Monday, october 10, 2016 binder1 by Newtelegraphonline

Investors shun Nigeria’s $700m refineries’ upgrade Adeola Yusuf

he hunt instituted by the Federal Government for $700 million investments to upgrade the 445,000 barrels

per day capacity refineries in Nigeria has hit the rocks, New Telegraph has learnt. Sources confirmed that global investors who had

repeatedly turned down advances by government to get them involved in the finance of the refineries’ upgrade have now embar-

goed investments in the installations. Minister of State for Petroleum Resources, Ibe Kachikwu, had earlier

said that the Federal Government would seek investors to fund the $700 million upgrade of the refineries located in Port Harcourt,

Concession: Uncertainty trails China’s $500m airports' project }25

Warri and Kaduna, to produce at maximum capacities. Kachikwu said: “We are not inviting foreign partners to take over the refinCONTINUED ON PAGE 4

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Monday, October 10, 2016

Mark, Anyim, Gulak make PDP reconciliation committee }4

/newtelegraph /newtelegraph

Vol. 3 No. 964

Mark

Robbers die fleeing with stolen car }8

The damaged vehicle

Olojo Festival: Ooni goes into seclusion for 7 days }9

@newtelegraph1 www.newtelegraphonline.com @newtelegraph1 www.newtelegraphonline.com

Ogunwusi

Suspects hide crushed human heads inside bread }9

N150

The crushed heads

Clampdown on judges:

DSS goes after SANs, retired judges }2, 4 & 6

Rivers Police Commissioner faces dismissal

Wike: DSS lied on $2m found in judge’s house Eight more judges in trouble NJC holds emergency meeting today Presidency: Judiciary not on trial APC, PDP differ on arrest of judges Judiciary workers summon emergency NEC

Group Managing Director, UBA Plc., Kennedy Uzoka (left) and Vice President, European Investment Bank (EIB), Ambrose Fayolle, during the signing of a €60 million facility from EIB in Washington DC...at the weekend.

Recruitment: Police Commission under pressure to bend rule }4

‘Nigeria records 100,000 new cancer cases annually'

}38

NEWS

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

DSS goes after SANs, retired judges, politicians Tunde Oyesina Abuja

ndaunted by criticism trailing its clampdown on corrupt judges, the Department of State Services (DSS) has concluded plans to swoop on more judges and some identified Senior Advocates of Nigeria (SANs) who allegedly aided and abetted corruption on the Bench, New Telegraph has learnt. Also, DSS, according to an impeccable source, would go after some retired judges who allegedly worked in tandem with the judges arrested at the weekend over allegations of bribery and corruption.

Some of the judges recently sacked or retired by the National Judicial Council (NJC) for gross misconduct will also have their date in court. The identified Senior Advocates and the retired judges, according to the source, were the channels through which judges were being compromised. “The secret service would go after senior lawyers, retired judges and politicians who were believed to be links between judges and parties,” the source said. According to the source, “The service knows that some people have been serving as courier of the bribe for the judges. But their days are numbered. The service has gotten

their details and there is enough evidence against them. They shall be arrested and brought to book. “We know that some retired judges are now serving as consultants to sitting judges. They meet with parties who are having cases before a judge and they negotiate. These retired judges also serve as courier of the bribe. The service is also aware that some of the senior lawyers which their list has been compiled already also serve as middlemen between parties and the judges. Also politicians are involved. None of them will go unpunished.” Seven judges, including two Justices of the Supreme Court were arrested on Saturday by the

DSS following their alleged involvement in corrupt practices. Two Supreme Court Justices and two Federal High Court judges were alleged to have obtained bribe to perfect the course of justice. Besides the seven judges that were arrested at the weekend, the DSS is presently investigating about eight more judges over alleged corruption. The secret service has tightened the noose around the judges and may pick them any moment from now. The eight judges are asides the seven that are presently in the custody of the DSS. The identities of the judges to be picked up are

L-R: Minister of Finance, Mrs. Kemi Adeosun; Managing Director, International Monetary Fund (IMF), Christie Lagarde and Governor, Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, during the minister and governor's visit to the IMF headquarters in Washington DC... yesterday.

still unknown as at the time of filing this report. However, New Telegraph learnt that another of Justice of the Supreme Court is involved, and two judges from the Federal High Court. The service had been investigating the judges for some time now and had gotten enough evidence to go after them. The seven judges arrested and currently in detention at the DSS office are Justices Inyang Okoro and Sylvester Ngwuta of the Supreme Court; Adeniyi Ademola of the Federal High Court, Abuja; Kabir Auta of the Kano High Court; Muazu Pindiga of the Gombe High Court, Mohammed Tsamiya of the Court of Appeal in Ilorin, and the Chief Judge of Enugu State, I. A. Umezulike. Justices Umezulike, Auta, and Tsamiya had earlier been recommended for sack by the NJC for alleged corrupt activities. The residence of Justice Mohammed Liman was raided. It was also discovered that apart from the judges, at least three members of the registry staff of relevant courts have also been invited for questioning by the DSS and have made relevant statements. Justices Okoro and Ngwuta were arrested over an alleged bribery by a governor. A huge sum of money was recovered in both Jus-

tices Ngwuta and Okoro’s residents as documents of estates were recovered. At the residence of Justice Ademola, the DSS said it recovered at least $171,779 and N54 million in cash, in addition to documents of landed property belonging to the judge. In the course of the raid, the DSS said it recovered N35 million, $319,475 from Justice Ngwuta while N4.3 million and $38,833 were recovered from Justice Okoro. While justifying the judges’ arrest, DSS said it monitored “the expensive and luxurious lifestyle of some of the judges as well as complaints from the concerned public over judgement obtained fraudulently and on the basis amounts of money paid,” adding that the judges involved were invited, upon which due diligence was exhibited and their premises searched. It was learnt that the arrested judges would be arraigned today following a withholding charge already filed against them, a credible source hinted New Telegraph. This newspaper athered that DSS, before it carried out the arrest of the judges, had placed a web on all the calls between some of the embattled judges and the senior lawyers who had acted as a conduit to facilitate hundreds of millions bribe for the arrested judges. CONTINUED ON PAGE 6

Abuja

Rivers Police Commissioner faces dismissal

or allegedly obstructing the arrest of a serving judge in the early hours of Saturday in Port Harcourt, the Rivers State capital, the Federal Government will, any moment from now, dismiss the stats Police Commissioner, Mr. Francis Odesanya, New Telegraph has learnt. The Presidency was piqued by the report of the Department of State Services (DSS), which accused the police of foiling the arrest of an unnamed judge in Port Harcourt. DSS operatives could not effect the arrest of the judge in series of operations they carried out on Friday and Saturday in Abuja, Port Harcourt, Sokoto, Kano and Gombe. It was alleged that Odesanya collaborated with the Rivers State Governor, Barr. Nyesom Wike, and others to thwart the arrest of the judge, who the DSS alleged had about $2 million in his house. Wike had denied the allegation.

Multiple sources confirmed to New Telegraph last night that the presidency was working on the dismissal of Odesanya for “obstructing” the arrest of the judge. One of the sources said that the presidency will today direct the Police Service Commission (PSC) to effect the dismissal of the Police Commissioner. A source said last night: “The Police commissioner is to be sacked for obstructing the arrest. We cannot continue to have people who are not loyal to the system like him. His case will be taken to the PSC for determination.” The source added that Odesanya would not only be dismissed, the Federal Government is set to prosecute him for the obstruction. Odesanya had, while the incident lasted, insisted that he was at the scene of the event to make peace. He repeatedly said that he was there to make peace.

Onwuka Nzeshi and Anule Emmanuel

lJudiciary not under attack, presidency insists But the DSS viewed his action as an obstruction. In a statement by the DSS on Saturday, the agency had accused Wike and a sister agency of obstructing the planned arrest. A statement by one Abubakar Garba for the DSS read in part: “In one of the states where the Service’s operations were conducted, credible intelligence revealed that the judge had $2 million stashed in his house. When he was approached for due search to be conducted, he, in concert with the state governor, mobilised thugs against the Service team. The team restrained itself in the face of unbridled provocative activities by those brought in by the governor. “Unfortunately, the judge and the governor also engaged the tacit support of a sister security agency. The Service’s surveillance team noticed that upon frustrating the operation, the judge, with the active support of the

governor, craftily moved the money to an unknown location, which the Service is currently making effort to unravel.” A source in the Presidency informed New Telegraph that the DSS has forwarded the report of the operations, which indicted the police commissioner, to President Muhammadu Buhari. Meanwhile, the Presidency yesterday said that weekend’s raid of residences of judges in parts of the country by the DSS was the anti-corruption war in action and not an attack on the judiciary. DSS, in a nationwide crackdown on Friday night, began arresting judges suspected to have collected huge cash to pervert the cause of justice before, during and after the 2015 general elections, as well as in other cases. A statement yesterday by the Senior Special Assistant on Media and Publicity to the President, Garba Shehu, said in en-

forcing the war against corruption cutting across all sections of the economy, President Buhari reserves his highest respect for the institution of the judiciary as the third arm of government. Garba explained that the president will not do anything to undermine its independence. “President Buhari remains a committed democrat, in words and in his actions, and will not take any action in violation of the constitution. “The recent surgical operation against some judicial officers is specifically targeted at corruption and not at the judiciary as an institution,” he stressed. Garba continued that “in robust democracy such as ours, there is bound to be a plurality of opinions on any given issue, but there is a convergence of views that the country has a corruption problem that needs to be corrected.” He lamented that reports by a section of the media was giving government cause for concern

on the raid of the jugdes’ residences. “In undertaking the task of reporting, the media should be careful about the fault lines they open. It is wrong to present this incident as a confrontation between the executive and judicial arms of government. “The Presidency has received assurances from the DSS that all due processes of the law, including the possession of search and arrest warrants, were obtained before the searches. “To suggest that government is acting outside the law in a dictatorial manner is to breach the interest of the state,” Garba added.

$7m

The total pay from endorsements of Zlatan Ibrahimovic (Soccer) for 2016. Source: Forbes.com

22.65%

The percentage contribution of the Industries sector to real GDP of Nigeria in Q2 2016. Source: National Bureau of Statistics

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

NEWS

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Recruitment: Police Commission under pressure to bend rule Emmanuel Onani Abuja

he Police Service Commission (PSC) is said to be under intense pressure to jettison the Federal Character principle in the ongoing recruitment of 10,000 police officers and men. New Telegraph gathered from highly placed sources that some members of the House of Representatives are mounting pressure on the Commission, to carry out the exercise on "local government by local government basis." One of the sources, who spoke in confidence with New Telegraph, said the Commission has decided to stick to relevant provisions of the Constitution

and the federal character principle, which provides that appointments and recruitment of any nature in the country, shall be equitably distributed; on state-bystate basis. Section 14 (3) of the 1999 Constitution of the Federal Republic of Nigeria (as amended) provides that: "The composition of the Government of the Federation or any of its agencies and the conduct of its affairs shall be carried out in such a manner as to reflect the federal character of Nigeria and the need to promote national unity, and also to command national loyalty, thereby ensuring that there shall be no predominance of persons from a few states or from a few ethnic or other sectional groups in that Government or in any of its

agencies." New Telegraph learnt that the Commission's position was informed by the aforementioned provisions, and other extant laws. It was gathered that owing to pressure, the PSC Chairman, Sir Mike Okiro, and his Commissioners have since relocated to one of the North-West states, to conclude the recruitment exercise. According to the source, Okiro and the Chairman, Senate Committee on Police Affairs, Abu Ibrahim, will meet President Muhammadu Buhari this week. The essence of the meeting, according to the source, is to feel the pulse of the President on the matter. "Some House of Representatives’ members are

insisting that the recruitment should be on local government basis, but the Commission insists on following the federal character principle. "In fact, the Commission is now meeting outside Abuja, to avoid pressure, as it concludes work on the exercise. "Until there is a counter

Onyekachi Eze and Philip Nyam Abuja

he Peoples Democratic Party (PDP) has said that Nigeria is gradually sliding into a fascist government with the gestapo-like invasion on the homes of some jus-

Investors shun Nigeria’s $700m refineries’ upgrade eries; the total investment for that is up to $700 million and we don’t have that. Let us be honest about it. “The investors are coming to provide funds to take our performance on these refineries to 90 per cent and to provide us with technical skills. So, the areas of intervention will be funding and technical support.” Five months after Kachikwu announced the refineries upgrade plans, no investor has embraced it and no one is likely to be drawn to a negotiation table soon, a senior civil servant at the ministry of petroleum resources told this newspaper after his anonymity was guaranteed. The minister, he said, had used many fora, local and international, to seek investors for the $700 million upgrade, but investors might have technically marked Nigeria’s refinery investments as a no-go area due to uncertainty in policy and business model for the installations. The source said: “Renowned global audit firm, PwC, and Resource Governance Institute, have

shown the Federal Government in their reports as a bad manager and wasteful partner to work with in terms of investments in its refineries. What is shocking is that most of these deep-pocketed investors keep asking us to clear the air on the damning revelations in those reports. “Generally, we have not been able to get anyone and it will be very difficult to get anyone. Not at this period when investors are more choosy in where to put their fortunes.” Recently, executive summary of Resource Governance Institute’s latest report had noted: “Despite NNPC’s debilitating consumption of public revenues and performance failures, successive governments have done little to reform the company. We find that management of NNPC’s oil sales has worsened in recent years – and particularly since 2010. The largest problems stem from the rising number of ad hoc, makeshift practices the corporation has introduced to work around its deeper structural problems “Similarly, it began uni-

laterally spending billions of dollars in crude oil revenues each year, rather than transferring them to the treasury, because NNPC’s actual budget process fails to cover operating expenses. “Some of these makeshift practices began with credible goals. But over time, their operation became overly discretionary and complex, as political and patronage agendas surpassed the importance of maximising returns.” Aside from this, for instance, checks by this newspaper showed that crude supply to the refineries through marine vessels cost NNPC revenue loss of about $8.03 billion in 2014. A contract agreement seen by New Telegraph at the weekend showed that MC Cosmic and MC Jewel, two of the marine vessels for the contract, “would collect between $12 million and $15 million per daily transfer of about one million metric tonnes crude to Warri refinery. “These heavy vessels would later need to load crude and transfer to smaller vessels. The cost of

though initial feelers had suggested that the president stood by the law. "This is very important, because recruitment exercise is a very sensitive matter." Buhari had, last year, directed the PSC to recruit 10,000 policemen, to boost the manpower needs of the Nigeria Police.

PDP tackles Buhari over judges’ arrest

President, Dangote Group, Alhaji Aliko Dangote (left) with President François Hollande of France, after a meeting in Champs-Élysées, France…at the weekend

CONTINUED FROM PAGE 1

order or directive from the Presidency, the Commission will stick to the stateby-state arrangement, which complies with relevant laws," he said. On the planned visit to the president, the source noted: "The essence of the visit, is to bring the issue before Mr. President, to know his position, even

the smaller vessels ranges from $6 to $7 million per day, while the smaller vessels are also expected to later move the crude to terminals where trucks would have to load to the refineries at another operational cost.” These add up to over $12 million daily and $8.03 billion in one year. The latest marine supply contracts, which have, according to checks, raised the losses in refineries to over N1.27 billion, was consummated first with NIDAS Marine Limited last September following the cancellation of crude oil delivery contract with Ocean Marine Transport (OMT). The new deals were retendered and awarded on a stop-and-go basis – meaning that it ceases to exist when the pipelines begin to work. The NNPC said it resorted to the delivery of crude oil to the refineries by marine vessels following incessant attacks on the Bonny-Port Harcourt refinery pipeline and the Escravos crude pipelines by oil thieves.

tices of the Supreme Court and judges of the Federal High Court by the operatives of the Department of State Services (DSS) in the early hours of Saturday. PDP, in a statement yesterday by its National Publicity Secretary, Prince Dayo Adeyeye, said the invasion was the latest in a series of actions taken by the President Muhammadu Buhari’s administration in its disregard for the rule of law and the principle of separation of powers. “This inexorable slide into fascism began with the invasion of the Akwa Ibom State Government House by the same DSS, the continued detention of several people despite court ordering their release, the invasion of the Ekiti State House of Assembly and detention of Hon. Akanni Afolabi and the invasion of the Zamfara State House of Assembly. “This slide into fascism has included a sustained attack on the leadership of the National Assembly as President Buhari has sought to break its independence and make it a rubber

stamp to suit his will,” PDP observed. The party noted that never in the history of Nigeria has a president attacked the judiciary in such a manner like what the present administration is doing. “Even the late dictator, General Sani Abacha, whose regime is remembered by many as the second worst regime in Nigerian history, did not carry out such Gestapo-style attacks on members of the judiciary. “By bringing this attack to the judiciary, President Buhari has shown that he has no desire to respect the pillars of our democracy. He has shown his desire to kill off our democracy and convert it to an autocracy without checks and balances. "Nigerians can no longer afford to stand aside and watch the Buhari administration destroy the foundations of our democracy that we have built for several years. Nigerians have a duty to speak out against this sort of tyranny,” the statement added.

Mark, Anyim, Gulak make PDP reconciliation committee Onyekachi Eze ABUJA

ormer Presidents of the Senate, Anyim Pius Anyim, and David Mark may form part of eminent Nigerians to be put together by the Peoples Democratic Party (PDP) to reconcile members of the party. The 24-man committee, which was agreed on by the two factions in the seemingly intractable crisis in the party, will be inaugurated on Wednesday. The two factions are expected to nominate 12 members each. An impeccable source told New Telegraph that Anyim and Mark would be among the 12 members to be appointed by the Senator Ahmed Makarfi-led National Caretaker Committee. Other members include all members of the caretaker committee. Members of caretaker committee are Senators

Ben Obi, Abdul Ningi and Odion Ugbesia as well as the committee’s legal adviser and woman leader. On the side of Senator Ali Modu Sheriff may include all members of his interim National Working Committee (NWC) as well as Alhaji Ahmed Gulak, ex-Political Adviser to former President Goodluck Jonathan. Those appointed as interim NWC by Sheriff are Prof. Wale Oladipo, Dr. Cairo Ojougboh, Alhaji Adewale Adeyanju and Dr. Bernard Dikko, among others. The source said Makarfi and Sheriff will not be members of the committee. The committee was earlier scheduled to be inaugurated today, but because of the absence of Sheriff who is said to be out of the country. PDP has been factionalised since May this year, leading to the seal off of the party’s National Secretariat since June.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

FIRST CITY MONUMENT BANK

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR WEEK ENDED FRIDAY SEPTEMBER 07, 2016 SN CUSTOMER

ITEMOFIMPORT

DATEOFFUND PURCHASE

EXCHANGE RATE

AMOUNT

SN CUSTOMER

DATE OF FUND EXCHANGE PURCHASE RATE

ITEM OF IMPORT

AMOUNT

KAMINDUSTRIESNIGERIALIMITED

INDUSTRIALRAWMATERIALS

4-Oct-16

306.00

60,000.00

FLOURMILLSNIGPLC

IndustrialPowerGenera ngEquipment

7-Oct-16

315.50

925,396.21

MUZYBUREAUDECHANGELIMITED

BDC

4-Oct-16

345.50

10,765.00

GTANDIMPORTNIGERIALIMITED

PowderedNaturalStea teTalcumpowder

7-Oct-16

315.50

21,480.00

SUSANBUREAUDECHANGELIMITED

BDC

4-Oct-16

345.50

10,000.00

GLABUNDNIGERIALIMITED

SCHOOLFEES

7-Oct-16

310.50

2,000.00

ADIGUNOLUWAKAYODE

TRAINING

5-Oct-16

315.50

1,641.39

ILORIJAMESOLANREWAJU

MORTGAGE

7-Oct-16

310.50

1,386.80

AZAMABUREAUDECHANGELIMTED

BDC

5-Oct-16

345.50

10,000.00

INDORAMAPETNIGERIALIMITED

RAWMATERIALS

7-Oct-16

310.50

7,500.00

BUKOLASMITH

MORTGAGE

5-Oct-16

315.50

1,636.13

JAYJIBSVENTURESLTD

SCHOOLFEES

7-Oct-16

310.50

3,000.00

CENTREVALEBUREAUDECHANGELIMITED

BDC

5-Oct-16

345.50

10,000.00

JEZCOOILNIGLTDDEPOTACCOUNT

OILADDITIVES

7-Oct-16

315.50

10,000.00

DEMHABUREAUDECHANGELIMITED

BDC

5-Oct-16

345.50

10,000.00

JOBIKANNIGERIALIMITED

POLYPROPYLENERESIN

7-Oct-16

315.50

25,000.00

FASINROMORONFOLUOLASENI

MORTGAGE

5-Oct-16

315.50

3,299.77

KLYSATGENERALENTERPRISES

REFINEDCOPPERCOILSRAWMATERIAL

7-Oct-16

310.50

14,819.00

FUSIONBUREAUDECHANGE

BDC

5-Oct-16

345.50

KALEGANESH

PHR

5-Oct-16

306.00

6,050.00

MUKLARLIMITED

SCHOOLFEES

7-Oct-16

310.50

1,049.80

KENZUBDCLTD

BDC

5-Oct-16

345.50

10,000.00

MULTIPROCONSUMERPRODUCTSLTD-S&DDIVISION

CoolCowFFMP6GMS

7-Oct-16

200.00

12,500.00

LAKHANIDHARMESHBIPINCHANDRA

PHR

5-Oct-16

306.00

5,393.00

100

MULTIPROCONSUMERPRODUCTSLTD-S&DDIVISION

CoolCowFFMP6GMS

7-Oct-16

317.00

54,247.00

ABIODUNOMOTAYOEMMANUEL/PTA

BTA/PTA

5-Oct-16

315.50

3,979.40

101

NAFSSGNIGLTD

PVCGRANULE(NATURAL)

7-Oct-16

310.50

25,125.00

OMUEDERIAYEJOHNEGWOLOGH

MEDICALBILL

5-Oct-16

315.50

10,000.00

MARYQUEENINTERNATIONALLIMITED

DIAPIER

7-Oct-16

310.50

10,000.00

10,350.00

102

NBAKPONEBARIGBOMONDOROTHY

SCHOOLFEES

7-Oct-16

310.50

2,290.75

PALDOSBUREAUDECHANGELIMITED

BDC

5-Oct-16

345.50

10,000.00

103

NGAMASULIMITED

ANIMALFEEDMOLLUSC

7-Oct-16

311.50

10,000.00

SUMMERICETRADEBUREAUDECHANGELTD

BDC

5-Oct-16

345.50

10,000.00

TIMULIBUREAUDECHANGELTD

BDC

5-Oct-16

345.50

10,000.00

ZINTOBUREAUDECHANGELTD

BDC

5-Oct-16

345.50

765.00

ZINTOBUREAUDECHANGELTD

BDC

5-Oct-16

345.50

10,000.00

ADELEYEMOJISOLAMOBOLAJI/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ADELEYEADELAJAADEMUYIWA/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ADELEYEADELAJAADEMUYIWA/MASTERCARD

MASTERCARDPAYMENT

6-Oct-16

315.50

5,000.00

SHITTUADEOLAMORIAM/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ODUBOGUNOLUSEGUN/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

AFFORDABLECARSLIMITED

SCHOOLFEES

6-Oct-16

315.50

20,341.01

AMPLIFIEDBDCLTD

BDC

6-Oct-16

345.50

10,000.00

ARISINGBUREAUDECHANGE

BDC

6-Oct-16

345.50

10,000.00

ARROWHEADAUTOMOBILES

SCHOOLFEES

6-Oct-16

315.50

10,000.00

CHUKWUDICHRISTOPHEREZEUDE/PTA

BTA/PTA

6-Oct-16

315.50

2,500.00

ARIALVIEWNIGLTD/BTA

BTA/PTA

6-Oct-16

315.50

3,000.00

DEMHABUREAUDECHANGELIMITED

BDC

6-Oct-16

345.50

10,000.00

OLUWAKAYODEADIGUN/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

OKAFORIFY/PTA

BTA/PTA

6-Oct-16

315.50

3,000.00

AKANMUOLUMIDE/PERDIEM

PERDIEM

6-Oct-16

315.50

4,300.00

LADIPUPOBALOGUN/MASTERCARD

MASTERCARDPAYMENT

6-Oct-16

315.50

5,000.00

LADIPUPOBALOGUN/MASTERCARD

MASTERCARDPAYMENT

6-Oct-16

315.50

10,000.00

ADARAMEWABOSEDE/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ELIZABETHADIGUN/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ADARAMEWAKAMORUDEEN/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

AKANMUOLUMIDE/PTA

BTA/PTA

6-Oct-16

315.50

3,917.59

FASOGBONOLAJUMOKE/PTA

BTA/PTA

6-Oct-16

315.50

3,917.59

MOBOLAJIOLUDAMILOLABALOGUN

SCHOOLFEES

6-Oct-16

315.50

26,705.23

MOBOLAJIOLUDAMILOLABALOGUN

SCHOOLFEES

6-Oct-16

315.50

19,800.95

MOBOLAJIOLUDAMILOLABALOGUN

SCHOOLFEES

6-Oct-16

315.50

11,268.30

ISANGAKANIMOEDET/PTA

BTA/PTA

6-Oct-16

315.50

2,000.00

NIGERIANBREWERIESPLC.

GEARBOX/MOTORSK4282AZ112M/4I=616

6-Oct-16

200.00

10,272.74

OBAJANAAGROSACKSLTD

SPAREPARTSFORTEXTILEMACHINES

6-Oct-16

311.00

17,046.75

OBAJANAAGROSACKSLTD

SPAREPARTSFORTEXTILEMACHINES

6-Oct-16

311.00

6,953.24

AHAMIOJEOMOTOLA/PTA

BTA/PTA

6-Oct-16

315.50

4,000.00

ALLIADEKUNLE/PTA

BTA/PTA

6-Oct-16

315.50

3,500.00

SAROAGROSCIENCESLIMITED

GLYPHOSATE(GOBARA)360G/LTR

6-Oct-16

313.00

21,549.65

GLOBISMOTORSLTD/PTA

BTA/PTA

6-Oct-16

324.00

1,500.00

AKONIOLUWADARA/PTA

BTA/PTA

6-Oct-16

324.00

1,000.00

OLUWATOSINADEGBENLEJOSEPH/PTA

BTA/PTA

6-Oct-16

324.00

1,300.00

GANGULYSOUMOBROTO/PTA

BTA/PTA

6-Oct-16

324.00

1,500.00

ACEADVISORYANDTECHNOLOGYLIMITED

SCHOOLFEES

7-Oct-16

315.50

2,000.00

ACEADVISORYANDTECHNOLOGYLIMITED

SCHOOLFEES

7-Oct-16

310.50

2,000.00

ADAMORENIGERIALIMITED

AGROVETERINARYADDITIVES

7-Oct-16

310.50

8,000.00

ADEKOYAOMOTOLAABIODUN

SCHOOLFEES

7-Oct-16

310.50

ADEMOLAADESINAOYEYINKA

SCHOOLFEES

7-Oct-16

310.50

3,500.00

ADESANYAADEBOWALE

SCHOOLFEES

7-Oct-16

310.50

12,000.00

ADEYOJUADENIRAN

SCHOOLFEES

7-Oct-16

310.50

1,672.36

AKINTUNDEADETAYO

SCHOOLFEES

7-Oct-16

310.50

4,000.00

ALHAJIABBAABUBAKAR

SCHOOLFEES

7-Oct-16

310.50

3,000.00

ALHAJISANIALI

SCHOOLFEES

7-Oct-16

310.50

1,500.00

ALHAJISANIALI

SCHOOLFEES

7-Oct-16

310.50

1,500.00

AMAOGEKUROSHI

SCHOOLFEES

7-Oct-16

310.50

2,000.00

ARROWHEADAUTOMOBILES

SCHOOLFEES

7-Oct-16

310.50

3,011.00

AWOFISAYOKEHINDEOLALEYE

SCHOOLFEES

7-Oct-16

310.50

4,500.00

AWOFISAYOKEHINDEOLALEYE

SCHOOLFEES

7-Oct-16

310.50

2,000.00

BIFONINTERNATIONALCOLTD

CHEMICALS

7-Oct-16

315.50

10,000.00

1,600.00

BLACKHORSEPLASTICINDUSTRYLIMITED

POLYPROPYLENEHOMOPOLYMER

7-Oct-16

315.50

BRIGHTPRODUCTLIMITED

RAWMATERIALS

7-Oct-16

311.50

7,500.00

BRILLIANTSHIPPINGSERVICESLIMITED

CHARTEREDFEE

7-Oct-16

315.50

132,778.60

15,000.00

BRILLIANTSHIPPINGSERVICESLIMITED

CHARTEREDFEE

7-Oct-16

315.50

540,000.00

BRILLIANTSHIPPINGSERVICESLIMITED

CHARTEREDFEE

7-Oct-16

315.50

26,221.40

BUTTLETUPPS

SCHOOLFEES

7-Oct-16

315.50

5,000.00

CHIZZYNIGERIALIMITED

RAWMATERIALSFORPAINT

7-Oct-16

315.50

1,232.14

CHIZZYNIGERIALIMITED

RAWMATERIALSFORPAINT

7-Oct-16

310.50

7,142.86

CHOKONWOBILORS.

SCHOOLFEES

7-Oct-16

310.50

2,290.75

CHOKONWOBILORS.

SCHOOLFEES

7-Oct-16

310.50

2,290.75

DONCHRISINDUSTRIESLIMITED

INDUSTRIALMACHINERY

7-Oct-16

315.50

15,000.00

DRUGFIELDPHARMACEUTICALSLIMITED

PHARMACEUTICALPACKAGINGMATERIALS

7-Oct-16

315.50

EUROCHEMCOVENTURESLIMITED

RAWMATERIALFORINDUSTRY

7-Oct-16

310.50

6,801.00

GOLDENSUGARCOMPANYLIMITED

BRAZILIANCANERAWSUGAR

7-Oct-16

315.50

1,086,000.00

1,625.00

GOLDENSUGARCOMPANYLIMITED

RawSugar

7-Oct-16

315.50

2,074,603.79

104

NJOTEABARBARAADAEZE

SCHOOLFEES

7-Oct-16

310.50

5,859.38

105

NWENEIGNAY

SCHOOLFEES

7-Oct-16

310.50

4,500.00

106

NWENEIGNAY

SCHOOLFEES

7-Oct-16

310.50

4,500.00

107

OGUNFUWAAFOLABIOLUBUKAYO

SCHOOLFEES

7-Oct-16

310.50

1,000.00

108

OLATEJUOLATUNJI

SCHOOLFEES

7-Oct-16

310.50

7,939.20

109

OLORUNNISOLAOMONIYIOLUWATOSIN

SCHOOLFEES

7-Oct-16

310.50

6,327.64

110

OSHODIOSHODIANDCO

SCHOOLFEES

7-Oct-16

315.50

5,000.00 2,000.00

111

OWONIYIMARIEIGE

SCHOOLFEES

7-Oct-16

310.50

112

PHILABIGCROPCARELIMITED

AGRICULTURALHERBICIDE

7-Oct-16

310.50

56.00

113

POWERBUILDENGINEERINGLTD

LaboratoryFi�ngsandAccessories

7-Oct-16

310.50

10,000.00

114

PREMIERSTANDARDINDUSTRIALLIMITED

CHEMICALS

7-Oct-16

315.50

20,000.00

115

PROCEPTASSOCIATESPROFESSIONALSERVICESLIMITED

SCHOOLFEES

7-Oct-16

310.50

2,995.28

116

RICHYGOLDINTERNATIONALLTD

PHARMACEUTICALRAWMATERIALS

7-Oct-16

315.50

15,000.00 20,000.00

117

SEAGLEINT'LLIMITED

NEWMACHINERYFORWELDING

7-Oct-16

315.50

118

SHANAUDIOVISUALLIMITED

RAWMATERIAL

7-Oct-16

311.50

950.00

119

SHANAUDIOVISUALLIMITED

RAWMATERIAL

7-Oct-16

310.50

4,092.22

310.50

5,199.00

121

SOHOMAVITAVENTURESLIMITED

NATIVECORNSTARCH

7-Oct-16

315.50

25,000.00

122

120

SYNOLOILANDGASLIMITED

SKYCHEMINDUSTRIESLIMITED

SCHOOLFEES

CHEMICALS

7-Oct-16

310.50

7,000.00 15,000.00

123

TEELADSCOGLOBALINKLTD

ChemicalRawmaterials-TolueneDiisocyanate

7-Oct-16

315.50

124

YAHAHAADAMUGORKI

SCHOOLFEES

7-Oct-16

310.50

2,800.00

125

KRSINVESTMENTLIMITED

PETResin-ForBo�le-Grade

7-Oct-16

315.00

226,730.00

126

KRSINVESTMENTLIMITED

Assortedindustrialmachineryandaccessories

7-Oct-16

315.00

197,470.00

127

KRSINVESTMENTLIMITED

Assortedindustrialmachineryandaccessories

7-Oct-16

315.00

445,800.00

RETURNS ON SOURCES OF FUNDS SOLD TO CUSTOMERS FOR WEEK ENEDED FRIDAY SEPTEMBER 07, 2016

SN SOURCE

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

OTHERS OTHERS OTHERS OTHERS OTHERS OTHERS CCI OTHERS DEALREVERSAL CCI INTERBANK DEALREVERSAL DEALREVERSAL OTHERS OTHERS DEALREVERSAL CCI CCI OTHERS OTHERS EXPORTPROCEEDS OTHERS

DATE OF FUND PURCHASE

EXCHANGE RATE

AMOUNT

4-Oct-16 4-Oct-16 4-Oct-16 4-Oct-16 4-Oct-16 5-Oct-16 5-Oct-16 5-Oct-16 5-Oct-16 5-Oct-16 5-Oct-16 5-Oct-16 6-Oct-16 6-Oct-16 6-Oct-16 7-Oct-16 7-Oct-16 7-Oct-16 7-Oct-16 7-Oct-16 7-Oct-16 7-Oct-16

310.00 315.00 310.00 315.00 310.00 310.00 310.00 310.00 345.50 315.00 312.50 315.50 345.50 315.00 310.00 315.50 315.00 314.50 310.50 310.00 315.00 310.00

669.35 15,873.02 3,500.00 9,523.81 1,300.00 105.19 2,150.00 5,891.01 10,765.00 100,000.00 21,549.65 3,299.77 10,000.00 126,984.13 557.66 2,000.00 3,000,000.00 880,000.00 2,290.75 274.61 1,785,000.00 100.00

NEWS

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Wike: DSS lied on $2m found in judge’s house Emmanuel Masha Port Harcourt

ivers State Governor, Nyesom Ezenwo Wike, has accused the Department of State Services (DSS) of deceiving the public by saying that it found $2 million in the house of the judge its operatives planned to whisk away about 1a.m. on Saturday in Port Harcourt. Wike said that DSS operatives were outside the residence of the judge when he arrived the scene and that they didn’t enter and, therefore, could not have found such amount. He said that the DSS lied to justify its unconstitutional assault on the nation’s judiciary, noting that no amount of deliberate misinformation and concocted lie can justify the action of the secret service, which he stressed lacks the constitutional powers to discipline a serving judicial official. The governor noted that it became imperative for him to explain what really happened because of the way the DSS and other agencies use the media to manipulate information.

The DSS had, in a statement on Saturday by Abdullahi Garba, alleged that Wike aided the judge to escape with the $2 million. “In one of the states where the Service’s operations were conducted, credible intelligence revealed that the judge had $2 million stashed in his house. When he was approached for due search to be conducted, he, in concert with the state

governor, mobilised thugs against the Service team. The team restrained itself in the face of unbridled provocative activities by those brought in by the governor. Unfortunately, the judge and the governor also engaged the tacit support of a sister security agency. “The Service’s surveillance team noticed that upon frustrating the operation, the judge, with

the active support of the governor, craftily moved the money to an unknown location, which the Service is currently making effort to unravel,” the DSS alleged in a statement after the raid of judges’ houses. But Wike said that the DSS’ statement was false, noting that he was with senior Rivers indigenes at the time of stopping the DSS from arresting the judge at

Former First Lady, Mrs. Maryam Abacha (right), presenting the 2016 Tozali Woman of the Year award to Minister of State for Foreign Affairs, Hajiya Khadija Ibrahim, in Abuja …at the weekend

DSS goes after SANs, retired judges, politicians CONTINUED FROM PAGE 2

This, in no small measure spurred DSS into action having had all conversation involving the judges, senior lawyers and some politicians at different times. Also, it was gathered that the Federal Government due to lack of confidence in the judiciary is working towards the establishment of a special court which will try the arrested judges and others that had been pencilled down for arrest. The Presidential Advisory Committee on Anticorruption headed by Prof. Itse Sagay (SAN) is to facilitate the setting up of the committee. Meanwhile, the NJC had after the raid on judges has called for an emergency today where it is expected to discuss its next move. Though the meeting was earlier scheduled to hold on Thursday with a single agenda of discussing which name will be forwarded to President Muhammadu Buhari as the next Chief Justice of Nigeria (CJN). The CJN, Justice Mohammed Mahmud will retire on November 10 when he will clock the mandatory retirement age of 70. A top source who spoke to New Telegraph in confidence said that the NJC is unhappy over the arrest of some judges.

“DSS did not follow the constitutional laid down rules. Constitutionally, it is the NJC that has the power to employ and discipline judges. If there is any allegation, it is expected that it should be taken to the NJC. It would be investigated, and recommendation will be made and later the recommendation will be sent to the police. “They said that they have search warrant and they are covered, that can only be true if the warrant was issued to them by a court of law. But if the warrant is not from court, they have just gone to invade. That means that they are doing the right thing, wrongly,” he stated. Speaking on the intention of the secret service to file charge against the arrested judges, the source said that constitutionally, it is the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC) or police that has the power to file charge. “Their own is just to investigate and after hand over to the appropriate authority. It is that prosecuting agency that will now go to court to file charges against any of the judge. What the DSS is doing is illegal because the Act that sets it up does not empower it to go to court. They are just for security,”

he added. In the event the judges will eventually have to be arraigned in the court, another top source in the judiciary said the NJC will have to suspend the affected judges or recommend their compulsory retirement. “Now that the judges have been arrested with large sums of money recovered from them, the affected judges will have to be relieved of their duty in order to purge themselves of the alleged crime. I think, the DSS should instead of filing charges against them as it had said hand them over to constitutional recognised prosecuting agency,” the source stated. Another DSS source said the operation on the judges’ residence was ordered after months of investigations, during which the DSS established credibly that the affected judges were involved in questionable financial dealings. He added that the secret service had to swing into action after it submitted part of its findings to the NJC and it merely recommended two of the judges for retirement, and not prosecution. The source added that the council had refused to cooperate with the service as the agency launched wider investigations into the cases for more evidence.

Already, the Economic and Financial Crimes Commission (EFCC) is prosecuting two members of the Bar, Mr. Rickey Tarfa (SAN) and Dr. Joseph Nwobike (SAN) over corruption related cases. While Tarfa was arraigned before Justice A. A. Akintoye of the Lagos State High Court, Igbosere on a 27-count charge, Nwobike was arraigned before Justice R.I.B Adebiyi of the Lagos State High Court on a fivecount charge of allegedly offering gratification and attempting to pervert the course of justice. Tarfa is accused of bribing a judge when he allegedly gave N1.5 million to Justice Nganjiwa Hyeladzira Ajiya of the Federal High Court while Nwobike is facing criminal prosecution for allegedly bribing Justice Mohammed Nasir Yunusa with N750,000.

an ungodly hour. Wike, who spoke during a special dinner for the management and players of Rivers United at the Government House, Port Harcourt, accused the DSS of embarking on campaign of blackmail to lessen the crime it committed against the judiciary. He said: “Their blackmail stories will not move me. They will concoct all kinds of stories to justify this undemocratic illegality perpetrated against the judiciary. “It is really unfortunate that the DSS would concoct a false defence that $2 million was found in the house of the judge. It is unfortunate that the DSS is coming up with flimsy excuses.” Wike said he does not condone corruption and will never support any process that is targeted at ruining the nation’s judiciary, pointing out that only the National Judicial Council (NJC) has the responsibility to discipline erring and corrupt judges. He added: “In the police, erring and corrupt policemen are first given orderly room trial, sacked and then appropriately prosecuted.

For judicial officers, the DSS has no role. “This impunity must stop. I am not in support of any judicial officer being involved in corruption. What we are saying is that the right things must be done. We must not do things that will jeopardise our hard earned democracy. “If they had abducted the judge, they may go ahead to kill the judge and they will say that Rivers State is insecure. “The way things are going, nobody should relax. Freedom comes with sacrifice. Independence comes with sacrifice. Liberty comes with sacrifice. “We must resist this injustice. Nobody can intimidate Rivers people. If you use to do that, not now. I am informing you before you will read whatever lies they will circulate in newspapers. “I was there with our state and National Assembly members, former Deputy Speaker of the House of Representatives, Hon. Austin Opara, the PDP Chairman, Felix Obuah and some caretaker chairmen. When they said I was with thugs, I just laughed.”

PDP’s allegations on DSS raids baseless –APC While calling on the seFelix Nwaneri

he leadership of the All Progressives Congress (APC) has warned the Peoples Democratic Party (PDP) against dragging President Muhammadu Buhari into the raids on the homes of some judges by the Department of State Services (DSS). The ruling party, in a statement by its National Secretary, Hon. Mai Mala Buni, said it finds the actions of some PDP governors and the reckless unsubstantiated allegations levelled by the PDP on President Buhari as the architect of the raids curious and suspicious. The party maintained that the Buhari administration strictly respects the principle of the rule of law and also adheres to the constitutional provisions of separation of power between the three arms of government.

curity agencies to respect and be guided by the rule of law in carrying out its constitutional duties, APC insisted that the PDP does not have the luxury of dictating how the current administration carries out its legitimate duty of catching looters, as long as it conforms to the rule of law. “The APC suspects that the PDP and the Ekiti and Rivers states governors, Ayodele Fayose and Nyesom Wike, have something to hide. This is a red flag that security agencies must not ignore. “The repeated allegations that ongoing corruption investigations and trials are politically-motivated by the president and the APC are baseless. The APC urges Nigerians not to be distracted by the PDP and their agents plot to discredit the hugelysuccessful war against corruption."

JUSUN summons emergency NEC meeting Yekeen Nurudeen Abuja

he Judiciary Staff Union of Nigeria (JUSUN) has described the arrest of some judges accused of corruption by the Department of State Services (DSS) as uncivilised, calling for their unconditional release.

The union has also summoned an emergency National Executive Committee (NEC) meeting for Tuesday, October 11, to deliberate on the next line of action. National President of JUSUN, Comrade Marwan Mustapha Adamu, in a statement, said though the union is in support of the anti-corruption war of the present administra-

tion, the rule of law must be respected. JUSUN lamented the gestapo-style of the DSS on the matter, stressing that the secret police should have forwarded the names of the corrupt officers to the National Judicial Council (NJC), which is the statutory body that can punish or dismiss any erring judicial officer.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

monDAY, OCTOBER 10, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Parents, school beg abductors

...Ambode promises speedy rescue

The school entrance

Taiwo Jimoh

arents and management of Lagos State Model College, Igbonla, Epe have appealed to kidnappers of the students and teachers of the school to reduce the ransom from N150 million each earlier

demanded to N6 million. The families of the four students, a teacher and junior school vice-principal, also begged the abductors to release the victims unhurt. Sources said the gunmen, who stormed the school about 8a.m. on Thursday, had reached out to the parents through a

Muritala Ayinla

hree suspected armed robbers died when their car skidded off the popular Eko Bridge on Lagos Island. Five men were in the car when it crashed. Three of them died instantly. The accident attracted thousands of people who stormed the scene to catch a glimpse of the crash. It was learnt that the suspected robbers were fleeing with the stolen car which they snatched at gunpoint when the driver lost control of the car. The vehicle skidded off the bridge and fell on a man, who also died instantly. One of the suspected robbers escaped while the other, who sustained serious injuries, was rushed to the hospital by the Lagos State Ambulance Service (LASAMBUS). Their bodies were handed over to the State Environmental Health Monitoring Unit (SEHMU) and were subsequently taken to the

private line and demanded N150 million ransom. It was learnt the families of the victims and the school management contacted the kidnappers through the phone line they used to reach them, but later agreed to pay N6 million after the management convened an emergency meeting to discuss

the issue. One of the parents, who pleaded for anonymity, told our correspondent that he could not raise the amount demanded by the abductors. He said: “I have committed the case of my child into the able hands of God. It is only God who can help me. I cannot raise even the N6

million they reduced the ransom to. But like I said, my hope is in God.” Meanwhile, Governor Akinwunmi Ambode yesterday assured the parents that his government in collaboration with security agencies would soon rescue the victims. Ambode also promised that government would

Robbers die fleeing with stolen car mortuary. The vehicle was towed to Denton Police Station, Ebute-Metta. One of those died among the suspected robbers was identified as Nwamba. Items recovered from the vehicle included a locally-made doublebarrelled pistol with five live cartridges; a laptop; a handset and a dollar note. Also recovered was a pastor’s cloak believed to belong to the owner of the stolen vehicle. The General Manager, Lagos The damaged vehicle State Emergency Management Agency (LASEMA), Mr. Adesina discovered a grey coloured HyunTiamiyu, said the agency received dai ix 35 with registration number a distress call regarding a lone ac- SMK 485 CM which skidded off the cident on Eko Bridge about 2:15p.m. Eko Bridge by Iddo Terminus and Tiamiyu said bodies of those fell on a man who died immediately. who died had been taken to the “Preliminary investigation mortuary. revealed that the vehicle was susHe said: “On arrival at the scene pected to have been snatched at of the incident, the Emergency Re- gunpoint with five suspected armed sponse Team (ERT) of the agency persons. Three of the suspected

armed robbers died immediately; one escaped with injuries while the fifth person was taken to the hospital for treatment by LASAMBUS.” Tiamiyu advised Lagos residents to always be security conscious at all times. He said that proper investigation would be carried out by the police on the incident.

also commence a review of its laws to curb and effectively punish perpetrators of such act. The governor, who spoke shortly after carrying out an extensive inspection of projects across the state, also issued a seven-day ultimatum for all illegal structures on the state waterfront to be demolished. Speaking with journalists at the Illubirin Housing Scheme in Lagos Island, Ambode, who was visibly worried about the erection of several shanties and structures on the premises and especially on the waterfront, said such would not be allowed anymore. According to him, kidnappers, suspected militants and criminally minded persons often seek refuge in such shanties close to the waterfront, from where they perpetrate their heinous crimes and then make use of the waterways to ferry their victims to another location, in most cases another state. He said: “I also want to use this opportunity to appeal to all those living in the shanties around these schemes especially on the waterfront illegally that they should vacate the areas forthwith. “The safety of our children and all Lagosians is paramount in this administration. We will not allow a few set of people who come into Lagos and stay on our waterfront illegally and then use it as opportunity to kidnap our people. I also want to assure our people that government is seriously on the issue of the children and the teachers that were kidnapped in the Igbonla Model College and very soon, we will get the victims back. “I believe that the era of kidnapping has come to an end. We are going to review our laws and I can tell you sincerely that we will deal with kidnappers squarely in Lagos from this moment onwards. We will review our laws and make sure that there is no room for kidnappers in this state.”

METRO

monDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Olojo Festival: Ooni in seclusion for seven days Adeolu Adeyemo Osogbo

oni of Ife, Oba Enitan Adeyeye Ogunwusi, yesterday relocated from his palace to Iledi, a seclusion place where he will spend seven days in preparation for this year’s Olojo Festival. The grand finale comes up next Sunday. The monarch’s media aide, Mr. Moses Olafare, said in a statement that Ogunwusi was celebrating his first Olojo as Ooni and as such, he was leaving no stone unturned to make the festival a memorable one. He said: “Ooni will, during the seclusion, pray for the country and her leadership at all levels. Ooni Ogunwusi will also spend time praying for Yoruba race and her people. He will also seek support of ancestors for peace and progress of Ile Ife and its people. His

Suspects hide crushed human heads inside bread Juliana Francis

A Ogunwusi

duty during the period basically is to pray.” Ooni, during the event which is being celebrated annually, would wear “Are Crown,” a special crown. It is designed to be worn once in a year by the royal father during the celebration. After wearing the crown, Ooni would take a symbolic walk from Ile Oodua, Ooni’s palace, to Oke Mogun.

24-year-old man, Jamiu Alabi, and a woman, Yemi John (32), have been arrested by the police in Lagos for allegedly being in possession of suspected crushed human heads. The crushed heads were placed inside loaves of bread like sardines. The state Police Public Relations Officer (PPRO), Dolapo Badmos, said yesterday that Alabi and John were arrested on October 8 at Church bus stop, Ipaja area for being in possession of suspected human parts. She said: “Jamiu Alabi and Yemi John were arrested on October 8 about 2000 hours at Church bus stop, Ipaja, with a loaf of bread which contains three crushed human heads tied separately. They were labelled as Danjumo N20,000, Yusuf N70,000 and Alh Mumuni N10,000. Suspects are detained while case is under investigation.” In another development, the command arrested two robbery

suspects identified as Segun Ariyo and Michael Adetona. The suspects were arrested on October 8 about 11p.m. Ariyo and Adetona were arrested after a complaint was lodged by Ifeoluwa Francis of No. 67, Bunmi Ajakaiye Street, Shibiri. Francis told the police that she was robbed on October 7 about 2200 hours on Shibiri-Imude Road. She said she was robbed by the suspects, later identified as The crushed heads 17-year-old Ariyo of No. 110 Seven bus stop, Imude and 16 Adetona (16) of No. 7 Igbehinadun Street, Shibiri. According to her, the suspects, who were armed with knives, attacked and dispossessed her of valuables. Badmus who confirmed the incident, said: “They forcefully dispossessed her of N20,000 cash, one Black Berry Z3 phone valued at N37,000, different types of recharged cards, which value is yet unknown. The suspects were arrested by detectives while trying to share their loot at their hide out and have been detained for further investigation.” John (left) and Alabi

Family hides teenage Muslim girl who sees mysterious cross

Those praying at the site of the cross

Cheke Emmanuel LAFIA

teenage girl, Hajara Husseini, who reportedly first saw a cross a few metres away from the Assakio Central Mosque, Lafia

in Lafia Local Government Area of Nasarawa State, has been ferried to Bauchi State. 15-year-old Hajara is from the family of the Chief Imam of Assakio. Several people were said to have received miracles at the site of the cross.

Hajara had said that she would start healing and performing other miracles at the site of the cross on Wednesday before her parents decided to take her away following concern expressed by some members of the family. Investigation showed that Hajara was taken to Bauchi where her biological father had gone to work before he got converted to Islam. It was learnt that Hajara had refused to eat, pleading with her parents to allow her return to Assakio to accomplish what she said God had directed her to do before the cross. She was taken away after she prayed with some white men who visited the site of the cross. Hajara has not been seen since then. Efforts to speak with the Chief Imam of Assakio Central Mosque were unsuccessful as he was said

City Brief O

to have gone out when our correspondent visited his residence at the weekend. A witness, Dauda Akush-

was part of their corporate social responsibility to the community where the school is situated. “We chose to be here because the market is a filthy place and this goes to show that we are conscious of our environment and its people. “As you can see, the marketers are very happy about the exercise. We were well received and have promised not make it a one-off thing.

“We hereby enjoin other corporate organisations in the state and the country at large to adopt the exercise. “We want people to come out and should not feel too big to identify with these people.” Meanwhile, the Secretary of Oja Oba Market, Alhaji Adeshina Jimoh, on behalf of the market executives and the marketers, thanked the school for carrying out the exercise.

onye, who spoke with journalists at the site of the cross, explained that Hajara was the first to sight the cross

about 7:35p.m. on September 28 in company with two girls. According to him, Hajara quickly reported the incident to her parents and drew the attention of others to the scene.

(This announcement appears as a matter of record only) ISSUING HOUSE:

FUND MANAGER:

VETIVA S&P NIGERIAN SOVEREIGN BOND EXCHANGE TRADED FUND: Offer for Subscription of 10,000,000 units of the Vetiva S&P Nigerian Sovereign Bond ETF (VS&P ETF) Announces the result of the Offer for Subscription of the VS&P ETF with respect to the Prospectus dated 15th July 2016. 1. A total of 22 applications for 5,099,000 units of the Vetiva S&P Nigerian Sovereign Bond Exchange Traded Fund, were received in connection with the Offer. 2. All Applications were found to be valid and accepted and therefore processed. However, 19 applications were partially allotted as funds deposited did not adequately cover the units requested whilst 3 applications were allotted additional units as funds deposited covered more units pursuant to Section 8(8) of the Prospectus. Accordingly, the applicants are therefore being allotted units of the ETF as could be fully paidup out of their subscription. 5,070,359 units were, therefore, allotted for the Vetiva S&P Nigerian Sovereign Bond ETF. 3. Thus, the Vetiva S&P Nigerian Sovereign Bond ETF was 50.70% subscribed. Therefore, the basis of allotment of the Offer is as follows: VETIVA S&P NIGERIAN SOVEREIGN BOND EXCHANGE TRADED FUND Offer for Subscription of 10,000,000 units of Vetiva S&P Nigerian Sovereign Bond ETF Range

School cleans Lagos market ver 200 pupils of MD School on Saturday took part in the environmental clean-up exercise of the Oja-Oba market at Abule Egba, Lagos. The exercise, which was part of the activities lined up to mark the school’s 30th anniversary, began at 8a.m. with parents and teachers guiding the students. Executive Director of the school, Omolara Adedugbe, said the exercise

No. of Holders

Units Applied

Units Allotted

Units Alloted %

200,000

304,000

300,386

5.92%

200,001

500,000

900,000

894,382

17.64%

500,001

1,000,000

630,000

626,068

12.35%

1,000,001

2,000,000

3,265,000

3,249,523

64.09%

2,000,001

5,000,000

0.00%

5,099,000

5,070,359

100.00%

5,000,001 and above Grand Total

The above stated basis of allotment, as well as this announcement, has been cleared by the Securities and Exchange Commission. A Statements of Unit-holding for Units applied and allotted will be sent by electronic mail to the email address provided on the Application Forms submitted, not later than 15 Business Days from the date of allotment. Also, the allotment of the Securities will be effected by way of e-allotment and consequently, the Registrar, First Registrars & Investors Services Limited will forward the relevant list of subscribers and their allotment to the Central Securities Clearing Systems Plc., to enable the credit of the Central Securities Clearing System (“CSCS”) accounts of the subscribers with the allotted units not later than 24th October, 2016.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

RETURNS ON SOURCES OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 07-10-2016

S/NO.

SOURCE 1 GUARANTY TRUST BANK

DATE OF FUND PURCHASED 4-Oct-16

305.00

AMOUNT PURCHASED ($) 100,000.00

2 IMTSO

4-Oct-16

351.43

5,699.63

3 IMTSO

4-Oct-16

339.17

915.59

4 IMTSO

4-Oct-16

338.38

1,166.66

5 IMTSO

4-Oct-16

335.61

6 IMTSO

4-Oct-16

335.54

1,691.63 2,383.03

7 IMTSO

4-Oct-16

335.50

2,264.58

8 EXPORT PROCEEDS

5-Oct-16

312.00

208,831.20 21,549.65

9 EXPORT PROCEEDS

EXCHANGE RATE

5-Oct-16

312.00

10 ORDINARY DOMICILLIARY PURCHASED

5-Oct-16

308.00

968.00

11 IMTSO

5-Oct-16

336.24

4,129.28

12 EXPORT PROCEEDS

6-Oct-16

312.00

41,480.00

13 ACCESS BANK

6-Oct-16

315.00

26,225.02 100,000.00

14 JAIZ BANK

6-Oct-16

305.00

15 IMTSO

6-Oct-16

338.60

1,193.98

16 IMTSO

6-Oct-16

335.46

4,609.17

17 EXPORT PROCEEDS

7-Oct-16

312.00

47,392.50

18 GUARANTY TRUST BANK

7-Oct-16

314.50

100,000.00 208,831.20

19 UNITY BANK

7-Oct-16

313.00

20 IMTSO

7-Oct-16

351.75

1,997.74

21 IMTSO

7-Oct-16

335.67

2,689.56 884,018.42

TOTAL

RETURNS ON UTILIZATION OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY, 07-10-2016 S/NO.

CUSTOMER/FXPD/NON-FXPD 1 RITE FOODS LTD

ITEM OF IMPORT HIGH DENSITY POLYTHYLENE REIN

DATE OF FUND PURCHASED

EXCHANGE RATE

AMOUNT SOLD ($)

4-Oct-16

305.50

40,000.00 13,258.76

2 SUNCHEM INDUSTRIES LTD

INDUSTRIAL RAW MATERIAL

4-Oct-16

305.50

3 ADEDUN ABIMBOLA

LIVING EXPENSES

4-Oct-16

305.50

2,200.00

MOGAS

4-Oct-16

305.50

30,000.00

5 STERLING BANK PLC

MTIP CERTIFICATION SUBSCRIPTION

4-Oct-16

305.50

3,200.00

6 ZICO DISTRBUTION COMPANY NIG LTD

PRINTING MACHINE CABLE

4-Oct-16

305.50

6,741.24

4 MAINLAND OIL AND GAS LTD

7 PAUL-TAIWO ADEOYE OLUKOYA

SCHOOL FEES

4-Oct-16

351.43

1,424.91

8 PAUL-TAIWO ADEOYE OLUKOYA

SCHOOL FEES

4-Oct-16

345.56

2,105.37

9 KUKOYI WOLESOLA MOTUNRAYO

SCHOOL FEES

4-Oct-16

305.50

2,586.54

4-Oct-16

305.50

2,013.46

11 CENTRAL BANK OF NIGERIA

TUITION FEES IMTSO

4-Oct-16

351.43

4,274.72

12 CENTRAL BANK OF NIGERIA

IMTSO

4-Oct-16

339.17

686.69

13 CENTRAL BANK OF NIGERIA

IMTSO

4-Oct-16

338.38

875.00

14 CENTRAL BANK OF NIGERIA

IMTSO

4-Oct-16

335.61

1,268.72

15 CENTRAL BANK OF NIGERIA

IMTSO

4-Oct-16

335.54

1,787.27

16 CENTRAL BANK OF NIGERIA

IMTSO

4-Oct-16

335.50

1,698.44

17 TOPAZ CLINIC LIMITED

5-Oct-16

345.85

1,032.32

18 CENTRAL BANK OF NIGERIA

SCHOOL FEES IMTSO

5-Oct-16

336.24

19 FCMB

INTERBANK

5-Oct-16

312.50

10 DOSUMU ADE AKINFOSILE

3,096.96 21,549.65

20 JUBAILI AGROTEC LTD

AGRICULTURAL INSECTICIDES

6-Oct-16

305.50

5,000.00

21 TERRATIGA LTD

ANIMAL FEED CONCENTRATE

6-Oct-16

315.50

26,225.02

22 STERLING BANK PLC

COURSE FEE

6-Oct-16

305.50

3,300.00

23 TOMAD PRINTAZ LIMITED

HEIDELBERG MOVPH

6-Oct-16

305.50

40,000.01 10,000.00

24 SUNCHEM INDUSTRIES LTD

6-Oct-16

305.50

25 ADESUYI OLUWAROTIMI OLANREWAJU

MEDICAL BILLS

INDUSTRIAL RAW MATERIAL

6-Oct-16

305.50

1,500.00

26 MAINLAND OIL AND GAS LTD

MOGAS

6-Oct-16

305.50

10,000.00

27 TRISA NIG LTD

RAW MATERIAL FOR PLASTIC INDUSTRY

6-Oct-16

305.50

10,000.00

28 DAHUNSI TITLAYO

SCHOOL FEES

6-Oct-16

305.50

1,100.00

29 AKINTOLA AYODEJI OLUSOJI

SCHOOL FEES

6-Oct-16

305.50

1,100.00

30 PAUL-TAIWO ADEOYE OLUKOYA

SCHOOL FEES

6-Oct-16

345.85

1,450.78

31 JONES ADEBAYO OLUGBEMIGA

SCHOOL FEES

6-Oct-16

305.50

1,500.00

32 ADAMSON ADEWUNMI ISMAIL

TUITION FEES

6-Oct-16

305.50

1,500.00

33 BOVAS & CO LTD

6-Oct-16

305.50

15,000.00

34 CENTRAL BANK OF NIGERIA

UNLEADED GASOLINE IMTSO

6-Oct-16

338.60

35 CENTRAL BANK OF NIGERIA

IMTSO

6-Oct-16

335.46

3,456.88 208,831.20

895.49

36 UNITY BANK

INTERBANK

6-Oct-16

312.50

37 YINKA ADEOLA

PTA

6-Oct-16

312.00

4,000.00

38 SARO AGRO SCIENCES LTD

AGRICULTURAL INSECTICIDES SNIPER

7-Oct-16

313.50

208,831.20

39 EMEL ENT. LTD

EMEL BRAND COMPLETE

7-Oct-16

315.00

100,000.00

40 BEAUMONT AROMATICS NIG LTD

INDUSTRIAL MATERIAL HANDLING EQUIPMENT S

7-Oct-16

312.50

41 METRA IMPEX LIMITED

RAW MATERIAL FOR REFIGERATION INDUSTRY

7-Oct-16

312.50

41,480.00 47,392.50

42 TOPAZ CLINIC LIMITED

SCHOOL FEES

7-Oct-16

361.00

43 TOPAZ CLINIC LIMITED

SCHOOL FEES IMTSO

7-Oct-16

345.85

672.39

7-Oct-16

351.75

1,498.31

45 CENTRAL BANK OF NIGERIA

IMTSO

7-Oct-16

335.67

2,017.17

46 BOLAJI AUDU

PTA

7-Oct-16

312.00

2,000.00

44 CENTRAL BANK OF NIGERIA

TOTAL For further enquiries, please contact Sterling Bank Plc. Tel.: 014484481-5 or 014489470-94 E-mail: customercare@sterlingbankng.com www.sterlingbankng.com

499.43

889,050.43

MONDAY, October 10, 2016 NEW TELEGRAPH

Interview Recovered funds should be channeled into capital projects – Ojikutu

Politics Eight years after the Justice Mohammed Uwais-led Electoral Reform Committee submitted its report and the recommendations yet to be implemented, the present administration has set up another committee on the issue, FELIX NWANERI reports

Another journey to electoral reform

t is a new chapter in the country’s polity as the Federal Government last week inaugurated a 25-man Constitution and Electoral Reform Committee, which it said is aimed at consolidating the new innovations in the electoral space. The committee is headed by former Senate President Ken Nnamani. Other members include Dr. Mamman Lawal (secretary), Oluwole Uzzi, O. O. Babalola, Mr. Duruaku Chima, Mrs. Musa Maryam, H.A Tahir, Ike Udunni, S.O Ibrahim, Esther Uzoma, Muiz Banire, Eze Philip, Bashir Ibrahim, Abiola Akiyode-Afolabi, Utum Eteng, Ejike Eze, A.C Ude, E. Ifendu, Francis Bullen, Anike Nwoga, Cecilia Adams, Clement Nwankwo, C. Jude, Mohammed Tukur and Juliet Ibekaku. The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, who inaugurated the committee last week, said he was directed by President Muhammadu Buhari to set up the committee. He recalled that the President had in his inauguration speech stated his desire to deepen the country’s democracy and entrench the culture of an enduring electoral system, adding: “It is important to evaluate our democratic journey thus far with a view to fashioning out a more enduring system that will serve present and future generations.” The AGF further noted that recent judicial decisions have shown that there is urgent need to scale

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

L-R: Special Adviser to the President on Justice Reform, Juliet Ibekaku; Nnamani and Malami, at the inauguration of the committee

up confidence in the electoral system, pointing out that even the Chief Justice of Nigeria (CJN), Justice Mohammed Mahmoud, had decried the widespread distortion of binding judicial precedent with conflicting judgments. On the committee’s terms of reference, Malami said the team is expected to look into possible amendments to the Constitution and Electoral Act and come out with a more robust and generally acceptable electoral system. The minister, who advised the committee to consult far and wide and in particular with the National Assembly and judiciary in order to make recommendations that would stand the test of time, added: “The committee is also advised to take a holistic look of the recommendation of Justice Uwais Electoral Reform Committee.” But justified as the reasons for the constitution of the committee, the question most analysts have asked is: What is the essence of the Nnamani committee when the report of the Justice Mohammed Uwais-led Electoral Reform Committee is yet to be implemented? Besides the Uwais committee report, there is also the report of the 2014 National Conference convoked by the immediate past administration of Dr. Goodluck Jonathan, which made far reach-

The whole essence of this committee is that of consolidation

ing recommendations on how to reform the country’s electoral process but yet to be implemented as well. Senator Nnamani happens to chair the conference’s sub-committee on electoral reform but President Buhari, described the conference as a misplacement of priority. “I advised against the issue of National Conference. You would recall that the Academic Staff Union of Universities was on strike then for almost nine months. The teachers in the tertiary institutions were on strike for more than a year, yet that government had about N9 billion to organise that meeting (National Conference) and some (members) were complaining that they hadn’t even been paid. “I never liked the priority of that government on that particular issue, because what it meant is that the discussions on what the National Assembly ought to do were more important than keeping our children in schools. That is why I haven’t even bothered to read it or asked for a briefing on it and I want it to go into the so-called archives,” he said. The position of most stakeholders and analysts is that the Buhari administration should have dusted the Uwais committee report, which they described as compre-

hensive, for implementation and avoid the duplication of effort and waste of resources, which the Nnamani committee would amount to. Uwais committee recommendations Former President Umaru Yar’adua, who set up the Electoral Reform Committee under the headship of Justice Uwais (a former Chief Justice of Nigeria) on coming to power in 2007, admitted that the election he won the previous year was flawed. The committee delivered on its mandate and submitted its report within a year. It formally submitted its report on December 11, 2008. Unfortunately, Yar’adua was unable to implement the report as he died before he served out his tenure. The succeeding government led by his deputy, Jonathan, promised to implement the report but it never did until it was voted out in the 2015 general elections. The report consists of six volumes, volume one deals with the main report while volume two and three deal with memoranda received by the committee made up of 22 parts and analysis of the presentations made at the public hearing held by the committee. Volume four, which is in 13 parts contains the verbatim report of the CONTINUED ON PAGE 14

POLITICS \ Monday INTERVIEW

Alhaja Sinatu Ojikutu is the first elected female deputy governor in Lagos State and Nigeria. She bares her mind in this interview with WALE ELEGBEDE on the state of the nation, how to make judicious use of recovered stolen funds and the economic recession, among other issues

When this present administration came on board, some monies were recovered from those who looted the treasury. What do you think the government should do with these funds? I think the government should have highlighted the projects they want to use these recovered stolen monies for and announce to the public that the recovered monies will go into the stated projects and people will see that the projects are being done. That way, people will start having hope in government. But that is not being done but we must not give up, we have to advise them on what to do. But are you worried that some Nigerians are beginning to make a comparison between this government and its predecessor, especially on the state of the economy? Nigerians are now like the Israelites when Moses led them out of Egypt and they were in the desert. At a point when the only meal they ate was Manna they started complaining that Moses should return them back to Egypt, where they were being marginalised. We are now behaving like that because I am now getting a feeling that Nigerians now prefer the time of people that were cheating them and looting their commonwealth to the time of someone who is helping to recover the loots. But I donâ&#x20AC;&#x2122;t know why some few cliques will enslave us with our own wealth and we appear contended. Are you not worried that the recovered funds could also go into private pockets? Most of these stolen funds are in still in the hands of a lot of people. My appeal is that even though the president may not be aware of the looted funds, those with the funds should approach him and drop the monies and Buhari also should highlight what he is going to do with the monies. That way, people will not feel the recovered money will not as usual go into private pockets again because it is not everybody around President Buhari that is on a clean plate. Some people are noted to be like these people we are talking about. So, if the monies are not fully channeled into visible projects, there is a temptation of believing that they might also want to keep the funds and later make it party money. There should be more trans-

MONDAY, October 10, 2016 NEW TELEGRAPH

Recovered funds should be channelled into capital projects â&#x20AC;&#x201C; Ojikutu parency in the way the administration is going about it, so that those who are now agitating, scheming and plotting against the president will not have grounds to stand on because the support of the people will be with him but as it is now, peoplesâ&#x20AC;&#x2122; goodwill is being eroded and that is what should be tackled because that is what keeps a president in place. The goodwill of the people deserted Jonathan and if the goodwill of the people deserts President Buhari, he is not the one that will suffer, it is the people that will suffer because if President Buhari should go under this cloud, what we will get will be Armageddon. That is why I have been told to talk and all of us will rise up together and let this administration see that things are not being done the way they should be done. Are you saying that you have a message for the country and the president? I'm not bringing this out because I was a former deputy governor but I'm doing this interaction because I received a message for Nigerians and the message has been coming and I just have to deliver it because it affects all of us. When former President Good-

Ojikutu

Those who have grouse against this administration should take it easy and... allow Buhari to accomplish his mission

luck Jonathan was in power, I got a similar message but that was meant to be delivered to him privately but not to Nigerians. The message came from the Psalms in the scripture after I was worried about so many things going on in the country then. I fasted and prayed and I received a message for him, and I made effort to see him but I was securely blocked. I went to Abuja on my own after securing an appointment to see him but those who were around him then felt I could not see him. The message has to do with his personal life but as they say, the rest is history. This time around, the message is for us as a nation. The message came in form of a reading from the Quran, I have been fasting and praying to know what is happening presently in this nation because it appears nobody is happy, everybody has one grouse or the other; those who were happy yesterday are unhappy today and only a few people can talk about being satisfied with what is going on. What is the message about? In the vision, President Buhari was likened to the she-camel in the Quran and the people of Tamud, very hard people in their ways, and they were given this

she-camel but God was watching them, if they allow it to drink on certain days while the rest of the people drank on another day. But somehow, the wicked people among them got together and decided that they must Armstrong this she-camel and they killed it and the whole nation of the Tamud people, God wiped them out. So, he was likened to that in that revelation but this message should go to all Nigerians because firstly, this nation has some people who without being compelled or commissioned by anyone, just decided to take it up as a duty to pray and fast for Nigeria, but I was told in the revelation that many of them have stopped doing that. Why do you think the intercessors stopped their duties over the nation? In the past, the plots of those who were planning evil against the country got mitigated by the prayers and intercessions of these set people that I am talking about. But right now, many of these people have stopped praying on behalf of this nation. They have stopped addressing and advising those who they should advise to do that which is right. So, the message is that if we allow this to continue, some people are

POLITICS \ Monday INTERVIEW

MONDAY, October 10, 2016 NEW TELEGRAPH

Ojikutu

plotting and planning, and their plots have reached an advanced stage and they want this man there, Buhari, to exit. But it is not Buhari that is the issue; it is Nigeria that is in trouble. And this is why I come out boldly to say please let all Nigerians try to disperse whatever grouse that is not making them happy, and pray for this nation that whoever or whatever group or groups of people are plotting the exit of this man should not succeed. Interestingly, those plotting also will not win because they will be in trouble and it will even affect the innocent. It is not only the guilty that will be in trouble this time around, those who believe that they have the power and money; somehow it will be turned and used against them. I don’t know what it is but I was told to wake up this nation; the young, old, rich, poor and every one of us should embark on selfexamination and come near to God asking that we don’t as a people go into disarray. If we are thrown into disarray, even the rich will not survive it. What it is I don’t know but this is the message that I’ve been given that we should all rise up in our individual enclaves, pray for Nigeria, seek a means of advising the person who is there if we can, fear God and talk to each other. A lot of people have many hidden things within them, which are not known to anybody and they are itching to put them to practice. From what I have been shown, Nigeria will not be the same if these people are able to fulfill their desires, it would not be what they also expect. From what I have seen and shown, it is like an Armageddon and it will happen unless those who usually intercede, pray and fast for this nation without being asked, go back to their kneels. From the day I got this message I’ve not been happy because many will hear and say what is she looking for. But I thank God that I don’t need any recognition; age is not even on my side again to be jumping around for anything. But if you have this kind of message, you must give it out because you

don’t want the wrath of God to descend on you. We need to go back to God irrespective of our religion and pray for our president not for his own sake alone but for our own sake as well. Also, I was told in the revelation that the president should be wary of his own inner circuit people as well. There are people around him working against him, so he should be very careful. How do you mean when you said Nigerians will suffer if Buhari was made to exit? There will be uprising and when there is such, you won’t know who will survive it. The punishment of God can come in different forms. The suffering will affect the good, the bad, the rich and the poor and that is why I am afraid and making this clarion call that we should pray, fast, advice and take action. We should stop taking our eyes away from correcting evils. That is why I am saying that those who have grouse against this administration should take it easy and have a rethink because if they allow it to take over them and they take action, it will consume them and they should not dare God. They should be patient and allow Buhari to accomplish his mission. When did you start to receive this type of message? All my life, I’ve always have revelations on and off. People who know me know that this is not unusual but this is the first time I am being told to go nationwide with it. In this case, I wasn’t sent to Buhari, otherwise I would have sought an appointment with him but I was sent to Nigerians. I had an uneasy feeling and that made me go into fasting and it was during the fasting that I asked to know what is happening because people who were happy when Buhari came to power are no longer happy again but I think the presidend is not the problem but we are the problem. Were we really working the way we should work before he came on board? Were we really earning our earnings the way we should? Did the government then knew how Ni-

Were we actually buoyant before or we had a fake economic growth and the realities are just hitting us in the face now?

gerians were feeding? The truth is that majority were just cutting corners to make ends meet because the government then wasn’t doing what it is supposed to do. So, we can now understand why people are fed up. We must start to examine ourselves. The truth is that our trust in God has shifted, before now, people are so quick to say we trust in God but many people are not saying that again because for them, they called on God and this government came and still we are not seeing anything. The systems are not working and people have started giving up but we must not give up on this nation. If we give up on this nation what is coming will not be palatable to every one of us. It’s not everyone that is fraudulent; some people will want the system to work. We have to continue to be hopeful and pray that this man that God has allowed to get to office at this time will fulfill his mission for the sake of all of us and not for his sake. The activities of Fulani herdsmen have become a recurring issue in the polity. How do you think we can get it resolved? These Fulani herdsmen have always been with us and they are friendly up until now that we started seeing and hearing things about them. I believe that there are forces using the Fulani herdsmen to be more forceful for reasons known to them. Our president is a Fulani man and I know that there was a committee he set up to look into the forceful activities of the herdsmen. But you will agree with me that he also needs to be careful not to be seen antagonising his own clan. However, I want to say that everybody has the right to defend their territory. Just like Ekiti State has done by regulating the herdsmen activities, others should take a cue and defend their territories, I don’t think we should be calling on Buhari for things like these. Since they are in your territory, combat them and then let us now hear Mr. President say don’t combat them. Oonce the herdsmen sense that the will of the people is up against them, they will withdraw. But I think it is just an issue of perception on where the president comes from, oh, he is a Fulani man and that was what was uppermost in the mind of many people and they feel he is condoling them. The nation’s economy is in recession and there are proposals that the government should sell some national assets to boost the economy. What is your take on that? I am sorry, I think I have a different view about this economic recession talk. I have asked the question, were we actually buoyant before or we had a fake economic growth and the realities are just hitting us in the face now? Number one, oil prices have gone down and our work ethics is nothing to write home about for a long time. I have always had issues with the work ethics of Nigerians. There was even a time when they carried placards that I must go. The oil boom which is supposed to be a blessing has turned out to be part of what has caused our problem in this country. People who used to believe that they don’t need to work to

make it are now working because free the money is no longer there again. This is the only country where you don’t have to suffer to eat, especially in Lagos, because people are so generous. Our lives are not regulated, our taxes are not regulated. So, when we talk about recession, I believe that this recession is a blessing that is opening our eyes and senses to the benefits of good and services. Talk with a market woman; she now knows what dollars is all about. Why didn’t she know before? I have an American work experience; you work for the almighty dollar. If you don’t work, you don’t get paid. Then I came back home and I see that here people believe that whether they go to work or not, the salary must be paid. That doesn’t happen in any decent society. There should have been a revolution in this country long ago if we are discipline. The other twist to this issue is that some people said they are not being paid salaries but they must report at work, the question to ask is where did they get money to transport themselves to the office? How does an employer expect his staff to get to work when they are not paying them? It should be no salary no work, but people will still go there. There has been endemic corruption in the system for a very long time. I’ve worked in places where the stealing was unbelievable, I tried to curb it but I was called different names. People who should support are the ones at the forefront of opposition against me. It’s very dangerous when nobody knows what is good from what is bad, because that is when a nation on the edge of destruction. That was where we were before Buhari came in. What would have happened if we had continued with what was going on under Jonathan that there was no more caution and everybody was just grabbing what was at sight, a nation cannot survive that way. What personal message do you have for President Buhari? First, he should look deep within his inner caucus because it is not everyone that is around him that is happy with his anticorruption drive. Secondly, he needs to be more transparent in the way he is handling state affairs. He shouldn’t allow people to easily read meanings in his action. Buhari has never been a regular politician and he should not start now. He is cut out to be a man of action but it seems politicians are curbing what he knows he should do. Also, he should have a meeting with all his predecessors and whatever is in their possession and that is the commonwealth of our nation should be used for a project and name the project after them. We are not asking them to give the money to us but they should the stolen funds to empower Nigerians through one project or the other, and it can bear their names, at least that gives them posterity. These monies from them can be used to industrialise our nation because it is the key to our development. This will give the common man on the street a sense of doing things right. We don’t have people to look up to and we actually need people like that.

POLITICS

MONDAY, October 10, 2016 NEW TELEGRAPH

Electoral reform: Mixed feelings C O N T I N U E D F R O M PA G E 1 1

public hearings, while volume five and six contain reports of retreats held with foreign experts and the appendices to the main report. Justice Uwais had reasoned then that the implementation of the recommendations “will significantly restore credibility to the Nigerian electoral process and usher in an era of free, fair and credible elections that will conform with international best practices.” Among the recommendations of the report include the appointment of chairman of the Independent National Electoral Commission (INEC) and the rest of the board by the National Judicial Council (NJC); that only the Senate should have the power to remove the INEC chairman or anyone on the board based on the NJC’s recommendation; funding of INEC directly through the Consolidated Revenue Fund of the federation; setting up of a Constituency Delimitation Commission, Political Parties Registration and Regulatory commissions; holding of presidential and governorship elections at least six months before the expiration of the term of the current holders of the offices; independent candidates and that no elected person should assume office until the case against him or her in the tribunal or court is determined. Of particular interest was the recommendation by the committee for the setting up of an Electoral Offences Commission to ensure prosecution of offenders even after the winner would have emerged. A similar recommendation was made by the Sheik Ahmed Lemu Committee report on the 2011 postelection crisis. The panel set up the Jonathan administration to investigate the 2011 post elections, reported that 943 persons died and 843 were injured due to electoral violence. It therefore recommended the establishment of “an autonomous and constitutionally recognised Electoral Offences Tribunal, but which may be an ad hoc body as it may not have much to do in between election periods.” The Jonathan administration not only accepted the recommendation, it also directed the Attorney General to take steps towards setting the tribunal. But years down the line, the tribunal is yet to be established. AGF justifies committee’s set up Apparently reacting to arguments in some quarters that the Nnamani committee is duplication of efforts and “job for the boys,” the AGF said the Constitution and Electoral Reform Committee is different from the Justice Uwais-led Electoral Reform Committee. His words: “Fundamentally, there are two key differences. The first difference is that in the other committee their assignment concluded with a recommendation and no further steps were taken in terms of actualising it. “The whole essence of this committee is that of consolidation. From 2008 when the Uwais committee was put in place, a lot of other issues have come up within

Buhari

the electoral landscape in Nigeria. Those new innovations and events that came on board were not taken into consideration by the Uwais committee that is why we call this committee a consolidation committee. Consolidation committee in terms of looking at the recommendations made by the Uwais committee over time, looking at the new innovations that came into the electoral-space and then look at them jointly to see how the process can be taken forward for action and implementation. “The essence now is taking the process forward by way of seeking the blessings of the Federal Executive Council and National Assembly, and eventually passing it into law. By so doing, the process would be moved from the point of recommendation to the point of implementation through legislative process.” He decried a situation where the lives of electoral officials are at risk during polls and where politicians make the environment for elections a war theatre. Nnamani, on his part said he was confident that President Buhari would enhance democratic structures in Nigeria. His words: “The issue of inconclusive elections in the country affects national election, which leads to loss of lives and the best way to handle it is to stop inconclusive election. The best way to stop it in advance is to support the government in implementing what will make Nigeria have non-violence elections.” As the former Senate president rightly pointed out, there has been concern given the outcome of recent elections and reruns conducted by the Prof. Mahmood Yakubuled INEC though the commission attributed the development to the competitiveness of the country’s polls. The November 21 and December 5, 2015 governorship polls in Kogi and Bayelsa states, respectively, which were the first test for the new INEC chairman and his team, not only ended on inconclusive notes but were characterised

Musa

Committee should look at the report of the Uwais committee and incorporate it in what it would be coming up with

Okorie

by poor logistics. The subsequent rerun elections in Rivers and Osun States and the FCT council poll ended on similar notes but there was appreciable improvement in the just held governorship election in Edo State though the opposition alleged manipulation of the results. But as the Nnamani committee settles down to commence work on its assignment; it is mixed feelings among some stakeholders, who spoke with New Telegraph on its constitution. They include former governor of old Kaduna State, Alhaji Balarabe Musa; National Chairman of United Progressive Party (UPP), Chief Chekwas Okorie; National Chairman of National Conscience Party (NCP), Dr. Yinusa Tanko; President General of Igbo think tank – Aka Ikenga – Chief Goddy Uwazurike; National President of Arewa Youth Consultative Forum (AYCF), Alhaji Yerima Shettima and public affairs analyst, Jide Ojo. Musa: It’s a political miscalculation The Uwais Committee report has not been implemented and government is setting up another committee. Even the report of the committee which was set up for credible, free, fair and legitimate election leading to legitimate election is far short of peoples’ expectation and it didn’t meet what Nigerians expected. And now without implementing anything about Uwais report, the incumbent government is coming up with another public deceit. If the Uwais committee cannot do better than what previous administrations had done, the present committee will not do better. The government is yet to implement the Uwais report and it is talking about new committee. So, we should see it as political miscalculation and political fraud that will not bring out anything better. I don’t believe in the new electoral reform committee. They should scrap the committee. It is a waste of money. It is waste of our resources in pretence that they can

do what they cannot do. Okorie: Committee shouldn’t ignore Uwais report Given the position of President Buhari on the report of the 2014 National Conference, it would be better for us to support the Nnamani committee, which he is likely to adopt the recommendations that will emanate from it at the end of the day rather than insisting on what he doesn’t have the temperament to accommodate. I say this because he had openly supported the introduction of the card reader to our electoral process and even promised to further back the use technology to make sure that every vote counts. With that mindset, I am sure that the terms of reference given to the committee, is in that line. And Nnamani, being a former Senate president, who has been part of the process of some amendments in the electoral process in the past, will not ignore the recommendations of the Uwais committee. I don’t think that anything that will further enrich our electoral process and deepen our democracy is a waste. Our party would be submitting a memorandum to committee and we encourage other stakeholders to do so. I also advise that the President should be encouraged to expedite action on the recommendations of the committee by time it concludes its job and submits report. He should be ready to forward the recommendations by way of executive bill to the National Assembly for appropriate amendment to the relevant electoral laws. We shouldn’t see the committee as job for the boys as erroneously being propagated in some quarters because there are so many ways he can engage his loyalists if he so wishes. There are several board appointments to be made which is even recognised by the constitution but he has been reluctant in doing that. I don’t subscribe to that argument. As I said earlier, the committee should look at the report of the Uwais committee and incorporate it in what it would be coming up

MONDAY, October 10, 2016 NEW TELEGRAPH

over Nnamani committee

Shettima

Nwazurike

with, so that President will take credit for it and let us make progress. Yerima: Recession, a more serious issue of recession than electoral reform The Nnamani committee is not necessary for now. What the Buhari administration should have done is to look at ways of implementing the Uwais committee report because it is comprehensive enough to address lapses in our electoral process. We have a more serious issue of economic recession on our hand but because people in government have a funny way of doing things, they always come up with unnecessary committees whenever they want create jobs for their loyalists. It is an insult on the sensibilities of Nigerians for the present government to think the priority of the people at the moment is electoral reform when there is severe hunger in the land. There is suffering in the land, which is a primary issue but the government in its wisdom thinks that the best thing to do is setting up another committee on electoral reform, when everybody know that the various issues being raised now would have been addressed if the Uwais committee report had been implemented. We all commended the Uwais committee then for doing a good though the Jonathan administration failed to implement its report. But one had expected that President Buhari would have looked at it, adopt it and make adjustments were necessary rather than starting afresh by setting up another committee. What we need at the moment is a committee that will come out with measures, which will take us out of the present economic recession because Nigerians are dying of hunger. Uwazurike: National Assembly’ll have the final say Besides the call for the implementation of the report of the Justice Mohammed Uwais-led Elector-

al Reform Committee, you should recall that before now, President Buhari has said that he would not look at the report of the 2014 National Conference convoked by former President Goodluck Jonathan, which also have recommendations on electoral reform. Since Buhari has insisted that he won’t look at the confab report, let him do his own; that is why he is the president. Let him go ahead if that will make him think about restructuring the country. Restructuring is in various forms; we have electoral reform, structural reform, judicial reform and economic reform. All of them come under the name – political reform – so the electoral reform is part of the restructuring that we have been calling for. But, if in doing that, he will not look at what is already on ground, let him go and do his own and let us give him the benefit of doubt. What it requires to implement whatever recommendations that Nnamani committee will come up with is the political will on the side of the President and luckily for him, his party is in control of the chambers of the National Assembly. I believe that at the end of the day, everything would depend on the position of the National Assembly but Ken Nnamani being a former Senate president, of course, he knows the language. He was also at the last National Conference, so he knows what is expected of his committee. I see that President Buhari just want a document bearing his name that is why he doesn’t want to touch the report of the processes initiated by former Presidents Yar’adua and Jonathan as we are still moving in the same direction. Tanko: It’s waste of taxpayers’ funds - Tanko The Electoral Reform Committee is a jamboree. It is another waste of tax payers’ money, which the government says we don’t even have now. If the government wants to embark on electoral reform, it should sit down and invite all polit-

Tanko

It is another waste of tax payers’ money, which the government says we don’t even have now

ical parties to have input in it. Electoral reform cannot be left alone for a committee; it should not have been given to a committee because we already have a document from the Uwais committee. If you notice, the Uwais committee did not have politicians as members. And they did a very good job. But in the new electoral reform committee, there are politicians. Ken Nnamani is a politician but a well respected Nigerian, who has shown his character. There is no doubt about it. But then, he will pang toward whoever may have appointed him no matter how you look at it. We have the likes Prof. Attahiru Jega and members of civil society groups in the Uwais Electoral Reform Committee and they did a very good job but the document has been stashed somewhere. And now the Nnamani committee is to review the work that the Uwais committee did; that is absurd. That document has not been subjected or passed to the National Assembly for them to look at it critically, so that they can make input and all political parties can also make input. Why are we always denying the political parties the opportunity to make input in electoral reform? It is unacceptable that one political party in the disguise of government will decide the fate of other political parties. We have it on good authority that what they are trying to do is to reduce the number of political parties to two. They should allow political parties to survive and make input on their own. This particular electoral reform committee is totally out of it. Political parties should be allowed to sit together and determine the document they want to enact into law. We need to own our document. Ojo: No need for another electoral reform committee I do not think this is a priority issue now. Even if it is, it’s a right thing being done at the wrong time. In August 2007, former President Umaru Yar’Adua, seeing the deeply flawed election of that year, set up Justice Muhammadu Lawal Uwais

POLITICS

22-member committee to reform our electoral process. The committee sat for 16 months and came up with 83 recommendations which many informed Nigerians believed if wellimplemented would therefrom give the country credible electoral process and outcomes. When the report was submitted in December 2008, Yar’Adua set up a White Paper committee headed by the then Attorney-General and Minister of Justice who submitted its report in March 2009. Thereafter, President Yar’Adua sent six electoral reform bills to the National Assembly many of which were rejected. Though some of the key recommendations of the ERC were vetoed by the White Paper committee, it still stands to the credit of Yar’Adua that the 2010 constitution amendments and Electoral Act which eventually gave the country a credible election in 2011 were derived from the ERC report. Despite the successful and credible general elections of 2011, about 800 lives were lost and properties worth billions of naira destroyed in pre-election violence in Akwa Ibom State and post-presidential election in some northern states. President Goodluck Jonathan on May 11, 2011, inaugurated the Sheikh Ahmed Lemu-led 22-member presidential panel of inquiry to investigate the remote and immediate causes of the incidences of electoral violence. The panel submitted its findings to the former President on October 10, 2011. It is instructive that five years after, many of the recommendations, just like those of the ERC report before it, had yet to be implemented. To the best of my knowledge, the only thing I’m aware Jonathan did was to pay compensation to some of the victims of electoral violence. The arrowheads and their foot soldiers who perpetrated the mindless acts were never brought to justice. After that came the 2014 National Conference set up by President Jonathan. About 500 eminent Nigerians were brought to Abuja from all over the country to jaw jaw for months. They came up with hundreds of resolutions. The confab cost the country about N7bn, yet it has been kept on the shelf in the Presidency. None of the beautiful recommendations has been implemented. Like Nnamani said at a civil society event sometime ago, Nigeria is becoming a nation of perpetual reformers. The issues with our electoral process have been wellarticulated and solutions proffered but government has been tardy and sloppy with implementation. What assurances do we have that this 24-member Nnamani committee is not a ruse? To drive home my point, part of the ERC recommendations was the establishment of Electoral Offences Commission. The Presidency adopted this and the Federal Executive Council in 2012 or thereabout approved the setup. Yet, the inauguration of this all-important commission that would have helped to sanitise our electoral process has been kept in abeyance. •Additional reports from Temitope Ogunbanke

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Opinion

As politics stares Udom in the face Dominik Umosen

he reformation of the Nigeria Police Force (NPF), which has been initiated by the new Inspector General of Police (IGP), Mr Ibrahim Kpotun Idris will necessarily be intense and painful, nothing like the half-hearted attempt to recover Akwa Ibom over-bearing politiciaans. Restoring confidence in the institution, which suffered abuse under successive governments, requires a huge effort and the new IGP has set about this responsibility with transparent conviction. Unlike genuine reformation which is impossible on the Akwa Ibom model where Governor Udom Emmanuel curiously accepted a cabinet that was imposed on him by his political benefactor, Obong Godswill Akpabio who is now the Senate Minority Leader, the new police helmsman, who was Assistant Inspector General (AIG), in charge of Operations before his appointment, showed readiness for the job. That is why he blasted off with morale-boosting visits to formations across the country soon after his appointment last June. Unlike Governor Udom who would rather not assert himself and risk forfeiture of political patronage, Idris hit the ground running which was why he demanded a stop to the old way of doing stuff, including conversion of donated vehicles to personal use by Force top brass.

If he had been driven by similar desperation, Idris would have conveniently persisted in the massive rot that he inherited, including tear-jerking collaboration in unprecedented kidnaps that rocked Akwa Ibom between in the past. Giant strides towards reforming and upgrading the welfare of officers and men has been prioritized in the Force since his assumption of office. Even his critics admit that there has been greater compliance with improved methodology of policing since the new super cop came on board. Critics say that the force may not yet have maximized efficiency and inspired desired confidence, yet they concede that the incumbent IGP has ushered in refreshing change and commitment to welfare of officers and steady improvement in compliance with operational methodology by police officers. It is an accepted fact in engineering that a unit can not run faster than the system, hence the general agreement on the fact that because the Nigerian society is yet to attain perfection, it is impossible to expect perfect or optimum performance from a unit in this system. Unlike the IGP who asserted himself from inception, the unwitting acceptance of imposition has become an albatross to Udom, especially as 2019 draws steadily close. Already, the credibility crisis suffered by his administration has become compounded by allegations of disloyalty levelled against some cabinet members that are perceived as moles and fifth columnists who were deliberately planted by his predecessor to monitor the incumbent. The consequence of distraction from ef-

The unwitting acceptance of imposition has become an albatross to Udom

fective governance and loss of impact from this skewed arrangement that the incumbent accepted without complaint, consequently provided a shot in the arm for the All Progressives Congress (APC), in its determination to snatch the state. And this desperation to snatch Akwa Ibom is inching closer to manifestation as revealed by deft moves to rattle the incumbent by fielding a popular candidate from Eket Senatorial District to challenge the governor who has not convinced skeptics that he is not a helpless victim of a political spell, unlike the admirable example demonstrated by the IGP. Besides providing counterpoise against desperation, the master stroke in a popular candidate from Eket to challenge the incumbent in 2019 compensates for serial political blunders the opposition inflicted on itself. In 2011, the opposition came dead on arrival by fielding a candidate from Uyo Senatorial District, right after the out-going governor, Obong Victor Attah who hails from the zone. And as if inspired by similar death wish, the APC trampled upon political sensibilities, fielded yet another candidate from Uyo, Chief Umanah Okon Umanah, who only just quit as Secretary to the State Government(SSG) and paid dearly for it. Udom seems not aware of the pain he is causing his admirers by unwittingly holding Akwa Ibom for the APC to rape which is what blind allegiance to a decimated political platform amounts to. His pledge to a benefactor emphatically inspired the opposition to perfect irresistible strategies that lured a difficult bride for the APC to devour. •Umosen (dominikumosen1@gmail.com) wrote in from Lagos.

Dwindling Imo economy and inflation Cyril Aririguzo

onest reflections of the true picture of things in Imo seem to suggest that all is not well with the economy and its people. There has been sharp decline in economic activities and in the Gross Domestic Product (GDP) for more than Six months running and nothing tangible seems to have been done by government to remedy the situation. Even, the latest forecast by the International Monetary Fund (IMF) a week ago predicted that Nigeria’s economy would contract further by 1.8 percent and this was further re-affirmed by the Finance Minister, Kemi Adeosun when she concurred that Nigeria was technically in recession. Already, Imo State is experiencing some of the worst form of recession in recent time from the look of things on the ground. The resultant effect of the contemporary situation is the harsh economic condition, occasioned by insensitivity of those in government to the plight of their subjects. This shows why the lingering face off between the civil servants, pensioners, the organized private sector and government has continued. As the problem continues many families are finally disorganized, pauperized, confused and mesmerized as a result not knowing what to do and the government is not concerned. The insensitivity of the government has drawn huge criticism and condemnation to the

extent that many are calling for the governor to resign. If I may recall, before Governor Okorocha was re-elected in 2015, he promised during his campaign to bring succour to the people, fix all the roads he embarked upon, improve quality of lives by embarking on people oriented projects, create jobs for the unemployed, stimulate trade and attract foreign investments by providing enabling environment in the state. This was equally reflected in his campaign mantra, “Job, Job, Job, Factory, Factory, Factory, Employment, Employment, Employment,” which was smartly used while the election lasted. Today we have seen that such boisterous statements and promises were well articulated make-believe strategy to hoodwink innocent and gullible electorate to have their votes. Many thought the government had something to offer in terms of economic package to backup the promises or to create enabling environment and policy to drive the economy and create jobs for the unemployed. The hard truth is that there is no economic policy or package available, no job has been created or factory sited in Imo or been attracted to the state even with all the several foreign trips which I am sure have gulped billions from our monthly allocations. I do not want to sound immodest, hard times are certainly here and ahead of the people. Imo state is in trouble because its economy is a shambles and it appears the government is running short of ideas on

how to solve the economic problems bedeviling the state from its body language. Many have alleged that corruption has turned to corporate leadership of sorts. The leadership has been accused of having insatiable appetite for material wealth acquisition and ostentatious living, a matter people have considered an affront to their collective intelligence. Public confidence has been eroded by the conduct of the government in running its affairs, having removed every sense of sanity and has not only become a thorn in the flesh of the people but has become very unpopular as the day goes. Corruption, mediocrity, favouritism and lack of purposeful leadership have been evident here, like we all know that these evils and cankerworm prevent the society from putting its abundant human and natural resources into productive use. It is a product of bad governance which often leads to poor economic growth as well hampers economic development of the state. The government of Governor Okorocha has been accused severally of compounding the expectation of the ordinary man who waits in vain to feel the impact of good governance. In Nigeria where our economic development is tied to our political survival, it will be pertinent to observe that the mirage of problems be biting our society might be more compounded if the trend of events by our political actor is not put on the check or advised to make amendments. The

product of this kind of political enterprise is the lack of trust between the government and the people and which is robbing off negatively on the state. Already the perception of the people may have changed given the negative impact of the raging economic recession and this of course, forms the reason why many pundits are of the view that our journey to economic recovery may be fait-non-accompli. Even in the terrible times many still believe that something could be done to salvage the situation if our leaders will be more proactive and patriotic enough to do the right things before things get out of hands. With the frightening increase in poverty, hunger and despair it will be an understatement to say that Imo of today is sick and is experiencing the worst form of economic hardship occasioned by seeming poor leadership. The fact remains that the state has not been up to date in the paying of civil servants and pensioners salaries and pensions and cannot live up to stimulate her economy. The governor from the look of things, may have given up already on Imo State going by his body language and a recent statement while reacting to an open letter ex-governor Ikedi Ohakim wrote to him. Sadly the Governor instead of accepting and taking correction from the well articulated educative letter rather decided to assemble a think-tank committee to reply Ohakim. This is ridiculous for a good leader! Who is fooling who in the state? •Aririguzo wrote in from Lagos.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

EDITORIAL

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Managing national assets

he ding-dong over the proposed sale of some of the national assets came to a head last Tuesday when the presidency advertised for sale two of the 10 aircraft in the Presidential Fleet. The two aircraft – a Falcon 7X and Hawker Sidley 4000 – government stated in an advertisement, could be inspected at the Presidential Air Fleet’s Hangar located at the Nnamdi Azikiwe International Airport, Abuja, and at Cessna Zurich Citation Service Centre, Zurich, Switzerland. The Federal Government had spent a whooping N7 billion to maintain the 10-aircraft in the PAF fleet 16 months. Minister of Budget and National Planning, Udo Udoma, at a cabinet retreat, had dropped the hint of government’s plan to dispose of some national assets to bridge the funding gap in the budget and up the country’s dwindling foreign reserves. Items proposed for sale includes some aircraft in the presidential fleet; four refineries in Warri, Port Harcourt and Kaduna and part of the 49 per cent government’s shareholding in the Nigeria Liquefied Natural Gas Company. Government also considered advance payment for licence rounds, infrastructure concessioning and the use of recovered loot to fund the budget

as the price of crude oil, used as benchmark for the budget, plummeted in the international market. Apparently, the federal government flew a kite through the Minister. Government was testing the waters on how Nigerians would react to the plan to sell these assets. The fact is that the country is broke. And the government needs capital fast to fund the budget. Nigerians are complaining. The economy is down. Prices of commodities have gone off the roof. Businesses are collapsing and compatriots are dying ei-

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Stimulus Bill containing fiscal stimulus packages, investments and incentives designed to pull the country out of recession. The Labour unions – NLC, TUC, PENGASSAN –other groups and Nigerians also kicked against the sale of the national assets. While we align with the argument that government does not have to sell the people’s commonwealth because of the present situation, the ones draining the nation’s pocket have to go! How can one

The ones draining the nation’s pocket have to go

ther through suicide or hunger. A responsive and responsible government needs to do something fast. This is not a time to live a life of luxury while the masses who voted leaders into power are suffering. The Senate overwhelmingly rejected government’s proposal, arguing that selling the assets would hurt the system in the future. The lawmakers suggested, among others, the review of the operations of the Treasury Single Account (TSA) as the implementation had contributed to starving the system of funds. They also asked the executive to urgently submit an Economic

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explain, in these austere times, spending N7 billion maintaining only the president’s fleet of aircraft?

Of what use is that to a hungry Nigerian? Or how do you explain spending N264 billion as turnaround maintenance for refineries that are not producing optimally? Nigeria still imports fuel for local consumption! These billions of naira wasted on frivolities would have taken care of infrastructures and healthcare that will benefit the Nigerian masses. We commend the federal government’s decision to sell some aircraft in the presidential fleet, and also ask that government should go ahead to sell off assets that constitute drain pipes to the nation’s purse. Government must also monitor and

make sure that the proceeds of the sales are used in refloating the economy. However, we say no to the proposed selling of 49 per cent of government’s shares in NLNG as this is a cash cow for the government. Government should exercise restraint on this with the hope that this tough time will not last. Already, the price of oil has started picking up. We are sure government must have learnt some hard lessons from this recession. One is the lesson of diversification. Government needs to diversify from a mono economic product – oil - and increase allocation in budgets for agriculture and solid minerals. Nigeria is a consuming nation. Government should create enabling environment to attract investors. This will reduce unemployment and help in arresting the dwindling foreign exchange. Most importantly, we suggest that governments at all levels should consider cutting down the cost of governance. If the executive and legislature are sincere and serious on ways of getting out of recession fast, they should consider a cut in salaries and emoluments. Curiously, nobody suggested this during the debate in the Senate. Security votes should be reviewed downwards. Recession time is not a time to live in luxury.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

monDAY, OCTOBER 10, 2016 NEW TELEGRAPH

INTERVIEW

Law

Adetola-Kazeem: Fusion of investigative, prosecutorial powers good for EFCC

NEWS Dasuki’s tortuous journey to freedom

20 23

Lawyers push for effective FoI

AKEEM NAFIU reviews the Freedom of Information Act since its enactment in 2011 and gives a verdict that it is not yet uhuru

ive years on, the Freedom of Information Act 2011(FoI) which was described in its introductory paragraph as “an Act to make public records and information more freely available, provide for public access to public records and information, protect public records and information to the extent consistent with the public interest and the protection of personal privacy, protect serving public officers from adverse consequences of disclosing certain kinds of official information without authorization and establish procedures for the achievement of those purposes and; for related matters,” is yet to attain its useful purposes. Specifically, Section 1(1) of the Act which says “notwithstanding anything contained in any other Act, law or regulation, the right of any person to access or request information, whether or not contained in any written form, which is in the custody or possession of any public official, agency or institution howsoever described, is established,” has been under threat five years after the Act was passed into law. For instance, Section 1(2) says, “an applicant under this Act needs not demonstrate any specific interest in the information being applied for” while Section 1(3) says, “any person entitled to the right to information under this Act, shall have the right to institute proceedings in the court to compel any public institution to comply with the provisions of this Act.” Yet Nigerians remain choked as access to information is still a tall dream notwithstanding the empowerment of the FoI. FoI was enacted on May 28, 2011 following its signing into law by former President Goodluck Jonathan. Its enactment was aimed at stemming the tide of pervasive culture of secrecy in government business and open up the space for Nigerians to ask questions about how they are being governed. For years, Nigerians lack access to

FOLUSO OGUNMODEDE

deputy group news editor/ JUDICIARY coordinator foluso.ogunmodede@newtelegraphonline.com

Buhari

information about institutions that thrive on public funds was being compounded by the oath of secrecy sworn to by civil servants under the existing Official Secrets Act. Three organisations; Media Rights Agenda (MRA), Civil Liberties Organisation (CLO) and the Nigeria Union of Journalists (NUJ), mooted an idea for a Freedom of Information law for Nigeria in 1993 during the regime of the late General Sanni Abacha. But this battle for access to information on public institutions and government did not make any significant progress until 1998 after a campaign to legalise the right of access to documents and information in the custody of government, its officials and agencies as a necessary corollary to the guarantee of effective freedom of expression was spearheaded by the organisations This however led to a bill entitled “Draft Access to Public Records and Official Information Act” was eventually produced in 1994 by the Media Rights Agenda (MRA). The content of the draft was a product of consultations among the three organisations, responses to questionnaires administered on practicing Nigerian journalists as well as experiences of other countries operating freedom of information laws. The draft which was the basis of further discussions and debates was later subjected to a series of reviews by various stakeholders. Sadly, all efforts at making the dream of having legislations on the freedom of information a reality were unsuccessful as the government being headed by the late Gen. Sanni Abacha became more repressive and brutal and the law was never passed. However, the necessary political climate needed to revisit the issue

Saraki

Dogara

was created following the death of General Abacha in June 1998 and the coming into power of Major-General Abdulsalami Abubakar, who immediately embarked on a transition to civil rule programme under which elections were held into various levels of government between December 1998 and February 1999. The Freedom of Information (FoI) bill was first submitted to Nigeria’s 4th National Assembly in 1999 when the country returned to democracy but it did not make much progress. The bill however staged a comeback to the legislative chambers in the 5th National Assembly in 2003 and was passed by both chambers in the first quarter of 2007. However, it was vetoed by President Olusegun Obasanjo. The bill later found its way back to both chambers of the 6th National Assembly in 2007 and was finally passed on May 24, 2011. To many, the signing of the bill into law by former President Goodluck Jonathan on May 28, 2011 was an indication that the country had been equipped with vital tools to uncover facts, fight corruption and hold officials and institutions accountable for their deeds. With the FoI, it became mandatory for institutions spending public funds to be open on their operations and expenditure while citizens will have the right to access information about their activities. The law would also protect Whistleblowers who report wrongful conducts by their employers or organizations from reprisals attack. Sadly, there are growing concerns that FoI is not being fully or effectively implemented more than five years after it came into existence as what appears as a pervasive culture of secrecy in government business

coupled with the low level of public usage had remained a clog in the wheel of the Act’s progress. The inadequate implementation and scarce demand for information pursuant to the law by citizens might not be unconnected with the belief that civil servants are not ready to abide by the right of access to information as guaranteed by the legislation. For instance, a civil society organisation, ‘Right to Know’, in a report released to mark the first celebration of the Universal Access to Information Day, indicated that ministries, departments and agencies were not complying with the provisions of the Freedom of Information Act 2011. According to the report, the National Assembly which passed the bill that eventually became the FoI Act five years ago had also never complied with the provisions of the act. The association’s National Coordinator, Ene Nwankpa lamented that “44 public institutions which submitted FoI annual reports in 2016, represent just a fraction of over 800 public institutions in existence.” According to her, an assessment of the websites of 43 of the 44 public institutions that submitted FoI annual report to the office of the Attorney-General of the Federation (AGF) in 2016, indicated a below average compliance mark with the proactive disclosure provisions. Nwankpa said: “The Bureau of Public Service Reforms (BPSR) is the only institution with a dedicated FoI portal for receiving and responding to electronic FoI requests and publishing information. “Even the National Assembly that CONTINUED ON PAGE 22

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Adetola-Kazeem: Fusion of investigative, Chief Gani AdetolaKazeem, a Notary Public and Senior Advocate of Nigeria, is a Fellow of the Chartered Institute of Arbitrators (FCIArb). In this interview with JOHN CHIKEZIE, he speaks on EFCC’s prosecutorial powers, sale of national assets, judiciary and sundry issues

How would you look at the call by the lawyers’ umbrella body-the Nigerian Bar Association (NBA) for the removal of the Economic and Financial Crimes Commission’s (EFCC) prosecutorial powers? Well, there could be arguments for and against. The ideal is that law enforcement agencies should have strong investigative machinery. This would not only help to detect crimes, but also to investigate and acquire adequate materials necessary for prosecution that could sustain any charge in such events. However, this is not a matter of politics, though ordinarily I should support or sympathise with my association. But they have their reasons for the advocacy. Maybe the NBA presumes that if you have an independent agency handling prosecution, it could be more dispassionate. But against that view, my position is that if there is both an investigative and prosecution under the same umbrella (EFCC), then consultation and synergy would be much faster. When we have the same agency handling prosecution, the advantage is that it creates synergy between the investigative arm of that agency and its prosecuting arm. It’s easier dealing with both arms when they are working under the same agency; in the sense of knowing the intricacies, through investigations, required to sustain prosecution. Unlike when it’s a different agency entirely handling prosecution. The likely occurrence would be for the investigative agency to conclude its investigations in the manner it knows best and simply sends the results to the prosecuting agency. It is possible for the prosecution to find missing gaps with the results, within the space and time of delivery. The prosecution might even discover a certain amount of insufficiencies with the data collected to adequately formulate a charge in the law court. Hence, for every charge, there should be certain elements necessary to sustain a charge, especially in a criminal matter. For instance; if someone is being charged in some certain sections of the law, certain elements must be present for the charge to be sustained. So if the prosecution, upon examining what the investigative authorities had brought, discovers disparities or inadequacies, the likely outcome would be to send such data back to the agencies to re-conduct further and proper investigations. This would invariably reveal its inability to sustain the charge and lead to a “no case to answer” situation. This scenario happens quite often,

Adetola-Kazeem

especially, between the police and the Director of Public Prosecution (DPP) or Attorney’s-general office whether at the Federal or State. Unlike the police which is global and covers a wider scope, the EFCC has a specialized nature-bothering on economic and financial crimes. Although the police have some limited power of prosecution themselves, but in most cases, the prosecution, at the High court for instance, sends the file after they must have assembled their evidence to DPP’s office for an opinion- to determine whether there’s a case or none. The DPP, in some events, may render the file as inadequate and this would result to the natural death of such a case. All this could be avoided if both departments are under the same confinement. Therefore, because of this specialized nature, I think it’s better for the anti-graft agency to retain both investigative and prosecutorial powers, since that is the essence of its creation. This would create a strong synergy and enable them carry out consultation easily and effectively. For months, the EFCC’s seizure powers raised dust when it wielded it against a sitting governor. How would you describe the agency in view of its powers to confiscate and forfeit proceeds of corruption? Sitting governors enjoy immunity only from prosecution, but not from investigation. So, if an allegation is made against any incumbent governor, or is being mentioned in the

investigation of other crimes, then nothing forbids an anti-graft agency like EFCC from carrying out investigation. In fact, a long time ago, the court also pronounced same; that sitting governors can be investigated for the sake of acquiring evidence but cannot be prosecuted while still in office. Hence, such evidence becomes relevant for prosecution after the sitting governor vacates such office. Meanwhile, regarding the question of ceasing property, I think the EFCC have some judicial authority to temporarily seize property for the purpose of investigation. In most cases, they obtain court orders as backup to do so. The seizures are not permanent but serve as tactics for preserving evidence from being tampered with by an alleged suspect. For example, if we permit a certain sum of money, which could serve as potential material for prosecution, found in a governor’s account to remain, then it could all be carted away. This would, however, frustrate the future prosecution of such an alleged crime. This also includes landed property which deals with title documents. If those items are not preserved during investigation, they could be transferred to other parties and thereby become unavailable for prosecution, especially when such officers vacate the office. Therefore, this becomes the intrinsic essence of their actions. There has been an unending blame game regarding the probable cause of the economic recession ranging from the past

administration, militancy in the Niger Delta to the past CBN predecessors. How would you reconcile such blames, especially in the light of request for emergency power by President Muhammadu Buhari? First of all, we have to know the true content of the emergency power bill, before we can discuss it extensively. In my understanding, from the information I read from a press release, the president is not seeking an undefined power to unleash his own selfwilled ambitions on the economy. In most situations, we apportion blames to the government for being too slow to take active measures or decisions regarding certain issues. Meanwhile, the laws are there to govern every process or procedure. For instance, award of contracts is done within the confine of the Procurement Act which reveals certain guidelines regarding the procedures to follow. The procedures for award of contract include; a call for tender, obtaining quotations from so many people, advertising and so on. However, what I believe the press statement acknowledges is that some of these things take quite a long process and in some cases, demand immediate actions. For instance, in the case of a building collapse, this might require an immediate action to salvage the situation. But the law does not permit or empower the executive to do so without following prescribed and written procedures. If he persists and acts on the contrary against such laws, he would be accused of contravening the law, which could be tagged as an

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prosecutorial powers good for EFCC impeachable offence. Therefore, in other to safeguard himself, he needs a suspension or amendment of such provisions to enable him, as president to achieve quick and faster results instead of taking lengthy periods and adhering to voluminous procedures. I presume that this is what the President seeks to achieve with the emergency power bill. The bill will aid in taking cogent decisions, implementing certain economic measures that set us on the part of growth and redeem us from the incessant problem of recession. Therefore, quick decision has to be made and we require the law to empower the president or any office holder, to take such steps promptly without having to go through lengthy processes which might frustrate decision making, although my opinion is in line with the little information I derived from the press release. Meanwhile, the issues regarding the blame game, we all know that the present crises and sufferings are the consequences of the errors of several years. We can’t just limit it to the immediate past administrations; it also delves into the ministries, including the civil service commission and military regime. It encompasses the failure of taking wrong decisions for the deliberate sabotage of defined processes, and that exactly, is what the country is suffering from. For example, the idea of awarding contracts without implementing them and catering away with the money, swindling money meant for public affairs into private pockets. Everyone has in one way or another, contributed to the failure of the system. The country must realize that this is a continuous systemic failure that was developed over the years. And in order to reverse this trend, we must take hard measures and prompt decisions. At this point, this is where the economic emergency power, if given to the president, might be useful or assist us in solving the thwarting recession. Although the federal government has denied plan to sell some of the nation’s assets to reflate the dwindling economy, would you see the selling of assets as one of the best options to revive the economy? National assets has been sold in the past, what was the effect or benefit of such sales, especially commercially viable assets? What did we lose out of selling them? Nigerian Liquefied natural Gas (NLNG), for example, is not just solely owned by the government, though it has substantial interest within, other private companies like SHELL has interest too. What the advocators are saying is that the government’s interest should be ceded away to private terms. That’s so absurd, with due respect to those concerned. We all know that NLNG, after the last administration, even though I can’t measure to what extent it has contributed to the economy in the past years, has

paid heavily into the federal purse in billions of both naira and dollars. It has assisted in raising the financial account of the government. What happens if we now sell it off ? What would be the monetary value of the shares when sold off ? How much derivatives could be obtained? And for how long would that sustain the country? If this asset is paying off strongly, why must it now be sold because of a temporary, miniature issue? However, there may be some dormant assets that are not making effective, positive wave on the financial system. For example, we have a number of fleets of aircrafts, though not exact with the number or for what course or purpose. Most of them are not serviceable. But we can deduce its importance by strategically defining the exact number the President or his aides really require in order to move around on short notice and safely too, since we cannot afford to jeopardize with the safety of our leaders. But some of the excesses could be disposed of. We could also review some of the assets which are of little or have no major economic value, and sell them to generate funds. On the contrary, with my experience which spanned 31 years as a civil servant and having functioned in the managing of federal government corporations, I have witnessed with disdain the nonexistence of sectors such as the Nigerian railways, National Insurance Corporation, the Nigeria Airways, Nigerian Shipping Lines etc., when one looks back and realizes that these great sectors and companies no longer exist, you would weep for Nigeria. Most nations of the world have national carriers, not to mention the British Airways. Even America has Airways. Where is the Nigerian Airways? You don’t just close your eyes and sell off national institutions simply because of some selfish interests. When the Nigerian Airways and Shipping Lines were sold, what did we achieve or generate with the money? Is that the same thing we want to replicate now? I would rather affirm that if there is anything we must do to retrieve or bring them back, then we strictly must and not to destroy the efficient ones we are meant to preserve and improve upon. Rather, those that are not of commercial value, functioning as liabilities, could be sold in lieu. It’s so shameful that at this point, Nigeria being the largest exporters of crude oil cannot boast of an effective and productive refinery. However, rather than preserve the already existing ones, we advocate for it to be sold. My question is this, to whom would these assets be sold off to? The ones which had been sold to private individuals, have they been maintained and managed properly? There’s an Ajaokuta steel Mill and for the past 30 to 35 years of pumping in money therein, Nigeria is yet to obtain or produce a rod of steel from it. The essence at the time, was to migrate from the manufacturing

Present crises and sufferings are the consequences of the errors of several years. We can’t just limit it to the immediate past administrations

Adetola-Kazeem

of papers and so on, into the production of equipment, especially steel. But Nigerians made it impossible for that place to function. Can’t we think on advancement, instead of clamoring to remain perpetual importers? The Nigerian Airways, at the time, was the largest employer of labour during which my commission, in the 70s, was responsible for their staff administration. This was when the civil service was employing about 30 thousand people while the Nigerian Railway Corporation was employing about 35 thousand. People systematically killed the railways. Now they want to bring it back! Do you know what it cost to resuscitate such? Even the roads that we are constructing are not designed for the loads that it is carrying. Most of those roads could have been fitted for the railways but some people destroyed it to fit into their personal businesses. However, I think that most of these ideas are selfish and we must trade circumspectly in receiving them. What do you think can be done to arrest the trend of conflicting judgements in the judiciary besides probe of judges involved by the NJC? There are two different scenarios, but I think the common one is the situation where cases filed within the same court, like Federal High Court, are conducting proceedings because of the same issues. I am sometimes marveled, because the counsel involved in such cases could highlight such as an abuse of court processes. For instance, if someone has commenced a proceeding in a court, any court at all, between the same parties, on the same subject matter, in respect of the same issue and someone else even any of those parties, goes to any court to start another proceeding. The first and immediate thing a lawyer, who knows about the existence of the old case, is to raise an objection that the latter is in contradiction because the current action is an

abuse of court process. Even a day old lawyer knows that the law does not accommodate multiplicity of proceedings. That’s the reason I am amazed when I hear that there exist scenarios where same cases proceed in different courts simultaneously. That is purely criminal. Someone should object to that and the judge in charge of the case should entertain such objection and rule on it. Therefore, any court which receives such objection and still insists on proceedings errs in its dealings. Hence, such a judge is liable to disciplinary actions. Same penalty also serves for lawyers. But talking of conflicting judgments; judges might see matters differently, which is not inherently unheard of. They can see things differently and come to diverse conclusions. But the point is that whatever conclusion or judgment a judge proffers, must be supported by law and the facts before him. Let’s assume that the Court of Appeal had given a ruling on a certain matter which is quite similar to the one before the judge or there are authorities or decisions of the higher courts- which is called judicial precedent. It is bound to accept it, whether or not it appeals to him. Even the Court of Appeal has no say in a matter which has been decided by the Supreme Court. And in the same manner goes to the High Courts over the decisions of the appellate courts. Although you can distinguish cases if there are distinguishing factors, for example; considering the rule of law in a particular jurisdiction, say Abia State which would be different from the rule of law in Lagos State. Hence, that decision would not necessarily be binding. Even lawyers can distinguish cases in their arguments. But once the disparities are not evident, the court is bound to follow the principles of precedent. Also, in the rule of law, certainty is one of its major ingredients. And if there is no certainty in the decision of the court, where then lies the fate of the society? It would definitely lead to anarchy. The Chief Justice of Nigeria (CJN) retires next month. What is your assessment of his tenure especially as he said he’s leaving the office better than he met it? The claim is the basic aspiration of any office holder or human being. That is, leaving the world much better than we met it. Society must improve and its advancement is dependent on human beings. The former CJN, Justice Aloma Mariam Mukhtar would also say that she had done a lot, and she did a lot to improve on what she met on ground. So if Justice Mahmoud Mohammed says he has improved on the judiciary, then such claims cannot be negated or denied. This is simply because Justice Aloma couldn’t have finished everything and there are evidently, certain areas that still require to be improved upon, which I think Justice Mohammed did. Therefore, I certainly have no dispute with his claims or his tenure. However, in terms of disciplinary measure where some judges were removed from offices, he quite made a mark to drive and promote discipline in the judiciary.

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FoI: Tackling reprisal against whistleblowers C O N T I N U E D F R O M PA G E 1 9

enacted the FoI Act in 2011 has till date never submitted a FoI annual report to the AGF since the law was passed. “As an oversight institution that receives FoI report made by public institutions through the AGF, it has become questionable whether the National Assembly has the legitimacy to hold any public institution accountable for non-compliance.” The report noted further that there was a decline in the submission of FoI annual reports by public institutions to the AGF. While 60 institutions of 800 submitted such report to the AGF in 2015, only 44 submitted in 2016. Consequently, the group is urging President Muhammadu Buhari to direct the Head of Civil Service to ensure compliance with the law, saying that it would help his fight against corruption tremendously. Lawyers speak A cross-section of lawyers who spoke with New Telegraph Law expressed displeasure that the legislation is yet to serve its intended purpose of putting information that will help in the monitoring of government’s activities within the reach of citizens. A Senior Advocate of Nigeria (SAN), Gani Adetola-Kazeem, while speaking on the issue, said Nigerians attitude with regards to seeking information must be changed for the Act to be effective. He said: “I think that it is the perception of Nigerians. If things are straightened out, you can apply for a particular information or document from any authority which you are entitled to get and if you are not given, then you can proceed to court. You can seek an order of mandamus for court to compel them to release the document. “I think human rights activists in the country would do a lot better to enlighten and aid the masses if they truly want improvement in this regard. For instance, I am aware that for a very long time, salaries and allowances held by administrators were being shrouded in secrecy. I am not sure if they are now known. This has been happening and nobody could do anything about it because information about the issue is treated as being private and confidential and therefore could not be released to the public. “This action is purely unconstitutional because once you surrender yourselves to any public property or office, there ceases to be any form of privacy. I think Nigerians must stand up to embrace their rights.” A former Nigerian Bar Association (NBA) vice-president, Mr. Adekunle Ojo in his views noted that even though the law was not as effective as it should be, it had indeed been enforced under certain circumstances. He said: “The law has not been effective as expected, but we would not say that it has not been enforced under certain circumstances where those in charge of information gave it out when they believe that it would not be inimical. If you recollect, when there

Ojo

Adegboruwa

were agitations over whether or not, the Chief of Army Staff, General Buratai, owns property outside the shores of Nigeria, a lawyer just applied for information on the issue based on the Freedom of Information Act and he was granted the desired piece of information by the army. “However, there were so many instances where requests were made but were never granted by those-in-charge. Besides, the secrecy that has always been the bane of the civil service has also not left the place. Civil servants still find it difficult to divulge information to people. “People were seeking information because of lack of probity and accountability in this clime. In decent societies, you don’t even need to start seeking information. This is because the processes are already there. These processes will give a step by step account of everything. For instance, in a bidding process, you already know what to do. You already know how much to pay for the process and where you are paying the money to. The transparency is almost without fault in such countries unlike what attains in Nigeria where all manner of atrocities are committed with pleasure. So, when the process is transparent, the task of seeking for information will be easy and almost effortless.

President Muhammadu Buhari must compel Head of Civil Service to ensure FoI compliance if war against corruption must succeed

Mumuni

Malachy

“But people should not lose hope, they should keep on seeking for information and if they are denied, they have every right to go to court. Then, let everyone that feels he need information go for it. A good number of Nigerians are too timid to ask for information. What I also found out was that the lack of awareness about the Act might not be unconnected with high illiteracy level among our people and the fact that most Nigerians cannot afford to spend their hard earned money in search of information. “At times, you might need to spend money to acquire certain information but most of the time, it is either that it is not affordable or there is no money to spend. Besides, the scarcity of public interest oriented lawyers does not help matters; we now have less of people of the likes of the late legal icon, Chief Gani Fawehinmi (SAN) who are always at the forefront of fighting for the masses. Above all, the law has to be domesticated by states in their various domains for it to have a replicating effect.” Executive Director of the Socio-Economic Rights and Accountability Project (SERAP), Mr. Adetokunbo Mumuni blamed the non-effectiveness of the Act on inadequate publicity which had left many Nigerians in the dark. Mumuni said: “It is more than five years that the Act was promulgated but I want to say that it has

not been given the much needed publicity. The level of awareness about the Act among Nigerians is abysmally low. This has occasioned the under-utilisation of its advantages. This brings to mind the fact that overwhelming majority of our people are not informed in the sense of being a literate. The question is, what has government done to popularize the contents and provisions of the Freedom of Information Act by jingles on radio and television so that Nigerians will be in the know of its existence? This is a major reason why the Act has been ineffective. “Besides, it seems those of us that are even aware of the Act were too laid back. We want to leave all issues to the press, non-governmental organisations and some public spirited individuals. That is not the way it is done. Nigeria citizens must own that Act and be ready to demand accountability through it because this is the essence of the Act in the first place. In a democracy, there can be no opaqueness. Opaqueness and democracy are antithetical principal. The reason for the Act is for transparency and accountability but we are not asking the right questions. India is operating similar Act and inspite of the massive population of the country, the poor people in India makes use of the Freedom of Information Act for almost everything under the sun. The people put the India FOI Act to test to the extent that the prime minister was accusing them of abusing it. What I am saying in essence is that whether or not a legislation will do the work it is meant to do will depend largely on its usage by the people. Nigerians have not been putting the FOI Act to the desired test. This is because it is in the constant testing of the legislation that we can know its effectiveness. “The other thing is that the orientation of the civil servants concerning the oath of secrecy has not changed. They have forgotten that within the bowels of the FOI Act lies a Section that says ‘this law overrides the Official Secrets Act’. Unfortunately, the civil servants are still afraid and doing as if the FOI Act is not in existence. They are still doing things in old ways and I want to put the blame on those in government. In fact, they need to do more sensitization awareness for civil servants to know that things must not continue like before. I want to urge Nigerians to always put the government to task by asking the necessary questions to make the country a better place for all of us. “Besides, when there was a request for information on any issue and it was not granted within the seven days permitted by the law, I think Section 20 of the Act says one can go to court in order to compel anyone in charge of the information to release it. We at the Socio-Economic Rights and Accountability Project (SERAP) has done that repeatedly. For example, we have demanded to know what has been happening to all the recovered loots since 1999. The matter started in 2011 and we succeeded in getting judgement on February 4, 2016. Up till now, government has not complied with the judgement. That is the problem. The court directed all government since 1999 to give an account of what has C O N T I N U E D O N PA G E 2 4

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Dasuki’s tortuous journey to freedom TUNDE OYESINA writes on former National Security Adviser, Col. Sambo Dasuki’s tortuous journey to freedom

otwithstanding the verdict by the ECOWAS court which had compelled his release from detention over charges of corruption, the immediate National Security Adviser, Col. Sambo Dasuki, may still remain in custody. Reason: The ECOWAS court’s order may not bind on the Federal Government even though the government is a signatory to ECOWAS treaty. The treaty is not superior to the nation’s constitution as it was yet to be domesticated by an Act of the National Assembly. The travails of the former National Security Adviser, Col. Sambo Dasuki had continued to linger, even as the Federal Government had at the last adjourned date again failed to produce him in one of the courts where the former NSA is facing trial. The ex-NSA is facing trial over alleged illegal possession of firearms and diversion of funds meant for the procurement of arms before three different courts. First, Dasuki is standing trial on a five-count charge of money laundering involving about N84.6m and illegal possession of firearms before Justice Adeniyi Ademola of the Federal High Court, Abuja. He was granted bail by the court on self-recognizance. The second case involving Dasuki is one in which he is being tried with an ex- Director of Finance and Administration in the office of the NSA, Shuaibu Salisu and former Director of the Nigerian National Petroleum Corporation (NNPC), Aminu BabaKusa in a 19 count-charge bordering on criminal diversion of funds. In this charge, Dasuki, Salisu, Baba-Kusa and two companies – Acacia Holdings Limited and Reliance Referral Hospital Limited were charged with conspiracy and criminal breach of trust under the Penal Code Act and the Economic and Financial Crimes Commission (Establishment) Act. The trial judge, Justice Baba-Yusuf admitted each of them to bail in a ruling on December 18, 2015 at N250m with one surety. In the third case, Dasuki is being tried along with former Minister of State for Finance, Bashir Yuguda, a former Sokoto State Governor, Attahiru Dalhatu Bafarawa, his son and firm Sagir Attahiru and Dalhatu Investment Limited and former Director of Finance and Administration in the office of the NSA, Shuaibu Salisu in a 22-count charge of alleged diversion of over 20 billion. The trial judge, Justice Peter Affen also on December 21 last year, granted bail to each of them at N250m with two sureties. Although, Dasuki had pleaded not guilty to all the charges, the various courts which had, one time or the other, admitted him to bail. Having perfected his bail, however, the Department of State Services (DSS) re-arrested Dasuki and kept him in its custody since December last year. Every effort to secure his release by his counsel had proved abortive. Dasuki had in a bid to secure his freedom approached the Court of Appeal, but he was asked to return to the lower court to face his trial. Dissatisfied, Dasuki went ahead to the ECOWAS court where he presented his case based on the breach

of his fundamental human rights to freedom. At the court, the Federal Government had opposed the application brought by Dasuki on the grounds that Dasuki was being kept in the custody for his own good. The court last week ruled in his favour. Coming back to the High Court, Dasuki had severally through his counsel, J.B Daudu (SAN) sought to quash the charge against him, but all his applications have always been turned down by the court. Frustrated with the way the trial is going, Dasuki at a point cried out that he was being persecuted because he offended some powers that be, long time ago while he was in the army. He however added that he handed such people over to God. Dasuki’s matter is one that has dragged so much since it started last year. The matter is still at the preliminary stage in all the three courts, with no hope in sight as to when the matter will end. The matter had been stalled severally at the instance of the prosecution, either by not bringing the defendant to court or other means. The latest was when the Federal Government last week again refused to produce Dasuki in Court to continue with his trial. The trial had experienced the same trend before the court went on vacation. In the instant charge, the former NSA is standing trial on charges of money laundering and a breach of trust filed against him by the Federal Government. Dasuki who was charged along with five others before Justice Peter Affen was granted bail when he was first arraigned but re-arrested and had been kept in custody of the Department of the State Service (DSS) since December 2015. Charged alongside Dasuki in the present suit are a former Director of Finance in the Office of the NSA, Shuaibu Salisu, a former Finance Minister of State, Bashir Yuguda; a former Sokoto Governor, Attahiru Bafarawa, the ex-governor’s son, Sagir Attahiru, and a firm, Dalhatu Investment. At the last adjourned date, counsel to the Federal Government, Rotimi Jacobs (SAN) informed the judge that he was surprised that Dasuki who was the second defendant in the charge was not brought to court by the federal government. The counsel explained that on his part, he notified the Economic and Financial Crimes Commission (EFCC) on the trial and the need to produce Dasuki in court but regretted that communication gap between the EFCC and DSS was responsible for non-production of the former NSA in court. Jacobs consequently applied to Justice Affen to stand down the case for him to enable his client to produce Dasuki in court but however he could not give a definite time within which the EFCC would bring the ex-NSA to court. The action of the prosecution provoked reactions from Chief Olajide Ayodele (SAN) counsel to former Minister of State for Finance, Mallam Bashir Yuguda who vehemently opposed the request of Rotimi Jacobs for stand down on the grounds that the request if granted would not serve any

Dasuki

The ECOWAS court’s order may not bind on the Federal Government even though the government is a signatory to ECOWAS treaty

useful purpose. He added that the failure of the prosecution to give a definite time within which Dasuki can be brought to court by either EFCC or DSS was an indication that he has no knowledge of what was transpiring between the EFCC and DSS on the matter. Olajide therefore pleaded with the court to grant adjournment in the trial as a better option so as not to keep the court and the lawyers waiting till eternity. The position of the counsel was adopted by counsel to Dasuki, Joseph Daudu (SAN). Daudu however regretted that the government which put the Ex-NSA on trial was the one scuttling the trial. Daudu further noted that since June 2016 when the matter was adjourned, the EFCC which initiated the trial on behalf of the Federal Government ought to have known that it has responsibility to produce Dasuki in Court as required by the law. Counsel to Bafarawa, Chief Akin Olujimi (SAN) also opposed the request for stand down of the case without a definite time and pleaded for an adjournment. Counsel to other defendants, Dr. Kayode Olatoke (SAN) and Akeem Afolabi (SAN) respectively prayed the court for an adjournment. However in his ruling, on the stand down application,the trial judge, Justice Affen agreed that it would be unfair to stand down the case without being giving the definite time within which Dasuki could be produced in court. The court however urged the Federal Government to always do the needful to help the prosecution counsel by ensuring regular attendance of the Ex-NSA in court. He later adjourned till October 21. At the early stage of the trial, President Muhammadu Buhari during his first media chat answering to one of the questions posed to him on the continued detention of Dasuki in disregard to court orders, said his government could not afford to release him because the magnitude of the charges against him was too grievous. This was further buttressed at the last adjourned date when the Federal Government refused to bring Dasuki to court again on the basis of lack communication between the EFCC and DSS. Commenting on the continual detention of Dasuki, some senior lawyers who bare their minds on the issue disagreed with the President on the matter, saying the posiºtion he took was offensive to the tenets of constitutional democracy, rule of law and presumption of innocence of an accused person. They however advised the President to, in future, allow the Attorney Gen-

eral of the Federation and Minister of Justice, Mr. Abubakar Malami, (SAN), to handle such topics on behalf of the government. A Senior Advocate of Nigeria Mahmud Magaji stated, “going by provisions of our extant constitution, the presumption is that a person charged to court for whatever offence, is innocent until guilt is established. “Unless I am told that the constitution was amended last night. That you level an accusation on someone does not make the person guilty automatically. If it is so, why then are the courts there? What we are practicing is constitutional democracy. Another senior lawyer, Chief Joe Agi, (SAN), “It will be totally wrong to refuse to release someone on bail in the absence of any pending allegation. “No matter how strongly one feels about the culpability of any accused person, once an order has been made, the Executive is bound to obey. “Even if you have other crime allegation against an accused, you must first of all respect an order for bail, and maybe re-arrest the person later to answer to the fresh charge”. A constitutional lawyer and rights activist, Donald Obue, said the FG is in breach of the constitutional right of the defendant by refusing to bring him court to face his trial. According to him, “No matter the number of allegations against an accused person, once the matter has been charged before a competent court, that court assumes powers to determine whether or not the person is guilty or not. The prosecution cannot sit down some where to determine the fate of the accused person. That is exactly what the FG is doing now. “Court orders are made to be obeyed, if not, it becomes impunity. No matter the gravity of the offence, an accused is presumed innocent until proven guilty. Proper investigation ought to have been conducted and concluded before a person is charged. Re-arresting someone immediately after the court has granted such person bail makes mockery of our democracy which is presumably anchored on the rule of law and separation of powers,” he added Also commenting, another lawyer and right activist, Innocent Ohakhire stated that the excuse given by the prosecution for not bringing the defendant to court is not tenable at all. “The duration of the adjournment was long enough for the prosecution to make proper communication. For the prosecution to come and give excuse on lack of communication is nothing but a calculated plan to frustrate the defendant,” he stated.

24 Law|news

monDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Court rejects contempt charge against OGSIEC boss Stories by Akeem Nafiu

34-year old cobbler, Ganiu Anjorin and a 22-year old accomplice, Opeyemi Suarau, have been arraigned by the police before Magistrate A.O. Soladoye of an Igbosere magistrate’s court over alleged stealing of N11.4 million. The duo were docked on a three count charge of conspiracy and stealing. They however pleaded not guilty to the charge while a lawyer to the second defendant, Oluwaseyi Onikoyi, urged the court to grant his client bail in liberal

ustice Ibrahim Buba of a Federal High Court in Lagos has refused to entertain an ex-parte application by two of the Executive Committee of the Ogun State Chapter of the Peoples Democratic Party (PDP) to serve a contempt charge on the Chairperson of the State Independent Electoral Commission (OGSIEC), Alhaja Riskat Ogunfemi, by substituted means. The two committee members, Chief Adebayo Dayo and Semiu Sodipo, has slammed contempt charge on the OGSIEC Chairperson and six others for allegedly disobeying an order of the court. Other alleged contemnors are; Ogun State Independent Electoral Commission (OGSIEC), Mutiu Agboke, Chief Akinlota, Alhaji Lawal, Hon. Sikirulai Ogundele and Tolu Bankole. The judge in rejecting the application opted to hear the preliminary objection filed by the alleged contemnors against the suit. Hearing of the objection has been fixed for November 1. Dayo and Semiu Sodipo are suing for themselves and on behalf of Ogun PDP’s executive committee. The Independent National Electoral Com-

Cobbler, maid docked over N11.4m theft A terms. They were later granted bail by the magistrate in the sum of N1million each with two sureties in like sum. One of the sureties, according to Magistrate Soladoye, must be a civil servant while the other must be a blood relation gainfully employed in a reputable organisation The matter has been adjourned to November 9. Earlier the prosecutor, Inspector Jimoh Joseph, had informed the court that the de-

fendants who lives at Ikorodu and Mushin area of Lagos respectively allegedly conspired to commit the offence between February and July 2016 at 47 Dosumu Street, Lagos Island. Joseph alleged that Anjorin stole N11million while Suarau stole N400, 000, all property of a business woman, Mrs. Omobola Akintoye. The offence is punishable under Sections 409 and 285 (7) of the Criminal Law of Lagos State of Nigeria 2011.

Police arraign man for assaulting lawyer

Auta

mission (INEC), PDP, factional Chairman, Ali Modu Sheriff, the faction’s Secretary, Prof Wale Oladipo, Tunde Alekuwodo and the Inspector General of Police are the defendants in the substantive suit. The applicants had on September 30, commenced committal proceedings against Ogunfemi and others over allegation of aiding and abetting the alleged commission of contempt by the defendants. The PDP executives said the alleged contemnors recognised another fac-

tion of the PDP and its lists of candidates while the suit was pending. However, the alleged contemnors had in a notice of preliminary objection filed through their lawyer, Wahab Ismail, said the applicants “have failed woefully” to fulfill the conditions precedent before initiating the committal proceedings. They argued that the motion for committal was not served on them and that they were not parties to the suit that produced the order relied upon in the committal application.

he police have arraigned a 45year old man, Eloho Ekene, before Magistrate Joy Ugbomoiko of an Igbosere Magistrate’s Court for allegedly assaulting a lawyer and destroying property worth N2.7million. The accused person, a resident of 147A Ogunlana drive Surulere area of Lagos State was docked on a two count charge of assault and unlawful damage. He however pleaded not guilty to the charge and was granted bail on self recognisance.

The magistrate admitted the accused person to bail on self recoginsance because his lawyer informed the court that he lives in the same house with the complainant. Magistrate Ugbomoiko however directed that the accused person’s residential address must be verified by the court’s registrar. The matter has been adjourned to October 17. Prosecutor Supol Eshiet Eshiet had earlier informed the court that the defendant committed the alle ged of fence on

July 27, at about 1pm, at 147A Ogunlana drive Surulere Lagos. He alleged that the accused person assaulted Barrister Ben Ibeke, by beating him with fist blow all over his body. T he prosecutor also accused the defendant of unlawfully damaging chairs, tables, books and other equipment valued at N2.7million, all property of Barr. Ben Ibeke &Co. The offence is said to be punishable under Sections 170 and 348 of the Criminal Law of Lagos State 2011.

‘Blame oath of secrecy for defective FoI’ C O N T I N U E D F R O M PA G E 2 2

been happening to all recovered loot since 1999. You can see that the judiciary is also not helping matters. The way the judiciary considers matters coming under the freedom of information leaves much to be desired. However, in the FOI Act, it is stated that any application filed pursuant to this Act must be heard expeditiously. So, what we are saying is that the attitude of judicial officers to applications filed pursuant to the FOI Act will have to change if the law must be effective. This will also mean that the summary nature encouraged by the statute will be taken care of. However, the overriding issue is for the government of the day to constantly remind government officials through jingles, posters and what have you that there are consequences for anyone that refuse to supply information requested for pursuant to the Freedom of Information Act. The statute spelt out sanctions for anyone who runs foul of the law”. Also speaking on the issue, a lawyer and rights activist, Ebun-Olu Adegboruwa, while expressing his displeasure at the ineffectiveness of the Freedom of Information Act noted that its spirit has been destroyed by governors who have refused blatantly to adopt it in their various states. He said, “The Freedom of Information Act was meant to facilitate the concept of

whistle blower in Nigeria. It is also aimed at throwing government activities open for the people to follow. However, that spirit has been destroyed by governors who have refused to domesticate it in their states. As it is now, it is only a federal law that can only be applicable to federal agencies and institutions, especially at the Federal Capital Territory (FCT) in Abuja. The FOI Act cannot be used in the states to get information. So, it is for Nigerians to put pressure on the various governors who are holding the House of Assembly under hostage to be able to adopt the Act and throw the space open for people to be carried along to allow them know about the activities and plans of government. “We are in a system that is totally shrouded in mystery. Nigerians are not aware of most government activities. Besides, most of the time, information that we get from public officials are halftruth. Therefore, it is highly expedient that Nigerians must have the opportunity to question, unravel and use the FOI Act to hold government accountable to the masses. I also think that it is highly necessary that activists should call the governors to order. Legal options should also be explored to ensure that States Houses of Assembly passed the FOI Act. This is because as it is now, it is in limbo. “The second issue for the ineffective-

ness of the Act is that deliberately, officials of government are not co-operating with the spirit of the legislation. Under Sections 1 and 5 of the Act, Nigerians are supposed to use the law to make requests while these officials are to answer to the requests. But, the reverse has always been the case. These officials will wait for you to go to court and waste your time. However, due to the slow pace of our justice system, nothing is achieved by litigants. The ineffectiveness of the judicial system in the country is now being used to scuttle moves at getting information through the FOI Act. So, the sad commentary is that government officials are not complying and they will not attend to the query at taking them to court knowing fully well that they will always file preliminary objections to delay the hearing of the matter in court. “I also believed that if the law is in place at the various states, it will be effective because by then, it would have been closer to the people. It can also be applied even in local governments.” A lawyer and National President of the Centre for the Defence of Human Rights (CDHR), Malachy Ugwumadu, in his submissions premised the ineffectiveness of the Act on high degree of people’s ignorance and the refusal of states to domesticate it in their domain. He said, “There are a number of con-

cerns over the Act. Firstly, there is an high degree of ignorance about the law on the part of the public. Many people are not aware that there is such a law as the Freedom of Information Act. Even, the critical mass that is aware does not believe in it. Secondly, there is the issue of domesticating of the law by states of the federation. Don’t forget that the bill is an act of the National Assembly. So, it is only applicable to federal agencies and institutions. Most often than not when you have a similar concern within the precincts of a state or local government, they seek an alibi that they are not obliged to release such information. The third concern is the general disposition of state actors to continually rely and be guided by the colonial mentality of the Official Secret Act. This is the old law that gives them some latitude to keep most of their activities secret. These are some of the ways by which the Act is suffering a lot of hiccups. “But above all, it cannot be discountenanced that the law is a progressive one that was meant to guarantee transparency and accountability in governance. I want to believe that was why it took those in charge so long to pass the law, knowing fully well that it is a revolution, highly desirable and one that masses need to participate in the affairs of the state.”

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Insurance Compulsory Insurance: Taking advantage of FG’s green light

Business What's new E-payment: Value of PoStransactions hit N432bn

Interview ‘Govt failing in meeting social housing demand’

30 34

Rates Dashboard INFLATION RATE August 2016..........................17.61% July 2016................................17.13% June 2016..............................16.5%

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

EXCHANGE RATE

(Parallel Market October 7)

(Interbank as at October 7)

USD . . . . . . . . . . . . . . . . . . . . . . . N474 Pounds . . . . . . . . . . . . . . . . . . . N595 Euro . . . . . . . . . . . . . . . . . . . . . . . N512

l Foreign Reserves – $24.420bn as at4/10/2016

USD . . . . . . . . . . . . . . . . . . . . . N304 Pounds . . . . . . . . . . . . . . . . . . N385 Euro . . . . . . . . . . . . . . . . . . . . . N340

Source: CBN

p.26

L-R: Executive Chairman, Phillips Consulting, Mr. Foluso Phillips; Executive Director, Sterling Bank Plc, Mr. Abubakar Suleiman and a financial analyst, Mr. Tilewa Adebajo, after a live appearance on Nigerian Television Authority (NTA)’s Good Morning Nigeria Show.

Forex: Nigeria’s sugar imports drop to N182.1bn p.26

Concession: Uncertainty trails China’s $500m airport projects MIXED REACTIONS While some stakeholders hailed the planned concession, others doubt its workability

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

Wole Shadare

ncertainty has continued to trail the status of the $500 million airport terminals that are under construction in four major airports across the country. The doubts are fuelled by insinuations that the four terminals expected to be commissioned early next year had already been concessioned to Chinese firms. This arrangement could pose a huge hindrance to the plan by government to start a fresh round of concession of the four airports that are expected to be commissioned early next year. A former Director General of Nigerian Civil Aviation Authority (NCAA), Dr. Harold Demuren, told New Telegraph that the new concession policy, which government is pursuing, could hit the rock unless government makes concerted efforts to resolve the alleged concession to the Chinese firm that are said to be constructing the facilities. He described it as “concession in-

side a concession,” an idea, he said, might not augur well for what government was trying to go ahead with. Demuren warned that airport concession would not work in an atmosphere of political interference and absence of good corporate governance. Specifically, he said that he was worried about how government’s handling of previous concessions had resulted in litigations. His words: “I am really worried about concession of the four major airports. Don’t get me wrong. It is the best way to go, but we must be clear about the concession to the Chinese who are building terminals in the four major airports. What happens to the concession? Are we going to have concession in a concession? This is not too clear and we need to be careful about what we are concessioning.” But, a source in the Ministry of Transportation, who spoke to New Telegraph on condition of anonymity, said he was now aware of concessioning the terminals to the Chines as part of the deal for the loan. The source disclosed that the 20year, 2.5 per cent interest loan for the project has a grace period of seven years before payment. Nigeria and China had, four years ago, signed a $500 million loan pact for the construction of the four new international airport terminals in Abuja and three states. The other three locations for new the terminals are Lagos, Port Har-

$1.4 billion Being the total exposure of Nigerian airlines to the banking industry

court and Kano. Chinese construction giant, China Civil Engineering Construction Corporation (CCECC), which is handling the contracts, assured it would deliver the four new terminals in March 2015. The project was expected to have been completed a year ago, but Nigeria’s default in paying her own counterpart funding had helped to delay the project. The loans reflect the deepening economic ties between oil-rich Nigeria and China, which already is involved in building major road and railway projects in the country. However, similar deals with China have fallen apart amid corruption allegations, problems that persist today and could potentially put this new deal at risk as well. Minister of State for Aviation, Senator Hadi Sirika, at a recent stakeholders’ forum where he unveiled the vision of the President Muhammadu Buhari-led Federal Government to transform the aviation sector, stirred the hornet’s nest about the planned concessioning of the four airports that are regarded as the viable airports in the country out of 22 airports that are managed by government. Sirika explained that the four airports would serve as the pilot phase of the airport concessioning stage while the remaining 18 airports CONTINUED ON PAGE 26

BUSINESS |news

TRACTION Electronic payments are gaining traction, ostensibly because of increased confidence in the system and reduction in e-fraud Kunle Azeez

igeria’s electronic payment industry continues to gain consistent traction as overall transactions on Point of Sales (PoS) terminals in the country rose to N431.976 billion this year, New Telegraph has gathered. The transaction value recorded between January and August this year far surpassed the PoS transactions value recorded in the first eight months of 2014 and 2015, according to analysis of the latest e-payment industry status report released by the Nigerian Interbank Settlement System Plc (NIBSS). According to the data obtained by this newspaper, the PoS transaction value recorded in August was the highest ever since cashless policy was introduced into the country in 2012. The deals were executed on over 60,000 PoS active terminals deployed by merchants in the country, though over 140 terminals have been registered in the country. According to the details of the study, in January, February, March and April, this year, PoS transactions were valued at N46.65 billion, N46.14 billion, N51.96 billion and N53.28 billion respectively. In May, the monthly PoS transaction figures rose to N55.136 billion, N55.292 billion in June and by the end of July, the figure was N59.397 billion. At the end of August, which is the latest data in the country, the value of PoS transaction stood at N64.106 billion. Analysts say Nigeria has recorded more impressive transactions between January and August, this year, than the

Uncertainty trails China’s $500m airport projects CONTINUED FROM PAGE 25

would follow suit in the nearest future. According to him, the concessioning is a deliberate policy towards bridging infrastructural deficit in the nation’s airports. The minister, who gave a graphic picture of the extent of damage of Abuja Airport runway, showing cracks and ditches, assured that the infrastructural challenges in the nation’s aerodromes would be a thing of the past. While some experts and stakeholders hailed the move as a bold step towards saving cost by government in the face of the current financial quagmire, others doubt the workability of the plan, arguing that Nigerian airports are not ripe for concessioning.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

E-payment: Value of PoS transactions hits N432bn Highest charge recorded in August

transaction value recorded during the same seven-month period in 2014 and 2015. For instance, this newspaper’s analysis of NIBSS data showed that in 2015, PoS transaction value stood at N 273.707 billion as against N431.9 billion this year, representing growth of over 60 per cent above last year’s figure. In January 2015, PoS transactions stood at N31.7 billion; in February, the transaction was N30.9 billion and by March, the figure increased to N33.5 billion monthly. Also in April, May and June, the value of PoS transactions executed by some of the 42 million Automated Teller Machine (ATM) holders-carrying bank customers stood at N34.6 billion; N35.9 billion and N34 billion respectively.

The PoS transactions increased to N36.9 billion in July, but slightly dropped to N35.8 billion in August and regained its growth momentum in September with transaction seating at N39.6 billion. The country recorded its highest PoS transaction volume and value in the last quarter of 2015 with transactions standing at N41.5 billion, N40.2 billion and N53.4 billion in October, November and December respectively. Further analysis of the report showed that PoS recorded an average of N1.5 billion daily transactions throughout last year. The report indicates that the cardholders are doing more transactions on the PoS terminals across the country, a development, which experts

have linked to increased public confidence in the e-payment system. Commenting on the figure, Chief Executive Officer and Executive Secretary of the Electronic Payment Providers Association of Nigeria (E-PPAN), Mrs. Regha Onajite, said: “More and more people are beginning to be more aware of the importance and efficiency of adopting an electronic payment platform such as PoS for payment when they go shopping.” She, however, advocated increased awareness among private and public sectors to deepen electronic payment transaction adoption in the country. According to the report, while there are 141, 787 PoS registered terminals, only 119,126 have been deployed while less

than 100 of the deployed are actually being used for services. The Central Bank of Nigeria (CBN) had set a 350,000 PoS deployment target for the country but has not been able to achieve this auspicious target, in spite of the increase in the number of Payment Terminal Service Providers (PTSPs) licensed. PTSPs are the companies licensed by the apex bank to deploy PoS terminals for merchants on behalf of the banks. The idea of PTSP was conceived to allow the banks to focus on their core banking services without bothering themselves with the deployment of PoS for merchants. Till date, no fewer than 19 terminal operators have been licensed by the banking watchdog to deepen cashless economy in the country.

L-R: Director, Legal Services, Nigeria Airspace Management Agency (NAMA), Mrs. Anastasia Gbem; President, Association of Foreign Airlines Representative of Nigeria, Mr. Kingsley Nwokoma and former Director General, Nigeria Civil Aviation Authority (NCAA), Dr. Harold Demuren, at the Aviation Transaction Integrity Summit, by the Aviation Monitor Limited, in Lagos. PHOTO: TONY EGUAYE

Forex: Nigeria’s sugar imports drop to N182.1bn EXPANDING Nigeria’s sugar demand has been growing due to the country’s bottled soda industry Bayo Akomolafe

ugar imports from United States to Nigeria plunged from N233.1 billion ($752 million) to N182.1 billion ($585.5 million) in the first six months of 2016. According to a report from Global Agricultural Information Network (GAIN), Nigeria’s sugar importation dropped from 1.6 million metric tons to 1.25 million metric tons in the first six months of the year. It was learnt that importers had been facing the challenge of securing foreign exchange to ship the commodity into the country due to Central Bank of Nigeria (CBN)’s policy on foreign exchange. Sugar is on the list of 41 items stopped recently by the apex

bank from receiving foreign exchange from official market. Currently, the price of the commodity is $470 per metric ton. Despite the crash in the importation, it was learnt that the country’s domestic sugar production remains relatively flat at 70,000 tons, as production has been trending downward, due to poor infrastructure and high cost of domestic production compared to imported brown sugar. Even with the June 2015 amendment to National Sugar Development Council Act to further support the Nigeria Sugar Master Plan, Nigeria’s sugar demand has been growing due to Nigeria’s bottled soda industry. It was learnt that about 250,000 hectares of land would be needed for sugarcane cultivation in the next 10 years to meet the country’s demand. The current domestic supply has not met the rising demand in the country despite the incentives offered by the Federal Government to boost local production. Last week, two merchant vessels berthed at Lagos Ports

with 94,500 metric tons of the commodity. While MV Desert Moon was moored at Apapa Bulk Terminal Limited with 48,000 metric tons of sugar, MV Bridge Gate ferried 46,500 metric tons to Greenview Development Nigeria Limited, a subsidiary of Dangote Group, to the port. Flour Mills of Nigeria, BUA Group and Dangote Group are the country’s three main sugar players. However, Dangote Sugar remains the largest producer with its 70 per cent market share. Meanwhile, the country is expected to import some 2.9 million tons of raw sugar valued at N436.2 billion ($1.36 billion) in 2017. Data obtained by New Telegraph from Index Mundi, a data portal that gathers facts and statistics on imports revealed that some importers had booked 1,430,000 metric tonnes of the product for 2017. However, the portal revealed that the 2017 import would be reduced by 40,000 tons or 2.72 per cent due to forex. Already, government had re-

vised the sugar tariff structure to boost domestic raw sugar production and employment by offering a zero per cent import duty on machinery and spare parts for local sugar manufacturing firms. Also, it has offered a five-year tax holiday for investors in the sugar value chain, 10 per cent import duty and 50 per cent levy on imported raw sugar; 20 per cent duty and 60 per cent levy for imported refined sugar. In addition, a three-year concessionary tariff of five per cent import duty and five per cent levy on imported raw sugar were imposed between 2013 and 2015 on the refineries, which signed-on to Federal Government’s Backward Integration Programme (BIP). But, a study by the National Sugar Development Council (NSDC) had revealed that the country would need $1.238 billion to meet 49 per cent or 860,000 metric tons of the total sugar demand by 2020. Nigeria still depends on refined imported raw brown sugar from Brazil worth over $500 million yearly.

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

BUSINESS | Movers, Shakers and Appointments

BUA appoints MD for subsidiary

UA Group has appointed Ibrahim Yaro as the new managing director for its BUA Sugar Refinery in Lagos. Until his appointment, Yaro according to a statement from the company, was the director of sales at company’s sugar, flour and pasta businesses. Yaro would oversee the day-to-day management of BUA Sugar and the growth phase of the business. BUA Sugar according to the statement, is currently the only sugar producer in Nigeria with refineries in Lagos and Port Harcourt and combined production capacity of 1.44 million metric tons per annum. Yaro has over 20 years experience in sales, marketing and business development spread across the financial and real sectors. He is an alumnus of Bayero University, Kano and holds a Master of Business Administration (MBA) degree from Bayero University, Kano. He has attended several professional and management courses in Nigeria, United Kingdom, United States of America and the United Arab Emirates. Also, Yaro is a fellow of the Institute of Credit Administration (ICA Nigeria), member Chartered Institute of Bankers of Nigeria (CIBN), member Chartered Institute of Management of Nigeria (CIMN) and a fellow of the National Institute of Marketing of Nigeria (NIMN).

Yaro

Insurance firm hires new CEO

he Board of Directors of Unity Kapital Assurance Plc has announced the appointment of Mr. Oluyemi Patrick Olatunji as the new managing director and chief executive officer, following the approval of the National Insurance Commission. A statement by the company, said Mr. Oluyemi Patrick Olatunji has developed commendable experience in the insurance industry. “He has held various high level positions in the insurance industry in the course of his career and was a former managing director of Royal Exchange Assurance of Nigeria. “The Board of Directors and management are pleased to have him on Board and Look forward to his input and contribution to the growth of Unity Kapital Olatunji Assurance Plc,” the statement added.

Interswitch names new board member, CEO

ollowing the acquisition of 100 per cent of the equity in the company by Interswitch Limited, Value Added Network Solutions (VANSO), a nonExecutive Vice Chairman, Constantine ‘Labi Ogunbiyi, has been asked to take up a position on the board of the Interswitch group. Ogunbiyi would be bringing his two decades of strategy, corporate finance and legal experience in Africa to further complement the board’s existing capabilities. Ogunbiyi according to a statement from the company, has served as the chief executive officer of First Hydrocarbon Nigeria Limited. He was the founder and executive director of Afren, where he was responsible for business development, strategy and growth. Also, VANSO’s co-founder and Chief Executive Officer, Denis O’Brien, will assume a new role as the CEO for Interswitch’s Digital Payments business. The broader VANSO senior management team would take up senior positions within the Interswitch system. Commenting on the transaction, VANSO’s two executive co-founders, Denis O’Brien and Idris Saliu, said in a joint statement that the mobile banking platform and payments solutions were already integrated with the Interswitch system. The statement added: “We would like to thank Stephen

Farry, our Chief Finance Officer, for his essential work on the structure and delivery of the transaction. We look forward to working with the Interswitch management and board over the coming years.” Remarking on the merging of both entities, Vanso’s chairman and co-founder, Mr. Richard Akerele, said: “I am extremely proud of the Vanso team and all its staff, in building a highly competent technology company. It is a testament to the capability of young Nigerian entrepreneurs who have a vision for our country and belief in themselves. I am a firm believer that the future of Nigeria and Africa rests in the hands of the younger generation, and I am delighted to have had the opportunity to have supported this endeavour since inception.” Also, VANSO’s Vice Chairman, ‘Labi Ogunbiyi, who joined the Interswitch board of directors said: “Having been deeply involved in the emergence of the indigenous Nigerian oil and gas sector, I am extremely excited to have advised on and concluded this transaction, and to be joining the board of the combined entities. I believe that technology has the potential to deliver transformational change in Africa, and be a key driver of future sustainable growth. I look forward to working with the Interswitch leadership team to achieve the potential of the business over the coming years.”

General Electric appoints chair for African advisory council

NAICOM approves CEO for insurance firm

Didam

pex regulatory authority for Nigerian insurance industry, National Insurance Commission (NAICOM), has approved the appointment of Polycarp Osee Didam as the managing director/chief executive officer of FIN Insurance Company Limited. The approval was conveyed in a letter addressed to the Chairman of the Board of Directors of the company and signed by Mr. Pius Agboola, director (Authorization and Policy) on behalf of the Commissioner for Insurance. Didam is an accomplished professional with over 28 years of experience in the industry. He began his career in 1988 at Commercial Insurance Brokers in Kano/ Kaduna. Between 1991 and 1993, he was Manager (North East Area Office), Afribank Insurance Brokers Company. Also, from 1993 to 1996, Didam was the regional director North (Abuja) of Industrial & General Insurance Company Limited.

Ireland

nited States’ Secretary of Commerce Penny Pritzker, has named the President and Chief Executive Officer of General Electric (GE) Africa, Jay Ireland as chair of the second President’s Advisory Council on Doing Business in Africa (PAC-DBIA). PAC-DBIA is a small, medium and large companies from a variety of industry sectors—advise the president, through the Secre-

tary of Commerce, on ways to strengthen commercial engagement between the United States and Africa. The appointments were announced in conjunction with the second U.S.-Africa Business Forum. Through partnerships in Nigeria, Kenya, Ethiopia, Ghana and Angola, GE supports development agendas in power generation, healthcare, and transportation.

BUSINESS |Stock Watch

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Mutual Benefits: Shrinking revenue persists

he contribution of insurance sector is critical especially to the ability of emerging and transitional economies such as Nigeria to grow and develop, as well as provide a reliable cover for risk to the citizens. The sector is important because it deepens and broadens the domestic financial services and generates higher savings rates and greater economic development. Challenges However, despite the recapitalisation of insurance firms in 2007, the sector still struggle with challenges such as under capitalisation of existing industry players, dearth of appropriate human capital and professional skills, poor returns on capital, existence of too many fringe players and poor asset quality. Other challenges include prominence of unethical practices, significant corporate governance issues, insurance premium flight, poor business infrastructural facilities, especially in the area of ICT, lack of innovation in product development, lack of awareness on the part of consumers on the uses/suitability of insurance products, low gross domestic product, Gross Domestic Product (GDP), per capita figures and poor corporate governance structures. Despite the daily threat from not only risks emanating from natural disasters such as floods, rainstorms but also that of man-made security risks such as the current threat of Boko Haram, kidnapping and other heinous crimes, which are more compelling reasons why insurance should grow, penetration still remained a huge challenge. Some of these challenges have to do with the culture and the general mindset of people to insurance. This negative perception that trailed the sub-sector has retarded the growth of the industry leading to the inability of majority of the companies in the industry to pay dividend to shareholders for many years. Market watchers attributed the inability of the sub- sector to rise above the nominal level to crisis of confidence. Mutual Benefit Assurance Plc is one of the companies that have got its fair share from the dwindling fortune of the sub-sector. The company is among the insurance firms that have remained at nominal level in share price due to dwindling fortune in financials following investors’ low sentiments. The group had ended the financial year 2015 in the negative note, as the year saw a drop of 76 per cent in profit after tax. Similarly, the insurance firm has witnessed considerable decline in its financials during the last two quarters of 2016. The underwriter featured among companies that were sanctioned for delay in timely disclosure of their audited annual financial performance. Like most of its peers in the industry, Mutual Benefit’s share price on the Nigerian Stock Exchange (NSE) has remained stagnated at nominal value of 50 kobo year to date following negative sentiments that have enveloped the demand of

Mutual Benefits Assurance Plc like most other insurance firms has continued to struggle. Chris Ugwu writes most insurance stocks. Financials Mutual Benefits Assurance Plc ended the year 2015 on the downswing with a pre-tax profit of N1.195 billion for the financial year ended December 31, 2015. The pre-tax profit translated to a drop of 81 per cent over N4.980 billion recorded during the same period of 2014. Profit after tax stood at N812.048 million in 2015 as against N4.980 billion reported a year earlier, representing a decline of 76 per cent. The statement of financial position as at the period showed that gross premium written dropped to N14.598 billion in 2015 as against N15.451 billion recorded a year earlier, indicating a slump of 6 per cent. There also seems to be no respite for the investors of the underwritten firm, as it began the 2016 financial year with 18.35 per cent decline in profit after tax for the first quarter ended March 2016. The group’s profit after tax during the first quarter stood at N320.508 million as against N392.529 million in 2015, indicating a drop of 18.35 per cent. In the same vein, profit before tax was down by 28.75 per cent, from N577.698 million in 2015 to N411.632 million during the period under review. However, the group’s gross premium written grew by 21.96 per cent to N3.171 billion in Q1 2016 from N2.600 billion in 2015. Mutual Benefit continued with the downward trend, as it reported a profit after tax of N387.630 million for the half year ended June 30, 2016. The PAT depicts a drop of 85 per cent over N2.661 billion recorded during the same period of 2015. Profit before tax stood at N493.865 million in 2016 as against N2.747 billion reported a year earlier, accounting for a decline of 82.02 per cent. According to a notice from the NSE, the statement of financial position as at the period under review showed gross premium written also fell to N6.373 billion in 2016 as against N10.087 billion recorded a year earlier, indicating a drop of 36.82 per cent.

Mutual Benefits Assurance Plc 2015 September 30

N0. 50

October 31

N0. 50

November 30

N0. 50

December 31

N0. 50

2016 January 31

N0. 50

February 29

N0. 50

March 31

N0. 50

April 30

N0. 50

May 31

N0. 50

June 30

N0. 50

July 31

N0. 50

August 19

N0. 50

the accounts to the public yet because we are still awaiting the approval of the accounts of a major subsidiary.”

Ogunbiyi

The group’s gross premium written grew by 21.96 per cent to N3.171 billion in Q1 2016 from N2.600 billion in 2015

Sanctions for late filings A total of 33 companies including Mutual Benefit, Great Nigerian Insurance (GNI), Daar Communication, DN Tyre, Vitafoam, Guinea Insurance, were slammed with a fine of N110, 200,000 by the Exchange over default in filing their annual reports among other offences. Checks from the NSE X-Compliance Report dated 15 April 2016, showed that the total value of penalty at N110, 200,000, ranged from N100,000 to about N17 million. Great Nigeria Insurance Plc had the highest penalty of N16.9 million for default in filing its December 2013 and 2014 results as well as first, second and third quarter results for 2015. Daar Communication Plc was next with a penalty amounting to N13.5 million for default in filing its December 2013, 2014 results and first quarter 2015 results. DN Tyre & Rubber Plc followed with a fine totalling N12.8 million for defaults in filings it’s December 2014, first, second and third quarter 2015 results. The report also featured companies that fell short of the minimum listing standards in terms of timely disclosure of their audited annual financial performance and are operating or operated below the Listing Standards (BLS) for Non-Rendition of Audited Financial Statements 2015. Under this category was Mutual Benefit Assurance Plc, which got a N3.8 million penalty for default in filing December 2013 and 2014 as well as half year 2015 results, Vitafoam Nigeria Plc N3.2 million for second quarter and September 2014 results, Oando Plc N6.2 million for December 2014, first, second, third quarter 2015 results. Mutual Benefits Assurance Plc had affirmed its delay to release its full year end 2015 results to the public. In a notice to the Exchange, the insurer said: “Please be informed that our regulators NAICOM (National Insurance Commission) approved our accounts on May 20, 2016 but we are unable to present

Looking ahead The underwriter recently signed a Memorandum of Understanding (MoU) with Cool World, a subsidiary of PZ Cussons, to provide insurance cover for its products. The Group Managing Director, Mutual Benefits Assurance, Dr. Akin Ogunbiyi, said the partnership would expand its insurance service to more Nigerians. “By this partnership, all products bought by customers of the firm in the country will be insured against losses such as household damage from fire, material damage and theft among others,” he said. Ogunbiyi said the company was taking this initiative to add value to the products sold by Cool World through insurance, adding that it hoped to extend this service to its customers in West African countries. The Managing Director, Mutual benefits General Insurance, Mr. Segun Omosehin, said that the partnership made insurance more beneficial to the public. With collaboration, he said, Mutual Benefits would be able to take insurance to the grass roots. The Commercial Director, Cool World, Mr. Olugbenga Kolawole, said that the partnership would transform retail business in Nigeria. He said that customers of the company would not have to worry about any damage they might incur from buying its products because they were fully insured by a reliable insurance firm. Owing to poor performance of insurance companies following the low patronage, Ogunbiyi at a forum recently called for collaboration in the insurance industry to deepen penetration. He said it had become very important considering that there is a significant relationship between insurance development and economic growth. “Insurance provides vital support for emerging economies and helps in an indispensable manner to achieve growth targets, as a strong and competitive insurance industry not only enhances growth, it substantially mitigates critical challenges on the path of sustainable economic development,” he said. He explained that through its risk transfer and indemnification services as well as the essentially value-adding financial intermediary services, insurance guarantees productivity improvement, production efficiency enhancement and increase investment opportunities. Conclusion Lack of awareness on the part of people about the benefits of insurance and the inability of insurers to introduce innovative and market driven-products has remained the major impediments to the growth of insurance business in Nigeria.

BUSINESS | Capital Market

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

The Nigerian Stock Market Exchange as at October 7, 2016 Prices for Securities Traded as of 07/10/2016

108 109

Printed 07/10/2016 14:32:35.035

PRICES FOR PREMIUM BOARD SECURITIES FINANCIAL SERVICES S/N 1

BANKING

ZENITH INTERNATIONAL BANK PLC

BANKING S/N 2

OTHER FINANCIAL INSTITUTIONS

FBN HOLDINGS PLC

OTHER FINANCIAL INSTITUTIONS

S/N 3

BUILDING MATERIALS

DANGOTE CEMENT PLC

BUILDING MATERIALS

Price List (Equities)

ICT

S/N

MARKET CAP(Nm)

PRICE

446,772.11

14.23

MARKET CAP(Nm)

PRICE

111,275.41

3.10

%CHANGE

-4.82

%CHANGE

0.98

PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N 4 5 6

CROP PRODUCTION

FTN COCOA PROCESSORS PLC OKOMU OIL PALM PLC. PRESCO PLC

CROP PRODUCTION S/N 7

FISHING/HUNTING/TRAPPING

ELLAH LAKES PLC.

FISHING/HUNTING/TRAPPING S/N 8

LIVESTOCK/ANIMAL SPECIALTIES

LIVESTOCK FEEDS PLC.

LIVESTOCK/ANIMAL SPECIALTIES

MARKET CAP(Nm)

3,118,412.86

PRICE

183.00

%CHANGE

S/N 9

10 11 12 13 14

DIVERSIFIED INDUSTRIES

A.G. LEVENTIS NIGERIA PLC. CHELLARAMS PLC. JOHN HOLT PLC.

S C O A NIG. PLC.

TRANSNATIONAL CORPORATION OF NIGERIA PLC U A C N PLC.

DIVERSIFIED INDUSTRIES

S/N 15

BUILDING CONSTRUCTION

ARBICO PLC.

BUILDING CONSTRUCTION S/N 16

BUILDING STRUCTURE/COMPLETION/OTHER

COSTAIN (W A) PLC.

BUILDING STRUCTURE/COMPLETION/OTHER S/N 17 18

INFRASTRUCTURE/HEAVY CONSTRUCTION

JULIUS BERGER NIG. PLC. ROADS NIG PLC.

INFRASTRUCTURE/HEAVY CONSTRUCTION S/N 19

REAL ESTATE DEVELOPMENT

UACN PROPERTY DEVELOPMENT CO. LIMITED

REAL ESTATE DEVELOPMENT S/N 20 21 22

REAL ESTATE INVESTMENT TRUSTS (REITS)

SKYE SHELTER FUND PLC

UNION HOMES REAL ESTATE INVESTMENT TRUST (REIT) UPDC REAL ESTATE INVESTMENT TRUST

REAL ESTATE INVESTMENT TRUSTS (REITS)

S/N 23

AUTOMOBILES/AUTO PARTS

DN TYRE & RUBBER PLC

AUTOMOBILES/AUTO PARTS S/N

BEVERAGES--BREWERS/DISTILLERS

CHAMPION BREW. PLC.

GUINNESS NIG PLC

GOLDEN GUINEA BREW. PLC.

INTERNATIONAL BREWERIES PLC.

PREMIER BREWERIES PLC

NIGERIAN BREW. PLC.

BEVERAGES--BREWERS/DISTILLERS S/N 30

BEVERAGES--NON-ALCOHOLIC

7-UP BOTTLING COMP. PLC.

BEVERAGES--NON-ALCOHOLIC S/N 31 32 33 34 35 36 37 38 39 40

FOOD PRODUCTS

DANGOTE FLOUR MILLS PLC

DANGOTE SUGAR REFINERY PLC FLOUR MILLS NIG. PLC.

HONEYWELL FLOUR MILL PLC

MULTI-TREX INTEGRATED FOODS PLC N NIG. FLOUR MILLS PLC.

NASCON ALLIED INDUSTRIES PLC P S MANDRIDES & CO PLC. U T C NIG. PLC.

UNION DICON SALT PLC.

FOOD PRODUCTS S/N 41 42

FOOD PRODUCTS--DIVERSIFIED

CADBURY NIGERIA PLC. NESTLE NIGERIA PLC.

FOOD PRODUCTS--DIVERSIFIED S/N 43 44

HOUSEHOLD DURABLES

NIGERIAN ENAMELWARE PLC. VITAFOAM NIG PLC.

HOUSEHOLD DURABLES S/N 45 46

PERSONAL/HOUSEHOLD PRODUCTS

P Z CUSSONS NIGERIA PLC. UNILEVER NIGERIA PLC.

PERSONAL/HOUSEHOLD PRODUCTS

S/N

BANKING

ACCESS BANK PLC.

ECOBANK TRANSNATIONAL INCORPORATED

DIAMOND BANK PLC

FIDELITY BANK PLC

SKYE BANK PLC

51 53 54 55 56 57

GUARANTY TRUST BANK PLC. STERLING BANK PLC.

UNION BANK NIG.PLC.

UNITED BANK FOR AFRICA PLC UNITY BANK PLC

WEMA BANK PLC.

BANKING S/N

INSURANCE CARRIERS, BROKERS AND SERVICES

64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83

EQUITY ASSURANCE PLC.

GOLDLINK INSURANCE PLC

GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC.

INTERNATIONAL ENERGY INSURANCE COMPANY PLC

PRICE

%CHANGE

TRADES

318,750

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

511.20

1,720.00

0.50

40.00

4.26

0.86

1.18

PRESTIGE ASSURANCE CO. PLC.

REGENCY ALLIANCE INSURANCE COMPANY PLC SOVEREIGN TRUST INSURANCE PLC

STANDARD ALLIANCE INSURANCE PLC. STANDARD TRUST ASSURANCE PLC UNIC INSURANCE PLC.

UNITY KAPITAL ASSURANCE PLC

UNIVERSAL INSURANCE COMPANY PLC WAPIC INSURANCE PLC

INSURANCE CARRIERS, BROKERS AND SERVICES S/N 84 85

MICRO-FINANCE BANKS

FORTIS MICROFINANCE BANK PLC NPF MICROFINANCE BANK PLC

MICRO-FINANCE BANKS S/N

MORTGAGE CARRIERS, BROKERS AND SERVICES

ABBEY MORTGAGE BANK PLC

INFINITY TRUST MORTGAGE BANK PLC

87 89 90

ASO SAVINGS AND LOANS PLC

RESORT SAVINGS & LOANS PLC

UNION HOMES SAVINGS AND LOANS PLC.

MORTGAGE CARRIERS, BROKERS AND SERVICES S/N

OTHER FINANCIAL INSTITUTIONS

AFRICA PRUDENTIAL REGISTRARS PLC

DEAP CAPITAL MANAGEMENT & TRUST PLC

92 94 95 96 97 98 99

CUSTODIAN AND ALLIED PLC FCMB GROUP PLC.

NIGERIA ENERYGY SECTOR FUND ROYAL EXCHANGE PLC.

SIM CAPITAL ALLIANCE VALUE FUND STANBIC IBTC HOLDINGS PLC UNITED CAPITAL PLC

OTHER FINANCIAL INSTITUTIONS

S/N

100 101

HEALTHCARE PROVIDERS EKOCORP PLC.

UNION DIAGNOSTIC & CLINICAL SERVICES PLC

HEALTHCARE PROVIDERS S/N

102

MEDICAL SUPPLIES

MORISON INDUSTRIES PLC.

MEDICAL SUPPLIES S/N

PHARMACEUTICALS

104

FIDSON HEALTHCARE PLC

103 105 106 107

EVANS MEDICAL PLC.

GLAXO SMITHKLINE CONSUMER NIG. PLC. MAY & BAKER NIGERIA PLC.

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

0 0

81,200

VOLUME

0 0

VOLUME

537,607

856,357

537,607

%CHANGE

TRADES

VOLUME

2,382.56

0.90

-4.26

309,532

256.84

0.66

2,465.17 2,573.31

41,876.76 40,434.20

3.41 3.96 1.03

21.05

1.98 0.24

0 0 0

MARKET CAP(Nm)

711.32

MARKET CAP(Nm)

542.19

MARKET CAP(Nm)

PRICE

4.79

PRICE

0.50

127

10,081,792

2,000.00

26,682.70

MARKET CAP(Nm) 2,386.33

10,081,792

TRADES

VOLUME

TRADES 2 2

VOLUME 1,890

1,890

TRADES

VOLUME

PRICE

11,305.89

1,317,686

%CHANGE

MARKET CAP(Nm)

%CHANGE

6.60

40.00

6,789.06

0 8,454,574

PRICE

52,800.00 165.00

%CHANGE

127

3.95

%CHANGE

4 4

TRADES 8 8

1,600

VOLUME

65,524 65,524

PRICE

%CHANGE

TRADES

VOLUME

45.22

10.00

100.00

PRICE

0.50

%CHANGE

69,014

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

231.34

0.85

21,296.23

133,195.81 65,720.27

1,156,062.91 2,888.67

MARKET CAP(Nm)

2.72

88.45

19.95

145.80

2.95

-9.74 -

-0.12 -

33 10

107

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

76,560.00

6.38

55,240.19

21.05

1,861.25

0.50

10,388.56 1,070.98

21,327.98 214.00 616.69

4,507.36

MARKET CAP(Nm)

30,971.55

634,125.00 MARKET CAP(Nm) 1,886.86 2,897.79 MARKET CAP(Nm)

74,009.69

173,653.30

-0.47 -

1.31 6.01

29 21 36 40 13 0 0

VOLUME

22,873

VOLUME

204,920 634,407 148,948 193,000 0 0

8.05

-0.62

181,244

0.50

5.35

16.49

0 0

24,200

%CHANGE

TRADES

800.00

-1.84

PRICE

%CHANGE

29.78

1,362,519

PRICE

16.49

127

TRADES 0

VOLUME

75,691 99,891

VOLUME

2.78

-0.71

999,970

PRICE

%CHANGE

TRADES

VOLUME

18.64

45.90

25 28

161,509 3,550,944

PRICE

%CHANGE

TRADES

1.27

-3.94

0.19

VOLUME

1,925,986

75,968,204

11.10

27,236.31

0.94

-1.05

101

21,478,072

0.66

1.54

4,706,988

23.45

30,517.84

1.06

9,161.00

81,291.87

151,285.62 8,650.11

24,301.91

4.80 4.17 0.74 0.63

-1.72 -

5.03 0.48

-1.35

1.59

230,965

203,680.02 690,161.15

-0.36

69,456

29,413.69

5.40

999,970

463 MARKET CAP(Nm)

156,211.05

22,873

%CHANGE

3.90

19,050

644,309

PRICE

19,500.00

140,082

834,726

158.00

31,285

157

101,213.28

263

14 45

124

14 19

800

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

4,504.63

0.65

3.17

0.50

10,292.50

3,000.00 7,364.75 7,000.00 2,411.47 1,913.74 3,070.00

642.04

2,509.25 4,000.00 4,488.43 3,869.74 2,759.15 3,334.38 4,170.41 5,996.59 4,670.54 1,291.15 6,933.33 8,000.00 6,691.37

0.50 2.00

1.00

0.50

0.53

0.50

0.73

0.50 0.50

0.85

4.94

0.50

12 2 0 0 0 0 0 0 0 0 0 0

10,065,435 4,796,119 1,756,954

508,190

130,192,880 VOLUME

199,036 233,340 0

23,000

0 0 0 0 0 0 0 0 0 0

200

0 0

5,000

0 0 0

TRADES

2,355.24

1.03

140,409

%CHANGE

2.58

7,853,722

155,013

PRICE

11,799.67

992,801

MARKET CAP(Nm)

1 2

0 0 0

4,409,654

5,025,243 VOLUME 1,000 1,000

2,000

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

7,370.87

0.50

5,250.00 6,130.57 5,664.87 2,949.22

1.25 1.47 0.50 3.02

0 0 0 0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

23,527.46

4.00

5,660.00

750.00

22,971.14 411.91

2,572.69

2.83 0.50

1,776.57

251.09

521,454

23,101

850

17.05

2.03

PRICE

3.54 0.50

PRICE

1.65

%CHANGE

0 0

TRADES 0 0 0

COMPUTERS AND PERIPHERALS S/N

112

ELECTRONIC COMMUNICATIONS SERVICES MTECH COMMUNICATIONS PLC

ELECTRONIC COMMUNICATIONS SERVICES S/N

IT SERVICES

114

NCR (NIGERIA) PLC.

113 115

CWG PLC

TRIPPLE GEE AND COMPANY PLC.

IT SERVICES S/N

PROCESSING SYSTEMS

117

E-TRANZACT INTERNATIONAL PLC

CHAMS PLC

PROCESSING SYSTEMS S/N

TELECOMMUNICATIONS SERVICES

118 MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC TELECOMMUNICATIONS SERVICES

556.71 405.45

3.62 1.87

INDUSTRIAL GOODS

%CHANGE

TRADES

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

970.92

8.99

1,776.00

1,470.89

4,519.67

6,741.29

707.78

0.50

0.91

2.67 1.43

0 0 0 0 0 0 0 0 0

0 0

VOLUME

0 0

VOLUME

0 0 0 0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

23,898.00

5.69

5,000

TRADES

VOLUME

2,348.03

MARKET CAP(Nm) 2,446.80

0.50

PRICE

0.50

%CHANGE -

0 1 0 0 1

5,000

0 0

5,000

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

33,658.98

15.03

205,070

CAP PLC

23,275.00

33.25

20,773

295.75

0.91

121 122 123 124 125 126 127 128 129

BERGER PAINTS PLC CEMENT CO. OF NORTH.NIG. PLC DN MEYER PLC.

FIRST ALUMINIUM NIGERIA PLC LAFARGE AFRICA PLC.

PAINTS AND COATINGS MANUFACTURES PLC

PORTLAND PAINTS & PRODUCTS NIGERIA PLC PREMIER PAINTS PLC.

BUILDING MATERIALS S/N

130 131

ELECTRONIC AND ELECTRICAL PRODUCTS AUSTIN LAZ & COMPANY PLC CUTIX PLC.

ELECTRONIC AND ELECTRICAL PRODUCTS S/N

PACKAGING/CONTAINERS

133

BETA GLASS CO PLC.

132 134

AVON CROWNCAPS & CONTAINERS GREIF NIGERIA PLC

PACKAGING/CONTAINERS S/N

135

TOOLS AND MACHINERY NIGERIAN ROPES PLC

TOOLS AND MACHINERY

910.10

1,996.88 7,540.07 1,055.18

236,490.50 721.55 608.00

2.47 6.89 6.00 0.50

47.20

0.91 1.52

1,277.97

10.39

MARKET CAP(Nm)

PRICE

2,256.91 1,787.74

2.09

-4.84 %CHANGE -

NATURAL RESOURCES S/N

136

CHEMICALS

B.O.C. GASES PLC.

CHEMICALS S/N

137

METALS

ALUMINIUM EXTRUSION IND. PLC.

METALS S/N

138

MINING SERVICES

MULTIVERSE MINING AND EXPLORATION PLC

MINING SERVICES S/N

139

PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC.

PAPER/FOREST PRODUCTS

S/N

140

ENERGY EQUIPMENT AND SERVICES

JAPAUL OIL & MARITIME SERVICES PLC

ENERGY EQUIPMENT AND SERVICES S/N

INTEGRATED OIL AND GAS SERVICES

141

OANDO PLC

S/N

142

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS BECO PETROLEUM PRODUCT PLC

144

ETERNA PLC.

INTEGRATED OIL AND GAS SERVICES

143 145 146 147 148

CONOIL PLC

FORTE OIL PLC.

MOBIL OIL NIG PLC.

MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC.

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS S/N

149

EXPLORATION AND PRODUCTION

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

EXPLORATION AND PRODUCTION

S/N

150

ADVERTISING

AFROMEDIA PLC

ADVERTISING S/N

151

APPAREL RETAILERS

LENNARDS (NIG) PLC.

APPAREL RETAILERS S/N

152

AUTOMOBILE/AUTO PART RETAILERS R T BRISCOE PLC.

AUTOMOBILE/AUTO PART RETAILERS S/N

153 154

COURIER/FREIGHT/DELIVERY RED STAR EXPRESS PLC

TRANS-NATIONWIDE EXPRESS PLC.

COURIER/FREIGHT/DELIVERY S/N

155

HOSPITALITY

TANTALIZERS PLC

HOSPITALITY S/N

HOTELS/LODGING

157

IKEJA HOTEL PLC

156 158

CAPITAL HOTEL PLC TOURIST COMPANY OF NIGERIA PLC.

159

TRANSCORP HOTELS PLC

S/N

MEDIA/ENTERTAINMENT

HOTELS/LODGING 160

DAAR COMMUNICATIONS PLC

MEDIA/ENTERTAINMENT S/N

PRINTING/PUBLISHING

162

LEARN AFRICA PLC

161 163 164

ACADEMY PRESS PLC.

STUDIO PRESS (NIG) PLC. UNIVERSITY PRESS PLC.

PRINTING/PUBLISHING S/N

165

ROAD TRANSPORTATION

ASSOCIATED BUS COMPANY PLC

ROAD TRANSPORTATION S/N

SPECIALTY

167

SECURE ELECTRONIC TECHNOLOGY PLC

166

INTERLINKED TECHNOLOGIES PLC

SPECIALTY S/N

168 169

TRANSPORT-RELATED SERVICES

AIRLINE SERVICES AND LOGISTICS PLC

NIGERIAN AVIATION HANDLING COMPANY PLC

TRANSPORT-RELATED SERVICES S/N

SUPPORT AND LOGISTICS

171

CAVERTON OFFSHORE SUPPORT GRP PLC

170

C & I LEASING PLC.

SUPPORT AND LOGISTICS

PRICES FOR ASEM SECURITIES

CONSTRUCTION/REAL ESTATE S/N

172

PROPERTY MANAGEMENT

SMART PRODUCTS NIGERIA PLC

PROPERTY MANAGEMENT

S/N

173

FOOD PRODUCTS

MCNICHOLS PLC

FOOD PRODUCTS

S/N

174

MORTGAGE CARRIERS, BROKERS AND SERVICES OMOLUABI SAVINGS AND LOANS PLC

MORTGAGE CARRIERS, BROKERS AND SERVICES

S/N

175

PHARMACEUTICALS

AFRIK PHARMACEUTICALS PLC.

176

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS ANINO INTERNATIONAL PLC.

178

NAVITUS ENERGY PLC

177 179

CAPITAL OIL PLC

RAK UNITY PET. COMP. PLC.

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS

S/N

180

FOOD/DRUG RETAILERS AND WHOLESALERS JULI PLC.

FOOD/DRUG RETAILERS AND WHOLESALERS

MARKET CAP(Nm)

PRICE

1,966.97

7.46

%CHANGE -

COMPANY

400,000

VETIVA CONSUMER GOODS ETF

246,319

VETIVA INDUSTRIAL ETF

-4.44

219,720

VOLUME

70,740

NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF

VETIVA GRIFFIN 30 ETF

S/N

COMPANY

(182-DAY CBN TBILL)SIB SEP2024

10.20% IFC FEB 2018

2 4 5 6 7 8 9

0 0

1,048,071 VOLUME

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,144.57

2,130.97

123.20

9.75

0.50

0.56

0 0 0 0 0 0 0 0

0 0

VOLUME

0 0

VOLUME

0 0 0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

64,986.94

5.40

1.50

123

2,262,817

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,858.49

0.50

3.07

-0.32

191.72

3,131.35

0.50

24,912.88

35.90

208,266.73

159.90

4,003.72

69,133.32 10,134.15

39.90

97,442.77

287.00

MARKET CAP(Nm)

PRICE

197,205.60

350.00

MARKET CAP(Nm) 2,219.52

MARKET CAP(Nm)

210.49

PRICE

0.50

PRICE

3.00

0 0

123

%CHANGE

181

TRADES 1 1

202.80

1.02

TRADES 0 0

0 0 1 0 1

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

3,866.56

1.86

5,699.51 7,885.00

0.50

3.68 3.51

-4.91 -

8,821

VOLUME

100 100

VOLUME

TRADES

1,605.81

20,026 580,290

TRADES

%CHANGE

76,602

2,843,207

PRICE

4.03

67,263

305

MARKET CAP(Nm) 2,375.67

2,262,817

30,187

TRADES

%CHANGE

0.50

377,391

PRICE

588.18

VOLUME

MARKET CAP(Nm)

0 0 3 2

0 0

VOLUME

0 0

VOLUME

0 0

VOLUME 3,500

3,500

VOLUME

0 0

VOLUME

100,000 25,500 1,190

40,130.13

5.28

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

486.01

0.63

13,174

6,000.00

308.45

1,302.80 1,975.86

0.50

0.51 2.19 4.58

7 0 0 0 0 0 2

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

2,815.77

0.50

828.85

946.80

MARKET CAP(Nm) 1,268.00 5,278.71

0.50

4.00

PRICE

2.00

%CHANGE

0 0 0 0

TRADES 5

PRICE

%CHANGE

TRADES

2,244.84

0.67

941.41

3.25

MARKET CAP(Nm)

0.50

20 1 3

Price List (Equities) MARKET CAP(Nm) 34.20

PRICE

0.76

%CHANGE

MARKET CAP(Nm)

421.44

PRICE

1.29

%CHANGE

4,600.00

PRICE

0.92

%CHANGE

12.45

PRICE

0.50

%CHANGE

0 0 0 0 0

13,174

VOLUME

0 0

VOLUME

0 0 0

VOLUME

64,200 51,686

115,886 VOLUME 5,000

28,454 33,454

292,704

TRADES

VOLUME

0 0

TRADES

0 0

0 0 0

VOLUME

0 0 0

TRADES

VOLUME

0 0

MARKET CAP(Nm)

VOLUME

184,989,506

0 MARKET CAP(Nm)

126,690

2,550

0 0

TRADES

VOLUME

0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

6.05

0.25

62.12

0.63

2,928.77 28.31

0.50 0.50

0 0 0 0

MARKET CAP(Nm)

349.83

PRICE

1.75

%CHANGE

0 0 0 0

TRADES

VOLUME

0 0 0

3,048

200,842,247

Price List (ETP) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

598.50

3,990.00

97.26

2.66

-0.75

7.40

-0.54

17.37

-1.70

562.96 927.21 85.96

1,910.08 76.11

9.08

81.00

12.70

-0.44 -

-1.01

1 0 1

5 0 5

5 5 5

Price List (BONDS) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

70.50

100.00

12,000.00

100.00

12,950.00

100.00

262,609.99

84.71

272,400.00

12.1493% FGN JUL 2034

909,151.42

12.49% FGN MAY 2029

150,000.00

100.00

20,000.00

100.00

13.00% UBA SEP 2017

172

%CHANGE

10.70% FGN MAY 2018

12.50% FGN JAN 2026

VOLUME

%CHANGE

3.70

417,056.18

12.40% FGN MAR 2036

TRADES

PRICE

10.00% FGN JUL 2030

11.25% ADB FEB 2021

PRICE

1,540.11

ETP TOTALS

PRICES FOR DEBT SECURITIES

125,200

MARKET CAP(Nm)

EQUITIES TOTALS

MARKET CAP(Nm)

ASEM TOTALS

S/N

9.69

SERVICES

PRICES FOR ETP SECURITIES

VOLUME

1.32

OIL AND GAS SERVICES

0 922,821

30.05

HEALTHCARE S/N

0 0

15,024.16

FINANCIAL SERVICES HEALTHCARE

0 166

TRADES

669,411

VOLUME

CONSUMER GOODS

FINANCIAL SERVICES

125,200

CONSTRUCTION/REAL ESTATE CONSUMER GOODS

105

20,625

SERVICES

MAIN BOARD TOTALS

TRADES

OIL AND GAS SERVICES

6,942

%CHANGE

NATURAL RESOURCES OIL AND GAS

PRICE

413.18

MARKET CAP(Nm)

902.85

2.03

INDUSTRIAL GOODS

72,000

PRICE

MARKET CAP(Nm)

ASHAKA CEM PLC

AFRICAN PAINTS (NIGERIA) PLC.

STANBIC IBTC ETF 30

MARKET CAP(Nm)

BUILDING MATERIALS

VOLUME

1,008,779

S/N

0 1,008,779

120

119

0 0

0 48 48

ICT

LOTUS HALAL EQUITY ETF

0.86

VOLUME

0.92

30,013,515

TRADES

1.66

19.00

OMATEK VENTURES PLC

2,490.00

1,349.81

196,369

23,590,350 165,233,638

459

TRADES

22,721.65

310

%CHANGE

0.50

1,323

PRICE

901.60

VOLUME

MARKET CAP(Nm)

366.17

2.51

MARKET CAP(Nm)

111

OIL AND GAS

0.50

COURTEVILLE BUSINESS SOLUTIONS PLC

COMPUTERS AND PERIPHERALS

5,681,391

552.20

COMPUTER BASED SYSTEMS

PHARMACEUTICALS

15,060.00

1,765.05

S/N

-1.72

103.24

MARKET CAP(Nm)

1.16

3,313.67

170,500.00

4.81

FINANCIAL SERVICES HEALTHCARE

PRICE

4,000.00

NIGER INSURANCE CO. PLC.

MARKET CAP(Nm)

LINKAGE ASSURANCE PLC

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

15,852,741

MARKET CAP(Nm)

40,000.00

3,661.72

MUTUAL BENEFITS ASSURANCE PLC.

8,177

VOLUME

LASACO ASSURANCE PLC.

LAW UNION AND ROCK INS. PLC.

8,177

237,550

10,372.74

CORNERSTONE INSURANCE COMPANY PLC.

8,177

CONTINENTAL REINSURANCE PLC

VOLUME

TRADES

21,000.00

CONSOLIDATED HALLMARK INSURANCE PLC

15,844,564

0.53

AXAMANSARD INSURANCE PLC

8,600,930

%CHANGE

AFRICAN ALLIANCE INSURANCE COMPANY PLC

TRADES

8,600,930

PRICE

AIICO INSURANCE PLC.

233

40.11

1,100.00

58 59

233

38,261.33

CONSUMER GOODS

FINANCIAL SERVICES

VOLUME

7,243,634

MARKET CAP(Nm)

CONSTRUCTION/REAL ESTATE CONSUMER GOODS

TRADES

249

110

COMPUTER BASED SYSTEMS

116

CONGLOMERATES

CONSTRUCTION/REAL ESTATE

7,243,634

498

Price List (Equities)

VOLUME

249

AGRICULTURE

CONGLOMERATES

TRADES

482

INDUSTRIAL GOODS

PREMIUM BOARD TOTALS

PHARMA-DEKO PLC.

HEALTHCARE

FINANCIAL SERVICES INDUSTRIAL GOODS

NIGERIA-GERMAN CHEMICALS PLC.

PHARMACEUTICALS

365,022.47

90.80 84.50

86.70

0 0 0 0 0 0 0 0 0

30 PENETRATION Industry penetration has remained abysmally low over the years due to nondisposable income, public apathy and failure of most employers to provide life cover for employees

Sunday Ojeme

ast week, the Minister of Works, Housing and Power, Mr. Babatunde Fashola, introduced another dimension to efforts geared towards boosting insurance premium, creating awareness and enhancing penetration in the country. Although very necessary for the protection of individual lives and property, the ‘initiative’ has long been relegated to the background in the course of government’s transacting business with individuals and corporate bodies. While promising to redeem debts owed contactors, the minister, among other things, bemoaned non-compliance to insurance laws by citizens and organisations in the country, saying that the laws had either diminished or were not being taken seriously to the effect that insurance business was not growing and employing as many people as it should. Insurance for contractors He said: “I committed to do my own part by ensuring that every contractor working for the Federal Government must show proof of a minimum of workplace safety and compensation insurance policy, as a commitment to the safety of employees before we pay them for work done.” He also recommended a similar commitment to controllers of works in all the states as a step to ensuring safety of workers and as a boost to insurance sector. The minister, who spoke about the debts in the presence of all states commissioners and directors of works at the National Council on Works’ meeting in Katsina, gave assurance that the Federal Government was prepared to fulfilling the promise of redeeming the debts. Essentially, and for the first time in a long while, the Federal Government appears to be taking seriously another aspect of the Compulsory Insurance Act, which has to do with workmen compensation. The decision must have been prompted by the relegation of the sector to the background and its inability to garner enough funds to play its rightful role in the country. This is also coupled with the fact that a number of workers in this category have often been left to their fate whenever they suffer any form of tragedy. While some have been afflict-

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Insurance

Compulsory Insurance: Taking advantage of FG’s green light ed with permanent disabilities without any form of compensation, a few others have not been so lucky, as they lose their lives in the cause of doing their jobs, and ultimately without compensation for their families. Employers’ compensation fund Specifically, Employers Liability Insurance as required by the Employee Compensation Act of 2010, (which repealed the Workmen Compensation Act of 1987) requires every employer, within the first two years of the commencement of the 2010 Act, to make a minimum monthly contribution of one per cent of the total monthly payroll of employees to the Employee Compensation Fund. The Fund shall be used to pay adequate compensation to employees or their dependants for any death, injury, disease or disability arising out of or in the course of their employment. With the Federal Government now stepping ahead to redefine the practice, the fastest thing is for the regulator to widen the scope and ensure all other government dealings with individuals and corporate organisations are tied to insurance. Several attempts by the National Insurance Commission (NAICOM) to ensure full implementation of compulsory insurance have yielded little result as the growing apathy for the sector also overwhelmed the drive. As part of the zeal to ensure its success, the commission laid emphasis on the Market Development Restructuring Initiative (MDRI) to keep all the elements of compulsory insurances running. The MDRI was structured to raise the value of insurance contracts to about N1 trillion ($6.4 billion) from N300 billion by the year 2017 and also contribute about three per cent to the gross domestic product (GDP), boost penetration to 22.5 per cent from 10 per cent as well as achieve N1 trillion premium income under a four-year strategic plan. Its success was hinged on full implementation of compulsory insurances. Although it did not achieve the set goals, the current Commissioner for Insurance, Muhammed Kari, recently hinted on the possibility of reviving the initiative. He said the commission was strengthening the initiative to deepen insurance penetration, stressing that the plan of NAICOM, under his management, was to continue all the initiatives, which for one reason or the other had been delayed or not being implemented properly. “The MDRI is an initiative we would continue with, because it was designed to help penetration of insurance and we can

Fashola

Several attempts by the National Insurance Commission (NAICOM) to ensure full implementation of compulsory insurance have yielded little result

Kari

still do a lot on that. What we have done to strengthen the implementation, is to set up an internal unit that is specifically, assigned to handle public sector insurances and advises,” he said. NAICOM had accused underwriters of not taking advantage of the opportunities created via the initiative, which was designed with focus on the enforcement of compulsory insurance products, increase insurance awareness; reduce incidences of fake insures/insurances and Increase agency reform. NAICOM’s pact with state govts Recently, Kari disclosed that the Commission was on the verge of signing agreement with state government across the country for the enforcement of compulsory insurance. He said: “The MoU that we will sign with the states will enable them earn income from the enforcement because we believe that if there is an income definitely they will be mobilised. “We have heard from the states because we believe we can only improve on penetration if we enforce compulsory insurances. The challenges being that our law is a federal law, it doesn’t apply in states and the states also have to pass some local laws that will enable us enforce. “The poor penetration of insurance in the country is no more a new statement or information. It is a position we all certainly cannot be proud of. What should be done in this ugly situation is the issue. Developing a robust insurance sector in any country requires developing a good strategy on insurance penetration. “While the newly formed insurers’ committee has set up various sub-committees to look at that and more issues,

the commission is complementing those efforts by expanding its enforcement of compulsory insurances down to the states level.” Other aspects of Compulsory Insurances are: Motor Third Party Insurance as required by the Motor Vehicles (Third Party Insurance) Act of 1950. It is the minimum insurance that owners of motor vehicles plying Nigerian roads are required to have. The policy covers liability for death or bodily injury to a third party arising from the use of the vehicle. It also includes Employee Group Life Insurance as required by the Pension Reform Act of 2004 requiring every employer of labour with three or more employees to take out a life insurance policy for a minimum of three times the annual total emolument of the employee. The Health Care Professional Indemnity as required by the National Health Insurance Scheme Act requires all licensed health care providers to have a professional indemnity policy. The law defines a health care provider as any registered Government or private healthcare practitioner and hospital or maternity center. In the same vein, Insurance of Public Buildings requires the owner or occupier of every public building to be insured against liability for loss or damage to property or death or bodily injury caused by collapse, fire, earthquake, storm or flood, while Insurance of Buildings under Construction requires every owner or contractor of any building under construction with more than two floors to take out an insurance policy to cover liability against construction risks caused by his negligence or that of his servants, agents or consultants which may result in death, bodily injury or property damage to workers on site or members of the public.

BUSINESS | PENSION

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

PFAs shift to bonds as currency woes deter equity investor RETURNS Poor returns from Nigerian stocks have continued to drag performance over the last 10 months

Stories: Sunday Ojeme

igerian pension funds have been selling equities and shifting to local bonds despite cheap valuations, as illiquid currency markets limit foreign participation in the stock market. Dave Uduanu, who manages N220 billion ($724 million) for Pension Alliance Limited, said his fund had cut its exposure to Nigerian stocks to 10 per cent this year, from 20 per cent last year, and increased allocation to local treasury bills and government bonds. Nigeria, Africa’s biggest economy, is facing its worst recession in 25 years, brought on by low oil prices, which has seen foreign investors flee its financial markets, causing chronic dollar shortages and creating risk aversion among local funds. Uduanu said investing in stocks had become unattractive because foreign investors, which used to dominate the Nigerian market, have stayed away amid concerns on how to repatriate funds. Corporate earnings have also been poor as firms struggled to source dollars to pay for imports, he said. “Asset allocation is getting more conservative so equity al-

location has dropped. Pension fund investors have become more risk averse,” Uduanu told Reuters on the sidelines of a pensions fund conference in Abuja. He said local funds with no currency risk were preferring treasury bills offering yields of around 18 per cent.. A fund industry source said most Nigerian funds’ had probably made a return of around 10 per cent so far this year, below inflation which is above 17 per cent and less than an average return of 11.5 per cent over the past five years. The Lagos stock index

ewly appointed Executive Secretary of Pension Transitional Arrangement Directorate (PTAD), Sharon Ikeazor, has pledged his commitment to ensure pensioners get paid their funds promptly. Ikeasor said, under her watch, “pension payment shall be a pleasure rather than pain.” She made the pledge in Abuja during her acceptance speech where she also lamented delays that characterise payment of pension to retirees. “Amidst the best of intentions, the annual budgetary allocation for pensions was often one of the most vulnerable items in budget implementation. In many cases, even budgetary provisions were made inadequate, and untimely release of funds resulted in delays and accumulation of arrears of payments of pension rights,” she observed. She lamented that the history of pension and fate of pensioners had been one trailed with unsavory experience. “It has been the painful his-

curities with the balance of 20 per cent spread between cash, money market instruments and equities. Investors want to see liquidity returning to currency markets now that the currency peg has gone, analysts say. But the central bank has said it expects liquidity to remain tight this year. “There is a general aversion to risk at the moment hence low activity on the stock market, and investors, pension funds inclusive, have switched to fixed income securities which barely guarantee a positive real return,” said Akin Adigun,

Africa equity sales trader at Renaissance Capital. Adigun said he favoured banks due to low valuations and industrial stocks, which would benefit from rising government spending. Nigerian banks have been trading at 0.6 times book value compared with 1.1 times emerging market peers. Uduanu said the weak economy would slow growth in the Nigerian fund industry’s assets under management to 18 per cent in 2016, from 30 per cent last year. But his fund had managed to grow to N220 billion from N190 billion last year.

L-R: Talent Acquisition Specialist, World Bank Group (WBG), Washington D.C, Anna Frick; Senior HR Specialist, World Bank (Central and West Africa Regions), Chude Ezinwa; Director-General, Chartered Insurance Institute of Nigeria (CIIN), Richard Borokini; Deputy Treasurer, Singapore, WBG, Andrew Cross; Deputy Director General, CIIN, Uju Ndubisi-Chukwu; President/Chairman of Council, CIIN, Lady Isioma Chukwuma; Former Minister of Finance, Dr. Shamsudeen Usman; Deputy President, CIIN, Mrs. Funmilola Ashaye-Babington; Managing Director, SCIB Insurance Brokers, Mr. Shola Tinubu; President, Nigerian Insurers Association, Mr. Eddie Efekoha and Chairman, Education Committee, CIIN, Mr. M. Oyegunle, at a breakfast meeting organised by CIIN last week.

PTAD boss pledges prompt payment of pension Abdulwahab Isa

is down 2.2 per cent in naira terms this year and has struggled to rise much above a 28,000 point resistance level. In dollar terms, it is trading near a 15-year low, due to a weaker naira after Nigeria’s economic problems forced it to abandon its dollar peg in June. “We are doing equities less and less by the day and more of fixed income,” said Adeniyi Falade, managing director of Crusader Sterling Pension, another pension fund. Falade, like Uduanu, has allocated 80 per cent of his more than N100 billion pension fund to fixed income se-

tory that pension payments to retired workers have been habitually delayed for months, sometimes even years, before they are paid out. It is quite probable that a number of retirees die before they collect their pensions. “The payment of that retired federal civil servants’ pension, retired police officer or retired immigration or customs officer’s gratuities should never be subjected to the kind of uncertainties, painful delays, and unnecessary hurdles that have been the history of Nigeria’s defined benefits pension system,” said Ikeazor. She enjoined all staff of PTAD regardless of ranks to key into the new vision to make remarkable difference in administration of defined pension to deserving Nigerian pensioners. “No pensioner or retiree, after serving their farmland, should ever be forced into the indignity and painful uncertainty of delayed pension. We owe them that, from the most junior rank to the highest rank. No one should ever be left behind. Pension payment shall be a pleasure rather than pain,” he added.

Pension mgt is long-term endeavor, says Ideva

ollowing the outstanding recognition given to foremost Pension Fund Administrator (PFA), Premium Pension Limited, at the just concluded World Pension Summit: Africa Special, the management of the company has resolved to put machinery in place for the company’s growth. In a statement on made available to New Telegraph, the Managing Director of the PFA, Mr. Wilson Ideva, described the management of pension as a long term endeavor, which wellbeing cannot be measured by short-term macro-economic calculations. He said it was long distance race and not a hundred-metre dash. The statement pointed out that the PFA was positioning for more growth, despite the current economic realities. Premium Pension won awards for Driving Inclusive Coverage of Pension and Excellence in Corporate Governance. The award ceremony was

part of the World Pension Summit: Africa Special organised by the National Pension Commission (PenCom) in partnership with Pensions and Investments/ World Pension Summit, Amsterdam. It was established to reward excellence and drive innovation in the pension industry in Africa. The statement signed by the PFA’s Head of Communications, Mr. Paddy Ezeala, quoted Ideva as saying: “Premium Pension Limited and by extension, the contributory pension industry, will in distant time witness even more growth in all ramifications. There is now increased awareness and credibility around the scheme and that is more important than anything.” Even with the phenomenal growth in overall pension assets that is currently above N5.8 trillion, there is still a growing sentiment that the economic downturn occasioned by dipping commodity prices is already leading to a de-

cline in pension contributions and consequently a squeeze in assets under management. He also advocated the need to save in order to grow the pension industry and also capitalize on the extension of the coverage of Contributory Pension Scheme (CPS) to the informal sector to promote micro-pension and further grow pension assets. He further opined that the current economic circumstances and infrastructure deficit could only increase the importance of the scheme and the assets under management. “The scheme has been a resounding success and has come to stay as part and parcel of our socioeconomic reality,” he said. Globally, there has been a shift from the defined benefit pension scheme to the defined contribution or the Contributory Pension Scheme, which has in turn led to the amassment of huge pension funds relative to the sizes of economies.

BUSINESS | Financial Market News

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

7-Oct-16

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

Bonds

FGN Bonds Issuer

Rating/Agency

Description 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 14.50 15-JUL-2021 ^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

Price

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

27-Apr-12 27-Jul-07 31-Aug-07 30-May-08 29-Jun-12 23-Oct-09 13-Feb-15 13-Jul-16 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

15.10 9.85 9.35 10.70 16.00 7.00 15.54 14.50 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.15 12.4000

480.13 20.00 100.00 300.00 351.30 233.90 606.43 210.59 605.31 719.99 421.02 75.00 150.00 200.00 591.57 1075.92 310.00

TOTAL OUTSTANDING VALUE

6,451.16

TOTAL MARKET CAPITALISATION

5,806.07

Rating/Agency

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

Description

Issuer

17.25 FMB II 03-APR-2017

FMBN

Maturity Date

TTM (Yrs)

27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 15-Jul-21 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

0.55 0.80 0.90 1.64 2.72 3.04 3.35 4.77 5.31 7.43 9.29 12.14 12.62 13.12 13.79 17.78 19.44

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

19.75 20.43 20.69 18.57 14.58 14.81 15.05 14.96 14.93 15.11 15.29 15.22 15.21 15.19 15.18 15.08 15.36

19.44 20.21 20.48 18.45 14.51 14.67 14.93 14.87 14.85 15.04 15.22 15.16 15.14 15.12 15.11 15.02 15.30

97.63 92.44 91.08 89.21 103.03 81.40 101.21 98.40 105.16 95.98 86.35 98.76 84.91 62.37 70.38 81.99 81.81

97.78 92.59 91.23 89.36 103.18 81.70 101.51 98.70 105.46 96.28 86.65 99.06 85.21 62.67 70.68 82.29 82.11

6406.155565

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.60

03-Apr-17

0.31

2.94

18.95

99.45

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

0.53 0.49 1.23 1.27 1.28 1.24 1.25 1.43 1.84 3.12 1.81 4.14 4.23 2.46 2.49 3.04 3.25 3.28 3.39 6.46 3.37

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

20.69 25.10 22.49 20.95 20.91 23.89 23.61 23.20 19.86 16.86 18.97 16.30 18.75 18.08 16.46 16.33 18.92 15.93 17.50 16.73 18.01

94.84 95.03 91.20 92.71 92.70 90.68 90.41 91.28 93.73 94.39 93.88 91.75 89.28 93.38 97.16 98.10 94.52 101.30 99.98 100.92 97.59

5.53 112.22 116.70 66.49 20.00 0.36 3.60

25-Oct-16 08-Dec-16 19-Apr-17 06-Jul-17 30-Sep-17 30-Nov-17 09-Apr-18

0.05 0.17 0.53 0.75 0.98 0.66 0.76

1.34 1.00 3.55 5.25 1.88 1.88 3.15

19.59 17.18 23.24 25.52 22.79 21.91 23.44

99.68 99.66 96.77 94.07 91.79 98.46 95.30

0.60

TOTAL MARKET CAPITALISATION

0.60

Sub-National Bonds 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

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

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

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

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

57.00 11.33 25.00 19.37 3.49 9.45 7.01 18.70 11.14 80.00 19.40 87.50 5.00 3.74 3.76 14.37 4.17 4.30 27.10 3.00 7.34

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

422.14 396.51

Corporate Bonds A-/Agusto; A-/GCR 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

TOTAL OUTSTANDING VALUE

FSDH ***LCRM UBA *C & I LEASING #{r}

*DANA # *TOWER

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

*TOWER UBA *LA CASERA

*CHELLARAMS# *DANA#{r} FCMB NAHCO *TRANSCORP HOTELS PLC *FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

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 15.75 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

25-Oct-13 09-Dec-11 20-Apr-12 06-Jul-12 30-Sep-10 30-Nov-12 09-Apr-11

14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00

09-Sep-11 09-Sep-11

18.00 16.00

1.45 0.40

09-Sep-18 09-Sep-18

1.17 1.17

6.35 1.00

26.69 21.34

91.94 94.83

30-Sep-11 18-Oct-13

14.00 15.75

35.00 1.50

30-Sep-18 18-Oct-18

1.98 1.03

1.17 4.42

18.50 25.27

92.79 92.18

17-Feb-12 01-Apr-14 06-Nov-15

18.00 16.00 15.00

0.23 3.75 23.19

17-Feb-19 01-Apr-19 06-Nov-20

1.36 1.48 4.08

6.11 3.28 4.47

25.72 22.45 19.47

91.73 92.44 87.75

14-Nov-13 04-Dec-15 20-Nov-14

15.75 15.50 14.25

2.05 9.76 26.00

14-Nov-20 04-Dec-20 20-Nov-21

4.10 2.60 5.12

1.00 3.55 2.51

16.00 18.83 17.46

99.22 93.54 89.37

30-Dec-14 13-May-15 26-Oct-15

16.45 16.48 16.00

30.50 30.00 10.00

30-Dec-21 13-May-22 26-Oct-22

5.23 5.60 3.77

1.00 1.00 2.77

15.95 15.95 17.79

101.67 101.85 95.43

30-Sep-14 30-Sep-14 29-Jul-15

16.29 13.25 14.90

0.10 15.44 7.82

30-Sep-24 30-Sep-24 29-Jul-30

7.98 7.98 9.20

1.00 1.00 1.00

16.16 16.16 16.27

100.54 87.18 93.93

10-Oct-20

2.22

3.37

19.80

91.55

522.09

TOTAL MARKET CAPITALISATION

500.98

Sukuk *OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.35

1.00

17.88

91.12

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.57

1.00

14.15

94.03

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

9.02

9.02 8.26

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.11 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.68

6.45

100.23

101.09

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.87

4.42

100.42

101.17

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.83

6.67

97.54

98.40

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,490.92

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

8.41

99.12

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

23.03

20.87

79.63

82.00

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.47

99.10

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.26

97.70

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

22.35

74.13

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

13.23 11.94 14.36

12.67 11.62 14.36

85.01 90.16 78.00

86.51 91.20 78.00

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

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,797.77 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

18-Apr-16

11.00

16.80

18-Oct-16

2.03

20.61

20.49

Commercial Papers A-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

16.80

**TREASURY BILLS^ DTM 13 20 27 41 55 62 69 83

FIXINGS Maturity 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16 15-Dec-16 29-Dec-16

Bid Discount (%) 14.23 16.33 17.01 15.99 16.31 14.89 15.36 15.36

Offer Discount (%) 13.98 16.08 16.76 15.74 16.06 14.64 15.11 15.11

Bid Yield (%) 14.31 16.48 17.23 16.29 16.72 15.28 15.81 15.92

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 16.5417 17.6498 18.6625 20.3649

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

15.67

Tenor

Closing Rate ($/N)

O/N

16.17

Spot 7D 14D 1M 2M 3M

306.75 324.74 325.98 328.82 334.14 339.45

Tenor Call 1M

REPO

Rate (%) 16.33 17.00

FMDQ Daily Quotations List

7-Oct-16

BUSINESS | Financial Market News

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

MONDAY, OCTOBER 10, 2016 NEW TELEGRAPH

Bonds

Stock market closes week bearish FGN Bonds

Issuer

Rating/Agency

PROFIT-TAKING Investors staked N6.357 billion in 12,352 deals

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

Stories: Chris Ugwu Rating/Agency

Issuer

Agency Bonds

he equities market sustained bearish run, as banking, conSub-National Bonds sumer goods and industrial stocks received low patronage from bargain hunters following sell pressure occasioned by profit takings. The NSE All-Share Index and Market Capitalisation depreciated by 1.77 per cent to close last week at 27,835.22 and N9.561 trillion respectively. Similarly, all other Indices TOTAL OUTSTANDING finished lowerVALUE during the TOTAL MARKET CAPITALISATION week with the exception of Corporate Bonds the NSE ASeM Index closed flat. The market opened for four trading sessions last week, as the Federal Government of Nigeria declared Monday 3rd of October, 2016 as public holiday in commemoration of the Nil

TOTAL OUTSTANDING VALUE

FMBN

TOTAL MARKET CAPITALISATION

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

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

A-/Agusto; A-/GCR Nil Nil Nil A/GCR BBB-/GCR Nil

FSDH

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

Description

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 14.50 15-JUL-2021 ^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

***LCRM

UBA *C & I LEASING #{r} *DANA *TOWER#

Independence day celebration. Meanwhile, a turnover of 934.905 million shares worth N6.357 billion in 12,352 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.287 billion sharesDescription valued at N9.303 billion that exchanged hands the previous week in 15,258 deals. The Financial Services Industry (measured by volume) led the activity chart with 817.195 million shares valued at N4.081 billion traded in 7,268 deals; thus contributing 87.41 per cent and 64.19 per cent to the total equity turnover volume and value respectively. The conglomerates Industry followed with 46.366 million shares worth N86.730 million in 514 deals. The Oil and Gas Industry occupied the third place with a turnover of 21.539 million shares worth N465.820 million in 1,310 deals. Trading in the top three equities namely – Access Bank Plc, Diamond Bank Plc and FCMB Group Plc (measured by volume) accounted for

*TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} FCMB NAHCO *TRANSCORP HOTELS PLC