanga area

of Oyo town, but would not want him to visit her there. The 41-year-old suspect said he was pushed to the idea of befriending Fasilat because his wife had died before he returned from prison and there was no one to take care of his children. He said: “When I met this woman and proposed friendship to her, she said I could not come to her place at Kanga, but that she would be going to the Omooba Market at Iwo town the following day. She said I could

Lamidi and Fasilat

come and meet her there. “On April 23, I went to Omooba Market on a friend’s motorcycle and met her sitting down while selling kerosene and black market petrol. I told her again that I wanted her to be my woman-friend and she agreed, but said that she needed money to boost her trade. “I told her I didn’t have money either, but that if I could see any of the traders who had money, I could snatch it for the benefit of both of us. I told her, however, that I didn’t have any weapon to use, and she suggested a small machete. When I said that I didn’t have money to buy one, she offered me N1,000 to buy it. “A few days later, I borrowed the motorcycle of a friend of

mine and went to Omooba Market. I was there around 7:30am and this woman welcomed me and I sat close to her at her shop till about 10am, trying to identify any trader who would have sold and made money to be transported back to Oyo.” Though, Fasilat denied having any such agreement with Lamidi. She said: “I only discussed with him that he was wasting his time staying so long when petrol was very scarce and that he could be making cool money in Oyo if he had stayed there plying his business.” But the suspect insisted that the woman was the one who eventually got a female trader for him while another one joined and they set off on the motorcycle, popularly called “Okada”. He added: “On our way, I stopped at a point and brought out the machete I had bought from the N1,000 this woman gave me. I told the trader Fasilat got for me that it was her money that I wanted to collect, but she started arguing with me. So, I attacked her with the machete on her left shoulder and left thigh.”

METRO

MONDAY, MAY 9, 2016 NEW TELEGRAPH

Butchers stab task force officials, vandalise vehicles

Muritala Ayinla

t was a free for all at the weekend at Idi-Araba market in Mushin when armed butchers and street urchins otherwise called “Area Boys” descended on officials of the Lagos State Task Force on Environment and Special Offences Unit. They attacked the leader of task force team and the driver with machetes and broken bottles. The butchers operating illegal abattoirs and the street urchins also vandalised two Toyota Hilux vans and a Black Maria belonging to the task force. The task force officials, with the enforcement team of the Lagos State Ministry of Agriculture, had stormed the illegal abattoir and slaughter slab at Oshodi and Idi-Araba to dis-

lodge the operators. It was learnt that the enforcement team had sealed an illegal abattoir and slabs at Oshodi and Idi-Araba when the rampaging miscreants and butchers came out en masse and started throwing dangerous weapons such as machetes, knives, stones Victor and broken bottles from different directions. In the ensuing melee, the leader of the task force team, Supol Wilson Alaba and the driver, Mr. Adekunle Victor, were attacked with machetes. Victor was abducted but

Security guard dies in fire Taiwo Jimoh

28-year-old security guard identified as Suleiman Aliyu was burnt to death on Saturday in Lagos. The incident occurred at 15, Obiwunmi Street, off Fola Agoro, Shomolu. It was learnt that the fire, which started about 1:30pm in the guard’s quarters, was caused by petrol stored in the security house. It was gathered that the fire spread from the security house to the 12 selfcontained apartments situated in the premises. It took the combined efforts of the Lagos State Emergency Management Agency (LASEMA), state Fire Service and the police to contain the situation. Confirming the incident, the General Manager LASEMA, The burnt house

Michael Akindele, said kegs of Premium Motor Spirit (PMS) were stored in the victim’s apartment which came in contact with other highly combustible items. He disclosed that the guard’s body had been handed over to his family for proper burial following their request. Akindele warned Lagosians to desist from the storing petroleum products and other inflammable materials in their homes.

later rescued in a pool of blood. When found, he had cuts in his head and left leg. Government had directed the task force to clamp down on illegal abattoirs and slabs because they were not operating in line with the statutory standard as contained in the Lagos State EnvironmenThe vandalised vehicle tal Sanitation Laws.

Army arrests fake soldier, intercepts truck carrying diesel Babatope Okeowo Akure

en of the 32 Artillery Brigade, Owena Cantonment, Akure, Ondo State have arrested a fake soldier identified as Dakio Olotu said to have been terrorising people of Agadagba community in Ese-Odo Local Government Area. The Army Public Relations Officer (PRO), Captain Ojo Adenegan, who paraded the suspect at the weekend, said the man had been extorting money and persecuting people of the area for some months with Army uniform before his arrest. Adenegan explained that the arrest was a sign of readiness and professional conduct of the men of the 32 Artillery Brigade in bringing perpetrators of such act to book. He urged members of the

Fake soldier

public to report strange persons to security agents for prompt action. The spokesman said the fake

soldier would be handed over to the police for further interrogation and possible prosecution. Aside the arrest of Olotu, Adenegan said the troops of the 19 Battalion had arrested a truck with registration number SQ 366 AGL loaded with 33,000 litres of illegal refined diesel at Olowu Junction in Odigbo Local Government Area. Adenegan said the truck was arrested along with the Chairman, Petrol Tankers Union, Okitipupa, Mr. Adewale Adebiyi, the owner, Mr. Adeokan Ariyo and the driver of the truck, Mr. Sunday Ojomo. He said the truck was loaded from an uncompleted filling station at Ilemotoyin and it was intended to be dropped at Ore before it was arrested. The truck and the suspects, he added, had been handed over to the police for prosecution.

City Briefs Hotelier, boxing promoter, Aiyegbeni, dies at 69 Sola Adeyemo Ibadan

enowned boxing promoter, Chief Francis Aiyegbeni, who was also the owner of the popular D’Rovans Hotel situated on MKO Abiola Way, Ring Road, Ibadan, Oyo State, is dead. Aiyegbeni (69) died at the University College Hospital (UCH). The hotelier, who hailed from Esan in Edo State, died at the Intensive Care Unit (ICU) of the UCH on Saturday. He was reported to have

died of stroke and cardiacrelated issues. An impeccable source at D’Rovans, now Wallan Hotel, confirmed that Aiyegbeni, who played important roles to uplift the Nigeria Boxing Board of Control (NBB of C), died on Saturday morning. He was reported to have suffered from a protracted battle with partial stroke, and was rushed to the Police Hospital at Eleyele, Ibadan on Friday when his condition deteriorated. He was later transferred to UCH from the Police Hospital. “On getting to UCH, he was immediately taken into

30-year-old man murdered Uchenna Inya ABAKALIKI

P The late Aiyegbeni

the Intensive Care Unit of the hospital. He was being treated for cardiac-related issues at UCH when he stopped breathing,” the source said.

olice in Ebonyi State have commenced investigation into the death of a 30-year-old man, Uduma Nwangele, at Egwudinagu village in Ohaukwu Local Government Area of the state. Nwangele was found on the road with machete cuts all over his body. The state Police Public Relations Officer (PPRO), ASP George Okafor, confirmed this yesterday. He said: “On April 30 about 10pm, Chukwuma Nwangele of Egwudinagu village in Ohaukwu Local Government reported that on the same day

his brother, Uduma Nwangele (30), in the same Egwudinagu, was seen lying on the ground with machete cuts all over his body. “He said that before his death, he mentioned (some people as) his assailants. The scene of crime has been visited, the corpse photographed and then removed to the mortuary for autopsy. “Investigation is ongoing and the suspects after committing the offence took to their heels. It is left for us to arrest these persons to determine if they actually have hand in the killing or not. “We will not just believe that it was them that killed the deceased because it is now second hand information.”

NEWS

MONDAY, MAY 9, 2016 NEW TELEGRAPH

NCC tells telcos to create do-not-disturb platforms Kunle Azeez

he Nigerian Communications Commission (NCC) is prepared to tackle annual losses by telecoms subscribers due to rising wave of unsolicited short messaging service (SMS). New Telegraph learnt that the over 150 million telecoms subscribers in the country currently lose an estimated N360 billion to cases of unwanted text messages majority of which are auto-subscriptions by the operators without subscribers’ consent. The situation is worsened as telecoms networks often use some clever ways of making it difficult for disgruntled

subscribers to opt out from continuously receiving the unsolicited text messages. However, the Commission in a direction dated April 19, 2016, a copy of which was obtained by New Telegraph at the weekend, has mandated 13 telecoms operators to create a DND facility and popularise same with a view to giving the subscribers the latitude to stop receiving an telemarketing calls or unsolicited text messages. A total number of thirteen (13) MNOs were issued with the direction, namely: Starcomms, Megatech Engineering Limited, Gicell Wireless Limited, Globacom, Danjay Telecoms, Gamjitel, Multilinks, MTN, Airtel,

Smile, Etisalat, Visafone and Natcom. The NCC, in the direction issued pursuant to section 53 of the Nigerian communications Act (NCA), 2003, noted that it had been inundated with complaints from subscribers about the menace of unsolicited text messages and calls from Mobile Network Operators (MNOs) which has impacted negatively on consumer quality experience in the telecom industry. Already, telecoms licensees are mandated by the Consumer Code of Practice Regulations, 2007 to conduct telemarketing in accordance with any ‘‘call” or ‘‘do not call” (DND) preferences recorded by the consumer at the time of entering

into a contract for services or after. “The Commission, through its monitoring activities, confirmed that though, some MNOs have set up the DND facility on their network, the awareness by subscribers of the availability of the DND facility on the MNOs network and how to opt into the facility was very minimal and unsatisfactory. “The Commission, in line with its regulatory functions of protecting the interest of consumers as provided in Sections 4(1)(b) and 105(1) of the NCA, 2003 and ensuring the development of the Nigerian Communications industry was of the opinion that degradation of consumer quality

L-R: Vice President, Association of Assets Custodians of Nigeria (AACN), Akeem Oyewale; President, Taiwo Sonola; and General Secretary, during a briefing to announce the 5th Annual Investor Conference of AACN holding in London, in Lagos

Enugu

eaders of the Peoples Democratic Party (PDP), including three governors elected on the party's platform in the south-east geopolitical zone met in Enugu for second time in one week yesterday. The leaders rose from a closed-door meeting with a resolve to fashion out a more sustainable and enduring strategy aimed at permanently checkmating the increasing spate of invasion of communities by suspected Fulani Herdsmen in the zone. Like the previous meeting, yesterday’s meeting was attended by the Deputy Senate President, Ike Ekweremadu, as well as Governors Ifeanyi Ugwuanyi of Enugu State; Dave Umahi of Ebonyi State and Okezie Ikpeazu of Abia state. It also had in attendance the former governors of Anambra and Imo states, Peter Obi and Ikedi Ohakim. However, Governor

NCA, 2003, the NCC directed operators to take certain steps as parts of regulatory measures to tackle the menace of unsolicited text messages.

Airspace violation: NCAA to sanction illegal drone operators Wole Shadare

he Nigerian Civil Aviation Authority (NCAA) has warned over growing proliferation of the use of Remotely Piloted Aircraft (RPA). The aviation regulatory body has, however, issued safety guidelines over the use of the equipment in the airspace without permission. Spokesman for NCAA, Sam Adurogboye, in a statement yesterday, said in recent times, RPA/UAV (Unmanned Aerial Vehicles) are being deployed for commercial and recreational purposes in the country without adequate security clearance. He noted that with the preponderance of these

operations particularly in a non – segregated airspace, there has to be proactive safety guidelines. The authority further stated that the development of the use of RPA nationwide has emerged with somewhat predictable safety concerns and security threats. The International Civil Aviation Organisation (ICAO) is yet to publish Standards and Recommended Practices (SARPs), as far as certification and operation of civil use of RPA is concerned. He noted that the NCAA has therefore put in place Regulations/Advisory Circular to guide the certification and operations of civil RPA in the Nigerian airspace.

Group laments education policies

S/East PDP governors, leaders meet on security Kenneth Ofoma and Charles Onyekwere

experience through unsolicited telemarketing should be curtailed,” the direction noted. Consequently, pursuant to section 53 of the

Rochas Okorocha of Imo State and his Anambra State counterpart, Willy Obiano were conspicuously absent. Some former governors of PDP stock including Chief Martin Elechi, (Ebonyi), Sullivan Chime (Enugu) and Senator Theodore Orji of Abia, who were said to have been invited to the meeting were also absent. No reason was given for their inability to attend. But, addressing journalists at the end of

the two-hour meeting, Ekweremadu said the meeting appraised developments in the last herdsmen attack in Enugu and resolved to find ways of ensuring that such attack did not take place either in Enugu or any other place in the south-east zone again. "We intend to put in place endurable measures so that such attack will not happen again," Ekweremadu noted while disclosing that the meeting expressed satisfaction

with Ugwuanyi over the courageous way he handled the Ukpabi Nimbo attack which claimed scores of lives. "The governor of Enugu State briefed the meeting on the steps he has so far taken on that issue. He also told us that most of the people who fled the community in the wake of the attack have started returning and that normalcy has been restored in the area. We are very satisfied with the briefing, "he said.

Dunoma charges airport workers on safety Wole Shadare

orkers of the Federal Airports Authority of Nigeria (FAAN) have been asked to adhere strictly to safety standards and procedure in line with Standard and Recommended Practices, recommended by the international Civil Aviation Organisation (ICAO). The Managing Director of FAAN, Saleh Dunoma, gave the charge while addressing staff of the department of Aero-

drome Rescue and Fire Fighting Services at the Kaduna Airport recently. He encouraged them to put into practice, knowledge acquired at the recent training conducted by the authority in order to justify the huge investments by the Authority to enhance service delivery at airport. The Managing Director, who was received by the acting Airport Manager, Amina Salami, further charged staff to imbibe the habit of maintenance culture so

as to derive maximum benefits from heavy duty vehicles and equipment. While conducting the boss and his team around, Mr Nuru Jatau of the department of Aerodrome Rescue and Fire Fighting Services (ARFFS) enumerated some of their challenges and assured him of their commitment and dedication to duty. The Managing Director also inspected the ongoing construction work at the new airport terminal.

non-governmental organisation, Concerned Citizens for Educational Development (CCED), has decried some of the recent actions and policies of the Minister of Education, Mallam Adamu Adamu, which it claimed was impacting very negatively in the education sector. The group expressed worries that unless urgent steps were taken to reverse these ugly trends, the nation's educational sector would be heading for implosion. In a letter to the minister dated April 26, 2016 and signed by the group's National Convener, Comrade Solomon Adodo, CCED expressed concerns that in the short

spell of time since the former vice-chancellors of the 13 federal universities were wrongfully sacked by the minister, several of the succeeding vice-chancellors have unfortunately borrowed a leaf from that wrongful action and have continued to flout the relevant universities rules by sidelining the universities governing councils in most academic appointments. The unfortunate implications of this, according to the group, was that merit is unwittingly being replaced by mediocrity, while ineptitude and intimidation prevails, even as academic excellence and scholarship continues to take the back seat in institutions of higher learning.

DHQ: Disregard 'inciting' videos, posts Emmanuel Onani Abuja

he Defence Headquarters (DHQ) yesterday, advised the public to disregard what it referred to as inciting pictures, videos and statements being posted on some social media platforms. It said the videos, which it confirmed to be "photoshops", were meant to cause disaffection among ethnic nationalities in the country. Consequently, it warned that the military would not tolerate acts that are capable of igniting the breakdown of law and order.

The DHQ, in a statement by its spokesman, BrigGen. Rabe Abubakar, said: "The Defence Headquarters (DHQ) hereby warns that it will not condone any unwholesome acts by persons or group seeking to engage in acts that are capable of causing breaking down of law and order in any part of the country. "Citizens are advised to refrain from taking laws into their hands and avoid actions that may cause a breach to harmonious co-existence. Individuals or groups seeking for relevance should follow the due process in accordance with the law of our land and not through acts of brigandary."

MONDAY, MAY 9, 2016 NEW TELEGRAPH

Leadership S’West and the elusive PDP chairmanship

Politics

PDP convention The jostle for NWC offices

14 15

Unending S'West PDP battle

The Peoples Democratic Party (PDP) in the South-West is not new to crisis, given its history of internal squabble and uncoordinated approach in the pursuit of common goals. These impediments have rocked the zone’s chances of producing the next national chairman of the former ruling party. FELIX NWANERI reports

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

t is peace of the grave yard in the South-West chapter of the Peoples Democratic Party (PDP) despite last week’s separate meetings of the two major factions of the party in the zone, where the zoning formula for the national offices of the opposition party was adopted. The two separate meetings were held in Akure, Ondo State capital and Ijebu-Igbo, Ogun State at the instances of the leaders of the factions, Governor Olusegun Mimiko and Senator Buruji Kashamu. Both summits were aimed at resolving issues over zoning of PDP national offices as they affect the South-West geopolitical zone ahead of the party’s May 21 national convention. The two factions have been up against each other since the race for PDP’s national offices, particularly, national chairman, commenced. While the Kashamuled group is disposed to the position going to the North, the other group, which has Mimiko and the likes of former Deputy National Chairman of the party, Chief Olabode George, insisted that the South-West should have the seat. The Kashamu group had called for the retention of the PDP national chairmanship position in

The two factions have been up against each other since the race for PDP’s national offices... commenced

the North at a time their kinsmen in the former ruling party were insisting that their zone should have the slot, given the fact that it has not occupied the position since PDP’s formation in 1998. Kashamu, who represents Ogun East in the Senate, had while on courtesy visit with members of his group to the Acting National Chairman of the PDP, Senator Ali Modu Sheriff on March 21, said the position of national chairman should not be zoned to the South. His argument was that PDP would be branded a regional party if the chairmanship goes to the South. “Out of the five states in the South-East, the PDP has three governors; we have five governors out of the six states in the South- South; in the SouthWest, we have two governors. In the whole of the North, we have only two governors. We need to strengthen the North, if not, the PDP will be branded as a regional party if we go ahead to pick the national chairman from the South,” he said. But George, who apparently had his eyes on the position, faulted the position, describing Kashamu and members of his group as political upstarts,

who do not know the history of the party. He also insisted that the stand was disgraceful to the South-West. His words: “PDP is about justice, fairness and equity. Of all the zones in Nigeria, it is only the South-West that has not produced the chairman of the party since 1999. What we have now are overnight leaders. Who did they consult before such a move? When we were running around in 1998, 1999, 2000, 2003 and even 2007, when PDP was untouchable in the South-West where were they? We built the party such that we swept the South-West in 2003, where were they then? If there was no yesterday, there won’t be today and tomorrow. Have they checked the history of the party and the vision of the founding fathers? “When Sheriff was coming and we had to calm nerves in Borno and North-East, where were these characters? All Sheriff wanted is to sustain his name and write it in gold, not to be deceived by upstarts. He is going to set up committees to position the party better. Has he done that? I was shell-shocked when I heard this CONTINUED ON PAGE 12

POLITICS

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

madness of a proposition. Many of the leaders in my zone are also shocked. I know the workings of the PDP more than they do and what they are doing has no place in the party.” Another chieftain of the PDP in the South-West and a member of the party’s BoT, Chief Ebenezer Babatope, said: “We are preparing for the convention and we are also watching the antics of these elements, who are all out to distort the party, we can’t allow miscreants to run our party for us. The South-West will talk on our agenda at the convention.” Despite the reasons cited by George on why the South-West should produce the next national chairman of the PDP, the Governor Emmanuel Udom-led committee reasoned with the Kashamu group that the party needs to win back the confidence of the people of the North in view of the disenchantment in the region during the 2015 general elections. To this end, the committee came up with a zoning arrangement that knocked out some South-West PDP leaders aspiration to lead the party’s incoming National Working Committee (NWC). According to the report of the committee, which was adopted by the NEC, the national chairmanship position goes to North-East, the deputy to SouthSouth while the South-West still retains the position of the national secretary. The position of deputy national secretary, which was in the South-East, now goes to North Central, while the office of nation legal adviser has been zoned to the North-West. The deputy national legal adviser is now in the South-South. The position of national treasurer was also zoned to the South-South, while the deputy goes to North West. The office of national financial secretary is now in the North Central while the South East will produce the deputy. The national woman leader will now come from North-West as against South-East, while the South-South will produce the deputy. For the office of national auditor and deputy, the PDP NEC agreed that they should go to South-West and North-East, respectively. The South-East will however produce the national organising secretary and national youth leader. The deputy national organising secretary and deputy youth leader will come from North Central and North-West, respectively. The national publicity secretary will come from the South-West, while the deputy will come from North Central. While most PDP members across the country described the distribution of national offices as a fair deal, some party faithful in the South-West felt that the arrangement was unjust as the party failed to rotate its national chairmanship position. Dr. Doyin Okupe, a former Senior Special Assistant, Public Communications to ex-President Goodluck Jonathan, noted that out of 11 PDP chairmen in 18 years, only the South-West has not produced one. His words: "I want to state

MONDAY, MAY 9, 2016 NEW TELEGRAPH

PDP chairmanship: How categorically here, without any fear of equivocation, that we, the Yoruba from the South-West, desire and demand the post of the national chairman at the next convention of the party. "In the interest of fairness, equity and justice, it is most compelling that the Yoruba of the South-West zone must be allowed to contest for this post at the coming national convention. Any attempt to do anything to the contrary, no matter the reason advanced cannot be acceptable. "Failure for a Yoruba man to emerge as the national chairman can only mean two things. That there is a pervasive and concealed hatred for the South-West in the PDP or that the PDP has very little or no regard for Yoruba interest as was evinced by the obvious cheating of the South-West from the position of the Speaker in 2011, which was never rectified nor compensated for the whole of four years. "The sad implication of the above is that, regrettably, many of us from the South-West may have to reconsider our membership of this great party, which we have helped to nurture and supported through thick and thin; a party we have loved almost more than our very existence, and the party we have served with all our natural endowment, in victory and defeat. If there exist any conscience, anywhere in this party, let that conscience speak now and stop the new and alien conscienceless power currently holding sway within the party

George

Mimiko

hierarchy." The threat of defection not only heightened tension in the party, but raised the fear that the national convention scheduled to hold in Port Harcourt, Rivers State may be stalled. But politics being the doctrine of the possible, arrowheads of the SouthWest agitation, made a detour on Wednesday, when they opted to abide by the party’s decision, thus putting an end to the zone’s hope of producing its first chairman of Africa’s self-acclaimed biggest party.

Endorsement in Ijebu-Igbo Rising from a meeting of its expanded executive committee held in Ijebu-Igbo, a faction of the South-West PDP led Senator Kashamu, insisted on the continuation of the party's National Chairman, Senator Sheriff, beyond the May 21 national convention of the party. The faction also backed the zoning arrangement in the party as done by the National Zoning Committee headed by Governor Udom as well as expressed support for Sheriff's doggedness to

Oyedokun: Why North should produce chairman Alhaji Shuaib Oyedokun is a former Deputy National Chairman (South) of the PDP and member of the party's Board of Trustees (BoT)

et me first puncture the argument that is being generally held by some people that the national chairmanship position had stayed long in the North. Since only one geo-political zone of the North does not actually constitute the entire North, facts have revealed that, it had been dominant only in the North Central. The core North, made up of North-West and North-East, had it only by accidental discharges. It is high time we start emphasising the six constitutionally recognised zones and not the nebulous North and South dichotomy. The most open and weakest geo-political flank of PDP now is the North-East and North-West. The gap between now and when we determine a flag bearer, is still long and wide. Why not move our ‘battle force’ to the North now, and suspend our personal interest for now as the SouthWest has offered to do, in spite of its array of competent hands. And if the lesson of history, and that of recent events, are anything to go by, in spite of whichever camp such good lessons may emanate from, it could be pertinent here, to cite the strategic step which President Mohammad Buhari took on assumption of office, where-in he moved the entire Military command to the troubled area with the Army Chief of staff taking full charge

for effectiveness. To those who understand that military and political warfare look favourably at timing and choice of commander, being vital essence of success, the popular choice of Senator Ali Modu Sheriff, as our national chairman, should therefore, not be a surprise but a strategy to be supported, hailed and invested in, solidly even at a time like this. Indeed I must say here proverbially, that the true man does not seek where cheap gains always lie, but where duty lies, as such is the true man, whose dream of today, would be the law, by which tomorrow shall be governed. Conversely, it is true that the South-West stands to gain by having the national chairmanship ticket, as we are mentally and administratively sound in leadership, but the path to duty lies in assisting, the cohesive build up, already going on, in the politically consequential North, which are ostensibly assigning value to Sheriff ’s political antecedent, and are now rallying round him, shifting from their initial opposition to his candidacy. In spite of all of these factors, which are in favour of Sheriffs option, it is crucial here, to point it out that, the word zoning which has gained high political currency in the world of politics is not an end by itself. It is never a crutch, which is reserved for the political cripple, to lean on, in the name of merely filling some quota. It is like objectivity which does not speak to the wind. As for those who are arguing mischievously that our decision to support the North for the national chairman could be a ploy to revert the settled position. That

Oyedokun

the presidency had already been zoned to the North, let me say here that this is far from being true. The entire South-West, taking home the lesson of history, is supporting the zoning of presidency, to the North, because we are bent on reciprocating, earlier good gestures, which course, the North championed, when in an attempt to assuage our anger over the annulment of the election of MKO Abiola, they supported the candidature of chief Olusegun Obasanjo, as the president on the platform of the PDP. Today, it is the same scenario, because the North was also angry at the last general elections. Sometime, I do wonder how most of us, often appear unable to retain the memory of history, that here in Nigeria, there had been a time when all the top most political and Executive Offices, namely, the Presidency, President of the Senate, the PDP National Chairman, the BOT Chairmanship and the Secretary to the Government of the Federation were all concentrated in the South even though, by political accident.

POLITICS

MONDAY, MAY 9, 2016 NEW TELEGRAPH

S'West won and lost the battle

Ogundipe

Fayose

reposition and mobilise the party towards returning to power in 2019. Party chieftains in attendance at the meeting included Kashamu; National Vice Chairman (South West), Chief Makanjuola Ogundipe; former Deputy National Chairman, Chief Shuaib Oyedokun; former Oyo State Deputy Governor, Azeem Gbolarumi; and the National Auditor, Alhaji Fatai Adeyanju. Also present were a House of Representatives member, Adesegun Adekoya; zonal secretary,

Chief Pegba Otemolu, former Lagos PDP gubernatorial candidate, Dr. Ade Dosunmu, former PDP chairman in Ondo State, Hon. Ebenezer Alabi, Oyo State PDP chairman, Yinka Taiwo, and Dr Olu Ogunye, among others. In a communique issued at the end of the meeting, Ogundipe said members must renew their loyalty and support for the PDP. He declared that the South-West zone cannot play the second fiddle in view of the positions already zoned to it, including National Secretary, National Auditor and

S'West deserves national chairman – Babatope Chief Ebenezer Babatope is a former Minister of Transport and member of the Board of Trustees (BoT) of the Peoples Democratic Party (PDP)

he South-West leaders meeting that took place in Akure last week said in order for us not to disrupt the activities of the Peoples Democratic Party (PDP), we should accept the zoning as it was done by the party. And since they have agreed that there would be a mid-term election next year, we should leave everything till that time. I took part in the meeting and signed the communiqué. But I must confess to you; that I do not hold that opinion but since I have taken part in decision taken, so be it. But if anything happens, I will be very happy. I will never leave the argument that South-West must have the national chairmanship. I will never leave that argument because since the inception of the PDP in 1998, South-West has not held the position of national chairman of the party. We are the only zone in the country that has not held the position.

National Publicity Secretary. Justifying the support for Sheriff to continue as national chairman, Ogundipe said the PDP needed the North to return to power in 2019. He also said he was not aware of any similar meeting convened in Akure, the Ondo State capital, by some PDP leaders, stressing that he is the authorised person to call for any zonal meeting. His words: "The issue of Ali Modu Sheriff is a forgone conclusion. We are the custodian of the constitution of this party. We said it from the onset that the best way to play this politics now is to allow the North-East to complete its term and that is two years. "We started by saying that the North be retained in office until we have our mid-term congress; it is in our constitution. You cannot be there forever and in any case, the party today needs somebody that can re-energise it. Everyone is fighting left, right and centre and at the end of the day, it doesn't work well for the party and that is why we say everyone should come home to be wise. "We saw reason that we don't want the party to be regional. We cannot ignore the block vote that is coming from the North. If you are a good political scientist, go and plot it and you will find out that every political party needs enough to win. After the two-year term, the zoning will come to the South West, simple." Speaking earlier, Kashamu said he had no apology for supporting Sheriff's ambition to contest at the forthcoming national

At present, some PDP leaders are not in support of South-West producing the national chairman but all of us who are championing the course for South-West taking the position of the national chairmanship are still as solid as the rock of Gibraltar. But it is just that we do not want to denied the activities of the two South-West PDP governors, who inspired the Wednesday meeting in Akure. We have not changed our position; we maintain and still believe that the chairmanship must come to South-West. But since we are now saying let us defer it till next year; that is what is holding us back. Some people have called meeting of PDP stakeholders in Abuja on Thursday and they are likely to ask Modu Sheriff to go.

convention of the party, declaring that he remains committed to whatever would be in the best interest of PDP. He pointed out that his position was in line with resolutions of the South-West PDP stakeholders' meeting held in Ibadan in March and the 70th NEC meeting of the party held in April. "The NEC has also zoned the offices of the National Secretary, National Auditor and National Publicity Secretary to the South-West. We would mobilise delegates from the South-West to support the incumbent National Chairman, Senator Ali Modu Sheriff, to continue in office, if he indicates his interest in contesting for the position of the National Chairman at the party's convention in Port Harcourt," he said. Caution in Akure While it was endorsement for PDP’s zoning formula and Sherif'f's ambition in Ijebu-Igbo, Mimiko and Ekiti State governor, Ayodele Fayose, who addressed another meeting of South-West PDP in Akure, raised the fear of a third political party that will rival both the ruling All Progressive Congress(APC) and PDP if there is no unity within the opposition party. Leaders of the party at the meeting included Chief Olabode George, Jelili Adesiyan, Chief Makanjuola Ogundipe, Senator Iyiola Omisoore, Engr. Jide Adeniji, Mulikat Akande-Adeola, Chief Mrs. Jumoke Akinjide, Prof. Taoheed Adedoja, Alhaji Tajudeen Oladipupo, Jimi Agbaje, Senator Adeseye Ogunlewe, Chief Ebenezer Babatope, Chief CONTINUED ON PAGE 15

Sheriff has stabilised PDP – Kashamu Senator Buruji Kashamu (Ogun East) is the Chairman, South-West PDP Mobilsation and Organisation Committee

Y Babatope

ou should ask anyone who say I am the problem why they said so. Rather, they are the problem. They want to eat where they have not sown. They are used to feeding fat on the party without giving anything in return. I am an unusual politician. I give to the party and it's members instead of taking from it and it's members. That is the difference between us. And naturally, people will flock to the leader who has always given them a shoulder to lean on whether there is politics or not. I do not know where the talk of being the problem of the party in the zone is coming from. I have only been supporting my party as much as I can. Ask our leaders what has been their contributions to the growth and sustenance of the party in the zone. They are the ones trying to impose all the national executive positions on us. If I am on the same side

There is nothing like pocketing the zonal leadership of the party. The body is made up of eminent politicians and leaders who have paid their dues and have been in politics long before I joined. So, it is not possible for anyone to pocket them. They have compared me with other leaders and elected representatives and found that I am more sincere and straightforward with them. They have seen that I am always there for them and the party. So, it is a case of one good turn deserving another and not anyone pocketing anybody. Before those who called the Akure meeting began their meeting, the constitutionally recognized zonal leadership of the party, under the leadership of the National ViceChairman, Chief Makanjuola Ogundipe, had called two meetings – the first was in Abuja on the 17th of March, 2016; the second was in Ibadan on the 30th of March, 2016. The meeting in Ijebu-Igbo was the third and it had been fixed before theirs. I did not call the meeting. I was just one of those who facilitated it alongside other well-meaning and functional leaders of the party in the South West. If they could hold their meeting in Akure, why can’t the zonal exco hold theirs wherever they deemed fit?

Kashamu

On the issue of peace and reconciliation, all I can say is that water will find its level. You would recall that those who were strongly against the North or Senator Ali Modu Sheriff retaining the National Chairmanship position have now soft-pedalled. So, with time, they will see reason with our position and join us in the campaign to retain the National Chairmanship position in the North and particularly the North East with the incumbent National Chairman, Senator Ali Modu Sheriff retaining the position. That is the most reasonable and practicable thing to do. The National Chairman has done so well since assuming office. So, there is no need changing him or experimenting with any other person.

POLITICS

MONDAY, MAY 9, 2016 NEW TELEGRAPH

S’West and the elusive PDP chairmanship

Ekwueme

TEMITOPE OGUNBANKE writes on the inability of the South-West to produce the national chairman of the Peoples Democratic Party (PDP) since 1998

ince its formation in August 31, 1998, the Peoples Democratic Party (PDP) has remained one of the formidable political parties in Nigeria. While many political parties formed after the PDP have died natural deaths or struggling to survive, the PDP formed prior to the advent of the Fourth Republic on May 29, 1999 is the only party in Nigeria that has remained intact in the last 18 years. From its inception till date, the PDP has had 13 national chairmen in substantive or acting capacities and the tenure of some of the chairmen ended amidst crisis. Many of them were forced to resign from office while only two completed their tenure. Those who have steered the ship of the party are; Dr. Alex Ekwueme, Chief Solomon Lar, Chief Barnabas Gemade, Chief Audu Ogbeh, Dr. Ahmadu Ali, Prince Vincent Ogbulafor, Dr. Okwesileze Nwodo, Dr. Haliru Mohammed Bello, Alhaji Kawu Baraje, Dr. Bamanga Tukur, Dr. Adamu Mu’azu, Chief Uche Secondus and Senator Ali Modu Sheriff. Ekwueme, a Second Republic vice president was the protem national chairman of the PDP.He piloted the affairs of the party for three months before he voluntarily stepped down to run for the PDP presidential primaries. Lar, a Second Republic governor of the old Plateau State took over from Ekwueme and conducted the first national convention of the party in Jos, where Chief Olusegun Obasanjo defeated Ekwueme to fly the PDP’s presidential ticket in the April 1999 presidential election. After steering the ship of the party for some months, Lar, in November 1999 passed on the baton to Gemade, after he defeated Chief Sunday Awoniyi to emerge the first elected national chairman of the PDP.

Tukur

Lar

Gemade’s attempt to seek re-election in 2001 after completing his two year term hit the rock as he lost the chairmanship to former minister, Ogbeh. Gemade who had defied pressures from Obasanjo to resign and not to go for a second term, finally threw in the towel at the convention ground allowing Ogbeh to emerge as the consensus candidate. Ogbeh was elected to serve for four years following the adoption of amendments to the party's constitution allowing party officials to serve for four years but he could not complete the tenure following his conflict with Obasanjo. He was replaced by Ali, who first served in acting capacity before being elected at the party’s national convention in 2005. At the end of his tenure in 2008 he handed over to Ogbulafor following the zoning of the office of national chairman to the South-East. Ogbulafor on May 2010 stepped down and passed the baton to former National Secretary of the party, Nwodo, who he had earlier replaced as National Secretary in 2001. Nwodo’s tenure was very short as it was marred by a lot of controversy, which forced him to vacate the office for his deputy, Mohammed, in acting capacity. Mohammed acted as the national chairman of the party until he was appointed a minister. He was replaced in acting capacity by Baraje who served as national chairman until the election of Tukur during the party’s national convention in March 2012. The tenure of Tukur was marred with a lot of power tussles between him and some organs of the party, especially the PDP governors. His three years reign caused a lot of division in the party and the crisis forced him to resign in 2014 and handed over to Mu’azu, who led the party to a woeful performance during the 2015 general elections. Following the poor performance of the PDP, having lost the federal and many states to the All Progressives Congress (APC), Mu’azu resigned few months after the election and handed-over to the Secondus in acting capacity till a substantive chairman is elected. The litigations battle among the leaders of the party paved way for Senator Sheriff to become the incumbent chairman

Mu'azu

PDP national chairmen from 1998 till date NAME

Zone

YEAR

Alex Ekwueme

South-East

1998

Solomon Lar

North-Central

1998-1999

Barnabas Gemade

North-Central

1999-2001

Audu Ogbeh

North-Central

2001-2005

Ahmadu Ali

North-Central

2005-2008

Vincent Ogbulafor

South-East

2008-2010

Okwesileze Nwodo

South-East

2010

Haliru Mohammed

North-West

2010

Kawu Baraje

North-Central

2011-2012

Bamangar Tukur

North-East

2012-2014

Adamu Mu’azu

North-East

2014-2015

Uche Secondus

South-South

2015-2016

Ali Modu Sheriff

North-East

2016 till date

The decision of the zoning committee is believed to be a tactical approach to pave the way for Sheriff

of the party. Since the formation of the party 18 years ago, the South-West is the only geo-political zone that has not produced national chairman. From 1999 to 2007, the position of president, occupied by Chief Obasanjo prevented the SouthWest from producing the PDP national chairman as the position was zoned to the North and based on the zoning arrangement, Lar, Gemade, Ali and Ogbeh led the PDP for nine years. With the emergence of late Umar Yar’Adua as president in 2007, the PDP national party position was zoned to South-East and the zoning paved way for Ogbulafor and Nwodo to lead the party. The death of President Yar’Adua and emergence of his vice, Dr. Goodluck Jonathan as president in 2009, altered the zoning arrangement in the party as the national chairmanship returned to the North. The tenure of the present PDP National Working Committee (NWC) ought to have ended in March but the power tussle between the party leaders and the political gimmicks that brought Sheriff into office led to the extension of the tenure of the present national executive to May 21. When Sheriff declared his intension to hand over the May 21 PDP proposed national convention in Port-Harcourt, Rivers State, some South-West leaders kick-started a massive campaign

that the position of the PDP national chairman should be zoned to South-West. Among the earlier campaigners of the South-West PDP agenda were, former PDP Deputy National Chairman, Chief Olabode George; former Minister of Transport and member of PDP Board of Trustees, Chief Ebenezer Babatope; former Minister of Works, Senator Adeseye Ogunlewe, among others. While the party leaders were clamouring for the national chairmanship, some PDP leaders led by Senator Buruji Kashamu expressed different views and advised the party to zone the position to the North to strengthen PDP, which has only two governors in the entire North and 11 governors in the South. Both camps engaged in battle of wits for some weeks before the matter was laid to rest by Governor Udom Emmanuel-led zoning committee, which zoned the position to North-East. The decision of the zoning committee is believed to be a tactical approach to pave the way for Sheriff to emerge as chairman on May 21. The decision of the zoning committee, which was ratified by the PDP National Executive Committee (NEC) and other organs of the party was later agreed by the South-West PDP leaders last Thursday during a factional meetings held in Akure and Ijebu-Igbo respectively by the two camps in the region. With the latest development in the party, the South-West hope of producing the PDP national chairman on May 21 is already dashed and the zone would look forward to another opportunity to lead the PDP after the expiration of the tenure of the NWC members to be elected at the party’s national convention in Port-Harcourt, the capital of Rivers State. When will South-West produce PDP national chairman? Will South-West produced the next party chairman after the North-East? Will decision of the PDP to zone the party’s presidential candidate to the North pave for South-West to produce the national chairman of acclaimed ‘largest party in Black Africa.’ These are questions begging for answers as the major opposition party prepares for the future.

POLITICS

MONDAY, MAY 9, 2016 NEW TELEGRAPH

The scramble for the three National Working Committee (NWC) positions zoned to the South-West may pitch gladiators in the zone against each other. WALE ELEGBEDE reports

The jostle for NWC offices

ith the loss of the Peoples Democratic Party (PDP) national chairmanship seat, the South-West zone of the party got the slots of the National Secretary, National Auditor and National Publicity Secretary. Although the fuss over zoning of the national chairman of the party to the North-East has not subsided in the zone, those who were interested in the offices zoned by the Governor Udom Emmanuel of Akwa Ibom State-led zoning committee and ratified by the party’s National Executive Council (NEC), have started mobilising and making surreptitious moves to become the zone’s candidates for the offices at the May 21 national convention. From the various maneuvers, three clear camps have emerged in the zone. First is the former deputy national chairman of the party, Chief Olabode George group, which wants the national chairmanship slot for the South West; second is the Senator Buruji Kashamu and Governor Ayodele Fayose group that prefers the North East, specifically, the current chairman, Senator Ali Modu Sheriff to succeed itself; while the third group is the Ondo State governor, Dr. Olusegun Mimiko’s camp, which appears indifferent initially but may have aligned with the George’s camp. However, the two meetings held last week at Ijebu-Igbo, Ogun State and Akure, Ondo State, appear to have changed the face of the party a bit. Although, there is no formal reconciliatory stand, but it is assumed that the acceptance by the George’s group of the zoning arrangement may have paved the way for the May 21 convention and the eventual crowning of Senator Ali Modu Sheriff as the next chairman of the party. Before the official zoning of the

Oladipo

Adeyanju

Olayinka

Olafeso

three offices zoned to the South West, the three groups have been testing their might over who will nominate candidates for the offices. With six states making the zone, the offices were expected to be shared on the basis of the three sharing blocks in the zone, namely, Lagos and Ogun axis; Oyo and Osun axis ; and Ondo and Ekiti axis. Perhaps, the only position that appears to have drawn out much interest is the office of the National Publicity Secretary of the party. Among the early contenders to show interest in the office was the Special Assistant on Public Communication and New Media to Governor Fayose, Mr. Lere Olayinka and former DG, Jonathan/Sambo Campaign Organisation, in Ogun State, Mr. Segun Showunmi.

The three groups have been testing their might over who will nominate candidates for the offices

Those who also threw their hat in the ring for the party’s spokesperson were Osun State PDP Director of Media and Strategy, Prince Diran Odeyemi; member of the PDP Presidential Campaign Council in 2011 and 2015 elections from Lagos, Comrade Babasola Kuti and a longtime ally of Governor Mimiko, Dr. Eddy Olafeso from Ondo State. For the offices of the National Auditor and National Secretary, there was little or no scramble about it as feelers from the zone show that the incumbent in those offices, namely, Professor Wale Oladipo from Osun State and the Auditor, Adewole Adeyanju from Ogun State, both allies of Kashamu might return to the NWC. However, last Friday's report of the zone's committee on zoning

headed by a member of the party's Board of Trustees (BoT), Alhaji Shuaibu Oyedokun, put cap on which state gets what in the zone. The nine member zoning committee zoned the office of the National Secretary to Osun State, National Auditor to Ogun, while the office of the National Publicity Secretary was zoned to Ondo State. The zoning committee report which has already been ratified by the Makanjuola Ogundipe-led South West zonal executive also zoned the office of the National Vice Chairman of the party to Ekiti State. Other allotted offices among the six states are the ex-officios position which was shared as follows, Lagos (male), Ogun, (female); Ondo, (female); Ekiti, (male); Osun, (male), and Oyo (male). Although members of the committee are mostly drawn from the Senator Kashamu group and their report could be said to be a reflection of his dominance in the activities of the party in the zone, especially if Oladipo and Adeyanju make their way back. That presupposes that the Ogun East Senator had two candidates in the NWC from the zone with Mimiko only producing one. From the foregoing, it is clear that both Fayose and George, may not produce any candidate for the NWC at the coming convention, but whether they will stick to the sharing formular and let the sleeping dog lie or reignite the path of crisis is a story that only time can tell. Other members of the committee that the decided the zoning in the zone include, Senator C.K.Awoyelu, Deputy Chairman; Senator Kashamu, member; Hon. Ebenezer Alabi, Hon. Segun Odebunmi, former Lagos PDP governorship candidate, Dr Ade Dosumu; Chief Mrs. Aduke Maina, Alhaja Bose Adedibu and Hon. Segun Adekoya, who served as the Secretary of the committee. While it will be safe to say that the peace in the party in the zone is that of a graveyard, the coming days will show whether the zoning intrigues and the eventual emergence of candidates for the three major offices allotted to the zone will still generate another round of fuss within the party.

How S'West won and lost the battle CONTINUED FROM PAGE 13

Segun Adegoke and Dr. Doyin Okupe. Mimiko who spoke about the need to foster unity among the leaders of the party in the country, said disunity would only lead to further decimation of the party with aggrieved members leaving the party to form another political party with the relics of the APC who would also leave for various reasons. His words: “Whether we like it or not, PDP is the alternative political party in the country. But if we mess it up, another party will come up. There is no doubt about it Nigerians are waiting. If we mess up, a new party will emerge and become the darling of this country because the country is waiting.” Fayose who harped on the unity of the party at all levels stressed the need to form a formidable opposition to confront the ruling

APC which, he said has plunged the country into needless crisis. The party leaders, according to a communiqué issued at the end of the meeting and read by Prof. Adedoja, agreed to set up a committee to allocate the positions allocated to the South-West among the six states of the zone. The communiqué read in part: “That despite the challenges confronting the PDP, the South-West caucus has agreed to unite and confront the challenges that is facing the Yoruba race in Nigeria. “Members of the PDP have agreed to rise up beyond personal interests to confront crucial national issues that affect us as a race especially the thriving menace of the Fulani herdsmen. “That the meeting notes with dismay the poor state of the national economy and feel terribly sad that the current ruling party

has not demonstrated the capacity to contain the economic challenges with attendant dwindling fortunes that has reversed almost all the economic gains recorded under the PDP. “That developments in the sphere of elections, is becoming disturbing and from all indications, the accomplishments recorded by the last PDP Government as regards the conduct of credible elections, are beginning to wane. The Southwest PDP wish to put on record our dissatisfaction with the performance of the electoral body under the ruling party as all the elections the APC has so far superintended have ended as inconclusive! “That the PDP will not shy away from effectively playing the role of an opposition. This role is crucial to democratic survival and the Party shall continually make Nigerians look up to it as a credible alternative

to the ruling party. “That we commend the on-going conscious efforts of the party in ensuring genuine reconciliation of aggrieved party leaders and members towards ensuring that we become stronger. “That the party will continue to encourage the collaboration of the old and the younger generation while it will do everything possible to allow fresh minds and fresh ideas to thrive.” No doubt, the battle for the PDP chairmanship has been won and lost by the respective factions of South-West chapter of the party but is left to be seen if the lessons learnt will teach the various gladiators some political lessons on the need to close ranks. • Additional reports from Babatope Okeowo (Akure), Adeolu Adeyemo (Oshogbo) and Kunle Olayemi (Abeokuta).

MONDAY, MAY 9, 2016 NEW TELEGRAPH

Opinion Collateral reward for inefficiency Dominik Umosen

ven without the Nigerian Immigration Service (NIS), refuting any link between escalating criminalities by herdsmen with established disdain for constituted authority and foreign criminals posing as genuine nomads to take advantage of the country’s security situation, this laughable presumption eventually collapsed like the after-thought it is. We are perched on a similar blunder in proposing a special force to tackle the menace of oil pipeline vandalisation, as if we are unaware that vandals and unscrupulous security agents operate in collusion. Both also feign ignorance that helicopters deployed by the desperate vandals in Ikorodu, for instance, do not whir loud enough for them to hear. The pretence is more heart-breaking than realization that scarce resources could have been put to better use, instead of duplicating bureaucracy. Attributing identifiable criminalities by Fulani herdsmen to imaginary foreign scapegoats as well as the rib-cracking pretence not to know those aiding and abetting oil pipeline vandals might thrill as escapism. But doing so gratifies the powerful and determined cartel that drives both criminalities into imagining that it has overwhelmed the authorities into responding in fits of confusion, including the dangerous presumption that there is merit in patronizing or succumbing to monster intrigues inspired from the Pandora Box that power-generation politics translates into. Things really got fired up, forcing members of the House Of Representatives to split after Hon Edward Pwajok, querried the N30b bond the Federal Government is raising to

finance the power sector that has since been privatized. The Ministry of Power, Works and Housing, he said, plans to use the Nigeria Bulk Electricity Company to raise the bond which is expected to ‘cover the market shortfall made up of N187b accrued in 2015 and N132b projected as shortfall for 2016’. The resolution by the House followed a motion to this effect by the legislator from Plateau who expressed surprise that the administration was raising another bond soon after the Central Bank of Nigeria (CBN), provided intervention fund of N213b for the power sector. Like many Nigerians that are stunned by this ‘vodoonomics’, the legislators are worried that in spite of the intervention, the shortfall, instead of being wiped out, continues to escalate at the rate of about N15b per month (equivalent of N500m daily), rising to total shortfall of N400b as of December 31, 2015. Leading the debate, Pwajok argued that ‘the idea of borrowing to fund shortfalls would discourage new investors to venture into the Nigerian electricity market, the implication being that the projected generating capacity expansion is an illusion since any increment in generating capacity would further escalate the market shortfall’. ‘Disturbed that despite there has been no noticeable improvement in the electricity sector, either in the area of generation, transmission or distribution, tariffs have been increased twice since 2013’, he said, adding that ‘the distribution companies (discos), which collect revenues, fail to remit in full to other market participants without any measure put in place to block leakages and there are no sanctions or penalties for defaulters’. At first glance, nothing in this high-falutin rigmarole seems awry until the outcry by the legislators that this over-flowing spirit of

There is no guarantee that Father Christmas might not be invited by others tomorrow

financial rascality underlines insensitivity to the current mood of Nigerians. Sufficient moral offensiveness oozes out from this inelegant crouch to grab additional loans to fund enduring intrigues that government has since divested from. Encumbering the Federal Government with fresh loans than necessary is a brutal assault on the picture of prudence painted by the administration. If this over-flowing spirit of financial rascality is to be profiled appropriately, there can not be any justification in demands for unmerited assistance and support to investors in the power sector who feign ignorance of the enormity of investment that was required for participation as core investors in the badly-performing sector. It is investors in the power sector today but there is no guarantee that Father Christmas might not be invited by others tomorrow since the government has signed up for this role.. It is baffling that rather than demand responsibility and efficiency from investors who won privatization bids but are yet to justify public confidence, the administration plots to compensate transparent inefficiency with fresh loans at public expense. This is incredible logic that is no less hare-brained. The worry, however, is that at the rate government is spreading itself, it might have stretched itself too thin for balance by the time other nonperforming core investors file out with similar requests for loans than it has resources for. If the indecent scramble for the power sector loans succeeds, Nigeria will make history by rewarding inefficiency and mediocrity which is what applause for the deplorable power situation in the country amounts to. Compensating an investor for consistent performance failure, invariably, removes inducement for efficiency. •Umosen (dominik.umosen@gmail.com) wrote in from Lagos.

Biafra: Enemies in our midst (6) Boniface Alanwoko CONTINUED FROM LAST MONDAY

ust look around and tell me if there is any Igbo public officer at the centre who does not owe allegiance to either Chief Olusegun Obasanjo or any of his colleagues. After every electioneering year, the first undertakings most Igbo elected officers make are either to visit the Hill Top in Niger State, Otta Farm in Ogun State or to place copious congratulatory messages to their respective godfathers, who are never Igbo nor have interest in any genuine Igbo development.

Surprisingly, Ndi Igbo have allowed this reprehensible situation to linger. In my article: Civil War, Time for Igbo Public Inquiry, published in the Daily Sun of September 9. 2009, I enumerated these facts and offered remedies. That article which made Ndi Igbo in the Diaspora to ask me to launch a forum where certain Igbo issues could be continuously and judiciously treated can now be accessed, because I have obliged them by launching Igbozuruoke Forum, last year. The online forum www.igbozuru.com is presently running skeletally, pending when the upgrading will be concluded. In that article, I bereted Ndi Igbo, for paying cursory attention to how their leaders emerge. For example, Chief Arthur Nzeribe, was accused of supplying ammunition to both the Biafran and Nigerian sides during the civil war. When

he came to contest elections in Igbo land, nobody queried this fact; rather, he was given unfettered access to become an Igbo leader and representative. It is left for Ndi Igbo to decide whether his representation was beneficial to them or not. Today, Admiral Ndubisi Kanu (retd), an Igbo, is venerated within the Yoruba circle. For his antecedence when he served as the military governor of Lagos State and his roles during the June 12, struggle, the Yoruba have entrusted him with critical responsibilities to the extent that you would now think he is a Yoruba man. This is because, the Yoruba do not entrust their leadership to non-tested hands. For example, the Yoruba will not allow anybody who is not a confirmed Awoist or a NADECO’s proponent to come near their leadership circle. In the Arewa community, you will also find this gambit, but not with the Igbo. It appears the Igbo have resorted to applying the egalitarian culture that has seen them emerge as a force to reckon with in every endeavour before the war, to a crude use. Today, it is only in Igbo land you will see a barely literate fellow jump into the fray and announce self a candidate in a contest where professors, PhD holders and the likes are expected to contest. It is only in Igbo land, Anambra State in particular, you will see up to 30 candidates coming out to contest one gubernatorial post and pay the mandatory millions as a qualifying fee. It is only in Igbo land you will see Igbo elite in the Senate allow a puppeteer, (Obasanjo) to humiliate Ndi Igbo by succeeding in shuffling four of them at a space of time, on a post reserved for them. In 1995, when Gideon Akaluka, was gruesomely murdered, before horrified

Nigerians could understood what happened, an Igbo riff-raff had rushed down to Kano where he went on the air and started preaching forgiveness and unity for the country, even when the Igbo intelligentsia and relatives of the victim had not made a comment. There is no doubt that the Oba of Lagos’ mindset on Ndi Igbo, is fiendish but the opportunity to publicly insult them came when some wretched so-calledDiaspora-Igbo chiefs went to his palace for whatever reasons. Going by their grinning in a picture with the Oba, after the insult, one could be excused to assert that they cherished and endorsed the Oba’s affront. For this reason, there are more works to be done in Igbo land by the agitators than elsewhere. With the scenario in Igbo land today, no type of agitation or scheme will bring the Biafra campaign to fruition. Even if you call for a referendum, these so-called Igbo leaders, in concert with their Nigerian overlords will make sure it comes to naught. We must clear the Augean stables in the land before we talk of anything else. This has become imperative due to Igbo predicament in Nigeria. For example, consider what happened in 1953, when Igbo killings first took place in Kano city. That year, the Action Group, a political party owned by the Yoruba and led by Chief Obafemi Awolowo had gone there to conscientize the Kano public about the imperative for Nigeria getting independence from Britain, a move which the Northern oligarchy stoutly opposed. However, when the Kano indigenes who opposed the A.G. decided to counter the campaign, they left the Yoruba and vented their anger on innocent Igbo, killing, looting and destroying their properties. When the dust settled, the Northern oligarchy

declared that the Igbo who came to Kano, dominated everywhere and refused to convert to Islam, deserved to die, not the Yoruba who came to insult them with their campaign. In 1980, the flamboyant governor of Kano, Alhaji Abubakar Rimi, after another riotous incident against the Igbo in Kano, re-echoed this Fulani standpoint. In the midst of Igbo corps and properties destroyed. He said: “There is no way the situation on ground can be tolerated. A small Igbo man will stride into Kano emptyhanded, after some years, he will expand and become a millionaire, he will neither help the indigenes nor convert to Islam, they should leave.” During the 2015, electioneering, the Oba of Lagos, told Ndi Igbo, pointblank that if they did not do the Yoruba bidding in Lagos, they will drown in the Lagoon, the Nigerian government did not caution the Oba. Instead, some misguided Yoruba irredentist, advised the Igbo in Lagos to put on their thinking cap and stop complaining. All these are happening to the Igbo in a country where they supposedly belong. Before the new dispensation, the ACN government in Lagos State had declared that any Igbo, who did not like the ACN’s excesses, should come to the Lagos State Secretariat, collect five thousand naira and relocate to the East. So, why should there be trouble when Ndi Igbo decide to leave Nigeria? The fact that Igbo elite are not showing interest in this endeavour or that majority of present agitators may be those born after the war who cannot understand the consequences of another feud does not vitiate Igbo aspirations behind the struggle. • Alanwoko, a journalist, writes from Lagos.

MONDAY, MAY 9, 2016 NEW TELEGRAPH

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In defence of country

here is no greater honour than to die in defence of one’s fatherland, it is even more honourable to die on one’s feet fighting than to live as a slave. To die so that others will live is part of the vow of a true soldier. Oluwatoyin Ogunleye deserves more than the traditional 21-gun salute for paying with her life in the fight against insurgency. According to reports, Ogunleye a female soldier and part of the troops fighting insurgents in the North East , was captured by Boko Haram fighters in Baga, Borno state sometime in 2015 and beheaded by the group. Although the Nigeria Army has denied knowledge of any such atrocity, it is widely believed that the Amazon could have been indeed killed by her captors. The young soldier , reports say, joined the Army in 2013 after graduating from the Tai Solarin College of Education , Ijebu Ode, Ogun state. What this means is that she died just about two years after enlisting as a soldier. And because she was not commissioned, she must have spent six months in training at the Army depot in Zaria. There could be questions about sending soldiers fresh from training into the heat of battle when there are more experienced fighters who should have been drafted to confront

the deadly Boko Haram Group. However, the rules of engagement do not specify at what time or period a soldier should be ripe for war. In the military name does not matter so much when call to duty beckons. The number of the soldier counts. In the past, a woman’s place in the military was not in the battlefield as a combatant. Women joined as nurses, medical doctors, typists or even architects. The first female Two –Star general actually wore an ox blood beret having emerged from the medical corps of the Army. The first woman Admiral in the Navy is a architect.

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Queen Amina of Zaria and just across our border to the West, we had the Amazons whose present home is somewhere in Benin Republic. Toyin Ogunleye followed her dream of serving her country. She stood for Nigeria and died for the nation. The nature of her death may sound cruel but her sacrifice says so much about the determination to confront insurgency headlong. It is part of the weapon of Boko Haram to frighten com-

Death is inevitable, no mortal will stay on earth forever

Therefore, it is possible for a lady to be in battle without firing at enemies. All that has changed. In 2010, the Nigeria Airforce got its first female pilot, Blessing Liman. Before her emergence, there were female paratroopers in the Army. And to cap it all, during the Goodluck Jonathan Presidency, the Nigeria Defence Academy [NDA] welcomed its first female Cadets. The African woman over the years has not been in anyway limited by gender in pursuit of personal fulfillment. Even in years past, there were stories of women leading kingdoms to battle. There was the great

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Three things cannot be long hidden: the sun, the moon and the truth – Buddha

patriots and keep them away from the battle field. It has not worked and must not be allowed to lower the

morale of fighting troops. Beheadings have not stopped the military from answering the call to duty. In September 2014, Wing Commander Chimda Hedima of the Nigeria Airforce was beheaded by the Islamic group after his Alpha jet was shot down in the North- East. The Co-Pilot managed to escape after parachuting to safety. The pilot was not that lucky. Earlier in July 2014, one Abubakar Umar ,also of the Air force suffered similar fate after an Mi-35 helicopter was shot down in Bama, near Damboa. His captors could not get the pilot and in their cruelty asked how much the Airman was

receiving as monthly salary to fight . Not even his insistence that he was a muslim like his tormentors could save him. While we condemn the execution of this soldier woman we also salute her even in death for paying the price to keep her country safe. Death is inevitable, no mortal will stay on earth forever. For those who have chosen to die in defence of the nation , all must applaud their sacrifice. The military have their way of honouring fallen colleagues. It may not be their tradition to declare Ogunleye dead. She could be Missing In Action [MIA] or a Prisoner of War [POW] in one of the phoney Boko Haram jail houses. These are terms they could use to keep the family going while they buy time. We believe that the best way to honour these great compatriots should be through the families and loved ones they left behind. Their entitlements should be paid in good time and for those who have dependants government should guarantee their upkeep. This also the best time to encourage members of our armed forces. We should not join foreign agencies in criticizing them over tactics when indeed they are the ones who have been brutalized by the terrorists. Whatever the soldiers need to conclude the war, let them have it.

MONDAY, MAY 9, 2016 NEW TELEGRAPH

monDAY, MAY 9, 2016 NEW TELEGRAPH

Interview

Law

Musa: Why FG must provide grazing reserves for herdsmen

News Businessman jailed 7years for swindling Swiss firm of N171.2m

20 23

Dust over new anti-graft bill Should the Money Laundering (Prevention and Prohibition) Bill 2016 be passed into law? Lawyers say yes, no. TUNDE OYESINA and AKEEM NAFIU report

he current EFCC under Ibrahim Magu is performing like the EFCC we had under Nuhu Ribadu. They were both serious in investigating corruption, money laundering and other related cases. Now, if the politicians that are guilty of these offences want to divest the anti-graft agency of its investigative powers, it then means that something is wrong, one said. The time has come for the EFCC to restrategize and put itself in a good position to be more effective. It has to divest itself from all civil and debt recovery related cases that cause distraction. It is in the light of the above that I believe that the money laundering bill is an attempt to actually help the EFCC and reposition it to perform better”, another said. With these, lawyers at the weekend divided sharply on the plan by the National Assembly to amend the Money Laundering Act through a bill entitled the new Money Laundering (Prevention and Prohibition) 2016. The bill which had scaled second reading would divest the Economic and Financial Crimes Commission (EFCC) of its powers to probe offences bordering on economic and financial crimes if it becomes law. Besides, if passed into law, it would give discretionary powers to the nation’s Justice Minister and AttorneyGeneral to investigate and prosecute accused persons. Also, the bill would take away the duty and responsibility of the Special Control Unit against Money Laundering (SCUML) as if it would establish a Bureau for Money Laundering Control (BMLC) if it is passed into law. Already the EFCC had kicked against the bill, describing it as illegal, null and void contrary to President Muhammadu Buhari’s raging war against corruption.

FOLUSO OGUNMODEDE JUDICIARY Editor

foluso.ogunmodede@ newtelegraphonline.com

Saraki

Magu

Ubani

Mahmud

EFCC is kicking against the new Money Laundering (Prevention and Prohibition) Bill 2016 because it would be prejudicial to President Buhari’s anti-corruption agenda, insisting that the bill would affect Nigeria’s application for the membership of the Financial Action Task Force (FATF). To the agency, the bill which is seeking to divest EFCC of powers to probe offences bordering on economic and financial crimes. If passed into law, would give the Attorney-General of the Federation (AGF) some discretion which may be abused. Also, it picked holes in the proposed law to establish a Bureau for Money Laundering Control (BMLC) for a service which is already being rendered efficiently by the Special Control Unit against Money Laundering (SCUML). This, the EFCC made known in a position paper it presented a couple of weeks ago to the National Assembly as it spotted 12 gaps which it believes could impede the government’s anti-

corruption. It said: “The bill appears complex and difficult to decipher as it is riddled with complex web of cross references. “Clause 15(4) (c) is unconstitutional as it is retroactive because it is designed to subject persons to prosecution under this bill for offences committed before its enactment into law. “Clauses 18(5), (6) and (7) are in conflict with Section 7(2) of the EFCC Act as they seek to divest EFCC of its powers to cause investigation into economic and financial crimes offences and by extension, attempt to transfer the statutory powers of the EFCC to an unknown and non-existent agency—Proceeds of Crimes Recovery and Management Agency. “Clause 14(2) of the bill provides that Financial Institutions (FIs) and Designated Non-Financial Businesses and Professions (DNFBPs) are competent but not compellable to give evidence in criminal proceedings arising

from the report which they make under the bill. “The effect is that there will be challenges in the successful prosecution of money laundering related offences. “Moreover, this clause is contrary to the provisions of the Evidence Act as the issue of competency and compellability of witnesses are settled principles of a law under the Evidence Act and judicial authorities.” The EFCC also faulted discretionary powers given to the AttorneyGeneral of the Federation on reporting of money laundering cases and the amount payable by offenders. It said such powers may be abused if any AGF is not well-intentioned. “Considering the importance of reporting in an Anti-Money Laundering (AML) regime, it will be counter-productive to leave reporting obligations to the wide discretion of the AttorneyGeneral. “This is liable to abuse if the person occupying the office of the AttorneyGeneral at any material time is not well-intentioned. He may adjust the regulations at will to serve or protect some interests. The same applies to making of cash payments under Clause 16 of the bill. “Moreover, Clause 19 of the bill provides that: ‘The Attorney-General shall, by regulations made on the recommendations of the supervisory authorities set out the prescribed amounts and the specified particulars referred to in Sections 16(2) and 17(1) and 18(1) of this Act’. “This will likely create uncertainties and challenges in the enforcement and compliance processes. It is also burdensome for the prosecution who will have to look at two or more documents in order to frame charges for money laundering.” On the plan to establish Bureau for Money Laundering Control (BMLC), the EFCC said it was unnecessary because the same service was being rendered efficiently by the Special Control Unit against Money Laundering (SCUML). Clauses 35 to 49 of the bill seek to establish an agency known as the Bureau for Money Laundering Control which will be a body corporate, with its own staff and advisory board that will be responsible for the supervision of designated non-financial businesses and professions in their compliance with the provisions of the bill and relevant regulations. “The work that the agency is to do is already being done by SCUML (which the bill dissolves in Section 49). It has not been shown that SCUML has been ineffective to warrant it being dissolved and another agency set up to carry out its functions. “Furthermore, making the BMLC a body corporate will expose it to unnecessary litigations by persons who CONTINUED ON PAGE 24

20 Law|Interview

monDAY, MAY 9, 2016 NEW TELEGRAPH

Musa: Why FG must provide grazing reserves for herdsmen Manzur Musa is the Chairman of the Ilorin branch of the Nigerian Bar Association (NBA). Musa in this interview with Biodun Oyeleye speaks on the association’s leadership crisis, planned amendment of ACJA, CPA, CPC and sundry issues

In your view, what is the way out on attacks by Fulani herdsmen against their host communities? It is unfortunate that in this 21st century, attacks on villages or among communities are not peculiar to Fulani herdsmen. There is inter-communal violence everywhere across Africa and Nigeria in particular. You can’t just imagine why sometimes for issues that are merely imaginary people kill themselves. I think apart from providing a grazing reserve for the Fulani herdsmen, the issue of poverty, unemployment must be seriously addressed so that you don’t easily get recruited for violence all over the place leading to unnecessary waste of lives. But if government will get grazing reserves for Fulani herdsmen it would reduce the problem of violence across all our communities, so be it.

Musa

What is the situation in the Ilorin Branch of the NBA now? There is unity at the branch level now as factions or the so called factions are now united. There is absolute unity. The legal profession and the branch is one now. So, there is no faction again in the NBA Ilorin branch with the emergence of the new executive led by my humble self. What are the goals of your tenure? The programmes of activities or the focus of the new administration is fundamentally to address the challenges of the legal profession in the 21st century. You could recall that in recent times, there have been a lot of attacks on the legal profession as a whole both the Bar and the Bench, whether guided or misguided, so the new administration intends to address some of the challenges which obviously we know exist. Challenges like we want to focus on continuing legal education for our members to address certain shortcomings in the legal profession. You know the legal profession and the banking industry share certain common roles of conduct. For instance, the interest of the client must be absolutely protected subject to certain laws which enjoin the disclosure of fraudulent activities. We also want to address the challenges of

professional misconduct among lawyers; so the issue of discipline will be seriously addressed by our administration. This administration will be one year old on May 29. What can you say about President Muhammadu Buhari’s government so far? First and foremost, the country’s international image has changed tremendously. Nigeria now commands the respect of the international community through the new administration. There is also the crusade against corruption by the government. You know corruption is a fundamental issue in Africa, especially Nigeria. Once you address corruption, every other vice will disappear and there will be responsible and responsive government in Nigeria. We will be able to address social issues like education, health, employment e.t.c because every kobo paid into bribery affects the provision of social services and employment. And it has become like a norm in Nigeria; the competition now is not even to be rich but to be richer than others through bribery and corruption. So, if the president is able to address even only the issue of corruption during his four year in office, I think I am alright. Where do you put your constituency in this regards especialy as there are allegations against lawyers aiding corruption among politically exposed

people? I have told you earlier that some of these are facts and some are misguided because you need to appreciate the role of a lawyer in the society. We have a rule of professional conduct in the legal profession; we cannot act outside the rule of the professional conduct as a lawyer without being sanctioned by the Disciplinary Committee of the NBA. We also have the NBA Anti-Corruption Commission which is very serious with the way our members practice the profession. So, there are a lot of watchdogs in the profession to ensure that the standard of the profession does not fall. However, one must concede that there are certain elements within the profession that may not keep to these rules. And for them we have the Legal Practitioner Disciplinary Committee which punishes such act.

Attacks on villages or among communities are not peculiar to Fulani herdsmen

How do you react to calls for ACJA’s amendment? The Act came into being just last year and people are already faulting the Act. The Criminal Procedure Act and the Criminal Procedure Code have been in operation for over 50 years and the one that came into being just last year people are already talking, a law that has not been fully applied. The Criminal Justice Act has a lot of laudable provisions to regulate criminal proceedings in Nigeria if properly adhered to. But you know Nigerians, there is nowhere in the world where you have a perfect law; what you have all over the world are workable laws that are subject to amendment to reflect developments in the country from time to time. Unfortunately, in Nigeria we are looking for a perfect system; there is nowhere in the world where you have that. What you have are workable laws. So, there is nothing wrong as far as I am concerned with the Administration of Criminal Justice Act which came into existence last year. There is a lot of hue and cry about the 8th Assembly, what is your assess-

ment of the assemblymen? Generally in the country, the perception about the legislature is poor. The general perception of Nigerians about our legislature is very poor and I think our legislature needs to improve on their image across the country, from the National Assembly, down to the states Houses of Assembly. In some states House of Assembly such as Kogi, Nassarawa etc, there is violence and I think the country as a whole and especially our vital state institutions ought to be more matured now in the performance of their functions. So, I think the legislature ought to improve in their image among Nigerians. How would you describe the situation in Kogi Assembly crisis? As far as the Constitution is concerned when there is a crisis in a state House of Assembly and it cannot sit to carry out its legislative functions, the House of Representatives will have to take over that House of Assembly and perform its legislative functions. The IGP can only keep security; he has no role to play as far as legislative functions are concerned. The role of the IGP is to ensure security of lives and property across the country. So he has no role to play in the House of Assembly. But the AGF said the National Assembly was wrong on Kogi Assembly? I disagree. But the AGF said the conditions precedent had not been met, what is the true position? I think in Kogi state now we have two speakers and two factions of the Assembly and they have not been sitting. How will you then move the state forward? Budget has to be approved before the government can spend money and without a budget in place the government cannot function. So I think there are conditions which the House of Representatives must satisfy before it can intervene in the affairs of the Kogi state House of Assembly in view of our past experiences where members of the Assembly would be throwing chairs and using guns and knives on the floor of the House. I think we should not allow Kogi House of Assembly to get to that point this time around. Many states have no elected council chairmen and are running. Is that constitutional? It is very, very unfortunate that local governments now have become departments under the state government. The Constitution is clear; there are three tiers of government in Nigeria; the federal, state and the local government. Now you have the local government but they have become parastatals under the states where their executives are elected and dissolved at will. I think it is wrong for any state to continue to keep local government caretaker system in Nigeria in contradiction of the provisions of the Constitution.

monDAY, MAY 9, 2016 NEW TELEGRAPH

Foluso Ogunmodede

ustice Centus Chima Nweze of the Supreme Court (JSC) has canvassed a review of training curriculum for lawyers that would accord them dignity among their colleagues in international courts and foreign jurisdictions. Justice Nweze said this at a monthly meeting of the Nigerian Bar Association (NBA) Abuja branch hosted by the law firm of J-K Gadzama LLP at its corporate headquarters in Abuja. Besides, he tasked lawyers on how to embark on what he described as an integrated course on Criminal Law that would sharpen their comparative study on international laws. This, according to the apex court Justice would equip young lawyers to tackle perennial features and elements associated with international crimes as “international crimes bear certain peculiar characteristics that distinguish them from ordinary municipal crimes. They are offences that violate the bristle bond of humanity; hence, an offender is seen as hostis humani generis, an enemy of mankind.” “In order to actualise this goal, we advise young lawyers to embark on an integrated course on Criminal Law which, expectedly would include a comparative study of the features and elements of the above offences with the features and characteristics of international crimes”, Justice Nweze said. He said: “We must thank Chief Joe-Kyari Gadzama (SAN), who first intimated me of this meeting and the imminence of my encounter with the distinguished members of this branch. His specific entreaty to me was to tailor my reflections to the challenges of young lawyers. That entreaty dictated the choice of issues which we shall broach in this presentation. “We canvass the view that law scholars in Nigeria should re-imagine the intellectual content and breadth of their fields of study. NBA should now be thinking of moulding and shaping future advocates who would have audience not only in Nigerian courts but also in the global community of courts. “This is even more so since Nigerians are found in virtually all corners of the globe. These Nigerians in the Diaspora are either engaged in transnational trades, businesses or other forms of endeavour. “The question may be posed: of what use would the Nigerian lawyers be to such global Nigerians if the Contract Law curriculum, for example, does not transcend the traditional English Law assumptions? “Do Law Faculties teach their students about the norms of international contract law, the world’s emerging lex mercatoria: the UNIDROIT Principles of International Commercial Contracts or the UN Convention on Contracts for international sale of goods? “How many Law Faculties in Nigeria teach their students that the World Trade Organisation (WTO) dispute settlement regime possesses an attribute that international law lacks,

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Supreme Court Justice seeks review of training curriculum for lawyers

Nweze

namely, effective enforcement mechanisms? “Incidentally, as has been observed elsewhere, the WTO dispute resolution mechanism possesses the allure of an international legal regime with efficacious mechanisms, and hence a simple and compelling answer to realist sceptics who doubt that international law is really ‘law’. “Coming nearer home, we do not entertain any doubt that our Professors of Family Law are conversant with the traditional definition of adultery as the physical infidelity of a spouse. But then as Professor Karen S. Peterson has insightfully shown in the illuminating article, “Infidelity Reaches Beyond Having Sex,” new forms of social media and virtual communication are shaping the way relationships (including extra-marital physical and nonphysical relation-

NBA should now be thinking of moulding and shaping future advocates who would have audience not only in Nigerian courts but also in the global community of courts

ships) are conducted. “More communication takes place outside the confines of marriage—even if still within the home. His finding is that cybersex and virtual affairs on the Internet are popular areas of interest among professionals who study spousal infidelity. “Against this background therefore, the question may be asked: how many Family law teachers have given a thought to whether “virtual adultery” should constitute actionable conduct in divorce proceedings under the Matrimonial Causes Act? The expression “virtual adultery” has been defined as “non-physical behaviour that adopts one or more aspects of a romantic relationship and consequently creates disconnect in the marriage. “Turning to the Criminal Justice system: under this inte-

grative scholarship which this presentation canvasses, the students’ knowledge of criminal law would transcend the narrow confines of the Criminal Code and Penal Code. “In other words, it would no longer suffice to teach the elements of the offences of murder; manslaughter; rape etc under the domestic penal statutes. “Since Nigeria has ratified and would hopefully someday domesticate the Rome Statute of the International Criminal Court (ICC), our young Advocates would, if properly groomed now, be the future Prosecutors and Defence Lawyers for persons who would be charged with the offences defined in the Statute. “Instructively, due to the complimentary principle in the Rome Statute, the domestic courts have the primary responsibility of prosecuting offences under the Statute. It is only where the country is unwilling or unable to prosecute that prosecution at the ICC can commence through the trigger mechanism. “In order to actualise this goal, we advise young lawyers to embark on an integrated course on Criminal Law which, expectedly, would include a comparative study of the features and elements of the above offences with the features and characteristics of international crimes. “International crimes bear certain peculiar characteristics that distinguish them from ordinary municipal crimes. They are offences that violate the bristle bond of humanity; hence, an offender is seen as hostis humani generis, an enemy of mankind . “As young advocates who would shape the future of legal practice in Nigeria, we implore you to note that the Evidence Act 2011 did not take account of these and other developments that would enhance expeditious trials. Although this development have been codified in some jurisdictions, only time would tell whether they would be adopted as part of our adjectival law on digital evidence.”

NHRC reiterates commitment to defend, protect journalists’rights Tunde Oyesina

s the International Community celebrates World Press Freedom Day, the National Human Rights Commission has reiterated its commitment to protect the rights of every journalist in Nigeria as a way of deepening democratic ethos in the country. The Executive Secretary of the Commission, Prof. Bem Angwe who made this call during the Commission’s commemoration of the World Press Freedom Day in Abuja, stated that failure

to protect journalists all over the world would no doubt lead to social disorder and stunted democratic process. He however called on media practitioners to always make adequate use of the Freedom of Information (FoI) law to boost their access to information in both the public and the private sectors as most of the encumbrance to accessing information had been cured by the law. While stressing on the need to give adequate protection to journalists, Angwe recalled that the Commission had in

recent times received several complaints from journalists working in prominent media organizations on non- payment of their salaries and entitlements which he described as constituting a gross violation of their rights to work. He therefore enjoined owners of media organisations in the country to pay journalists their remuneration as at when due as the Commission would not hesitate to take firm but fair decisions on the various complaints lined up before it on non-payment of journalists’

salaries. This, he said the Commission would do everything within its powers to seek appropriate redress for these journalists as this would encourage hard work and promote balance reporting. Angwe also condemned in strong terms, the spate of kidnapping of journalists in Nigeria over the years saying, “it is disheartening that the press which we relied on as a veritable source of information and updates on happenings around us are now endangered species”.

22 Law|news

Lawyers, policy makers, others brainstorm on Nigeria’s economy FOLUSO OGUNMODEDe writes that major stakeholders in the nation’s justice administration, policy makers, regulators, academia and industry players at the weekend, gathered in Lagos for this year’s Punuka Attorneys and Solicitors’ lecture to share knowledge, ideas and experience on different areas and proffer solution for Nigeria’s dwindling economy

articipants including a foremost Harvard University Professor of Trade and Investment, Robert Z. Lawrence and a former Nigerian Head of State, General Yakubu Gowon and an industrialist, Olor’ogun Sonny Kuku at the weekend brainstormed on how the nation’s dwindling economy would be revived. They agreed that the nation’s economy would need a lot of investments and even though it had no requisite policies to fast track it. Professor Lawrence, who doubles as the guest lecturer, identified some economic hurdles the country must overcome before it could access opportunities available in the global economies. He said that economic challenges such as slow growth in advanced economies, depressed commodity markets’ opportunities must be sustained through policies that would improve basic skills that would boost access and market relevance of technical vocational education and training. According to him, the country’s agric-economy may hit the wall if it lacked increased access to markets, inputs, credits and technology, saying it was time President Muhammadu Buhariled administration created an ‘appropriate macroeconomic environment’ that would fast track and reposition the nation’s economy. He said: “Nigeria needs to improve basic skills and build better policies and programmes that would boost access and market relevance of technical vocational education and training. “In Agriculture, increase access to markets, inputs, credits and technology would help to

Tunde Oyesina

he Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN has affirmed the willingness of the President Muhammadu Buhariled government to fight corruption hence its commitment to promote transparency in governance. Malami stated this at a workshop on the Open Government Partnership and Beneficial Ownership Transparency Initiative held in Abuja. “One of the core policies of the administration of President Muhammadu Buhari, GCFR is to fight corruption; hence Nigeria is more willing than before to promote openness in government as an anti-corruption tool. “I assure you that Nigeria is committed to the objectives of Open Government Partnership

R-L: Former Head of State and Special Guest of Honour, General Yakubu Gowon; Chairman of the Occasion, Dr. Sonny Kuku and Guest Lecturer, Prof. Robert Lawrence during the 2016 Annual Lecture by the Punuka Attorneys and Solicitors, in Lagos. PHOTO: TONY EGUAYE

grow private business. “In fact, industries not firms will never be globally competitive but simply a waste of resources.” He was echoed by Olor’ogun Kuku who said the nation was in dire need of investors so as to reposition its economy. According to him, there was also the need to protect the investors by creating an enabling environment for them to thrive. General Gowon described the theme of the lecture “challenges of balancing the need for protection of developing economies and the provision of enabling environment for foreign investment’ as apt especially at a time the country was undergoing crisis in its economy. He said he was optimistic that the lecture would offer solutions to the myriads of challenges bedeviling the nation’s economy. Another speaker, Ohuabunwa said there was the need for regular summit on economy so as to

assist the nation to have a bite on how global economies were being run. He said: “We need to have an economy that is competitive and not the type that is put under lock and key. “We need policies that can promote economic activities, so we need to to run our economy in line with what we know how to do best.” However, the speakers including Tinuade Awe, General Counsel and Head of Regulation at the Nigerian Stock Exchange and Ebelechukwu Enedah, a partner in the law firm of Punuka Attorneys and Solicitors were unanimous that unless the Federal Government formulated policies that would facilitate structural changes, the nation’s economy would continue to remain in the woods even though there were opportunities available in the global environment. It was at the 2016 Annual Lec-

ture organized by the Punuka Attorneys and Solicitors, held at the Metropolitan Club, Lagos. The annual lecture which paraded key policy makers, regulators, academia, stakeholders in the nation’s justice administration and industry players was entitled ‘challenges of balancing the need for protection of developing economies and the provision of enabling environment for foreign investment’. At the lecture include General Gowon, who delivered a keynote address, Guest lecturer Professor Lawrence. Host and Senior Partner Punuka Attorneys and Solicitors, Chief Anthony Idigbe, SAN, Olor’ogun Kuku, Mazi Sam Ohuabunwa, Mr. Bashir M. Wali and Lagos Police Commissioner, Mr. Fatai Owoseni, who stood in for the Inspector General of Police, Solomon Arase. Others are City Bank managing director, Nneka Enwereji, Director-General Nigerian Stock

AGF:We’ll be transparent in anti-graft war and we are looking forward to participate at the London AntiCorruption Summit scheduled for 12th May 2016”, he stated. According to the AGF, the importance of full disclosure, transparency and accountability in the conduct of government business cannot be over-emphasised, saying that the Freedom of Information Act 2011 (FOI Act) was enacted to achieve openness in the conduct of government business in the country, adding that in 2013, his office with the support of our development partners developed the Revised Guidelines on the Implementation of the Freedom of Information Act 2011. Malami said: “Sections 1 and 2 of the FOI Act provide for the right of any person to apply for

information or records in the possession of a public institution. The right of access to information creates corresponding obligations on the part of public institutions to release a record or information in its custody. “In addition, under the FOI Act, public institutions must be proactive in disclosure of information; therefore, it must routinely publish certain information on an ongoing basis. This obligation is separate from the duty to make information available in response to application for information under the Act. “I understand Open Government Partnership (OGP) to be a multilateral, multi-stakeholder initiative that aims to promote transparency, empower citizens,

fight corruption and harness technology to strengthen governance. And that OGP provides a policy making platform that brings together government and civil society organisations to make governments more effective and credible through greater openness.” The Minister of Justice also hinted that he was aware that since OGP’s launch in 2011, its membership had grown from eight to 69 countries; and that currently, only eight were from the Africa continent namely, South Africa, Ghana, Kenya, Liberia, Malawi, Sierra Leone, Tanzania and Tunisia. He explained that another legislation enacted to promote openness in the conduct of government business in Nigeria is the

monDAY, MAY 9, 2016 NEW TELEGRAPH

Exchange, Oscar Onyema, a former Lagos commissioner, Dr Leke Pitan, Funke Aboyade, Otunba JK Randle and scores of Senior Advocates of Nigeria. All canvassed an appropriate macroeconomic environment with a view to making a competitive exchange rate inevitable if the nation’s economy must benefit from a myriad of opportunities available in global economic environment. They however expressed worry that Nigeria which was poorly equipped to compete in global economies may fail to make use of the available opportunities in the global environment. They said: “There are opportunities in the current global environment but Nigeria is poorly equipped to achieve them. It therefore needs policies that would facilitate structural changes, in principle, industrial and trade policies would help in this regards. “But an appropriate macroeconomic environment with a competitive exchange rate is essential.” Idigbe in his welcome address said the choice of the theme “challenges of balancing the need for protection of developing economies and the provision of enabling environment for foreign investment” was influenced by the current social-economic upheaval the nation was facing, saying the topic would at the end served as not only a source of debate and controversy but strategies for positive change. He said: “The global meltdown of 2008 has apparently refused to abate. Recent instability in commodity prices such as crude oil has exacerbated the situation for most developing economies. There is apparent need for developing economies to look inward and discover how to diversify their economies. As they endeavor to diversify, the other economies place barriers to protect their local producers. “The quagmire was aptly captured by Frankling R. Root when he stated that ‘the issue of free trade versus protection has been in dispute since the 18th century. The arguments are complex and subtle, although the controversy itself is obvious’. “Reliance on commodity trade has left developing economies vulnerable to the global market crisis.” Public Procurement Act 2007 (as amended) (PPA), stressing that its main purpose is to ensure transparency, competitiveness, value for money and professionalism in the public procurement system. “Section 3(1) of PPA established the Bureau of Public Procurement (BPP) as regulatory authority responsible for oversight, monitoring of public procurement process. Strict compliance with BPP procurement procedures in the awards of contract by public institutions in Nigeria has helped government to ensure transparency and openness in the award of contracts.” “The foregoing establishes the fact that Nigeria has always appreciated the importance of open government as a means of ensuring transparency and accountability in conduct of government business”, he concluded.

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Businessman jailed 7years for swindling Swiss firm of N171.2m Akeem Nafiu

businessman, Femi Ogunlowo, has been sentenced to seven years imprisonment by Justice Raliat Adebiyi of an Igbosere High Court for defrauding a Switzerland fertilizer Company, Uralkali Trading SA of N171.2million. Ogunlowo bagged the jail term after the judge found him guilty on all the amended four counts charge of conspiracy to steal, retaining stolen property; money laundering; retaining proceeds of criminal conduct and forgery, levelled against him by the Economic and Financial Crimes Commission (EFCC). At the trial, EFCC lawyer, Rotimi Oyedepo, informed the court that the convict committed the offence between January 5 and 29, 2015, in Lagos. He further disclosed that the convict conspired and obtained the sum of $859,940 from Uralkali Trading SA of Geneva, Switzerland through false pretences.

Atilade

He revealed that the convict had also on January 6, 2015, attempted to disguise the source of the money through unlawful financial transaction. The convict was also said to have on October 4, 2015, in Lagos, forged a document titled Federal Republic of Nigeria National Driver’s License No: YYY 13850AA dated February 22, 2014,” which he claimed to have been issued by the Federal Road Safety Commission (FRSC). The convict however denied all the charges and he was subsequently admitted to bail. Delivering her judgement, Justice Adebiyi held that the prosecution had been able to prove its case beyond every reasonable doubt. Consequently, the judge pronounced the accused guilty of all the four counts amended charge and sentenced him to one and half years on counts one and two, while he was sentenced to two years on counts three and four. The sentences are how-

ever to run concurrently. The convict, Femi Ogunlowo, was first arraigned before the court on March 14, 2016, by the EFCC alongside eight companies, namely; Forston Construction Limited, Cheslinks Power System Limited, Cheslinks Concept Investment Limited, De Beauvior Intergrated Limited, Crestcom Educational Development Limited, Sun Riser International Company Limited (still at large), Yuandeng Plastic and Hardware Moulds Company (still at large) and China Great Value Industrial Company, also still at large. They were arraigned on a 10-count charge of conspiring to obtain money by false pretence; inducing delivery of property; conspiring to steal; stealing; conspiring to retain stolen property; retaining stolen property; money laundering; retaining proceeds of criminal conduct and forgery. The counts were later reduced to four in an amended charge.

Bar, Bench celebrate Oyerokun, author of ‘Law Casebooks’ Mojeed Alabi

aving spent more than four decades of his adult life in classrooms, teaching and researching into the Laws of the nation and beyond, a 71-yearold Professor of Law at the National Open University of Nigeria, Olusegun Oyerokun, was on Wednesday, April 27, celebrated by scholars and legal icons across the length and breadth of Nigeria for leaving behind an enduring legacy of knowledge and service to humanity. The occasion was the launch of a total number of 10 different casebooks in the fields of Law including Equity and Trust, Evidence, Banking and Insurance, Company, Tort, Land, Commercial and Labour laws, among others. They were all authored by Oyerokun, who was described by many scholars including the Dean of the Faculty of Law, Obafemi Awolowo University, Ile-Ife, Prof. Ademola Popoola, as the academic father of many Nigeria’s successful lawyers. According to the author, the dream to produce relevant texts on cases in Nigerian Law

L-R: Eya, Oyebode and Oyerokun

had stemmed from his experience as an undergraduate Law student at the University of London in 1966, when one of his tutors guided him to understand the importance of casebooks to the teaching and learning of Laws. He said up till date Nigerian students studying Law in various higher institutions across the country had no access to casebooks; the situation he said had affected their un-

derstanding of various courses. He added that with the successful publication of the books, his fulfilment was never in the accruable material value but in the fact that he was leaving behind an enduring legacy for both the Bar and the Bench in the country. In his review of the books, the Dean of the Faculty of Law at NOUN, Prof. Justus Sokefun, described the books as necessary compendiums for individuals and organisations in the business of laws in

Nigeria and beyond. He said: “Despite the virtually impossible task of reviewing 10 casebooks at once, the author must be commended for his m a g i s t e r i a l u n d e rstanding of the law which only a professor of his standing could accomplish. He has succeeded in expanding and providing through these m at e r i a l s a q u i ck reference for the intended audience. For the students, it serves as a ready fallback to reconcile and distin-

guish cases especially when these cases are extracts from judgments of disting u i s h e d j u d g e s. t o the practitioners, it is a handy tool in the prosecution of cases in the courts of law and to the Judicial officers, a compilation of literature to assist in the administration of justice.” The event, which was chaired by Mr. Gbenga Oyebode, had in attendance the university’s Deputy Vice-Chancellor (Academics), Prof. Patrick

Eya; Vice-Chancellor of Ajayi Crowther University, Oyo, Prof. Dapo Asaju; Majority Leader of the Lagos State House of assembly, Mr. Senai Agunbiade; Dean of the Faculty of Law at the Lagos State University, LASU, Ojo, where the author was the Dean for four ter ms, Prof. Michael Ikhariale and the university’s vice-chancellor’s re presentative, Dr. Gbadebo Olagunju, among several others. A g u n b i a d e, wh o described the author as a teacher of teachers, pledged to stock the assembly’s legal library with copies of the book, while also promising that all the other four lawyers in the assembly will purchase enough copies. The chair man of the event commended the author for a job well done, saying many lecturers of his age would have lost the steam to engage in such tedious intellectual engagement. He noted that this is likely to be the first experience in Nigeria where 10 books will be launched by a single author in a single day, describing it as the height of intellectual excellence.

24 Law C O N T I N U E D F R O M PA G E 1 9

do not want to comply with applicable regulations under the AML. By the nature of its operations, it should enjoy a substantial measure of anonymity under another body. “In addition, setting up an agency as stated above will further proliferate government’s institutions when the government’s policy is to streamline or merge existing ones in order to cut cost.” “It is against this backdrop that the commission is of the opinion that the proposed Money Laundering (Prevention and Prohibition) Bill 2016 is unnecessary; posits that whatever perceived gaps in the existing legislation(as amended) are not such that cannot be addressed by an amendment. “In the light of our highlighted observations, it is apparent that the entire bill as constituted will likely prejudice the President’s fight against corruption as it will allow money laundering to thrive in Nigeria. “In view of the above observed deficiencies inherent in the bill, we recommend as follows: It is not advisable to pass the bill into law. The existing AML has no deficiencies that cannot conveniently be cured by an amendment. In view of Nigeria’s current standing in the international community on the robustness of its AML/CFT regime, it will be counter-productive to pass this bill into law. The bill is not timely as its passage will affect Nigeria’s standing in the next round of Mutual Evaluation. Passing of the bill into law at this time will affect Nigeria’s application for FATF membership since Nigeria’s acceptance is based on the current AntiMoney Laundering Law (AML). Passage of the bill may subject Nigeria to an FATF International Cooperation Review Group process to determine if the law meets the FATF Standards, and if not Nigeria may be subjected to a complex ICRG compliance process. EFCC was echoed by a former chairman of the Ikeja Branch of the Nigerian Bar Association (NBA), Mr. Monday Ubani, who asked Nigerians to resist the proposed law, describing it as antipeople. Ubani, berated the National Assembly for coming up with such a bill, saying it’s high time to called them to order. He said: “They want to amend Administration of Criminal Justice Act (ACJA); they want to amend Code of Conduct Bureau (CCB) and the Code of Conduct Tribunal (CCT) Acts. Now, they also want to stop the EFCC from investigating economic and financial crimes. I think it’s high time we stopped legislative assembly from making any law again for Nigerians. “I think we have had enough of these ‘so called legislators’. These people are not making laws to put Nigeria forward but for their own selfish interest. Are there APC members in that house? What is going on? Who are the persons that are advocating for all these laws that are capable of taking us back to Egypt? I am just hearing this one now. If it is true, then, something is fundamentally wrong. Nigerians need to rise up now before these people finish Nigeria. “The current EFCC under Ibrahim Magu is performing like the EFCC we had under Nuhu Ribadu. They were both serious in investigating corruption, money laundering and other related cases. Now, if the politicians that are guilty of these offences want to divest the anti-graft agency of its investigative powers, it then means that something is wrong. These legislators are encouraging corruption that has retarded the growth of this country to continue and we are saying no. “Nigeria will surely overcome all forms of corruption and its tendencies

monDAY, MAY 9, 2016 NEW TELEGRAPH

Lawyers divided over new money laundering bill

Adegboruwa

irrespective of the manner in which corruption might be fighting back. It is very curious that the National Assembly could even be thinking of working on a bill like this. If you are taking away the investigative powers of the EFCC, where are you taking it to? Who should now be handling the issue of money laundering? So, any law that is put forward now that will encourage corrupt practices in Nigeria, including this money laundering bill is highly condemnable. It is high time members of the various constituencies all over the country looked at the various acts and actions of their representatives and do something by way of recall if they are not measuring up with the requirements. We have invested so much money on these people and the return on investment is so poor. Their actions have called to question the desirability of the National Assembly. Do we really need a National Assembly? If we do, can’t we do away with the upper house and deal only with the House of Representatives? But Ebun-Olu Adegboruwa differed. To him, the National Assembly was in order as the proposed money laundering law was to separate a specific aspect of the anti-corruption war for more detailed attention. He said: “Presently, EFCC is overwhelmed with anti-corruption cases, bank fraud, Internet fraud, dud cheques and several other fraud related offenses. There is therefore the need for a particularised definition of economic and financial crimes. There is so much controversy and confusion as to what really amount to economic and financial crimes under the law at the moment. Even without the proposed money laundering bill, the EFCC has always been in dire need of reforms and reorganization. “To continue to have the EFCC as an omnibus agency to fight and tackle all corruption cases is to whittle down the anti-corruption war and cause it to lose its steam. “I believe that the time has come for the EFCC to restrategize and put itself in a good position to be more effective. It has to divest itself from all civil and debt recovery related cases that cause distraction. It is in the light of the above that I believe that the money laundering bill is an attempt to actually help the EFCC and reposition it to perform better”. Another lawyer, Dr. Abdul Mahmud,

who doubles as the President of Public Interest Lawyers League, dismissed EFCC’s protest on the proposed law. According to him, “money laundering is a serious and growing crime in our country today and it is only imperative we address this problem by tackling it head on. He went on: “The proposed bill seeks to establish the legal framework for fighting money laundering and the proceeds of crime menace. Experiences have shown that our extant laws on money laundering and proceeds of crime are inadequate and the EFCC have not shown the unction and desire to fight both crimes because it is saddled with the fight against corruption of politically exposed persons, (PEPs). “I welcome the bill because with a new agency for money laundering and control of proceeds of crime we would have begun the fight against money laundering. “I must also state that the objection of the EFCC is not unconnected with its long objection to the desire of the National Assembly to strip it of its power of control over financial intelligence matters, and for which it has no capacity to address as an agency. “Would the bill have impact on the war on corruption? Yes. Tremendous impact; the kind that will make the war more effective as all three agencies- ICPC, EFCC and the proposed Agency/Bureau- will now be properly focused strictly on their legal mandates. With an agency on control and management of proceeds of crime, we would be on the know of which and what property- proceeds of crime that are being confiscated and turn over to public-state ownership. “The present regime is vague and for this reason, allegation of conversion of seized property persists against the former EFCC chairman, Ibrahim Lamorde.” Dr. Abass Oniyangi said that the rejection by the EFCC was an indication on the weakness of the anti-graft agency. He said: “I don’t think our country has grown to the point of sincerity in fighting corruption. The bill as far as I am concerned is harmless and it should not have raised any controversies. “If the EFCC continues like that, it will confirm the suspicion of the people that the agency was created for

witch hunting. The agency that does the job does not matter as far as the job is done. “The bill will no doubt enhance the fight against corruption. Many times we have advocated that a separate body should be saddled with the responsibility of investigating money laundering issues and not the EFCC. “EFCC seems to have over-stayed its welcome. It has become more like a publicity arm of government more than being an anti-corruption agency.” Wahab Toye said the bill if it becomes law would help tremendously in the fight against corruption in the country. He said: “I quite agree that money laundering is part of financial crimes and the EFCC is one of the agencies to fight financial crimes. But because of the enormity of the crime in money laundering and non-proactiveness of the EFCC agency which has suddenly become a political organ, that it is only when we have new government that it normally takes work seriously to justify their pay. “I would have loved the EFCC and the ICPC to be merged together and that several departments be created out of it. “Independence of EFCC has not really stopped financial crimes. EFCC is not that efficient, they know it themselves; it is only known for political cases. “A case of 2003 will not be prosecuted until when the person commits another crime against the state that they will go and bring it up. It has turned itself to political agent of the government of the day. “Let us have a commission where financial crimes will be departmentalized; that will make the fight against corruption okay.” Mohammed Fawehinmi, however described the bill as a big fraud. He said: “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 were 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.

MONDAY, MAY 9, 2016 NEW TELEGRAPH

Interview ‘CBN has managed economy, FX regime properly’

Business What's new 4th Mainland: Chinese investors seek FG’s nod

Money Line CBN’s e-payment, transaction-switching guidelines out

34 36

Rates Dashboard INFLATION RATE March 2016...............................12.8% February 2016............................11.4% January 2016..............................9.6%

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

EXCHANGE RATE

(BDC as at May 6)

(Interbank as at May 6)

USD . . . . . . . . . . . . . . . . . . . . . . . N321 Pounds . . . . . . . . . . . . . . . . . . . N464 Euro . . . . . . . . . . . . . . . . . . . . . . N364

l Foreign Reserves – $26.919bn as at 5/5/2016

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

Source: CBN

p.26 L-R: Head of Operations, British American Tobacco Nigeria (BATN) West Africa, Charles Kyalo; Area Head, Legal and External Affairs, West and Central Africa, BATN, Freddy Messanvi; Olubadan of Ibadanland, Oba Saliu Adetunji; Managing Director, BATN, Chris McAllister and Area Head, Human Resources, BATN, West Africa, Tosin Akinyemi, during a courtesy visit by the BATN management to the Olubadan

Naira: Foreign investors await devaluation

p.26

STAGNATION Operators fear the trend could stagnate FDI and consequently stifle potential growth Kunle Azeez

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

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

igeria’s $34 billion telecoms market is facing an expansion problem arising from inability of telecoms players to access foreign exchange (forex), New Telegraph has learnt. According to findings, the current forex policy has prevented operators from importing relevant equipment needed to deepen telecommunications growth and extend services to the rural areas. Apart from restricting dealers/ producers of 41 items from accessing forex at the official rate - N199 per dollar as against N320 at the parallel market - the CBN had also stopped the sale of foreign exchange to Bureaux de Change operators, as part of measures to reduce the pressure on the nation’s foreign reserves. This had created a lot of speculative and precautionary demand for forex. Exporters and investors are holding on to foreign currency, as no one would sell at the rate government is setting, while government does not have the reserves (currently less than $27 billion) to keep the exchange rate at its official level in the market. These policies have been tried in different parts of the world and in Nigeria before and they have just

$34bn telecoms sector faces expansion debacle As forex restriction persists never worked. No matter what the stated intention behind them, experts say they are wrong. Meanwhile, sources at MTN, Globacom, Airtel and Etisalat told our correspondent at the weekend that the forex restriction has been one of the major hindrances to achieving their network expansion roadmaps. “The truth is that the current forex arrangement is not favourable to the telecoms operators who need to import their equipment from abroad and my company is not an exception; we are also affected,” said a source at MTN. A top management source at Airtel, who did not want his name mentioned because he was not authorised to speak on the matter, also said: “My company is not shielded; the story is affecting my company as well because we play in the industry and are affected by the same policy.” It was also gathered that new telecoms companies by the Nigerian Communications Commission (NCC), including Ntel and Bitflux, are also witnessing the challenges posed by current forex policy, which is affecting their rollout plans. Managing Director, Ntel, Mr. Kamar Abass, also called on the Federal Government to prevail on the

$42 billion Being the expected total value of investments in the telecoms sector in 2019

Central Bank of Nigeria (CBN) to make access to foreign exchange more flexible for players in the nation’s telecoms industry. “We are proud that we have used predominantly Nigerian labour and personnel but our equipment all come from abroad and this entails spending tens of millions of dollars,” he said. “We, as a telecom company are not on the list of those who can access forex, so, it is a real struggle to pay for these items. We need some flexibility on the part of CBN.” Abass charged the government to intervene in the process of obtaining foreign exchange for purchasing telecom equipment to fasttrack telecoms development. In the same vein, a Director at Bitflux, Mr. Biodun Omoniyi, told our correspondent by phone that the trend if not quickly addressed by the government, it could debar free flow of foreign direct investment (FDI) and consequently stunt industry growth with negative implications on the quality of service enjoyed by growing telecoms consumers in the country. “As an industry we are at a point when there is need for massive deployment of telecoms infrastructure towards growing the broadband subCONTINUED ON PAGE 26

BUSINESS |news

MONDAY, MAY 9, 2016 NEW TELEGRAPH

4th Mainland: Chinese investors seek FG’s nod INFRASTRUCTURE Completion of the bridge will reduce traffic volume on Eko, Cater and Third Mainland passages Dayo Ayeyemi

hinese investors are seeking the Federal Government’s guarantee before they can fully commit to the construction of 4th Mainland Bridge in Lagos, New Telegraph has learnt. According to sources privy to the deal, the Chinese investors want the Federal Government to be fully involved in the project before they can commit

their funds. Our sources stated that though the Lagos State government is on top of the deal, waiting for the signing of a Memorandum of understanding (MoU) to signal the take-off of the project, the foreign investors are developing a cold foot. The sources said: “Lagos State government is on top of the situation. Chinese investors are coming to sign the MoU. The bridge’s design, alignment and other necessary things would be done to meet the needs and purpose of the project. “They have the money, but we are still talking about many issues. They insist that the Federal Government must be fully involved in the guarantee and that is what we are looking at seriously. They must be

given assurance by the Federal Government. “Foreign investors are not going to think the way local investors think. The moment the Federal Government gives us that backing, the sky is the limit as far as the project is concerned.” The proposed 4th Mainland Bridge traverses from Ajah to North West direction towards the Lagoon shoreline to LagosIbadan Expressway through Ikorodu. The approximate length of the bridge is 37.9 kilometres (km) with a design speed of 140km per hour. The Lagos State government had announced, last week, that MoU for the take-off of the bridge would be signed by the end of this month. According to the Commis-

sioner in the Ministry of Works and Infrastructure, Mr. Ganiyu Johnson, an engineer, the state had held discussions with a consortium of consultants. The commissioner disclosed that the consultants had proposed various alignments, adding that the preferred alignment had also been chosen. The commissioner explained that proposals for the construction of the bridge were hinged on the need to solve perennial traffic gridlock being experienced daily by commuters on the 3rd Mainland Bridge. According to him, the new bridge would serve as an alternative route to solve the incessant traffic congestions within Victoria Island and Eti-Osa/Lekki-Epe corridors as well as help redistribute traffic efficiently.

When completed, he said that the bridge would drastically reduce traffic volume on Eko, Cater and Third Mainland bridges. “It will act as outer ring road for conveying of goods from the Free Trade Zone, Fertilizer plant, Deep seaport, Dangote oil refinery and proposed airport,” he said. With the new alignment designed for the construction of the bridge, the commissioner said that 2,200 houses would be saved from demolition. According to him, old alignment for the bridge was to claim over 3,000 houses, which would mean huge economic losses to the economy. “With the new design, about 800 houses will now be affected and owners will be compensated by the government,” he said.

Telecoms sector faces expansion debacle CONTINUED FROM PAGE 25

sector. We currently have about 10 per cent broadband when, in actual fact, we are targeting 30 per cent broadband penetration by 2018,” he said. According to him, to achieve the target, the licensees have to be supported with favourable forex policy, said Omoniyi, whose company won the 2.3Ghz spectrum band in 2014 for the deployment broadband infrastructure. The company, which secured the licence through an auction process in early 2014, has not been able to rollout, but the Commission said the licensee was still within its legal rollout obligations. “Against all odds and challenges ranging from Customs and forex issues, among others, Bitflux is perfecting arrangements to roll out commercially before the end of the year,” he said. Telecoms industry, which stood at $32 billion and has gradually moved to $34 billion, according to the President of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo, is expected to reach $42 billion by 2019, according to KPMG, a consulting firm. Speaking at a forum organised by the Universal Service Provision Fund (USPF) in Lagos, the Executive Vice Chairman of NCC, Prof. Umar Danbatta, called on the Muhammadu Buhari-led government to revisit its stand on the physical and monetary policy, particularly as it affects forex for importation of telecommunications equipment. Danbatta said that the critical job facing the commission now was to see how it would amplify the cohesion and collaboration required for interventions in the quest to achieve universal access in Nigeria. He noted that the operators needed to make investments in infrastructure to consolidate on the penetration efforts, which have seen the underserved population in Nigeria reduced from 36.8 million in 2013 to 33.7 million people currently.

L-R: Chairman, Nigerian Ports Authority (NPA) Pensioners, Mr. Charles Binite; Chief Executive Officer of LiveWell Initiative, Mrs. Adebisi Bright and Head, Institutional Banking-Lagos, Sterling Bank Plc, Mr. Adetunji Ojo, at the medical checkup programme organised by the bank for the NPA Pensioners in Lagos.

Naira: Foreign investors await devaluation ADAMANT Only a fortnight ago, President Buhari reiterated his stance that he would not agree to the devaluation of naira

Tony Chukwunyem

espite President Muhammadu Buhari’s apparent strong opposition to the devaluation of the naira - foreign investors are still expecting an imminent devaluation of the local currency – New Telegraph has learnt. According to sources in the forex market, the expectation that the naira would soon be devalued is the main reason why most foreign investors are reluctant to invest in the country. A Lagos-based Bureaux De Change (BDC) operator, who did want his name in print, told this newspaper that his efforts to source forex from investors overseas have not been successful because of the concern that the Central Bank of

Nigeria (CBN) could suddenly devalue the naira. He said: “I have been trying to get inflows from some of my contacts in Dubai and the United Kingdom, but it is either they are reluctant to sell or they insist on selling at close to the going parallel market rate. According to them, they are expecting that the CBN would soon devalue the naira and they don’t want to be caught unaware when this happens, as it could lead to them losing money.” He explained that since the apex bank ended its weekly dollar sale to BDCs last January, many of the currency dealing firms have been struggling to survive and have been trying to source forex from investors outside the country. “We thought that by now investors would have accepted the fact that President Buhari is not going to change his mind on the issue of devaluation. But that is not the case; they (investors) still believe that the CBN will devalue at some point,” he said. After its last devaluation of the local currency in February last year in which it pegged naira at N197 to the dollar, the CBN has consistently argued that it did

not think the time was ripe for any further devaluation. Despite the dwindling foreign reserves, the regulator, with President Buhari’s backing, has maintained its position, introducing forex restrictions and rejecting calls by the International Monetary Fund (IMF) and other international rating agencies that it should devalue the naira. The local currency currently exchanges officially at N199 per dollar, but trades at N320 to a dollar at the parallel market. Only a fortnight ago, President Buhari reiterated his stance that he would not agree to the devaluation of naira, noting that he would stand his ground against it as he did when he was the military Head of State in 1984. He said: “When I was military Head of State, the International Monetary Fund and the World Bank wanted us to devalue the naira and remove petrol subsidy, but I stood my grounds for the good of Nigeria. “The naira remained strong against the dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued. But how many factories were built and how many jobs were creat-

ed by the devaluation? That is why I’m still asking to be convinced today on the benefits of devaluation.” According to data released by the National Bureau of Statistics (NBS) last Wednesday, Nigeria’s total foreign capital importation declined by as much as 54.34 per cent to $710.97 million in the first quarter of the year (Q1 2016) compared to $1.55 billion in Q4 2015. The agency also said that year-on-year, capital importation declined by 73.79 per cent, adding that both the quarterly and year-on-year decline represented the lowest records since the series began. It said: “The fact that the amount of capital imported has dropped to a record low suggests that there are further reasons why Nigeria has attracted less foreign investment in recent quarters. Investors may be concerned about whether or not they will be able to repatriate the earnings from their investments, given the current controls on the exchange rate. In addition, as growth has slowed in recent quarters, there may be concerns about the profitability of such investments.”

BUSINESS | Movers, Shakers and Appointments

MONDAY MAY 9, 2016 NEW TELEGRAPH

Red Star appoints EDs, directors

logistics company, Red Star Express Group has appointed new executive directors and divisional managing directors for its subsidiaries. The subsidiaries according to a statement from the company are Red Star Logistics, Red Star Support Services, Red Star Freight and Express. In the new arrangement, Sola Obabori, is the group deputy managing director/ chief executive officer, Victor Ukwat, executive director, Sales and Marketing, Auwalu Babura, executive director, Finance and Administration and Charles Ejekam, divisional managing director of the Express arm of the group. Red Star Logistics is headed by Ocholi Etu, while Tonye Preghafi, is the head of Learning and Development at Red Star Freight Limited. Obabori, according the statement, is a professional with long and outstanding sales and marketing career. He was previously the general manager/chief operating officer of Red Star Logistics

Limited. He is an alumnus of several advanced management and leadership programmes from The School of Business Leadership of the University of South Africa, McGill Executive Institute, Canada, Lagos Business School, Nigeria; Harvard Business School, USA; The University of Westminster, United Kingdom and FedEx Purple Academy, Belgium where he excelled as the Purple Star Award Winner in 2006, Associate member of the National Institute of Marketing of Nigeria (Chartered) and a Fellow of the Institute of Business Development. Ukwat, holds a Bachelor of Science from the University of Calabar, Master of Science, University of Ibadan and an MBA in Business Administration from the Lagos Business School. He is an alumnus of senior entrepreneurship, management and leadership programmes from some global best institutions, including FedEx Purple Academy Brussel, IESE Business School (Spain), Harvard Business School

Obabori

Ejekam

UN hires Nigerian to chair Africa ICT Alliance

he Chairman of the United Nation, UN, and Commission on Science and Technology for Development (CSTD), Mr. Peter Major has announced Dr Jimson Olufuye as Chairman of Africa ICT Alliance, (AfICTA), a member of the CSTD Working Group on Enhanced Cooperation. Mayor in a statement, said that his appointment was pursuant to UN GA resolution, which requests the Chair of the Commission on Science and Technology for Development through the Economic and Social Council, to establish a working group to develop recommendations on how to further implement enhanced cooperation.

(USA), Columbia Business School New York, University of Wisconsin (USA) and most recently, Schulich Business School, Toronto Canada. According to the statement, Babura also, holds a first degree in accounting from Bayero University Kano and an MBA in Business Administration from the Lagos State University. He is an Associate of the Institute of Chartered Accountants of Nigeria. He Joined Red Star Express in 1994, and has served in various capacities as head of internal control and processes, head of treasury and accounts, group accountant, group treasurer, credit controller among others. He has attended various training programmes cutting across controls, planning, risks and leadership amongst others both locally and abroad. Also, Ejekam started his career in Red Star Express as a commercial executive in year 2000. He holds a Master degree in Public and International Relations from the University of Lagos and a Bachelor of Science degree in Political Sci-

Olufuye

ence with a Second Class Honours (Upper Division) from the University of Nigeria, Nsukka. Ojo has 19 years working experience in the company and had risen through the ranks as a commercial executive, commercial coordinator, assistant commercial manager Port Harcourt, district manager, Aba, acting assistant general manager East, and chief operating officer Red Star Support Services. He is a graduate of Economics & Statistics. He also obtained a Master of Business Administration (MBA) from the University of Benin. He has attended courses in management and leadership, sales and marketing, customer service, finance, manpower development and service management. Tonye Preghafi , started his career in corporate sales and later moved to learning and development. He served as president Red Star Express Cooperative and Multipurpose Society. He holds a bachelor degree in History from the Lagos State University and a Master in Business Administration

Babura

Firm gets new MD, hires GM

ask Systems Limited has appointed an executive director, Mrs. Olufunke Oduntan as managing director. The firm in a statement, also hired Mr. Lekan Faola as its new general manager (Solutions). Mr. Stanley Okpalaeke, former managing director, is now group executive director in charge of strategy/new business at Zinox Group Headquarters. The company, a subsidiary of the Zinox Group, noted that Oduntan’s selection was a result of years of outstanding and meritorious performance, which made her an unarguably excellent choice to fill the vacant role of managing director. A graduate of Business

Administration from the Lagos State University, Oduntan, holds a Master of Science (M.Sc.) degree in Business Administration from the University of Lagos. She has previously worked with Virgin Technologies, Siemens Nigeria and Zinox Technologies before joining Task Systems. Also, Faola’s appointment as chief solutions architect at the company according to the statement, is a result of over 18 years of business development experience in information technology, telecommunications and networking. A highly trained engineer, Faola has proven ability to enter new markets, attract new customers and grow the business in competitive environments.

(MBA) from Business School, Netherlands (BSN). Ocholi joined the Red Star group from MDS Logistics. He holds a bachelor degree in Economics from Bayero University Kano and an MBA from University of Wales, Cardiff in the United Kingdom. He is a member of Council of Supply Chain Professionals USA, Chartered Member, Chartered Institute of Logistics and Transport, UK (CMLIT).

New general manager for oil firm

ormerly General Manager of Chevron’s Escravos Gas-to-Liquids Venture in Nigeria, Mr. Henry Kusch, has assumed the position of general manager of the El Segundo Refinery. Kusch according to a statement, took over from Frank Semancik, who had been appointed vice president of Chevron’s Complex Process Facilities in San Ramon, California. In his new assignment, Kusch will be responsible for ensuring the safe, reliable, efficient and environmentally sound operation of the El Segundo Refinery. He said: “When the opportunity presented itself for us to return to Southern California, we were absolutely thrilled. Melinda and I love this area, and we are excited to call it home again. We look forward to seeing long-time friends and making new ones.” Kusch, a native of Placerville, California, holds a Bachelor of Science degree in Chemical Engineering from University of California, Davis in 1984, and a Ph.D. in Chemical Engineering from the University of Massachusetts, Amherst in 1991. He began his career with Chevron. During Mr. Kusch’s 25 years with the Corporation, he has held a variety of management positions at Chevron’s refineries in Richmond, California; Pascagoula, Mississippi; and El Segundo, California. He had served as general manager of the Supply Optimization Group, Americas in Houston, Texas.

Kusch

BUSINESS |Stock Watch

The harsh operating and challenging environment of the manufacturing industry have weighed down the earnings margin of Vitafoam Plc, CHRIS UGWU reports

ust like other sectors of the Nigerian economy, the year 2015 was tough for the manufacturing industry. Political risk, currency volatility and uncertainty in global oil prices were some of the key factors that affected performance of companies operating in Nigeria. The disappointing corporate results being released currently is a pointer that this year has not started up well for companies operating in the country as business operations have had nothing or less profits left for the operators. The cumulative effect of the scarcity of forex, falling oil prices, security challenges in the northern part of the country with the attendant loss of lives and properties, the resurgence of restiveness in the Niger Delta and the continued depletion of foreign reserves pose serious threats to businesses and social activities in 2016. The increase in exchange rate has forced manufacturers to borrow at a high rate, thereby increasing cost of productions, made worse by infrastructure deficiency, which has inevitably transferred the high production cost to consumers as this had made manufacturers less competitive, shrinking their profit margins, as naira devaluation takes its toll on imported raw materials. Given headwinds such as weak demand on the back of a squeeze on household wallets, most consumer goods companies in Nigerian have continued to find it difficult to weather the storm. One of the companies adversely affected is Vitafom Nigeria Plc, which has seen a continuous decline going by drop in oil price and continued unrest in northern Nigeria resulting in sales decline in that region. The company began the financial year 2015 in an unimpressive note as the profit margin maintained a decline to what market analysts mainly attributed to weak consumer demands, stiffer competition and lack of accessibility to key markets in the northern part of the country coupled with increased financing cost, which has resulted in slow growth of consumer goods companies in the country. Market watchers, who had predicted that the company was likely to further underperform in earnings, came near to expectation as the second quarter of 2016 pre-tax profit fell 93 per cent. However, analysts believe that the ongoing repositioning of the company’s business will enable the company gain competitive advantage. The company had entered into a scheme of merger with Vono Products Plc, which was approved by the shareholders of both companies early in the year. Market sentiments for the shares of Vitafoam, a leading household durable company, listed

MONDAY, MAY 9, 2016 NEW TELEGRAPH

Vitafoam: Unfavourable competitive environment shrinks profits

on the floor of the Nigeria Stock Exchange, have dwindled due to the challenging environment, just like other quoted firms in Nigeria facing depression in share prices. The share price, which closed at N5.66 per share in June 2015, has recorded a dip in growth. When the closing bell rang on Friday at the exchange, the company’s share price stood at N5.42, representing a decline of 24 kobo or 4.24 per cent year to date.

Financials The company’s dwindling fortune began with the first quarter of 2015 ended December 31, 2014, as earnings were compressed by harsh operating environment leading to a dip in pre-tax profit by 8.7 per cent to N256.138 million in December 2014 from N280.466 million in 2013. The decline in the first quarter, which signaled worry to investors, was sustained during the second quarter as the company posted a 24 per cent decline in post-tax profits during the half year ended June 30, 2014. The company in a filing with the Nigerian Stock Exchange said its half-year net earnings decreased from N433.832 million in 2013 to N329.769 million, accounting for a drop of 24 per cent. Its pre-tax profit also fell to N547.535 million, down 8.7 per cent from N599.890 million in the same period last year. However, turnover increased by 5.3 per cent to N9.321 billion during the six months to June 30 from N8.853 billion recorded during the comparable period of 2013. Vitafoam ended the financial year 2015 with 42.82 per cent drop in net earnings as key extracts of the unaudited report and accounts of the company for the year ended September 30, 2015 showed drop in growth in almost key performance indices, damping strong performance outlook of the leading furniture goods companies in the country. The group’s profit after tax declined by 42.82 per cent to N249.051 million as against N435.595 million in 2015 while profit before tax also dropped by 24.74 per cent from N709.722 million in 2014 to N534.129 million in 2015. Vitafoam, however, reported a 2.8 per cent growth in revenue during the financial year from N16.71 billion in 2014 to N17.18 billion during the period under review. Based on the results, the company has recommended a dividend of N245.700 million for its shareholders for the financial year ended September 30, 2015. The dividend, which is subject to shareholders’ approval at the incoming annual general meeting, is representing 25 kobo per share, according to a notice obtained from the Nigerian Stock Exchange. Vitafoam also began 2016 on a gloomy note as first quarter ended December 2015 recorded 19 per cent decline in profit after tax from N134.766 million in 2014 down to N108.179 million in 2015. Profit before tax stood at N164.502 million during the first quarter under review from

ent operating environment had forced the company’s board and management to embark on cost saving initiative in order to sustain the company’s competitive edge. Makanjuola, who reviewed the current challenges facing manufacturing firms in Nigeria, noted that the foam business was operating in a very competitive environment. “There are over 300 manufacturers. It is stressful to operate in the foam industry. As professionals, we have tried to keep administrative and financial cost under control,” he said. Corroborating him, the Group Managing Director, Mr. Taiwo Adeniyi, who assured the shareholders of higher value, lamented the effects of forex scarcity and imported raw materials on the production of foams in Nigeria.

Makanjuola

Vitafoam Plc. 2015

There are over 300 manufacturers. It is stressful to operate in the foam industry

June 30

N5.66

July 31

N5.59

August 31

N6.00

September 30

N5.90

October 30

N5.33

November 30

N4.90

December 31

N5.41

January 29

N4.56

February 29

N4.58

March 24

N5.42

April 30

N5.42

May 6

N5.42

N256.138 million recorded a year earlier, accounting for a drop of 35.77 per cent while revenue equally dipped by 4.10 per cent to N4.511 billion from N4.704 billion in 2014. Vitafoam Nigeria posted a 93.11 per cent drop in profit before tax for the second quarter ended March 31, 2016. The group in a report released to the Nigerian Stock Exchange said it posted a profit before tax of N37.739 million in 2015 as against N547.537 million reported the previous year, accounting for a drop of 93.11 per cent. Loss after tax stood at N49.607 million from a profit of N341.121 million in 2015 while revenue declined by 13.66 per cent from N9.321 billion in 2015 to N8.047 billion during the six months ended March 2016. Profit deflators Addressing shareholders recently at the company’s annual general meeting (AGM) in Lagos, the Chairman, Dr. Dele Makanjuola, explained that ongoing inclem-

Looking ahead Makanjuola noted that as part of ongoing repositioning of the business to gain competitive advantage, the company entered into a scheme of merger with Vono Products Plc, which was approved by shareholders of both companies early in the year. “The resulting synergy is expected to strengthen our market leadership in providing comfort solutions for homes and institutions. Furthermore, the restructuring will strengthen our backward integration proposition and further enhanced the robustness of our product and service offering,” he said. Makanjuola noted that to further pursue the expansion drive, the group had identified a unique opportunity in the automobile industry emanating from the current administration’s economic policy. “To harness this opportunity, a new subsidiary is being established that specialises in the production of filters by leveraging the automotive policy’s local content provisions. The new business is expected to commence operations by third quarter thereby opening a new frontier that will help ensure that our business portfolio is adequately diversified to withstand extraneous challenges. He said despite the uncertain and disturbing outlook, the company would remain resolute in the implementation of nascent strategies that will enable the harvesting of low-hanging opportunities in the economy to improve growth prospects across several markets. “Innovation and new products development will be the key drivers of our corporate strategy. We shall stay committed to the company’s brand repositioning of much more than mattress by broadening the scope of our products offerings across the Vitafoam group,” he said. Conclusion Though high cost of operations have remarkably weighed down on the manufacturing sector, it is important for the company to continue to manage its cost base tightly to deliver moderate operating margins improvement for growth and profitability.

MONDAY MAY 9, 2016 NEW TELEGRAPH

BUSINESS | Capital Market

DAILY STOCK MARKET The Nigerian Stock Market Exchange as atREPORT May 6, 2016

30 ANTAGONISM Efforts by one of the insurance firms to introduce the scheme have been frustrated by parents Stories by Sunday Ojeme

he National Association of Parents and Teachers of Federal Government Colleges (NAPTAFEGC), an umbrella body of the Parents Teachers Association (PTA), has reiterated its rejection of N5, 000 insurance fees in unity schools. The Chairman of PTA, Government Secondary School,

Insurance

Why we reject unity schools’ insurance fees – PTA Kwali and North Central Zonal Coordinator, NAPTAFGC, Mr Ehis Ogbeide, stated this in Abuja. Ogbeide, who said he was not particular about the old insurance scheme, which cost N1, 500, said the era fizzled out on its own and went into extinction. He said: “Then I was too much in the office. It was not a matter that we handled or we met that we had to fight because that did not even exist at all; it fizzled out on its own. “But there came in 2014 during our national election in

Umuahia when parents were calling us on vacation day that there was this flier that was given to parents and children about insurance they are introducing. By our constitution, the Permanent Secretary and our board of trustee members are supposed to be ones to conduct the election. So, the ministry sent a high-powered delegation to that election. “And you know ordinarily when we have a policy shift, you call the national executive council to the ministry and then, you do a discourse. No parents should pay because

we were not part of that information; and as I am speaking right now, that is still our position for two years running.’’ He said that afterwards, there was a directive from the National Executive Council for all chairmen in that council to send texts to their schools directing parents not to pay. Ogbeide said that the NEC then started meeting with the ministry on the issue, adding that it was agreed with the ministry that there was a problem with the arrangement between NICON Insurance and the ministry to introduce N5,

L-R: President, Civil Liberties Organisation (CLO), Comrade Igho Akeregha; Head of Campaign and Strategy, Comrade Chijioke Odom and Baba Oloja, Olorunsogo Market, Mr. Adeyemo Lukman Adewale, at the press conference by CLO on the proposed demolition of Olorunsogo Market, Oshodi, Lagos. PHOTO: TONY EGUAYE

Accrued rights: Lagos pays 260 retirees N1.08bn

ollowing its resolve to ensure retirees receive their due benefits, the Lagos State Government has issued Retirement Benefit Bond Certificates for a total sum of N1.08 billion to 260 retirees. The beneficiaries are from the mainstream, local government; SUBEB; TEPO and parastatals under the Contributory Pension Scheme (CPS) for the month of April 2016. The payment has brought the number of retirees paid between August 2015 and April 2016 to 3,069. The total accrued right paid so far from the aforementioned

month to date is N13, 701 billion. During the presentation of the 26th Retirement Benefit Bond Presentation, the Director-General, Lagos State Pension Commission (LASPEC), Mrs Folasade Onanuga, advised the retirees to carefully take decisions on how the funds would be utilised. She also advised them to be wary of Pension fraudsters who deceive retirees into believing that there are balances to be paid to them and make demands on them. She reiterated the fact that in the not too distant future, all retirees will receive their entitlements. “The fact that this Admin-

istration commenced and has been able to maintain the trend of paying terminal entitlements of retired employees monthly since it started in August, 2015 is highly commendable,” she said. In appreciation, one of the retirees, Animashaun Taoheed, prayed for His Excellency, Akinwunmi Ambode for his magnanimity. He said, since the governor would not like to see those who had laboured for the state suffer, likewise, God will not make him and his team suffer. He also appreciated the workforce in the Lagos State Pension Commission.

CIIN syllabus out soon, says exiting DG

orks on the syllabus of the Chartered Insurance Institute of Nigeria (CIIN) have been completed, the institute’s outgoing DirectorGeneral, Kola Ahmed, has said. He disclosed this in Lagos, adding that the syllabus would

MONDAY, MAY 2, 2016 NEW TELEGRAPH

soon be made public. The Director-General, who will be retiring in the next two months, also used the avenue to give account of his stewardship. He called on operators to unite in moving the insurance industry forward, while also calling for

more support for the institute. He said the institute was able to distribute the insurance textbook it published to aid the study of insurance in schools to 12 states, adding that information technology equipment were also given to some tertiary institutions.

000 insurance fees. The PTA chairman said that it was agreed that the fees should be put on hold while the insurance company went round the 104 unity schools to sensitise the parents. “The general reaction from schools even without us brainwashing then was that the fee was not acceptable by them; in some schools they even drove the insurance people out of the schools. “Up until now, the meeting to review the outcome of the sensitisation has not been held. “Funnily, the insurance policy has been passed by the ministry, saying it is now mandatory; and we said; even in law, insurance is not a compulsory thing. “We also told them that Muslims do not have the permission of their religion to insure lives; they went behind our back and wrote circulars to their principals to carry out the directive and are still saying no.’’ He said that over 75 per cent of parents of children in unity abided by the directive not to pay while some parents of new intakes paid as they did not know what was on ground. According to him, the association is open to dialogue as the new Minister of Education is willing to negotiate with it over the issue. Ogbeide said that the association had invested over N500 million in unity colleges as a way of helping the Federal Government.

Nigeria, 20 others ripe for growth, says Swiss Re

new report by Europe reinsurance giant, Swiss Re, has listed Nigeria alongside 20 other countries as ripe for huge growth in insurance business. The study, a sigma study from Swiss Re, highlights the markets that present some exciting opportunities for insurance companies. The report looks at ‘frontier markets’, which have the right mix of conditions for insurance growth. While the potential of China, India and Brazil are well known; the report looks at 21 other markets including Nigeria, Ecuador, Vietnam and Azerbaijan. These markets are typically those emerging countries with smallersized economies, lower income levels and insurance sectors in the early stages of development, but they are also expected to have strong GDP growth of be-

tween 5 and 10 per cent in the near term. Insurance penetration in these frontiers is low at less than 1.5 per cent but for insurers who seize the opportunity there are potentially high rewards. “Capturing the potential in frontier markets will require a long-term strategy. Nonetheless, this work shows that there is a real “early-mover” advantage to be gained for insurers who understand how to access and develop these markets,” says Swiss Re Chief Economist Kurl Kart. “The benefits will come once these markets reach the critical middleincome threshold when consumers and businesses start buying more insurance.” Swiss Re says that early growth for these markets will come from life insurance and commercial lines, with personal lines developing later.

BUSINESS | Insurance

MONDAY MAY 9, 2016 NEW TELEGRAPH

PTAD nabs pension thieves in renewed surveillance PLEDGE The agency recently promised to pay the 33 per cent increase to pensioners and next of kins of deceased ones Stories by Sunday Ojeme

fficials of the Pension Transitional Arrangement Directorate (PTAD) last week arrested two men who attempted to defraud the agency. The duo including one pension desk officer of the Nigerian Police Command, Nassarawa State, had presented themselves at the agency’s head office in Abuja as the next-of-kin to a pensioner. PTAD Head of Corporate Communications, Mrs Amechi Theodora, said the two men came into the Directorate asking that their brother’s pension be paid to them, adding that the mastermind of the fraud was the civilian who works as a police pension desk officer of Nassarawa Police Command. She said: “The police pension desk officer generated fake documents and recruited another man to act as a brother to a deceased pensioner. The recruit came into

our office and asked that he be paid his brother’s pension.” “These are the kind of people that have made pension payment difficult or to run smoothly in the country. They pretend to be pensioners and next-of-kins just to perpetuate fraud. “But PTAD is working hard to identify fake and genuine pensioners and this is why the Directorate was able to stop both men fake men in their tracks. We have also embarked on a nationwide verification which is

still ongoing,” she added. New Telegraph recalled that a few weeks ago, PTAD had assured pensioners of the payment of 33 per cent arrears and benefits to Next of Kins (NOKs) of deceased pensioners in the very near future. The assurance came during a meeting between the management of PTAD and representatives of the National Union of Pensioners (NUP), National Association of Retired Paramilitary Officers (NARPO),

noted: “It is noteworthy that the Catholic Brothers United (CBU) has sustained the practice of community development activities that have been uplifting the Church and the entire community. The Annual Lecture is one of such programmes that is worthy of commendation.” Anohu-Amazu said the proposed topic of the lecture harmonised with “our renewed efforts at ensuring pensions funds are channeled towards economic development through viable and safe investments. We therefore look forward to joining you at the annual lecture, as proposed.” Commenting on the initiative, president of CBU, Emmanuel Uwukhor, said financing infrastructure projects using pension funds had been a major topical issue that has generated much controversies given the experience with the previous pension scheme.

Didem is Fin Insurance new MD/CEO tained Post Graduate Diploma in Management in 1999 from ATBU, Bauchi and Masters of Business Administration (General Management) from the same university. He is a 2010 graduate of Lagos Business School – Advance Management Programme (AMP 22). He started his career from as Kano/Kaduna Branch Manager, Commercial Insurance

Uwukhor stated that it had become imperative to use the CBU platform to further clarify issues around such discussion as huge population of the Catholic community are subscribers to the Contributory Pensions Scheme (CPS) while others in the informal sector were itching to join the scheme. He said: “What we want to achieve is to sensitise the teeming Catholic faith and also the general public on the need to understand the benefits of the CPS and how the initiative will lead to fruitful retirement. “We know the family value system is collapsing and the average Nigerian is facing challenges and therefore early savings using this channel would provide them some relief at old age, so we owe the society the responsibility as enshrined in our Corporate Social Responsibility (CSR) to educate them on government policies that aims to better their lot.”

Kari urges risk managers to drive efficiency

s part of its public awareness campaign on investment of pension funds, the Director-General National Pension Commission (PenCom), Chinelo Anohu-Amazu, has accepted to be part of the National Lecture Series of Catholic Brothers United (CBU) scheduled for Lagos next month. A statement by CBU said the lecture with the theme: “The Use of Pension Funds as a Catalyst for Economic Diversification” was considered apt as the country grapples with the challenges of acute infrastructure deficit needed to propel economic growth. The lecture, which is in its 17th year in the series, aims at providing a national discourse on how the country can leverage on funds like the pension funds to accelerate economic development and growth. In accepting to speak at the forum, the Director General in Insurance Plc has announced the appointment of Mr Polycarp Didem as its new Managing Director/CEO. His appointment took effect from May 1, 2016. Didam was born on 21st December 1964 in Kaduna, and obtained a Diploma in Insurance in 1986 from Ahmadu Bello University, Zaria and a Higher Diploma in Business Management in 1998 from ATBU, Bauchi. He further ob-

sioners may experience in the course of complaint resolution. She stressed that it was a process they have to undergo for things to be done correctly to enable PTAD pay the right persons. She reiterated that PTAD was working hard to resolve all complaints and other issues affecting their members, adding that the agency’s doors were always open for the resolution of complaints and communication between PTAD, pensioners and other stakeholders.

L-R: Retail Advisor, Etisalat Nigeria, Mrs. Jennifer Onuoha; winner of Etisalat e-Top Up Blast Promo, Mr. Patrick Ejiofor and Lekki Experience Centre Manager, Etisalat Nigeria, Mr. Richard Ifediora, during the presentation of prizes to winners of the free one year N10,000 monthly airtime, at the Etisalat Lekki Experience Centre, Lagos.

CPS: PenCom extends campaign to Christian group

Association of Retired Police Officers of Nigeria (ARPON) and the Association of Public Service Retirees in Abuja. According to Amechi, details of the 33 per cent arrears payment are to be agreed with the various pension groups before payment. She said the unions’ representatives were reassured that the Federal Government recognised its obligation to pensioners, adding that the Directorate apologises for any delays pen-

Brokers where he was between 1988 – 1991. From 1991 – 1993 he was Manager (North East Area Office), Afribank Insurance Brokers Company. From 1993 – 2004 Mr. Didam was the Deputy Manager (Branch Manager, Kaduna) of Industrial & General Insurance Co. Ltd. He joined Mansard Insurance Plc (formerly Guaranty Trust Assurance Plc) in 2005 as Senior Manager/Regional Manager

s the Risk Managers Society of Nigeria (RIMSON) inducts more members into its fold, the Commissioner for Insurance Mohammed Kari, has advised them to use their important position in the market to encourage changes in insurance buying process. He also charged them to be transparent and efficient in all their endeavours in the market. RIMSON last week inducted 14 fellows and 54 associate members as part of its 2016 Risk Management Conference and Awards Ceremony in Lagos. Speaking on the induction, the President of Society, Jacob Adeosun, said the membership drive embarked by the society would enhance professionalism in risk management as well broaden the scope of practice in the country.

and rose to the position of Assistant General Manager – Public Sector in 2009 and was appointed as Managing Director/CEO of Guinea Insurance Plc in 2013 a position he held until this appointment. He is a member of Nigeria Institute of Management, National Institute of Marketing of Nigeria and Chartered Insurance Institute of Nigeria. He is married.

He noted that the society is committed to encouraging the society and research into risk management in Nigerian tertiary institutions. The Managing Director, Enterprise Trust Insurers Brokers Limited, Paschal Egerue, who delivered the theme paper entitled: Risk Management as Catalyst for Economic Growth,” called for entrenchment of effective risk management in every sector of the economy. He urged insurance operators to develop products that would help mitigate risks in the country. Some of the new fellows are Commissioner for Insurance Mohammmed Kari; Managing Director Fbninsurance Plc, Val Ojumah; Group Managing Director AIICO Insurance Plc, Edwin Igbiti, former president of RIMSON, Mrs Efiom-Ekaha and President of RIMSON, Jacob Adeosun. It would be recalled that Cornerstone Insurance last year acquired 96 Per cent stake of Fin Insurance after shareholders gave the board the nod to do so. With the consolidation of Fin Insurance into the group financial statements, Cornerstone Insurance shareholders fund is expected to rise to N12 billion from N7.8billion, which will place the company as one of the biggest players in the insurance industry.

BUSINESS | Financial Market News

MONDAY, MAY 9, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

6-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)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

16-Aug-13 27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 27-Jan-12 14-Mar-14 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 20.00 100.00 300.00 351.30 233.90 576.93 605.31 719.99 266.02 75.00 150.00 200.00 591.57 1075.92 80.00

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

0.28 0.98 1.22 1.32 2.06 3.15 3.46 3.77 5.73 7.85 9.71 12.56 13.04 13.54 14.21 18.20 19.86

8.22 11.48 11.72 11.77 12.17 12.74 12.89 13.03 13.20 13.29 13.21 13.43 13.47 13.50 13.55 13.86 13.78

7.69 11.32 11.59 11.64 12.08 12.63 12.77 12.93 13.13 13.23 13.15 13.38 13.41 13.44 13.50 13.81 13.73

101.26 103.24 97.88 97.09 97.37 108.18 83.95 107.24 112.47 104.29 96.12 109.39 94.06 69.26 77.80 88.70 90.66

101.41 103.39 98.03 97.24 97.52 108.48 84.25 107.54 112.77 104.59 96.42 109.69 94.36 69.56 78.10 89.00 90.96

TOTAL OUTSTANDING VALUE

6,407.46

TOTAL MARKET CAPITALISATION

6,241.27

Rating/Agency

Description

Issuer

6362.457269

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

0.48

2.94

12.03

102.39

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

0.15 0.15 0.95 0.67 1.65 1.47 1.48 1.44 1.45 1.63 2.06 3.55 2.02 4.56 4.65 2.69 2.71 3.97 3.50 3.53 4.03 6.46 3.62

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

10.44 9.46 12.37 15.72 14.34 12.85 12.86 15.66 15.40 15.76 14.18 14.93 13.14 14.40 16.87 15.03 13.51 14.32 16.91 13.91 15.47 15.00 15.98

100.45 100.82 97.91 98.75 99.46 101.43 101.44 98.56 98.26 99.58 102.17 98.83 102.70 97.05 94.08 98.86 103.09 102.82 98.91 106.65 105.20 107.61 102.54

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

0.40 0.47 0.59 0.95 1.17 1.40 0.85 1.18 1.35 1.35 2.40 1.45 1.53 1.65 2.25 4.52 3.02 5.54 5.65 6.02 4.19 8.40 8.40 9.53

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

9.72 10.37 10.59 16.86 16.94 13.70 12.77 14.85 18.14 12.79 13.52 16.26 18.00 15.23 16.74 14.10 16.23 15.69 14.19 14.22 15.84 14.27 14.27 14.22

101.20 101.72 102.99 99.67 99.47 99.11 104.84 101.14 99.73 103.70 100.93 99.33 99.94 101.01 97.05 103.76 98.32 94.76 108.52 108.95 100.45 109.66 95.06 103.33

10-Oct-20

2.55

3.37

15.79

97.92

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.23

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

446.12 444.23

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 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

538.53

TOTAL MARKET CAPITALISATION

544.38

Sukuk BBB-/Agusto

10-Oct-13

14.75 OSUN II 10-OCT-2020

*OSUN

14.75

9.40

TOTAL OUTSTANDING VALUE

9.40

TOTAL MARKET CAPITALISATION

9.21

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.77

1.00

11.26

98.31

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.99

1.00

12.29

97.49

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 24.42 Description

Issue Date

Coupon (%)

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.50

7.27

97.06

97.95

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.65

5.24

98.93

99.76

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.75

7.57

92.52

93.45

Issuer

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,442.51

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

30.11

-9.28

99.48

100.38

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.11

7.13

99.01

100.12

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

21.11

19.56

77.75

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

7.51

96.63

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

8.61

93.97

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

17.52

16.53

80.01

82.01

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

13.68 13.85 14.52

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

13.84

13.41

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

79.85

3,523.41 3,100.57 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 48 55 69 76 83

Money Market

FIXINGS Maturity 19-May-16 26-May-16 2-Jun-16 9-Jun-16 16-Jun-16 23-Jun-16 30-Jun-16 14-Jul-16 21-Jul-16 28-Jul-16

Bid Discount (%) 0.28 2.50 4.23 4.28 5.31 4.45 4.67 5.81 6.10 6.76

Offer Discount (%) 0.03 2.25 3.98 4.03 5.06 4.20 4.42 5.56 5.85 6.51

Bid Yield (%) 0.28 2.50 4.24 4.30 5.34 4.48 4.70 5.87 6.18 6.86

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 4.1817 8.2335 10.3164 12.0010

NITTY

Tenor

Rate (%)

OBB

3.58

O/N

4.08

Tenor Call 1M 3M 6M

REPO

Rate (%) 4.27 4.83 5.67 6.47

Foreign Exchange (Spot & Forwards) Tenor

Bid ($/N)

Offer ($/N)

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

197.33 199.07 199.66 201.00 201.51 206.27 214.72 221.39

197.43 199.58 199.98 201.32 201.85 206.95 215.77 224.17

FMDQ Daily Quotations List

6-May-16

Bonds FGN Bonds

Price

Rating/Agency

Issuer

MONDAY MAY 9, 2016 NEW TELEGRAPH NA

BULLISH Trading in the top three equities accounted for TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION 359.455 million shares worth N1.086 billion Rating/Agency

Issuer

Agency Bonds Nil

FMBN

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

Sub-Nationalby Bonds Stories Chris Ugwu

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 nvestors in the companies LAGOS *BAYELSA quoted on the floor of the EDO *DELTA Nigerian Stock Exchange *NIGER *EKITI (NSE) got a respite last *NIGER week, as the two-day *ONDO gains *GOMBE recorded by the local LAGOS burse *OSUN closed the week on LAGOS the green KOGI zone. *EKITI *NASARAWA The NSE All-Share*BAUCHI Index and *OYO Market Capitalisation appreci*BENUE ated by 2.55 per cent to close the *PLATEAU KOGI *CROSS RIVER