Monday, october 24, 2016 binder1 by Newtelegraphonline

12 firms jostle for Total's downstream assets Adeola Yusuf

bout 12 foreign and indigenous firms are in hot race for Total’s multi-billion dollar

downstream assets, as the French oil multinational mulls total exit from Nigeria’s petroleum product imports, storage and retails sub-sector. Total, the only remain-

ing multinational player in Nigeria’s downstream, New Telegraph learnt, decided to sell off its downstream assets due to the

shrinking profit margins at the sub-sector. ExxonMobil, another multinational oil firm, completed the sale of its as-

sets to NIPCO Plc., an indigenous firm, last Wednesday. “The divestment of Total’s downstream assets too is on-going. It is a con-

Thunderstorm, lightening destroy abuja airport radar }38

fidential deal, which meetings have been held outside the shores of Nigeria several times with contenders mostly indigenous firms,” a source close to the deal CONTINUED ON PAGE 3

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Bakare: Economic recession self-inflicted }3

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Vol. 3 No. 978

Monday, October 24, 2016

Bakare

Cash crunch forces Nigeria out of world tournament }43

Quadri

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59-year-old prophetess jailed for forgery }9

INEC official demanded $1m bribe from me –Jimoh Ibrahim }4

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Ibrahim

Ambassadorial nomination:

Buhari sidelines govs, APC leaders kick

Osinbajo gets one out of 46 slots President offers Saraki Kwara slot Kyari, Kingibe play prominent role in selection process }2 State of Nigerian roads (2)

Lagos-shagamu road

Enugu-Onitsha road

Ogun: Failed portion of the Lagos-Shagamu road, Ikorodu axis, Ogun State.

Enugu: Deplorable state of Enugu-Onitsha highway by Oji River.

Aba-Ikot Ekpene Road Akwa Ibom: Bad state of Aba/ Ikot Ekpene highway linking Abia and Akwa Ibom states.

Judges’ arrest: Nigeria's democracy in danger –PDP lParty petitions president, AGF, NJC on Justice Abang's ruling }3 & 10 Miscarriages could be genetic –Study }38

NEWS

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Ambassadorial nomination: Buhari sidelines govs, APC leaders

Ayodele Ojo

resident Muhammadu Buhari has incurred the wrath of leaders of the All Progressives Congress (APC) over the choice of nominees for non-career ambassadors. Most of the 23 APC governors are angry because their candidates for the ambassadorial posts were rejected by the Presidency. It was learnt that VicePresident Yemi Osinbajo was given only one out of the 46 ambassadorial slots submitted to the Senate for confirmation last week. Governors, APC leaders and ministers, who are party leaders in many states, especially where the governing party is not in control, were sidelined in the appointments. Senate President, Bukola Saraki, was this time lucky as the president conceded one of the two ambassadorial nominees – Prof. Mohammed G. Yisa – from Kwara State, to him. New Telegraph learnt that the Chief of Staff to the president, Mallam Abba Kyari and former Secretary to the Government of the Federation (SGF), Ambassador Babagana Kingibe, played prominent role in the selection process. Even the Minister of Foreign Affairs, Geoffrey Onyeama, was said to have no input in the list of the nominees. A source said that Onyeama cannot complain because the president’s chief of staff facilitated his appointment as minister. Kyari and Onyeama are friends and classmates at Cambridge. Onyeama was Kyari’s best man at his

wedding. One of the APC governors lamented that the president failed to carry party leaders along in his appointment. “The appointment of the ambassadors is a continuation of the policy to sideline the governors. When the minister from my state was picked, I was not consulted. And when it is time for the ambassadorial appointment, they did not consider my nominee. This is a party we all worked to build. I have spoken to quite a number of my colleaguegovernors, it is the same thing. “To us, we believe the president has his own game plan. I’m sure he is building a separate structure for himself. When you sideline governors and party leaders in appointments, then it means you are up to something. I can tell you conveniently that most of the party leaders, especially governors, are not happy with the president over his choice of appointment,” a governor told New Telegraph at the weekend. A cross section of party leaders told New Telegraph at the weekend that the president is treating them like outcasts in the party when it comes to appointments. A member of the APC National Working Committee (NWC) told this newspaper that he was shocked with the list of ambassadorial nominees. “Initially I thought my governor nominated the representative from my state. But I was shocked when the governor called me to inquire if I did the nomination. I told him I knew nothing about the

ambassadorial nominee. He was shocked. The governor told me that his nominee too was rejected. So, this is the situation we have found ourselves,” the NWC member told New Telegraph last night. Governor Rochas Okorocha of Imo State confirmed the frustration of APC members over the appointment made so far by the president. “Most members of the party feel that they have not been carried along. I know that many of them are complaining every day,” Okorocha stated in an interview with journalists last week Sunday. The ambassadorial appointment is next to that of ministers in order of importance. Buhari, last week, sent 46 names to the Senate for confirmation as ambassadors. The president had set three criteria to be met before getting the ambassadorial appointment, especially that the nominees must be people who have sacrificed for the APC: those who contested and lost in the 2015 elections; people who lost in party primaries, but didn’t leave the party and worked for the party; and leading members of the governing party. New Telegraph learnt that most of the state governors and party leaders had no input as to who represent their respective states on the foreign mission. The source added that in instances where governors and party leaders were asked to submit nominees, their lists were not considered. A governor who is very close to the president was

so angry immediately the list was made public such that he had to meet the president in Abuja, where he reportedly told him that APC is losing its goodwill. “One of the governors, a close confidant of the president, had to rush to Abuja at the weekend to meet the president immediately the list was made public. The governor told the president that the party stakeholders are not happy with the list of nominees for non-career ambassadors. The two-term governor said APC is losing goodwill with the decision of the president to sideline governors and party leaders in his appointments. “At a point, the governor asked the president: who are his foot soldiers? The question became necessary when those who are in control of party structures are not considered in appointments,” a source told New Telegraph. A former minister of defence, who supported the president’s election, was also disappointed that his nominee for one of the North-East states was rejected. One of the North-West governors told this newspaper that he had no input in the two nominees from his state. “Well, I know one of the nominees, but the second nominee is unknown to the state. We know that the two nominees from my state are candidates of the Presidency. So, we are not bothered. It is very unfortunate that a party that we laboured to build is treating its leaders like this. We are watching. It is the same story across the party,” the governor said. Impeccable sources told New Telegraph that the

four APC governors in the South-West failed to have their nominees on the list. All of them submitted lists of nominees as required by the Presidency, but their candidates were rejected by the president. For instance, in Ogun, Governor Ibikunle Amosun could not secure a slot on the ambassadorial list as Vice-President Osinbajo was given the slot. The vice president nominated his friend and classmate at Igbobi College, Lagos, Ade Asekun. In Oyo, Governor Abiola Ajimobi failed to have his nominee on the ambassadorial list. Maj.-Gen. Ashimiyu A. Olaniyi (rtd) was picked instead of his nominee. Unlike Amosun who was able to nominate the minister from his state, Ajimobi lost out both in ministerial and ambassadorial appointments. It was the same situation in Osun State, as Governor Rauf Aregbesola’s nominee, Senator Mudasiru Hussein, did not make the list. Instead, Adegboyega A. Ogunwusi, an elder brother to Ooni of Ife, was nominated. Governor Adams Oshiomhole’s bid to have Prof. Julius Ihonvbere as Edo State nominee could not fly as the president opted for Uyagwe Igbe. In Lagos, the president nominated two of the three nominees from the state. New Telegraph learnt that the president personally requested for former Supreme Court justice, Justice George Adesola Oguntade and Senator Olorunnibe Mamora. Mamora was the Deputy Director General

of the APC Presidential Campaign Council and his appointment was long overdue. On the choice of Justice Oguntade, Buhari nominated him because of his forthrightness, especially based on the minority judgement he gave in his (president’s) favour in 2008. When Buhari challenged the result of the 2007 presidential election up to the Supreme Court, the apex court upheld the election of Umaru Yar’Adua by 6-1. Justice Oguntade gave the minority judgement in favour of Buhari. Oguntade’s name was also on the list submitted by APC national leader, Asiwaju Bola Tinubu. Mrs. Modupe Irele is also one of Tinubu’s nominees. In Ekiti, APC members are angry over the choice of Ayodele I. Ayodeji. The nominee retired last year after 35 years in the Foreign Service. He is the immediate past Ambassador to Greece. APC members in the state are angry that the likes of former Governor Adeniyi Adebayo and Senator Olu Adetunbi were rejected in preference for Ayodeji. “We worked for APC and it is very unfortunate that someone that is unknown to us is the ambassadorial nominee. So, what is the benefit of working for the party? Is it that people like Otunba Niyi Adebayo, Prof. Modupe Adelabu and Senator Olu Adetunbi are not qualified enough to represent the state? This is very unfortunate. The party members in Ekiti State are really disappointed,” one of the party leaders in the state told New Telegraph.

NEWS

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Judges’arrest: Nigeria's democracy in danger –PDP Onyekachi Eze ABUJA

he Peoples Democratic Party (PDP) has said that the arrest and detention of some judges by the Department of State Services (DSS) is a threat to Nigeria’s democracy. The party also said the country “is sliding aggressively into anarchy” and called on lovers of democracy all over the world to intervene to stop the violation of the nation’s constitution by the All Progressives Congress (APC)-led Federal Government. The party, which was reacting to the letter by one of the accused Supreme Court justices, Justice Nwali Sylvester Ngwuta, said the ordeals of the judicial officers were as a result of the disdain to the ju-

dicial arm of government by President Muhammadu Buhari and his party. Justice Ngwuta’s letter to the Chief Justice of Nigeria (CJN), Justice Mahmud Mohammed, who is also Chairman of the National Judicial Council (NJC), came barely two days after Justice John Okoro’s letter, which pointed accusing fingers at former Rivers State Governor, Rotimi Amaechi and APC governorship candidate for Akwa Ibom, Umana Umana, of attempting to influence the course of justice in the Rivers, Akwa Ibom and Abia governorship petitions. Justice Ngwuta, in his letter, alleged that Amaechi the Minister of Transportation and Dr. Ogbonnaya Onu, Minister of Science and Technology, of approaching him to per-

vert justice in the Rivers and Ebonyi governorship election petitions. PDP, in a statement by its National Publicity Secretary, Prince Dayo Adeyeye, on Sunday, said it was not by coincidence that the two Supreme Court justices mentioned Amaechi in their letters. “Consequently, we wish to sadly conclude that Nigeria’s democracy is, indeed, in grave danger. It therefore appears that we have returned to barracks rule through the ballot,” the party noted. The main opposition party said the allegation was an indictment on the executive. “This latest allegation is another indictment on the executive arm of government and the serial complicity and involvement of the president, members

and leaders of his party, the APC, the DSS, especially, the former governor of Rivers State who has been mentioned twice in both petitions written by the honourable justices of the Supreme Court within a few hours interval,” the party observed. PDP noted that President Buhari and the APC National Chairman, Chief John Odigie-Oyegun, had before the DSS invasion of the judges’ homes, blamed the judiciary for their problems. Recalling Buhari’s statement in Germany that judiciary was his “main headache” in the fight against corruption and in his previous attempt at presidency, the opposition party said the DSS’ invasion was “the fulfilment of series of threats by President Buhari, Amaechi and

Odigie-Oyegun.” “We are not surprised with the mention of President Buhari in the statement by Justice Ngwuta because President Buhari has left no stone unturned to confirm the fact that he detests the judiciary and the rule of law as seen in his body language and actions since he assumed office. “Nigerians will also recall that it is not only President Buhari that is striving strongly to derail our nascent democracy, but his party’s National Chairman, Chief John Odigie-Oyegun, who once lambasted the judiciary on the outcome of the Supreme Court judgement in Rivers and Akwa Ibom gubernatorial elections on grounds of business and investments. “From the statements

of President Buhari and Chief Odigie-Oyegun, it is obvious that the judiciary can be said to have functioned appropriately only when they and their party wins a case. Otherwise, the judiciary must be punished. How ridiculous! “To this end, we are further calling on all stakeholders in the Nigerian State, the international community, the media, the civil society organisations (CSOs) and all well-meaning Nigerians to intervene and stop this constitutional rape before it is too late. “Nigeria belongs to all of us, irrespective of party affiliation, tribe and religion. This APC-led government of President Buhari must be stopped forthwith from these reckless acts of impunity as it is no longer acceptable.”

Bakare: Economic recession self-inflicted Wale Elegbede

he Senior Pastor of the Latter Rain Assembly, Lagos, Tunde Bakare, has said that the current economic woes betiding the nation is self-inflicted as against some propositions that the economic dip was necessitated by external or emergent conditions. Speaking at the weekend in Abuja, at the 14th Anniversary Celebration of Foursquare Gospel Church, Asokoro, the fiery clergyman, in his address titled: “The Church and Economic Recession,” said the looting of proceeds from oil boom periods by past governments was responsible for the downturn. Bakare, who was the running mate of President Muhammadu Buhari in the 2011 presidential election, however, said the various attempts at salvaging the economy by the present administration have not yielded results. His words: “Experts are inclined to attributing Nigeria’s recession to the drop in global oil prices since late 2014 as well as the reduction in production output due to renewed insurgency in the Niger Delta. “However, it would be either short-sighted or simply irresponsible to blame our economic woes on external or emergent conditions rather than own up to our failure over the years to both manage the gains of eras of prosperity and diversify the economy.” He noted further that:

“Our biggest boom experience fell into the hands of an unprepared leadership. The rise in global demand, the political turmoil in the Gulf nations that came to be known as the Arab Spring and the sanctions on Iran, pushed oil prices to unprecedented levels. The price of oil peaked at $145 per barrel around 2008 and, after a brief fall, rose and subsequently hovered around $100 until December 2014 when it began to crash. “Hence, with our revenue unaccounted for in the preceding boom era and with reported massive lootings through oil subsidies and diverted defence budgets, the present government inherited a Nigerian economy in dire straits. “In the past 18 months, attempts at salvaging the economy have not yielded lasting results. A few months ago, the minister of finance admitted that Nigeria is officially in a recession. “While the GDP shrunk by 0.36 per cent as at the first quarter of 2016, production dipped by 2.06 per cent as at the second quarter. Evidently, Nigeria’s recession is largely self-inflicted and could have been avoided.”

€33m

The estimated transfer value of Hector Bellerin of Arsenal in 2016. Source: 101greatgoals.com

1.014m

The total volume of payment channels made by cheques of Nigeria in May 2015. Source: National Bureau of Statistics

L-R: Managing Director, Nigerian Ports Authority (NPA), Ms. Hadiza Bala Usman; Senior Special Assistant to the President on Industry, Trade & Investment, Dr. Jumoke Oduwole; President, Lagos Chamber of Commerce and Industry (LCCI), Mrs. Nike Akande; and Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dakuku Peterside, at the LCCI public/private dialogue on port efficiency and maritime sector roadmap in Lagos…at the weekend

12 firms jostle for Total's downstream assets CONTINUED FROM PAGE 1

said. Total declined to comment on the deal because of its confidential nature, but a source at the company confirmed the move to New Telegraph yesterday. “There is an on-going negotiation with companies for divestment of our downstream assets, about a dozen of them have submitted proposal and we are making progress on the deal,” he said. Asked for the reason behind the divestment, which is coming after ExxonMobil’s sale of its 60 per cent stake in Mobil Oil Nigeria (MON) to NIPCO Plc., the source said: “The downstream sector is bearish, with profit margin shrinking everyday. The consumption of petroleum product by Nigerians has dipped drastically while the issue of foreign exchange scarcity made the Nigerian National Petroleum Corporation (NNPC) to be major player as we speak in terms of importation. “To make the matter

worse, the removal of subsidy announced in May was a major turning point in the annals of oil majors participation in the downstream.” More facts emerged at the weekend over NIPCO’s takeover of ExxonMobil assets. The deal, a source at ExxonMobil told this newspaper, dates back to about 24 months when NIPCO showed interest in taking 10 per cent of ExxonMobil equity in Mobil Oil Nigeria Plc. and probably had one director from NIPCO representing its interest in MON board. “However, a few months ago, two things happened: One, ExxonMobil began to give signs of full divestment. Second, NIPCO was trying to increase its stake in the downstream sector by looking for big deals in the sector. The first point of call was ExxonMobil, which they had open discussion with for partial takeover on its downstream business in Nigeria,” the source said.

ExxonMobil too still had NIPCO in mind, having had several meetings initially on the 10 per cent bid, the source added. “One way or the other, the deal seems to be taking shape with other parties meeting extensively outside Nigerian shores with powerful people in ExxonMobil and NIPCO team led by one of its directors and the main person financing the deal – Ramesh Kansagra – and NIPCO itself. “Ramesh is a multibillionaire, very quiet, unassuming personality and he is the chairman of Pure Bond Ltd, which owns 60 per cent equity in NIPCO Plc. “He has varied interest in other conglomerates in Nigeria such as salt and ceramics, among others. He majorly brokered the deal on behalf of NIPCO with NIPCO’s Managing Director, Executive Director (Finance, Corporate Services) and the company secretary, Paul Obi, providing the legal details to make the deal very smooth.

“Virtually, meetings on the deal were held outside Nigerian shores mainly to protect the confidentiality of the deal, even though lots of corporate governance and due diligence was done on NIPCO, including searching for details about our imports under the subsidy regime. “NIPCO may not have all the financial muzzle to acquire Mobil, but the integrity and financial capability of Ramesh played a very significant role in the deal,” the source said. On the re-branding plan, he added that there will “definitely be a name change, but definitely not immediate.” The first causality of the deal at NIPCO, he said, is that the much-taunted establishment of a lubricant plant by the firm may not materialise again. “Massive expansion of Mobil lubricant plant in Nigeria will be made to take care of the thousands of interest that NIPCO lube plant would have taken care of,” he added.

NEWS

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

INEC official demanded $1m bribe from me –Ibrahim

lAllegation false, uncharitable, says electoral body Onyekachi Eze ABUJA

actional candidate of the Peoples Democratic Party (PDP) in the November 26 Ondo State governorship election,

Mr. Jimoh Ibrahim, has alleged that acting legal adviser of the Independent National Electoral Commission (INEC), Mrs. O. O. Babalola, demanded $1 million bribe from him to list him as the party’s candidate for the election in obedience to the ruling

of an Abuja Division of the Federal High Court. Justice Okon Abang, two weeks ago, ordered INEC to recognise Ibrahim who was produced at a factional primary organised by Senator Ali Modu Sheriff faction, as PDP candidate.

INEC had already accepted Hon. Eyitayo Jegede who emerged from Senator Ahmed Makarfiled National Caretaker Committee primaries, as the party’s candidate for Ondo State. But Ibrahim, at a press conference in Abuja yes-

PDP crisis: Sheriff’s demands stall reconciliation Onyekachi Eze ABUJA

acts have emerged on why the inauguration of peace committee for the reconciliation of factional members of the Peoples Democratic Party (PDP) scheduled last Tuesday was stalled. The Senator Ahmed Makarfi-led National Caretaker Committee and Senator Ali Modu Sheriff faction had agreed to inaugurate a 24-member reconciliation committee to reconcile the two factions last week. The inauguration was called off at the last minute because Sheriff who was supposed to book the venue for the inauguration failed to do so and also did not show up. Sheriff ’s media advis-

er, Inuwa Bwala, had explained that there were issues with the committee’s terms of reference, which need to be sorted out. It was, however, gathered that Sheriff was dictating the conditions, which were not acceptable to the other factions. A member of the party disclosed that the former Borno State governor also refused to withdraw the cases in court to show his sincerity to the peace pact. “When you talk of reconciliation, all court cases must be withdrawn for out-of-court settlement. But Sheriff is not ready for out-of-court settlement. He is not sincere about the reconciliation; he is working for the destruction of the party,” he said. According to him, Sheriff demanded that the National Secretary position

should come from NorthEast. PDP zoning committee had already reserved the position to the North-West while North-East where Sheriff comes from will produce one of the two Deputy National Chairmanship positions. The source, however, said the party was ready to accede to his demand, but for his further demand that all his candidates must be elected by affirmation at the National Convention. “This has not happened even when PDP has a president as leader of the party. You cannot go to the convention and anoint people as officials of the party. It has not happened. “You must allow everybody who is vying for a position to contest and seek the support of the people.

“Sheriff is saying that the list he is giving for the reconciliation, the same list will go to the convention and be anointed as elected officials of the party. “In democracy and with PDP as opposition party, that cannot be possible. There is insincerity in the reconciliation move and that is why it cannot hold. You cannot say you want to reconcile when you work against a governorship candidate that enjoys the support of 95 per cent of party members, including the organs of the party,” he declared. He added that the governors had nominated Governor Dairus Ishiaku of Taraba State to interface with Sheriff with a view to finding acceptable conditions for the resolution of the crisis.

terday, said Babalola demanded a bribe from him before she could effect the court order. He said he had reported the incident to the INEC Chairman, Professor Mahmud Yakubu. Chief Press Secretary to INEC Chairman, Rotimi Oyekanmi, however, described the allegation as false and uncharitable. Ibrahim, in a petition to President Muhammadu Buhari, alleged that “one Mrs. O. O. Babalola of INEC demanded the payment of $1 million before she would obey a court judgement marked exhibit A attached.” The petition was dated October 21. He expressed concern that an electoral body, which had said it would obey the court order immediately it was served, suddenly started to develop cold feet. He warned the commission not to “allow one governor to destroy its reputation.” “We are not saying that INEC will not obey the court judgement. One of the officials demanded $1 million bribe from me to process the court judgement. “I was shocked. She said I should bring $1 million or another order

of court before she can do her job. I asked which job? She insisted that she will not obey that court order and if I don't pay, she will not do it unless we bring another court order. Like a joke, she published another person's name from Governor Olusegun Mimiko,” he alleged. Ibrahim further demanded the removal of the Resident Electoral Commissioner (REC) in Ondo State, Olusegun Agbaje, alleging that he is a card-carrying member of a political party. He said the REC could not be trusted to conduct a free and fair election in the state. Oyekanmi, however, described Ibrahim’s allegation as false. “It is not true that Mrs. Babalola demanded $1 million bribe from Jimoh Ibrahim. Two other officials of INEC witnessed the encounter between Mrs. Babalola and Ibrahim. “Ibrahim brought a copy of his judgement and wanted to impress it on INEC to collect it. But we told him that we already have it. It is uncharitable and ungodly of businessman of his stature to make this kind of allegation,” he added.

SOURCE

19 IMTSO 20 IMTSO

17 TOTAL UPSTREAM NIG LTD 18 ORDINARY DOMICILLIARY PURCHASED

15 NIGERIAN AGIP EXPLORATION LIMITED 16 SAIPEM CONTRACTING NIGERIA LIMITED

13 IMTSO 14 IMTSO

11 IMTSO 12 IMTSO

8 IMTSO 9 IMTSO 10 IMTSO

5 IMTSO 6 IMTSO 7 IMTSO

3 IMTSO 4 IMTSO

1 CITI BANK 2 IMTSO

368.97 369.96

18-Oct-16

308.00

17-Oct-16 18-Oct-16

305.00

304.50

17-Oct-16 17-Oct-16

305.00

372.57

17-Oct-16 17-Oct-16

375.28

340.48

17-Oct-16 17-Oct-16

341.91

351.75

17-Oct-16 17-Oct-16

367.46 338.60

17-Oct-16

364.24

17-Oct-16 17-Oct-16

335.67 356.00

17-Oct-16 17-Oct-16

335.46

17-Oct-16

336.16 335.80

17-Oct-16 17-Oct-16

305.50

S/NO.

17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16

18-Oct-16 18-Oct-16

IMTSO

INDUSTRIAL/AGRIC MACHINERY SPARES

PERFORATED NICKEL SCREENS

PTA

RF BEEF& CHILLI BIGI 25KG

SCHOOL FEES

SCHOOL FEES AND ACCOMODATION

SODIUM LAURYL ETHER SULFATE

TUITION FEES IMTSO

IMTSO

PTA

RAW MATERIAL

RAW MATERIALS FOR INDUSTRIAL USE

RF BEEF& CHILLI BIGI 25KG

SCHOOL FEES

SODIUM LAURYL ETHER SULFATE

SUBSCRIPTION

5 CENTRAL BANK OF NIGERIA

6 CENTRAL BANK OF NIGERIA

7 CENTRAL BANK OF NIGERIA

8 CENTRAL BANK OF NIGERIA

9 CENTRAL BANK OF NIGERIA

10 CENTRAL BANK OF NIGERIA

11 CENTRAL BANK OF NIGERIA

12 CENTRAL BANK OF NIGERIA

13 CENTRAL BANK OF NIGERIA

14 CENTRAL BANK OF NIGERIA

15 CENTRAL BANK OF NIGERIA

16 CENTRAL BANK OF NIGERIA

17 KRISHAN NIGERIA LIMITED

18 WOOLLEN & SYNTHETIC TEXTILE MANUF

19 ALHAJI YEKEEN ADEOJO

20 RITE FOODS LTD

21 PAUL-TAIWO ADEOYE OLUKOYA

22 PAUL-TAIWO ADEOYE OLUKOYA

23 OLUYEMI AYODELE M

24 DAIRO OLUJOBA VICTOR

25 OLAORE MOCHAEL OLAJIDE

26 OKOYA WILLIAM EBIKISE

27 ADEGUN ADEGBOYEGA ADELANI

28 LOGICTECH TERMINUS LIMITED

29 NYCIL LIMITED

30 ADAMSON ADEWUNMI ISMAIL

32 CENTRAL BANK OF NIGERIA

33 FATIMA ABUBAKAR IMAM

34 SREN CHEMICAL LTD

35 FINE CHEMICAL NIG LTD

36 RITE FOODS LTD

37 IPESA-BALOGUN FAUSAT OMOLARA

38 IPESA-BALOGUN FAUSAT OMOLARA

39 ADEDOYIN OGHOGHO TEMITOPE

40 OREDEIN ABIOLA OMOWUNMI

41 ADEBAYO-FARI ODUNAYO

42 IPESA-BALOGUN FAUSAT OMOLARA

43 KUKOYI WOLESOLA MOTUNRAYO

44 NYCIL LIMITED

45 STERLING BANK PLC

31 CENTRAL BANK OF NIGERIA

4 CENTRAL BANK OF NIGERIA

GASOLINE IMTSO

3 MAINLAND OIL AND GAS LTD

18-Oct-16

17-Oct-16

GASOLINE

17-Oct-16

DATE OF FUND PURCHASED

2 MAINLAND OIL AND GAS LTD

ITEM OF IMPORT

GASOLINE

CUSTOMER/FXPD/NON-FXPD

1 MAINLAND OIL AND GAS LTD

306.00

380.00

375.00

305.00

306.00

310.00

370.00

380.00

306.00

375.00

356.50

305.00

305.50

306.00

308.50

370.00

356.00

350.00

335.50

350.00

335.50

370.00

305.00

305.50

EXCHANGE RATE

5,040.32

2,076.33

1,424.35

5,000,000.00

1,005,500.00

749,500.00

1,446.96

703.56

505.42

392.57

1,498.31

895.49

1,063.74

1,277.54

2,300.89

2,017.17

3,456.88

4,165.47

100,000.00 1,632.40

EXCHANGE RATE AMOUNT PURCHASED ($)

17-Oct-16

DATE OF FUND PURCHASED

RETURNS ON UTILIZATION OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY, 21-10-2016

S/NO.

305.75

20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16

25 CBN SMIS( 2 MTH FORWARD) 26 CBN SMIS( 2 MTH FORWARD) 27 CBN SMIS( 2 MTH FORWARD) 28 STANBIC IBTC

20-Oct-16 21-Oct-16

39 IMTSO 40 GUARANTY TRUST BANK

17,000.00

15,999.20

4,955.74

4,220.84

4,039.01

3,823.43

3,806.46

1,260.08

519.08

538.75

12,980.00

31,020.80

4,000.00

1,557.25

3,780.24

5,000.00

40,400.00

5,000.00

6,061.00

5,000.00

3,507.00

2,586.54

1,122.94

575.22

4,226.96

3,000.00

19,600.00

10,000.00

797.81

958.16

1,725.67

2,017.17

3,456.88

4,165.47

1,632.40

505.42

392.57

1,498.31

895.49

1,085.22

527.67

5,000,000.00

1,005,500.00

749,500.00

TOTAL

336.77

20-Oct-16

19-Oct-16

IMTSO RAW MATERIAL

49 CENTRAL BANK OF NIGERIA 50 HANA PACKAGING LTD

20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16

IMTSO IMTSO IMTSO IMTSO IMTSO IMTSO IMTSO IMTSO INDUSTRIAL MACHINE AND ACCESSORIES(FORWARD) INDUSTRIAL MACHINE AND ACCESSORIES(FORWARD) INDUSTRIAL MACHINE AND ACCESSORIES(FORWARD) INDUSTRIAL RAW MATERIAL INDUSTRIAL RAW MATERIAL(FORWARD) INDUSTRIAL RAW MATERIAL(FORWARD) PTA RAW MATERIALTO DIDISOFT OPEN PGP LIBRARY FOR NET SUBSCRIPTION ENTERPRISE UNLEADED GASOLINE EXAMINATION FEE EXAMINATION FEE

62 CENTRAL BANK OF NIGERIA 63 CENTRAL BANK OF NIGERIA 64 CENTRAL BANK OF NIGERIA 65 CENTRAL BANK OF NIGERIA 66 PANAR LTD 67 PANAR LTD 68 PANAR LTD 69 MELVYN NICKSON NIGERIA LTD 70 SUNCHEM INDUSTRIES LTD 71 SUNCHEM INDUSTRIES LTD 72 ALHAJI YEKEEN ADEOJO 73 SREN CHEMICAL LTD 75 BULK STRATEGIC RESERVE LIMITED 76 MOORE ZAINAB OMONE 77 OGUNRINDE TITILAYO

INDUSTRIAL CHEMICAL RAW MATERIAL

86 NYCIL LIMITED

85 DOSUMU ADE AKINFOSILE

84 DIANA EGEOLU

83 FOLASADE ADEBAYO

82 DANIEL-KALIO BLESSING

81 IPESA-BALOGUN FAUSAT OMOLARA

XYLENE

TUITION FEES

SCHOOL FEES

LEYLAND CITY BUS IN SKD FORM

79 SPRINGFIELD AGRO LIMITED 80 LEYLAND BUSAN MOTOR COMPANY LTD

EXAMINATION FEE

78 OYEDARA TOLULOPE

74 STERLING BANK PLC

61 CENTRAL BANK OF NIGERIA

60 CENTRAL BANK OF NIGERIA

59 CENTRAL BANK OF NIGERIA

58 CENTRAL BANK OF NIGERIA

57 CENTRAL BANK OF NIGERIA

21-Oct-16

20-Oct-16

IMTSO

56 CENTRAL BANK OF NIGERIA

55 CENTRAL BANK OF NIGERIA

20-Oct-16

IMTSO

CAPITAL MACHINERY -VARIOUS COMPONENTS(FORWARD)

19-Oct-16

GASOIL IMTSO

54 MINDAS PETROLEUM LTD

53 AARTI ROLLING MILLS LTD

52 TAANA LTD

RAW MATERIAL WATERPROOFING MEMBRANE

19-Oct-16

IMTSO

48 CENTRAL BANK OF NIGERIA

51 HANA PACKAGING LTD

19-Oct-16

CANDLE-BRAND HANAPOWER

47 TAANA LTD

19-Oct-16

18-Oct-16

UNLEADED GASOLINE

46 BULK STRATEGIC RESERVE LIMITED

305.25

376.62

370.93

370.99

337.95

371.89

20-Oct-16

336.05

349.81

20-Oct-16 20-Oct-16

347.05

333.37

20-Oct-16 20-Oct-16

340.47

20-Oct-16

320.00

315.00

376.17

37 IMTSO 38 IMTSO

35 IMTSO 36 IMTSO

33 IMTSO 34 IMTSO

31 IMTSO 32 IMTSO

29 IMTSO 30 IMTSO

318.00

19-Oct-16

358.46

19-Oct-16

315.00

305.50

24 IMTSO

AMOUNT SOLD ($)

TOTAL

19-Oct-16 19-Oct-16

22 WEMA BANK 23 IMTSO

21 STANDARD CHARTERED BANK

RETURNS ON SOURCES OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21-10-2016

305.75

380.00

305.75

308.50

305.75

306.25

310.00

320.50

306.25

320.50

335.50

380.00

370.00

350.00

370.00

335.50

370.00

380.00

306.25

320.50

315.50

380.00

315.50

306.00

8,804,467.92

100,000.00

2,319.79

3,709.18

2,990.18

2,803.00

2,278.94

1,319.19

1,808.69

651.28

3,373.65 1,370.16

1,485.53

282,541.24 50,000.00

381,945.00

875,636.00

3,213.37

2,125.32

100,000.00 100,000.00

8,875,809.29

60,000.00

2,244.42

2,512.26

2,374.75

2,000.00

30,000.00

50,000.00

252.84

448.66

411.48

5,718.63

1,790.00

20,179.20

1,000.00

222,400.00

60,141.24

9,820.80

150,945.00

115,500.00

3,709.18

1,808.69

989.39

651.28

1,370.16

3,373.65

1,485.53

2,990.18

2,803.00

2,278.94

1,739.84

12,491.37

875,636.00

18,291.50

47,890.00

12,110.00

1,593.99

2,410.03

21,708.50

10,000.00

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

RETURNS ON UTILIZATION OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21-OCT-2016 This Publication; Mandated by the Central Bank of Nigeria (CBN)

BANK: ECOBANK NIGERIA LIMITED 1

JIBRIN MUHAMMAD BABA

INVISIBLE

DATE OF FUND PURCHASE 17-Oct-16

JIBRIN MUHAMMAD BABA

INVISIBLE

17-Oct-16

PRINCE RAPHAEL MADUGBA

INVISIBLE

NWADIE CHRISTIANA

5 6

BANKOLE AYODELE AMOS EMMANUEL IFEANYI OFFOR

CUSTOMER

ITEM OF IMPORT

EXCHANGE RATE 380.0000

AMOUNT

CUSTOMER

ITEM OF IMPORT

407.90

131

OLYMPIC INKS LTD

350.5000

1,902.10

132

SALIENT INDUSTRIES LIMITED

17-Oct-16

380.0000

2,750.00

133

INVISIBLE

17-Oct-16

380.0000

3,555.56

134

INVISIBLE INVISIBLE

17-Oct-16 17-Oct-16

380.0000 380.0000

3,710.07 8,550.00

135 136

AKPOVIRORO OGBORU SAMUEL

INVISIBLE

17-Oct-16

380.0000

10,281.18

137

8 9 10 11 12

PTA CORONATION MERCHANT BANK INT TOWERS LIMITED INT TOWERS LIMITED INT TOWERS LIMITED

INVISIBLE INTERBANK INVISIBLE INVISIBLE INVISIBLE

17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16 17-Oct-16

375.0000 305.5000 305.5000 305.5000 305.5000

24,000.00 100,000.00 217,013.17 434,026.33 434,026.33

138 139 140 141 142

INT TOWERS LIMITED

INVISIBLE

17-Oct-16

305.5000

542,532.92

143

EUROCHEMCO VENTURES LIMITED

INT TOWERS LIMITED

INVISIBLE

17-Oct-16

305.5000

813,799.38

144

PENTAGON PLASTICS IND LTD

15 16 17

OKEAHIALAM JOVITA CHINEDUM PRINCE RAPHAEL MADUGBA BANKOLE AYODELE AMOS

INVISIBLES INVISIBLES INVISIBLES

18-Oct-16 18-Oct-16 18-Oct-16

380.0000 380.0000 380.0000

2,500.00 2,750.00 3,710.07

145 146 147

WHITFIELD VENTURE LIMITED VENUS NINA CO. LIMITED VENUS NINA CO. LIMITED

OYOVWIKIGHO JONATHAN

INVISIBLES

18-Oct-16

380.0000

3,750.00

148

EMENITE LIMITED

MASTERS ENERGY OIL AND GAS LTD /ECOBANK NIGERIA LIMITED MASTERS ENERGY OIL AND GAS LTD /ECOBANK NIGERIA LIMITED OGBONNA EUNICE EBERE ECOBANK NIG LTD RAPIDCHECK DIAGNOSTICS AND WELLNESS LTD ECOBANK NIG LTD ECOBANK NIG LTD CRYSTAL CENTURY GATE LTD CRYSTAL CENTURY GATE LTD TOP STEEL NIGERIA LTD

ANYANWU GOGO CHIMAROGE JOSEPH

INVISIBLES

18-Oct-16

380.0000

4,104.07

149

HAFFAR INDUSTRIAL CO. LTD

20 21

FAGBAMILA TAWAKALITU KEJIDE ECOBANK NIGERIA LIMITED

INVISIBLES INVISIBLES

18-Oct-16 18-Oct-16

380.0000 380.0000

5,000.00 7,314.22

150 151

CFAO MOTORS NIGERIA LIMITED CFAO MOTORS NIGERIA LIMITED

ALABI FUNSO FRANCIS

INVISIBLES

18-Oct-16

380.0000

9,299.25

152

CHUMESON INVESTMENT (NIG) LTD

23 24

AKPOVIRORO OGBORU SAMUEL OSOBASE GODDY .A

INVISIBLES INVISIBLES

18-Oct-16 18-Oct-16

380.0000 380.0000

10,281.18 12,000.00

153 154

ALI ITODO GLOBAL LTD CFAO MOTORS NIGERIA LIMITED

MISC RAW MATERIALS/SPARE PARTS 46MT NDOBEV STIFFNER AND 72MT MG POSTER PAPER ARSR GRADE 10,000MT (+/-10PCT) OF UNLEADED GASOLINE(PMS)

DATE OF FUND PURCHASE 21-Oct-16

EXCHANGE RATE 380.0000

21-Oct-16

380.0000

250.00

21-Oct-16

380.0000

300.00 300.00

AMOUNT 250.00

10,000MT (+/-10PCT) OF UNLEADED GASOLINE(PMS)

21-Oct-16

380.0000

INVISIBLES CHARGES

21-Oct-16 21-Oct-16

380.0000 380.0000

311.03 311.16

MEDICAL DIAGNOSTIC KITS AND TEST STRIPS

21-Oct-16

380.0000

336.97

CHARGES CHARGES ELECTRICAL FUSE (KIT KAT) ELECTRICAL FUSE (KIT KAT) PLANT AND MACHINERY AND EQUIPMENTS WITH PARTS RAW MATERIALS AND EQUIPMENT FOR THE MANUFACTURING OF DIPOX INDUSTRIAL RESIN FLOORS RAW MATERIAL FOR INDUSTRY:POLYPROPYLENE COPOLYMER JM-380 LIMBUX HYDRATED LIME RESIN 4540 RESIN FR160

21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000 380.0000 380.0000

351.75 386.50 390.00 445.73 453.52

21-Oct-16

380.0000

455.00

21-Oct-16

380.0000

456.00

21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000

540.00 542.57 544.60

315000 TONS OF VIRGIN CELLULOSE FOR CEMENT APPLICATION (PRINCE GEORGE UNBLEACHED SOFTWOOD SULPHATE

21-Oct-16

380.0000

551.76

INDUSTRIAL RAW MATERIAL-ABOUT SINGLE YARN OF SYNTHETIC STAPLE FIBRE NOT PUT UP FOR RETAIL SALES

21-Oct-16

380.0000

614.52

21-Oct-16 21-Oct-16

380.0000 380.0000

623.37 623.57

OSARETIN GIWA-OSAGIE & CO

INVISIBLES

18-Oct-16

380.0000

14,307.21

155

CITICO PLASTIC INDUSTRIES LTD

PTA

INVISIBLES

18-Oct-16

375.0000

20,000.00

156

OLYMPIC INKS LIMITED

SADU ABDULRASAQ OLANREWAJU

INVISIBLES

18-Oct-16

380.0000

38,317.87

157

ARNERGY SOLAR LIMITED

28 29 30

DIAMOND BANK DIAMOND BANK BABAJIDE BOLADE

INTERBANK INTERBANK INVISIBLES

18-Oct-16 18-Oct-16 19-Oct-16

305.5000 306.0000 380.0000

50,000.00 100,000.00 675.00

158 159 160

FINE CHEMICAL NIGERIA LIMTED CFAO MOTORS NIGERIA LIMITED CFAO MOTORS NIGERIA LIMITED

PASSENGER LIFT PASSENGER LIFT THERMAL PAPER PRINTER, THERMAL PAPER, PVC COVER, LAMINATING FILM, COMB BINDER BICYCLE PARTS PASSENGER LIFT RAW MATERIAL FOR INDUSTRY:87.5MTS HIGH DENSITY POLYRTHYLENE POLYETHYLENE (HDPE) MACHINERY STP 260-20/WEM SOLAR CELL IN MODULE MADE UP INTO PANELS RAW MATERIAL FOR INDUSTRY USE:MOPLEN HP520M PASSENGER LIFT PASSENGER LIFT

21-Oct-16

380.0000

678.54

21-Oct-16 21-Oct-16

380.0000 380.0000

679.14 680.33

21-Oct-16

380.0000

704.14

21-Oct-16

380.0000

708.10

21-Oct-16

380.0000

767.52

21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000

770.09 790.87 794.98

WACOT LIMITED

CHARGES

19-Oct-16

330.5000

773.83

161

NWANKWO SUNDAY CHINEDU GLOBAL COY

NEW SPARE PARTS

21-Oct-16

380.0000

817.56

WACOT LIMITED

CHARGES

19-Oct-16

330.5000

941.43

162

ALBARKA NATURAL MINERAL WATER & PLASTICS COY

POLYETHYLENE

21-Oct-16

380.0000

869.45

EKERENAM MICHAEL

INVISIBLES

19-Oct-16

380.0000

957.33

163

SCC NIGERIA LTD

21-Oct-16

380.0000

870.00

34 35

AKURO OLIVER PRISCILLIA IYENGEREFAMA FERRO UNITED STEEL LIMITED

INVISIBLES INVISIBLES

19-Oct-16 19-Oct-16

380.0000 380.0000

1,200.00 1,272.54

164 165

CFAO MOTORS NIGERIA LIMITED WYSTON INTERNATIONAL

21-Oct-16 21-Oct-16

380.0000 380.0000

872.52 878.78

IKUDAYISI OYEKUNLE

INVISIBLES

19-Oct-16

380.0000

1,300.00

166

PENTAGON PLASTICS IND LTD

37 38 39 40

ONYEMA JOHN ANAYO ODUWOLE OLUFEMI AYOOLA OLOKUN MUSEMIL TOLANI ADEKUNLE ADEFUNKE

INVISIBLES INVISIBLES INVISIBLES INVISIBLES

19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16

380.0000 380.0000 380.0000 380.0000

2,365.00 3,003.51 3,800.00 5,000.00

167 168 169 170

CYBELE COSMETICS LTD CFAO MOTORS NIGERIA LIMITED FRANKENSTEIN INNOVATORS LTD CYBELE COSMETICS LTD

SUPPLY OF MATERIAL FOR DOUBLE CIRCUIT POWER LINE IN DISASSEMBLED FORM PASSENGER LIFT PRINTING MACHINE RAW MATERIAL FOR INDUSTRY:POLYPROPYLENE COPOLYMER JM-380 INDUSTRIAL MACHINE PASSENGER LIFT SPARE PARTS RAW MATERIAL ODORIFEROUS SUBSTANCES STRELIA

21-Oct-16

380.0000

884.07

21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000 380.0000

897.00 915.72 920.36 934.99

FATSUMA GARBA IFO ABDULRASHEED GARBA

INVISIBLES

19-Oct-16

380.0000

5,000.00

171

TOP STEEL NIGERIA LTD

PLANT AND MACHINERY AND EQUIPMENTS WITH PARTS

21-Oct-16

380.0000

954.55

42 43 44

ALABI FUNSO FRANCIS PRINCE RAPHAEL MADUGBA STUDIO PRESS NIG. PLC

INVISIBLES INVISIBLES INVISIBLES

19-Oct-16 19-Oct-16 19-Oct-16

380.0000 380.0000 406.0000

6,188.24 8,000.00 9,381.53

172 173 174

PREMIUM ALUMINIUM LIMITED IKE OBISON NIGERIA LTD FINE CHEMICAL NIGERIA LIMTED

21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000

996.20 1,007.00 1,030.14

PTA

INVISIBLES

19-Oct-16

380.0000

12,000.00

175

DIPOX RESIN FLOORS LTD

PLAIN ALUMINUM COILS INDUSTRIAL POLYAMIDE RAW MATERIAL FOR INDUSTRY USE:MOPLEN HP520M RAW MATERIALS AND EQUIPMENT FOR THE MANUFACTURING OF DIPOX INDUSTRIAL RESIN FLOORS

21-Oct-16

380.0000

1,033.85

AKEBONO INDUSTRIAL CO NIG LTD

MOTORCYCLE SPAREPARTS

19-Oct-16

320.5000

35,079.50

176

EMENITE LIMITED

315000 TONS OF VIRGIN CELLULOSE FOR CEMENT APPLICATION (PRINCE GEORGE UNBLEACHED SOFTWOOD SULPHATE

21-Oct-16

380.0000

1,091.74

AKEBONO INDUSTRIAL CO NIG LTD

19-Oct-16

320.5000

35,150.00

177

CYBELE COSMETICS LTD

SCENT SPRAY HEAD

21-Oct-16

380.0000

1,100.36

STUDIO PRESS NIG. PLC

MOTORCYCLE SPAREPARTS INDUSTRIAL RAW MATERIALS: TESTLINER BOARD BROWN: OUTER DIAM: 145CM. CORE 10CM AND FLUTING MEDIUM: 112GSM, 165CM.

19-Oct-16

406.0000

46,607.73

178

MITSUMI NIGERIA LIMITED

HP COMPELLANT STORAGE

21-Oct-16

380.0000

1,464.00

EDO CEMENT CO. LTD SMILE COMMUNICATIONS NIGERIA LIMITED

STUDIO PRESS NIG. PLC

52 53 54 55 56 57

SMILE COMMUNICATIONS NIGERIA LIMITED ROYAL AIR MAROC SMILE COMMUNICATIONS NIGERIA LIMITED STUDIO PRESS NIG. PLC SMILE COMMUNICATIONS NIGERIA LIMITED STUDIO PRESS NIG. PLC

EDO CEMENT CO. LTD

AKEBONO INDUSTRIAL CO NIG LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT, EDO STATE HUAWEI LTE CPE E5180 INDUSTRIAL RAW MATERIALS: TESTLINER BOARD BROWN: OUTER DIAM: 145CM. CORE 10CM AND FLUTING MEDIUM: 112GSM, 165CM. MIFI . BRAND: ATEL. MODEL: ALM-N820 INVISIBLES PLANT AND MACHINERIALS PLANT AND MACHINERIALS PLANT AND MACHINERIALS PLANT AND MACHINERIALS MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT, EDO STATE NEW DAYLONG MOTORCYCLE DL125 IN CKD

1,523.24

ARIK AIR LIMITED

SABASTEEL INDUSTRIAL NIG LTD

62 63

19-Oct-16

330.5000

80,771.63

179

CFAO MOTORS NIGERIA LIMITED

PASSENGER LIFT

21-Oct-16

380.0000

19-Oct-16

310.5000

82,908.40

180

ECOBANK NIG LIMITED

CHARGES

21-Oct-16

380.0000

1,745.51

19-Oct-16

406.0000

85,057.43

181

KOBAG VENTURES NIGERIA LTD

AUTOMATIC BLOWING MACHINE AND BLOWING FILM MACHINE

21-Oct-16

380.0000

2,338.76

19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16

310.5000 330.5000 310.5000 406.0000 310.5000 406.0000

91,300.00 100,000.00 108,330.00 125,308.75 180,394.90 183,644.56

182 183 184 185 186 187

CKS INTERNATIONAL LTD AFOLABI JOHN OLADELE PREMIUM ALUMINIUM LIMITED ECOBANK NIG LIMITED SCC NIGERIA LTD ECOBANK NIGERIA LTD

ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING INVISIBLES PLAIN ALUMINUM COILS CHARGES PLANT AND EQUIPMENT SUPPLY DISSASEMBLED FORM INFOSCALE ENTERPRISE UX-1 SERVER HARDWARE

21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000 380.0000 380.0000 380.0000

2,483.28 2,500.00 2,592.74 3,115.53 3,272.62 3,863.94

19-Oct-16

330.5000

191,134.44

188

CKS INTERNATIONAL LTD

ESSENTIAL RAW MATERIALS (MSG) FOR SEASONING

21-Oct-16

380.0000

4,721.26

19-Oct-16

320.5000

332,500.00

189

ADEKOLA FEYISAYO

21-Oct-16

380.0000

6,000.00

INVISIBLES

19-Oct-16

330.5000

350,050.00

190

MAKASA SUN NIGERIA LIMITED

21-Oct-16

380.0000

7,729.48

HOT ROLLD STEEL SHEETS

19-Oct-16

330.5000

360,765.19

191

DR MAGDALENE E. ODUNVBUN

INVISIBLES SOLAR POWERED HYBRID UNIT AND ACCESSORIES FOR SOLAR POWERED HYBRID POWER UNIT INVISIBLES

21-Oct-16

380.0000

7,900.00

SABASTEEL INDUSTRIAL NIG LTD

HOT ROLLED STEEL

19-Oct-16

330.5000

438,569.96

192

SCOA NIGERIA PLC

10 UNITS MAN CLA CHASSIS. MODEL CLA 16.220 4 X 2 BB CS03

21-Oct-16

380.0000

8,095.87

ARIK AIR LIMITED

INVISIBLES

19-Oct-16

330.5000

450,050.00

193

MAKASA NIGERIA LIMITED

CONTROL PANEL FOR DC GENERATOR

21-Oct-16

380.0000

8,425.43

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

330.5000

471,631.69

194

MEGASTAR TECHNICAL & CONSTRUCTION

MIXER TRUCK

21-Oct-16

380.0000

9,565.51

ARIK AIR LIMITED

INVISIBLES

19-Oct-16

330.5000

638,936.88

195

BISWAL LIMITED

AKEBONO INDUSTRIAL CO NIG LTD

PLANT AND MACHINERIALS

19-Oct-16

320.5000

666,000.00

196

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

330.5000

868,659.26

197

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

330.5000

1,240,500.00

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

330.5000

70 71

ARIK AIR LIMITED CEMENT COMPANY OF NORTHERN NIG. PLC

INVISIBLES MACHINERY AND EQUIPMENT

19-Oct-16 19-Oct-16

330.5000 330.5000

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

EDO CEMENT CO. LTD

MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT PROJECT

19-Oct-16

74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91

AMEN-OMOREGIE ENIYE AMEN-OMOREGIE ENIYE ALIYU ALIYU BABANGIDA ADEKUNLE EBENEZER OLUFEMI EFERE DANIEL OMAVUAYE OGBONNA EUNICE EBERE AFOLAKE ST MATTHEW DANIEL UDEMEZUE UCHENNA IFEYINWA MEGA EVELYN AL HASSAN MOAK NIG LTD AWOLOLA ABIGAEL O. NWANKWO FIDELIS ADELEKE ADEOLA PTA KEYSTONE BANK IMPERIO INTERNATIONAL LTD. IMPERIO INTERNATIONAL LTD. ACCESS BANK

20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16

WANDEL INTERNATIONAL (NIG) LTD

IMPERIO INTERNATIONAL LIMITED

VISTA INTERNATIONAL LTD

95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121

ECOBANK NIGERIA ECOBANK NIGERIA ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIG LTD ECOBANK NIGERIA LIMITED ECOBANK NIGERIA LIMITED ECOBANK NIG LTD ROSA MYSTICA ENERGY LIMITED VENUS NINA CO. LIMITED BOND CHEMICAL IND. LTD ECOBANK NIGERIA LIMITED MEGASTAR TECHNICAL & CONSTRUCTION ECOBANK NIG LTD CFAO MOTORS NIGERIA LTD CFAO MOTORS NIGERIA LTD CFAO MOTORS NIGERIA LTD MEGACHEM NIGERIA LIMITED

INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INVISIBLES INTERBANK PETROLEUM JELLY PH.EUR. SNOW-WHITE THOSCO 46 PETROLEUM JELLY PH.EUR. SNOW-WHITE THOSCO 46 INTERBANK MOTORIZED TRICYCLES IN CKD - TVS BRAND, 4 STROKE PETROL VERSION, ENGINE CAPACITY: 200CC PETROLEUM JELLY PH.EUR. SNOW-WHITE THOSCO 46 RAW MATERIAL FOR EXERCISE BOOKS INDUSTRY: PLAIN PAPER BOARD 300 GSM. CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES CHARGES UNLEADED GASOLINE ARTIFICIAL FILAMENT TOW PARACETAMOL BP/USP CHARGES MIXER TRUCK CHARGES 100 SET OF MITSUBISHI VEHICLES BRAKE PADS ONE LOT OF CHEVROLET SPARE PARTS ONE LOTS OF MITSUBISHI SPARE PARTS PHARMACEUTICAL RAW MATERIAL FCL A 9MTONS

122

SHIV LILA POLYMERS LTD

123 124 125 126 127 128 129 130

PEARL UNIVERSAL IMPEX LIMITED CFAO MOTORS NIGERIA LTD KGM IND. (NIG) LTD ECOBANK NIGRIA LIMITED CFAO MOTORS NIGERIA LTD CFAO MOTORS NIGERIA LTD MAC-JAJA DAISY ECOBANK NIG LTD

21-Oct-16

380.0000

13,760.13

SCOA NIGERIA PLC

FUEL TANK AND L AND F DROP-SIDE BODY WITH PALFINGER CRAN 15UNITS MAN TGS TRACTORY MODEL

21-Oct-16

380.0000

23,453.24

ELIM MOTORS

SBLC

21-Oct-16

380.0000

26,541.67

198

SABASTEEL INDUSTRIAL NIG. LTD

HOT ROLLED STEEL SHEETS

21-Oct-16

380.0000

50,771.36

1,496,000.00

199

SAKR POWER GENERATION NIG. LTD

GE JENBACHER GAS GENERATING SET

21-Oct-16

380.0000

54,720.15

1,750,000.00 2,155,874.58

200 201

ECOBANK NIGERIA LTD. ECOBANK NIGERIA LTD.

CHARGES CHARGES

21-Oct-16 21-Oct-16

380.0000 380.0000

98,044.29 112,977.27

330.5000

3,369,395.23

202

IPI POWERTECH NIGERIA

PLANT AND MACHINERIES

21-Oct-16

305.5000

3,634,369.22

330.5000

6,092,500.00

380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 305.7500 305.5000 305.5000 306.0000

1,056.63 1,204.37 1,242.20 1,418.00 1,456.00 1,503.97 1,614.86 1,998.98 2,150.00 3,475.00 4,000.00 6,000.00 6,500.00 8,000.00 50,000.00 104,142.00 179,400.00 200,000.00

20-Oct-16

303.5000

200,000.00

INTERBANK

18-Oct-16

307.7700

22,115.11

20-Oct-16

305.5000

216,458.00

INTERBANK

18-Oct-16

315.0000

9,523.81

20-Oct-16

310.5000

400,000.00

IMTO

18-Oct-16

370.0000

6,276.15

21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000

13.00 13.00 28.89 30.99 30.99 31.08 31.19 39.82 44.22 44.26 55.00 55.00 55.00 55.00 60.24 66.38 68.70 72.19 75.00 76.74 79.58 87.50 91.84 100.00 100.00 100.00 112.15

19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45

OTHERS OTHERS CBN OTHERS OTHERS IMTO OTHERS IMTO OTHERS OTHERS IMTO OTHERS OTHERS IMTO INTERBANK INTERBANK OTHERS OTHERS IMTO IMTO IMTO INTERBANK OTHERS IMTO OTHERS OTHERS OTHERS

18-Oct-16 18-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 19-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 20-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

303.0000 307.7700 329.4941 380.0000 301.0000 370.1500 303.0000 367.3100 310.0000 305.0000 372.2400 305.0000 300.7500 375.0000 305.2500 305.2500 301.0000 305.0000 370.0700 371.2800 375.0000 305.0000 300.7500 375.0000 304.7500 307.2626 310.0000

4,600.00 196.59 21,125,283.62 249,990.00 156,000.00 128,701.29 70,302.00 64,174.53 20,000.00 15,950.01 3,897.97 130.21 96,540.00 52,116.69 50,000.00 50,000.00 34,162.05 20,553.34 18,603.00 11,666.79 5,276.09 163.21 1,126,300.00 48,647.41 39,872.40 32,220.00 20,000.00

PLASTIC RAW MATERIAL:LOW DENSITY POLYETHYLENE LD4025AS

21-Oct-16

380.0000

125.00

IMTO

21-Oct-16

363.8100

15,240.57

HYDRAULIC EXCAVATOR AND PARTS 100 SET OF MITSUBISHI VEHICLES BRAKE PADS 144MT PP HOMOPOLYMER - H200MA CHARGES 100 SET OF MITSUBISHI VEHICLES BRAKE PADS ONE LOT OF CHEVROLET SPARE PARTS INVISIBLES CHARGES

21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16 21-Oct-16

380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000 380.0000

158.00 169.68 170.00 200.00 200.00 200.00 207.29 231.39

47 48 49

OTHERS IMTO OTHERS

21-Oct-16 21-Oct-16 21-Oct-16

300.7500 375.0000 304.7500

9,174.75 3,785.29 269.86

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

SOURCE OTHERS OTHERS INTERBANK IMTO OTHERS IMTO OTHERS OTHERS IMTO OTHERS OTHERS OTHERS INTERBANK IMTO IMTO

TOTAL AMOUNT AVERAGE AMOUNT

RETURNS ON SOURCES OF FUNDS SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 21-OCT-2016 DATE OF FUND PURCHASE EXCHANGE RATE AMOUNT 305.00 6,075,767.35 17-Oct-16 303.0000 200,000.00 17-Oct-16 305.5000 100,000.00 17-Oct-16 363.2400 25,269.56 17-Oct-16 303.0000 21,290.00 17-Oct-16 370.0000 18,669.74 17-Oct-16 304.5000 18,302.09 17-Oct-16 304.5000 17,119.34 17-Oct-16 368.9800 6,114.54 17-Oct-16 303.0000 4,650.00 17-Oct-16 304.5000 147.56 17-Oct-16 304.5000 142.52 17-Oct-16 305.5000 200,000.00 18-Oct-16 370.0000 70,765.93 18-Oct-16 368.7900 52,922.90 18-Oct-16

30,322,894.28 618,834.58

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153

TECHNO OIL LANAKA PETROLEUM ADEOSUN ADEKUNLE ANYANWU CHINELO PEACE DNWAKOBY CHARLES CBN CBN CBN CBN CBN OTARU ANTHANASIUS AYORINDE ADEBIMPE OLANIYAN BABATUNDE OLANIYAN FUNKE JUMOKE OTARU-ELABOR MUSTAPHA EMUWA FIDELIS AKINLOSOSE TEMITAYO AKINLOSOSE TEMITAYO AKINLOSOSE TEMITAYO AKINLOSOSE TEMITAYO STELLAR BEVERAGS LTD (GBP 48,288.56) SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD UNION TRUSTEES LIMITED HYPERTEK DIGITAL LIMITED UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC(GBP 13,235) CARDOSO OMOLOLA UNION BANK OF NIG.PLC HONEY DROP (GBP 3,069.89) OLAWALE FATAI OYEWUNMI OLAWALE FATAI OYEWUNMI OLAWALE FATAI OYEWUNMI OBATA CHIAGOR KENEDY (GBP 155) CBN CBN CBN OGUNDIPE EBIKABOERE OGUNDIPE EBIKABOERE DAVID-WEST OLAYINKA (EURO3,500) VISION DRUGS IMPEX VEEPEE INDUSTRIES LTD WEMY IND LTD -FWD DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD DARAJU INDUSTRIES LTD -FWD EDO CEMENT COMPANY LTD -FWD GREEN EAGLE CORK SEALS -FWD UNIQUE PHARMACUETICAL -FWD UNITED NIG TEXTILE -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD WEMY IND LTD -FWD WEMY IND LTD -FWD TADECO INDUSTRIES LTD -FWD TADECO INDUSTRIES LTD -FWD SONNEX PACKAGING -FWD SONNEX PACKAGING -FWD SEVEN UP BOTTLING NIG PLC -FWD SEVEN UP BOTTLING NIG PLC -FWD SEVEN UP BOTTLING NIG PLC -FWD MIDDLE POINT NIG LTD -FWD MIDDLE POINT NIG LTD -FWD MIDDLE POINT NIG LTD -FWD MDV INDUSTRIES LTD -FWD JOF NIGERIA LIMITED -FWD JOF NIGERIA LIMITED -FWD J. UDEAGBALA & SONS LIMITED -FWD J. UDEAGBALA & SONS LIMITED -FWD CHEMLAP NIG LTD-FWD CHEMLAP NIG LTD-FWD CHEMLAP NIG LTD-FWD CHEMLAP NIG LTD-FWD CHEMLAP NIG LTD-FWD CHEMLAP NIG LTD-FWD APEX PAINT LIMITED-FWD APEX PAINT LIMITED MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD MANTRAC NIG. LTD -FWD ANIMAL CARE SERVICE -FWD SPRINGFIELD AGRO LTD -FWD ANIMAL CARE SERVICE -FWD ANIMAL CARE SERVICE -FWD ANIMAL CARE SERVICE -FWD ANIMAL CARE SERVICE -FWD "APEX PAINT LIMITED-FWD" "APEX PAINT LIMITED-FWD" DARAJU INDUSTRIES LTD -FWD DARAJU INDUSTRIES LTD -FWD DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS -FWD DEE-LITE IMPORT AND EXPORT DISTRIBUTIONS -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD SPINTEX MILLS NIGERIA LTD -FWD SPRINGFIELD AGRO LTD -FWD OKONKWO KENNETH OKEZIE(CAD13,226.30) AHMED MANSUR (EUR7796.67) A.A. WEAVERS CONSULT NIG.LTDOLUSEYI ADEYEMI AKINTILO S. OLUWATOYIN OLUKOLADE MODUPEOLA ADESIDA RUTH OLAWALE FATAI OYEWUNMI CBN CBN CBN INI OBOT NELSON ADIGUN ADERINSOLA A AIYEPOLA OLUFUNKE AIYEPOLA OLUFUNKE O AMOLE OLUWASEYI S LAWRENCE DAVID-ETIM BERNADETTE DAVID-ETIM ROSEMARY DAVID-ETIM CARDOSOOMOLOLA EURO CHEM. CO. VEN. LTD FMCG DISTRIBUTIONS LIMITED EURO CHEM. CO. VEN. LTD EURO CHEMCOVEN LTD

7500 PC OF BURNER SET WITH GREEN COLOUR METAL KNOB SUITABLE FOR 6.25 KGS CYLINDERS PMS PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES IMTSO SALES IMTSO SALES IMTSO SALES IMTSO SALES IMTSO SALES PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA 16,000 LITRE OF SCOTCH WHISKY FLAVOUR CONCENTRATE HIGH PERFORMANCE PAPER CONES CHEMICAL FOR TEXTILE PRODUCTION HIGH PERFORMANCE PAPER CONES CHEMICAL FOR TEXTILE PRODUCTION CHEMICAL FOR TEXTILE PRODUCTION SPARE PARTS FOR TEXTILE MACHINERY SPARE PARTS FOR TEXTILE MACHINERY SPARE PARTS FOR TEXTILE MACHINERY CONNING OIL CHEMICAL FOR TEXTILE PRODUCTION SPARE PARTS FOR TEXTILE MACHINERY SPARE PARTS FOR TEXTILE MACHINERY RAW MATERIAL FOR TEXTILE MACHINERY MACHINERY FOR TEXTILE PLANT CORN STARCH RAW MATERIAL FOR TEXTILE MACHINERY REPATRIATION OF DIVIDENDS LOAN REPAYMENT DIRECTOR'S FEE FOR 3RD QTR (JULY-SEPT.2016) DIRECTOR'S FEE FOR 3RD QTR (JULY-SEPT.2016) DIRECTOR'S FEE FOR 3RD QTR (JULY-SEPT.2016) PERSONAL HOME REMMITTANCE FOR SEPT.2016 ESTACODE MORTGAGE REPAYMENT PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES EXAM FEE IMTSO SALES IMTSO SALES IMTSO SALES PTA PTA PTA 2-PARY DISPOSABLE SYRINGE VINYL CHLORIDE MACHINERY FOR TEXTILES TIARA INSTANT FLAVOUR DRINK 64 MT OF METOXAPOL 64 MT OF METOXAPOL 2503 64 MT OF METOXAPOL 2503 CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES 6 SETS OF VARIOUS MACHINERY FOR SAPONIFICATION PLANT MACHINERY AND EQUIPMENT FOR EDO CEMENT OBU PLANT (RAW GRINDING SYSTEM FOR CEMENT PLANT) MACHINERY PARTS FOR BOTTLE CROWN PRODUCTION 3984000PCS OF 01. GOLDEN PLUS ONE COLOUR 28MM PP CAPS FITTED WITH 1.6MM EPE WADS IN 0.20MM THICKNESS WITH PRINTED 'UNIQUE' LOGO (PRINTED PILFER PROOF CAPS WITH EPE LINERS) RUBBER HOSE CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES FLAX TOW WASTE COTTON STOCK RAW MATERIALS FOR PRINTING IND PLAIN PAPER IN SHEETS PER RESINS PER RESINS MIXTURE OF ODORIFEROUS SUBSTANCES MIXTURE OF ODORIFEROUS SUBSTANCES MIXTURE OF ODORIFEROUS SUBSTANCES RESIN RESIN RESIN POLYPROPYLENE MONOSODIUM GLUTAMATE MONOSODIUM GLUTAMATE INEDIBLE TALLOW INEDIBLE TALLOW BUTYL ACRYLATE BUTYL BUTYL CATERPILLAR SPARES STYRENE MONOMER SODIUM VENYL CATERPILLAR SPARES INDUSTRIAL RAW MATERIALS FOR PAINT COATINGS CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES GENERATORS CATERPILLAR SPARES CATERPILLAR SPARES CATERPILLAR SPARES NEW CASTLE DISEASE VACINE INDUSTRIAL CHEMICAL RAW MATERIALS: TOLUENE DIISOCYANATE POLIDINE 10X METHIOREP POWDER (FEED SUPPLEMENT) POUCHES IMMUCOX WATER DILUENT LAYER BATTERIES ESSENTIAL RAW MATERIALS FOR PAINTS AND COATINGS ESSENTIAL RAW MATERIALS FOR PAINTS AND COATINGS MACHINERY FOR CRUTCHER TYPE SAPONIFICATION MACHINERY FOR CRUTCHER TYPE SAPONIFICATION FOSTER CLARK INSTANT FLAVOR DRINK FOSTER CLARK INSTANT FLAVOR DRINK SPARE PARTS FOR TEXTILE MACHINERY SPARE PARTS FOR TEXTILE MACHINERY SPARE PARTS FOR TEXTILE MACHINERY CHEMICAL FOR TEXTILE PRODUCTION RAW MATERIALS: HIGH PERFORMANCE PAPER INDUSTRIAL CHEMICAL RAW MATERIALS: POLYMERIC POLYOL PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES EXAM FEE PAYMENT OF SCHOOL FEES IMTSO SALES IMTSO SALES IMTSO SALES PTA PTA PTA PTA PTA PTA PTA PTA ESTACODE LINEAR LOW DENSITY POLYETHYLENE 11,100 CARTONS OF RICHMOND SQUARE TEA BAG (RICHMOND BRAND) BLISTER PVC-250 MICRONS TOLUENE

17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 19/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016

325.00 306.00 325.00 325.00 376.00 380.00 380.00 380.00 380.00 340.32 376.00 376.00 376.00 376.00 376.00 325.00 376.00 376.00 376.00 376.00 326.90 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 315.50 326.00 326.00 325.00 325.00 323.33 306.50 325.00 354.54 376.00 376.00 376.00 371.04 380.00 380.00 380.00 376.00 376.00 331.46 306.50 325.00 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 320.50 324.96 361.60 329.90 306.50 376.00 325.00 376.00 380.00 380.00 380.00 325.00 325.00 376.00 376.00 325.00 306.50 306.50 306.50 335.00 326.00 326.00 326.00 326.00

49,280.69 440,000.00 10,354.00 4,000.00 721.27 449.02 12,822.60 22,949.79 1,942.40 97,006.30 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 2,000.00 647.47 274.20 149.67 928.66 59,214.95 26,250.70 52,310.00 28,357.60 17,215.00 46,530.00 4,865.19 3,998.00 2,548.00 4,816.40 3,783.20 7,766.87 4,556.20 46,751.85 19,828.00 19,911.60 80,070.02 171,020.00 74,020.00 18,750.00 18,750.00 16,229.72 9,950.00 4,500.00 3,764.52 527.96 305.08 196.13 190.07 6,915.23 588.38 7,583.89 2,000.00 2,000.00 3,826.66 60,087.20 1,313.28 54,180.08 65,037.00 160,000.00 160,000.00 160,000.00 15,491.29 134,774.37 119,091.74 138,696.10 752,885.00 800,000.00 168,762.50 27,080.00 157,043.20 129,755.61 84,124.29 2,623.00 62,474.21 65,271.28 22,518.16 79,980.93 79,398.00 50,371.30 80,873.60 80,636.33 112,200.00 116,188.80 292,398.38 258,057.42 258,057.42 344,155.67 513,510.13 400,217.00 145,860.00 606,653.50 615,832.56 90,317.50 250,000.00 168,000.00 140,832.00 106,240.00 57,319.04 52,816.00 23,781.32 93,964.11 160,000.00 23,460.95 40,927.20 63,588.39 76,188.33 62,490.34 76,131.35 138,696.17 16,814.40 26,061.10 78,137.00 237,723.00 24,700.00 61,920.00 19,372.00 51,994.00 107,550.00 89,600.00 335,567.00 592,670.00 27,438.00 70,000.00 556.53 2,855.06 1,979.35 17,215.00 28,357.60 200,000.00 10,093.46 8,545.52 6,000.00 4,240.00 3,950.00 670.00 470.83 1,825.76 11,931.77 33,744.08 3,500.00 4,000.00 3,977.26 22.74 2,000.00 4,000.00 4,000.00 4,000.00 600.00 8,344.00 121,793.05 42,120.00 49,536.00

154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46

HOUSE OF STEWART LIMITED DUKE ENERGY APEX PAINTS LTD SPRINGFIELD AGRO LTD UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC OKONKWO KENNETH OKEZIE UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC UNION BANK OF NIG. PLC CYRIL AMAEWUULE ADEBAYO OLUYEMISI HUGBO EDIRIN VORKE NWAIGWE VINCENT EMEKA OGUNTUYO EBISAN OYINKAN ADEWALE OKELUE CECILIA NGOZIKA ADAGBOYI ANTHONY JOHN ALECHENM HUGBO EDIRIN VORK UNION BANK OF NIG. PLC HUGBO EDIRIN VORKE HUGBO EDIRIN VORKE HUGBO EDIRIN VORKE UNION BANK OF NIG. PLC CBN CBN CBN IBRAHIM OLUWATOYIN G OYAWIRI OGHENEFOVIE B OBIA JULIA ADA MAFIKUYOMI OLATUNDE STEPHEN TATA RABIU F IDOWU MOBOLAJI AYODEJI IWUNNA INNOCENT UDONNA ADEMOYEGA BASSEY ENOBONG ADEMOYEGA TIWALADE OBAFOLARIN IBRAHIM OLUWATOYIN GRACE QEW GARDENS BG PHARMA AND HEALTHCARE LTD FLOUR MILLS OF NIG FLOUR MILLS NIG QEW GARDENS APEX PAINT LIMITED APEX PAINT LIMITED SPINTEX MILLS NIGERIA LTD SPINTEX MILLS NIGERIA LTD CBN CBN CBN OLLA SYSTEMS LIMITED ORAC NIGERIA LTD OLLA SYSTEMS LIMITED UNION BANK OF NIG. PLC ORAC NIGERIA LTD NWANKWO NDUBUISI KANU PEARL LADEGA CATHERINE OLUWASEYI LADEGA CATHERINE OLUWASEYI SANUSI NABABA BADAMASI LADEGA CATHERINE OLUWASEYI SANUSI NABABA BADAMASI SANUSI NABABA BADAMASI SANUSI NABABA BADAMASI ADAGBOYI ANTHONY JOHN ALECHEN TENIOLA OLAMIDE LARIN ADEKOYA ABISOYE MARIAM MOKIKAN JIMMYE JACKSON OLADIPUPO MOSOPEFOLUWA

OTHER SOURCES 1 OTHER SOURCES 2 OTHER SOURCES 3 OTHER SOURCES 4 OTHER SOURCES 5 OTHER SOURCES 6 OTHER SOURCES 7 OTHER SOURCES 8 (GBP200) OTHER SOURCES 9 OTHER SOURCES 10 OTHER SOURCES 11 OTHER SOURCES 12 OTHER SOURCES 13 OTHER SOURCES 14 OTHER SOURCES 15 OTHER SOURCES 16 OTHER SOURCES 17 (EUR1,195.29) OTHER SOURCES 18 OTHER SOURCES 19 OTHER SOURCES 20 (EUR280) OTHER SOURCES 21 (GBP 582.04) OTHER SOURCES 22 OTHER SOURCES 23 CBN-FWD OTHER SOURCES 24 OTHER SOURCES 25 OTHER SOURCES 26 OTHER SOURCES 27 OTHER SOURCES 28 OTHER SOURCES 29 OTHER SOURCES 30 OTHER SOURCES 31 OTHER SOURCES 32 OTHER SOURCES 33 OTHER SOURCES 34 OTHER SOURCES 35 OTHER SOURCES 36 OTHER SOURCES 37 OTHER SOURCES 38 OTHER SOURCES 39 OTHER SOURCES 40 OTHER SOURCES 41 OTHER SOURCES 42 OTHER SOURCES 43 OTHER SOURCES 44 OTHER SOURCES 45

PIPE TOBACCO MIXTURE (BOWMORE BRAND GASOIL INDUSTRIAL RAW MATERIALS FOR PAINT COATINGS INDUSTRIAL CHEMICAL RAW MATERIAL(TOULENE) FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD PAYMENT OF SCHOOL FEES FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD FUNDING OF MASTERCARD MEDICAL INSURANCE FUNDING OF VISA CARD FUNDING OF MASTERCARD FUNDING OF VISA CARD BUPA PAYMENT PAYMENT OF SCHOOL FEES LIVING EXPENSES PAYMENT OF SCHOOL FEES LIVING EXPENSES PAYMENT OF SCHOOL FEES LIVING EXPENSES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES FUNDING OF MASTER CARD PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES ESTACODE IMTSO SALES IMTSO SALES IMTSO SALES PTA PTA PTA PTA PTA PTA PTA PTA PTA PTA 100MT OF PLAIN PAPER IN SHEETS (RAW MATERIAL FOR EXERCISE BOOKS PRODUCTION) BGCEF (CEFTRIAXONE FOR INJECTION BETTER HARD RED WINTER 16,000M/TONS OF RUSSIAN MILLING WHEAT WITH MINIMUM PROTEIN OF 12.5 PERCENT IN BULK RAW MATERIAL FOR EXERCISE BOOKS INDUSTRIAL RAW MATERIAL Other aromatic hydrocarbon mixtures TEXTURED YARN OF POLYESTER Synthetic staple fibres, not carded IMTSO SALES IMTSO SALES IMTSO SALES SOFTWARE LICENSE FEES PAYMENT OF SCHOOL FEES SOFTWARE LICENSE FEES TECHNICAL FEE Q2 APRIL 2015-JUNE2015 LIVING EXPENSES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES PAYMENT OF SCHOOL FEES ACCOMMODATION FEE PAID INTO AGENT ACCOUNT PTA PTA PTA PTA

17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 17/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 18/10/2016 19/12/2016 19/12/2016 19/12/2016 19/12/2016 19/12/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016

375.00 375.00 375.00 375.00 305.50 305.00 300.00 344.71 330.00 305.50 325.00 315.00 375.00 375.00 375.00 282.50 205.31 300.00 300.00 324.69 347.02 315.00 315.00 320.00 375.00 375.00 375.00 335.00 375.00 375.00 375.00 315.00 325.00 315.00 329.05 300.00 300.00 332.98 315.00 315.00 320.00 320.00 375.00 375.00 375.00 315.00

20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 20/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016 21/10/2016

317.47 325.00 320.50 320.50 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 305.75 329.80 305.75 305.75 305.75 305.75 305.75 325.00 305.75 305.75 305.75 325.00 329.06 325.00 376.00 325.00 325.00 329.06 376.00 376.00 376.00 305.75 376.00 376.00 376.00 325.00 380.00 380.00 380.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 306.50 326.00 326.00 325.00 320.50 320.50 315.50 315.50 380.00 380.00 380.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 325.00 376.00 325.00 376.00 376.00 376.00 376.00 325.00 325.00 325.00 325.00

31,114.57 15,898.78 160,000.00 107,524.60 592,661.28 589,443.53 500,400.59 497,373.31 377,650.59 278,761.13 245,645.66 156,133.26 135,082.58 112,521.32 73,391.52 70,421.28 70,046.95 70,005.31 66,770.18 61,864.99 61,194.42 39,016.58 33,650.54 33,361.40 25,515.87 24,362.67 21,382.70 20,870.15 20,731.61 18,977.00 18,081.29 17,051.99 15,162.55 15,069.04 11,882.92 14,725.90 13,872.04 13,849.43 13,517.99 13,514.37 13,143.00 11,617.16 10,319.58 8,635.00 6,880.70 6,381.64 3,500.00 2,699.51 2,000.00 1,900.00 2,042.13 1,340.00 1,232.83 804.46 619.60 608.59 426.96 176.49 4,500.00 1,280.87 8,247.94 8,098.52 2,000.00 4,000.00 2,000.00 4,000.00 4,000.00 4,000.00 2,000.00 4,000.00 4,000.00 2,000.00 18,580.39 15,000.00 311,400.00 1,478,080.00 1,411.97 89,600.00 24,755.80 90,147.16 27,745.29 3,191.93 8,771.19 5,077.94 16,700.00 11,592.00 9,500.00 8,250.00 5,000.00 4,386.56 4,000.00 3,291.25 2,534.00 1,736.63 1,708.75 1,692.65 1,187.10 1,026.81 37.17 4,000.00 4,000.00 4,000.00 4,000.00

598.69 17,096.80 30,599.72 2,589.86 100,000.00 440,000.00 6,080.10 243.68 1,455.50 100,000.00 1,499,975.00 500,000.00 9,220.31 784.50 10,111.85 1,880.00 1,306.85 3,263.47 3,207.92 306.13 712.82 2,532.77 1,810.84 11,311,342.01 2,434.34 15,909.02 44,992.10 2,000.00 1,707.83 10,997.25 10,798.03 30,000.00 1,789,840.00 2,200.00 31.91 2,900.00 60.00 6,498.30 2,202.63 1,094.67 3,997.59 265.91 4,255.91 11,694.92 6,770.59 1,989.68

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Cyclist abducts, rapes teenage girl l ‘I was turned to a sex slave’

Juliana Francis

15-year-old girl, allegedly kidnapped and turned to a sex slave by a 28-year-old tricycle rider, has said that the cyclist raped her without using condom. The suspect, Dada Azeez, who was arrested by the Rapid Response Squad (RRS), Lagos, however insisted that he did not abduct the girl, but only wooed her. He also denied turning her to a sex slave. Azeez confessed to have started having sex with the girl, Ibukun, when she was 14. Ibukun alleged that Azeez forcibly deflowered and turned her to a sex slave. She said: “He forced himself on me the very first day I got to his residence. Ever since then, he has been having sex with

me without using condom. He slept with me anywhere and even at his friend’s place where he hid me for weeks. I succumbed to him because I couldn’t go back home.” Police said that Azeez abducted Ibukun this month while on errand for her aunt in Agege area, before RRS officials rescued her on Friday, from his den, in Agege. Ibukun’s sister, Mrs. Gbemisola, said the girl was abducted with N58,000 meant for her thrift contribution. According to Ibukun, Azeez collected the money her sister gave her. She added: “He fed me thrice a day probably from that thrift contribution money.” The police said: “The suspect, after weeks of lodging in several locations to evade arrest, was eventually nabbed

by RRS operatives at his residence, 7, Oseni Street, Danjuma Cinema area, Agege, with the girl in his one-room apartment. The victim looked pale when she was rescued. She said she eloped with him out of ignorance. One of the suspect’s friends, Wasiu Agunbiade, aided the abduction by accommodating the suspect and the teenager in his one-room apartment in Agege. He too has been arrested.” Azeez said that he wooed the girl when she was 14 years old at her sister’s shop in Agege. He said: “We started having secret affair about a year ago. But her sister frowned at our relationship when she got to know. Unknown to her, we were still seeing each other. In order to keep having regular conversation with her, I bought a mobile phone for her and instructed her to hide it

City Briefs

Azeez and Ibukun

from her sister. Whenever she intended coming to meet me, she would call and I will describe our meeting point to her. I thought if she could elope with me, it would be better for us. I started working on her psyche and deceiving her with some material things. “I was able to carry out my plan when her sister sent her on errand one Sunday afternoon. However, I

did not know she was with such amount of money. I just wanted to take her far away from her guardian for not supporting our relationship.” Stating his own side of the story, Agunbiade said he only accommodated them for a night. According to him, he did not know Azeez abducted Ibukun. He said: “If I had known

the girl was abducted, I would have advised him to return her to her parents. I never believed he could commit such a crime. He begged me to accommodate them for one night with her in my room. He left my place the following day to somewhere else.” Ibukun’s sister said that the family would take her to the hospital for medical check-up.

UNN student, Ebuka, missing

Family protests soldiers’ arrest of son

20-year-old student of the University of Nigeria, Nsukka (UNN), Mr. Nzenwaku Kingsley Ebuka, is missing. Ebuka, a 300 level student of Political Science, left home at 3, Achara Road, Nsukka, Enugu State on October 5 and has not returned till date. He speaks English and Igbo fluently. Anyone with useful information on his whereabouts should contact his father, Chief Ifeanyi Nzenwaku (Odaa Opue na Nnobi), at the above address or call 08033420746 or any nearest police station. Ebuka

Gabriel Efeduku Ughelli

embers of the Irorobeje family of Afiesere community in Ughelli North Local Government Area of Delta State at the weekend protested the unlawful arrest of their son, Mr. Richard Irorobeje, by soldiers of the 222 Battalion, Abgbarha-Otor. Irorobeje was accused of an attempt to blow up pipelines. In a protest letter signed by Abodi Irorojebe and others, the family de-

nounced the allegation against Irorobeje as a mere fabrication by his enemies. According to the family, Irorobeje has been in detention for over a week for a crime he knows nothing about. The family added that the community had done its findings and saw that it was a false allegation. Abodi narrated the incident which led to Richard’s arrest. He said: “About 8:30p.m. on Friday, 14th October, 2016, Richard Irorobeje was standing by his car by his Afiesere office, a little distance from the oil pipeline, when one Godbless Chadere came confronting him what he was doing there.

METRO

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

19-year-old man defiles girl, 10 Kunle Olayeni Abeokuta

Gbadebo

19-year-old man, Felix Gbadebo, is now in police custody for allegedly defiling a 10-year-old girl. Gbadebo was said to have lured the victim, Rachel, to his room after pretending to be sending her on an errand. The incident happened on Friday at No 7, Alani Akintoye Railway Line, Ijoko, Sango-Ota area of Ogun State. The state Police Public Relations Officer (PPRO), Abimbola Oyeyemi, who confirmed the arrest, said the suspect allegedly used pillow to cover his victim’s mouth.

Oyeyemi said the police swung into action following the complaint by the father of the defiled girl. He said: “The suspect, according to the complainant who is the father of the victim, called the girl, pretending to be sending her on an errand and lured her into his room where he used pillow to cover her mouth and sexually abused her. “The girl reported the incident to her father who quickly informed the police. The DPO of Sango-Ota Division, SP Akinsola Ogunwale, dispatched police detectives to the scene and got the suspect arrested.” The PPRO added that the Police Commission-

Robbers abandon operation, demand sex Taiwo Jimoh

olice have arrested one of the two suspected armed robbers, who abandoned robbery and demanded sex at Igando area of Lagos State. The robbers, who were armed with machetes, were said to have broken into the victim’s house at No. 6, Ismail Abass Street and attempted to rape a young girl in the presence of his father. Confirming the arrest of the suspect yesterday, the state Police Public Relations Officer (PPRO), SP Dolapo Badmos, said the robbers attacked and injured the victim’s father in the head for stopping them from raping his daughter. The robbers were said

to have inflicted dip cut on the father’s head and carted away some of his valuables. Badmos added that it was the neighbours who called the attention of the policemen from Igando Division and one of the suspects, Akeem Folorunsho, was later arrested. She said: “The suspect was almost lynched by some angry residents of the area but was rescued and he was taken to the hospital for treatment.” The PPRO, however, said the state Commissioner of Police, Mr. Fatai Owoseni, had directed the suspect to be taken to the Special Anti-Robbery Squad (SARS) office at the command headquarters, Ikeja, for further investigation.

Folorunsho

Cultists sack Imo community, kill one Steve Uzoechi OWERRI

ne person was killed on Saturday night when more than 30 armed men suspected to be cult members invaded Owaelu village at Uratta in Owerri North Local Government Area of Imo State. The attack forced many people to flee Owaelu to a neighbouring community. According to sources, strange faces had been milling around the community in the last couple of days preceding the attack. “We were apprehensive at a point but we did not know for certain that a cult attack was being planned,” a resident told our correspondent. Some residents said that cultists, believed to be members of

Black Axe Confraternity and Vikings, wielded different lethal weapons. When the dust settled, one per-

Imo State Gov, Okorocha

son was lying dead while several others sustained various degrees of injury. The state Police Public Relations Officer (PPRO), DSP Andrew Enwerem, said one of the cult members identified as Aka Dengo was murdered in the clash. He said: “On getting information that two rival cult groups were clashing at Owaelu Uratta, we quickly mobilised our men to the community. On sighting police officers, the cultists fled. Aka Dengo, whom we are yet to ascertain which of the cult groups he belonged to, was confirmed dead and his body evacuated immediately.” Enwerem said the police had restored normalcy in the community. He added that a manhunt was on for the fleeing cultists.

er, Ahmed Iliyasu, had ordered the immediate transfer of the suspect to the Anti-Human Trafficking and Child Labour Unit of the State Criminal Investigation and Intelligence Department (SCIID) for further investigation. Oyeyemi promised that the suspect would be charged to court for

forcibly having unlawful carnal knowledge of the minor after the police investigation. He said: “The commissioner of police therefore appeals to parents to always be watchful of their children in order to prevent them from becoming victims in the hands of people with devilish intention.”

Ondo popular prophetess jailed for forgery Babatope Okeowo Akure

popular prophetess in Akure, the Ondo State capital, Mrs. Felicia Oyelade, has been sentenced to two years imprisonment by an Akure Chief Magistrates’ Court for forgery. Oyelade was found guilty and would spend the next two years in prison for forging land documents and selling same to unsuspecting members of the public. The 5 9 - ye a r- o l d Oyelade, who is the Prophetess-in-Charge of a church situated on Ori Oke Basiri on Idanre Road, Akure, had been standing trial on a one-count charge of forgery since 2013 following a report that she altered a land sales agreement between her late husband, Olasunkanmi Oyelade, and the complainant in the matter, Isaac Babalola. According to the prosecution counsel, Mr. Adewale Bamisile, the convict altered the original sales agree-

ment to read 12 hectares of land purchased at cost of N35,000 instead of 7.871 hectares purchased for N25,500 by her late husband in 1977. Bamisile said the lid was blown off Oyelade’s shoddy deals when she sold a portion of the land located around Priston College, on Kilometre 4, Akure-Owo Road, Akure to an unsuspecting buyer with the forged document after the same land had been sold to another person by the rightful owner and complainant in the matter, Babalola. Oyelade, however, pleaded not guilty to the charge of forgery levelled against her. According to her, she was not part of the transaction between her husband and the Babalola’s family when the land was bought. She said the title documents were found in her husband’s room after the demise of her husband and that she had being relying on that to sell the land.

Police rescue girl, 12, arrest kidnapper Kunle Olayeni Abeokuta

olice in Ogun State at the weekend arrested a suspected kidnapper, Odele Tosin, for allegedly abducting a 12-year-old girl, Eniola Oyekanmi. The suspect was nabbed about 1a.m. on Saturday after he led other members of the gang to kidnap the girl in Ketu area of Lagos State on Friday. It was learnt that the girl was abducted while running an errand for her parents and taken to a hotel at Mowe area of Ogun State. At the hotel where the kidnappers kept her, it was learnt that they started demanding ransom from her

parents. However, luck ran out on the kidnappers when an anti-robbery team from Mowe Division, led by the Divisional Police Officer, got a tip-off and stormed the hotel. In the process, Tosin was arrested while other suspects escaped. The state Police Public Relations Officer (PPRO), Abimbola Oyeyemi, confirmed the incident in a statement issued in Abeokuta. Oyeyemi, an Assistant Superintendent of Police, said the victim was rescued unhurt. He stated that the Police Commissioner, Ahmed Iliyasu, had ordered a manhunt for the fleeing members of the kidnap gang.

NEWS

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

PDP petitions Buhari, NJC on Abang’s ruling Stories by Babatope Okeowo

he Peop les Democratic Party (PDP) in Ondo state has petitioned President Muhamadu Buhari, the National Judicial Council (NJC), and the Attorney -General of the Federation (AGF) alleging unethical conduct and conspiracy to subvert the cause of justice in the suit bothering on the party's candidature for the November 26 gubernatorial election in the state. The party filed petitions against Justice Okon Abang with the NJC , Mr. Olagoke Fakunle (SAN) and R A Oluyede Esq, with the Legal Practitioners' Privileges and the Legal Practitioners Disciplinary Committees. The President and Attorney General of the Federation were copied in the petitions. The PDP in its petition against Justice Abang accused the judge of unethical conducts in his

handling of the suit before him originated by Prince Biyi Poroye and eight others against the Independent National Electoral Commission (INEC) and the PDP. The PDP also accused Justice Abang, Olagoke Fakunle and Oluyede of unethical conducts in his handling the suit, which it submitted was initiated and prosecuted in a manner that clearly showed alleged criminal conspiracy to subvert the cause of justice by the trio. In the petition against Justice Abang signed by the Ondo PDP Chairman, Engr. Clement Faboyede, the party stated its "believe that Justice Abang is complicit in the political scheming against the PDP." The party insisted that the entire proceedings of the suit being handled by Abang, amounted to a properly crafted conspiracy to subvert the internal working of the PDP. In the documents marked annexture 1,11, 111, 1V,V, and V1 to prove

Ijaws reject Jegede's running mate

ass defection of Peoples Democratic Party (PDP) members in Ese-Odo Local Government Area of Ondo State is imminent as political leaders from the Ijaw speaking area of the state have rejected the choice of Hon. John Ola Mafo as deputy governorship candidate of the party. The looming defection is coming on the heels of the nomination of Mafo, a former commissioner for Sports in the state as running mate to PDP factional candidate, Mr. Eyitayo Jegede (SAN). A PDP leader in EseOdo Local Government Area, Hon. Sunday Tundigha, in a statement issued in Akure the Ondo State capital on behalf of Aggrieved ‘Ese-Odo PDP Leaders' Forum,’ faulted the emergence of Mafo, saying it “defied all known logics and political justice.” ''We are giving Governor Olusegun Mimiko and the leadership of the PDP 48 hours from now to withdraw Mafo and replace him with an indigene of Ese-Odo. Anything short of this will result to mass defection from the party. It is sad that an individual from Ese-Odo could sell out this golden opportunity for our people just because of his

future political ambitions. We will resist this selfish and short-sighted political calculation,” he said. One of the deputy governorship hopefuls from the local government prior to Mafo's emergence, Chief Pere Ganfo, also warned that the PDP might face dire electoral consequences over the decision it took against Ese-Odo. Me a n wh i l e, M r. Donald Ojogo, who is an Ijaw and the Senior Technical Adviser (Media and Policy) to the Minister of State for Agriculture, Senator Heineken Lokpobiri, has urged all Ijaws in Ondo state to vote massively for the All Progressives Congress (APC) in the gubernatorial election. ''The people of Ondo State are well informed and conscious of the fact that the present administration in the state under Dr Olusegun Mimiko had impoverished the state long before now. The deceit and self-serving style of the governor and his cohorts must be put to end and only a massive turn out for Akeredolu can rescue the state from further impoverishment, hunger and directionless leadership. I believe all Ijaws in the state will key into this agenda that is aimed at connecting the state to the centre,” he said.

that actions were deliberately planned against it by the trio, the petitioner reported that Fakunle and Oluyede as pointed out in Annexture 1, " an originating summon dated 7th of June 2016 on behalf of the Plaintiffs was written by Fakunle and taken out by the same Fakunle for the plaintiff, in the course of proceeding and to enable Justice Abang , Oluyede and Fakunle perfect their plan. He alleged that Fakunle shifted position unethically to represent PDP and then conceded to the relief

Akeredolu

claimed by the plaintiff at the hearing of the originating summons. His words: "The said judgement of June 29 relates to 2019 general election; it has nothing to do with the 2016 governorship election of Ondo state. As matter of fact, no reference was made to the 2016 governorship election in the said judgement" Explaining that the Ondo PDP held its primary election, where Mr. Eyitayo Jegede (SAN) emerged winner, the petitioner said it was taken aback when "towards

Jegede

ONDo DECIDES

the evening of October 14, the social media was awashed with the information that Justice Abang granted an order directing INEC to substitute the name of Mr. Eyitayo Jegede with Barr.

Jimoh Ibrahim, as the candidate of the PDP in respect of the 2016 governorship election in Ondo State. Alleging grave injustice against it in the matter, the PDP sought, among other prayers that on the weighty allegations of unethical misconduct set earlier, wants Olagoke Fakunle and R A Oluyede’s involvement in the suit investigated particularly on the order of October 14 directing INEC to substitute the name of Ibrahim who was not a party to the suit for the PDP candidate.

Oke

Oke vows to dislodge PDP T he governorship candidate of the Alliance for Democracy (AD) in Ondo State, Chief Olusola Oke, has decried the abject poverty pervading the state despite its abundant natural resources, vowing to turn around the fortune of the state when he assumes office as governor. Oke, who gave this assurance while inaugurating his Campaign Committee in Akure, the state capital at the weekend, assured the people that he has put in place a well thought out programme that he would implement to re-

vamp the economy of Ondo State and make the people the cornerstone of his administration. In a statement signed by the Chairman, Media and Publicity of the Olusola Oke/ Ganny Dauda Campaign Organisation, Mr Bisi Kolawole, the governorship hopeful described the AD as a movement resolute to form the next government in the state. "This poverty in the midst of plenty and the glaring ineptitude of those in power is unacceptable. We want

to change this; we want to bring in a new order, we want to bring in a new vision, we want to make our people happy and bring joy into the lives of all and sundry in Ondo State. “We will revamp our economy. We will make our traditional rulers happy, make our people the cornerstone of our programme and empower our youths to benefit from the abundant recourses that abound in Ondo State. "What we bring to our people is hope. We shall by the grace of God replace visionless with vi-

sion; hopelessness with hope, want and deprivation with abundance. We are confident of winning and we shall be the instruments God want to use to bring about the change for a new Ondo State," he said. While charging the 700-man campaign committee, which has Mr. Bola Ilori as DirectorGeneral to brace up for the task ahead by being focused and eschew infighting and bickering, Oke urged them to be real change agents in their actions and commitment to what he termed “the New Ondo Vision.”

APC sets up committee to share political offices

he All Progressives Congress (APC) in Ondo State has set up a committee to interface with its governorship candidate, Mr. Oluwarotimi Akeredolu (SAN), on the methods to be used for the appointment into political offices should the party win the November 26 governorship election in the State. The party also announced the resolution of all the pre and postgovernorship primary

crises that had rocked the party and resolved to work together in order to achieve victory at the polls. One of the grouses of the party members in opposition to the election of Akeredolu as the APC candidate is that he already has his people, who would eventually emerge as government appointees should the party win the election. But the party allayed the fears of the members, saying a commit-

tee would be set up to interface with the governorship candidate on the modus operandi for political appointments in his government. A communiqué issued at the end of a meeting the party’s leadership, Akeredolu and his running mate, Mr. Agboola Ajayi at the APC secretariat in Akure at the weekend, assured party members of equitable distribution of offices. The communiqué reads in part: “We as-

sure party members that we will continue to advance their interest and that such interest would be protected in an APC government. “We also affirm that Chief Pius Akinyelure is our leader, as well as Asiwaju Bola Ahmed Tinubu remains our National Leader. The APC Ondo State chapter is one and remained indivisible under the leadership of the state chairman, Hon. D.I Kekemeke.”

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Interview APC govt has lost considerable goodwill – Oyebode

Politics No Nigerian politician has been in the public glare of late more than former Rivers State Governor, Chibuike Amaechi. His screening for ministerial appointment raised much dust that it was postponed twice over torrents of petitions. While he weathered the storm like many in the past, he is on test again over allegations of attempt to subvert justice, Felix Nwaneri reports

Amaechi’s many battles

inister of Transport, Hon. Chibuike Amaechi, is not new to political battles, having fought many and almost triumphed in all in the course of a political career that has seen him hold positions such as speaker of the Rivers State House of Assembly and governor for eight years, respectively. The most pronounced among these battles are the governorship contest of the oil-rich state in 2007 and the legal battle that ensued; power game with Presidency under Dr. Goodluck Jonathan, former First Lady, Dame Patience and former Rivers State Commissioner of Police, Matthew Mbu; Nigerian Governors’ Forum leadership tussle; the 2015 elections and the hurdle he scaled to become minister under the present administration. While many have continued to wonder about what keeps the former Rivers State governor going even in the face of severe political challenges, to those who know the Ikwerre-born politician very well, he is unlike most of his colleagues, who see politics as a profession for which no preparation is required. In Amaechi’s case, he took time to learn the ropes. He cut his early teeth in politics as Secretary of the now defunct National Republican Convention in Ikwerre Local Government Area of Rivers State. Between 1992 and 1994, he was Special Assistant to the then

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Amaechi

Deputy Governor of Rivers State, Dr. Peter Odili. He also served as caretaker committee Secretary, Rivers State chapter of the defunct Democratic Party of Nigeria (DPN) during the transition programme of late General Sanni Abacha regime. Odili saw in him, a young man with potential in politics and adopted him as a political son, guiding and nurturing him in politics, and consequently facilitating his election into the Rivers State House of Assembly in 1999. Perhaps, rising through the ranks prepared Amaechi for the game of politics, which is almost as exciting as war and quite as dangerous though in war, one can only be killed once, while in politics, one gets killed many times. Governorship battle There is no doubt that the 2007 Rivers State governorship contest remains the fiercest political battle so far fought by Amaechi. He had emerged candidate of the Peoples Democratic Party (PDP) after winning its governorship primaries, but his name was substituted by the party, an action which he challenged in court. After an interesting legal battle that traversed through the High Court, Court of Appeal and the Supreme Court, the apex court in a landmark judgement on October 25, 2007 pronounced Amaechi the rightful candidate of the PDP and winner of the election. The court annulled Celestine Omehia's election, ruling that

Amaechi, not the former, was the PDP's legitimate candidate. Omehia was barely five months in office before he was sacked. Amaechi was reelected for a second term of four years in April 2011 and left office in May last year.

Those faced with serious allegations should treat the issue with the seriousness it deserves and stop trying to court public sympathy

The battle with Mbu To say that there was no love lost between Amaechi and Mbu, when the latter was Commissioner of Police in Rivers State would be an understatement as it was constant face-off between both men, which prompted many to decry what they termed public mistrust and political mudslinging over Mbu’s partisanship in the handling of the political crisis in the state then. The running battle got to a level that the two men had to exchange brickbats in public. Amaechi, not only labeled the former police commissioner as “a politician in uniform” who nearly crippled the economy of the state with his partisanship until he was promoted and redeployed out of the state, but a “shameless, corrupt puppet and toothless attack dog of a woman.” But, Mbu, who recently retired as an Assistant Inspector General of Police (AIG), described himself as a “lion,” who was able to tame the “leopard” in Port Harcourt. According to him, strong leaders like him, who lead by example is what the force needed because it is only the lion that can tame the leopard. Amaechi vs Presidency The Transport minister was

also at a time locked in a power battle with the Presidency under Dr. Goodluck Jonathan over the soul of the Nigeria Governors’ Forum (NGF). The group, comprising of governors of the nation’s 36 states, at the time was one of the most influential power blocs in the country. Little wonder the enormous influence Amaechi wielded then in the polity, as its helmsman. This, however, pitched him against some powers that be in the Presidency then and the Peoples Democratic Party (PDP), who did everything possible to stop him from getting a second term as the NGF chairman in order to weaken him politically, ahead of the 2015 elections. The thinking of Jonathan’s men, who saw Ameachi as a threat to their principal’s second term agenda, was that he had to be cut size. But like a cat with nine lives, Amaechi survived the plot, but the dust it raised never settled until he (Amaechi) and four other governors then – Rabiu Kwankwaso (Kano), Aliyu Wamakko (Sokoto), Abdulfatah Ahmed (Kwara) and Murtala Nyako dumped the PDP for the All Progressives Congress (APC). The battle with Dame Jonathan While Amaechi battled Jonathan and his men on one hand, he also had to contend with the former president’s wife (Patience) on another hand. The battle with the CONTINUED ON PAGE 14

POLITICS \ MONDAY INTERVIEW

APC govt has lost considerable goodwill – Oyebode

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Akin Oyebode, a professor of International Law and Jurisprudence, is an avid social critic and university administrator. In this interview with KAYODE OLANREWAJU, he speaks on governance in Nigeria, recent arrest of some judges over alleged corruption and the need for a comprehensive education summit to address the rot in the sector, among other issues You once said during President Umar Yar’Adua/Goodluck Jonathan administration that if the Nigerian education system fails, two of them have failed. But, with President Muhammadu Buhari in the saddle, the sector is still on the same spot. What do you think is the problem with the country? Well, I spoke then about President Yar’Adua and Vice President Goodluck Jonathan because they were both products of the university system. President Yar’Adua had a Masters Degree in Analytical Chemistry and Jonathan is supposed to have had a Doctorate Degree in Zoology. I said for the first time, we were having leadership steered by products of the university system. So, they are presumed to have known what they should do. Now, as far as President Muhammadu Buhari is concerned, I am on record, as having said that his appointment in the education sector was least unexpected or left a lot to be desired. Why did I say so, because he appointed a professor of Education as a Minister of State for Education, while appointing an Accountant-turned newspaper columnist, as the minister. From the word go, I had not been impressed by that appointment. But having said that, you will see that they have made some errors in terms of dissolution of university governing councils and the sack of some vice-chancellors, and all sorts of things, which to me, put some question marks on the competence of the minister to really make policies for the universities. I think that President Buhari is barely one and half years in power, so his administration could still be considered as work in progress. May be, he has been pleading that Nigerians should give him more time and what have you. And, in the education sector too, it may be precipitate to pass judgement. I can say the jury is still out on the Buhari administration as regards education and other aspects of our national life. As a former university administrator and key stakeholder in the educa-

tion sector, are you pleased with the quality of products of Nigerian universities even as research is still at its lowest ebb, especially the inability of the universities to generate electricity to meet their needs? I think the observation with due respect is a little bit off target because it not the role or responsibility of the universities to generate electricity. All those things fall within what I call municipal facilities. In other climes, it is the state that creates the enabling environment for pedagogy and scholarship to thrive. I think it is a sign of failure if our universities should now start to go into generation of power, baking of bread and production of pure water. I mean those things are irrelevancies if you ask me. The state as a stage should create the requisite environment for scholarship and I think that what we are noticing is in fact our underdevelopment. That is why the university some of us attended, working in a conducive environment was able to produce a Nobel Laureate and high flying scholars and scientists. It is not that the white man is ten feet tall, but he has what he calls the capacity to do. So, I want us to be fair and even handed when assessing the university system. Nigeria as a country is an underdeveloped economy and they are humourous when they call us developing country or economy, or an emerging economy. What they are telling us, in actual fact, is that we are not really there. We are just taking undue advantage of the 21st Century. By the time we bridge the gap between production and consumption, Nigeria will no longer be called a developing country, because we would have turned events. So, I want us to recognise objectively the structural inadequacies of Nigeria and distinguish or situate those inadequacies from the managerial deficits of the country. Of course, when we mix the structural issue with the competency of the administration, our country will not be the way it is presently. You are lucky today that in my office we have power and our students are starting their examina-

Oyebode

Buhari is barely one and half years in power, so his administration could still be considered as work in progress

tions, because power has been a great challenge in this university. Indeed, if a university like the University of Lagos, which claims to be a university of first choice and the nation’s pride, is still having power challenge and suffering sudden pang of underdevelopment of its facilities, you can imagine what happens to the 134 other universities in this country. So, I want us to properly situate the universities within the framework and ambit of national underdevelopment and structural inadequacies. That will be my alibi. Are you saying that development and structural inadequacies are the main areas where we got it wrong as a country? Yes, I agree with you entirely. We are not making progress. Somebody said we make two steps forward and four steps backward. My students always say that Nigeria is like a barber’s chair – all motion but no movement. So, when you look at the situation as it is, we don’t seem to have been making any progress. I will tell you that I have been teaching for 43 years in Nigerian universities and so I can pass judgement on how far we have gone as a nation. Of course, I am not privileged to have studied in Nigeria, I studied in three countries and I can only use my experience in those advanced economies as a backdrop to judge Nigerian universities. Look at the ranking of universities; apart from the University of Ibadan in the latest ranking by

Times Literary Supplement that ranked UI among the first 1,000 universities in the world, no other Nigerian university made the list. And, that is because the University of Ibadan is our own Harvard University. Let us face it. It is the first university here and it has more staff in the rank of professors and lecturers than any other university because it is the prime and first university to have been established in the country with its own tradition and what have you. But, I want to tell you that Nigeria generally recognises the necessity to have high level manpower or what you call human capital development. It is not for ignorance because people still fight tooth and nail to come to the universities. If you take my faculty, for instance, of the 16 candidates that apply, we can only take one. Then, what happens to the other 15 candidates? It is not because they are not qualified, but because they failed to meet the cut-off mark based on the standard we have set, especially for a university like UNILAG. Other universities that are not so privileged might look down and might lower the scale for their admission criteria. But, as experts would say it is “garbage in, garbage out.” So, the quality of the graduates depends on the quality of the intakes. So, let us face it. The secondary schools are somewhat in tatters because of the records of credit pass in Mathematics and English in both the West African Examinations Council (WAEC) and Nation-

POLITICS \ MONDAY INTERVIEW

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

educators, administrators and stakeholders on all sectors, including primary, secondary and tertiary to take a bird’s eye view on the sector because education is so critical to our survival and ability to compete with the rest of the world. This is why I think we need to do some retrospection.

al Examination Council (NECO) though things seem to have improved this year altogether. What I am saying generally is that if you look at the secondary schools that existed when we were growing up, you will agree with me that we had relatively decent secondary school education in the schools we attended. And, we did very well. Though, there was no NECO during my time. In our WASSCE, some of us made Grade One. Again, in Higher School Certificate (HSC), we did very well and then we ended up going to the top universities in the world. In these days, some students, who claimed to have done very well in the Unified Tertiary Matriculation Examination (UTME), came into the university system and could not perform academically. How do you explain if a student has a high score in UTME conducted by the Joint Admissions and Matriculation Board (JAMB) and they bring him in here and he couldn’t perform, but for him to be soiling like a rubber ball. So, something is definitely wrong somewhere. If you recall, I said last time that Nigeria should convene a national education summit, so that we could sit down to brainstorm and find solutions to afflictions of Nigerian universities and I heard that the Minister of Education now is thinking along that line. Just like we had the confab on the problems of the country as a whole, the time is ripe to have a meeting of the minds amongst

But the fear is that recommendations of the previous summits usually ended in the shelves… People generally say that our problem is not with plans or summit, but generally that of implementation. But, like I always say, if the government wants to break the jinx and it is dead serious about the imminent tragedy that will befall the Nigerian education system, then the government has to take itself more seriously. They should bring those experts who are knowledgeable to discussion. It should not be a jamboree or for all manner of people, but a platform for those who are knowledgeable in the education industry to come together, brainstorm and come up with a blueprint and a rescue programme that will bring up the Nigerian education system. I think it is not too much to have another summit. A jaw-jaw, as Churchill used to say, is better than to war-war. So, let us have another discussion and this time as I said, a comprehensive, holistic and universal one in terms of the problems of Nigeria’s education. But, I must say that despite all these, I am being too hard on Nigerian education system. In fact, our products are doing very well abroad. I have former students who are at Oxford University and Harvard University, and so on, who are really doing well. So, you can now see it is a paradox. We say our education system is collapsing, but our graduates are doing well. So, how do you explain that; what is the magic because you can’t give what you don’t have. I am always satisfied and I marveled, especially whenever we have convocations at UNILAG and you see in all the various disciplines such as Petroleum and Gas, Systems Engineering, Architecture, Metallurgy and Materials, Marine and Sciences, name it, not to talk about the regular Humanities, Arts, Sciences, Law and Social Sciences,

Oyebode

We need to sanitise the Temple of Justice and I don’t think anybody quarreled with President Buhari

the array of products coming out of this university. I mean, you will just marvel. You will realise also that UNILAG has paid its dues and these graduates, generally speaking are performing well. May be you want to say now that our students are knowledgeable, have access to computers, better prepared and because of their exposure; independent studies, goggling and surfing of materials on the net. They have access to what is happening around the world. That again helps in the education process and accounts for their better performance. But, I must tell you that we have problems in terms of the facilities. The universities are boxed in the seams because their carrying capacity has been exceeded. There was a time on this campus that we used to have tutorials in our offices with a maximum of 16 students, but we now have so many students that we could no longer have tutorials. So, the situation is so bad that the quality of lawyers we trained about 30 years ago cannot be compared with that of the present generation because of limited access to their teachers, the library spaces, and the poverty of the university in equipping the library with the state-of-the-art and latest volumes of journals and current editions of books. We have so many things or factors responsible for this, which as I said, the summit should be ready to inquire into, address and come up with solutions. If we look at the admission criteria into universities, it gives priority to catchment and less-disadvantaged states at the detriment of merit. Don’t you think this is not healthy for the system? The various criteria stipulated by the proprietor, that is, the Federal Government, are not new. We have always had these criteria. These have been in operation for quite some time now. But, less than 40 per cent is allotted to merit in the admission criteria, while in other clime merit accounted for over 90 per cent. Yes, you have a point there, but I am saying that the diffusion of admission standard is not new. It went all the way back to the Prof. Jubil Aminu’s days as Minister of Education, when there was the concept of disadvantaged states. The feelings by Jubril Aminu and his friends was that the south was more advanced educationally speaking than certain part of the north and that we need to bridge the gap. In fact, it is for criticizing the policy that the late professor of Mathematics, Prof. Chike Obi, was detained in this university for opposing these differentials in terms of admission. We were all aghast why the government would detain someone like that, a renowned scholar. Chike Obi went to Cambridge University for his PhD and he knew what he was saying, but just because he stood up against the diffusion of admission criteria, he was incarcerated. So, this tells you the intolerance in the system. I won’t say dictatorial, but almost feudalistic tendencies and approach of some of the people who want to impose their will on the people and rest of the society. Merit! That is fantastic, but in the society we are, it cannot be winner takes all. You have to bend backwards to accommodate the laggards, who are not compet-

ing with the rest so that people will not feel frustrated. I know that in places like UNILAG, many of the spaces allocated to the disadvantaged states are not being taken up by candidates from those areas because they prefer to go to universities in their areas, which again means that they are afraid to compete. Prof. Jubril Aminu himself went to the UI and he was an outstanding student that he was retained immediately as a lecturer. Look at old northern elites such as Adamu Chiroma, he went to UI; my former lecturer, Jar Abdulkabir also attended UI. These are the people, who competed with the best brains because UI then was the University of First Choice. In our time, if you did not go to the UI, you have not gone to a university. I was admitted into the University of Ibadan and the University of Lagos at the same time, but eventually I didn’t go to either of them. Though, I had already paid my fees to Mellanby Hall, where I already had a room before I got a scholarship to go to abroad. What, I am saying in essence is that we need a competitive spirit and if we look hard enough at different areas of the country, we have people of high scholastic ability. All we need to do is to search for them, seek them out and bring them to compete with the rest of Nigerians. Indeed, by doing this, Nigeria and her people will benefit from it. Some Judges were recently arrested and detained by Department of State Services (DSS) over allegations of corrupt practices. As a lawyer and professor of Law, what do you think this development portends to the judiciary? I think it is an open secret that the judiciary is not immune from corruption. I delivered the Kasumu Lecture this year under the theme: “The Integrity of Law,” and in that lecture, I made an allusion to the corrosive impact of corruption even within the sacred Temple of Justice. I acknowledged what the National Judicial Council (NJC) wanted to do and the outgoing Chief Justice of Nigeria; that we need to sanitise the Temple of Justice and I don’t think anybody quarreled with President Buhari. I think what people are not happy about is the procedure. Lawyers have something they call due process of law. You follow due process of law and not mid-night arrests and bear knuckle threats on the judiciary. Nobody exists to defend the judiciary. They are on their own because part of the things we imbibed from our colonial conquerors is the notion of Separation of Powers and so, once the executive starts to brandish handcuffs to princes in the Temple of Justice, it will seems as if the whole edifice is crashing down. But, some people will tell you, Ghanaians cleansed their judiciary, and about 23 judges were sent packing last year. Of course, the way Ghana did it shows there is civilization; it shows Ghanaians are better organised than us. Sorry to put it this way, we are behaving like a rough diamond, which needs to be polished. We need some polishing because there are some rough edges about our government. The road to hell, they say is usually filled with good C O N T I N U E D F R O M PA G E 1 3

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Alleged bribery: Amaechi, judges trade words C O N T I N U E D F R O M PA G E 1 1

a question or a statement. Then he made a call and asked me to speak with someone. The man he called said he was a DSS man. We exchanged greetings and I handed the phone to him. Next, he said: ‘Oga is not happy.’ I asked him who is the unhappy oga and he answered Buhari. I retorted: ‘Go and talk to his wife.’ He got very angry and left, remarking ‘we shall see’ several times.”

former First Lady was described by many as the real cause of the quarrel between Jonathan and Amaechi. It began when Dame Jonathan blasted Amaechi for conceiving the demolition of houses in her native Okrika to make way for educational structures. Her grouse was that Amaechi looked certain to demolish and compensate the people without first seeking their consent, while Amaechi decried the manner in which the then first lady addressed the matter in public without according him due respect as a governor. Ministerial screening It was a Herculean task to get Amaechi screened by the Senate when his name alongside others were forwarded to upper legislative chamber by President Muhammadu Buhari late last year as ministerial nominees. But after weeks of drama and waiting, the former governor was finally received into the chamber of the Senate and screened. This was after the Senate received the report of the Senator Samuel Anyanwu-led Senate Committee on Ethics, Privileges and Public Petition, over a petition bordering on allegations of fraudulent practices during his tenure as the governor of Rivers State. Senators of the PDP led by the Minority Leader, Godswill Akpabio, had raised a point of order, stating that content of the report of the committee should have been made known to the Senate, before Amaechi’s screening. He also added that the PDP-caucus reached a resolution not to ask Amaechi questions. This threw the Senate into frenzy but Senate Leader, Ali Ndume, rose to the defence of his party man, saying that that the report had already been laid before the Senate and that Amaechi being a former lawmaker, he should be allowed to take bow. It is undisputable that it would have been politically disastrous for the former Rivers State governor if he had not scaled the ministerial screening given the fact that he practically staked his life for the Buhari presidential project. He did not only opposed and worked against the return of his kinsman, Jonathan, to power even when the consensus in his native South-South zone was that all should work for the second term bid irrespective of party differences, but accepted the position of Director General of the Buhari Campaign Organisation, mobilising resources and took the party’s presidential campaign to the doorsteps of most of his kinsmen though they never shared in his vision. 2015 Rivers guber poll While Amaechi came out of the respective political battles unscathed, his ego was bruised during the last governorship in his state as his long time political ally, Nyesom Wike, who he later fell apart with, defeated his anointed – Dakuku Peterside. Wike, who contested the election on the platform of the PDP, polled a total of 1,029,102 votes to beat APC's Peterside, who had

Ngwuta

Okoro

124,896 votes. The wide margin, notwithstanding, Amaechi’s camp never gave up until the Supreme Court declared Wike winner of the poll. The former governor’s consolation was pockets of legislative seats won by his party. But it was not all loss for Amaechi as he had Peterside appointed as Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA). He also got other of his loyalists, Mrs. Ibim Semenitari, appointed as Managing Director of the Niger Delta Development Commission (NDDC) and Dr. Sokonte Hutton Davies as Executive Director, Marine Operations of the Nigerian Ports Authority (NPA). On ‘trial’ While it is incontestable that the man whose admirers refer to as the “Lion of Ubima” is a dogged fighter and never gives up when it is comes to principles he believes in, his person is under test at the moment given allegations of attempt to induce some members of the judiciary to pervert justice. The allegation was made by Justices Inyang Okoro and Sylvester Ngwuta of the Supreme Court, who are among judges recently arrested by the Department of State Security (DSS) over allegations of corruption. Justice Okoro, whose home in Abuja was among those raided by DSS operatives on October 7 and 8, said he is being persecuted because he turned down pressure to help influence the outcome of the Supreme Court ruling on Akwa Ibom gubernatorial election. In a letter dated October 17, and addressed to the Chief Justice of the Federation, Justice Mahmud Mohammed, Okoro specifically accused Amaechi of being behind his ordeal. He recounted how the former Rivers State governor visited him in the run-up to the Supreme Court decision on the appeal about the outcome of the Akwa Ibom State governorship poll in 2015, saying the outcome would have been different if Amaechi had had his way. He said Amaechi approached

He alleged that he sponsored Umana Umana, the candidate of APC for that election and that if he lost, Akwa Ibom appeal, he would have lost a fortune

him on the basis that President Buhari and the APC sent him to plead that they must win their election appeals in respect of Rivers, Akwa Ibom and Abia states at all costs. “For Akwa Ibom State, he alleged that he sponsored Umana Umana, the candidate of APC for that election and that if he lost, Akwa Ibom appeal, he would have lost a fortune,” he stated in his letter. Justice Ngwuta (also of the Supreme Court) accused Amaechi of begging him in 2013 to set aside the election of Governor Ayodele Fayose of Ekiti State. He said this was to allow for a fresh election in which his friend and former Ekiti State governor, Dr. Kayode Fayemi, was involved. He wrote: “My present plight started sometime between 2013 and 2014. I represented the then Chief Justice of Nigeria in an event organised at the International Conference Centre. Hon. Rotimi Amaechi came in late and sat next to me at the high table. He introduced himself to me and we exchanged contacts. A few weeks after, Fayose’s case was determined in the Court of Appeal. Amaechi called me by 6:45a.m. He said he had come to see me, but was told I had left for my office. When he said he would return in the evening, I demanded to know what he wanted, but he would not tell me. “He did not come that evening, but came the following morning when I was already prepared to go to work. He begged me to ensure that Fayose’s election was set aside and another election ordered for his friend Fayemi to contest. I told him I would not help him and that even if I am on the panel, I have only one vote.” He further submitted that after the Rivers State governorship election was determined by the Court of Appeal, Amaechi called him and said his ears were full and he would like to tell him what he heard. “I told him I was out of Abuja at the time. On my return, he came in the evening and even before he sat down, he barked: ‘You have seen Wike.’ “I asked him whether that was

Amaechi denies allegations Amaechi has denied the allegation against him, saying he never made any attempt to influence judgement of the court. Responding to Justice Okoro’s allegation, he said the Supreme Court judge is behaving like a child given the way he is trivialising serious allegations levelled against him. In a statement he personally signed, he said he never had such discussion with either the judge or any other judge. His words: “My attention has been drawn to a letter purportedly written by Hon. Justice Inyang Okoro, Justice of the Supreme Court, one of the judges recently arrested by the DSS as part of its investigation into the allegations of massive corruption involving some officers of the judiciary. “Given the level of mischief in the social media, I would ordinarily have ignored the letter because the allegations contained in the said letter are wild, baseless and unrelated to the issues in contention between the Justice of the Supreme Court and the Department of State Services. To that extent, I had grave reservation that this letter emanated from his lordship. “However, for the avoidance of doubt, let me say clearly that I have never discussed any matter pending before the Supreme Court of Nigeria with my lord, Hon. Justice Inyang Okoro, in his house or anywhere else. “I make bold to also state that the only time I have ever spoken with the Chief Justice of Nigeria, Justice Mahmud Mohammed, was at the inauguration of the AbujaKaduna Railway project on July 226 at Idu in Abuja.” He further said that the letter by Justice Okoro was a poor attempt to politicise what he described as a serious national tragedy and shame. “I believe that the issue of corruption at the highest level of our judiciary should be addressed objectively. It is to say the least demeaning and childish of a Justice of the Supreme Court to imply that the security operatives of our nation will arrest a Justice of our Supreme Court for no reason other than the instructions of a minister. “Those faced with serious allegations should treat the issue with the seriousness it deserves and stop trying to court public sympathy and trivialise what is clearly a national tragedy,” he said, adding that he had directed his lawyers to contact Justice Okoro and take whatever legal steps necessary to clear his name of the baseless allegation. On Justice Ngwuta’s allegation, his media office, which responded, said: “The Hon. Justice Ngwuta’s alC O N T I N U E D O N PA G E 1 5

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH C O N T I N U E D F R O M PA G E 1 3

intentions, and so the Buhari government should not throw away the baby with the bath water. On one hand, the motive might be genuine, might be illustrious and might be noble, but the way and manner the arrests were made and sting operations and everything were really unbecoming and we don’t expect a country under democracy to be acting like Idi Amin’s Uganda. Idi Amin killed the Chief Justice of Uganda. I am not saying Buhari will kill the Judges, but this is reminding us of General Buhari of 1984-1985 with Decree 4 and what he did to the media (Tunde Thompson and Nduka Irabo). People will say he is giving the Ayo Fayoses of Nigeria a heroic position, who said that a leopard cannot change its spots, and that Buhari, once a dictator is always a dictator. In fact, Buhari’s lines are on the rope in the court of public opinion to show that he really means well, but people will say he is an unrepentant dictator. I have heard and read something like Gestapo, like Hitler of Germany; how the Brown Shirts and the Black Shirts descended on their opponents. You saw what happened at the debate between Donald Trump and Hillary Clinton; some of the commentators said it is only in African countries, where presidents cast their enemies in jail and that Trump’s thing is in Africa. They were looking at Africa as an example of a continent where everything goes. A former Chief of Army Staff, Gen. Salisu Ibrahim once said the Nigerian Army have become an army of anything goes. We hope the Buhari government will not turn Nigerian to a country of anything goes. You were rudely removed by Governor Ayodele Fayose as the ViceChancellor of University of Ado-Ekiti, now Ekiti State University during his first term as governor. Now, that he is back as governor, how do you see him as a person and his government? I will say actually that Ayodele Fayose is an enigma and a riddle

Structural deficit, bane of Nigeria’s development – Oyebode

enveloped in a puzzle. He is a very interesting persona, and that way, he is given to exhibitionism or he wants to comment on every issue. But funny enough, there seems to be a method to his commentary. He wants to be seen as the only person who is able to stand up and challenge the excesses of President Buhari. He was going about to say

so that is the danger in what they are doing. You can hear what the Peoples Democratic Party (PDP) is saying, describing APC as Gestapo and Fascist. What I am saying is that President Buhari should put on his thinking cap and get his kitchen cabinet or spin doctors to cut their losses because they have lost considerably in terms of good

Oyebode

Buhari is a bad person, but look at it, they are justifying the prophecy of Fayose. So, Fayose has become an unlikely hero. Even though, he too perpetrated atrocities against the judiciary in his state, but they have given him the opportunity to stand up to pontificate, which I say, is a paradox. I think the explanation by the Presidency is not for self-serving, but the president is digging holes for himself. Of course, the way he is going, he can dream of second term. Nobody will ever vote for him in 2019 to come again and All Progressives Party (APC) is on trial because people say the party is an unruly horse and people will be regretting the day they voted them into power and

C O N T I N U E D F R O M PA G E 1 4

legation as it concerns Amaechi is nothing but pure fiction, a dubious diversionary tale concocted to muddle the very serious issues of his arrest and investigation by the DSS. “For emphasis, we want to state categorically that Amaechi did not and has never tried to lobby, induce or make the Hon. Justice Ngwuta to influence the outcome of any matter before the Supreme Court or any other court. The Hon. Justice Ngwuta’s narrative as it concerns Amaechi is simply not true, an unadulterated fallacy designed to deceive and distract from the real issues of DSS investigation of acts of corruption against him. “It’s indeed very sad and most unfortunate that Justice Ngwuta had decided to drag the name of the Chief Justice of Nigeria (CJN), into his fabricated allegations. Again, We make bold to state that Amaechi did not and has never lobbied, approached or attempted to make the CJN or any other justice of the apex court to influence the Supreme Court judgement on the Rivers State and Ekiti State governorship elections petition appeals or any other matter before the apex court or any other court.” Amaechi insisted that the allegation against him was politically motivated.

Fayose is an enigma and a riddle enveloped in a puzzle

will and they should redress the imbalance and the way to do it is to arraign the judges quickly, give semblance to fair hearing, due process and presumption of innocence. At least go through the ropes. I am surprised that the government is poorly served. Look at the case they just lost at the Community Court of Justice of ECOWAS. Apparently, the lawyers to the government are unaware of the concept in International Law of Exhaustion of Local Remedies. They didn’t plead that that the court can’t sit on the matter, because the former National Security Adviser, Col. Sambo Dasuki (rtd) has not gone to the Supreme Court. They jumped from the High Court to the Community

Court (ECOWAS Court) and allowed themselves to be boxed to a corner and up till now the government doesn’t know how to wriggle out. Is the government going to arrest the judges of the Community Court, that they have compromise, I don’t think so? I think Buhari should watch it. He needs advice; he needs help because he doesn’t have all the answers. The man I pity most is his vice, Prof. Yemi Osinbajo, who is my student. A professor of Law and Senior Advocate of Nigeria (SAN) should vicariously suffer some humiliation from what has happened to the judges. We know some of those Judges and we know those who are compromised, but there are good judges. I won’t forever think that Justice Joseph Oyewole will ever involve in any shenanigan. These are decent judges, but you are tap-rubbing them and giving people the impression to believe that the whole of the judiciary is corrupt. It is a dangerous game and you don’t want the statement of the PDP to come to pass that we are all riding on the back of a tiger and may either end up inside it. We don’t want that situation to occur. What do you think is the way out of the current economic recession facing the country? Well, I am not an expert in Economics. The recession is cyclical. It is like boom and recession. The capitalist system we have adopted allows this cyclical booms and recession in between. I know it is a serious problem, especially now the United State dollar is selling for N480 to $1. You know what that means. It is ridiculous. I know what recession is, but I want to say that we are already in depression and not in recession.

Amaechi's many battles “Within a space of 48 hours, we have observed a carefully planned and coordinated political attempt to drag Amaechi into the DSS arrest and investigation of judges in Nigeria. The aim of the plot is two-fold: To smear and politically destroy the image and reputation of Amaechi and, deceitfully portray him as the person behind the arrest of judges. This is indeed most ridiculous and callous. “We are aware of a well-timed, heavily funded plot to ‘take out’ Amaechi politically and it appears that Justice Ngwuta and Justice Okoro of the Supreme Court, have wittingly or unwittingly been conscripted into this devious politics of destroy Amaechi by all means.”

Rivers APC rises in defence As expected, the Rivers State chapter of the APC quickly rose in defence of its leader, warning Justice Okoro to withdraw the allegations within one week or be prepared to face the consequences. The party, in a statement by the state chairman, Dr Davies Ikanya, said: “One does not need a soothsayer to see that Justice Okoro is very confused and thinks that by mentioning the name of Amaechi in his letter, he would deceive Nigerians and play down the gravity of his sins and

crimes against Rivers State people and Nigeria as a whole. “If we may ask Justice Okoro, why should Amaechi or anybody attempt to bribe him for an election upturned by both the Tribunal and the Appeal Court? An election widely condemned by the Independent National Electoral Commission (INEC), the international community and both local and foreign observers who monitored the shambolic exercise in the course of which over 200 of our members were slaughtered like chicken just to install Chief Nyesom Wike of the PDP in power at all cost? “For failing to report the fictional bribery attempt by Amaechi, Justice Okoro has committed an offence that attracts up to two years imprisonment. We are hereby giving him one week to retract his worthless and satanic letter and apologize to Amaechi or we may be forced to set in motion a machinery to invoke the Corrupt Practices and other related offence Act 2000.”

PDP demands probe While Amaechi is enjoying the kindred spirit from party men in his state, the national leadership of the PDP insists that the matter is not one to be swept

under the carpet. Against this backdrop, the party called for an inquest into his tenure as governor of Rivers State between 2007 and 2015. The party, through its National Publicity Secretary, Prince Dayo Adeyeye, said Justice Okoro’s allegation has vindicated it that there are many corrupt leaders and members in APC, but have been shielded from prosecution because of their affiliation and contributions they made to APC presidential campaign. “The PDP view this allegation as grievous, dangerous, criminal and unhealthy for our democracy and the rule of law. This information by a high ranking judge must not be swept under the carpet like previous petitions and the report of the Rivers State Judiciary Commission of Inquiry that revealed so many misappropriations of funds by the former governor when he held sway from 2007 to 2015,” Adeyeye said. No doubt, the last is yet to be heard on the matter as the Federal Government has concluded plans to arraign the affected judged in court, but analysts are of the view that the administration should not be distracted from its resolve to sanitise the judiciary.

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Opinion

Robbing Buhari of desired sympathy Dominik Umosen

he interview that renowned journalism godfather, Ray Ekpu granted Channels Television on the eve of the 20th anniversary of the assassination of the founding Editor-in-Chief of Newswatch newsmagazine, Sumonu Oladele Giwa on October 19, 1986, definitely provoked fresh perspectives in the bewildering Nigerian conversion. Definitive was elimination of doubt regarding responsibility for “twepping” Giwa (terminating with extreme prejudice), while another is his sympathy for President Muhammadu Buhari in the war against corruption that he said the president is ill-equipped to win because democracy lacks the muscle to engage the monster. In the half-hour interview which was hosted by Modele Sarafa Yusuf, Ekpu who was Giwa’s neighbour and colleague, categorically rested the diversionary controversy over responsibility for the murder, re-iterating that the parcel that killed the flamboyant journalist was not the first he received from the commander-in-chief, Gen Ibrahim Babangida. On the war against corruption that is alleged to have transmogrified into a pretext for settling political vendetta, Ekpu rose in Buhari’s defence, regretting that the vicious battle that the president volunteered for required a weapon more formidable than democracy can offer. However, neither the president’s helplessness nor Ekpu’s sympathy justifies the blaze of hilarious flourish in which policy robbed itself of creativity and dynamism; requisite ingredients that ought to have inspired productivity and growth as well as steel the country’s economy against the sudden jolt from recession. Side by side encouraging desired accountability, the administration should note that the composite corruption menace transcends merely stealing money which is the erroneous fixation. In the enthusiasm and desperation to demon-

ize the immediate past, not the foundation of rot, the administration unwittingly dragged into the house an ant-infested wood of desperation which has ironically inspired other forms of corruption, including castration and perversion of capacity of security agencies to respond to criminality without sentiment. The enduring official inertia to arrest escalating atrocities by Fulani herdsmen, despite warnings by prominent citizens, including the Sultan of Sokoto, Mohammad Sa’ad Abubakar 111, underscores this new heritage of corruption. The transparent and sinister pattern of official indifference to atrocities committed nationwide by invading terrorists posing as herdsmen from Sudan and elsewhere in the sub-region has inspired allegations of a sinister desire by the administration to re-write history, possibly islamise the country. Critics argue that this curious reluctance by the administration to respond adequately to worsening atrocities committed by invading terrorists, including multiple genocides in Agatu (Benue), and Godogodo (Southern Kaduna), and regicide in Delta, justify allegations of an agenda which aggregate and stoke multiple agitations for self-determination by ethnic nationalities. In its gyration on the fight against financial corruption, the administration has introduced a more deadly form of corruption which is represented by alleged manipulation and perversion of capacity machinery to respond to criminality without sentiment. For example, a sinister pattern of well-coordinated terrorist attacks on Christian minority settlements in Kaduna State, including Godogodo, has failed to provoke corresponding response from security agents whose constitutional responsibility it is to protect citizens and their properties. Each time, Governor Nasir El-Rufai re-enacts the pathetic ritual of disappearing behind the radar and re-appearing with lame re-affirmations of commitment to protect every citizen. Critics accuse the administration of not doing

The administration has introduced a more deadly form of corruption

benough to halt this new corruption hiding behind the hypocrisy of religious and ethnic extremism and intolerance which has spread across the Northern part of the country. Despite extra-judicial killings of members of the Independent Peoples of Biafra (IPOB), and others articulating their right to free assembly and association by law-enforcement agents, extremists who have committed serial mass murders in Kano and Zamfara states are patronized and yet to be prosecuted by the administration which appears blissfully unaware that this is a new form of corruption. The transparent duplicity by the administration by not prosecuting criminals who kill law-abiding citizens on the pretext of blasphemy which is unknown, further inspires allegations of a sinister agenda. Alleged perversion of the capacity of security agencies to respond to criminality without sentiment, critics say, is definitely a new heritage of corruption that the administration has refused to acknowledge, preferring to ignore the greater danger of inspiring disaffection and resolve to self-help by citizens. The refusal of the administration to arrest creeps like nepotism that crawled from the wood of political desperation and vendetta and sustains the allegation of hypocrisy against the war against corruption. Critics also argue that another strong inspiration for the charge of hypocrisy is the curious argument that investigating the root of corruption would distract the administration. According to the argument, fighting corruption without investigating its root as the administration prefers to do is tantamount to fighting the narcotics drug trade by rounding up couriers without zeroing-in on barons who determine the nefarious business. Dramatizing the fight against corruption simply in monetary terms without corresponding consciousness of a deadlier by-product of corruption, regrettably, robs Buhari and the fight of desired sympathy. •Umosen (dominikumosen1@gmail.com) wrote in from Lagos.

Insecurity: Whither Ugwuanyi’s traducers? Uwakwe Abugu

iscerning readers who follow trends of commentaries and reportage of the unfortunate environment of insecurity across the nation are wont to discover that in recent weeks, the band of seeming attack dogs whose main passion is to harangue Governor Ifeanyi Ugwuanyi of Enugu state whenever any skirmish involving Fulani herdsmen occurred in his state have lost their fangs. Certainly, their assignments have diminished with calmness reigning in the state. However, it is baffling how the current growing state of criminality elsewhere in the country would not bother these columnists who had in the past months gloated in ‘feeding’ on the flesh of the Enugu governor. The state of anomie which has taken many states by storm is glaring. In the past weeks, for instance, especially over the past fortnight, gruelling insecurity has bestridden the nation’s landscape at a scale that has become quite worrisome. Penultimate Wednesday, marauding secret cult members desecrated the sanctity of the capital city of Calabar in Cross River State when they slaughtered nine persons during a clash.

The tragic incident only added to the growing long list of dastardly acts carried out by criminals operating either as armed robbers, kidnappers, cultists or killer-herdsmen in the past months across the nation. In fact, in the foregoing odious situation, a few days ago, gunmen said to be numbering over 40 had invaded a police station in Ekiti state, killed a police inspector and carted away arms and ammunition from the armoury of the facility which they blew up eventually. In the same Ekiti State, Sunday October 2, was another black day. On that ill-fated day, another very ugly episode in the growing avalanche of bizarre decimation of the lean population of the nation’s security personnel by various shades of armed banditry played out most unmannerly in Ikere area of the state. My heart burned when during a facebook scrolling, I stumbled on a post, a grotesque visage of gruesome murder of a compatriot, a lady officer of the Nigerian Police, identified simply as Iyabo. She was felled by the bullets of some gunmen who attacked a police station she was serving in. Also during that weekend, some gunmen invaded a police station in Mbaitoli council area of Imo state and killed an Assistant Superintendent of Police who had wound up his duties for the day. Then, on a Monday after that weekend,

headlines in some national dailies announced a bloody raid of a police station in Benue state by unknown bandits who murdered three police officers before breaking into the armoury there to cart away arms and ammunition. In the past weeks, there have been reports of grisly situations of insecurity, especially in Rivers and Lagos states as well as in Oyo, Imo and Abia, Cross River, Kaduna, among other states with the level of cult clashes and deaths in some states assuming absurd dimensions. Political leadership of some states are scurrying into a presumed salvage measure by floating amnesty programmes for hoodlums who would denounce their membership of the killer groups. Yet, kidnapping across the country has stuck like a malignant sore point. The October 6 experience in Lagos state when kidnappers invaded a school and abducted a Vice principal, a teacher and four students is one of such outrageous cases. Another source of insecurity in the country is the incessant and widespread attacks on host communities by marauding Fulani herdsmen. The clashes have been prevalent, even perennial in the past few years in Benue and Kogi states. Enugu state has also recorded some cases, the worst being last April attack on Nimbo community in the state. However, it has been clear that

comments and reports on Enugu state have been delivered to the reading public with every undertone of mischief, even malice. In fact, there has been an absurd scenario in which various fifth columnists, ostensibly operating as political hirelings, have brazenly continued to cash in on the few cases of the Fulani herdsmen’s attacks in the coal city state to, deliberately and unjustifiably, malign the person of Governor Ugwuanyi. It has been an uttermost disgust reading this group of jaundiced commentators carry on as if this infinitesimal level of attacks in Enugu looms larger than the glaring worse state of affairs in other states. The big question to ask is, why are all manners of columnists and commentators interested in taking up whatever happens in Enugu and promptly deliver verdicts of guilt on the door steps of the authorities of the state but deliberately fail to make even a mere comment when criminality visit pogroms on other parts of the country? Simply put, they are either hirelings or goaded into this untoward passion by sheer “bad-belle” as Governor Ugwuanyi continues to deliver monumental good governance as if there was no recession in the country. •Abugu is Chief Press Secretary to the Enugu State governor.

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who mostly engage in subsistence agricultural practices. On the website of the Agricultural Research Council of Nigeria, it states that the Nigerian Stored Products Research Institute has engaged in various activities to ensure adequate storage of produce. Under its key achievements, NSPRI says it has developed various techniques in the “Improvement and maintenance of quality of perishable crops including all roots and tuber crops, fruits and vegetables and other such crops.” It lists the specific activities to include: “(a) the development of the use of ventilated yam barn for the storage of fresh yam tubers. (b) Techniques for preserving cassava roots in most saw dust, trenches to preserve and retard deterioration during storage.

cribs for storing grains on cob and protocol for storing grains in bulk in stores. (b) The development of the technique for storing grains in inert atmosphere silos. (c) The development of the technique and protocol for the maintenance of grain quality during storage in the warehouse. (d) Improvement of the cribs for the storage of dry grains in the dry areas of the country to make them fumigatable.(e) Pesticidal wax (f) Bio Insecticides for food storage (g) Production of Post harvest Research Journal and advisory books on various aspects of Post harvest handling of crops.” However, the impact of this institute’s activities still needs to be felt by Nigerians. On its website, NSPRI indicates that it has developed various tech-

(c) Development of techniques for preserving the viability of fresh cassava stems. (d) Development of waxes for treatment of fruits and vegetables. (e) Various technologies for the production of stable forms of tomato, onion, mango, vegetables etc. (f) Development of technique for the production of dried mango, pineapple, okra, etc. (g) Seed yam barn development.” NSPRI also states that: “Improvement and maintenance of the quality of durable crops including cereal grain, pulses, oil seeds from the farm level to commercial level including export.” It outlines them as: “(a) The development of system for storing grains with the introduction of

nologies and products for storage. However, many Nigerian farmers and sellers of agricultural produce and other perishable items are largely ignorant of the activities of NSPRI and other research institutes. A recent investigation by New Telegraph indicates that the Nigerian economy is suffering huge losses from poor storage techniques. The report indicated that the absence of adequate storage and poor handling after harvesting, during transportation over long distances and at markets exposes an unquantifiable amount of agricultural harvests to despoliation. An excerpt from the report states: “According to the Food and Agriculture Organisation (FAO), 54 per cent of food spoilage occurs ‘upstream,’

Half of produce harvested by Nigerian farmers yearly is lost

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Ending agro storage challenges

ecently, Minister of State for Agriculture, Heineken Lokpobiri, raised the alarm that Nigeria was losing $8.9 billion to challenges arising from poor handling of harvests. The minister who was quoting findings from the 2013 Food and Agricultural Organisation fact sheets and survey conducted by the Nigerian Stored Products Research Institute in the nation’s six geo-political zones said it was estimated that food losses to post-harvest challenges amount to 51.3mt across all crops. He was merely echoing the frustrations faced by Nigerians as a result of various challenges in food production. Efforts by successive governments to expand the nation’s capacity to feed its huge population and export excess produce have been largely hampered by the issues of storage and post-harvest losses. It is estimated that almost half of produce harvested by Nigerian farmers yearly is lost to inadequate storage facilities, poor power supply, bad roads and other daunting challenges. Farmers also use pesticides to preserve produce and inadvertently reduce the quality. Nigerian farmers also generally lack good knowledge of modern storage techniques and this places them at a huge disadvantage. They also don’t have easy access to credit from financial institutions, which would have put them in a good position to build modern silos and other storage facilities for their harvests. It is also unfortunate that regular research into the development of adequate storage facilities and post-harvest methods is lacking in the country. Research institutes are far removed from the local farmers,

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during production, post-harvest handling and storage, while 46 per cent of it happens ‘downstream,’ at the processing, distribution and consumption stages; hence, there is the need for new techniques in both upstream and downstream. In Nigeria, we suffer more food losses during agricultural production, while food spoilage is higher in the middle and high-income regions, where it accounts for between 31and 39 per cent of total wastage compared to the in low-income regions of between four and 16 per cent”. “Harvest losses have several causes, including bad timing and poor conditioning during harvest as well as inadequate techniques and equipment.” FAO’s Director-General, José Graziano da Silva, said new technologies can help in solving the problem of food spoilage, saying that, improved bagging of rice in the Philippines has helped cut losses of that staple grain by 15 per cent. He noted that, the use of solar dryers to extend the shelf life of fruit and tubers in West Africa has the potential of reducing post-harvest losses. He said: “All of us – farmers and fishermen; food processors and supermarkets; local and national governments; individual consumers – must make changes at every link of the human food chain to prevent food spoilage.” Government and various stakeholders in the agricultural sector need to take joint concerted efforts to deal with the huge losses arising from poor storage in Nigeria. A situation where the economy continues to reel from huge losses in the sector is not good for a nation reeling under recession and seeking to diversify its sources of revenue.

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Law TUNDE OYESINA writes that while awaiting the arraignment of seven judges arrested on October 7 by the Department of State Services (DSS) on allegations of bribery and corruption, emerging accusations and counter-accusations arising from the raid on the judges’ residences may turn the tide after all

INTERVIEW Tabi’u: Why NHRC can’t remedy abuse

NEWS Lawyers divided over judges’ frozen accounts

20 21

Alleged corruption: Judges before the law

ast week, a former National Security Adviser (NSA) to former president Goodluck Jonathan, Col Sambo Dasuki made headlines as he was engaged in a case of ‘clearance’ in an open court in Abuja by one of the arrested judges. He was engaged by Justice Adeniyi Ademola, one of the judges accused of perverting the course of justice through manipulations of law and justice after money had allegedly exchanged hands. In the engagement, the following conversations ensued: Justice Ademola: Do you know me at all or have come in contact with me? Dasuki: I don’t know you my Lord. Justice Ademola: Did you at any time, give me money in respect of the ongoing trial? Dasuki: No, my Lord. I did not give you money. Justice Ademola: Did you send any money to me, to any member of my family or through any counsel? Dasuki: No, my Lord, except if the DSS agents, who are reporting the allegation did. Justice Ademola: I am happy that you have answered these questions. In the interest of fair hearing, I am minded to return the case file to the Chief Judge of the Federal High Court for further action. This was one of the few steps already taken by Justice Ademola to clear his name from allegations of corrupt practices brought against him and six others by the DSS. Justice Ademola is one of the Federal High Court judges who were arrested in the illegal crackdown by the DSS last week, over allegations of bribery and corruption. His great grandfather was one of the foremost post-independence monarchs in Nigeria. He is a royal Prince of Egba Kingdom in Yorubaland. Justice Ade-

FOLUSO OGUNMODEDE

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

Ademola

mola is from a lineage of tough leaders who serve with integrity. His grandfather was the first Chief Justice of Nigeria and first Nigerian to become a judge. His father was Justice Nekan Ademola, an erudite Court of Appeal judge. Justice Ademola is a member of the core Yoruba elite. The Ademolas are loved, respected, in fact, revered in Yorubaland. Our investigation revealed that the embattled Justice Ademola is a very loving and distinguished person who is upright and had built a reputation for being incorruptible and fearless in interpreting the law over the years. But this came crashing on October 7 as a raid on his house by the DSS alleged that the distinguished judge had corruption ‘skeleton’ in his wardrobe. He is battling to wriggle himself through bribery and corruption allegations hanging on his neck. The DSS said it recovered N350 million being alleged proceeds of corruption from his house. He was however allowed home on bail hours after he alongside other judges were hauled into detention. Is Justice Ademola corrupt? Is he being persecuted as he claimed by certain forces not comfortable with his fearless and courageous interpretation of law? Is it true that the DSS accused Justice Ademola falsely as a revenge for unfavourable verdicts against the secret police? These, among other questions are

Okoro

begging for answers in the alleged bribery and corruption case initiated against him and other judges. The DSS disclosed that N54million cash, $171,779, 4,400 Euros, 1,010 Rupees, and 80 pounds was found in his residence during his arrest. Miffed by his ordeal, he petitioned the CJN. Justice Ademola’s letter to CJN Giving his own position, Justice Ademola in a letter to the Chief Justice of Nigeria, Justice Mahmud Mohammed, recalled the nightmarish attack on his home by the rampaging DSS operatives. According to the documents, at several points in the 6-hour operation, Justice Ademola was threatened at gunpoint to sign documents – whose content he didn’t know. The DSS agent’s pointed guns at him at least twice and threatened to shoot the federal judge. One of the agents even said that if they killed him, there was no record of them being at his home and he “just would die for nothing.” Justice Ademola said when the DSS knocked down his doors and finally gained entry into his bedroom, he was told that it had recovered undisclosed amounts of cash in the visitor’s room downstairs. The DSS agents refused to disclose the amount of cash they recovered, but went on to force him to sign a document admitting certain items that were found in his house. He says he was never al-

lowed to read the document to know its content and signed the document at gunpoint, just to save his life. He said he was informed 24 hours later that he was arrested based on “a petition by Hon. Jenkins Davies dated 4th of April, 2016 to the National Judicial Council; granting bail to Col. Sambo Dasuki; and unconstitutional release of Nnamdi Kanu. Justice Ademola said: “After stating the grounds for the invasion as stated above, they requested for explanation of the money found in my apartment, as well as two licensed firearms also found in my apartment….but they were unable to tell me the exact amount recovered.” Justice Ademola accused AGF, Abubakar Malami He said: “What is more intriguing in this whole episode is that I see it as a vendetta/revenge from the Hon. Attorney General of the Federation, Abubakar Malami (SAN) whilst I was in Kano between 2004 and 2008. As a Federal High Court Judge, he was involved in a professional misconduct necessitating his arrest and detention by my order. “However, with the intervention of the Nigerian Bar Association (NBA), Kano branch, the allegation of misconduct was later withdrawn by me. “Consequently, the National Judicial Council (NJC) referred AbubaCONTINUED ON PAGE 24

20 Law|INTERVIEW

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Tabi’u: Why NHRC can’t remedy abuse Muhammad Tabi’u, a new silk, is the pioneer Executive Secretary of the National Human Rights Commission (NHRC). In this interview with TUNDE OYESINA, the Professor of Law and Senior Advocate of Nigeria (SAN) speaks on human rights, law practice, legal education and sundry issues

As the pioneer Executive Secretary of the National Human Rights Commission, how would you asses the commission in terms of meeting its mandate? You know the context has changed; the commission was established under a military regime and now we have a democratically elected government. But most of the challenges remain the same. When you are talking about human rights, you are trying to assert the rights of people who are weak and under-privileged against those who are powerful, who have authority; they colour and shade of those you face in order to assert rights may change from military to civilian. But generally, for those who are in power, they are not in any hurry to recognise and grant the right of those who are below them. So, in a sense I would say that we did face certain challenges that are not exactly the same now, but there were also some aspects of those challenges which remain the same. And I have been watching closely what the commission has been doing; I have been part of some of the efforts to see that it works better. For instance, in the last five years or so through collaboration with a variety of supporters and stakeholders, the law through advocacy and struggle have resulted in the law of the commission been revised to reflect our democratic situation; to grant more powers to the commission in order for it to function more effectively. And you also know that there is always some kind of gap between changing what the law says and realizing that on the ground, I believe that all those who are concerned about the progress of the commission are trying to see that we take advantage of this improvement in the law establishing the commission and to see that it is better capable of protecting the rights of people. Would you recall how the commission fared under the military especially during the inglorious regime of General Sanni Abacha? You see, the most challenging issue at that time was credibility. Is this a credible body because without credibility you cannot contribute much in protecting people’s rights? As you said, this was a commission that was established by a military regime that was seen both national and internationally as a violator of rights. So, is this a commission that can credibly function and protect people’s rights? And I think we were able to prove ourselves at that time by first of all ensuring that the commission was well funded. Secondly, by engaging with the issues of the day like detention without trial, people who were disempowered because they were under a military regime, how to be able to create a system where

they could lay their complaints and get results. There was also another challenge of ensuring the confidence of the various stakeholders who will make it possible for the commission to perform. No government institution that has that kind of objective can achieve its objective on its own like that. You know human rights are protection required especially from the point of view of a commission that is established by government in collaboration and cooperation of civil society groups and even government institutions because it was not a commission that will issue orders and give directives, and say just happen and things will happen. It was an institution that was supposed to generate consciousness about the importance of human rights among those who are in power and not necessarily compelling them to do it. So, the approach had to be one that suited the situation. And this was not something that many people understand because a commission that is facilitating human rights is not the same thing as a commission that has enforcement and authoritative powers to say do and it will happen. So, that was not easy for people to understand. I think we did our best at that time to make people understand and I think quite a lot was achieved in that direction. Now, you have attained the very peak of your career following the award of the coveted Senior Advocate of Nigeria, how do you feel in terms of enormous responsibility attached to the award? Well, I’m very conscious of the kind of responsibility that is imposed on me for being elevated to this position. Also, I feel honoured for being so elevated. I know that it is a question of being one of those who are called upon to give leadership in a sector, in which there are many challenges, but I know that this is not something that one carries individually; it is a collective responsibility. I have always being part of those who are struggling to improve our justice system to make it deliver a better justice to the Nigerian public. So, this means an encouragement to continue with my effort. It is not going to be something new; it’s something in which I have been continuously involved in the previous years. Secondly, when you are raised to this kind of status, you are also challenged to be a model to those behind you which is also something that one should welcome with a sense of responsibility and to do one’s best to see that you maintain the standard and you present yourself both in terms of the commitment, in terms of learning, character and ethics to the level where those who are coming behind can be inspired and encouraged. So, I’m very conscious

Tabi’u

of these responsibilities; I hope and pray that I will get all the help and support that I need first of all from God Almighty and all those who are my associates to be able to carry on with this responsibility. Many believe there is decline in standards of legal education, do you share this view? I think I should contextualize it in the sense that, declining standards of education is something that we talk about across the board in the country. You know, at the very preparatory stages things have deteriorated at the primary and secondary levels. So, you cannot expect things to be different at the professional training level. I pray that there will be a turnaround in this situation, now that we have got a very responsible leadership at the national level and the Nigerian Bar Association. We have very responsible leaders who we have recognized from what they have said and what they have been doing since this new leadership came in. There is serious effort to see that things that are wrong are put right. This is not going to happen in just one or two days, but I think there is light at the end of the tunnel. What is your perspective of the new national reorientation campaign mantra: Change begins with me? I think that what the government means is that the change that we are expecting is not something that will be delivered by our political leaders alone; every one of us has a role to play. And I think that is the basic truth that we should all recognise and should be all hands on deck to deliver the change that we are talking about. The new leadership of the NBA has pledged to rid the Bar of lawyers with questionable character. What do you make of that? I think all those who are patriotic would like to see this nation make

progress. They have to recognize that the legal system has a significant role to play. So, it is one of the duties of the leadership of the NBA to try to reposition the Bar so that it will be a positive factor to achieving this objective of getting our nation out of the situation in which it is to better days. But words will not be enough. I have strong confidence that he is the kind of person who will give the leadership for that to be achieved. It is not going to be something that will be achieved in one or two days or just within his tenure. It is something that he will do his part and hand over the baton to the next leadership to continue and over time we should be able to do that. Give us a brief insight into your background? I was born on February 21, 1958 in Gumel, Jigawa State, Nigeria. I am married with children. I have LL.B in Ahmadu Bello University, Zaria, 1979. I was called to the Nigerian Bar in 1980. I obtained my LL.M in 1983 at the University of London and bagged my Ph.D. in 1991 at Usman Danfodiyo University, Sokoto. My areas of academic interest are Islamic Law, International Human Rights Law, Nigerian Legal System; Justice Sector Reforms (taught, researched and published in the four areas). I started work as Assistant State counsel, Ministry of Justice, Kano, 1980; moved in the same year to become Assistant Lecturer, Faculty of Law, University of Sokoto. I served in Usmanu Danfodiyo University as Head of Department of Islamic Law, 1991; Dean Faculty of Law, 1992-1995; and Dean, Students Affairs, 1992-1994. I later served as Attorney General, Jigawa State, 1994-1995; I became the Executive Secretary, National Human Rights Commission, 1995-2000 (setting up the Commission to attainment of UN recognition), I am currently a Professor, Faculty of Law, Bayero University Kano.

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monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Ozekhome

Akintola

Owonikoko

Ajulo

Lawyers divided over judges’ frozen accounts Notwithstanding its raid on judges’ homes barely two weeks ago, the Department of State Services’(DSS) power to freeze bank accounts of some of the judges arrested in connection with alleged corrupt practices has become a subject of controversy among lawyers. Did the DSS act within its powers? TUNDE OYESINA, AKEEM NAFIU and JOHN CHIKEZIE ask

or lawyers, the arrest of seven judges including two Justices of the Supreme Court on corruption allegation will not be forgotten in a hurry. DSS had on October 7 arrested seven judges over alleged corruption. The arrested judges are: Justices – Sylvester Ngwuta and Inyang Okoro, of the Supreme Court, suspended Presiding Justice of the Court of Appeal, Ilorin Division, Justice Mohammed Ladan Tsamiya, who was picked up in Sokoto; Justice Adeniyi Ademola (Federal High Court); the Chief Judge of Enugu State, Justice I. A. Umezulike; Justice Kabiru Auta of Kano State High Court; and Justice Muazu Pindiga (Gombe State High Court). “Some of the judges’ accounts have been frozen through an order of the court. Though this does not affect all of them, it is only those that we found huge lodgements that are questionable in their accounts and in addition to that we also observed the inflow of their salaries over a long period without them making any withdrawal at all. “The implication is that they don’t live on their salaries at all. Those accounts have been frozen but as I said

not all of the judges are affected,” a source told New Telegraph Law. DSS though said that it had obtained a court order to freeze the account of the judges, some lawyers who spoke with New Telegraph Law doubted its claim on the authenticity of the order. Although their arrest and detention had taken a twist, frozen of their bank accounts by the Department of State Security Services (DSS) last week has elicited reactions from members of the wig and gown. While some lawyers justified DSS’ frozen of the judges’ accounts, others believed it was a joke carried too far by the secret police on the grounds that they lacked the requisite powers to so do. For instance, an Abuja based lawyer, Kayode Ajulo said that DSS has power to freeze any account under investigation as prescribed by the law “The truth and logical truth is that every investigative agency has such power but must be used as prescribed by the law”, he stated. A Senior Advocate of Nigeria, Chief Mike Ozekhome said the DSS lacks power to freeze judges’ account.

He said: “It is not the business of the DSS, otherwise known as SSS,to freeze a judge’s account,or the account of any citizen of Nigeria at that. That power resides solely in the domain of the EFCC, ICPC, or police. By the clear provisions of the National Security Act, which created the SSS, its only function is limited to taking care of the internal security of the country, protection of the National Assembly and the President. “Its counterparts, DIA is in charge of military security matters; whilst the NIA takes care of external matters not related to military. It is therefore clearly illegal, unlawful, wrongful, unconscionable, reckless and unconstitutional for the DSS to dable into matters concerning freezing of citizens accounts. “That is taking impunity to a dizzying height of executive lawlessness.” Another lawyer, John Ihedi also opined that the DSS has no constitutional right to freeze judges, account. “This country is guided by Constitution. The Constitution has however alloted responsibilities to all arms and agencies of government. That of DSS does not have anything to do with financial crime. That is why we have the EFCC and the ICPC which fully have the power to look into financial crimes as it is in the instant case. “It is an abuse of power for the DSS to freeze people’s account. I don’t think any court in the land will give them that go ahead. It is not done at all and our laws do not give room for that,” he said.

A law teacher, Dr. Abass Ambali noted that the circumstance by which the DSS can freeze the account determines whether the service is going beyond its limits or not. He said: “For instance, if the service discovers that an individual is financing insecurity, the service may request for the freezing of such account, in order to protect the nation, security wise. “However, in this case, I don’t think that the reason the service itself gave is genuine enough to warrant going ahead to freeze the account. “What the service should have done is to report to the appropriate agency such as the EFCC, ICPC or police and allow such body to do its work. The DSS can only furnished the relevant agency with all the evidence it has.” In his submissions, a Senior Advocate of Nigeria (SAN), Abiodun Owonikoko, was of the opinion that the Department of State Services (DSS) might be invoking the powers vested in the Economic and Financial Crimes Commission (EFCC) to carry out its action. He said: “The Economic and Financial Crimes Commission (EFCC) has been given the power to coordinate all other agencies charged with those kinds of related functions. I want to believe that in this instance, it is a multi agency action that is going on and as such the DSS might be invoking the powers invested in the EFCC. “It is possible that the DSS has gotten the authority of the EFCC operatives to carry out the action. C O N T I N U E D O N PA G E 2 3

22 Law|File

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Forum shopping, jurisdiction, lis pendens: Lessons for Nigerian adjudicatory system T Silva Opusunju

he Orji Kalu’s case and the question of radical transfer of divisional jurisdiction within the Federal High Court has once again ignited a national discourse of mainly among legal practitioners about the legal concept of Forum Shopping . Dr. Orji Uzo Kalu, former Governor of Abia State (from 1999-2004), was in 2007 charged with two others by the Economic and Financial Crimes Commission (EFCC) at the Abuja Division of the Federal High Court, for various acts of financial impropriety. Orji and his co-defendants pleaded not guilty and thereafter challenged the jurisdiction of the court. Following the decision of the apex appellate court that the Federal High Court has jurisdiction, the EFCC has now filed an application seeking to transfer the case to Lagos. The question is whether there can be fair hearing for the plaintiff in a matter in which the crimes were allegedly committed while he was in office as Governor in Umuahia; the action subsequently commenced in Abuja; and is now being sought to be transferred to Lagos for final trial process. And whether such act of Forum Shopping is permissible under the laws and practices of Nigerian jurisprudence. As a result of the requests of my colleagues, I have taken this opportunity to throw some lights on the subject matter, expanding it to include the related concepts of lis pendens and torpedo actions. Part I of the serialisation of this Paper examines how the international community, using the European Community and its national systems because of similarities with Nigeria has handled the complex issues of forum shopping, jurisdiction, lis pendens and torpedo actions. Part II will narrow the study to Nigeria with specific examples of such occurrences in its adjudicatory system. It will also elucidate my findings and recommendations of applicable standards.

Introduction Europe is made up of sovereign states each characterized by an independent legal systems. Globalization fuelled by new forms of innovations, technologies, communication and mass transit systems continue to aid the rapid movement of people, products and services across Europe and the rest of the world in an unprecedented manner. Concerned about the near haphazard manner of these economic activities within the region in 1957, the European Community (EC) was formed with the objective of creating and maintaining a common European market that would regulate internal and to some extent, trans-national commerce and trade outside the Eurozone. The complication which was later identified in the pursuit of the common market agenda was essentially a result of the procedural laws of member states. For example, how should the courts within the different

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jurisdictions and legal systems that make up the EC region handle cases to ensure avoidance of parallel actions and the timely administration of justice through a non-diversified, but uniformity? What about trade between the EC group and nonforum members? If not resolved, there was the likelihood of an exponential rise in the cost of doing business in the EC along with negative impact on foreign investments and innovation in the Community. In the circumstance, the tenets Conflict of Laws (Private International Law) had to be invoked to weave key legal concepts, procedures and practices of the differing nationalities of the EC states to formulate a civil procedure regime for the Contracting states of the EC. The metamorphosis of the EC into the European Union (EU) brought with it, additional changes, one of which is further reconciliation of the concerns identified in the march towards a workable common market mechanism. Thus in 1968 , through the recommendations of the Convention held at Brussels (Brussels Convention on Jurisdiction and the Enforcement of Judgments in Civil and Commercial Matters ), it addressed the issue of the duplication of legal proceedings and judgments among the Contracting states or parties of the

tended to render Brussels I Regulation, ironically counter-productive to the quick administration of justice which is the very essence of its formulation. This Paper seeks to address three key issues: the current Regulation including its reforms, the emergence of a universal EC jurisdiction on the subject- matter, and the effects of Italian torpedo suits. An in-depth discussion of the Brussels 1 Regulation must inherently entail a discussion of the question of jurisdiction as will be shown in the foregoing paragraphs. To more meaningfully accomplish the objective, the topic will be approached under the following broad themes: 1) The Brussels Convention, Brussels Regulation and Reforms. 2) Jurisdiction in the Context of Brussels Regulation. 3) Torpedo Phenomenon and Actions.

Magu

Auta

Orji Kalu’s case and the question of radical transfer of divisional jurisdiction within the Federal High Court has once again ignited a national discourse

Community. This provision was given thrust by Article 21 of the Convention. In 2000, the provisions of the Convention relating to the issue of parallel proceedings were codified into a legal instrument called Brussels I Regulation, thus bringing into law the principle of lis pendens in its Article 27. The Regulation whose success is philosophically hinged on the political will and trust of its signatories, is to be administered by the ECJ in a manner that would adhere strictly to the allocation of jurisdiction on a “first-come, first-served” basis. According to Eisengraeber : “Article 27 grants privity to the court seised first without giving a subsequently seised court the possibility to examine the first court grounds of jurisdiction. Furthermore, in the case of proceedings involving the same cause of action and between the same parties, Article 27(2) imposes a mandatory obligation on the court subsequently seized to decline jurisdiction in favour of the court first seised.” Although very exquisitely drafted, unintended problems considered as the side effects of Article 27 have emerged. There is evidence of parties deliberately initiating firststrike actions through early commencement of litigation in order to take advantage of Article 27 provision. In summary, this phenomenon known as ``torpedo actions’’ has

The Brussels convention, Brussels 1 regulation and reforms The Brussels Convention came into being in 1973, approximately 18 years after the creation of the European Economic Community in 1957. The purpose was to “harmonize the rules on jurisdiction” of the various state parties to the Community and permit the free “circulation of judgments.” All of these were to be achieved through absolute trust in the legal system of Member states. The question of interpretation of the judgments of the foreign courts were also addressed by the formulation and release of the instrument called Protocol on Interpretation in 1975. Through the vehicle of the Civil Jurisdiction and Judgments Act passed in 1982, but effective 1987, the UK acceded to, and domesticated the Convention and the Protocol into its internal laws. It should be noted that not all European nations automatically belong to the EC/EU, or acceded to all legislation emanating from the regional body. Like the UK, the Greeks, Spaniards , Portuguese later acceded to the Convention. This resulted in a number of changes and amendments to the provisions of the Convention and Protocol as amended by the 1978, 1982 and 1989 Acts Accession.” The Convention as amended were enforceable through the supranational authority of the European Court of Justice (ECJ). Whilst it was easy to adjudicate among the Members of the EC/EU who had “ratified” the Convention, it posed major constitutional challenges in relation to non Convention Member states. One such challenge was that of the European Free Trade Association (EFTA) - a body of six states with particular trading relationships. To minimize the potentiality of discontent arising from interpretation and application, the EC entered into a “parallel Convention with EFTA based on the initial Brussels Convention. The product of this effort was the Lugano Convention. TO BE CONTINUED TOMORROW

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Court hears Ibru’s objection to N1.1bn fraud charge Akeem Nafiu

ustice Adedayo Akintoye of an Igbosere High Court will today hear a motion filed by a former Chairman of Ikeja Hotels Plc, Mr. Goodie Minabo Ibru, challenging a N1.1billion fraud charge filed against him and two others by the Economic and Financial Crimes Commission (EFCC). In a charge marked LD/2725c/16, Ibru, Associated Ventures International Limited and IHL Services Limited were accused of stealing the sum of N1.1billion belonging to Ikeja Hotels Plc. They were equally accused of stealing the sums of £60,684, $33,976 and 2,400, belonging to the company. The anti-graft agency had earlier dragged Ibru and three others before Justice Raliat Adebiyi of the same court on an 11-count charge of alleged fraud. In the charge before Justice Adebiyi, Ibru was charged alongside Associated Ventures International Ltd, IHL Services Ltd and Clearview Investment Ltd. The name of Clearview Investment Ltd was conspicuously missing in the new charge. It was gathered that the removal of the company’s name was informed by the anti-graft agency’s plan to use it as one of its witnesses to prove its case against the accused persons. The company is now among the list of 19 witnesses lined up by the commission to testify in the case. However, the defendants’ notice of preliminary objections to challenge the new charge was brought pursuant to Section 36(1) and (9) of the constitution and under the inherent jurisdiction of the court. It is seeking for an order striking out the charge and acquitting the defendants. The defendants said the instant charge is an abuse of court process and improper use of the criminal justice system. According to them, the EFCC had earlier filed a charge marked LD/1711c/2015 between the Federal Republic of Nige-

Ibru

ria and Goodie Ibru & three others containing exactly and verbatim the same 11-count of offence as the instant charge. Besides, it was argued that the instant charge is a violation and/or attempted violation of the defendants’ right not to be tried twice for the same offence as guaranteed by Section 36(9) of the constitution. The defendants are facing an 11-count charge of conspiracy to steal and fraudulent conversion. The offences were contrary to Sections 516, 370(7)(b) and 9 of the Criminal Code Cap C. 17, Vol. 11, Laws of Lagos State of Nigeria, 2003. They also contravened Sections 278(1)(b), 285(8) and 9(b) of the Criminal Law of Lagos State of Nigeria, 2011. Some of the counts against the defendants read as thus: “Goodie Minabo Ibru, Associated Ventures International Ltd and IHL Services Ltd between January and December, 2010 at Lagos within the Lagos Judicial Division conspired amongst yourselves to steal by fraudulently converting the

sum of N867, 700,990 property of Ikeja Hotels Plc” “Goodie Minabo Ibru, Associated Ventures International Ltd and IHL Services Ltd between June and October 2010 at Lagos within the Lagos Judicial Division, with intent to defraud, fraudulently converted to your own personal use, the sum of N55,102,485.00, property of Ikeja Hotels Plc which sum of money you received through Starwood Limited(Managers of Sheraton Hotels, Ikeja) as profit due to Ikeja Hotels Plc.” “Goodie Minabo Ibru, Associated Ventures International Ltd and IHL Services Ltd sometimes in February 2011 at Lagos within the Lagos Judicial Division, with intent to defraud, fraudulently converted to your own personal use the sum of N27, 508,766.25, property of Ikeja Hotels Plc which sum of money you received through Clearview Investment Limited proceeds of the sale of Ikeja Hotels Property.”

must not be ignored as “things are getting worse by the day.” Besides, he canvassed a mechanism by which some imbalance in the appointment of serving minister must be addressed with a view to averting imminent crisis that may threaten the nation’s corporate existence as being reflected in agitations by separatist groups. Onuora said: “I like the fact that Nigeria’s President, Muhammadu Buhari is fighting corruption and that is the war we need to win as a nation. No nation can survive with this level of assault on its treasury by bandits who

call themselves leaders. But while doing so, I urge the President to pay critical attention to the economy because the economy is sliding and things are getting worse. This government has to take urgent steps to care of the poor who are no longer able to cope with unpaid salaries in the midst of increase in prices of almost everything, including food items, kerosene, petrol, electricity and forex among others. I also want to appeal to Mr. President that there is need to show equity in the scheme of things in Nigeria. I’m personally unhappy by the lopsided nature of his appointments so far.

Lawyer tasks Buhari on economy, good governance Chijioke Iremeka

or about 45 minutes at the weekend, a lawyer and Notary Public, Mr. Ben Onuora reviewed President Muhammadu Buhari’s 24 monthsold anti-corruption war and gave a verdict that there was the need for Mr. President to pay ‘critical attention to the economy.” Although, Onuora in an exclusive interview with New Telegraph admitted that it was imperative for President Buhari to step up the war against graft, hunger ravaging the nation’s economy

Ajulo makes case for online legal service A

n Abuja based lawyer has said there was the need to repackage the practice of law in the country by exploring online benefits that would redefine law practice. He said this in Abuja at the launch of 50, 000 online legal partners/associates including 500, 000 law students and para-legal. According to him, although it was

novel, the online legal partners would no doubt form the largest legal resources hub on the continent of Africa with a capacity to manage clients across the world. Ajulo said: “It is a matter of thinking big; it is a matter of selfless quest to be a pathfinder of great innovation. It is not about me per se but our world which makes leaving a lasting and enduring

legacy a priority. As a lawyer of over 15 years in practice, my recent pre-occupation revolves around what to positively contribute to the legal profession which has given me so much. We can’t stop dreaming, and this genuine passion has essentially informed what I’m doing which is dreaming big and thinking out of the box.”

Law|News 23

‘Frozen of judges’ accounts reckless’ C O N T I N U E D F R O M PA G E 2 1

This is because the powers to freeze those accounts are vested in the EFCC Chairman or anyone authorized by him. It can also be done alongside any other agency of government that has overlapping responsibilities. “But that is not the same as abducting people in their houses. Just like you can remember when Fayose’s account was frozen, it was challenged in court. The court held that his immunity does not extend to an account that is suspected to have been used as an instrument of fraud. So, I believe that it depends on what accounts the agencies are frozen and under what authority. “There are provisions in the amendment to the EFCC’s Act that allow collaborations with these agencies that are generally tasked with investigation, corruption, terrorism and other related financial crimes. So, it is not impossible that while it is DSS that is investigating, it might have sought inter-agency cooperation from the EFCC to exercise the power to freeze the judges accounts”. Chief Niyi Akintola(SAN), in his views maintained that the Department of State Services (DSS) is a body not recognized by the law. He said: “I don’t have the facts of what led to the freezing of the judges’ accounts but what I know is that the DSS is a body not known to law. The 1986 Act does not recognize DSS. Three agencies were recognized by the law. These are: the National Intelligence Agency (NIA), Defence Intelligence Agency (DIA) and the State Security Service (SSS). “But assuming without conceding that the DSS is even performing the function of the SSS, the question is, what are the functions of the SSS as stipulated under Section 2(3) of Cap 74 of the Laws of Federation 1986? Its functions are limited to strictly internal security of the country. “The functions of corruption investigation and what have you are vested in the EFCC and other anti-graft agencies.” A former Vice-President of the Nigerian Bar Association (NBA), Adekunle Ojo, said that the action of the Department of State Services (DSS) was in order if it was done in the course of investigation. He said: “Whether DSS is allowed to go into all of these is still debatable. This is because the Service is a body that is largely responsible for the maintainance of internal security of the country. “However, the definition of internal security has been enlarged to include the perceived abnormality even in the judiciary and now that the Service is investigating a matter as an arm of government, investigation as far as I am concerned includes freezing of accounts. “This was also my position when Fayose’s account was frozen by the EFCC when people were claiming that the man enjoys immunity as a governor. My position was that he only enjoys immunity against prosecution and not against investigation. “Nobody under the sun is shielded from being investigated by the police and investigation according to the Supreme Court includes freezing of accounts. So, the DSS action is in order if it was done in the course of investigation.”

24 Law|news

monDAY, OCTOBER 24, 2016 NEW TELEGRAPH

‘Arrested judges must face the law’ C O N T I N U E D F R O M PA G E 1 9

kar Malami (SAN) to the NBA Disciplinary Committee for disciplinary action. It was as a result of this he was denied the rank of SAN by the Legal Practitioners Privileges Committee for a period of four years until when he produced a fake letter of apology, purportedly addressed to me. “It was then he was conferred with the rank. Since the above incident, Abubakar Malami (SAN) has threatened to revenge, and swore to do anything to bring me down.” The Federal High Court Judge appealed to the CJN to grant him leave to enable him pursue justice over the alleged infringement of his fundamental human right by the DSS. “My Lord, with this infringement of my fundamental right, I seek the leave to commence an action against the Department of Security Service to enforce my right that was breached.” Although Malami said he was not ready to join issues with Justice Ademola, he asked the judge to allow the process of the law to take its course. Malami said: “The Minister of Justice will not join issues with Justice Ademola in order not to jeopardize ongoing investigation. “The judge should allow the law to take its course instead of clinging to the last straw to defend the allegations against him. At the end of the day, justice shall prevail. He should let the ongoing process take its full judicial course. “Having swore to an oath to do good to all, the AGF has no cause to embark on vengeance or intimidation of any judge or any Nigerian.” The secret service had arrested Justice Adeniyi alongside, six others over alleged corruption. The judges whose homes were raided include, Messrs. Dimgba and Ademola, both of the Federal High Court Abuja; Justices John Okoro and Sylvester Nguta of the Supreme Court; Muazu Pindiga of Gombe; Kabiru Auta of Kano High Court; Innocent Okoro, outgoing Enugu State Chief Judge; as well as Mohammed Tsamiya, an appeal court judge in Illorin. Meanwhile, the judges dared the secret service as they resumed sitting last Monday. For instance, Justice Ademola who resumed sittings at exactly 9:00am on the said day presided over all the cases that were slated for hearing before him. Since the arrest, controversy had continued to trail the legality of the arrest. NBA President of the Nigerian Bar Association (NBA), A.B Mahmud SAN noted that the action of the DSS was unlawful and unconstitutional. He however warned that the country’s judiciary should not be exposed to ridicule and disdain by security operatives under the guise of fighting corruption. Mahmud insisted that the invasion of the houses of the judges in the middle of the night by masked security operatives was not proper, crude and uncivilized. According to NBA President, lawyers in the country will not condone any act of indiscipline among judges and will not shield any judge

Justice Ngwuta

found to have contravened the law. He further stated that the justification of the action of the DSS by Presidency was not tenable and asked the Presidency to always act within the ambit of the law. But last week, Mahmoud made u-turn as he called on the arrested judges to step down. Another Senior Advocate of Nigeria, Chief Afe Babalola while commenting said, “I am particularly saddened by the arrests. How can they be so treated like criminals? The fact that the DSS released the judges the next day showed that they did not evade arrest. Why should they humiliate them in the first instance? It is a trite law that process of arrest warrant, they should not have gone on midnight raid on the houses of the judges.” For Chief Mike Ozekhome SAN, the manner of arrest was uncalled for. He said: “The new onslaught against the Judiciary signals great danger to our hard won democracy, freedom, liberty and human rights, independence of the Judiciary and the doctrine of separation of powers ably espoused in 1748 by the great French Philosopher, Baron De Montesquieu. The last time I checked, we are supposed to be operating a constitutional democracy, not military dictatorship or tyrannical absolutism. Governor Wike, a sitting governor, was almost shot dead by fully armed gun totting DSS and the Police in Port-Harcourt, led by the Director and Commissioner of Police, respectively. His “offence” was that he came to rescue a Federal High Court Judge who was being abducted in Kamikaze Gestapo style. “Other serving judges who would ordinarily respond to a mere phone call are being humiliated and rounded up in the ungodly wee hours of the night, like common criminals.” Justice Okoro also insisted on his innocence, saying his present ordeal was orchestrated by ‘those who felt I purposely refused to help

It has become necessary for the judges involved to excuse themselves from further judicial functions or proceed on compulsory leave

them with their election appeals.’ He has threatened to sue DSS in order to clear his good name on the allegation, urging the Chief Justice of Nigeria, Justice Mahmoud Mohammed and the National Judicial Council to disregard DSS’ lies and media campaign “orchestrated by those who felt I purposely refused to help them win their election appeals in the Supreme Court.” Justice Okoro however chronicled his encounter with the secret police in a letter entitled “invasion of my official residence by operatives of the DSS to the nation’s Chief Justice. Okoro said: “On Friday, the 7th day of October, 2016, at about 9.00 pm, I received a Phone call from an unfamiliar caller. He introduced himself as an official from the Presidency. He told me he had a letter for me from Mr. President. I immediately left my study room and went to open the door. Upon the door being opened, I saw so many heavily armed men with an inscription “DSS” on their uniform. One of them who was in mufti told me they were to search my house. I requested that I be allowed to inform the Chief Justice of Nigeria but they rebuffed, rather, they seized my phone from me. “My Lord, the operatives of the Department of State Security searched all the rooms in the house meticulously. They also searched the boy’s quarters and my official vehicles parked outside. At the end of the search, which lasted till about 1.30am of 8th October, 2016, they took away the following items; 1. One (1) IPad. 2. Three phones (only one active). 3. USD 38,800 (Thirty eight thousand, eight hundred dollars). 4. N3.5 (Three million, five hundred thousand naira) only. 5. Cheque books (Four in number). “The above items were documented on the back page of the search warrant they produced and we signed. “Also, the DSS operatives informed me that their Director-General wanted to see me that night. I requested to visit their office upon the break of the day but they refused. In view of the presence of the heavily armed men who accompanied them and who were pointing their gun at me from all angles, I had no choice than to follow them to their office that night. I was detained by them in their office till Sunday, October 9, 2016 and upon your Lordship’s intervention that Sunday, they released me in the evening of that Sunday. “My Lord, I noticed that they also brought other judicial officers (serving and retired) to their office. So, before releasing us, they asked me to make a statement concerning the money found in my house. I told them that having received the sum of USD24,000.00 (Twenty four thousand dollars) and £10,000 (Ten thousand pounds) a year for the past three years of my sojourn in this court as annual medical/vacation allowances, and having not spent more than £5,000 (Five thousand pounds) on each of three trips I have so far made abroad, I was entitled to have more than the amount recovered from me. Put differently, My Lord, the money was the balance of my estacode received from this court for the past three years. This is quite outside the estacodes I have received for the International Conferences I have so far attended since joining

the Bench of this court. “My Lord, as at the time of writing this report, the DSS has not confronted me with any petition or complaint from any quarters whatsoever. Rather, they have grilled me, asking questions on some non-existence properties around the country. They have also doubted the age of my children alleging that they are toddlers. This is sad and unbelievable. “My Lord, I strongly believe that this my travail is not unconnected with the verbal report I made to you on 1st, February, 2016 about the visit to my official residence by, Rotimi Amaechi, former Governor of Rivers State and now Minister of Transportation. In that report, I told you My Lord, that Mr. Amaechi said that the President of Nigeria and the All Progressives Congress mandated him to inform me that they must win their election appeals in respect of Rivers State, Akwa Ibom State and Abia State at all costs. For Akwa Ibom State, he alleged that he sponsored Mr. Umana Umana, candidate of All Progressives Congress for that election and that if he lost Akwa Ibom appeal, he would have lost a fortune. Mr. Amaechi also said that he had already visited you and that you had agreed to make me a member of the panel that would hear the appeals. He further told me that Mr. Umana would be paying me millions of Naira monthly if I co-operated with them. My response, as I told you on that date was that it does not lie within my power to grant his request and that I would do all within my power not to be in the panel for Akwa Ibom State. My Lord graciously left me out of the panel for Akwa Ibom State. That notwithstanding, the All Progressives Congress in Akwa Ibom State which lost the appeal at the Supreme Court believe that my presence in the Supreme Court made them to lose the appeal. Could I have resigned from the Supreme Court simply because people of Akwa Ibom State had a matter before it? My Lord will recall that I also reported that Mr. Umana Umana visited my residence before Amaechi’s visit. He also made the same request of assistance to win his appeal at the Supreme Court. Mr. Umana talked about “seeing” the Justices who would hear the appeal. Pastor (Dr) Ebebe Ukpong who led Mr. Umana Umana to my house intercepted and said that the issue of “seeing” the justices was not part of their visit and that as a Pastor, he would not be part of such a discussion. Mr. Umana apologised. I advised them to go and pray about the matter and get a good lawyer. That was how they left my house. My Lord, up till now, I do not know what I have done. Over the years, from the Magistracy till date, I have done my best to eschew all forms of corrupt practices. I have not received any bribe from anybody. My Lord is quite aware of my position as regards those who take bribe in the judiciary. I detest it and have no room for any adjustment. That is the truth. I urge my Lord and the National Judicial Council to disregard all the lies and media campaign orchestrated by those who felt I purposely refused to help them win their election appeals in the Supreme Court. I am confident that God will vindicate me at the end of this ordeal. I take it as a temporary set-back. I remain loyal to my oath of office and the need to be just and fair in handling matters before me.”

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Interview ‘IMF, World Bank can’t rescue Nigeria’

Business WHAT'S NEW Dangote tinkers with sale of mega salt refinery, assets

Money Line Naira to remain stable this week -Experts

34 36

Rates Dashboard INFLATION RATE Sept 2016 ..............................17.9% August 2016 ...........................17.6% July 2016...............................17.1%

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

EXCHANGE RATE

(Parallel Market August 19)

(Interbank as at August 19)

USD . . . . . . . . . . . . . . . . . . . . . . N456 Pounds . . . . . . . . . . . . . . . . . . . N545 Euro . . . . . . . . . . . . . . . . . . . . . . N495

l Foreign Reserves – $23.901bn as at 20/10/2016

USD . . . . . . . . . . . . . . . . . . . . . N316 Pounds . . . . . . . . . . . . . . . . . . .N374 Euro . . . . . . . . . . . . . . . . . . . . . N335

Source: CBN

p.26 L-R: Executive Director, Heritage Bank, Mary Akpobome; Special Adviser to Lagos State Governor on Sports/Chairman, Lagos State Sports Commission, Ayodeji Tinubu; Heritage Bank’s Skoolympics Ambassador, Mary Onyali and Divisional Head, Retail/SME, Heritage Bank, Ori Ogba, during the bank’s Skoolympics stakeholders’ meeting in Lagos. PHOTO: SULEIMAN HUSSAINI

DNS: Nigeria’s domain names registrars hit 57 p.26

FG mulls more palliatives for airlines •Agencies’ charges may be harmonised DISPLEASURE There is growing discontent over rising airport taxes, charges

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

Johnson Adebayo

Asst Production Editor

Wole Shadare

he Federal Government is considering more palliatives that would get airlines out of their precarious situation, New Telegraph has learnt. The new measure is coming barely a week after the Federal Government secured a special sectorial allocation of foreign exchange for the carriers in the Secondary Market Intervention Sales (SMIS). This is to further engender market confidence, ensure access to forex by the airlines and sustain the integrity of the Nigerian Inter-bank forex market. A very top official of the Ministry of Transportation, who confided in to this newspaper, said the government was very concerned about the fate of Nigeria carriers and would do, “everything possible to ensure that no airline dies.” The source explained that the Minister of State for Aviation, Hadi Sirika, had been meeting with air-

lines, stressing that the operators were happy with the efforts of government, starting with the removal of import duty on aircraft and spare parts, which has left more money in their coffers. New Telegraph learnt that the fresh palliative may come in the form of harmonisation of charges by the Nigerian Civil Aviation Authority (NCAA), the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA); three agencies that collect buck of revenue from airline charges for the government. There is growing discontent among domestic operators over rising airport taxes and charges. They are querying the rationale for such exorbitant charges in Nigerian, saying they are the highest in the world. There is considerable concern that the development might cripple the domestic segment of the aviation sector, leading to operators calling on the government to harmonise airport taxes and charges as applicable in other parts of the world. The International Air Transport Association (IATA) is in agreement with the domestic operators, saying that airport charges in Nigeria are the highest in the world. Among the charges Nigeria domestic operators are subjected to,

N180 billion Being the bail out funds given to airline to resuscitate their operations

are landing and parking fees, fuel surcharge, passenger service charge and ticket sales charge. Others are ground rent, Value Added Tax (VAT), terminal charges, apron pass charge; toll gate charges, apron licence charge and vehicle permit charge. Such charges, many of which IATA consider prohibitive, are not customer friendly, and could serve as a disincentive to airlines and other players who are willing to set up similar business in the country. Penultimate month, domestic airline operators met in Abuja to engage officials of the Ministry of Aviation to explore ways on how to review the domestic charges. They argued that the prevailing airport charges and taxes if left unchecked could stifle their business. Many international and domestic airlines attribute the high cost of air tickets to the multiple taxes and charges. Also, the government is equally looking at collaborating with banks on how to help the airlines get loans at a relatively low interest rate. This seems to be a mountain to climb as lenders are reported to peg interest rate at 15 per cent. Banks’ interest rates are in douCONTINUED ON PAGE 26

BUSINESS |NEWS

EXPOSÉ President, Dangote Group opens up on cancellation of his Kaduna, Port Harcourt refineries’ deals by the Federal Government in 2007 Adeola Yusuf

angote Group is mulling total divestment of its multi-billion dollars salt refinery and other assets of National Salt Company of Nigeria PLC (NASCON Allied Industries PLC). New Telegraph exclusively gathered at the weekend that this plan was already on the table for consideration. President of Dangote Group, Alhaji Aliko Dangote, had earlier hinted on the sideline of a lecture he delivered on the site of his 650, 000 barrels per day capacity refinery to MBA executive students class of Lagos Business School (LBS), that plans were on to rejig the salt company. Dangote Industries Limited is the major shareholder of the company and owns about 62 per cent of the issued shared capital. Highlighting some of the successes recorded by his businesses in Nigeria, the President of Dangote Group said that he might sell the salt company, even

FG mulls more palliatives for airlines CONTINUED FROM PAGE 25

ble digits even before inflation climbed to 17 per cent per annum, making it extremely difficult for them to repay loans. Airlines are also the worst hit by the current banks’ apathy to financing activities in the industry, as aircraft, which they hitherto present as collaterals for loans, are no longer accepted by the financial institutions. As for bail out, the source said government was not thinking in that direction, saying the over N180billion given to the operators few years ago did not make any impact on their operations. While some said the bail out given to the airlines some seven years ago was not judiciously utilised by the carriers, the operators maintained that the fund did not get to them directly but to the banks, with many of them not having direct access to it. Aero Contractors, which the Assets Management Corporation of Nigeria (AMCON) had taken over 60 per cent of its equity, owes N30 billion and Air Nigeria, N35 billion, as intervention fund collected by the management of the airline, which had been declared bankrupt and stopped operations. IRS Airlines was also said to have received N9.4 billion. Chanchangi Airlines got N9.4 billion, while Arik also benefited an undisclosed amount, suspected to be in the region of N40 billion.

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Dangote tinkers with sale of mega salt refinery, assets though he was not canvassing for buyers. “On NASCON salt manufacturing company, most likely we might sell it off. I am not soliciting for buyers anyway,” he said. NASCON Allied Industries Plc (National Salt Company of Nigeria Plc), which is the leading salt manufacturer in Nigeria, controls more than 60 per cent of the market. The firm was incorporated in Nigeria as a limited liability company on April 30, 1973. It was fully privatised in April 1982 and became listed on the Nigerian Stock Exchange (NSE) in October 1992. The company, according to its website, provides employment for over 600 employees. Dangote added, however, that

he was optimistic on the delivery date of his oil refinery and fertiliser plant. He also opened up on the Federal Government’s cancellation of the sale of Kaduna and Port Harcourt refineries to Blue star, one of his companies in 2007. This, he said, was part of what made him to begin the world’s biggest 650,000 barrels per day oil refinery project in Lekki, Lagos. Dangote’s business success, he said, was based on liberty he got from power epilepsy. “Two things make investments difficult in Nigeria from our findings; number one, the power epilepsy and number two, policy inconsistencies,” he said. One major secret of the suc-

cess of Dangote Group in the country, he said, was the selfreliant through consumption of 900MW power generated daily by companies in the group. Stating that Nigeria needs $100 million annual investments in power, the business mogul declared that he would wrap up his investments in the sector over the next three years. “We have invested over $5 billion in power and others across Africa,” he said, adding, “We are very wary about going into banking; we left banking in the year 2000 and we do not want to go back there.” Specifically, he said: “At the moment, we produce 900 MW, which is self consumed for production. Except in Senegal,

where we produce excess and sell to the country, we are consuming all power that we generate in Nigeria at the moment. “In the next three years, we should generate 2000MW. This will be more than half of what the country is producing at the moment, which is about 3, 000 MW to 3, 500 MW and by then we can sell the excess.” He also tasked the management students to be wary “of investing in business that they do not have a thorough knowledge and understanding of.” The business mogul had earlier announced plans to also crash prices of milk through investment to reduce the 83 per cent of milk imported into the country.

L-R: Assistant General Counsel, Sterling Bank Plc, Mr. Femi Aiyegbusi; Managing Partner, Bulwark Attorneys, Mr. Tochukwu Chukwumerije; Company Secretary, Sterling Bank Plc, Justina Lewa and Legal/Company Secretariat, Sunny Kanabe, during the Nigerian Legal Awards in Lagos.. recently PHOTO: SULEIMAN HUSSAINI

DNS: Nigeria’s domain names registrars hit 57 TRACTION Nigerian domain name brand, .ng, is gaining increased adoption

Kunle azeez

igeria’s domain name system (DNS) market has continued to witness a leap since the beginning of this year, as the number of accredited registrars has increased to 57, New Telegraph has gathered. Hitherto, the number of registrars accredited by the Nigeria Internet Registration Association (NiRA), saddled with the responsibility of managing Nigeria’s country code Top Level Domain Names (ccTLD), .ng, was below 50. Due to the various initiatives being put in place by NiRA to boost uptake of the country’s Internet identifier on the World Wide Web (WWW), more registrars have come on board to deepen local content in Nigeria. Giving updates on .ng by telephone with New Telegraph, NIRA President, Mr. Sunday Folayan, said domain name

•Signs up 4,915 new entrants in Sept registrations and renewals at the registry have steadily increased on month per month basis and year-per-year basis. “The increase can of course be attributed to the hard work of the NiRA accredited registrars. The domain names registered and renewed in September 2016 (4,915) is more than twice the registration in September 2014 (2370) and far more than the registration in September 2015,” he said. According to the details of domain names registration statistics for July, August and September 2016, which were also obtained by our correspondent, the total number of registered, renewed and transferred .ng domain names stood at 4, 468; 4, 687 and 4, 958 respectively. Earlier, monthly reports released by NIRA revealed that in the first five months of this year, .ng domain uptake grew by 20.3 per cent. Through the five months periods, the report said the country’s domain names managers, NiRA, registered 12,199 new .ng domain names. In January, February, March and April, the country’s DNS

market recorded 9,511 registrations and 6,062 renewals. In May, additional 2688 were registered with 1, 523 renewed. In total, 12,199 .ng domain names have been registered in the five months, while 7,585 existing domain names were renewed. “The domain names count from January to May 2016, include 12,199 registrations and 7,585 renewals. In May 2016, 2,688 new domain names were registered, 1,523 domain names were renewed and there were 77 transfers between the NiRA accredited registrars,” said Folayan in the new report. The renewal rate is encouraging as well.” Industry analysts say increased awareness being created by NiRA has resulted in a month-on-month growth of Nigeria’s .ng domain names, adding that the steady growth could help in reducing the current annual capital flight of N600 million incurred by the country as a result of patronage of foreign domain names. Till date, the number of .ng domain names registered in the country has reached over 72,000 with more efforts being put in

place to boost further adoption. As at last December, the total number of .ng domain names registered in the country stood at 60,000, according to data obtained from NiRA, the official managers of the country’s .ng domain resources. .ng is Nigeria’s ccTLD, the country’s identifier on the web. “It is interesting and refreshing to witness such growth. The renewal rate is encouraging as well,” said Folayan. “Growth in new .ng domain names registrations moved from 18,870 in 2014 to 22,113 in 2015.” According to him, the security of .ng is top-rated. “Even to scam with .ng is very difficult because we would be able to know the person that registered the domain name. Others do proxy, but we don’t do proxy in Nigeria. We know who is registering what; the registry is here with us,” he added. Afolayan, while listing the benefits of .ng domain name usage, said: “The value of using .ng to individuals, businesses and governments is huge. In the first place, the local content policy of Federal Government starts with .ng.

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

BUSINESS | Movers, Shakers and Appointments

Nigerian receives IFMA fellowship

ormer President of International Facility Management of America (IFMA), Nigeria Chapter, Pastor Stephen Jagun is the first Nigerian to be decorated as fellow of the association. The international organisation in a statement, said Jagun was honoured in rec-

ognition of his outstanding contribution and services to the development of the association worldwide. Jagun, who is the first African to be so honoured with IFMA fellowship, was the immediate Past Chairman, Nigeria Institution of Estate Surveyors and Valuers (NIESV), Lagos Chapter.

He was decorated with the fellowship title during the Award of Excellence at the IFMA World Work Place Conference penultimate Friday. Principal partner of Jagun Associates, Jagun is a graduate of Estate Management. He holds a Master’s degree in Project Management from the University of Lagos, Lagos. He has worked at Yinka Sonaike & Co, Bode Adediji Partnership, Jide Taiwo & Co. He is also a Fellow of the Nigerian Institution of Estate Surveyors and Valuers (NIESV); Registered by the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON); Member, Nigerian Institute of Management (NIM); a Certified Facility Manager (CFM) of the International Facility Management Association (IFMA) based in America and a Certified Facility Manager of Japan (CFMJ). He is also a member of the Project Management Institute (PMI) of America; fellow of the Royal Institution of Chartered Surveyors (RICS) of United Kingdom and fellow of the International Facility Management Association (IFMA). He is the immediate past Chairman of the Lagos State Branch of Nigerian Institution of Estate Surveyors IFMA fellow is the highest honour the association bestows upon members.

Jagun

CIBN gets new associate members

he Chartered Institute of Bankers of Nigeria (CIBN) has admitted into its fold, a new set of Associates Members (ACIB). The induction programme, which held in Lagos, according to a statement, attracted distinguished members of the banking community, corporate organisations, council members, fellows and honorary senior members. Also honoured at the event are Mr. Herbert Wigwe, group managing director/chief executive officer, Access Bank and chairman of Banks CEOs; Mr. Ahmed Lawan Kuru, managing director/CEO, Asset Management Corporation of Nigeria (AMCON) and Mr. Ifiesimama Melvin Precious Sekibo, managing director/ CEO, Heritage Bank Ltd. Others are Mallam Bello Maccido, chairman, FBN Merchant Bank Limited and Mr. Adebisi Folashodun Shonubi, Managing Director/CEO, Nigeria Inter-Bank Settlement System Plc. CIBN President, Prof. Segun Ajibola, chaired the occasion, while the Registrar/Chief Executive, ‘Seye Awojobi, would be the chief host.

Wigwe

Lafarge Africa appoints new CFO

afarge Africa Plc has appointed Mr. Bruno Bayet as new Chief Financial Officer (CFO), following the resignation of Mr. Anders Kristiansson at its Board of Directors meeting last September. A statement signed by the Company’s Secretary, Uzoma Uja, said that Bayet, a Belgian, holds a Business Engineering degree from Universite Catholique de Louvain-la-Neuve in Belgium.

He had his Master of Business Administration degree programme in Georgetown University and specialised in financial risks management. Bayet according to the statement, was a manager in corporate finance with PricewaterhouseCooper from 1998 to 2005, after which he joined Groupe Bruxelles Lambert. Prior to Joining Lafarge in 2014, he was an executive committee member and chief finance officer of Enterprise Generale Malta Forrest in

Democratic Republic of Congo from 2011 to 2013. He specialised in the mining and construction industry. Uja said that Bayet had gained over 16 years’ experience in materials and construction Industry. He was appointed director of Ashaka Cement Plc in December 2013, heading the expansion and the power project in Ashaka and combined the role of CFO of Ashakacem Plc since September 2014.

Kuru

ANAN inducts new fellows

he Association of National Accountants of Nigeria (ANAN), has confered its fellowship to deserving members of the association. The President of the association, Mr. Anthony Nzom, in a statement, urged new fellows of the association to maintain the core values of good corporate governance, sustainability reporting and ethics. Speaking at the event in Lagos, Nzom said the aspiration of every member of a

professional body was to attain the highest echelon in the chosen profession and this applies to members of ANAN as a professional accountancy organisation as well. He said: “We are in a pivotal time in history, with dynamism taking centre stage in the affairs of mankind. We must be strategic and concerted in attuning to this standard.” He described the award as a call to greater service delivery, responsibility and

responsiveness in working toward ensuring international best practices. Nzom urged the new fellows to exhibit exemplary leadership, especially to those aspiring to be fellows to be more active at activities. He charged members to be visible at the all levels, eschew unethical behaviour and live above board to champion the campaign against corruption in its body polity and uphold the highest level of ideals, value and integrity of the profession.

Shonubi

BUSINESS |Stock Watch

Despite the huge opportunities for logistics and courier businesses in Nigeria, Trans-Nationwide Express Plc like its peers still contend with operational challenges. Chris Ugwu writes

lthough the courier services sector of the Nigerian economy appears to be gradually bouncing back, as many quacks and unlicensed courier firms are gradually exiting the sector; it is still plagued by some other challenges. Challenges In spite of lack of skilled personnel as part of challenges facing the sector, bad road infrastructure in Nigeria remains a key challenge facing courier and logistics providers in the country. Others include inconsistent government policies in form of multiple taxation, conflicts of interest from the government agencies, regulators and operators, duplicity of functions, poor import and export information on rights, obligations, and privileges, among others. There are also no doubt that the security challenges in the Northern part of the country and the Niger Delta region with the attendance consequences of loss of lives and properties, domestic constraints such as depletion of fiscal buffers, dwindling foreign reserves, erratic supply of public electricity have also remained a thorn to businesses. Other particular challenges that have eaten deep into the fabric of the sector was the emergence of social networks and e-commerce, which had made postages a hard nut to crack, as most people prefer to use facebook, twiters, yahoomails, among others than using courier services companies including Nipost. In recent times, ecommerce has taken a new shape in the country with the emergence and increasing popularity of local online retail stores such as jumia.com, konga.com, Mystore. com.ng among others. With the increase of Internet penetration and customer awareness, volume of online trades have also significantly increased, thereby leading to more competition among courier and logistic service providers in the country. According to market analysts, “The growth of e-ecommerce in Nigeria is going to be ‘crazy’ because looking at projections, e-commerce in the Middle-East and Africa tend to grow by 20 per cent in 2016. That is the highest expected growth in the world. If you look at the likes of China, India and Asia, they have seen their growths in e-commerce. The US has seen her growth in the ecommerce. This is the time for Africa and Nigeria in particular. Very soon even the government will start paying attention to ecommerce, because the industry is getting to a point where the government cannot avoid its place in the economy” The courier and logistics indus-

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Tranex: Contest, harsh milieu hurt profit try in Nigeria is broad and highly fragmented. The proliferation of courier service providers in Nigeria is partly due to the inefficiencies of the government owned courier – NIPOST, which arguably is Nigeria’s biggest courier service provider. According to report, there are more than 237 licensed courier service providers in Nigeria, which comprise mainly of local courier companies. Of the 237 courier providers in Nigeria, the report has it that there are about four with either international affiliations or those that have direct subsidiaries of international courier service providers. Thus, average service quality in the industry is still behind international best practice, leaving the regulatory body with the enormous task of standardising the industry. Due to the unfavorable operating environment, Trans-Nationwide Express Plc (Tranex) has sustained southward movements in its bottom line. Despite growing profit after tax for the Q1 2016 ended March 2016 by 37.98 per cent to N17.701 million from N12.828 million recorded a year earlier, the company’s second and third quarters were quite disappointing. Market analysts have also predicted that the company’s profit was likely to decline further in Q4 2016 following stiffer competition. However, market sentiments for the shares of the company have remained relatively firm in spite the general lull in the equities. Stockbrokers attributed investors’ sustained confidence in the stock to continued proactive sales; marketing and distribution efforts as well as its strong presence across Nigeria. The share price, which closed at N1.02 per share in November 31 2015, has recorded a marginal leap in growth. At the close of business last Friday, the company’s share price stood at N1.12, an increase of 10 kobo or 9.80 per cent year to date. Company’s profile Trans-Nationwide Express Plc (Tranex) is a Logistics company engaged in domestic and international express delivery, haulage, freight and other ancillary transportation and storage services. It is a wholly owned Nigerian company, which was established in 1984 as TNT Skypak Nigeria Limited. In 1992 the name was changed to Transnationwide Express Plc. With a

FTN Cocoa Plc. 2015 November 30

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N1. 25

February 28

N1. 21

March 31

N1. 09

April 30

N1. 13

May 31

N1. 52

June 30

N1. 34

July 31

N1. 506

August 31

N0. 98

September 30

N1. 00

October 31

N1. 12

Managing Director, Tranex, Chidinma Iheme

share capital of N250,000,000 and over 3,600 shareholders, it sought and obtained listing on the Nigeria Stock Exchange (1st tier) in 1993. It is currently one of the only two logistic companies in Nigeria quoted on the Exchange.

Tranex has sustained southward movements in its bottom line

Financials Trans-Nationwide Express Plc (Tranex) ended full year 2014 with net earnings drop of 14 per cent to N66.771 million from N77.432 million recorded the previous year. The company’s pre-tax profit also fell by 32 per cent from N72.665 million during the previous year to N49.476 million during the period under review. The company’s revenue declined by 0.15 per cent from N716.915 million in 2013 to N718.016 million during the full year 2014. Tranex one of the leading indigenous logistics companies engaged in domestic and International Express delivery, haulage, freight and other ancillary transportation and storage services also ended 2015 financial year in the negative with full year profit after tax shedding 24 per cent to N50.972 million from N66.771 million recorded a year earlier. However, the company’s pretax profit grew by 53 per cent from N49.476 million during the previous year to N75.678 million during the period under review. The company’s revenue also grew by 11 per cent from N718.016 million in 2014 to N798.557 million during the financial year 2015. The directors of the company proposed a dividend of 10 kobo per share to its shareholders, which amounts to N19, 882,000. However, investors got respite at the first quarter of 2016 following impressive results reported by the company. Tranex grew profit after tax by 37.98 per cent to N17.701 million from N12.828 million recorded a year earlier for the Q1 2016 ended March 2016. The company’s pre-tax profit grew by 43.81 per cent from N16.828 million during the previous year to N24.201 million during the period under review. The firm’s revenue also rose by 11 per cent from N718.016 mil-

lion in 2015 to N798.557 million during the financial year 2016. But expectations that the impressive first quarter results would be sustained became a mirage, as Tranex’s H1 2016 profit after tax slipped marginally by 1.95 per cent to N29.040 million from N28.484million recorded a year earlier. In a filing from the Exchange the company’s pre-tax profit also dropped by 1.86 per cent from N37.984 million during the previous year to N38.690 million during the period under review. However, the company’s revenue grew by 9.97 per cent from N383.636 million in 2015 to N7421.899 million during the half financial year 2016. Trans-Nationwide Express Plc’s Q3 2016 profit after tax dropped by 24.41 per cent to N35.151 million for the period ended September 30, 2016 from N28.484million recorded a year earlier. The company’s pre-tax profit also shrank by 23.53 per cent from N61.007 million during the previous year to N46.651 million during the period under review. However, the company’s revenue grew by 2.28 per cent from N589.144 million in 2015 to N602.625 million during the half financial year 2016. Operational challenges The managing Director, Crane Securities Limited, Mr. Mike Eze while assessing the activities of the sector, expressed worry over the difficult operating environment, noting that the economic and business environment continues to be challenging for most companies, including Tranex. According to Eze, the increasing rate of insecurity in various parts of the country, which is one of the sector’s high revenue generating territories, slightly impacted on its business. He noted that the inability of the privatised power sector to increase output as envisaged, as a result of issues with gas supply and power distribution, rising inflation cost and decaying infrastructure continue to pose great challenges to businesses in the country resulting in maintenance and operations cost. Besides, he observed that significant drop in the government revenue and distortion in foreign exchange market led to the depreciation of the Naira in the period under review. This according to him, resulted in higher cost for all the company’s international operations. He however, expressed optimism that despite all these challenges, the Nigerian economy remains one of the fastest growing economies in the world with comparable high indices in foreign direct investment. Conclusion Tranex like any of its peers is faced with various challenges ranging from high interest rates and naira devaluation. However, poor transportation is considered to be the most significant challenge facing logistics providers, which must be addressed to unlock more business opportunities in the industry.

BUSINESS | Capital Market

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

The Nigerian Stock Market Exchange as at October 21, 2016 Prices for Securities Traded as of 21/10/2016

108 109

Printed 21/10/2016 14:32:07.007

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

ICT

S/N

MARKET CAP(Nm)

463,098.28

MARKET CAP(Nm)

107,326.93

PRICE

14.75

PRICE

2.99

%CHANGE

-0.68

%CHANGE

-0.66

MARKET CAP(Nm)

3,118,412.86

PRICE

183.00

%CHANGE

INDUSTRIAL GOODS

PREMIUM BOARD TOTALS PRICES FOR MAIN BOARD SECURITIES AGRICULTURE S/N

CROP PRODUCTION

FTN COCOA PROCESSORS PLC

PRESCO PLC

OKOMU OIL PALM 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

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)

Price List (Equities)

S/N 23

AUTOMOBILES/AUTO PARTS

DN TYRE & RUBBER PLC

AUTOMOBILES/AUTO PARTS S/N

BEVERAGES--BREWERS/DISTILLERS

CHAMPION BREW. PLC.

GUINNESS NIG PLC

25 27 28 29

GOLDEN GUINEA BREW. PLC. INTERNATIONAL BREWERIES PLC. NIGERIAN BREW. PLC.

PREMIER BREWERIES PLC

BEVERAGES--BREWERS/DISTILLERS S/N 30

BEVERAGES--NON-ALCOHOLIC

7-UP BOTTLING COMP. PLC.

BEVERAGES--NON-ALCOHOLIC S/N

FOOD PRODUCTS

DANGOTE FLOUR MILLS PLC

FLOUR MILLS NIG. PLC.

32 34 35 36 37 38 39 40

DANGOTE SUGAR REFINERY 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 47 48 49 50 51 52 53 54 55 56 57

BANKING

ACCESS BANK PLC.

DIAMOND BANK PLC

ECOBANK TRANSNATIONAL INCORPORATED FIDELITY BANK PLC

GUARANTY TRUST BANK PLC. SKYE BANK PLC

STERLING BANK PLC.

UNION BANK NIG.PLC.

UNITED BANK FOR AFRICA PLC UNITY BANK PLC

WEMA BANK PLC.

BANKING S/N 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83

INSURANCE CARRIERS, BROKERS AND SERVICES

AFRICAN ALLIANCE INSURANCE COMPANY PLC AIICO INSURANCE PLC.

GREAT NIGERIAN INSURANCE PLC GUINEA INSURANCE PLC.

INTERNATIONAL ENERGY INSURANCE COMPANY PLC

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

40,250.00 MARKET CAP(Nm)

511.20

MARKET CAP(Nm) 1,640.00

0.50

40.25 PRICE

4.26

PRICE

0.82

%CHANGE

-2.38

97 98 99

UNITED CAPITAL PLC

S/N

HEALTHCARE PROVIDERS UNION DIAGNOSTIC & CLINICAL SERVICES PLC

EKOCORP PLC.

HEALTHCARE PROVIDERS

MEDICAL SUPPLIES

MORISON INDUSTRIES PLC.

MEDICAL SUPPLIES S/N

PHARMACEUTICALS

104

FIDSON HEALTHCARE PLC

105 106 107

EVANS MEDICAL PLC.

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

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC

5,789

63,085 68,874

VOLUME

0 0

VOLUME

556,341

487,467

PRICE

%CHANGE

TRADES

VOLUME

2,144.31

0.81

256.84

0.66

144

2,465.17 2,449.84

39,843.91 37,264.77

3.41 3.77 0.98

19.40

-1.01 -

0 3

4,599,008

4,662,328

88 MARKET CAP(Nm)

711.32

MARKET CAP(Nm)

542.19

MARKET CAP(Nm)

PRICE

4.79

PRICE

0.50

PRICE

52,800.00

40.00

MARKET CAP(Nm)

PRICE

165.00

5,860.94

MARKET CAP(Nm)

6.60

3.41

PRICE

2,000.00

100.00

26,682.70

10.00

11,305.89

45.22

%CHANGE -

%CHANGE %CHANGE -

VOLUME

TRADES 5 0 5

TRADES

VOLUME

0.85

19.95

1,149,719.63 2,888.67

MARKET CAP(Nm)

145.00

2.95

-4.94

22,461 VOLUME

5 5

1,116,741

56,073

111,475

152

2,398,979

%CHANGE

TRADES

PRICE

%CHANGE

TRADES

6.20

-0.96

1,861.25 1,070.98

21,195.51 214.00 616.69

4,507.36

MARKET CAP(Nm)

24,660.79

634,125.00 MARKET CAP(Nm) 1,886.86 2,689.31 MARKET CAP(Nm)

69,403.94

173,653.30

3.75

20.00

-2.09 -

1.30

3.17

6.01

0.50 8.00 5.35 0.50

16.49

PRICE

13.13

800.00

%CHANGE

-4.99 -

MARKET CAP(Nm)

163,443.04 26,866.05

5 5

24 23 13 0 0 7 0

%CHANGE

TRADES

5.65 1.16

10.13 0.87

0.36 0.87 -

2.35

16 21

73 27 60

28,214.61

0.98

-4.85

154,550.78 7,598.07

25,073.40 MARKET CAP(Nm)

10,292.50 4,227.42 3,000.00 7,364.75 7,000.00 2,411.47 1,913.74 3,070.00

642.04

2,406.13 4,000.00 4,435.62 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

4.26 0.65 0.65 PRICE

0.50 0.61 1.93 0.50 1.00 0.50 0.50 0.53 0.50 0.50 0.50 0.50 0.70 0.50 0.50 0.84 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50

-3.12 -

-0.70 -4.41

6.56

%CHANGE

VOLUME

10,145

VOLUME

144,685

144,685 VOLUME

139,598 4,060

143,658

VOLUME

172

4.75

TRADES

-0.86

0.64

4,111,508

24.28

8,883.39

21,780

327

714,589.03

80,445.08

494,976

PRICE

25,208.07

36,174

251,900

45.90

185,880.95

199,411

484,831

%CHANGE

364,718

897,615

TRADES

PRICE

1,250

TRADES

-5.00

1,250

VOLUME

%CHANGE

17.48

VOLUME

23,632

2.58

PRICE

29.78

PRICE

10,309.26

30,345

159.90

52,484.74

30,345

VOLUME

1,114,690

102,430.40

74,400.00

MARKET CAP(Nm)

18,750.00

TRADES

80.00

10,616

%CHANGE

231.34

11,845

10,616

PRICE

65,720.27

11,845

MARKET CAP(Nm)

120,471.06

VOLUME

TRADES

2.63

TRADES

%CHANGE

20,591.58

TRADES

PRICE

0.50

62,676

4,662,328

TRADES

MARKET CAP(Nm) 2,386.33

500

26 23 87 7

558

TRADES 0

11 3 1

7,792,353 2,073,283

438,345

4,463,708 8,154,178 3,120,488

674,315 139,622

3,014,103 1,720,178

228,209

31,818,782 VOLUME

415,747 60,000 1,000

1,028,545

1 0 0 0 0 0 0 0 0

7,000

0 0

S/N

COURTEVILLE BUSINESS SOLUTIONS PLC

111

COMPUTERS AND PERIPHERALS OMATEK VENTURES PLC

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

116

PROCESSING SYSTEMS CHAMS PLC

E-TRANZACT INTERNATIONAL PLC

0 0

22,668

0 0 0 0

2,052

-1.96

4,989,871

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,400.97

1.05

5.00

1,014,364

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

7,370.87

0.50

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

2.58

1.25 1.47 0.50 3.02

49 0 4 0 0 0 0 0

5,200.00

750.00

2.60 0.50

1,014,364 0 0 0 0 0 0

VOLUME

400,547

17,875

-1.77

1,633,628

0.50

552.20

3,313.67

103.24

15,600.00

2.60

170,000.00

6,559,683

1.11

411.91

2,572.69

1.56

17.00

-1.15

0 0

829,370

1,565,153

747

43,839,402

136

4,446,573

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

1,776.57

0.50

1,765.05

MARKET CAP(Nm)

251.09

3.54

PRICE

1.65

%CHANGE -

0 0

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

2,280.00

1.52

50,500

366.17

0.50

18,870.93

15.78

1,349.81

0.86

882.00

0.90

4.88

S/N

BUILDING MATERIALS

351.25

3.62 1.62

120

119 121 122 123 124 125 126 127 128 129

130 131

132 133 134

5,000

53,352 13,000

160,206

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

1,470.89

4,519.67

0.50

0.91

135

138 S/N

TRADES

VOLUME

970.92

8.99

6,741.29

673.14 MARKET CAP(Nm) 2,348.03

19,530.00 MARKET CAP(Nm) 2,446.80

2.67 1.36

PRICE

0.50 4.65

PRICE

0.50

%CHANGE

%CHANGE -

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.

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

PACKAGING/CONTAINERS

AVON CROWNCAPS & CONTAINERS BETA GLASS CO PLC. GREIF NIGERIA PLC

TOOLS AND MACHINERY NIGERIAN ROPES PLC

CHEMICALS

B.O.C. GASES PLC.

METALS

ALUMINIUM EXTRUSION IND. PLC.

MINING SERVICES

MULTIVERSE MINING AND EXPLORATION PLC

PAPER/FOREST PRODUCTS THOMAS WYATT NIG. PLC.

ENERGY EQUIPMENT AND SERVICES

JAPAUL OIL & MARITIME SERVICES PLC

S/N

142

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS BECO PETROLEUM PRODUCT PLC

144

ETERNA PLC.

CONOIL PLC

FORTE OIL PLC.

MOBIL OIL NIG PLC.

MRS OIL NIGERIA PLC. TOTAL NIGERIA PLC.

PETROLEUM AND PETROLEUM PRODUCTS DISTRIBUTORS EXPLORATION AND PRODUCTION

SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD

EXPLORATION AND PRODUCTION SERVICES S/N

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

TRANSPORT-RELATED SERVICES

169

NIGERIAN AVIATION HANDLING COMPANY PLC

168

AIRLINE SERVICES AND LOGISTICS PLC

TRANSPORT-RELATED SERVICES S/N

SUPPORT AND LOGISTICS

171

CAVERTON OFFSHORE SUPPORT GRP PLC

170

910.10

1,996.88 6,911.73

295.75

1,055.18 215,496.96 666.05 608.00

2.47 6.89 5.50 0.91 0.50

43.01

0.84 1.52

1,277.97

10.39

MARKET CAP(Nm)

PRICE

2,256.91 1,664.45

2.09 1.89

MARKET CAP(Nm)

PRICE

15,499.13

31.00

MARKET CAP(Nm)

PRICE

902.85 413.18

1,966.97

1.32 9.69

7.46

%CHANGE

C & I LEASING PLC.

CONSTRUCTION/REAL ESTATE S/N

PROPERTY MANAGEMENT

SMART PRODUCTS NIGERIA PLC

PROPERTY MANAGEMENT CONSUMER GOODS S/N

FOOD PRODUCTS

173

MCNICHOLS PLC

FOOD PRODUCTS

FINANCIAL SERVICES

MORTGAGE CARRIERS, BROKERS AND SERVICES OMOLUABI SAVINGS AND LOANS PLC

MORTGAGE CARRIERS, BROKERS AND SERVICES HEALTHCARE 175

PHARMACEUTICALS

AFRIK PHARMACEUTICALS PLC.

PHARMACEUTICALS

S/N

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

2,144.57

9.75

LOTUS HALAL EQUITY ETF

STANBIC IBTC ETF 30

2 4

NEWGOLD EXCHANGE TRADED FUND (ETF) VETIVA BANKING ETF

VETIVA CONSUMER GOODS ETF

VETIVA INDUSTRIAL 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

3 2 0 5

TRADES 0 0

0.56

VOLUME

0 0 0

VOLUME

18,748 200

18,948

VOLUME

0 0

156,417 VOLUME

0 0 0 0 0 0 0 0 0

0 0

VOLUME

0 0

VOLUME

0 0

VOLUME

0 0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

62,580.02

5.20

1.96

1,549,770

PRICE

%CHANGE

TRADES

VOLUME

0.50

2.95

3,131.35

MARKET CAP(Nm) 1,858.49

0.50

24,912.88

35.90

165,805.84

127.30

3,847.23

68,513.10

190.00

1.60

98,461.33

290.00

MARKET CAP(Nm)

PRICE

10,159.55

217,714.98

40.00

386.40

%CHANGE

5.00

1 1

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

588.18

MARKET CAP(Nm) 2,357.99

222.68

0.50

PRICE

4.00 1.12

%CHANGE

0 0 3 3 3 3

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

3,845.77

1.85

7,885.00

3.51

30,000 30,000

VOLUME 1,275

1,275

VOLUME

150,000

TRADES

3.68

VOLUME

%CHANGE

0.50

31,412

150,000

PRICE

5,699.51

31,412

MARKET CAP(Nm) 1,605.81

VOLUME

TRADES

8,264

16,327

449,303

2,030,585

%CHANGE

3.00

80,969

225 %CHANGE

210.49

323,723

PRICE

100

1,549,770

138

PRICE

0.50

100

20,000

MARKET CAP(Nm)

2,219.52

VOLUME

MARKET CAP(Nm)

0 0 0 0

VOLUME

0 0

VOLUME

0 0 0

40,130.13

5.28

650

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

470.58

0.61

1.67

100,393

6,000.00

308.45

1,302.80 1,975.86

0.50

0.51 2.19 4.58

1 0 0 2 0 0 4

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

2,815.77

0.50

828.85

946.80

0.50

4.00

0 0 0 0

650

0 0

28,160

0 0

128,553 VOLUME

0 0

VOLUME

0 0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

4,742.72

2.92

274,522

1,268.00

2.00

35,449

309,971

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

2,881.44

0.86

4.88

200,000

820,449

941.41

0.50

Price List (Equities) MARKET CAP(Nm) 34.20

PRICE

0.76

%CHANGE

0 6

VOLUME

200,000

1,569

56,539,440

TRADES

VOLUME

0 0

MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

421.44

1.29

0 0

MARKET CAP(Nm) 4,600.00

PRICE

0.92

%CHANGE

MARKET CAP(Nm) 12.45

PRICE

0.50

%CHANGE

0 0

TRADES

VOLUME

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

1,973

70,937,515

Price List (ETP) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

598.50

3,990.00

99.08

2.71

-0.37

7.27

-0.14

16.84

549.94 927.21

84.45

1,887.52 73.78

8.87

81.00

12.55

-0.22 -

1 0 1

5 0 5

5 0 0

Price List (BONDS) MARKET CAP(Nm)

PRICE

%CHANGE

TRADES

VOLUME

70.50

100.00

12,000.00

100.00

12,950.00

100.00

298,189.41

84.71

10.70% FGN MAY 2018

272,400.00

12.1493% FGN JUL 2034

909,151.42

12.49% FGN MAY 2029

150,000.00

12.50% FGN JAN 2026

TRADES

417,056.18

12.40% FGN MAR 2036

%CHANGE

10.00% FGN JUL 2030

11.25% ADB FEB 2021

TRADES

PRICE

123.20

500

MARKET CAP(Nm)

137,469

TRADES

0.50

46,169

%CHANGE

2,130.97

1,044

TRADES

PRICE

ETP TOTALS

PRICES FOR DEBT SECURITIES

MARKET CAP(Nm)

EQUITIES TOTALS

COMPANY

TRADES

ASEM TOTALS

S/N

%CHANGE

3.52

SERVICES

PRICES FOR ETP SECURITIES

PRICE

1,465.18

OIL AND GAS SERVICES

MARKET CAP(Nm)

HEALTHCARE OIL AND GAS

TRADES

FINANCIAL SERVICES S/N

7,891

%CHANGE

CONSUMER GOODS S/N

7,891

PRICE

CONSTRUCTION/REAL ESTATE

174

MARKET CAP(Nm)

SERVICES

172

7,891

VOLUME

OIL AND GAS

150

1 TRADES

11,320

INTEGRATED OIL AND GAS SERVICES

149

78,380

OANDO PLC

S/N

0 VOLUME

S/N

148

TRADES

141

147

ENERGY EQUIPMENT AND SERVICES

146

INTEGRATED OIL AND GAS SERVICES

145

33.75

OIL AND GAS

143

%CHANGE

NATURAL RESOURCES

140

PRICE

13.57

PAPER/FOREST PRODUCTS

S/N

23,625.00

MINING SERVICES 139

VOLUME

30,389.38

METALS S/N

CAP PLC

BERGER PAINTS PLC

CHEMICALS 137

VOLUME

ASHAKA CEM PLC

AFRICAN PAINTS (NIGERIA) PLC.

NATURAL RESOURCES

S/N

MARKET CAP(Nm)

INDUSTRIAL GOODS

136

VOLUME

TOOLS AND MACHINERY

S/N

332,058

TRADES

PACKAGING/CONTAINERS S/N

VOLUME

32 MARKET CAP(Nm) 1,776.00

50,000

332,058

%CHANGE

ELECTRONIC AND ELECTRICAL PRODUCTS S/N

PRICE

BUILDING MATERIALS S/N

0 32

MARKET CAP(Nm)

PRICES FOR ASEM SECURITIES

3 0

INDUSTRIAL GOODS

MAIN BOARD TOTALS

0.50

11,799.67

556.71

ICT

118 MASS TELECOMMUNICATION INNOVATIONS NIGERIA PLC TELECOMMUNICATIONS SERVICES

0 0

TELECOMMUNICATIONS SERVICES

SUPPORT AND LOGISTICS

32,800

S/N

21,981.01

STANBIC IBTC HOLDINGS PLC

VOLUME

487,467

FCMB GROUP PLC.

SIM CAPITAL ALLIANCE VALUE FUND

14,398,075

ROYAL EXCHANGE PLC.

16,500

101

103

TRADES

3.71

HEALTHCARE

102

21,821.72

NIGERIA ENERYGY SECTOR FUND

16,500

MARKET CAP(Nm)

FINANCIAL SERVICES

S/N

CUSTODIAN AND ALLIED PLC

OTHER FINANCIAL INSTITUTIONS

100

TRADES

DEAP CAPITAL MANAGEMENT & TRUST PLC

%CHANGE

93 95

PRICE

AFRICA PRUDENTIAL REGISTRARS PLC

MARKET CAP(Nm)

91 92

16,500

4,000.00

NIGER INSURANCE CO. PLC.

TRADES

3,661.72

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

VOLUME

LINKAGE ASSURANCE PLC

MUTUAL BENEFITS ASSURANCE PLC.

8,316,360

TRADES

%CHANGE

LASACO ASSURANCE PLC.

LAW UNION AND ROCK INS. PLC.

14,381,575

PRICE

10,372.74

GOLDLINK INSURANCE PLC

396

155

40.00

1,100.00

CONTINENTAL REINSURANCE PLC EQUITY ASSURANCE PLC.

8,316,360

38,156.40

20,265.00

CORNERSTONE INSURANCE COMPANY PLC.

VOLUME

155

MARKET CAP(Nm)

AXAMANSARD INSURANCE PLC

CONSOLIDATED HALLMARK INSURANCE PLC

TRADES

6,065,215

110

COMPUTER BASED SYSTEMS

117

CONSUMER GOODS

FINANCIAL SERVICES

241

VOLUME

6,065,215

COMPUTER BASED SYSTEMS

PROCESSING SYSTEMS

CONSTRUCTION/REAL ESTATE CONSUMER GOODS

241

404

CONGLOMERATES

CONSTRUCTION/REAL ESTATE

TRADES

AGRICULTURE

CONGLOMERATES

PHARMA-DEKO PLC.

HEALTHCARE

Price List (Equities)

FINANCIAL SERVICES INDUSTRIAL GOODS

NIGERIA-GERMAN CHEMICALS PLC.

PHARMACEUTICALS

403,572.68

90.80 84.50

100.00 86.23

0 0 0 0 0 0 0 0

30 As various factors, including public apathy, lack of nondisposable income among others, slow down the growth of underwriting sector in the country, the role of the nation’s tax law in the process has also become an issue. SUNDAY OJEME reports

n the last three years or so, operators in the nation’s insurance sector have used every opportunity to remind the government of the need to review the tax burden placed on the local insurance sector. Far from being one of those outcries normally exhibited by some investors, operators in the industry and those sympathetic to their cause have had reasons to believe that the tax burden is unnecessarily eating deep into their profits and subsequently dealing a blow on the sector’s ability to develop. Specifically, proponents of the review believe that the tax placed on premiums collected even before claims payment was anathema to the development of the sector just as the Company Income Tax Act (CITA) 2007 the law, apart from placing a heavy tax burden on them, is also making the industry unattractive to investors. What the law says The law has also placed a cap on expenses and claims payable by insurance companies, as it expects insurance companies to pay 20 per cent of their premium as tax irrespective of expenses or losses incurred. The details imply that in section 16(2)(a) of the CITA, the profits of a life business insurance company are calculated by taking management expenses, including commission, subject to subsection (8)(b) of the Act from gross income (investment income and revaluation surplus). For non-life businesses, section 16(1)(b) states that profits will be calculated for tax purposes by deducting the reinsurance cost and a reserve for unexpired risk (the premium corresponding to the period remaining on an insurance policy), subject to subsection (8)(a) of the Act from a gross premium, interest and other income receivable in Nigeria. The execution of the law, according to stakeholders, makes it very unhealthy for any insurance company operating in the country to survive. In a recent review, a senior adviser at KPMG Nigeria, AdebayoBegun Oluwatomisin, expressed deep concern over the situation, saying Nigeria needed to act now to save the sector. He observed that Nigeria did not follow best practices and that the insurance industry gets severely short-changed as a result of the tax treatment, adding that

INSURANCE

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

Nigeria’s insurance: Evaluating tax burden it was further at risk with countries such as the US, Brazil, South Africa and India that are actively competing for the world’s foreign direct investments. According to him, when a potential foreign investor compares the Nigerian insurance industry index with that of a fast developing economy, the hostile tax laws governing the industry could work against Nigeria. The challenges Oluwatomisin noted: “Imposing taxes is not the problem, especially considering it is pivotal to the functioning of the machinery of the government. However, what should not be celebrated but quickly redressed is an unfair tax system. Its negative ripples are immeasurable. “If the US could resist the huge tax subsidy received by the East India Tea Company from British government (against small American companies) then taxpayers and stakeholders in the insurance industry should persist until the government sees the positives in this line of thought for the industry and economy at large.” He also emphasised that reform should be pushed to fairly place insurance companies with other Nigerian companies and to align with what applies in developed economies – setting the pace among peers and other developing economies – positioning the economy to be more competitive. “The concept of insurance has expanded and become more refined over the ages, its successes and travails have become more symmetrical to a country’s economic growth (or lapse). Because

Commissioner for Insurance, Mohammed Kari

Reform should be pushed to fairly place insurance companies with other Nigerian companies

of the peculiarity of insurance and its relevance to an economy, the Nigerian government has put a lot of effort into making the insurance industry what it is today. “These efforts are showcased by the implementation of numerous Acts over the years such as the National Insurance Commission Act 1997 and the Nigerian Council of Registered Insurance Brokers Act 2003 (which is to ensure the proper administration and functioning of the insurance sector), as well as the passing of several reforms. Solutions “However, amendments made in the Companies Income Tax (Amendment) Act

2007 (CITA) have created changes within the sector that have led to an unwelcome higher tax burden for insurance companies, which has in turn led to a fall in the number of businesses operating in the industry,” he added. Oluwatomisin also did not spare the tax law regarding its effect on the industry’s asset base, which he said had continued to dwindle every year because of sections in CITA that penalise it. He said: “These sections have compelled insurance companies to pay out their capital in the form of a minimum tax because they are almost always in a neverending refund cycle with the tax authorities. Originally, the CITA was meant to amend and simplify controversial aspects in its policy, instead it has made it more obscure particularly for the insurance sector. “As with any other business, the tax liability of an insurance company is based on figures contained in its annual published accounts and it is subject to similar assessment and collection procedures by the tax authorities. However, certain special features arising from the nature of the industry mean that profits are taxed slightly different than other sectors.” To enable things work better, he suggested that if restrictions were successfully removed and losses carried forward in perpetuity, it would relieve the insurance companies of all undue tax burdens, improve their profit takings and grow their capital, stressing that a healthy insurance industry would strengthen the Nigerian economy, as it pushes for a place among the world’s top 20 economies.

Emir of Kano tackles insurers over awareness

he Emir of Kano, Alhaji Muhammadu Sanusi II, has advised insurance operators in the country to upscale their awareness campaign to boost penetration. Sanusi gave the advice when the Chartered Insurance Institute of Nigeria (CIIN) paid a courtesy visit to his palace where it donated the institute’s published books for secondary schools as part of move to improve insurance education in the country. The institute according to a statement, also donated 400 copies of the same books to the Kano State Ministry of Education, which was received by the Permanent Secretary of the ministry, Alhaji Dan lami Garba. Speaking during the presentation, the President, CIIN, Lady Isioma Chukwuma, explained that the donation was

borne out of the institute’s desire to further strengthen the teaching and study of Insurance in Nigeria. She stressed that the Institute was desirous of partnering the Kano State Ministry of Education to train prospective insurance teachers in the state on how to effectively teach insurance at secondary school level. The CIIN President said that the campaign was part of the institute’s statutory functions as enshrined in Act No 22 of the Federal Republic of Nigeria in February 1993.

In his response, Garba expressed the state government’s appreciation and gave assurance that the ministry would embrace the study of insurance as a subject in its schools, adding that the gesture would encourage students to take up insurance as a subject. He expressed the state’s commitment to partnering the institute in training of prospective insurance teachers, stating that the objective was to have at least one insurance teacher in each of the schools in the state. In the same vein, Director-Gen-

eral, CIIN, Mr. Richard Olutayo Borokini, said that the institute was committed to taking its insurance education and awareness drive to other parts of the country. It will recalled that the CIIN insurance education awareness campaign had taken place in Lagos, Ogun, Osun, Ondo, Ekiti, Kwara, Edo, Rivers and Imo states. The visit to Kano state culminated in the investiture of Mr. Mustapha Abba as the Chairman of the CIIN, Kano chapter, along with other members of the chapter executives.

Unity Kapital profit falls by 35% in 9 months

nity Kapital Assurance Plc has reported a drop of 35.44 per cent in its profit after tax for the nine-month period ended September 30, 2016. A notice made available to the Nigerian Stock Exchange (NSE) revealed that the insurer’s profit after tax fell by N94.259 million from N265.997 million reported in the same period of 2015 to end third quarter 2016 with N171.738 million. Similarly, profit before tax slipped from N312.938 million

during the same period of 2015 to N215.382 million at the end of third quarter 2016. Gross premium written was also affected, as it declined from N2.294 billion it generated in third quarter of 2015 to N1.760 billion at the end of the current quarter. The N534 million gap represented a 23.28 per cent decline on year-on-year basis. The insurance firm also incurred huge amount of money on claims expenses in the third quar-

ter of 2016 at N428.226 million as against N251.814 million spent on the same purpose in 2015. This represented N176.412 million or 70.06 per cent difference. The underwriting profit went down by N304.403 million or 44.72 per cent from N680.644 million on September 30, 2015 to end review period with N376.241 million, while its earnings per share also dropped by 25 per cent, from 4 kobo in the third quarter 2015 to 3 kobo at the end of third quarter 2016.

BUSINESS | PENSION

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

PTAD lauds EFCC’s role on pension verification exercise FINALSED The agency has completed the verification of police, customs, immigration and prisons pensioners nationwide Abdulwahab Isa ABUJA

he presence of operatives of Economic and Financial Crimes Commission (EFCC) at pensioners’ verification centers has warded off fraudsters from the locations, Executive Secretary, Pension Transitional Arrangement Directorate (PTAD) Mrs. Sharon Ikeazor, has said. Ikeazor disclosed this in Abuja when she led PTAD management team on a courtesy visit to the Chairman of EFCC, Ibarahim Magu. She also said that findings by the anti-graft agency would help PTAD in making necessary recommendation concerning the three staff that were suspended along with the former executive secretary. She praised the agency for the various supportive roles rendered to PTAD. “The EFCC has been very supportive and of great as-

sistance during our verification exercises and PTAD is appreciative of this. We are grateful to the staff of EFCC who accompany our team and worked with them at the verification centers. The presence of the EFCC officials help in warding off fraudsters from the verification centers. We commend the management and staff of EFCC for this collaboration and support. “Since I assumed office on the 5th of October 2016, I have been working together with my

staff to device and implement plans in the fulfillment of our mandate to manage pensions under the Defined Benefit Scheme (DBS), in compliance with the provisions of section 30 sub-section (2) (a) of the Pension Reform Act of 2004 and as restated in section 42(1) of the amended act of 2014.” she added. She said the agency in the current year had continued to build upon its institutional frameworks, processes and systems needed to run a sensi-

over one million retirement savings account holders and assets under management in excess of N1 trillion, paying more than N2.1 billion to over 37,000 retirees monthly.” He said over N200 billion had been paid to retirees since the PFA commenced operations in 2005, adding that the PFA’s aim was to continue to set higher standards of service delivery and ensure that the retirement savings account holders derive maximum value from their contributions.

Micro-pension: PenOp demands flexible guidelines

he Pension Fund Operators Association of Nigeria (PenOp) has called on the National Pension Commission (PenCom) to come out with flexible guidelines that will drive the envisaged micro pension initiative. Its Executive Secretary, Susan Oranye, said that the use of technical terms should be avoided in the guidelines, in order to easily integrate the target audience who reside at the grassroots. According to her, the need to build savings culture for people at the grassroots has become necessary going by the present economic chal-

and was followed by the SouthEast Zone (Enugu, Anambra, Imo, Abia and Ebonyi). “We are currently planning for the remaining zones: North East, South-South, South West and North Central. The database of Nigerian pensioners under the DBS is being systematically sanitised, even as the verification continues this year. It will continue until all pensioners and Next-of-Kin (NOKs) of deceased pensioners under the DBS are verified,” she added.

L-R: Chairman, Chartered Insurance Institute of Nigeria (CIIN), Kano Chapter, Mr. Mustapha Abba; President, Lady Isioma Chukwuma; Emir of Kano, HRH Alhaji Muhammadu Sanusi II and Director-General, CIIN, Mr. Richard Borokini, during a courtesy visit to the Emir’s Palace in Kano, recently.

‘Stanbic IBTC pays N2.1bn to 37,000 retirees monthly’

he management of Stanbic IBTC Pension Managers, one of the leading Pension Fund Administrators (PFAs) in the country, has said it pays about N2.1 billion to retirees on a monthly basis. Chief Executive, Eric Fajemisin, disclosed this in Lagos while relishing an award presented to the company for its feat in information communication technology deployment. He said: “In our 12 years of existence, we have emerged Nigeria’s leading PFA with

tive operation such as pension administration. Besides, she said the ongoing verification exercise was a continuous exercise aimed at establishing a credible, authentic and digitised database of pensioners. “So far, PTAD has completed the verification of police, customs, immigration and prisons pensioners. The verification of civil service pensioners commenced in the North-West Zone (Jigawa, Kano, Kebbi, Sokoto, Katsina, Kaduna and Zamfara)

lenges. She noted that the implementation of micro pension would help create long-term funding for economic development, adding that making the rules easy would also help enhance the pension fund. “The issue of coverage especially in the informal sector is a good concern. We need the guidelines on micropension. The guidelines need to be flexible and empowering. It should be flexible to get people at the grassroots understand the need for saving. “Technical terms should be avoided. The use of pension may be technical for people at that level,” she said.

Fajemisin added that as the leading PFA in the country, innovation has been at the heart of the company’s strategy to build better relationships with customers, deliver improved and convenient services that will ensure retirement savings account holders have peace of mind. The PFA listed some of the innovative services introduced for convenience, accessibility, quality, and efficiency to include its 24-hour multilingual contact centre, Short Messaging Systems (SMS), Stanbic IBTC ATMs, email, its mobile office, mobile app, and the Pension Guru online, among others. Speaking on the award, the chief executive pointed out that customers’ support was instrumental for winning the Africa Pension Awards’ ICT Innovation Operator for 2016. The award was in recognition of efficient deployment of ICT for excellent customer service delivery, “We are very pleased to have been recognised as the most innovative pension administrator in Africa. It is indeed a prestigious award made possible by our dedicated customers. Our customers constantly challenge us through their support and positive feedback allowing us to push the bar in innovative service to ensure they get full benefit of partnering with us,” Fajemisin said.

PFAs unit rate for RSA and RSA retiree fund as at 14th October, 2016 PFA

RSA

RETIREE

DATE

Premium Pension

3.1063

2.3350

14-Oct-16

Crusader Sterling

3.0617

2.1969

14-Oct-16

ARM Pension

3.0514

2.4231

14-Oct-16

Stanbic IBTC

2.9591

*2.6996

14-Oct-16

Legacy Pension

2.8922

2.2673

14-Oct-16

NLPC Pension

2.7450

2.2654

14-Oct-16

Pension Alliance

2.6847

2.2668

14-Oct-16

Trust Fund Pensions

2.6365

2.1590

14-Oct-16

First Guarantee Pension

2.5731

2.2733

14-Oct-16

Sigma Pension

2.5377

2.4575

14-Oct-16

Leadway Pensure

2.4854

2.2990

13-Oct-16

AIICO pension

2.3865

2.2360

14-Oct-16

Fidelity Pension

2.1934

2.1085

14-Oct-16

FUG Pension

2.1571

2.3083

14-Oct-16

Apt Pension Managers Ltd

2.1167

2.2878

14-Oct-16

AXA Mansard

2.0906

2.0126

14-Oct-16

OAK Pension

2.0845

2.3850

14-Oct-16

Investment One Pension Managers Ltd

1.9161

1.6517

13-Oct-16

IEI Anchor Pension Managers Ltd

1.8979

2.1769

14-Oct-16

IGI Pension Fund Managers Ltd

1.5219

1.2934

8-Mar-16

NPF Pensions Limited

1.1898

* As @ 13 Oct, 2016

12-Oct-16

BUSINESS | Financial Market News

MONDAY, OCTOBER 24, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

21-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 20.00 100.00 300.00 351.30 233.90 606.43 225.59 605.31 719.99 468.02 75.00 150.00 200.00 591.57 1075.92 352.00

TOTAL OUTSTANDING VALUE

6,555.16

TOTAL MARKET CAPITALISATION

5,885.51

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

0.52 0.76 0.86 1.60 2.69 3.00 3.31 4.73 5.27 7.39 9.25 12.10 12.58 13.08 13.75 17.74 19.40

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

17.46 19.03 19.63 18.39 14.65 14.87 15.08 14.95 14.89 15.11 15.43 15.36 15.34 15.33 15.31 15.21 15.51

17.14 18.80 19.41 18.27 14.59 14.73 14.97 14.85 14.81 15.04 15.37 15.30 15.28 15.25 15.24 15.15 15.45

98.87 93.67 92.18 89.65 102.84 81.46 101.09 98.46 105.26 95.97 85.74 98.01 84.26 61.87 69.81 81.33 81.00

99.02 93.82 92.33 89.80 102.99 81.76 101.39 98.76 105.56 96.27 86.04 98.31 84.56 62.17 70.11 81.63 81.30

6510.155565

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

0.28

2.94

19.56

99.35

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

0.49 0.45 1.19 1.23 1.25 1.20 1.21 1.39 1.81 3.09 1.77 4.10 4.19 2.42 2.45 3.00 3.21 3.24 3.36 6.46 3.33

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

18.34 22.91 22.21 20.69 20.65 23.61 23.33 22.97 19.72 16.91 18.83 16.31 18.76 18.09 16.48 16.39 18.96 15.96 17.53 16.71 18.04

96.21 96.24 91.70 93.15 93.13 91.20 90.93 91.71 94.00 94.33 94.19 91.80 89.33 93.45 97.17 98.00 94.48 101.19 99.90 100.98 97.57

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

422.14 397.86

Corporate Bonds A-/Agusto; A-/GCR Nil Nil Nil A/GCR Bbb+/Agusto†; BBB+/GCR† BBB-/GCR Nil

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

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

*DANA

AAA/GCR

TOTAL OUTSTANDING VALUE

15.75 LA CASERA 18-OCT-2018 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

*TOWER# *TOWER# UBA *CHELLARAMS#

*DANA#{r} *TRANSCORP HOTELS PLC LAFARGE AFRICA PLC *TRANSCORP HOTELS PLC FCMB NAHCO LAFARGE AFRICA PLC *FCMB UBA FIDELITY

BBB/GCR A/GCR A/GCR

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

14.00 UBA II 30-SEP-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.50 TRANSCORP 4-DEC-2020 14.25 LAFARGE 15-JUN-2019 16.00 TRANSCORP 26-OCT-2022 15.00 FCMB 6-NOV-2020 15.75 NAHCO II 14-NOV-2020 14.75 LAFARGE 15-JUN-2021 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022

STANBIC IBTC STANBIC IBTC *NMRC

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

14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00

5.53 112.22 116.70 66.49 20.00

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

0.01 0.13 0.49 0.71 0.94

1.34 1.00 3.55 5.25 1.88

16.06 16.63 20.89 23.92 22.01

99.97 99.79 98.02 95.30 92.66

18-Oct-13 30-Nov-12

15.75 18.00

1.20 0.36

18-Oct-18 30-Nov-17

1.24 0.62

4.42 1.88

24.08 20.00

91.72 99.65

09-Apr-11

16.00

2.70

09-Apr-18

0.97

3.15

23.43

93.98

09-Sep-11

18.00

1.45

09-Sep-18

1.13

6.35

26.39

92.39

09-Sep-11 30-Sep-11

16.00 14.00

0.40 35.00

09-Sep-18 30-Sep-18

1.13 1.94

1.00 1.17

21.04 18.40

95.23 93.04

17-Feb-12 01-Apr-14

18.00 16.00

0.23 3.75

17-Feb-19 01-Apr-19

1.33 1.45

6.11 3.28

25.48 22.24

92.16 92.83

04-Dec-15 15-Jun-16

15.50 14.25

9.76 26.39

04-Dec-20 15-Jun-19

2.56 2.65

3.55 1.00

18.79 16.17

93.70 95.92

26-Oct-15 06-Nov-15

16.00 15.00

10.00 23.19

26-Oct-22 06-Nov-20

3.73 4.04

2.77 4.47

17.81 19.48

95.43 87.82

14-Nov-13 15-Jun-16

15.75 14.75

2.05 33.61

14-Nov-20 15-Jun-21

4.06 4.65

1.00 1.00

16.01 15.95

99.21 96.10

20-Nov-14 30-Dec-14

14.25 16.45

26.00 30.50

20-Nov-21 30-Dec-21

5.08 5.19

2.51 1.00

17.43 15.92

89.52 101.76

13-May-15 30-Sep-14 30-Sep-14

16.48 16.29 13.25

30.00 0.10 15.44

13-May-22 30-Sep-24 30-Sep-24

5.56 7.94 7.94

1.00 1.00 1.00

15.92 16.21 16.21

101.97 100.33 87.02

29-Jul-15

14.90

7.82

29-Jul-30

9.17

1.00

16.40

93.38

10-Oct-20

2.29

3.37

19.41

91.92

580.89

TOTAL MARKET CAPITALISATION

560.22

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

1.31

1.00

17.70

91.53

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.53

1.00

14.08

94.24

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

8.63

8.63 7.94

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.19 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

6.90

6.66

99.44

100.31

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.77

4.33

100.57

101.30

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.98

6.80

96.80

97.73

101.82

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,484.09

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

7.36

4.74

99.90

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

18.97

17.35

84.50

86.38

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.49

5.73

99.07

100.51

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.41

6.77

97.41

98.83

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

22.05

20.72

74.88

77.00

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

13.97 11.99 14.69

12.51 11.45 14.33

83.17 90.01 77.17

87.00 91.79 78.17

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

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,805.22 Description

Issuer

Outstanding Value (₦’bn)

Issue Date

Yield @ Issue (%)

FSDH CP I 28-NOV-16

30-Aug-16

16.64

0.81

28-Nov-16

1.00

16.42

16.14

FSDH CP II 26-MAY-17

30-Aug-16

21.89

14.17

26-May-17

217

2.49

20.46

18.24

Commercial Papers A-/Agusto A-/Agusto

TOTAL OUTSTANDING VALUE

FSDH MERCHANT BANK LIMITED FSDH MERCHANT BANK LIMITED

14.98

**TREASURY BILLS^ DTM 13 27 41 48 55 69 76 90

FIXINGS Maturity 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16 15-Dec-16 29-Dec-16 5-Jan-17 19-Jan-17

Bid Discount (%) 14.80 14.56 17.17 16.17 16.00 15.89 15.86 15.56

Offer Discount (%) 14.55 14.31 16.92 15.92 15.75 15.64 15.61 15.31

Bid Yield (%) 14.88 14.71 17.50 16.52 16.40 16.38 16.40 16.18

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 15.5000 19.1599 19.9051 22.0644

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

14.00

Tenor

Closing Rate ($/N)

O/N

14.50

Spot 7D 14D 1M 2M 3M

304.75 315.62 317.37 319.69 324.01 326.61

Tenor Call 1M

REPO

Rate (%) 15.00 16.83

FMDQ Daily Quotations List

21-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. 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.

BUSINESS | FINANCIAL MARKET NEWS

Bonds

MONDAY, OCTOBER 24, 2016 FGN Bonds NEW TELEGRAPH

WEAK Investors staked shares TOTAL OUTSTANDING VALUE worth N7.657 billion in TOTAL MARKET CAPITALISATION 12,290 deals Rating/Agency

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

Issuer

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

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

FSDH

Bbb+/Agusto†; BBB+/GCR† BBB-/GCR

*LA CASERA

he NSE All-Share Index and market capitalisation depreciated by 0.95 per cent to close last week at 27,596.82 and N9.479 trillion respectively. Similarly, all other indices finished lower during the week with the exception of the NSE Industrial Goods Index that apTOTAL OUTSTANDING VALUE preciated byCAPITALISATION 0.52 per cent, while TOTAL MARKET Corporate the NSEBonds ASeM Index closed flat. A turnover of 674.721 million shares worth N7.657 billion in 12,290 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.163 billion shares valued at N9.251 billion that exchanged hands the previous week in 14,992 deals. Nil

A-/DataPro†; CCC/GCR AAA/DataPro†; B/GCR A+/Agusto; A/GCR

BBB-/DataPro†; BB/GCR Nil

***LCRM UBA

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

*TOWER

*TOWER UBA

*CHELLARAMS #{r}

Bbb/Agusto; A-/GCR AA-/GCR Bbb/Agusto; A-/GCR A-/GCR

A+/Agusto; A-/GCR AA-/GCR

The Financial Services Industry (measured by volume) led the activity chart with 495.992 million shares valued at N2.767 billion traded in 6,522 Description deals; thus contributing 73.51 per cent and 36.14 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 80.885 million shares worth N95.212 million in 536 deals. The third place was occupied by the Construction/Real Estate Industry with a turnover of 32.484 million shares worth N18.498 million in 70 deals. Trading in the top three equities namely – Law Union & Rock Insurance Plc, Ecobank Transnational Incorporated and Transnational Corporation of Nigeria Plc (measured by volume) accounted for 263.199 million shares worth N1.033 billion in 637 deals, contributing 39.01per cent and 13.49 per cent to the total equity turnover volume and value respectively. Sixteen equities appreciated in price during last week, lower than 21 equities of the previous 17.25 FMB II 03-APR-2017

FMBN

Stories: Chris Ugwu Sub-National Bonds

Description

*DANA

*TRANSCORP HOTELS PLC LAFARGE AFRICA PLC

*TRANSCORP HOTELS PLC FCMB

NAHCO LAFARGE AFRICA PLC

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

LAGOS 19-APR-2017 BAYELSA 30-JUN-2017 EDO 31-DEC-2017 DELTA 30-SEP-2018 NIGER II 4-OCT-2018 EKITI 09-DEC-2018 NIGER III 12-DEC-2018 ONDO 14-FEB-2019 GOMBE 02-OCT-2019 LAGOS 22-NOV-2019 OSUN 12-DEC-2019 LAGOS 27-NOV-2020 KOGI 31-DEC-2020 EKITI II 31-DEC-2020 NASARAWA 06-JAN-2021 BAUCHI 9-DEC-2021 OYO 16-FEB-2022 BENUE 27-FEB-2022 PLATEAU 30-MAR-2022 KOGI II 31-MAR-2022 CROSS RIVER 27-MAY-2022

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

15.75 LA CASERA 18-OCT-2018 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 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019

15.50 TRANSCORP 4-DEC-2020 14.25 LAFARGE 15-JUN-2019

16.00 TRANSCORP 26-OCT-2022 15.00 FCMB 6-NOV-2020

15.75 NAHCO II 14-NOV-2020