Monday, september 19, 2016 binder1 by Newtelegraphonline

Soludo, Sanusi squandered external reserves on BDCs –Emefiele

l'Ex-CBN governors’ policies encouraged capital flight' Tony Chukwunyem

overnor of the Central Bank of Nigeria (CBN), Mr. God-

win Emefiele, has placed the blame for the current foreign exchange crisis in

the country squarely at the feet of his predecessors – Lamido Sanusi and Profes-

sor Chukwuma Soludo. In an interview in Lagos on Saturday, Emefiele

President, Osinbajo, others earn N2.29bn in one year

said the current forex crisis would have been averted if Soludo and Sanusi had not adopted measures that resulted in the depletion of the country’s foreign reserves. Soludo was CBN Gover-

nor between 2004 and 2009 when Sanusi succeeded him. According to Emefiele, when both men were at the helm of affairs at the apex bank, the price of CONTINUED ON PAGE 2

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APC splits into factions Owoseni

Jibrin

Olonisakin

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Buhari’s loyalists, Tinubu, Abuja Group in cold war Amosun, Fashola lead South-West onslaught }2

Pickpocket steals officer's money during interrogation

Ayoola

Catholic bishops to Buhari: No excuse for failure …say Nigerians are suffering }3

lAdvocate devolution of powers

Managing Director/Editor-in-Chief, New Telegraph Newspapers, Mrs. Funke Egbemode (left), presenting a copy of the newspaper to the Ooni of Ife, Oba Adeyeye Ogunwusi Ojaja II, during a courtesy call on the monarch by the management of the newspaper in Ile-Ife... on Friday. PHOTO: Godwin Irekhe

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NEWS

2019: APC splits into factions I Ayodele Ojo

n a bid to control the levers of the All Progressives Congress (APC) ahead of the 2019 elections, major forces in the governing party are currently in a suppressed war, which has split the party into, at least, three major factions. The internal crisis in APC is deep-seated such that the various factions have weakened the ruling party. The only difference now between APC and the opposition Peoples Democratic Party (PDP) is that in the former, it is a suppressed war, while in the latter, the party is divided along Ahmed Makarfi and Ali Modu Sheriff factions with cases on the leadership in various courts.

New Telegraph learnt that there are three major tendencies in the party: Bola Tinubu, Abuja group and Buhari loyalists. The Tinubu tendency, which has Chief Bisi Akande, former governor of Osun State and ex-Interim National Chairman of the APC with a few APC governors aligned, has been the subject of attacks from forces in the party. The tendency played a major role in the merger of the legacies party that coalesced to form APC. The second group is the Abuja group with Governor Nasir el-Rufai of Kaduna State, Babatunde Fashola (Minister of Power, Works and Housing), Rotimi Amaechi (Minister of Transportation), and some other ministers as members.

The third tendency within the party is the core loyalists of President Muhammadu Buhari. Former Vice-President Atiku Abubakar, Senate President Bukola Saraki, Speaker Yakubu Dogara and some state governors are spread across the three tendencies. They might eventually pull out from the APC, credible sources have disclosed. The fourth tendency is the party leadership, especially the national chairman, John Odigie-Oyegun, and national legal adviser, Muiz Banire. The party leadership is more aligned to the Abuja group. All the groups are working at cross-purposes. While the Tinubu-Akande tendency is today strategizing on how to hold on to the SouthWest front, the Abuja group,

led by el-Rufai, is working with the Governor Ibikunle Amosun-led South-West block to take control of the party structures in the zone from Tinubu. It was learnt that major forces in the party see Tinubu as a common enemy ahead of 2019. "What exactly is Tinubu's sin, no one has been told. How can someone who played a part in the electoral victories of APC at virtually all levels suddenly become a threat?" an associate of Tinubu asked. Multiple sources told New Telegraph that the idea is to weaken the support base of Tinubu ahead of 2019 general elections. The internal strife within the APC played out in the recent governorship primaries of the party in Ondo State where the Abu-

L-R: Governors Akinwunmi Ambode (Lagos), Abubakar Yari (Zamfara) and President Muhammadu Buhari, after the arrival of the president in New York for the 71st Session of the United Nations General Assembly (UNGA 71)…at the weekend.

ja tendency worked against Tinubu and ensured that their preferred aspirant, Rotimi Akeredolu, emerged as the party’s candidate in the November 20 poll. There is suspicion in the Tinubu camp that the Abuja group and the party’s national leadership manipulated the process in favour of Akeredolu. This was not the first time the Abuja group fought against Tinubu. It was learnt that the same forces fought Tinubu's choice, James Faleke, as replacement for the late Abubakar Audu, who died before the final announcement of the Kogi State governorship election result. The Abuja group, with Buhari's loyalists, influenced the choice of Yahaya Bello as late Audu's replacement for the supplementary election. "We know that there are forces within the party trying hard to weaken Tinubu's support base in the party. The party primaries in Ondo State was just one of the battles against us. The whole process was manipulated in such a way that Tinubu's candidate did not emerge. They succeeded in Kogi. Now in Ondo, they seem to be having their way. But wait. Who loses in the long run? It's the party. Not Tinubu. "In spite of our sacrifices for the party, some forces are pushing hard to turn us to onlookers in the party. Well, we are watching how events unfold. The only thing is that we were

Soludo, Sanusi squandered external reserves on BDCs –Emefiele CONTINUED FROM PAGE 1

oil was consistently well above $110 per barrel and the country had healthy reserves that would have allowed it to invest in critical infrastructure that would boost productivity and diversify the economy. He said: “In September 2008, Nigeria’s FX reserve stood at $62 billion, what did we do with $62 billion? At a time when crude oil price was at about N120 per barrel, what did the country do? What we could have done is save the money. If we couldn’t save the money, invest it in infrastructure, invest in industry; invest them in infrastructure and industry that would grow productivity and the wealth of our people. But what did we do? “I’ll give you an example. The Central Bank of Nigeria of that time went about licensing class ‘A’, class ‘B’, class ‘C’ bureauxde-change. “For class ‘A’ bureau-dechange, Central Bank was allocating $1 million per

week; for class ‘B’ bureaude-change, Central Bank was allocating $750,000 per week, and for class ‘C’ bureau-de-change, CBN was allocating $500,000 per week to each bureaude-change to the extent that between 2005 when the bank started selling dollar cash and 2016 January when we stopped it, the CBN had sold dollar cash of up to $66 billion to BDCs. “In 11 years, CBN allocated $66 billion, averaging $6 billion per year. If this didn’t happen, we would comfortably be having well over $90 billion in our reserve account today and we will not be struggling to pay our bills today. If we had thought of other ways to utilise our reserves in 2008 when it was as high as $62 billion, perhaps certainly we would not be where we are.” He revealed that when he was CEO of Zenith Bank, he was queried by a Deputy Governor of the CBN for not selling dollars to BDCs.

“I was called to be queried that some people in Kano, some people in Port Harcourt and in Lagos were calling to say Zenith Bank was not selling dollar cash to bureaux-dechange, but of course the bank didn’t see any serious need to disburse dollar cash to bureaux-de-change at that time. That was what we did with part of our $62 billion,” he stated. Besides, he said in the wake of the global financial crisis, all forms of capital control were removed to encourage the flow of capital into Nigeria with the result that between 2009 and 2014, the country recorded $23 billion in capital flows. However, according to him, although CBN’s policies at the time encouraged Nigerians to buy shares/securities abroad, there was no record that the dividends and proceeds of sale of the shares were repatriated through the apex bank. He said: “Between 2009 or 2010 and 2014, when we

had the crisis, America pumped a lot of money to stimulate the economy, and as a result of pumping that money, some of those funds flowed into emerging markets, including Nigeria. At that time again, Nigeria removed all forms of capital control to encourage the flow of capital into Nigeria. So what happened during that time? In five straight years, we saw crude price at above $105 per barrel for five straight years. “That period, we also saw unhindered flow of capital into emerging market into Nigeria; to the extent that by 2013, we had $23 billion in capital flows into Nigeria. What did we also do? The CBN started encouraging Nigerians to buy shares/ securities abroad. Although the dividends and proceeds of sale of the shares were to be repatriated through the CBN, we do not have any records to show that the dividends and proceeds of share sale were repatriated. People just had

all the discretion to transfer funds as they wished; just because we thought we had a lot and didn’t think about a day like today when crude prices will be so low. We should have, at that time, built our reserves. What did we do with our reserves at that time? I repeat those were some of the actions we took as Central Bank that resulted in the situation that we are today.” The CBN Governor, who stoutly defended the regulator’s forex policy, especially the forex ban on 41 items, said that the country could not afford to be importing items it has the capacity to manufacture, stressing that the forex ban had already led to the creation of jobs in some sectors. Commenting on the strategies that can get the country out of the economic recession, Emefiele again, suggested that the government sell assets in the oil industry just as Africa’s richest man, Aliko CONTINUED ON PAGE 4

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

instrumental to the emergence of this government and we won't abandon the ship," a loyalist of Tinubu told New Telegraph at the weekend. The Abuja/el-Rufai group has two goals – all revolve around 2019 elections – to take over the structures of the party in the SouthWest and boost their ambition. There are plans for the group to produce Buhari’s successor either in 2019 or 2023. Amosun, Fashola and some ministers are coordinating the South-West block aimed at challenging the APC leader. Tinubu's influence earned him the right to nominate the vice president for Buhari in 2015. Also, some of the ministers are fighting back over alleged attempt by Tinubu to block their nomination as ministers. Tinubu and Amosun fell apart during the constitution of the Buhari cabinet over who takes the Ogun State slot. While Tinubu recommended his former finance commissioner, Wale Edun, Amosun opted for his finance commissioner, Kemi Adeosun. In the end, Amosun had his way as Adeosun emerged Minister of Finance. The relationship got worse when Tinubu facilitated the return of former Governor of Ogun State, Aremo Olusegun Osoba, back to the APC. This, Amosun considered as a plot to fight him. Again, the governorship ambition of Senator Solomon Adeola representing Lagos West in 2019 has further ruptured their relationship. Amaechi is coordinating the South-South axis of the Abuja group while elRufai is working with some northern governors to rally the north for the APC ahead of 2019. For loyalists of Buhari, politics is secondary. They are preoccupied with how to get Buhari on the right side of history. The Secretary to the Government of the Federation (SGF), David Babachir, and Chief of Staff to the President, Abba Kyari, are core members of this tendency who are working on how to find solution to varying challenges confronting the country. The tendency depends on all groups within the party. Buhari has remained indifferent in the crisis rocking his party.

3.2%

The percentage of individuals using the internet in Angola in 2007. Source: Itu.int

The total number of open play goals conceded by Korea Republic at Brazil 2014 World Cup. Source: Fifa.com

NEWS

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Catholic bishops to Buhari: No excuse for failure

Babatope Okeowo Akure

atholic Bishops in the country, at the weekend, took a critical look at the administration of President Muhammadu Buhari and gave it low marks in critical sectors including economy, security and social development. The bishops, in their communiqué after a oneweek conference in Akure, the Ondo State capital, said the people of the country are tired of the excuses being given by the administration for its failure. They asked the government to buckle up and resolve the myriads of problems facing the country. At a press conference jointly addressed by the President of Catholic Bishops’ Conference of Nigeria (CBCN), Ignatus Kaigama,

John Cardinal Onaiyekan (Archbishop of Abuja,) Augustine Akubueze (Vice President), Godfrey Onah (Nsukka) and Raph Madu (the secretary), the Bishops decried the inability of the Buhari administration to tackle various challenges facing the country. According to the Catholic bishops, the people of the country are tired of the excuses that the past administration of Dr. Goodluck Jonathan caused the economic crisis the country was facing and should proffer solutions to the problems in the country. Kaigama, who spoke on behalf of others, said: “I visit my people and they are in millions, I know what they say; they are hungry. The costs of things in the market are so high and they cannot afford it. People are sick, they take them to hospital, they cannot pay the bill and they die. Things

are not well, there is hunger in the land, and there is criminality. “The people in government have the responsibility to take care of the citizens and if anything is going wrong, they have no excuse. They should not be looking for excuses; they should not be telling us about the price of oil, Niger Delta militants. Those are the problems they ought to face.” The bishop, who regretted that the present administration is playing politics instead of facing governance, said: “Nigeria is in a state of emergency and this is not time for politicking, discrimination and dividing the nation. We advise the government to bring Nigerians together to face our common emergency and avoid discrimination, polarisation, politicisation of sensitive and important service position in the

country so that anybody that has positive thing to contribute will be brought on board. The time for political campaign finished more than 15 months ago, now Nigerians want to move forward.” The Catholic priests asked the opposition parties to take up their responsibility of putting the government on its toes and see how Nigeria can move forward instead of running the government down. On the excuse that the past administration brought Nigeria to its present state, Bishop Onah said: “If the present administration thought that the past administration was doing very well, they would not have sought to replace them. If they sought to be elected into office, they knew that that government was not doing what they thought they could do. “This is the time for

them to do what they thought they could do better. They knew that the administration was not what Nigerians deserved. We are no longer interested in their judgement of that administration. The election has passed judgement on it already. We want to see the alternative way of governance.” On the state of the nation, Kaigama regretted that the nation has gone into economic recession and proffered solutions to it. His words: “We note the efforts of the Nigerian government towards the growth of the nation’s economy. Yet, the economy has gone into a recession. Many people have lost their jobs, and those who are fortunate to retain theirs are not adequately remunerated and some are not paid as and when due. There is hunger in the land.

“We, therefore, urge the government to take proactive and practical steps towards reversing the recession. As a result of the fall in the oil prices, it has become inevitable to, without further delay, diversify the economy, engender fiscal and monetary policies, stimulate and mobilise investments, and engage in a productive, rather than a consumerist, economy. “We advise the Federal Government to consider devolution of powers to create a healthy economic competition in the federating units. We call on Nigerians to moderate their taste for foreign goods, reduce waste and be more prudent in expenditure. In the meantime, we expect the government to quickly evolve appropriate palliative measures and empower, by job creation, the teeming unemployed youths.” CONTINUED ON PAGE 4

OFFICIAL REMUNERATION PACKAGES FOR FEDERAL EXECUTIVE OFFICERS IN NIGERIA Federal Executive: Official Salary and Allowances of Federal Executive Officers of Federal Republic of Nigeria S/N

1 2 3 4 5 6 7

FEDERAL EXECUTIVE

Annual Basic Salary

President Vice President Minister/SGF/HOS/Chair Constitutional Body Member Special Advisers, Spch writers Perm Sec/ DG, AGFs/ Chief Exec. Of MDAs INEC Resident Electoral Comm

3,514,705.00 3,031,572.50 2,026,400.00 1,957,580.00 1,942,875.00

Vehicle Maintenance 75% TBP TBP 1,519,800.00 1,468,185.00 1,457,156.25

Personal House Assistant Maintenance 25% TBP NA TBP NA 506,600.00 NA 489,395.00 NA 485,718.75 NA

Domestic Staff

Entertain- Utilities Constituency Hardship Newspaper Monitoring Annual Monthly ment Allowance Allowance Allowance Emolument Emolument

75% 45% 30% TBP TBP TBP TBP TBP TBP 1,519,800.00 911,880.00 607,920.00 1,468,185.00 880,911.00 587,274.00 1,457,156.25 874,293.75 582,862.50

250% 50% 15% 20% 8,786,762.50 1,757,352.50 TBP NA 14,058,820.00 1,171,568.33 7,578,931.25 1,515,786.25 TBP NA 12,126,290.00 1,010,524.17 NA NA 303,960.00 405,280.00 7,801,640.00 650,136.67 NA NA 293,637.00 391,516.00 7,536,683.00 628,056.92 NA NA 291,431.25 NA 7,091,493.75 590,957.81

1,925,865.00 1,444,398.75 481,466.25

1,444,398.75 866,639.25 577,759.50

288,879.75

385,173.00

7,414,580.25

617,881.69

1,925,865.00 1,444,398.75 481,466.25

1,444,398.75 866,639.25 577,759.50

288,879.75

385,173.00

7,414,580.25

617,881.69

Non-Regular Allowances for Officers of Federal Executive Arm S/N 1 2 3 4 5 6 7

Category of Federal Executive Officers

Annual Basic Salary

President Vice President Minister/SGF/HOS/Chairmen Member of constitutional Bodies Special Adviser, Speech writers DG,AGFs/Perm Sec/ /CEO Govt Parastatals, Coy, Agency/ INEC Resident Electoral Commissioner

3,514,705.00 3,031,572.50 2,026,400.00 1,957,580.00 1,942,875.00 1,925,865.00 1,925,865.00

Accommodation Once a year 200% TBP TBP 4,052,800.00 3,915,160.00 3,885,750.00 3,851,730.00 3,851,730.00

Furniture once a year 300% TBP TBP 6,079,200.00 5,872,740.00 5,828,625.00 5,777,595.00 5,777,595.00

Annual Leave Severance Gratuity Vehicle Loan to be Duty Tour Per Estacode per (After Tenure) repaid (Optional) Night Local night oversea 10% 300% 400% 30% 250% 10,544,115.00 14,058,820.00 351,470.50 TBP TBP 9,094,717.50 12,126,290.00 303,157.25 TBP TBP 6,079,200.00 8,105,600.00 N35,000.00 $1,000 202,640.00 5,872,740.00 7,830,320.00 N35,000.00 $900 195,758.00 5,828,625.00 7,771,500.00 N25,000.00 $800 194,287.50 5,777,595.00 7,703,460.00 N20,000.00 $600 192,586.50 5,777,595.00 7,703,460.00 N20,000.00 $600 192,586.50

Table by the Economic Confidential www.economicconfidential.com

President, Osinbajo, others earn N2.29bn in one year Onwuka Nzeshi Abuja

he frugal posture of President Muhammadu Buhari and Vice-President Yemi Osinbajo, when they announced a 50 per cent cut in their salaries, may not amount to much as the duo, as well as cabinet ministers and other political appointees, pocketed N2.295 billion as salaries and allowances in the last one year. In a report published by the Economic Confidential magazine, the official remunerations of the President, Vice-President, cabinet ministers, Secretary to the Government of

the Federation (SGF) and the Head of Service of the Federation amongst other chief executives, were in tandem with the specifications of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC). The packages include: annual salaries, accommodation, vehicle maintenance/fuel, Personal Assistant, House maintenance, domestic staff, entertainment and utilities allowances. Other allowances are: Constituency allowance, hardship allowance, newspapers and monitoring allowances. An analysis of the report indicates that Mr.

President has an annual basic salary of N3.51 million, Vice-President N3.03 million, while Ministers, SGF, Head of Service and Chairmen of Boards of statutory agencies have N2.02 million respectively. Similarly, members of constitutional bodies, Special Advisers, Speech writers, Directors General, Accountant General of the Federation, Permanent Secretaries, CEOs of agencies and Independent National Electoral Commission (INEC) Resident Electoral Commissioners each have an annual basic salary of N1.9 million. The report also shows that in the executive arm of government, only the presi-

dent and the vice-president enjoy the hardship allowances of 50 per cent each of their annual basic salaries; 250 per cent as Constituency Allowances and enjoy other perks to be provided (TBP) by government. These benefits to be provided to the two leaders include, but not limited to the following: Accommodation, Furniture, Domestic Staff, Personal Assistants, Utilities, Newspapers, Vehicles, Entertainment, Maintenance and Estacode. Meanwhile, other appointees, including Ministers, Advisers, Permanent Secretaries and INEC Resident Commissioners are entitled to 200 per cent

of their annual basic salary for accommodation; 300 per cent for furniture; 75 per cent for vehicle maintenance and fuel; 25 per cent for Personal Assistant; 75 per cent for domestic staff; 45 per cent for entertainment; 30 per cent for utilities; 15 per cent for newspapers, and 20 per cent for monitoring. While the president and vice president’s duty tours and estacode will be provided by government, other officers have fixed rates. The estacode allowance per day for ministers, SGF, Head of Service and Chairmen of Board is $1000 per night on foreign trip, member of constitutional bodies $900 per night, Special Adviser

and Speech Writer $800 per night while Permanent Secretary, Director General and INEC Electoral Commissioner take $600 per night each on foreign trips. However, investigations have revealed that an average Nigerian worker, with a minimum wage of N18,000 a month, will have to work for more than four years before earning the utility allowance for Ministers of the Federal Republic. In Nigeria, it is the responsibility of the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) to fix the remuneration packages of public and political office holders, while the National Salaries, Wages and Income Commission fixes the salaries and allowances of civil servants.

NEWS

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Recession: PDP Senators plan fierce opposition

lPIB, Magu’s confirmation, others top agenda lReps to brainstorm on economy Chukwu David and Philip Nyam Abuja

ndications emerged yesterday that the Peoples Democratic Party (PDP) senators have resolved to jettison the principle of collaboration and give real opposition to the ruling All Progressives Congress (APC) as the Senate resumes tomorrow. A senator from the PDP, who pleaded anonymity, revealed to New Telegraph that the opposition law-

makers were warming up to keep the ruling party on its toes. The senator said: "We in the opposition have shown enough patriotism to Nigerians by collaborating with the APC, but this has not yielded the desired result. So, we want to change this method and go into real opposition. "The aim is to put the APC on its toes for the benefit of Nigerians because they appear to be sleeping and taking both the opposition party and everybody for granted. It is obvious

that they are confused because you can see that they don't know what to do; and that is because they have nothing to offer. "So, we are going to put pressure on them when we resume, so that they can wake up from slumber and face the task of governance, which is why they came to power. We will not continue to watch them waste Nigerians' mandate for the next four years." However, New Telegraph was reliably informed that the Senate leadership was doing everything to ensure

South Korea's Ambassador to Nigeria, Mr. Noh Kyu-Duk (left), presenting a souvenir to Sokoto State Governor, Aminu Tambuwal, during the envoy's visit to the governor in Sokoto...yesterday.

'Soludo, Sanusi squandered external reserves on BDCs' CONTINUED FROM PAGE 2

Dangote, suggested. He said: “In April 2015, I granted an interview to Financial Times of London where I suggested that in order to raise money to fund its capital expenditure, government needed to sell between 10 per cent and 15 per cent of its oil and gas assets. At that time, oil price was about $50/N55 per barrel, and our consultants did the numbers and told us that we could raise between $25 to $35 billion. I would imagine that that option is still on the table because more people even in the cabinet have made the same suggestion and if it happens, that will be fine, including the option to buy back the assets at some premium if we contemplate buying back when the crude prices move up and the assets value also move up. You know that in government, there are those against and those in favour. The argument in favour of selling the assets has gained a lot of credence recently.” The country’s foreign reserves stood at $24.87 billion as at September 15.

US-Africa Policy: Elumelu tasks Clinton, Trump on engagement Wale Elegbede

he Chairman of the United Bank for Africa (UBA), Mr. Tony Elumelu, has urged the presidential candidates of the Democratic and Republican parties in the United States, Mrs. Hilary Clinton and Mr. Donald Trump respectively, to stick with the current US-Africa Policy in their manifestoes. Speaking at the weekend in Delaware as the Keynote Speaker at the US Senator Chris Coons’ Opportunity Africa Conference 2016, Elumelu said: “Some things don't need to change. What they need is to be expanded and scaled up. In other words, we need more U.S. engagement in Africa through mutually beneficial trade and investment. "That is exactly what I, and 200 other US and African political and business leaders, including President Obama and over 30 African Presidents, will be discussing next week at the US-Africa Business Forum in New York – how to strengthen mutually

beneficial economic ties between the African and American people." According to him, “If we give our people the economic tools to thrive, living standard increase, the political challenges that Africa faces can be tackled and fundamental positive change can be assured. He called on the next US President to work in Shared Purpose with Africans on implementing innovative solutions to the complex but surmountable challenges in Africa. He also challenged the American electorate: “So when you meet, write, call and email your political candidates and representatives and the elected President in November, tell them that when it comes to Africa, you want “More. And by “More”, I mean more engagement, more positively impactful policies and more development and commercial investment in Africa."

N145

The average price of Premium Motor Spirit (Petrol) of Kano State in July 2016. Source: National Bureau of Statistics

a crisis-free chamber, so that the lawmakers would harmoniously support the executive to address the multifarious challenges in the country. A source close to the leadership told our correspondent that the President of the Senate, Bukola Saraki, and his team had started reaching out to their colleagues, to eschew conflict and controversy on resumption, to enable the Senate work as one indivisible entity for the benefit of the electorate. The source, who insisted that his name must not be mentioned, said that the leadership of the Senate was highly worried by the failure of the APC-led Federal Government to deliver on its campaign promises to the people, but rather subjected them to hunger and starvation. Meanwhile, as the National Assembly resumes tomorrow from its twomonth annual recess, the lawmakers will begin discussion on the state of the nation's economy. The Senate’s spokesman, Aliyu Sabi, in an interview with New Telegraph in Abuja, said that the Red Chamber had to rise to the occasion by effectively contributing its quota towards resolving the

economic crisis in Nigeria. He also noted that the Upper Chamber would give priority attention to the contentious Petroleum Industry Bill (PIB), which has suffered serious setbacks in the last eight years of its appearance in the National Assembly. The confirmation of the 47 ambassadorial nominees, who were screened by the Committee on Foreign Affairs before the Senate adjourned for the twomonth recess, is also on the agenda. Sabi further hinted that the confirmation of Ibrahim Magu as the substantive Chairman of the Economic and Financial Crimes Commission (EFCC) would be considered. His words: "The PIB will be seriously considered this time around. All the pending communications from the executive like request for confirmation of appointment of the new EFCC boss will also be given our top priority. In the House, deliberation on how to tackle the economic recession will begin. The House also plans to initiate its own version of the PIB. Chairman of the House Committee on Media and

Public affairs, Hon. Abdulrazaq Namdas, who confirmed this in a chat with New Telegraph, said the lawmakers were deeply concerned about the financial status of the country and the general suffering in the land. According to him, "the House is seriously worried by the economic recession we have found ourselves as a nation. We are aware Nigerians are going through difficulties. Therefore, our major concern now is the economy. "So, when we reconvene on Tuesday in plenary, our major preoccupation will be to deliberate on how to rework the economy for the benefit of the suffering masses." Namdas explained that the House report on the sectoral debate would also be put to use as part of measures to help grow the economy. On the PIB, he explained that the lower chamber may be coming up with its own version of the bill since it cannot wait endlessly for the executive. He said the Speaker’s earlier declaration that the House would be introducing a new PIB subsists and if we do not receive any on resumption, "we shall initiate our own version."

Catholic bishops advocate devolution of powers CONTINUED FROM PAGE 3

On the security challenges being faced by the country, the Bishops said: “Our country is generally passing through an unfortunate phase whereby sanctity and dignity of human life is constantly undermined. People, especially women and children, are reduced to merchandise and trafficked within, across and beyond our country for sex exploitation forced servitude and organ harvesting. “We denounce policies and practices that undermine the sanctity and dignity of human life. We also call on government to drastically reduce poverty and remove everything that condemns the less privileged to life of avoidable suffering and make them easy victims of human trafficking. We also call on government to protect the victims and bring to book the perpetrators.” The communiqué read in part: “We observe with dismay the growing inequality and lack of respect for basic rights in our nation. Cases of dis-

$0.04m

The capital importation of the Drilling sector of Nigeria in Q2 2013. Source: National Bureau of Statistics

crimination on the bases of religion, ethnic group and political affiliation still abound. This is evident in the recent government appointments and provision of social amenities. “We enjoin governments at all levels to eschew all forms of marginalisation and give everybody a sense of belonging. We equally call on Nigerians to respect one another’s rights, including rights to life and religious freedom. We urge the government to use appropriate democratic machineries to protect citizens’ rights, reject and avoid making policies that would lead to the breach of these rights. “For instance, curriculum reforms in the education sector should respect religious freedom, which includes right to promote one’s religious beliefs and doctrines without violation of the rights of others. We insist on the teaching of religion in all schools in such a way that no religion is disadvantaged. We, therefore, call on law and policy makers to adhere to the principles of state secularity, recognising the multi-religious nature of our nation. “It is highly regrettable that our nation has contin-

ued to witness many forms of violent activities and cases of violation of human dignity. These include electoral and religious violence; mayhem caused by herdsmen, violence in the Niger Delta, extra-judicial killing, kidnapping, human trafficking, child abuse, and forced labour. “We call on governments at all levels to devise adequate practical measures to tackle all forms of violence and assault on the human person. We condemn totally the acts of vandalism of oil installations in the Niger Delta and destruction of public property. At the same time, we enjoin the Federal Government to address the root causes, and by dialogue and other peaceful means, end the crises in the Niger Delta. “Similarly, we urge the government and security agencies to take decisive actions against the wanton destruction of lives and property by herdsmen, which pose serious threat to the security and unity of our nation. We lend our voice to those of other Nigerians calling for safer and modern ways of rearing cattle, for instance, ranches. We totally condemn the idea of grazing reserves and wandering of cattle.”

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

FLOUR MILL NIG PLC

BETTER HARD RED WINTER

14/09/2016

326.00

430,112.50

ADEOSUN ADEKUNLE (GBP3500)

PAYMENT OF SCHOOL FEES

16/09/2016

307.77

4,620.70

FLOUR MILL NIG PLC

POLYPROPYLENE HOMOPOLYMER

14/09/2016

326.00

30,000.00

BOTHA THEODORUS ERNST

PERSONAL HOME REMMITTANCE

16/09/2016

318.00

2,695.00

FLOUR MILL NIG PLC

IPEA

14/09/2016

326.00

129,250.62

TOYO OLUWASEUN FOLARIN (GBP2300)

LIVING EXPENSES

16/09/2016

340.86

3,036.46

FLOUR MILL NIG PLC

123.750 METRIC TONS OF LOW DENSITY

14/09/2016

326.00

77,036.88

AKANDE OLAWALE EMMANUEL

PAYMENT OF SCHOOL FEES

16/09/2016

318.00

1,995.00

NWANKWO AMBROSE A.E (GBP31,524)

PAYMENT OF SCHOOL FEES

14/09/2016

315.93

41,487.67

ALONGE SAKA ISHOLA

PAYMENT OF SCHOOL FEES

16/09/2016

275.00

1,202.04

AKINMOYEDE ISAAC OLUTAYO

PAYMENT OF SCHOOL FEES

14/09/2016

345.56

5,199.13

KENGOLDEN ONYINYE

PAYMENT OF SCHOOL FEES

16/09/2016

318.00

23.81

AKINMOYEDE ISAAC OLUTAYO

PAYMENT OF SCHOOL FEES

14/09/2016

345.56

5,142.86

NWANKWO AMBROSE A.E (GBP0.07)

PAYMENT OF SCHOOL FEES

16/09/2016

352.22

0.09

ISIAVWE DAVID TAIWO (GBP2,625)

PAYMENT OF SCHOOL FEES

14/09/2016

315.93

3,454.67

PA BELL BDC

SALE TO BDC

16/09/2016

345.56

6,727.00

AKINMOYEDE ISAAC OLUTAYO

PAYMENT OF SCHOOL FEES

14/09/2016

345.56

174.52

PA BELL BDC

SALE TO BDC

16/09/2016

345.56

22,998.56

OKONKWO GODSON CHUKWUEMEKA

PTA

14/09/2016

316.00

4,000.00

KAYLAN BDC

SALE TO BDC

16/09/2016

345.56

26,025.56

NWAKOGO PATRICK EKENE

PTA

14/09/2016

330.50

2,000.00

SONOLA OLADAPO OMOBOLANLE

PTA

16/09/2016

318.00

4,000.00

OKONKWO EMEKA

ESTACODE

14/09/2016

316.00

7,000.00

KOSOKO MOFIYINFOLUWA DANIEL

PTA

16/09/2016

318.00

4,000.00

EMADEB ENERGY

PMS

15/09/2016

307.33

1,543,000.00

KOSOKO OLANREWAJU ADUKE

PTA

16/09/2016

318.00

4,000.00

EMADEB ENERGY

PMS

15/09/2016

307.33

5,522,000.00

KASALI TAIWO TEMIDIRE

PTA

16/09/2016

318.00

4,000.00

AFARISON AUTO CO LTD

PAYMENT OF SCHOOL FEES

15/09/2016

318.00

11,900.00

OKHIMAMHE UAYEMEN MICHELLE

PTA

16/09/2016

318.00

4,000.00

RICHARD JOHNSON

PERSONAL HOME REMMITTANCE

15/09/2016

318.00

9,085.00

OKHIMAMHE DENIS

PTA

16/09/2016

318.00

2,000.00

RAKESH RASTOGI

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

4,140.00

OLUSANYA VICTOR OLUKAYODE

PTA

16/09/2016

318.00

4,000.00

CAMERON EDWARD STEWART

PERSONAL HOME REMMITTANCE

15/09/2016

318.00

4,070.00

AGBEBIAYODELE MORAKINYO

ESTA CODE

16/09/2016

318.00

380.00

AKWAZIE BRIDGET TAIWO

PAYMENT OF SCHOOL FEES

15/09/2016

318.00

3,747.24

OJEH EHIONYEDUE ISIOMA

ESTACODE

16/09/2016

318.00

1,040.00

SANDEEP NAND

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

3,370.00

ADEKUNLE SONOLA

ESTACODE

16/09/2016

318.00

3,000.00

ORIMOLOYEFOLORUNSHO EMMANUEL

ESTACODE

16/09/2016

318.00

1,600.00

ROHIT KHATRI

PERSONAL HOME REMMITTANCE

15/09/2016

318.00

3,300.00

EBATA GLORIA OSARETIN (CAD3,100)

ACCOMMODATION FEES PAID INTO SCHOOL ACCOUNT

15/09/2016

345.56

2,387.37

AGARWAL BIMAL

PERSONAL HOME REMMITTANCE

15/09/2016

318.00

3,000.00

SOUMYA GHOSH

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

2,500.00

OTHER SOURCES 1

14/09/2016

336.47

5,142.86

PREM PRAKASH

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

2,285.00

OTHER SOURCES 2

14/09/2016

336.94

2,671.95

AKWAZIE BRIDGET TAIWO

PAYMENT OF SCHOOL FEES

15/09/2016

345.56

2,242.34

OTHER SOURCES 3

14/09/2016

335.83

5,199.13

KAYARPALKE GOWTHAMA

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

1,975.00

OTHER SOURCES 4

14/09/2016

335.19

23,072.15

TANVEER PATEL

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

1,920.00

OTHER SOURCES 5

14/09/2016

336.88

2,785.03

MOHIT KAKKAR

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

1,920.00

OTHER SOURCES 6

14/09/2016

336.68

3,194.90

ATUL PRAKASH

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

1,920.00

OTHER SOURCES 7

14/09/2016

315.00

99,988.50

RAVINDRA SINGH

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

1,050.00

OTHER SOURCES 8

14/09/2016

310.64

2,269.62

RAKESH RASTOGI

PERSONAL HOME REMMITTANCE

15/09/2016

316.00

745.00

OTHER SOURCES 9

14/09/2016

300.00

25.00

UNION BANK/VISA CARD

VISA FEE FOR

15/09/2016

318.00

585.00

OTHER SOURCES 10

14/09/2016

300.00

3,000.00

UNION BANK/VISA CARD

FUNDING OF VISA CARD

15/09/2016

318.00

61.96

OTHER SOURCES 11

14/09/2016

350.00

66.81

UNION BANK/VISA CARD

FUNDING OF VISA CARD

15/09/2016

318.00

37.78

OTHER SOURCES 12

14/09/2016

350.00

5,108.89

VIGO MOROUNRANTI EBUNOLUWA AYINKE

PTA

15/09/2016

318.00

4,000.00

OTHER SOURCES 13

14/09/2016

410.00

394.82

AKANDE FUNMILAYO OLANIKE

PTA

15/09/2016

318.00

4,000.00

OTHER SOURCES 14

14/09/2016

330.00

455.65

ENUKA IFEYINWA

PTA

15/09/2016

318.00

2,000.00

OTHER SOURCES 15

14/09/2016

330.00

2,374.80

ADEJUMO ADETONA SUNDAY

PTA

15/09/2016

318.00

2,000.00

OTHER SOURCES 16

14/09/2016

330.00

85.21

ADEJUMO ONETORITSEBAWO

PTA

15/09/2016

318.00

2,000.00

OTHER SOURCES 17

14/09/2016

330.00

635.28

OLUFEKO KAMILUDEEN BUNMI

PTA

15/09/2016

318.00

4,000.00

OTHER SOURCES 18

14/09/2016

330.00

264.58

OKOYE CHRISTIANA OGOAMAKA

PTA

15/09/2016

318.00

570.00

OTHER SOURCES 19

15/09/2016

305.00

100,000.00

EMESIANI RONKE VIVIAN

PTA

15/09/2016

318.00

2,000.00

OTHER SOURCES 20

15/09/2016

306.33

5,522,000.00

EMESIANI GODWIN EMEKA

PTA

15/09/2016

318.00

2,000.00

OTHER SOURCES 21

15/09/2016

306.33

1,543,000.00

CRESCENTDEEN BDC

SALES TO BDC

15/09/2016

345.56

23,072.15

OTHER SOURCES 22

15/09/2016

335.24

8,969.34

CRESCENTDEEN BDC

SALES TO BDC

15/09/2016

345.56

2,785.03

OTHER SOURCES 23

15/09/2016

315.00

144,878.50

CRESCENTDEEN BDC

SALES TO BDC

15/09/2016

345.56

2,497.43

OTHER SOURCES 24

15/09/2016

315.00

40,000.00

CRESCENTDEEN BDC

SALES TO BDC

15/09/2016

345.56

3,194.90

OTHER SOURCES 25

15/09/2016

315.00

69,990.00

ASSANI KUBURAT ADIJAT

PTA

15/09/2016

318.00

4,000.00

OTHER SOURCES 26

15/09/2016

315.00

54,808.50

EDIC CHEMICAL AND ALLIED

PHARMACEUTICALS PRODUCTS

16/09/2016

306.00

20,000.00

OTHER SOURCES 27

15/09/2016

330.00

1,859.51

ORKILA CHEMICALS LIMITED

RHODIMENT NP 99

16/09/2016

316.00

74,000.00

OTHER SOURCES 28

15/09/2016

300.00

1,950.10

EDIC CHEMICAL AND ALLIED

PHARMACEUTICALS PRODUCTS

16/09/2016

306.00

20,000.00

OTHER SOURCES 29

15/09/2016

350.00

225.32

AFTRADE NIGERIA LIMITED

ARTIFICIAL RESINS

16/09/2016

316.00

70,000.00

OTHER SOURCES 30

15/09/2016

351.19

357.42

MONTANA IND NIG LTD

PP HOMOPOLYMER

16/09/2016

316.00

210,000.00

OTHER SOURCES 31

15/09/2016

351.19

1,793.88

EZEH GODWIN IKECHUKWU (GBP16500)

PAYMENT OF SCHOOL FEES

16/09/2016

307.77

21,783.30

OTHER SOURCES 32

16/09/2016

305.50

100,000.00

ADEOSUN ADEKUNLE (GBP10,000)

PAYMENT OF SCHOOL FEES

16/09/2016

307.77

13,202.00

OTHER SOURCES 33

16/09/2016

335.50

34,700.74

ADENAIKE IBIYEMI

PAYMENT OF SCHOOL FEES

16/09/2016

345.56

8,675.19

OTHER SOURCES 34

16/09/2016

335.50

30,664.75

KENGOLDEN ONYINYE

PAYMENT OF SCHOOL FEES

16/09/2016

345.56

7,666.19

OTHER SOURCES 35

16/09/2016

300.00

13,258.70

AKINBOBOLA OLUWATOMI

LIVING EXPENSES

16/09/2016

318.00

6,000.00

OTHER SOURCES 36

16/09/2016

311.92

766.66

OSI EFA TEMILOLA (GBP5000)

PAYMENT OF SCHOOL FEES

16/09/2016

352.22

6,601.00

OTHER SOURCES 37

16/09/2016

350.00

2,956.65

NEWS | national

NASS Audit: CSNAC invokes FOI, demands report Wale Elegbede

n anti-corruption coalition group, Civil Society Network Against Corruption (CSNAC), has issued a Freedom of Information (FOI) request to the Auditor General of the Federation, demanding a copy of the 2009-2014 audit report of the National Assembly. In the request signed by the coalition's chairman, Mr. Olanrewaju Suraju, CSNAC said the availability of the report would assist it in identifying the whereabouts of unaccounted funds in the expenses of the legislature. Using the reports of Premium Times, an online newspaper, which partly reported contents of an audit report from the office of the Auditor General on September 11, as its ground for the request, CSNAC said the report detailed the failure of the National Assembly management to account for a total expenditure of over N9.4 billion in 2014 as revealed by the report. "According to the newspaper, it was revealed (between January and December, 2014 under the leadership of David Mark as Senate President and Salisu Maikasuwa as

Appolonia Adeyemi

apping more than an hour during the day could be a warning sign for type-2 diabetes. Japanese researchers from the University of Tokyo found the link after analyzing observational studies involving more than 300,000 people. The findings were presented at a meeting of the European Association for the Study of Diabetes in Munich, Germany. According to medical experts, people with longterm illnesses and undiagnosed diabetes often felt tired during the day.

the Clerk) how the Management Department of the National Assembly Commission transferred N9,392,995,515.00 (Nine billion, three hundred and ninety-two million, nine hundred and ninety-five thousand, five hundred and fifteen Naira) from the general services account to other accounts in different banks for Senate General Services, Appropriation, Constitutional Review, House of Representatives Services, UNDP Projects and Research Office Services. "The money included N9.39 billion for which no “documentary evidence” was provided and a N47 million to be returned to government coffers out of which only N360,000 was returned; giving a total of N9,440,844,572 (nine billion, four hundred and forty million, eight hundred and four thousand, five hundred and seventy two Naira)." The said report was also quoted to have disclosed that apart from the National Assembly, other key bodies indicted includes the state oil company, Nigerian National Petroleum Corporation, Ministry of Interior, the Presidency, Central Bank of Nigeria and some foreign missions.

monday, september 19, 2016 NEW TELEGRAPH

Why El-Zakzaky is still detained, by FG

Anule Emmanuel Abuja

he Federal Gover nment has given reasons why security agencies are still detaining the leader of Shiite Islamic group, Ibrahim El-Zakzaky. Minister of Foreign Affairs, Geoffrey Onyeama said that the detention of El Zakzaky was to avoid any distortion in the process of investigation on the Zaria killings. Speaking at the UN secretariat in New York, ahead of the UN General Assembly, Onyeama ex-

plained that the Muhammadu Buhari administration was not willing to disrupt the process of inquiry initiated by the Kaduna State government. The Kaduna State government recently released a report of a panel it set up to investigate the clash which led to the massacre of over 300 members of the Shiite group by soldiers. The Foreign Affairs minister noted that the Federal Government would study the report. “Government will study it. The Attorney General will look at the report and whatever measure needs to be tak-

PHOTO: SULEIMAN HUSAINI

Longdaytimenapslinkedtotype-2diabetes

But they said there was no evidence that napping caused or increased the risk of diabetes. Type-2 diabetes is a long-term diabetic disorder that is characterised by high blood sugar, insulin resistance, and relative lack of insulin. Symptoms of high blood sugar include frequent urination, increased thirst, and increased hunger. If left untreated, diabetes can cause many complications including coma or death. Serious long-term complications include heart

disease, stroke, chronic kidney failure, foot ulcers, and damage to the eyes. Diabetes is due to either the pancreas not producing enough insulin or the cells of the body not responding properly to the insulin produced. The new research found there was a link between long daytime naps of more than 60 minutes and a 45 per cent increased risk of type-2 diabetes, compared with no daytime napping - but there was no link with naps of less than 40 minutes. The researchers said

long naps could be a result of disturbed sleep at night, potentially caused by sleep apnea. And this sleeping disorder could increase the risk of heart attacks, stroke, cardiovascular problems and other metabolic disorders, including type-2 diabetes. Sleep deprivation, caused by work or social life patterns, could also lead to increased appetite, which could increase the risk of type-2 diabetes. But it was also possible that people who were less healthy or in the early stages of diabetes were

FirstNation recommences operations

he Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, is scheduled to meet with General Officers Commanding (GOCs) the six Divisions of the Nigerian Army, Principal Staff Officers, and other Senior operational commanders. A senior officer, who spoke in confidence with New Telegraph yesterday, said the COAS will be receiving briefings from the

allowed to see him, confirmed rumours that Zakzaky’s eye were damaged. Onyeama stated that the IMN leader was getting the required medical attention. “He (Mr. El-Zakzaky) is getting all the medical attention he requires. This I can say with certainty,” the minister said. A Federal High Court in Abuja in July denied an application for bail by Mr. El-Zakzaky. According to the court, El-Zakzaky and his lawyers failed to seek the leave of the court to hear the application during the vacation period. HOMELESS: A mother and her daughter sleeping at the Idumota bridge in Lagos…yesterday.

Buratai meets GOCs, other operational commanders Emmanuel Onani

en will be taken,” he said in New York. Over 300 members of the IMN were killed between December 12 and 14 after the army accused them of blocking a major highway and plotting to kill the Chief of Army Staff, Tukur Buratai. Hundreds of members of the sect including its leader, Mr. El-Zakzaky, and his wife, were subsequently arrested. For several weeks, Mr. El-Zakzaky was prevented from seeing anyone including his doctors, lawyers or family members. On April 5, the Islamic cleric’s lawyer who was finally

senior officers on operational and administrative matters. The source further hinted that the meeting, which will hold between Monday and Thursday, will also review strategies. It was gathered that the counter-terrorism operation (Operation Lafiya Dole) in the North East and the resurgence of militant activities in the Niger Delta region are some of the serious issues that may be assessed.

Wole Shadare irst Nation Airways yesterday resumed flight operations after being out of service since August due to repairs on their aircraft engine. A statement by Corporate Affairs officer of the airline, Rasheed Yusuff, reads, "we are delighted to inform you that our operation is back. Flight commenced on Sunday, September 18, 2016 with very strong passenger demand despite the break. “This patronage re-

inforces the strength of our brand and the quality of our service. We received ground swell of support from the flying public during our maintenance break and this tremendous support has been humbling experience to all of us at FirstNation.” “Since the Airline launched service in 2013, we have built a respectable followership and rated consistently as market leader on safety standard and schedule integrity on the routes that we serve."

more likely to nap for longer during the day. Shorter naps, in contrast, were more likely to increase alertness and motor skills, the authors said. According to a Professor of Metabolic Medicine at the University of Glasgow, there was now a lot of evidence of some kind of link between sleep disturbances and diabetes. "It's likely that risk factors which lead to diabetes also cause napping. This could include slightly high sugar levels, meaning napping may be an early warning sign of

diabetes," he said. But proper trials were needed to determine whether sleeping patterns made a difference to "real health outcomes". On his part, Dr. Benjamin Cairns, from the cancer epidemiology unit at the University of Oxford, said the findings should be treated with caution. "In general, it is not possible to make conclusions about cause and effect based on observational studies alone, because usually they cannot rule out alternative explanations for their findings," he said.-

Recession: Group tasks N/Assembly on solutions Chukwu David Abuja

non-governmental Organisation, Friends in the Gap Advocacy Initiative (FGAI), has called on National Assembly members to promptly put together a blueprint of how to support the executive arm of government to tackle the economic recession in the country. In a statement signed and made available to New Telegraph in Abuja

yesterday by its Executive Director, Mr. George Oji, the group said that the situation in the country had made it imperative for the different arms of government to work together and redeem the country from its present predicament. The statement noted that while the lawmakers were on recess, Nigerian economy drifted from being in what the Minister of Finance, Kemi Adeosun, described as technical recession to full blown recession.

News

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Cajetan Mmuta BENIN

he governorship candidate of the All Progressives Congress (APC) in Edo State, Mr. Godwin Obaseki, yesterday promised to govern the state with a deep sense of duty to God and the people of Edo when elected into office. Obaseki, made the pledge at an event to mark the birthday celebration of the Head Pastor of

Obaseki: I’m in guber race for service Royal World Ministry, Benin, Pastor Rex Omosefe. According to him, “governance is about public service – working devotedly for the good of the people. No matter the religion a person professes, one cannot truly claim of serving God if one fails to do all that is in ones power do better the lives of those around us.” “This is the primary

reason I am in the race to be governor today; to use everything that God has given me – my time, creativity, vast network and energy – to improve the lives of our people, and to better our state. I am offering myself not for personal gains because I have been richly blessed by God but out of a deep sense of duty to God and a genuine de-

Group warns against disruption Temitope Ogunbanke

group, South West Consultative Forum (SWCF) has warned those allegedly being recruited as fake voters and militants to serve as thugs to manipulate and disrupt the September 28 rescheduled Edo State governorship election to steer clear of the state. The group’s president, Hon. Osinowo Ibrahim, who spoke with the journalists at the weekend, alleged that some agents of one of the contending parties are recruiting fake voters in Rivers, Delta

and Bayelsa states and as well purchasing voters cards for them towards helping the party to win the governorship election by all means. SWCF warned that such fake voters should not be allowed to vote during the election and urged the security agencies to be at alert before, during and after the poll. “We will like to warn people who are recruiting militants and fake voters from Rivers, Delta and Bayelsa States to flood Edo State all in the name of getting power at all cost. The forum has registered with the Independent National Electoral Commission (INEC) to monitor the

Edo DECIDES

election and we shall do the needful in detecting the so call fake voters,” the group said. It also expressed support for the reason given for the postponement of the election by INEC and the security agencies, saying security of lives and properties cannot be taken for granted.

sire to serve the people of Edo State.” Speaking on the current global economic recession, Obaseki said: “Indeed, these are tough times for us as a people, so we need a focused and determined leader who has integrity, expertise

and experience in solving complex economic problems.” “Edo State is blessed with rich human and natural resources, and the time to turn our immense endowment into wealth for our state and greater opportunity for

SOURCE 1 IMTSO

DATE OF FUND PURCHASED

he Peoples Democratic Party (PDP) governorship candidate, Pastor Osagie Ize-Iyamu, has again appealed to eligible voters in the state to vote for his party, declaring that he is best equipped among those jostling to lead the state. Ize-Iyamu said having lived all his life in Edo State; he knows the challenges confronting the state and how to address them. He spoke to critical stakeholders during flag stops at UmogunNokhua, Evboesi, Evboehigae and surrounding communities in Orhionwon Local Government Area of the state in continuation of his campaign tour. He solicited votes for the PDP, assuring that he would keep faith with all his electioneering

promises. "My interest in politics is not selfish but borne out of a desire to ensure that the commonwealth of the people is administered in the best possible way for the wellbeing of a greater number. "I was born in Edo State. I schooled in Edo State. I worked in Edo State. I married from Edo state. My business is in Edo State. In fact, I have lived all my life in Edo State. To me, this means that I am completely committed to the prosperity of Edo State," he said. He added: "I believe that we can make Edo better and greater than it is presently, so that our children can agree to live here and, in turn, help in contributing their own quota to the growth and development of our

EXCHANGE RATE

AMOUNT PURCHASED ($) 7,408.34

14-Sep-16

335.95

2 ORDINARY DOMICILLIARY PURCHASED

15-Sep-16

310.00

2,935.40

3 KEYSTONE BANK

15-Sep-16

305.00

4 IMTSO

16-Sep-16

335.91

50,000.00 8,098.67

5 IMTSO

16-Sep-16

335.56

639.97

6 IMTSO

16-Sep-16

335.92

7,981.34

7 EXPORT PROCEEDS

16-Sep-16

310.00

192,117.10 269,180.82

TOTAL

RETURNS ON UTILIZATION OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY, 16-09-2016 S/NO.

CUSTOMER/FXPD/NON-FXPD 1 OSAGIE EZEKIEL AILEOGIE 2 CHIJOKE-OSUEZE CHIGOZIE K

ITEM OF IMPORT CFA EXAMINATION FEE GRADUATION FEE

DATE OF FUND PURCHASED

EXCHANGE RATE

15-Sep-16

310.50

14-Sep-16

345.56

AMOUNT SOLD ($) 150.00 292.24

3 HALIMA USMAN

SCHOOL FEES

15-Sep-16

305.50

500.00

4 ADEYEMI FISAYO JOSHUA

SCHOOL FEES

15-Sep-16

310.50

636.94

5 OJU ONABRUKE EUCHARIA

CFA EXAM FEE

14-Sep-16

345.56

650.00

6 YUNUSA MOHAMMED BASHIR

COURSE FEE

14-Sep-16

345.56

807.25

7 OLUWOLE OLADIMEJI TAOFIK

EXAMINATION FEE

15-Sep-16

305.50

820.00

8 ABDULLAHI USMAN

SCHOOL FEES

15-Sep-16

305.50

1,000.00 1,000.00

9 ETOKHANA BLESSING JAMES

SCHOOL FEES

15-Sep-16

305.50

10 OJUMU OLUWAYANMIFE OLUWAMAYOKU

MEDICAL BILLS

15-Sep-16

305.50

1,071.00

11 DABOR-FULUDU VICTOR DOUYE

SCHOOL FEES

15-Sep-16

305.50

1,071.55

12 UNIGROW IND LTD

RAW MATERIAL FOR TEXTILE INDUSTRY GRY

15-Sep-16

305.50

1,191.40

13 PATTANAYAK RAJANI KANTA

PHR

16-Sep-16

305.50

1,450.00

14 OGUNNIYI OLUWATOYIN DOLAPO

SCHOOL FEES

16-Sep-16

345.56

15 DAMISI OSILAJA

MEDICAL BILL

15-Sep-16

305.50

2,000.00

16 OTTUN MUSADEEQ KAYODE

SCHOOL FEES

15-Sep-16

305.50

2,000.00

17 OGUNNIYI OLUWATOYIN DOLAPO

SCHOOL FEES

16-Sep-16

345.56

2,184.66

18 SHARMA MANOJ

PHR

15-Sep-16

305.50

2,200.00

1,495.34

19 ADEOYE OLUWADARE

TUITION FEES

15-Sep-16

305.50

2,250.00

20 STERLING BANK PLC

COURSE FEE

15-Sep-16

305.50

3,000.00

21 EXECUTIVE DEVELOPMENT CENTRE LTD

SCHOOL FEES

15-Sep-16

305.50

5,444.03

22 STERLING BANK PLC

BLOOMBERG SUBSCRIPTION

15-Sep-16

305.50

23 ADEGUN ADEGBOYEGA ADELANI

SCHOOL FEES

15-Sep-16

305.50

24 SACVIN NIGERIA LIMITED

INDUSTRIAL SPARES, ANCILLIARIES USE IN PLASTIC INDUSTRIES

16-Sep-16

310.50

25 TRISA NIG LTD

RAW MATERIAL FOR PLASTIC INDUSTRY

26 PANAR LTD

INDUSTRIAL MACHINE AND ACCESSORIES

5,540.00 6,800.00 7,631.60

15-Sep-16

305.50

11,160.00

16-Sep-16

310.50

11,175.00

27 STARSONIC NIGERIA LIMITED

INDUSTRIAL ANCILARIES MACHINES

16-Sep-16

310.50

19,625.50

28 BSV INDUSTRIES LTD

INDUSTRIAL SPARES, ANCILLIARIES USE IN PLASTIC INDUSTRIES

16-Sep-16

310.50

21,540.00

29 STARSONIC NIGERIA LIMITED

INDUSTRIAL ANCILARIES MACHINES

16-Sep-16

310.50

24,010.00

30 SACVIN NIGERIA LIMITED

MT OF ASSORTED COLOURS OF MASTER-BATCHES

16-Sep-16

310.50

42,360.00 76,750.00

31 KRISHAT PHARMA INDUSTRIES LTD

PHARMACEUTICAL FORMULATIONS

16-Sep-16

310.50

32 EQUIDEB BDC LTD

BDC SALE

14-Sep-16

345.56

5,658.85

33 EQUIDEB BDC LTD

BDC SALE

16-Sep-16

345.56

5,986.00

34 GTX BDC LTD

BDC SALE

16-Sep-16

345.56

6,553.98

35 AWOSIGA ADEBOWALE CHIKE

PTA

15-Sep-16

305.50

1,500.00

36 KASSIM OLADIMEJI SAMSONDEEN

PTA

16-Sep-16

310.50

1,000.00

37 MOSES NGBEDE SULE

PTA

16-Sep-16

310.50

1,000.00

38 NYENKE EGURU

PTA

16-Sep-16

310.50

1,000.00

39 SAMUEL FOLUSHO-AJAYI

PTA

16-Sep-16

345.56

500.00

TOTAL

our people is now. For over 30 years as an investment management expert, I have helped many companies and institutions create wealth and jobs, so with your continued prayers and support, we will transform Edo State.”

I'm best equipped to be governor, says Ize-Iyamu

RETURNS ON SOURCES OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 16-09-2016 S/NO.

281,005.35

state. "I ventured into politics because I am concerned about the situation of our state and the condition of our people; and that is because no matter the much you do as an individual, you can only scratch the surface. The only institution that has the capacity to contribute meaningfully to the welfare of many is the government. Government is the custodian of our commonwealth. So, anybody with such passion like mine must be in government so that our commonwealth is used for the good of more people." He also promised that he would make a better job of governing the state if given the mandate, assuring voters in the state that their votes would count.

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO

...CRIME, CITY WATCH, COURTS

Abducted landlords: Kidnappers demand N1.2bn

abiodun.bello@newtelegraphonline.com 08023938212

lPolice commissioner vows to rescue landlords

The spot where the victims were kidnapped

Iliyasu with some of his men

Taiwo Jimoh

uspected militants, who abducted three landlords and their aerobics instructor on Saturday at Isheri, a border community between Lagos and Ogun states, yesterday demanded N1.2 billion ransom for the release of the victims. The kidnappers were said to have reached other landlords and family members in Lekki Gardens Estate yesterday, demanding N300 million for each of the four men. The victims, mainly landlords from Oshorun Estate, were said to have gone to Lekki Gardens Estate Road, with four others for their daily routine exercise, when the kidnappers, in military camouflage uniforms attacked. Those kidnapped are identified

as Dr. Bello Omololu, Mr. Esang, Mr. Kennedy and Mr. Ayo, the aerobics instructor. On Saturday, suspected militants, who came in a boat through the creek stormed Lekki Gardens Estate and attempted to kidnap eight landlords and their instructor while they were jogging. They came into the area, shooting. Many of the landlords scampered in different directions. Towards the evening, some of the landlords, who were fortunate to elude the kidnappers, started crawling out from their hideouts. When head counts were taken yesterday morning, it was discovered that three landlords and their instructor were missing. When our correspondent visited the area yesterday, some family members of the kidnapped land-

lords were still in shock. The Ogun State Commissioner of Police, Mr. Ahemed Iliyasu, who visited the scene in company with his team for an on-the-sport assessment, vowed to rescue the landlords. He said: “Immediately we received a distress call about the incident, we responded swiftly and deployed our Anti-Kidnapping Squad and some policemen to comb the creek. I learnt that the landlords were undergoing their normal exercise when they were kidnapped.” According to Iliyasu, he and his men have established contact with the abductors, and were already tracking them. He said: “We are going after the kidnappers. What is paramount now is the safety of the landlords

and arrest of the culprits. We have put in place measures to tackle the kidnappers in the estate. We are going to build a police post and carry out aerial surveillance of the community. I also want the kidnappers to stay away because we are partnering with the military.” One of the landlords in Oshorun Estate, Mr. Michael Adefowora, said the kidnappers had established contact with some of the family members. He disclosed that the kidnappers were demanding N300 million from each of the victims. He added: “We have so many porous routes in the estate. We find it difficult to monitor the activities of those who come in and go out. But on our own, we have the local vigilantes. Some of the gunmen used to come through the river because

we are surrounded by rivers. I was lucky. I used to jog with other landlords on Saturdays, but last Saturday, I did not join. I was sick. The incident was an unfortunate one. We are appealing to the police to rescue our co-landlords.” Mr. Gbenga Babayemi (an engineer), one of those who escaped being kidnapped, said: “We were about to start the training when the gunmen emerged from the creek and started shooting sporadically. Two other landlords and I ran without minding what would happen to us. We scaled the perimeter fence of Lekki Gardens and fell into the swamp. We hid there until we heard police siren. We couldn’t come out. We were scared. We were in the bush for about an hour before some workers from the Lekki Gardens Estate, came to rescue us.” Another landlord, who escaped being kidnapped, Mr. Pius Ojuromai, said: “Seven of us from the estate got to the training ground early with the instructor, but suddenly the gunmen came out from the creek and started shooting. They were shouting, ordering us not to run. Three of us summoned courage and fled the scene. The kidnappers marched our colleagues into the waiting boat in the creek. Two others and I hid in the bush for a while before we were rescued.” A bricklayer at Lekki Gardens, who identified himself simply as Abuja, said: “I was waiting for some of my boys when the gunmen seized me from behind. I felt something on my body like gunshot. When I turned back to check what was happening, I saw gunmen wearing military camouflage uniforms. The gunmen ordered me to move. They also ordered one of the landlords, who was about to spread a mat for the aerobics to move. “I thought they were soldiers, so I started shouting ‘I am not a thief, I am a bricklayer. They later left me after they have seen those they were looking for.”

City Briefs

14 abducted oil workers regain freedom

Emmanuel Masha Port Harcourt

ourteen oil workers kidnapped on September 2 by gunmen while travelling from Omoku in Ogba/Egbema/Ndoni Local Government Area of Rivers State to Port Harcourt regained their freedom yesterday. The victims, staff of an energy company, Nestoil, were going to work when gunmen attacked their bus on a road connecting Omoku and Elele, about 50 kilometres (30 miles) from Port Harcourt. But after spending almost two weeks in captivity, the state

Commissioner of Police, Francis Odesanya, said the 14 all-male oil workers had been released unhurt, following an operation by the command’s Tactical Unit. He said that no ransom was paid for their release and that the kidnappers fled after a gun duel with men of the Tactical Unit. Odesanya said efforts were on to apprehend the criminals. The commissioner, who disclosed this in a statement signed by the state Police Public Relations Officer (PPRO), DSP Nnamdi Omoni, said the oil workers had been debriefed and were receiving medical care in the hospital. He said: “The oil workers were

rescued unhurt due largely to the efforts of the command’s Tactical Unit, who, in the early hours of today (yesterday), engaged the hoodlums, in a fierce gun battle which lasted for one and half hours, leading to the rescue of the victims. “The hoodlums took to flight abandoning their hostages. Efforts are on to arrest and bring them to justice. “The last of the hostages, seven in number, were rescued unhurt bringing the total number to 14. However, no ransom was paid. They have been debriefed and are receiving medical attention in the hospital. Investigation is ongoing at the command’s Anti-Kidnapping Unit.”

Police probe welder’s death Charles Onyekwere ENUGU

olice said they had commenced full-scale investigation to unravel circumstances surrounding the death of a welder who reportedly fell down while welding at Emene in Enugu State. It was learnt that on Saturday, the deceased, whose name was given as Ndubuisi, was contracted by a co-welder, Okolo Chijioke, to join him in a construction work on a tank at his workshop on Enugu-Abaki-

liki Expressway by PRODA Junction, Emene. In the course of the construction, it was alleged that the deceased fell and hit his head on another tank at the workshop and became unconscious. The state Police Public Relations (PPRO), DSP Ebere Amaraizu, said in a statement that Ndubuisi was rushed to Annunciation Hospital, Emene, where he was confirmed dead. The PPRO added that his body was deposited at the hospital mortuary for postmortem examination.

METRO

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

I was paid N30,000 to steal child –Kidnapper Sola Adeyemo Ibadan

39-year-old woman, Mrs. Adejoke Popoola, said that she was hired by a woman at Ibafo, Ogun State to kidnap a four-year-old boy, Taoheed Ajiboye, at Ogbomoso, Oyo State. Popoola aka Iya Alagbo, who was apprehended by residents, said the woman, Mrs. Abeebat Oyesanya (49), paid her N30,000 with a promise to pay N120,000 after handing over the stolen child. The suspect was paraded by the Oyo State Police Public Relations Officer (PPRO), SP Adekunle Ajisebutu, at the state Police Command Headquarters, Eleyele, Ibadan. However, Oyesanya popularly called Iya Biliki claimed that it was a prostitute’s child she asked Popoola to abduct. The PPRO said Popoola was arrested on September 2 after she abducted Ajiboye in front of his parents’ house at Oja’gbo area of Ogbomoso. As the suspect was taking the boy away, his sibling, who was playing with him, shouted which, according to Ajisebutu, attracted the attention of residents who chased and apprehended Popoola. After she was caught, the kidnapper was handed over to the police at Owode, Ogbomoso, but the case was later transferred to the Anti-Kidnapping Squad of the state command. speaking with our correspondent, Popoola admitted she stole the four-year-old boy. She said: “I stole a child of about four years of age at Oja’gbo area of Ogbomoso. I was caught by the people in the area. After his sibling shouted, the people started running after me. I could not run very fast so I was caught. The people later handed me

over to the police in Ogbomoso before I was transferred to Ibadan. “I was sent to steal the boy by Mrs. Abeebat Oyesanya, who claimed to be running an orphanage and persuaded me to get a boy for her. Though I initially refused, when she forward N30,000 to my account and promised that she would send the balance later after I have completed the job, I decided to steal the boy.” Oyesanya also confirmed she contracted Popoola to abduct a child. She said: “Though I am the one who sent her, I said she should get me a child from Asewo ladies (prostitutes) who usually release their children for adoption. There is a man who said he needed a housemaid and if he could get one to adopt, he would. “When I promised to get one, the man gave me N50,000 as an upfront payment with a promise to give me the balance of N150,000. It was out of the N50,000 I collected from the man that I paid N30,000 upfront to Iya Alagbo to help me get the child from an Asewo.” The man (name withheld) said he needed a child who could assist him at home. He said: “I said if they wanted to get paid for it they should let me know. I did not know they were going to this level of stealing a boy. It was Iya Biliki who had promised to get one and I said she must process a normal deal as there should be some documents to sign before I could take the child. “I was not aware that they were going to steal the boy. I was later arrested because I was the one who sent the woman.” The PPRO, Ajisebutu, urged members of the public to always take proper care of their children.

Kidnapped female farmers: We’re traumatised –Family Camillus Nnaji and Taiwo Jimoh

he worried elder brother of one of the abducted female farmers at Epe, Lagos, yesterday said the kidnap of his sister and his six-month-old niece had thrown the family into emotional torture. The man, Mr. Dayo Ogunkunle, also expressed worry that the kidnappers were yet to get in touch with the family. Ogunkunle is elder brother of Mrs. Oluwatoyosi Aboderin, one of the abducted farmers. Aboderin was kidnapped along with two other women and her sister’s six-month-old baby. Those kidnapped with Aboderin are Ogechi Maku, a farm worker identified as Togo and the baby. The women were kidnapped on IgboduIsiwo Road area of Epe, on Friday morning. Ogunkunle told our correspondent yester-

Lagos CP, Owoseni

day the baby belonged to his younger sister, who dropped him with her elder sister, while she went to work. He said: “We cannot fathom any purpose behind the abduction. These women are just peasant farmers, who are trying to work for a living. They have not offended anybody that could lead to abduction. We are confused! We can’t understand the rationale behind this abduction. The family has

fficials of the Rapid Response Squad (RRS), Lagos State, were shocked to their bone marrow when a suspect, arrested for stealing, stole money belonging to one of his interrogators. The suspect, Deji Ayoola (28), allegedly proved he was a professional thief after he stole N1,200 inside the police office during interrogation. During his interrogation at the RRS’s headquarters at Alausa, Ikeja, Ayoola stealthily stepped on N1,200 which fell from a policewoman’s pocket while she was removing a cell phone from her pocket. Rather than draw the woman’s attention to the money, Ayoola pocketed it. Another suspect, who was also in police custody, saw him and alerted the policewoman. Ayoola was nabbed by the patrol team of the squad at Ojodu Berger at the weekend for picking the pocket a commuter, Ayodele Akerele, trying

Muritala Ayinla

agos State government yesterday took over the 161-year-old Victor Ola Iya House also known as Ilojo Bar located on Bamgbose Street, Tinubu Square, Lagos. Government described the demolition and possession of the property by some individuals as illegal, threatening to prosecute those behind the demolition and planned re-construction of the edifice. It was learnt that the building was declared a national monument in 1956 by the National Com-

to board a commercial vehicle to the Redemption Camp. He had successfully perpetrated the crime before the RRS operatives, who saw him remove Akerele’s wallet, pursued and arrested him. Akerele said he was not aware his

Ayoola

been thrown into emotional torture now.” Ogunkunle added that he and other frantic family members still had no clue of the whereabouts of his sister and niece. He said that the baby was still breastfeeding. The man also disclosed that his family had been in crucial meeting since morning over the abduction. He said: “We are anxiously waiting to hear from the abductors. We

have done the needful by reporting the matter to the police officially. We are waiting to hear from the kidnappers.” Speaking about the six-month-old baby’s mother, Ogunkunle said that it was quite normal for a lady, who was going to office, to leave her baby with her sister. He said that was what happened in the case of Aboderin and the baby. Aboderin was to mind the baby until his mother returned from the office. Following the kidnap of the female farmers, the Lagos State Police Command raided some farmlands in the area, leading to some arrests. When the Lagos State Police Public Relations Officer (PPRO), Dolapo Badmos, was contacted on the number of those arrested in connection with the kidnap, she said: “I can’t say anything about the matter. The Commissioner of Police, Mr. Fatai Owoseni, spoke to your paper on Saturday.”

Lagos reclaims 161-year-old monument site

The site of the monument

mission for Museums and Monuments but was demolished by developers last Sunday during the Eid-el Kabir holiday. It was also learnt that

Pickpocket steals officer’s money during interrogation Juliana Francis

money had been stolen. He said: “I collected N14,500 from Automated Teller Machine (ATM) at Berger, on my way to the Redemption Camp. I had no idea my money had been removed. When it was time to pay my fare, I discovered my wallet had disappeared. “In fact, I had even forgotten about the money until the following day, when an operative from RRS called me that my wallet was recovered from a suspect when they nabbed him. The policeman added that they found my mobile number inside my wallet which made it easy for them to call me. I was shocked to hear this because I had already lost hope of recovering the money.” Ayoola confessed he stole Akerele’s money. He said: “I truly removed the wallet from his pocket before I was arrested by the policemen. They bundled me to their office immediately. It was the devil who pushed me into the act. I pray to God to forgive me.”

the structure, which overlooked the Tinubu Square, was built as a bar and restaurant in 1855. But the General Manager, Lagos State Physical Planning Permit Authority (LASPPPA), Remi Oni-Orisan, and his counterpart in the Lagos State Building Control Agency (LASBCA), Oladotun Lasoju, who led officials of the agencies to demolish fence made of roofingsheet zinc, said the structure was illegal. Oni-Orisan said the site belonged to government and the good people of Lagos. He declared the property as a ‘no-go’ area for any developer or individual. The general manager said the structure was illegally taken over by some people who, according to him work on the site at odd hours. According to him, government has to quickly stop further development on the site before the developers erect new structure overnight.

He said: “It was during holiday, last Sunday precisely, that they pulled it down. During the holiday or in the night, they surround the place with ‘Area Boys’ and commence development on property. That is what most of them do on Lagos Island. “If we do not stop it now and allow them to develop it, before we demolish it, people will challenge us for allowing them to develop such structure illegally. They have no approval to do anything on the site.” LASBCA GM, Lasoju, said government had marked the site public property. According to him, government will not fold its arms and watch irresponsibility being perpetrated. He said: “As far as government is concerned, this property belongs to the state government. I do not know any developer here as far as government is concerned. The signpost erected there tells the story, it is government’s property.” Meanwhile, a man, who identified himself simply as Onitolo, said that the building had the permit duly signed by government to carry out demolition and development on the site. He said he got the contract to demolish the structure. Onitolo said Olaiya family owned the building and gave him the contract to carry out work on the site.

NEWS | national

Okonkwo: Shortage of long-term funds hinders access to bank loans Tony Chukwunyem and Chris Ugwu

he Managing Director/Chief Executive Officer, Fidelity Bank Plc; Nnamdi Okonkwo, has attributed the inability of most borrowers to access loans from banks to the preponderance of short term funds in the banking system. He said bank deposits are mainly short-term in nature and lending such funds to customers for long-term can lead to asset mismatch. The Fidelity Bank boss, who spoke at the 2016 annual conference organised by Finance Correspondents Association of Nigeria (FICAN) in Lekki, Lagos, at the weekend, said although the lenders would want the economy to grow by lending to farmers and other productive sectors of the economy, they also have to keep an eye on the stability of their institutions. He regretted that a lot

of banks collapsed in the past because of assets mismatch. "When there is a run in the system, the owners of the short term funds will come for their money and you have to pay them. And if you pay them, the people you gave long-term loans cannot pay up. Then you begin to have distress in the system," Okonkwo stated. Speaking on the theme: “Nigeria Beyond Oil: Financing Options for Non-Oil Exports,” he said: “A whole lot of people do not realise that banks’ business is to buy and sell money. So, I come to the market to purchase my raw material in cash and my finished goods are also cash. Every other thing banks do are added services. “Banks get a lot of bashing for not lending long-term. Then I ask you, if as a banker, I know that secret place, where I can find long-term funds, we will be the number one bank in Nigeria today, because I can lend longterm.” Okonkwo said most de-

positors, who have huge amounts to save, invest in short term basis and collect huge interest on such deposits. “I want to borrow N100 million, then bring me one depositor who will place N100 million with me at 10 per cent and I will lend at 15 per cent. Remember that in calculating those 10 per cent of N100 million, what you have actually given me is N75 million because N25 million will be placed with the Central Bank of Nigeria (CBN) as Cash Reserve Ratio (CRR). And for me to access N5 million out of the N25 million CRR cash, I have to lend the money for use in industrial production. Then what are your risk assessment criteria if the industrial sector you want to lend to is fighting for breath,” he queried. Apart from the CRR, he said such a lender has to pay five per cent of the N100 million initial deposit to the Nigeria Deposit Insurance Corporation (NDIC) as premium. He explained that pen-

sion funds, equity and insurance funds, where long-term funds should come from, are not forthcoming with such cash. The Fidelity Bank boss also cited lack of the right framework as responsible for lenders not lending long term to Small and Medium Enterprises (SMEs). He lamented the problem of inadequate infrastructure, such as lack of power, adding that if the private electricity the bank was using to power operations in its about 248 branches was aggregated, it could generate the level of power that can serve Lagos State as a whole. He added that the Nigerian Export Import Bank (NEXIM Bank) and his bank were taking measures to enhance non-oil export and create wealth for Nigerians.

9.5%

The percentage by which Portfolio investment of capital importation of Nigeria declined from Q1 2016 to Q2 2016. Source: National Bureau of Statistics

Vice President, FBN Capital Asset Management, Laura FisayoKolawole (left), receiving the Best Managed Funds Award (Equity Based and Money Market Funds) from Senior Partner, PWC, Uyi Akpata, during the 2016 BusinessDay Banking Awards in Lagos… recently

Stop blaming Buhari for current hardship –Onyeso Pamela Eboh Awka

he traditional ruler of Nri in Anaocha Local Government Area of Anambra, Igwe Obidiegwu Onyesoh, has urged Nigerians to stop blaming President Muhammadu Buhari for the hardship the country is facing at the moment. He made the call at the weekend while addressing journalists in preparation for the 2016 new yam festival celebration in the town. Onyeso said all Nigerians, especially the past leaders, contributed in one way or the other to

the country’s problems. He said: “Buhari is not our headache; corruption and looting of national assets were there before he came in. “Corruption was institutionalised in the country and everybody acted with impunity. “There was no discipline anywhere. So, we should stop blaming Buhari rather, we should blame ourselves and do some self-examination.” The monarch advised Nigerians to allow the president reconstruct the country, which according to him, was already in shambles before he took over the mantle of leadership.

monday, september 19, 2016 NEW TELEGRAPH

FG allays job loss fear over airports' concession Wole Shadare

inister of State, Aviation, Hadi Sirika, has assured unions in the aviation industry that no worker will be sacked in the proposed concessioning of the four major airports in the country, just as he disclosed that all the 22 airports in the country will be concessioned in the second phase. Speaking while meeting with the unions, represented by the Air Transport Senior Staff Services of Nigeria (ATSSSAN) and the National Union of Air Transport Employees (NUATE) in Lagos at the weekend, Sirika gave the unions the opportunity to become members of the concession Project Delivery Committee to enable them make inputs to better the process. The Federal Government, according to the Minister has earmarked the Nnamdi Azikiwe International Airport (NAIA), Murtala Muhammed International Airport (MMIA), Mallam Aminu Kano International Airport (MAKIA) and Port Harcourt International Airport (PHIA) for the first phase of the concession programme, which will be followed by the cargo designated airports among others. He said the airports were a major blemish which needed to be upgraded; adding that the reasons behind government’s resolve to concession the airports was in the overall national interest, especially ensuring the establishment and sustenance of world-class standard in infrastructural development and service delivery. The Minister assured

the unions that concession was not tantamount to privatisation or outright sale, explaining that the institutions being concessioned remained the property of the Federal Airports Authority of Nigeria (FAAN) and Nigeria, stressing that more jobs would be generated at the end of the day. He said: “You see, government has no plan whatsoever to sell national assets, but it was sheer misconception. But the truth is that government does not have money to invest and even if they could, with the bureaucracy, it could take 10 years and Nigerians are tired of what is on ground and want something new.” He argued that a private investor, like those who built airports in Doha, Dubai, could provide funding for such a project and accomplish it with ease, giving this country a stateof-the-art terminal facility devoid of the problems of the current ones and after a period, as the term concession implies, return the said facility to the country. “Let us tell ourselves the truth, the air conditioners are not working, toilets are not working, the same terminal we have in 1979 is still there and government does not have the money to put the infrastructure at these airports, 22 airports with two General Managers at Level 17 each.” Sirika said government would involve and engage all the stakeholders and all the people who have a stake in what they are doing, especially on the concessioning of the aerodromes, creation of a national carrier, aviation leasing company, MRO and all that they intend to do through private sectordriven model of doing business.

FCT Minister intervenes in military Why Nigeria must be restructured, invasion of Abuja district by Asemota Yekeen Nurudeen Abuja

inister of the Federal Capital Territory (FCT), Malam Muhammad Musa Bello, has ordered a comprehensive report on the situation of things at the Goodluck Jonathan District also known as Maitama Extension, allegedly invaded about two weeks ago by men of the Nigerian Army. The Minister's action, it was gathered, was to resolve the matter amicably as the continued stoppage of work on the site would affect the delivery date of the project. It will be recalled that

the Nigerian Army had, a couple of weeks ago, sealed off the construction site for the provision of engineering infrastructure in Maitama Extension District of Abuja by Kakatar Construction Engineering Limited, citing land encroachment as reason for the invasion. But a source in the office of the FCT Minister revealed that the Minister had expressed concerns over the development and asked for a situation report from there. “When the Honourable Minister heard of the matter (the military invasion) he requested for a comprehensive report of the status of the matter from the field officers."

Tony Okuyeme

Senior Advocate of Nigeria (SAN), Mr. Solomon Agbonforoh Adun Asemota, has called for the restructuring of the country, stressing that trust, which was the basis for unity, was lacking. He also said that the amalgamation of 1914 that gave rise to the nation called Nigeria was forced on the people, especially in the southern part of the country. Asemota, who was the guest lecturer at the fourth festival colloquium of the 50th anniversary of the creation of Lagos State, held at the weekend

at Freedom Park, Lagos, stated this in his presentation titled; “Lagos: The Original Southern Lady of Means.” He said: “Trust, which is the basis for unity is lacking. In any case, the British colonialists never contemplated Nigeria as a Trust, but as a great Federation which unfortunately, Nigeria cannot be without trust. Thus the South was asking for a federation not a tripod that tilts to one side, one recommends a Yoruba speaking Lagosian, Igbo speaking Lagosian, Hausa speaking Lagosian, Edo speaking Lagosian, that is for anybody born in Lagos or has stayed in Lagos for

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Interview Class of 1966 holding Nigeria hostage – Utomi

Politics It has been tales of empty treasury left by the immediate past Peoples Democratic Party (PDP) government since the inception of the Muhammadu Buhari-led All Progressives Congress (APC) administration, but it appears that Nigerians no longer see such narrative as the reason for worsening economic situation in the country. Felix Nwaneri reports

An excuse too many

utspoken cleric and Bishop of Sokoto Catholic Diocese, Matthew Hassan Kukah, spoke the minds of many Nigerians last week, when he advised President Muhammadu Buhari to stop blaming the immediate past administration of Dr. Goodluck Jonathan for the present economic woes being faced by the country. Speaking in Akure, the Ondo State capital during the Catholic Bishops Conference of Nigeria (CBCN), Kukah told Buhari to brace up and rebuild the nation’s economy, which he said is in comatose, instead of passing the buck. President Buhari had on assuming power in May 2015, told a bewildered nation that he met an empty treasury and has since then continued to blame Jonathan for misrule. He didn’t stop at this. He initiated the probe of his predecessor, the first time since the country’s return to civil rule in 1999 that a former president is being compelled to answer questions on his stewardship. Though the former president has not been formerly arraigned, several officials of his government, associates and party chieftains are facing trial over alleged corruption. But it would

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Buhari

be recalled that Jonathan, had before leaving office pleaded that his administration should not be singled out for probe. According to him, the inquest should be extended to other past governments. The present government, however, insisted that “it would be a distraction to start digging into all former administrations.” But, in what appeared a twist, the President, last week, extended his assessment beyond the Jonathan era. He reviewed the 16-year administration of the Peoples Democratic Party (PDP) and declared that he inherited nothing from the party. The PDP had until its defeat in the 2015 general elections, won four consecutive presidential elections in the current dispensation – 1999, 2003 (Olusegun Obasanjo), 2007 (Umaru Yar’adua) and 2011 (Jonathan). It equally controlled more than two third of elective positions at the federal, state and local governments levels within the period and upon loss of power, claimed that it left Nigeria on high note. But President Buhari, who spoke after attending Eid prayers in his home town, Daura, Katsina State, last week, described the party’s era as wasted years. According to him, both the treasury and other sectors of the economy were in shambles when

What this government inherited after 16 years of the PDP government was no savings

he assumed office. He therefore reiterated his vow that those who abused public trust would face justice, in addition to returning their stolen assets to the nation’s coffers. His words: “I want Nigerians to realise that what this government inherited after 16 years of the PDP government was no savings, no infrastructure, no power, no rail, no road and no security.” The President is not alone in the blame-game. His vice, Yemi Osinbajo, ministers and leaders of the ruling All Progressives Congress (APC) have persistently blamed the country’s present economic woes on the PDP administration, saying the past government squandered the resources of the country when in power. The APC leadership, even at a time, said it underestimated the damage done to Nigeria by the last administration when it offered change during the campaigns for last year’s general elections. But not many Nigerians want to listen to the tale of empty treasury as a justification for non-performance after the party’s one year in government. To them, the President and his party were aware of the prevalent situation before they made promises of a better life for the citizenry. Bishop Kukah, who seems

to share this view, insisted it is time the present government stopped lamenting and put in place policies that would check corrupt practices and improve the standard of living of average Nigerian. His words: “The previous government didn’t only do bad things; it did a lot of good things. And I think the business of government is not our business; our business is: if the previous government did badly, that is why we voted a new government. “We didn’t vote a government to complain about yesterday. If we wanted yesterday, the new government would not be there. It is really about taking responsibility. No matter how much you praise or abuse Jonathan, he is not the president of Nigeria. “I think that people must understand, you take power to solve problems, not to agonise. As the head of a family, no matter how bad things are: no food in the house; you as a father can’t enter the house crying. It is the question of developing the mechanism that can solve the problem. “Even my best friends in APC now realise that nobody can sing the song about Jonathan being responsible for the problems we are in. We are not asking you to change the whole world, but Jonathan created problems: we are now riding a train between Abuja and Kaduna. The train wasn’t there before. “Things that Jonathan did that can help Nigeria, let’s continue with them; the bad things that Jonathan did and those who deserve to go to prison should go to prison. But sending people to prison will only be useful if it puts bread on the table of people.” Some would have labelled Kukah a PDP apologist for his position but the cleric is not known for flippant talks. The bishop is not an average cleric; he is an erudite scholar and social crusader. He has to his credit several published works, comprising of books and articles. Perhaps, his uncompromising stand on national issues, explains the critical assignments that he had been part of in the past. Among such national assignments include serving as Secretary to the National Human Rights Violations Investigation Commission, popularly referred to as Oputa Panel; National Political Reforms Conference; Ogoni/ Shell Mediation Initiative and the Electoral Reform Committee. His sterling contributions to these committees caused many CONTINUED ON PAGE 14

POLITICS \ Monday INTERVIEW

Prof. Pat Utomi is a reknowned political economist. He is a member of the All Progressives Congress (APC) and former presidential candidate of the African Democratic Congress (ADC). In an interview with GEOFFREY EKENNA, he bares his mind on the state of the nation

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Class of 1966 holding

It appears your party did not prepare for governance. So far, all the promises made to Nigerians during the electioneering have not been fulfilled. Many people are losing hope in the government... This whole challenge plays into a point that I have been trying to make for some time about the nature, the structure of politics in Nigeria, which lead us to the position where paradoxically, if citizens can pretend that we don’t have a government and therefore try to solve their problems, not expecting much from government. When in 2003, two economists from Columbia’s University in New York wrote this very damning IMF working paper in which they basically suggested that governing or governance in Nigeria is so fundamentally incompetent and that Nigerians are better off without a government, many people took offence. That was in 2003? Yes. In 2003! Their names are Arvind Subramania and Xala-IMartin. In that paper, they basically suggested that Nigeria would be better off, if oil receiptsif you just sat down and wrote out for any Nigerian their portion and send it out to each of them from the welfare optimisation point of view, the economy would grow better. It might seem sarcastic and extreme, but there are many lessons in that. Indeed, I tried to pursue an understanding of the subject better because that strategy of redistribution of mineral wealth, they are not the only ones who have suggested it and in some manner, there are some societies that practice it in some ways. Which countries or societies? The state of Alaska in the United States, in a certain months of the year, write out cheques to all Alaskans, that represent a certain portion of their oil wealth rent or tax. Alberta in Calgary, Canada, also has a version of that. For years, I was really trying to explain without the obsessive partisanship or ethnicity that colour the Nigerian conversations and debates- tying to explain why Nigerian government is fundamentally incompetent by its nature. It is a very difficult explanation to make. You mean Nigerian government over time? For the past 30 to 40 years, the government has been so fundamentally incompetent in optimis-

Utomi

ing the welfare of the citizens. A few individuals have had a great party at the expense of all of us. But the truth of the matter is that for a very long time, the Nigerian governmental system, at any level- local, state or federal- have typically done so much damage to our welfare function as a people that I have several times suggested that we will be better off without a government. This led to struggles for explanations on why this is so. Last year, the Nigerian Order of Merits (all the past winners), the so-called intellectuals of the country, they have an annual meeting in which they review the situation in the country and make recommendations. So, they invited me to speak. I was quite harsh in my views on where we are and why we are here, blaming everybody, including them, the academics and all that because part of the problem in Nigeria is the failure to attain modernity. In that lecture, I quoted from a book written by a Nigerian based in California, Prof. Olufemi Taiwo, ‘Africa must be modern’. His basic thesis was that when he was in the University of Ibadan, he was a kind of a Marxist and all the things Marxism suggested about capitalism and how it leaves the society and all the rest of that. So, when he got to Toronto, Canada to do his doctorate degree, he went to see

The Nigerian state has been basically held captive by a group of people for a long time

the damages of capitalism on class structure and all that. He went round Toronto. He didn’t see any slum and he said wait a minute; this is confusing. This is not what Marx said. In the end, he concluded that Africa’s problem was neither class nor capitalism but that the continent refused to be modern. So, he wrote the book ‘Africa must be modern’. I felt it is brilliant. But my favourite of those who write about this type of philosophy is a German called Jurgen Harbamas. He talks about the public sphere. That is an arena of conversation in which the society decides what is good for it. The problem is that Nigeria doesn’t have a public sphere. You can’t even have a civilised conversation. If you dare suggest that things could be done in a different way, you become the enemy of all those who are doing it the wrong way, including your own party members. For them, partisanship is the blind following of a failing option. You find out that people suddenly become enemies of their best friends, especially, when your best friends are not cheerleading the failed options. In really trying to seek explanation to the problems of Nigeria, I thought to myself, wait a minute! In 1980/81, when I was writing my PHD thesis, whom did I not talk to on the process of making of economic policies in

Nigeria? The way it was running, I spent time talking to leading civil servants from the 60s, 70s and 80s, military and political leaders on how economic policies are made in Nigeria. So, I told the Order of Merits that Nigeria has not been modern. We don’t have a quality conversation. They, who are super-intellectuals, are not even talking. Those who should not be afraid are not talking. They asked me how I can accuse everybody. Of the entire question that day, it was Prof. Adele Jinadu, who asked me the most vital question. He said “Is there a state capture of all the problems in the society?” What is the answer? A great question! The truth of the matter is that the Nigerian state has been basically held captive by a group of people for a long time. The failure of Nigeria is a failure of the group that has held Nigeria captive. I realised that I have not even featured enough the role of state capture in my analysis of the problems of Nigeria. The more I talk about it, the more the scales began to fell off my eyes. I said Oh my goodness! Nigeria is a victim of the class of 1966. I have written about it in one or two places. How is 1966 affecting Nigeria today? Really, what happened is that in 1966, a group of young military

POLITICS \ Monday INTERVIEW

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Nigeria hostage – Utomi officers captured Nigeria and for 50 years, Nigeria has remained captive. The reason Nigeria is a failure and Nigeria is a failure if we have to be honest with ourselves in terms of welfare of the citizens. If you take the welfare of the citizens, a classic example is the comparism of Nigeria and Indonesia. In the 60s, Indonesia was saying we wish we could be like Nigeria. Today, Nigerians are saying we wish we could be like Indonesia. More than anything else, Nigeria’s development compared to Indonesia proves that Nigeria is a failed state in terms of the welfare of the citizens. If you then accept that as a reality and ask how has that happened? What you see is that within this class of 1966, there are three sets of people in contestation for power. As a group, they have held power from 1966 till date unbroken. Once in a while, acute legitimacy crisis forces them to allow their surrogates to go forward. That is why you had the types of Shehu Shagari as President. Once that surrogate tries to move Nigeria in a direction that their grips may lose, they quickly attack the surrogate. The coup of 1983 December, you can say anything you like, it was executed to prevent Dr. Alex Ekwueme from becoming the president in 1987, which was the path that was clearly emerging. If that happened, it would have broken the class of ‘66. It is the same thing that happened to Atiku Abubakar. They painted Atiku the most corrupt man even though we know that most of them are more corrupt than Atiku. Evidentially provided, if Atiku is even corrupt, they are more corrupt than him. It was simply because the class of ‘66 knew that Atiku has enough gumption to stop them if he had power. Interesting... There are three groups in the Class of 66. One group is the moderniser wannabes. They would want Nigeria modernised. They are envying the South Korea and Suharto of Indonesia, their colleagues who changed their countries as soldiers. But they didn’t have the discipline to do what the South Korean, Brazilian General and Suharto did. They didn’t have the personal discipline. They were lulled into comfort by oil receipts. They basically had a live and let live philosophy which eventually led to the collapse of culture in Nigeria. But they desired good. Who are the people in this group? Babangida was a classic representative of that group; the second group that I call the narcissistic influencers, derived from narcissism or self love. These are people, who really, it’s themselves that matter. They can dress it up in patriotism or anything but they have obsessive self love. They are after who will appoint a minister from there, who will do this and that. This group has been the group that balances between the first and third groups and has been around consistently...

The Obasanjos of this world? You know that. You are very fast. There is another person. I won’t mention his name because that one is driven by money. Danjuma? (Laughter) That is the second group. The third group is what I call the entitlement minded praetorian guards. This people feel they are entitled to Nigeria. They feel that they slaved to win the civil war. So Nigeria is their personal entitlement. Everything should come to them, whether they are prepared for power, have anything to make Nigeria better or not, they are entitled to power. I leave you to fit those names. So, this is what has defined the Nigerian State for 50 years. So, this problem has been fundamentally responsible for the eclipse of the promise of the founding fathers of the Nigerian nation. It is trying to play the games of the contending forces of the Class of 66 that has affected 2015 from being what Nigerians had hoped it would be. 2015 came with the promise of sending Jonathan out and bettering Nigeria. But it is as if Nigeria has gone 30 years back one year, few months after? But you see what the nature and character of the class of 66 offers is that there are some people whom you must be careful of to get out of the picture so that they don’t constitute a threat to your way. That alone takes away what is needed in nation building, which is inclusiveness. Leadership is about inclusion- finding your best and brightest to sit together and solve problems. But the nature and character of the Class of 66 makes it one; anti-intellectual. Forget that they will find some professors from time to time but basically, the Class of 66 is antiintellectual. There is nowhere in the world that development has taken place without a strong intellectual component. Suharto saved Indonesia. Even though he had the traits of the Class of 66, he found a group of young PHDs in economics, mainly turned out from the University of California,

Utomi

Beckley. That was why they were known as the Beckley Mafia. So, in spite of Suharto, they basically saved their country. If you notice all the problems since the end of last year, it is a matter of exclusion.

This is a self-inflicted, policy driven recession. There was no reason for it to happen

Excluding the intellectuals? Intellectuals, ethnicity, all kinds of groups that they are not comfortable with, within and without the party. That has left Nigeria more divided today than it was three years ago. Part of my problem with the Class of 66 is that their mantra is national unity- that you cannot compromise the national unity. Yet, more than any group, they have moved Nigeria to the point of discontent; to the extent that Chidi Onumah’s book ‘We are all Biafrans’ in frighteningly true in its title. Everybody is unhappy with Nigeria today, whether we like it or not. So, it is the character of the Class of 66 that has brought us to where we are today. Any intelligent person can understand what I am saying. I don’t want to go personal. How can it be remedied? Are we going to continue like this forever? I don’t know. Nigerians can make their choices but I think we need a movement in the country that is mainly non partisan that recognises where the problem is coming from. There must really be an eclipse of the Class of 66. The danger is that they have been creating cronies. But one of the wonderful things that have happened in the past one year is that the particular group of Class of 66 that has been disrupting the flow of the class is in power. So, that may be a major gain that they must have democratised or universalised discontent to the point that the Nigerian people may rise against what is happening. Do you see that happening? Nigerians are so divided along party, ethnic and religious lines that people don’t see white or black for what they are? You see people will not do that if they fail to see that where we are going is the path that was painted by Robert Kaplan in his book, ‘The coming anarchy’. It is an analysis of West Africa on how ethnicity, religion and even economic divides, weak infrastructure, no light; at night it is the most dangerous part of the worldWest Africa. This is the situation in Nigeria where people will see anarchy. Then you ask yourself, do you prefer anarchy or restructuring this thing that is not working? That’s really what the challenge would be. I am not sure many people will prefer anarchy but it may run out of their control and become what we didn’t plan. Former President Olusegun Obasanjo last week said the APC is weak in government and PDP weak in opposition. How do you relate that to what we are saying? Well, he should be in better position to explain that. Not me. Those are his comments, I don’t know. But of course, in

the main, he is right. It is precisely the point I was making in painting the picture of the class of 66. The Class of 66 believes in divide and rule, believes in conquest, rather than accommodation. And so, they are in a conquest mood and it is not sustainable. Finally, we have the Dollar policy, the removal of fuel subsidy and other issues around the economy. The arguments have raged for long on subsidy removal. It has been done but it appears Nigerians are not seeing the benefits now. Does what is happening now sustain that argument or it summarises the other argument against the nature of our economy and its handlers? You have asked a question that will take four hours and all most all your newspaper to answer. I don’t have four hours and there is not enough print to give it to your readers. But the simple truth is that we keep running away from how we fix our problems. And in many ways, by running away, we are even more responsible for most of the problems. If you ask me in one line, I can tell you that this is a self-inflicted, policy driven recession. There was no reason for it to happen. If you say that oil prices have fallen, Emir Lamido Sanusi has spoken already. I don’t need to stress that. If something that contributes 15 per cent of your GDP is down, what of the other 85 per cent? As you and I speak, there are many foreign companies that have pulled out of Nigeria or are getting ready to pull out of Nigeria. It has nothing to do with oil prices. It just has to do with how government officials are treating them- disrespect for foreign investors and all the rest of it. Foreign Diplomats are talking of how their companies are being disrespected; how they are treating them at EFCC. So, it’s a much more complex issue than talking about oil prices going down. Let’s be fair to people in government. Some of them don’t even see what we see. I can tell you one of the biggest shocks I have had is being at an event, where one of the most senior traditional economists in Nigeria was saying ‘look, foreign investors, what do they bring? They just come and borrow money from Nigerian banks and take money away.’ I nearly fainted because this is somebody that would be taken seriously. Take a book of foreign investments. The telecom industry in Nigeria would not have been what it is if foreign investors did not bring the huge money they brought in here to modernise the economy. The consequence of telecom privatisation is part of the growth of the Nigerian economy. If you try to quantify it, you will wonder how a distinguished economist could say that. So, we’ve got serious problems. That is why we need a public sphere, where you can have robust discussions with the likes of Ayo Teriba, Bismark Rewane and young Turks to come and debate with these people. Anybody who is listening can see where the logic is going.

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to express the fear that the nation would lose his services, when he was elevated to the position of bishop in 2011. Even General Buhari, who is now president, captured the sentiment in his congratulatory message to the cleric then. He expressed the fear that the cleric would no longer be available for public engagements. But Kukah allayed his fears, saying: “No need to fear General. The Church has only given us a bigger platform. As long as injustice and hunger stalk this land, we shall continue with the struggle. We shall go to where the Lord sends us. Since God is everywhere, I shall consider myself a bishop without borders.” The bishop has not wavered on this promise. He has continued to contribute to national discourse despite his busy schedule, and his “Akure Declaration” is one of such. He is however not alone in insisting that the era of lamentation is over for the Buhari government. Other stakeholders who spoke with New Telegraph on the issue expressed similar sentiment. They include National Chairman of United Progressives Party (UPP), Chief Chekwas Okorie; former Minister of Transport and member Board of Trustees (BoT), Peoples Democratic Party (PDP), of the Chief Ebenezer Babatope; former governor of Anambra State, Dr. Chukwuemeka Ezeife; former member, House of Representatives, Chief Ralph Obioha; president of Ijaw Youth Council (IYC), Mr. Udengs Eradiri and president of Arewa Youth Consultative Forum (AYCF), Alhaji Yerima Shettima. But, there was a dissenting voice from the APC camp as its Lagos chapter spokesperson, Joe Igbokwe, insisted that the blame was put to where it was supposed to be. Okorie: Era of lamentation ought to be over The issue of not inheriting anything from the immediate past government is an overstatement and President Muhammadu Buhari has not done much to his person as an upright leader. If the President found out that the handover he received from his predecessor was false, he ought to have published it by now. I made a public statement when the President marked his one year in office that the era of lamentation and blaming of the previous government ought to be over. I added that what is expected of him after a year in office is to show creativity to prove that he was actually prepared for governance as the present challenges are what should prove his ingenuity and ability to solve problems. I cited the case of the United States when President Barack Obama came to power; the bailout and other measures he took, which quickly began to yield results and the American economy that was sliding into recession bounced back. I also pointed out at that time the need for the President to rejig his cabinet because he has some

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Nigerians to Buhari: Era

Kukah

round pegs in square holes, and one is year is long enough to have an objective assessment of the capabilities of members of his team. I equally pointed out that either by design or coincidence, his cabinet is dominated by lawyers and this is a country that requires people from diverse background. Almost 60 per cent of members of his cabinet are lawyers and I wonder the type of ideas they will be ventilating during their meetings. I am not saying that the President should not talk about the Jonathan era because it is part of our political history that must be recalled at every event but not at the expense of governance. There is no doubt that the administration did a lot of damage to our polity and no amount of sentiment will make anybody to wish away that damage but President Buhari should not allow what happened under Jonathan to take way his focus on governance. There is nothing wrong in reminding us of the massive corruption that took place during the administration; the lack of employment generation projects, non-utilisation of the country’s resources, stupendous and exorbitant lifestyle of some officials of that government, and after those who plundered our common wealth, but it should not be at the expense of governance. And I disagree with the President on his claim that nothing was done during PDP’s 16-year rule. I disagree with him on that because there is no way anyone will claim that nothing was done within that period. If he had said that what was done was not commensurate with the wealth of the nation at the time, I will agree but to say that he inherited nothing is a claim he cannot substantiate. As for those calling for the probe of past governments, including that of Chief Olusegun Obasanjo and Umaru Yar’adua on the basis of President’s claim; they are simply being mischievous. Buhari can only probe them based on prima facie evidence and not just because he

Okorie

Babatope

claimed that he didn’t inherit anything.

Buhari should not allow what happened under Jonathan to take way his focus on governance

Ezeife: Let Buhari return us to preJonathan era There is nothing to make of President Muhammadu Buhari’s claim. The blame-game should be over by now. Rather than keep blaming the past government, we should be praying to God to take us out of the situation that we are now. If the President claims that he didn’t inherit anything; let him return us to where we were before he took over from Goodluck Jonathan. That is, let the exchange rate go back to what it used to be; the price of petrol back to what it used to be; the stock market back to what it used to be. Let Buhari return us to the situation that we were before he took over. He should not bother to do any other thing for but return us to where we were before became president. I have kept saying of late that there is no point criticising Buhari, if we like, we can blame God who created him, but what is more important is to pray for God to guide him to the right path because life is becoming unbearable in Nigeria. People are committing suicide in numbers and he keeps making diversionary statements. I support the anti-corruption war because graft is the bane of Nigeria’s development but it should not be restricted to anybody, and we have to make sure that more corruption is not going on now than the ones we are probing. We have to make sure that appointments are by merit, approved by the President and not by those close to him after being induced. The way it is, it seems that the President has compromised the fight against corruption because of some of his actions. So, we need a comprehensive anti-corruption policy because there is the need for a new Nigeria. We have a situation where people are suffering, nothing is working and people are taking their own lives because of severe

Ezeife

hardship; this demands that the man in power should refrain from making diversionary statements and concentrate on how to ameliorate the sufferings of the people. Some Nigerians are making suggestions on how we can get out of this problem but the government seems not to be listening. That is unfortunate. I keep saying that there are possibilities as there is no reason for the situation that we are in at the moment. But it behooves on the government to either listen to wise counsel or think out of the box to move the nation forward. Nigerians no longer buying Buhari’s excuses – Obioha It is a fact that President Muhammadu Buhari inherited an empty treasury. The events that are coming to light since his assumption of office about the high level of most vulgar and reckless expenditures in past administrations definitely would not have come from a pitiless treasury. But going forward, having being in office for about 16 months and government admitting all the recoveries it has made, that should have at least elevated the economy. If President Buhari said that he inherited empty treasury a year ago, it would have some validity but saying that now, a lot of Nigerians are no longer buying it. The reason Nigerians voted for him was that they already saw science of doubt and they ensured that they effected change by putting him in the helms of affairs. What he can say that will still have some validity is about the collapse of crude oil prices, which is our main foreign exchange earner. But Nigerians are telling him that those excuses can no longer hold; he should listen to them. We need to do something about the economy because a lot of people are complaining about hunger; and hunger is driven by lack of people doing things and earning income. So, let us hope that the government will first tighten its belt and secondly, close all loop holes of wasteful

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of lamentation is over

Obioha

Eradiri

spending and also ensure that corruption is totally eliminated. I believe that blocking of wastages must now be a priority government. For example, most of government officials travel overseas for medical attention. In this period that Nigerians are suffering, government should cut off that. Government has put certain things in place to save money, like insisting that no government official should fly first class in any assignment they are carrying out overseas. Government has said it but then it must ensure that nobody is abusing it and anybody who abuses government’s instruction must be punished by reliving him of his duties. There must be prudency by those in government because there are so many wastages that are obvious to Nigerians and if there is anything that could make Nigerians lose patience, it is when they see the wastages by public office holders. Babtope: Buhari should stop passing the bulk It is very laughable for President Muhammadu Buhari to have said that he inherited empty treasury from former President Goodluck Jonathan. He ought not to have said that at all. But in any case, we wish him the best of luck in solving the economy problem of Nigeria. The problem is not about inheriting something from Jonathan or whatever. The growing poverty among Nigerians is a great problem and he should stop talking about inheriting something from somebody or not inheriting something from somebody. Nigerians are suffering and the suffering is becoming unbearable. So, the president should stop passing the bulk to other people. I don’t see any performance of the present government because nobody is performing anything, except that Nigerians are suffering. If he is performing well, I will say so. Having spent more than 15 months in office, I can’t judge the president but he should ask himself why he is saying that

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Shettima

he didn’t inherit anything from anybody. It is very important for him to note that Nigerians are suffering. Honestly, what is happening presently in Nigeria is very saddening; Nigerians are suffering. What does issue of inheriting something from somebody has to do with the problem being faced by the Nigerian people. So, we should appeal to him to kindly sit down and tackle these problems rather than passing the bulk on what has happened or what has not happened. Eradiri: APC was not prepared for governance The All Progressives Congress (APC) didn’t have any plan for Nigeria and that is why we are in the situation that we found ourselves. How can President Muhammadu Buhari claim that he inherited nothing from the Goodluck Jonathan administration, when we saw former President Olusegun Obasanjo corroborating the immediate past government that about $30 billion was left in the country’s foreign reserve? I believe that the APC and its leaders have been overwhelmed because they never expected that would win the presidential election, so they were not prepared for governance. They just wanted to seize the opportunity of the election to cause confusion but as fate would have it, they won the election and the reality has set in. They are still living in the past but the only positive thing about their so-called Change is that it has woken Nigerians up to reality. That laziness amongst us is gradually easing out as people have now realised the need to work hard. Other than this, I don’t see any seriousness in what the government is doing. How many projects have they embarked on? They can’t tell us that there is no money in this country after all they have been selling oil no matter the price. The question should be: The money that this government has been making since it came to power, where is it?

They stole everything; nothing was left. So...we put the blame where it is supposed to be

There is money in the system but the problem why people are being cautious is because of unguarded statements by the President and the economy is suffering because of it. Nobody wants his money to be frozen. People are scared that they would be arrested if the spend money, so Nigerians are keeping their money to themselves. Also, businessmen don’t want to invest in any venture because they are not sure of the next policy the government will come up with. There was recession across the world during the Yar’adua/ Jonathan era but it didn’t affect Nigeria because there was money in the system then. But because of unguarded statements by the President and lack of clear-cut policies of his administration, Nigerians are keeping back their money. So, let him watch his utterances and build confidence in the system. The economy will bounce back if people have confidence in the system. Investors have withdrawn and nobody wants to put his money in any venture anymore because of lack of confidence in the government. Shettima: A year is enough to make impact I am one those who share the views expressed by Bishop Mattew Kukah because you cannot be in charge of a country for more than a year and keep lamenting. Our case is not different from that of the United States when President Barack Obama took over. America was in recession when he came to power but, he didn’t spend time lamenting. Even when it was obvious that the American economy had virtually collapsed, he did spend time lamenting; rather he hit the ground running. We must face the reality; I am not a member of the Peoples Democratic Party, so I don’t speak for the party but we must tell ourselves that days of lamentation are over even as it is obvious that so far, the Muhammadu Buhari government has failed. Rather than keep blaming the previous government, Buhari should come up with measures

that will take us out of this situation. There are long and short term measures he can adopt, so the government should seize the opportunity of the few months that is left before politicking for 2019 starts to strengthen the economy. Everyone knows that once the government clocks two years in office, the remaining two are for politicking. More than one year is gone and we are yet to experience the promised Change and we don’t even know whether we will do so before the four-year tenure elapses. So, the Buhari administration must realise that this not a time to continue to apportion blames, but a period to rally Nigerians. Patriotism must come to play now otherwise we will wake one day and there would be no Nigeria. Igbokwe: 16 years of PDP was a waste They (PDP) didn’t leave anything. They stole everything; nothing was left. So, why should we not put the blame on them? We put the blame where it is supposed to be but it doesn’t stop us from doing what we are supposed to do. We are doing our job but when they begin to blame Muhammadu Buhari’s government for non-performance and economic recession, they should know that the foundation they laid yesterday is what we are going to reap today. So, the foundation the PDP laid is what we are seeing today. We are laying our own foundation and tomorrow it will be the turn of Nigerians to judge us. There are so many reasons why Nigeria is in economic recession. Now, we don’t have dollars. The Niger Delta militants’ activities have reduced the Nigeria crude oil quota. Even though the price of crude oil has reduced to about $38 per barrel from about $150 per barrel when the PDP was in power, we cannot even meet up the quota. Secondly, many people stole dollars, packed them in their houses and they are not bringing them out. Thirdly, we don’t produce anything; we import everything we need including toothpicks, so how do we expect Nigeria’s economy to be the same thing with that of South Africa, Indonesia or Turkey? There is also no power. These are the things the incumbent government is reversing gradually. The PDP didn’t build anything in 16 years; they were not interested in building Nigeria. We voted Buhari to restore security in this country; fight Boko Haram. We also voted him to diversify the economy, to stop corruption and to build our infrastructure because if we don’t have infrastructure, we cannot build an economy and that is why everybody is rushing to Dubai. President Buhari was elected to build the power sector. He is doing all these things picking it one by one. He is there to restore discipline in the system; financial, social, political and economy discipline. That is what the president is doing and they are wailing. If APC had been in power for 16 years, Nigeria will not be where it is today. Additional reports from Temitope Ogunbanke

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Opinion A dangerous conjecture Dominik Umosen

ndeed, age levels every man on a common platform. At a point, it no longer matters whether you were once a super man; what becomes inevitable is loss of that extrabounce that differentiated and set apart a genius from another ordinary quantity in the rabble of humanity. This reality is what President Muhammadu Buhari alluded to, early in his second coming as number one citizen, when he told some Nigerians resident in South Africa that he regretted becoming president at a relatively advanced age. But instead of accepting this fact on its merit, critics deliberately misinterpreted it as admission of lack of preparedness to accept the enormous tax of fixing the huge socio-economic mess that the country suddenly transformed into. Yet, nothing in that statement was out of sync with reality. Rather, the president’s frank engagement with his compatriots has proven prophetic because only those inspired by mischief would insist that an 82-year-old or thereabout should run at the same speed and vitality as a 50-year-old. Those old enough to remember recall with nostalgia how Maj-Gen Buhari, as General Officer Commanding 3rd Armoured Division of the Nigerian Army in, Jos in the 80s, pursued an invading band of Chadian soldiers across Lake Chad. It was a fleeting moment of chivalry that redefined national pride in every Nigerian. That special moment of pride was what the president referred to when he told Nigerians resident in South Africa that he regretted becoming president at 82. There is nothing to be apologetic about that because at his cur-

rent age, only hypocrisy could drive any one to expect him to push himself the same way he did 30 years ago. And to underscore this point, democracy differs frtom the unpredictability of authoritarianism which is why the commander-in chief patronizes advice and inputs that do not edify the tough-guy mystique that most Nigerians identify him with. A recurring incongruity that is not consistent with the Buhari mystique is the latitude that has consistently been provided by security agencies to herdsmen, despite the atrocities attributed to them across the country. There is no atrocity worth the name that has not been committed by herdsmen against innocent communities across the country, including rapes, genocide and regicide. Despite these, security agencies feign helplessness which is strange considering the ease which they kill pro-Biafra agitators and Niger Delta militants. This transparent duplicity has sparked allegation of a sinister plot to islamize the country, using criminal herdsmen who are sleeper cells of the Islamic State(IS). Unless the security establishment is snoozing comfortably or telling Nigerians that President Buhari is no longer the man who recovered the country’s pride and honour from foreign military invaders, providing enabling environment for foreign terrorists masquerading as herdsmen to graze livestock, even in the Federal Capital Territory, amounts to a huge slap on the country’s prestige. The failure of the security agencies to stop atrocities by herdsmen, many months after the Emir of Ilorin, Alhaji Sulu Gambari, first sounded the warning, has made it difficult to discourage the argument that the country is unserious about foiling the elaborate plot to destabilize the country which is allegedly

There is no atrocity worth the name that has not been committed by herdsmen

spear-headed by fugitives from the sub-region posing as Fulani herdsmen. Stepping up the indictment in his Eid-el-Kabir message to the Nigerian Ummah, the Sultan of Sokoto, Alhaji Sa’ad Abubakar the Third (a retired Brigadier General), urged security agencies to upgrade their proactivity consciousness by arresting foreign terrorists whom he said have invaded the country under the guise of nomadic pastoralism. According to the Sultan, the foreign terrorists came to the country with the sole mandate to cause the breach of the peace which they have succeeded in doing. ‘They are terrorists and should be treated as such by Nigerian security agencies’, he said of the AK-47 rifle-wielding herdsmen who terrorize law-abiding citizens under the watchful eyes of security agents under the guise of nomadic pastoralism which has been condemned as primitive and a security threat to the country. The strange failure of security agencies to respond, despite proven atrocities attributed to the criminal herdsmen, has triggered allegation of a sinister plot to islamize the country, thus unleashing disaffection against the administration. The pressure this combustible mix combines with the worsening economy to put on citizens is avoidable. Already, critics allege that the president is detached from reality. It is only a matter of time before a conjecture is drawn between the criminal intention of terrorists posing as herdsmen and their common Fulani ancestry which the president also shares. Clearly, there is urgent need for security agencies to take decisive action to puncture the dangerous and misleading argument that they are patronizing the terrorists because they are of the same ethnic extraction as the president. •Umosen (dominikumosen1@gmail.com) wrote in from Lagos.

Emmanuel as rare bird in murky waters Ofonmbuk Agnabi

n the day Udom Emmanuel stood on the podium, before the generality of Akwa Ibom people, and took oath of office to begin work as their governor, he said something to the people. Most may have forgotten what he said on that day. A reminder here: “I stand before you today not as a master but as a servant and not as a boss but as a co-labourer.” This was on May 29, 2015. More than one year down the road, Emmanuel has lived out the true meaning of the words he used indicating that he was not being a politician when he uttered those words, but just being who he has always been -a Sunday school teacher who, as the son of a school teacher also, believes, and lives out, the scriptural promises that he had imbibed and teaches. Indeed, Emmanuel is a core professional and not your run-of-the-mill politician! In being Governor of Akwa Ibom state, Emmanuel proves something about humility and focus. He does not see himself as a governor, in the true sense of the expression of the name in the Nigerian political context, but as a chief labourer and a team player whose assignment is to lead other labourers to dig the gardens, plant and water the seeds,

tend to the farm, relax and wait for a bountiful harvest. In Biblical terms, one could see Emmanuel squarely fitted into the parable of the sower. He is sowing goodness and peace in Akwa Ibom. He is sowing brotherliness and disarming opponents with a simple lifestyle, which has become a signature of his personality. He is sowing projects for the future of the state. As a banker, the man remained mostly anonymous while keeping faith with his assignments, and delivering results quietly. Somehow, not many Akwa Ibomites knew that behind the white high walls and glasses of Zenith bank, hid a true son who never forgot his humble and Christian upbringing in working himself up the success ladder. It took the eagle eyes of Chief Godswill Obot Akpabio, now Senator, and Minority leader of the Senate, who as governor, prayed for God’s will in his search for a visionary and uncommon successor who would move the template in the development of Akwa Ibom to new heights, to find him. Having spotted him, Akpabio put Emmanuel through tutelage as Secretary to the State Government (SSG), in a development, which many argued was a huge and very risky gamble. Not in terms of qualification or antecedents, but just that he had remained a quintessential and no-nonsense professional. No doubt, many politicians in

Akwa Ibom, and even beyond, were disappointedly surprised with Emmanuel’s appointment as SSG. Many argued that he would never agree with Akpabio on the grounds that his gentility and simple mien, would never pair well with a hyperactive Akpabio who was on the faster lane to drive the state’s development forward. Others argued that being a “Lagos boy”, one who did not have anything to do with politics of the state since 1999, and one who never showed any overt interest in governance, that Emmanuel was like a fish on dry land. Several permutations and analyses also enveloped Akwa Ibom state on how his predecessor in office as SSG would trounce him at the polls, being a neophyte. He must have read all the analyses and noted all the doubts expressed about his ability to make things happen with candour and equanimity. And in his usual style, offered a coy smile. His only message to those who doubted his capacity was “Udom Is Right.” Yes, Udom was right to have sought the nod of the people to be their chief labourer. Udom was right to have asked to be allowed to push the wheelbarrow ahead of others. Udom was right to have asked those who actually own the power, to permit him to reload the transformation story of Akwa Ibom state and make things happen for the good. Today, even those who doubted his abilities, and vehemently opposed

his decision to be another wheel in the progressive development of the state, are beginning to see how wrong they were. Most are re-aligning with his vision and are trooping to buy into his template for peace and development. Recently, the 14 members of the Peoples’ Democratic Party (PDP) who joined other aggrieved people to form G22 visited him as the traditional leader of the party to pledge their loyalty and support. The visit was done “in absolute demonstration of our acceptance of his invitation to us to join him in building a state of our dream which was the fulcrum of our respective aspirations to the office of Governor in 2014”, according to the spokesperson of the group, Barr. Ekpenyong Ntekim, a former Attorney-General and Commissioner for Justice. That is the spirit of a sportsman! Apart from worrying noise by the opposition as the legal challenge to Emmanuel’s electoral victory peaked, which created negative, but unfounded impressions about the state, Akwa Ibom State has remained very peaceful and accommodating of all opinions. He has shown that there is actually no need for a do-or-die disposition to politics. He has no scruples and has taken no prisoners. •Ofonmbuk Agnabi is a political analyst based in Lagos

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

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Earlier, students writing the sives Congress (APC) stock and General Certificate of Educatheir supporters started to bicker on the postponement. tion (GCE) modulated by the While describing the shift West African Examination as illegal, unconstitutional and Council (WAEC) had protested breach of the people’s trust in the fixing election on that day INEC, the PDP alleged that shift as it fell on a day they would in date was a ploy to buy time for write an important paper comthe APC, which it said was headpulsory to all – Mathematics. Their protest was hinged on ing for a major electoral catastrothe fact that on election day, phe. there would be no movement, Also, Governor Adams Oshwhich could jeopardise their iomhole condemned the two-week hope of writing this very imshift saying; “It is too long. If INEC is not ready to do election portant paper WAEC conducts in West Africa this week, and could not what is wrong have postponed with next the paper in week? Next Security agencies Edo State only. week will INEC, inishould not allow the be fine…betially, decided peace of the country cause of the to go ahead planned coroto be disrupted with the elecnation of the tion on September 10, because, according to it’s National Commissioner in Charge of Voter Education, Prince Solomon Soyebi, “INEC cannot shift the election on the basis of security report.” But reason prevailed and the commission made a U-turn to announce the new date for the election” in view of deployment of security personnel country wide to secure lives and property which would over stretch their capacity to, at the same time provide adequate security for the election.” In spite of this explanation for postponement, politicians, especially of the Peoples Democratic Party (PDP) and the All Progres-

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The postponed Edo Guber election

ased on security advice, the Edo state gubernatorial election that was supposed to hold on Saturday, September 10, 2016 has been shifted by the Independent National Electoral Commission, (INEC) by two weeks. It will now hold on Saturday, September 28, 2016. The police and the Department of State Services had appealed to INEC, the body which has the legal duly to regulate elections in the country, to consider “possible postponement” citing intelligence reports of plans by insurgents/extremist elements to attack vulnerable communities and soft targets between the 12th and 13th of September. Edo State was listed as one of the states on the list of the security agents where insurgents were allegedly planning to attack during the period. The state governor, Adams Oshiomhole had earlier raised the alarm alleging the registration of more than 8,000 militants by governors of states in the region and the invasion of the state by the militants. This was days after the Comrade Governor declared that the state was free and that his party, the All Progressives Congress (APC) ready for the election. The opposition party, the People’s Democratic Party (PDP) had also declared its preparedness for the postponed election.

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Oba of Benin that has been fixed for September 26.” Fifty-four militants who had allegedly invaded Edo from neighbouring Delta State were later arrested in a popular hotel in Benin, the state capital and Okada town. This has, however, vindicated the security operatives’ report. We commend the security operatives’ proactive move for averting an imminent bloodshed. We also commend them for coming out boldly to expose their shortcomings on the postponed election. 20,000 security personnel had earlier been earmarked for the Edo guber election. These personnel would have been mopped up for this purpose from

other states. But with the threat of terrorist attack, especially during sallah in some states, this was not possible again. However, this information should have come earlier, rather than the election week. For those who believe that security agencies should be able to contain whatever happens in Edo, they should know that the agencies also have their limitations. They were able to contain similar threats for May Day, Democracy Day as well as Eid-elFitri earlier in the year because there was no election holding anywhere then in Nigeria. We believe that while the election in Edo is important, security agencies should not allow the peace of the country to be disrupted. Kudos also to the for the courage to do the needful in spite of pressure from politicians. If the commission had gone ahead to hold the election on the prompting of politicians and violence erupts, it is the same politicians that will point fingers at the commission. We hope the INEC will, however, move from holding inconclusive polls and postponement of election, to that of doing a perfect job in Edo, come September 28. In future, INEC, while choosing dates for elections, should work with all stakeholders (which include students, workers, and traditional institutions. Not only politicians) in picking dates for elections.

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

INTERVIEW

Law

Ashaolu: Why Buhari must not ignore call for restructuring

NEWS Alleged N16.7b fraud: Nine Consolidated officials know fate Nov. 9

20 21

Insecurity: Lawyers push for community policing

lthough the nation’s security challenge is being addressed by the Federal Government, a section of the nation is pushing for a state police with a view to ridding the country of crimes. Nigerian army has succeeded in rescuing the northeast from the dreaded Boko Haram insurgents while other security agencies are battling with other crimes that had taken the country by the jugular especially in the last one year of the President Muhammadu Buhari-led administration. Crimes like kidnapping, cultism, robbery, human trafficking and sundry ones had also increased in the last one year. Apparently worried by the upsurge in these crimes, some Nigerians believe creation of a state police is the answer. For years, the call for the state police had increased following an unprecedented upsurge in crime in the country. Just last week, police were helpless as cultists took over a Lagos community where scores were attacked, sparking call again for the creation of state police. However, lawyers at the weekend joined the fray. While lawyers believe that the creation of the state police would help the nation overcome some of its security challenges, others argued that Nigeria was not yet “ripe” for it. They simply said the call for the creation of the state police was nothing but an invitation to anarchy. Section 214 of the Constitution established the Nigeria Police Force (NPF). Sub-section 1 states: “There shall be a Police Force for Nigeria which shall be known as the Nigeria Police Force and subject to the provisions of this Section, no other Police Force shall be established for the Federation or any part thereof.” In accordance with this provision, Nigeria has operated a unified

FOLUSO OGUNMODEDE

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

TUNDE OYESINA writes that the call for a state police as panacea for the nation’s security challenge has pitted lawyers against each other

Obla

central police force since independence in 1960. However, with time, there has been an increase in population, criminal activities, economic and political spheres of life, had also called for close policing of the citizens. Besides, new waves of crimes and criminal activities such as kidnapping, terrorism, armed bandit and sundry high-tech criminal activities have brought the need for policemen to be familiar with their areas of operations, culture, customs, among others. This has led to another round of clarion calls for the amendment of the Constitution to accommodate a provision for the creation of state police. State policing has been defined as a police force State authority rather than under the authority of a city or county in the state. It has also been defined as the police organized and maintained by a state as distinguished from those of a lower sub-division (as a city or county) of the state government. However, in the Nigerian context, state police is a kind of sub-national police force, to be organized, maintained and under

IG, Ibrahim

the jurisdiction of a particular state government. In Nigeria today, there has been a recent clamour for the establishment of State Police Force as opposed to what was laid down in Section 214 of the 1999 Constitution. This is as a result of the deteriorating situation of the security system in Nigeria. Some other reasons for this clamour are that the geographical area of Nigeria is too large for a centralised police command. Policing citizens should be the responsibility of the respective states and not that of the Federal government. The proponents of the policy also argued that it is easier to operate close systems, shorter processes because of less loopholes, error percentage and you know your target. While those against its establishment are of the view that Nigeria is not yet mature for a State Police Force. Those in support of the policy have argued that its creation will help curb the rising tide of insecurity amongst other social vices in Nigeria and that it will reduce the rate of unemployment as more people would be recruited

into the State Police in proportion to the population of each state. According to them, it will help check criminal activities and corruption within the police force and the society. It was also argued that it will curb the attitude of policemen who hardly go to their states of origin to work but to other states considered lucrative. State policing will prevent any attack and imposition of some religious doctrines in some states. It will help abate the ugly trend of kidnappings in the Southern part of Nigeria. It is easier to operate close systems, shorter processes because of less loop holes, error percentage and you know your target. It will help institute true federalism and localize and confine criminal activities. Those against it have expressed their fear in the sense that the system can be abused by state governors who wield enormous influence on their subjects and that it will be too costly to maintain State Police. They added that State executives can use the state police to harass political opponents. CONTINUED ON PAGE 24

20 Law|INTERVIEW

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Ashaolu: Why Buhari must not

What is your position on the renewed clamour for the restructuring of Nigeria? As for me, I believe there must be restructuring because Nigeria has been like this for quite a long time. Under the colonial era, there were people who put us where we are today. So, we should rethink and see what we can do in order to reshape ourselves. This is because where you are for more than fifty years and you are still marching on the same post without any progress, you should look for a way out for yourself. We need restructuring, real restructuring. What form of restructuring are you pushing for? I am not suggesting state restructuring as some people are asking for more states. No. There are certain areas in the country where the fixing is a misnomer. If there are Yorubas in the north, I think they should go back to where they belong. A Yoruba in the north is a misnomer. For example, you say there is “Ekiti Kwara” but it is very annoying when there is an Ekiti State in the South West. Why can’t you put them in their place? And not only in Kwara, there are other areas where by contiguity, religious or cultural wise, they are supposed to be together. Why not allow them to go? Besides, the type of federalism we are running is not appropriate. It is not the best. The centre is the only one controlling everything. Before now, the system we were running was very different. We used to have cocoa in the west and they were striving very well without depending on oil. In the north, we had the groundnut pyramid and then little emphasis was placed on oil. Why is it that as soon as we discovered oil, we now placed so much emphasis on it and centralised our economy and everything? The central system is affecting us in this country. The states would always go to the centre to demand for money and that has made us to be very lazy. There is no creativity among the states and the states we said we created are not working at all. The governors only wait for the end of the month to go to Abuja to collect money and come back to distribute and even the distribution will not get to the real people at the end of the day. Where are we going? At a time, we also had what was called Native Authority Police (NAP) and they were working well with the Nigeria Police and the crime rate then was not as unruly as we have it now. If the NAP could not do anything, then the Nigeria Police would come in and at the grassroots where the Nigeria police could not do anything, the NAP would come in. Things were working then. We should restructure the economy and the police system also. Indeed, virtually everything in this country needs to be restructured. Even the government needs to be restructured. A situation where we have local governments that are not viable but are only depending on handouts from the federal is not well. They not doing anything for the grassroots. The roads are bad. Look

Chief Olasupo Ashaolu is a Senior Advocate of Nigeria and former Kwara State Commissioner for Justice and Attorney-General. In this interview with BIODUN OYELEYE, he speaks on the restructuring, Buhari’s emergency power bill, legal education and sundry issues

Ashaolu

at our roads, both state and the federal. Things are bad. Things are falling apart and the centre cannot hold again. Where are we going? Let’s diversify so that the states can be able to take care of themselves and leave the federal. There should be a little percentage of whatever the states get from their resources to be given to the federal. Don’t you think asking people to relocate will lead to crisis? Where is the crisis? When you are in a place you don’t belong, why are you wasting your time? I can tell you that most of these ethnic groups don’t belong to the larger society where they are residing. Others are dominating them. An Ekiti indigene in Kwara State cannot dream to be a governor of this state. Can they? They wanted to but they would not allow them. The same thing is happening with other ethnic groups in several other states. They are misnomers in terms of the contiguity arrangement. Why can’t you match them with the people with whom they have the same dialect, culture and way of living? I think it is better that way.

What of its effect on the economy? It cannot affect the economy. It will instead gear people up. If they go to their places they will quickly adapt. Let me give you an example. The people of Otun and some other places now in Ekiti State were formerly in Kwara State before the arrangement that took them to Ekiti. Have they suffered? Instead they are enjoying there. Are they not better for it today? I am not saying it is only in Kwara alone, it is a nationwide thing. There must be boundary adjustment all over the nation to fix people into their normal places. Judges of the Federal High Court are giving conflicting judgements on the PDP crisis. What do you think is responsible and what is the way out? Well, we are in a society where politicians do everything to influence things. I am not saying they influenced the judges but there are traces of it in some places because I don’t know why a judge will give a ruling and another one will give another one. It baffles me and I don’t know why it should be so. I have a doubting mind on it. To me, it is like there are other things. Probably, politics have gone into it because

it is when they are playing politics that all these are bound to happen. What does that say about the judicial system? The judicial system is perfect. The only thing is that there are bad eggs. I can’t vouch for everyone but to say the judiciary is not working will be wrong. They are perfect to me but definitely we still have bad eggs. So, giving different judgements everywhere is not right. That is my opinion. The solution is that the National Judicial Council (NJC) should come into it. They should come in and see what is happening and if there is any bad egg, they should discipline them. How do you see the request by President Buhari for an emergency power to fix the economy? There is nothing that is not workable in this country. So, if he feels that he needs to re-energise the budget, I think he can always make the request. He can do it through emergency power. In as much as he is not the one changing it by himself, the National Assembly will debate it and if it’s okay, they will approve. He is now having a rethink. Maybe he realised the budget cannot be

Law|INTERVIEW 21

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

ignore call for restructuring effectively implemented the way it is. Now, it is for the National Assembly to debate the issue. My opinion is that there is nothing wrong with it because as at the time he presented the budget, he did it based on what the oil price in the international market was and by now the thing has dropped and now he wants a review. There are a lot of things that have gone wrong with the Nigerian economy. There is corruption everywhere. People are taking money abroad anyhow. There is money laundering everywhere. Besides, there is insincerity. Those in government are not sincere. They influence contract, etc. I think Buhari has been working on it and it is commendable but everything must not be on corruption alone. They should also look at the economy because those people will want to frustrate the fight. They are there to frustrate the government. Those that have not been caught would not want to be caught and the next thing is that they will begin to look for ways to bring the economy down. So, government should note that as it is fighting corruption, it should also do something about the economy because people have so much expectation from it. The last government did not do well and so this one should do well. That was why people voted this government enmasse. Government should also look at ways to improve the lives of common people because people are suffering a lot. Otherwise, there may be a breakdown of law and order in this country. Why? Because when you see the kind of crimes being committed here and the high rate of unemployment, you will discover that a young graduate who is getting old without hope of job will think that his life is draining and will want to do what others are doing, thereby drawing himself into crime. Are you afraid of the way Nigeria is going? I am afraid. This is because anytime I see how Nigeria is and comparewith my little experience in the past, I see that things are not working well. If you see people in the town now, they are crying. People are crying and complaining seriously. Ordinary people

somewhere to do that. I don’t think the setting up of the committee is legal. I don’t think so. I have never seen it. We have the AGF and maybe he is part of the team but I don’t think that should be the case. Do you subscribe to the separation of the office of the AGF and Minister of Justice? I think for easier administration, it is okay. The work of the AGF is so enormous. For example, if those offices have been separated, this committee we are talking about just now would not happen because the AGF will have enough time. Then, the Minister of Justice will be solely for the Executive while the AGF will be for other issues. He will be the real Chief Legal Officer of the country. Combining the two offices is enormous. The AGF has to attend executive meetings and the president may want to send him on errands. But, if he is the AGF alone, the job will be easier.

Ashaolu

cannot even buy kerosene for cooking. There is inflation everywhere. Look at the petrol price and look at ordinary rice, people cannot afford to buy it again. Even garri that we produce locally is now expensive simply because transportation cost has increased and suppliers have to build it into the sales price. If care is not taken and if nothing is done before the end of this year or the beginning of this government’s second tenure, there will be a lot of problems in this country. This government must find a way of addressing it. What is your opinion on the creation of a Presidential Committee for the prosecution of corruption cases? Maybe they want to fortify the

EFCC, I don’t know. But, I believe that there is nothing that the Attorney General of the Federation (AGF) cannot do. He is in the Ministry of Justice. He has some lawyers with him. The only thing he could do is to employ more hands rather than saying there is a committee somewhere to recommend people for prosecution. Where is the EFCC? What is the work of the ICPC? They are to arrest and investigate. Are they saying those people will investigate before recommending to the EFCC or are they saying they will recommend people to be prosecuted? I think it is the AGF who should after investigation, study the case file and ensure that the person is fit for prosecution instead of having a committee

Alleged N16.7b fraud: Nine Consolidated officials know fate Nov. 9 Akeem Nafiu

Federal High Court has fixed November 9 for trial of nine officials of Consolidated Discount House accused of defrauding the company of N16.7billion. The accused persons were arraigned by the Federal Government before Justice Mohammed Idris of the Lagos division of the court. The accused persons who were docked on a 24-count charge are: Stephen Olawale Akinretoye, Mudashiru Adeleke Shittu, Larai Claude-Ennin, Hassan Jamiu Gbenga and Ajibola Jolaosho. Others include; Omisore Olawale, Omisope Johnson, Onimole Mobolaji Adebowale and Emmanuel Akiola Odedina. Federal Government’s lawyers led by Joseph Daudu(SAN) informed the court that the nine accused persons allegedly committed the offence at the firm’s office located at Eagle House 38/39 Marina, Lagos, between January 1, 2004 and December 31, 2013. Also the accused persons were alleged to have used their various

Malami

positions in the company to divert several funds belonging to the company to different accounts. Specifically, the accused persons between January 1, 2011 and December 31, 2013, with intent to defraud, allegedly failed to keep proper books of account in order to give a deceitful impression about the state of affairs of the firm. They were also said to have failed to exercise due diligence in the conduct of the firm’s financial transactions. The offences according to the prosecution were contrary to Sec-

tions 15(2) of the Money Laundering (Prohibition) Act, 2011, as amended in 2012, and punishable under Section 15(3) of the same Act. The offences also contravened Section 24 of Banks and other financial institutions Act Cap B3, Laws of the Federation, 2004 and Section 7(3) (b) of the Advance Fee Fraud and other related offences Act, Cap A6, LFN 2010. The accused persons however pleaded not guilty to all the charges. At the last hearing of the matter, an application by the first accused person, Stephen Olawale Akinretoye, seeking for the release of his international passport to allow him seek medical treatment abroad was turned down by the court owing to certain irregularities. Besides, issues pertaining to the service of the proof of evidence on the defendants were also resolved with all the accused persons, through their lawyers, acknowledging receipt of same. The matter was consequently adjourned to November 9 and 11 for the commencement of the accused persons’ trial.

How do you see the state of legal education in Nigeria currently? It’s still okay. But a lot of things have to be done. What is happening probably comes from the foundation level of education. That is why some lawyers are not well groomed. It is a product of the larger society and it is affecting all the professions. Maybe the improvements we can think on legal education is to make it a little bit extended at the law school or maybe you make first degree minimum entry into law school. They do that abroad. It makes people to be strong. I recommend first degree as entry point for law in Nigeria. Why have you been quiet about politics in Kwara? I cannot be active because in this state, I don’t know where to belong to. If you belong to this group they say one thing or the other. I don’t like that type of politics. I want to be free where I join. But in politics, where you join and you cannot be anything unless you belong to a godfather somewhere, I don’t like that. If you don’t know anybody in this state you cannot be anything in politics. I don’t like that.

Bouncers docked for stealing John Chikezie

our bouncers have been arraigned by the police before Magistrate Ade Adefulire of a Tinubu magistrate’s court Lagos for allegedly stealing and selling club’s ticket booklet valued at N730, 000. The accused persons, Mathew Benedict (32), David Arojie (28), Christian Ubi (30) Ancount Usen Hope (19) were docked on a two-count charge of conspiracy and theft. They however denied committing the alleged offence and were granted bail for N200, 000 with one surety each in like sum. According to Magistrate Adefulire, the four accused persons must provide one responsible surety each who are bank account owners in Lagos State. The sureties’ statements of account are to be verified by

the prosecutor. Police prosecutor, Inspector Ben Ekundayo had earlier informed the court that the accused persons committed the alleged offence on September 5, around 10:30p.m. at Gentlemen’s Club, Addo Road, Ajah Lagos. He disclosed that the accused persons, who were bouncers in charge of security and sales of tickets at Gentlemen’s Club allegedly stole one of the club’s ticket booklet. They were said to have secretly sold the stolen tickets to customers and shared the proceeds amongst themselves. “When the club owner got wind of what was going on, he ordered a search and the stolen ticket booklet was found in the pocket of the first accused. Benedict mentioned that he shared the proceeds of the sales of the stolen ticket with others”, Ekundayo further alleged.

22 Law|File Dafe Akpedeye

he need for economic refor m/ development given the present economic holocaust bedeviling the nation cannot be overstated. Recently, President Muhammadu Buhari called on religious leaders in the country to keep calming the people, promising that government was working hard to solve problems of poverty, unemployment and insecurity in the country. The fact that Nigeria is facing economic hardship is no longer news and the Federal Government is making efforts to attract foreign investments to Nigeria in a new bid to steer the economy from the path of recession. It must however be noted that the nature of the Nigerian legal sys- Akpedeye tem is usually put into consideration by potential investors because it is a key factor in assessing the country’s investment climate. An investor is concerned about the security of his investment and the possible effects or impact of disputes. An investor wants to be assured that the available dispute resolution mechanism in the investor country is effective. Some critical questions are usually asked and one of such questions relates to the prevailing legal and institutional framework for dispute resolution. Since conflicts are inevitable in business relationships and court-based litigation tends to be a deterrent to potential investors especially foreign investors because of some obvious concerns such as the independence of the judiciary, the delays associated with judicial proceedings, unfamiliarity with the local law, anxiety on how to relate within an unfamiliar legal system and culture, etc. there is therefore need for an alternative to courtbased litigation. Fortunately, in the past quarter-century, significant changes have occurred in the ways lawyers approach conflict. There have been unprecedented efforts to develop strategies aimed at more efficient, less costly and more satisfying resolution of conflict. An effective arbitration and alternative dispute resolution (ADR) regime solves some of the perceived fears of a potential investor. Commercial contracts are increasingly complex and often require reliable, flexible dispute resolution mechanisms. Thus, commercial arbitration and other ADR mechanisms give the parties the autonomy they need to create systems tailored to their disputes. This paper shall discuss generally, the law and practice of arbitration and other ADR models. However, the main thrust of this work shall be to proffer answer to the question, “how can arbitration and

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Arbitration, ADR as instrument for economic reform

ADR bring about economic reform/ development? Thus, I shall be concerned with specifically discussing why and how Arbitration vis-à-vis ADR can serve as a springboard for economic reform and development in Nigeria. It will be argued that one way (amongst many) to attract foreign investors is via an investment treaty embodying an arbitration clause between Nigeria and the foreign investors. The rationale for the said argument shall be fully elucidated in the course of the discussion. It later concludes that as long as the present challenges facing arbitration and other ADR models are surmounted, economic reforms and/or developments will be inevitable. This paper further recommends other factors that need to be put in place if the economic reform and development is to have a lasting impact. Arbitration Arbitration is a device whereby the settlement of a question is entrusted to one or more persons who derive their powers from a private agreement, not from the authorities of a State, and who are to proceed and decide the case on the basis of such agreement. Like public trial, arbitration is an adjudicatory process in which a third-party neutral simply decides the dispute. It differs substantially, however, in that the proceeding is informal rather than formal, and is not bound by traditional rules of evidence or procedure. Furthermore, arbitration as an adjudicatory dispute resolution process involves one or more arbitrators who issue a judgment on the merits (which may be binding or non-binding) after an expedited, adversarial hearing, in which each party has the opportunity to present proofs and arguments. It is proce-

An effective arbitration and alternative dispute resolution (ADR) regime solves some of the perceived fears of a potential investor

durally less formal than court adjudication; however, procedural rules and substantive law may be set by the parties. The arbitrator’s decision addresses only the disputed legal issues and applies legal standards. Either party may reject the nonbinding ruling and proceed to trial; sometimes, cost sanctions may be imposed in the event the appellant does not improve his/her position in court. This process may be mandatory or voluntary. The mechanics of arbitration are relatively straightforward. Investors initiate arbitration by submitting a Request for Arbitration to their selected forum. Then, the process of selecting a tribunal begins. Typically, panels of three arbitrators resolve investment disputes. The investor selects one arbitrator and the respondent State picks a second arbitrator. The default rules for selecting the final arbitrator, the presiding arbitrator or chair, vary according to the institution chosen. All arbitrators are generally required to be impartial and to contribute to the adjudicatory outcome. Nevertheless, the presiding arbitrator performs a different role than the party-appointed arbitrator and his or her appointment is a matter of vital importance. The presiding arbitrator can influence the style of an international arbitration and make critical procedural decisions. Some suggest that presiding arbitrators resolve disputes between party-appointed arbitrators and in some cases, become the ultimate decision maker. For these reasons, the role of the presiding arbitrator is of particular interest. Once the tribunal is constituted fully, the parties gather evidence and present arguments. The tribunal then renders an award on the merits of the dispute that is enforceable worldwide. Alternative Dispute Resolution (ADR) The term Alternative Dispute Resolution or “ADR” is often used to describe a wide variety of dispute resolution mechanisms that are short of, or alternative to, full-scale court processes. The term can refer to everything from facilitated settlement negotiations in which disputants are encouraged to negotiate directly with each other prior to some other legal process, to arbitration systems or mini-trials that look and feel very much like a courtroom process. Processes designed to manage community tension or facilitate community development issues can also be included within the rubric of ADR. ADR systems may be generally categorized as negotiation, conciliation/mediation, or arbitration systems. Though included in the generic meaning of the term “alternative dispute resolu-

tion” arbitration is usually not classed as an ADR procedure. The reason is possibly because the arbitral awards are mostly binding and final. It is also at par with a judgment of the court as recognized by the Supreme Court in the case of Ras Pal Gazi Construction Company Ltd vs. FCDA It is important to note that negotiation, mediation, and conciliation programs are non-binding, and depend on the willingness of the parties to reach a voluntary agreement. On the other hand, arbitration programs may be either binding or non-binding. Binding arbitration produces a third party decision that the disputants must follow even if they disagree with the result, much like a judicial decision. Non-binding arbitration produces a third party decision that the parties may reject. Basic ADR models include: Negotiation, Mediation, Conciliation and Arbitration while hybrid ADR Models include Appellate ADR, Early Neutral Evaluation (ENE), Fact-Finding, Judge-Hosted Settlement Conference, Med-Arb., or Mediation-Arbitration, Minitrial, Court based minitrial, Negotiated Rule-Making, Regulatory Negotiation or “Reg-Neg”, Ombudsperson, Private Judging sometimes called “Rent-a-Judge”, Settlement Week, Summary Jury Trial, Summary Bench Trial, Two-Track Approach etc. Although there is clear positive evidence of cost and time savings and numerous other benefits of some courtannexed ADR programs, it is evident that much depends on the shape and structure of such programs. Studies of ADR in commercial sectors suggest that the use of mediation has grown in recent years, reflecting perceptions that it offers significant potential benefits to business. Some businesses have developed more integrated, systematic approaches to the management of conflict, although most appear to have taken a more ad hoc, reactive approach to dispute resolution. Arbitration in Nigeria The main arbitration law of Nigeria is the Arbitration and Conciliation Act 1988 (ACA) (Cap A18 Laws of the Federation of Nigeria 2004). This is the federal or national law governing arbitration in Nigeria. In 2009 Lagos State enacted its own state law, Lagos State Arbitration Law 2009 (the Lagos Law). Some other states within the federation have their own arbitration laws. Although there are some similarities between the ACA and the Lagos Law; it is generally agreed that the Lagos law is perhaps, the most developed in Nigeria. Arbitration and Alternative Dispute Resolution (ADR) are not imported mechanisms in Nigeria. Litigation is the imported mechanism. Traditionally, in Nigeria, like most States in Africa, disputes were traditionally resolved through Arbitration and ADR. Indeed, customary law arbitration and ADR remains part of the Nigerian Legal System.

Law|News 23

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Buhari

Mohammed

Uproar over Buhari’s ‘Change Begins With Me’ campaign President Muhammadu Buhari’s ‘Change Begins With Me’ campaign has generated controversy, TUNDE OYESINA reports

or lawyers, President Muhammadu Buhari’s launch of ‘Change Begins With Me’ was nothing unusual, nevertheless it became a subject of controversy among members of the wig and gown about seven days after it was launched in Abuja. While launching, the President said its objective was to entrench values of accountability, integrity and inculcate positive attitudinal change in Nigerians. Specifically, President Buhari believes that the campaign would educate and enlighten Nigerians to appreciate these values which are critical to achieving comprehensive national development. Besides, he said the campaign would trigger positive change that will boost Nigeria’s image, enable the country gain acceptability and command respect in the comity of nations. Also, The Minister of Information, Lai Mohammed said “about three to five years back now, the role models in the society were people of doubtful character. Money was worshipped; nobody cared where and how one got the money; these are the misplaced values that we are tackling now.” He also stated that the campaign will involve every Nigerian and address the shortcomings of every profession and job. The Minister said: “We believe that what is wrong with Nigeria is not limited to the elite, the political class and the civil service; if we want that change, therefore, it must address all the issues and target every strata of the society. “War Against Indiscipline’ oth-

erwise known as WAI, which the Buhari-led military junta initiated in 1983, ‘Change Begins With Me’ campaign would achieve the same goal with WAI using a different means other than coercion and brutality witnessed under WAI. But a week after, lawyers had begun to express divergent views on the ‘Change Begins With Me’ campaign. While some lawyers said it was the foundation for the much expected change the government of Buhari promised, others were of the opinion that it was diversionary, ‘different’ from the manifesto the APC presented to Nigerians. Reacting to this, an Abuja based lawyer, Donald Anekwe stated that the programme was nothing but a fraud on Nigerians. Anekwe said: “Change should begin with President Muhammadu Buhari and his government. “This campaign is another diversionary tactics by the ruling class to alter the narrative of the leadership failure that has plagued our nation over the years. Just like previous similar campaigns, this one will not yield any tangible result. “Let President Buhari and his government practice the change that they preach and Nigerians will follow suit. The attempt to shift responsibility from the leadership to the followership is unacceptable. “In any case, it was Buhari and his party that promised Nigerians change and not the other way round. “If this is an attempt to distract

If this is an attempt to distract our attention from the terrible and excruciating economic situation in the country, it has failed already

our attention from the terrible and excruciating economic situation in the country, it has failed already.” Another lawyer, Olusola Adekoya believes “Change Begins With Me” campaign has come at a time when Nigerians have almost stopped having any hope that the missteps and misdemeanours in high places – and among the masses – that reduced the country to abject weakness and vulnerability will ever change. “The onus is on Buhari and his team of officials, first and foremost to restore the citizens’ hope and confidence in the Nigerian project. This they can do by raising models that the rest of the population can look up to. Leaders of the APC in the three arms of government have a responsibility to give the people examples to follow. “Every Nigerian is an integral part of the movement to change the country’s situation, but leaders of the people in the executive, legislature, and judiciary must lead the way. “Those in positions of authority must guard against irritating mannerisms that dampen the spirits of patriotism among the people. The utterances and attitudes of Buhari and his officials would always be critical metrics for gauging the progress of the change campaign. In recent times, the image of the government has often been tinged by a strange display of reticence by some officials and insensitive interventions of others on sensitive issues. “All these need to change for the message of the new campaign to really sink in. Buhari will also have to factor in the credibility of his own economic and social policies as well as their popularity among the people. He must be seen to be pursuing policies that serve the interest of Nigeria, rather than some narrow sectional or political objectives. The president should avoid policies and outlooks that amount to thwarting the people’s will.” Frank Obaje noted that the government was merely leaving what to be done undone at the expense of running a programme with a low tendency of success as there were many issues the government needed to respond to rather than shifting the change to the citizens. Obaje said: “Over the past years, Nigerians have witnessed lots of brazen attempts to stymie the popular will. One that has caused national bewilderment is the case of the killer herdsmen. The federal government has been too slow to respond to the killings by herdsmen in different parts of the country. The cattle tenders have killed and maimed hundreds of people, destroyed communities, and wreaked havoc on the livelihoods of farmers. “They have operated with extraordinary effrontery, fuelling suspicion that they may be getting cover from the highest levels of the political and security authorities in the land. “Being predominantly from Buhari’s ethnic Fulani, all eyes have been on the president to rein in the recalcitrant cattle breeders. But he has been finding this difficult to do. And his government has shown a largely ambivalent attitude towards calls for the adoption of modern methods of

animal husbandry, like ranching, which would eliminate the misunderstandings that often cause the bloody clashes between crop famers and cattle breeders. “Blocking people’s will in this manner and disrupting their lives would produce the opposite of the change that the government is pursuing. “Fiscal federalism and return of captured resources to their owners in the federating units to encourage grassroots development is another area many Nigerians have been looking up to the Buhari government for change. Buhari and his APC have the numbers to influence a return to the truly federal structure that guaranteed all-round progress in the federating units of the First Republic. “What they have lacked is the political will to look beyond immediate benefits or inconveniences and focus on the big picture. In the era of change, Buhari needs to put his mind back in time and look at the achievements of the yesteryears under true federalism and the grave dislocations that came with the imposition of the pseudo-federal structure, and then lead the way back to the good old system. “This would be a crucial way for the president to demonstrate that, indeed, “the change begins with me.” For Ade Igbayiloye, “Nigeria is passing through difficult times. But, perhaps, more worrisome is the fact that the capacity of the government that promised to change the situation is increasingly being called into question. “For the Buhari government, this is a most auspicious time for the “Change Begins With Me” campaign, which seeks to restore faith in the country and the administration. “But while every Nigeria must rise to defend this campaign, Buhari and his team should give the people good reason to remain patriotic.” Aminu Sadiq noted that Nigerians are fond of expecting results but excluding themselves from the change process even when the Holy Book teaches us to change first before changing others. “That is why I agree with President Muhammad Buhari and the Minister of Information, Lai Mohammed, whose ministry initiated the new national orientation slogan, Change Begins With me. I only hope it will not end up a mere sloganeering, like the many others before it. “As much as I support the programme, I still have some reservations. I am not sure his followers are on the same page with him. “Change begins when our political leaders change and our security chiefs refuse to be willing tools to subvert the people’s will. “We all pray for a change of status in the volatile Niger Delta region. However, much as it is the duty of government to secure lives and property in the region from activities of bandits, government must also be wary not to throw away the baby and the bath water.” With the fears raised by Nigerians, the government of Muhammadu Buhari will have to do more extra to prove that the promised change has not been departed from to pursue another focus.

24 Law|news

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Lawyers push for community policing C O N T I N U E D F R O M PA G E 1 9

State governors can abuse it to the detriment of their political opponents as it can lead to secession where one governor considering his control over security personnel and arms would declare his own country. There is likelihood of conflict of jurisdiction between states especially where the conflicting states are run by different political parties. Part of their fear was that the lack of uniformity in financing may also pose a great challenge to the establishment of state police forces in Nigeria. Some states are financially stronger than the other. Some governors can be reckless by having the money and not financing it properly. It can lead to a diversion of criminals and criminality from one state which can boast of effective policing to another state. It will lead to anarchy. State police will bring tribalism. There may be conflict of interest between the Federal police force and that of the state. It is not financially feasible. For instance, a Senior Advocate of Nigeria, S.S Ameh said that the country should maintain the Nigeria Police on the exclusive legislative list of the Constitution. He said: “The idea of having a state police is a good one but the time is not ripe for it yet. We should remember that Nigeria started as a British colony, indeed a creation by a foreign power and thereby any institution like the Nigeria Police which emphasizes our image as a nation, as one country should not be encouraged for now. “The argument in favour of State Police is understandable in the sense that with the knowledge of their environment, the State Police will be more efficient and effective in crime detection and investigation. But the disadvantages are more and especially State Police will be subject of abuse by local champions or overloads. “The advantages of having State Police; that is, efficiency and effectiveness of crime detection and investigation as a result of local knowledge can equally be achieved administratively in the existing structure of the Nigeria Police. Indeed, there is a policy which I believe to be still in place that as much as possible officers of the rank of Inspector of Police and below should be posted to their local government of origin. By so doing, the advantages of local knowledge or knowledge of the environment will be assessed by such officers who are actually the field men/women in the Nigeria Police who perform the task of crime detection and investigation and not the superior officers. “On a last note, I wish to appeal to Nigerians to appreciate the role of the police in the society. Nigerians should cooperate with the police in all

Ahamba

aspects of their work instead of being skeptical and critical of the police all the time. We must not stay aloof from the Police because after all police are part of the society. “For now, the police must remain national but for the future and when the time is ripe, State Police is the ideal.” Another Senior Advocate of Nigeria, Godwin Obla said that the discourse on the propriety or otherwise of amendment of the Constitution to allow for state police has clearly revealed the duplicity and insincerity of some governors especially those from the core North who have incorporated aspects of the Sharia in their legal systems and created apparatus for the enforcement. “These are states where the Hisbah, an acronym for Islamic police seize alcohol, imposes fines, applies lashes as physical punishment in accordance with “Islamic injunctions.” What more evidence of state police do we need? “If State Police had existed, the responsibility for apprehending the Boko Haram and similar insurgent organizations would have been on the states. The extent of their complicity or support for these groups would have been obvious. The world has moved on and if we are practicing the American style of federal system, state and even local government police is a sine qua non. The argument about misuse is as lame as it is disingenuous. We can anticipate possible abuses and put in place legislations to address them. Is the police as constituted not being abused. “Community policing should be embraced, we departed from it before because the politicians were using them against their opponents but the desirability for it now far outweighs the desirability of the then politicians who were using it for their selfish interest.

Policing citizens should be the responsibility of the respective states and not that of the Federal Government

Nwaiwu

“They know every member of the community, we need to reintroduce it but measures need to be put in place to ensure that the fundamental human rights of members of the community are not breached.” Chief Chris Nwaiwu also a Senior Advocate of Nigeria said that state policing was very desirable especially in the face of serious insecurity the nation was going through, saying that with community policing, every member of a particular community will be under the watch and any member who committed any offence will easily be identified. Nwaiwu said: “The Federal police are too small compare to the number of communities they are expected to man. It is in this light that community policing will go a long way to complement whatever the federal police is doing. “But the system should be harmonised that there will be no conflict between the federal police and the community police. “They are just like vigilante, they are to serve as complimentary to the federal police. “In my own opinion, community policing should be put in place.” Chief Mike Ahamba, SAN also in his reaction said that community policing is a good system of security that should be introduced without further delay. He noted that developed countries are practicing it to the extent that when a new person enters a community, such people are easily recognized through the efforts of the community police. Ahamba said: “Every community needs to be guided by its members, I mean, virtually all the inhabitants of that community. By that, crime rate will be reduced as there will be no hiding place for any offender.” A Law lecturer, Dr. Cyril Ogwu said “to have a State Police will definitely require the amendment of the Nigerian Constitution, that is the smallest of

all the problems. Ogwu went on: “I am against the creation of State Police. It is an invitation to anarchy and will surely complicate the nation’s security challenge instead of solving the security problems bedeviling the country. Ours is a nation that creates excuses for failures. The creation of State Police is not the prescription for the discontent and inefficiency of our system of policing in Nigeria neither is it an alternative to a well-funded and highly trained police force that can fight crime and corruption head on. “Those who are clamouring for State Police have failed to appreciate the history of this country regarding the atrocities of Councils and Emirates police under the colonial administration. Instead of castigating the police force as it is constituted, we need to fund, empower, retrain and give them job security to perform their constitutional roles. The citizens of this country should stop running the police down, they should co-operate with police to fight crime, give useful information and expose criminals. Police do not bribe themselves. Corrupt Nigerians bribe the police. “Whether we create State Police, Local Government Police, clannish or family Police, they will all police the same corrupt Nigerians, who will eventually claw their effectiveness through institutional corruption and serial neglect. We should be courageous to address the problem of the Nigeria Police; let us stop playing games with our security. Police cannot do magic, they cannot act above their intellectual and institutional capacities as we can only get back what we have invested in them. If you put little in the Police Force, don’t expect a big result. The government, particularly, the politicians are obliged to act as a matter of urgency to improve the capacity of the Nigeria Police or else very soon we would start asking for State Army, State Air Force and Navy. We are the problems, not the institutions. As bad people, we deserve our leadership and all the institutions, the Nigeria Police Force inclusive.” However, the idea of establishing State police force should be brainstormed upon with the Nigerian situation in mind. The argument for and against should be addressed before state police are established in Nigeria. Also on a scale, the following questions should be answered and if positive, State police force can be established. Can state police be properly funded and maintained in Nigeria? Will it affect the unity of Nigeria as a nation? What means can be used to curb the excesses of the state governors and politicians? Are the public in support of it? Are there ways of restoring the Nigerian Police Force to facing security challenges? If negative answers, concerted and strategic efforts should be geared towards creating a strong Nigeria Police Force that would meet up with the security challenges of the country.

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Interview ‘More airlines’ll cease to exist if …’

Business What's new 99% Nigerians cautious about safety –Study

Money Line Analysts: MPC to hold rates on growth concerns

34 36

Rates Dashboard INFLATION RATE August 2016 ..........................17.61 % July 2016.................................17.1% June 2016 ..............................16.5%

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

EXCHANGE RATE

(Parallel Market as at September 16)

(Interbank as at September 16)

USD . . . . . . . . . . . . . . . . . . . . . . N423 Pounds . . . . . . . . . . . . . . . . . . . N550 Euro . . . . . . . . . . . . . . . . . . . . . . N470

l Foreign Reserves – $44.87bn as at 15/9/2016

USD . . . . . . . . . . . . . . . . . . . . . N305 Pounds . . . . . . . . . . . . . . . . . . N406 Euro . . . . . . . . . . . . . . . . . . . . . N344

Source: CBN

p.26

L-R: Acting Managing Director, Bank of Industry (BoI), Mr. Waheed Olagunju; Group Managing Director, Primlaks Nigeria Limited, Mr. Anil Hemnani; Group Head, Food Processing, BoI, Mrs. Lolo Kadafa and Regional Head, Lagos, Obaro Marvel Osah, during BoI officials’ visit to Primlaks Nigeria Limited in Lagos. PHOTO: SULEIMAN HUSAINI

Three terminals received N40.18bn wheat in 3 months p.26

FG begins fresh clampdown on IOCs’ expat quota racket The Business Desk

ENUMERATION 2, 748 foreign workers have so far been captured under the biometric data capture scheme

Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Adeola Yusuf

he Federal Government has begun a fresh clampdown on International oil companies (IOCs) over expatriate quota racket that has denied competent Nigerians jobs and the country, multi-million dollars annually. Investigation by New Telegraph showed that this move has dashed hope of entry into Nigeria for 1,113 oil and gas expatriates in the services of IOCs and some of their Nigerian counterparts. The Nigerian Content Development and Monitoring Board (NCDMB), an agency with constitutional right to monitor expatriates’ inflow, checks revealed, was, in just three months, flooded with 2,567 expatriate quota applications. About 50 per cent of the applications were rejected based on violation of the country’s content development policy and other ir-

regularities, a data from the agency obtained by this newspaper showed. Some of the applications were specifically made for jobs that could be done by Nigerians, the agency noted. According to Progress Report of the NCDMB, the data showed that over 2,748 foreign workers had so far been granted entry and full expatriate status. As the IOCs downsize to absorb shocks created by recession, the campaign for indigenisation in the sector gained momentum, this newspaper learnt. The Nigerian Petroleum Exchange Joint Qualification System live database, according to the Progress Report of the NCDMB, currently has 20,587 individual records; 17 operator portal accounts (with only four active operators) and 5,480 service company portal accounts (with 888 active service companies). According to the report, expatriate working in the oil and gas industry are now required to undertake biometric registration. This is a requirement for obtaining expatriate quota approvals from the NCDMB. The system was deployed on July 22, 2013. Between January and December 2013, the report put the NJQS live database at 18,205 individual records; 16 operator portal accounts (with

$191 billion Being the investments so far retained in-country through the local content policy

just four active operators); and 5,415 service company portal accounts (with 800 active companies). “Out of a total of 2,519 expatriate quota applications during the period, 984 were granted, while 1,095 positions were rejected,” the report stated. However, it added that the total employment commitments tied to expatriate quota approvals during the period by operating companies and service companies were 2,183. This is not the first time that government instituted a probe into the expatriate quota violation by multi-national companies operating in Nigeria. Julius Berger Nigeria Plc, Setraco Nigeria Limited, B. Stabillini and Company Construction Nigeria Limited, PW Nigeria Limited, CCECC, Sarplast Nigeria Limited and Bullet International Nigeria Limited had earlier been summoned by the Senate committee, set up to probe allegation of expatriate racket. Others were BNL Nigeria Limited, Salini Nigeria Limited, Gilmor Engineering Nigeria Limited, Gitto Constrozio Generali Nigeria Limited, Arab Contractors Nigeria Limited, and SCC Nigeria Limited. The then Chairman of the comCONTINUED ON PAGE 26

BUSINESS |news

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

99% Nigerians cautious about safety –Study FEAR 42 per cent of Nigerians have not travelled by plane in the last two years

Wole Shadare

study by Forsa Institute for Social Research and Statistical Analysis, a leading German market research and opinion polling company, has revealed that 99 per cent of Nigerian air tra™vellers are cautious about the safety standard of airlines when booking a mid or long-haul flight. The report, which is wellfounded, gave an insight into the wishes of air travellers in Nigeria based on 2015 Aviation Trends and commissioned by Turkish Airlines, It also shows that first-class support- before, during and after the flight is essential for the success of any airline. Out of people surveyed for travel behaviour in Nigeria, 42 per cent have not travelled by air at all in the last two years, 21 per cent have taken one or two flights, 19 per cent travelled by air three to four times while 17 per cent have taken flights more frequently. Sixty one per cent of those surveyed indicated that they had travelled short-haul in the

past two years, 21 per cent had taken medium-haul flights and 32 per cent chose a long-haul flight. Interestingly, in passenger satisfaction delays, the report revealed that 25 per cent of those surveyed were not affected by delay in the past two years. Only 12 per cent of affected travellers were very satisfied or satisfied, while a significant number of 65 per cent were less satisfied or dissatisfied. The survey further showed that 46 per cent of the airline customers will feel very safe with a two person rule in the cockpit, 35 per cent would like a member of the police or security personnel on board of the aircraft, while 65 per cent would appreciate the possibility for air traffic controllers on the ground to intervene with what is happening in the cockpit. The study also revealed that before flying, 84 per cent of passengers book their flights

themselves online and that 54 per cent of all the passengers surveyed who booked their flights online make use of comparison sites for price consideration, easy and clear selection of departure and arrival airport and flight times, additional information about the travel destination as well as integrated booking options. An airline’s reputation is a crucial aspect, here 99 per cent of all those interviewed indicated that an airline’s safety record is important for them. This figure is even higher for travellers flying more frequently and 100 per cent believed that airline’s safety record is important or very important. According to the study, 92 per cent of Nigerian travellers also appreciated established good services on board in economy class that will make them to feel comfortable. The report also touched the positions of air passengers during the flight. Accordingly, it states that 45

per cent are opposed to the use of mobile phone on board. The main argument against phone calls is safety with 90 per cent, followed by disturbances with only 51 per cent. However, 43 per cent of travellers would appreciate permission to make mobile phone calls during a flight only if the fee is within their power. Other passengers also desire a seating comfort and good entertainment. For instance, 98 per cent of the passengers want to have a friendly, attentive and accessible staff. Apart from this, 97 per cent also want a clean cabin and lavatory while 93 per cent also prefer wider seat spacing including economy class. Similarly, 87 per cent wants a screen panel in the back of the front seat, and the percentage increased to 93 per cent, 94 per cent for those who travel frequently or long haul. In the area of menu, airlines have to take into consideration difference among the passengers.

L-R: Deputy Director, Musical Society of Nigerian (Muson), Mrs. Edna Soyannwo; Executive Secretary, MTN Foundation, Ms Nonny Ugboma; MTN Foundation 3rd Price Winner, Sarah Akapo; Director MTN Foundation, Mrs. Aisha Pamela Sadauki; Director MTN Foundation, Mr. Dennis Okoro and Director, Musical Society of Nigerian (MUSON), Mrs. Edna Soyannwo, at the 9th graduation ceremony of the MTN Foundation MUSON Scholars, in Lagos State.

FG begins fresh clampdown on IOCs’ expat quota racket CONTINUED FROM PAGE 25

mittee, Senator Wilson Ake, said the committee summoned the companies to determine their level of complicity or otherwise. The Immigration Act, 2004 made it mandatory that the companies that recruited expatriate personnel in the engineering or technical sector must also recruit Nigerians with relevant qualifications to understudy such expatriates within a specific period of time in line with the policy on transfer of technology, expertise and succession plan. Such positions, the lawmaker had insisted, were not meant to be occupied permanently by expatriates, as it was currently the case with most of the companies in the oil and construction industries. Over $191 billion investments have so far been retained in-country through the local content policy and hundreds of thousands of jobs in manufacturing, engineering, sciences and technical services could be created. Also, over $5 billion worth of investments had been made in Nigeria since the signing of the Nigerian Content Bill into law by former President Goodluck Ebele Jonathan in 2010.

For 82 per cent, the choice of several menu options is important. Also, 59 per cent would like to have a vegetarian menu, while having the choice to get meatless meals is equally important among 59 per cent to 58 per cent female and male travellers respectively. Comfort is not only limited to food, 76 per cent of the airline passengers like the possibility to obtain additional cover and pillows when requested. Seventy two per cent air traveller wants free on-board headphones while 63 per cent of those surveyed like to have a multilingual range of newspapers and magazines to read. This is about nine increased in comparison to the previous year. In the after flying segment, the report shows that air travellers highly cherish airline support and good services. In the cases of lost luggage, 69 per cent of those surveyed did not experience lost luggage in the last two years.

Three terminals received N40.18bn wheat in 3 months DEFAULT Over 1,000 farmers failed to meet wheat production projection in the last three years despite the government’s support Bayo Akomolafe

s plans by the Federal Government to achieve the target of producing 1.5 million metric tons of wheat before the end of the year have failsed, three terminals at the Lagos Port complex and Tincan Island Port have taken delivery of 293,312 metric tons of wheat valued at N40.18 billion ($118.2 million) in the last three months. Currently, the country, which needs 4.5 million metric tons annually, has the capacity to produce only 60,000 metric tons at a time the price of the

commodity climbed to $403 per ton. The product was ferried to Apapa Bulk Terminal Limited (ABTL), Greenview Development Nigeria Limited (GDNL) and Sun Flour Mills (SFM) by nine vessels. Price of the commodity has already risen to $403 per metric tons in the global market due to high demand. Seven of the vessels moored with 248,061metric tons at the ABTL of the Lagos Port Complex. The vessels include Desert Eagle with 46,000 tons; Desert Glory, 46,000 tons Desert Peace, 32,000 tons; Desert Moon, 46,001 tons; Desert Oasis, 30,000 tons Desert Victory, 32,303 tons and Desert Moon, 11,758tons. Also, Orient Dispatch docked at SFM in Tincan Port with 16,250 tons, while Kingfisher offloaded 33,000 tons at GDNL at the Lagos Port

Complex’s terminal E. In 2013, the Federal Government introduced high import levies to discourage importation of the commodity through the seaport and introduced high yield variety to boost local production. In 2014, it said that average yield of five metric tons per hectare, would be achieved by producing 1.5 million metric tons of the grain between 2016/2017 sessions. The aim is to reduce wheat imports by 50 per cent in 2020. Since 2011, the country had been witnessing a sharp decline in local production by 40 per cent, while importation of the commodity was on the increase. The Federal Government’s target was to produce one million metric tons in 2014 from 212,000 hectares of land and 1.2 million metric tons from a cultivated area of 215,000 hectares by 2015, but it was learnt that

nothing has been achieved from the massive distribution of early maturing, high yield wheat varieties to 9,143 farmers through the Growth Enhancement Scheme (GES) in Kano, Jigawa, Kebbi, Zamfara, Borno, Yobe, Gombe and Sokoto states. Instead of the production target, in 2014, the country only produced 70,000 metric ton and 60,000 metric tons in 2015. This year, it was learnt that the local production would remain at 60,000 per ton, according to Index Mundi, a global data portal that gathers trade facts and statistics. The trade data revealed that in 2011, the country produced 100,000 metric tons of wheat but dropped to 80,000 metric tons in 2012 and 70,000 in 2013. It would be recalled that In 2012, the country imported 4.14million tons; 2013, 4.6 million tons; 2014, 4.75million tons and in 2015, 4.4 million tons.

BUSINESS | Movers, Shakers and Appointments

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

World Bank president gets nod for second term W orld Bank President, Jim Yong Kim, has won a second fiveyear term after nominations to lead the global development bank as no other candidates signified interest for the post. In 2012, Kim faced competition when Nigerian Finance Minister, Dr Ngozi OkonjoIweala also contested for the presidency. But this time, no rivals surfaced during the three-week nomination period, leaving Kim virtually assured of continuing in the job when his first term ends on June 30, 2017. The World Bank executive board said in a statement that following official procedures, it would formally meet with Kim as a candidate with the expectation of completing the selection process by the 2016 annual meetings, which will take place between October 7 and 9, 2016. Kim, 56, a Korean-American medical doctor who has focused the World Bank on programmes to reduce extreme poverty, earned solid backing for a second term from the United States, France and Germany. In an open letter in August, the 15,000-member World Bank Group Staff Association called for a more open and focused search and selection process that did not repeat “decades

of backroom deals, which, 12 times in a row, selected an American male.” Kim’s first term has been marked by his campaign to eradicate extreme poverty by 2030; the bank’s leadership, in a 2014 campaign to halt the deadly outbreak of Ebola in West Africa; and its initial resistance to and then tentative partnership with, the China-created rival Asian Infrastructure Bank.

New managing director for IT Firm

usiness Connexion, an information technology (IT) systems integrator company, has appointed Ayo Adegboye as the managing director.

A statement by the company said that Adegboye was the first Nigerian to assume that position in the history of the company in Nigeria. The statment said that businesses could not run from new technologies that were causing disruptions globally, including Internet of Things (IoT); 4G/LTE; 5G; cloud computing, among others. Adegboye replaced Mr. John Sviridov, who has just completed the one-month handing over exercise. The new helmsman, who thanked Sviridov for his passion and efforts in stabilising the business of the company in the last two years, promised to build on what he was able to achieve in the last two years. He called for collaborative efforts to move the company forward. He said: “The high quality of staff I met on ground, gives me great confidence that together we will make

the difference and raise the profile of the company as a world-class technology business company.” Adegboye promised to drive new line of businesses, using Internet of Things (IoT) and the cloud technologies to raise revenue and customer confidence and satisfaction. Speaking at a send-forth party organised for Sviridov by the company in Lagos, the former managing director said that he would be going back to the company’s headquarters in South Africa from where he would exit the company in another two years, after attaining the retirement age of 60 years. Sviridov has put in several years in the company, and has managed several divisions of the company before his appointment as managing director of the company in January 2015. He said that the most challenging period for him as managing director, was when the Lagos office of the company, housing 85 staff members, was razed by fire, two days after he resumed as managing director.

Kim

Total Nigeria hires Deputy MD for P’Harcourt district

Le-Cocq

otal E&P Nigeria Limited has appointed Mr. Francois Le-Cocq as the deputy-managing director, Port Harcourt District. He succeeded Mr. Nicolas Brunet who has been assigned to other functions within the Total Group, according to a statement from the company. The new deputy-managing director, Port Har-

court District, would oversee the company’s Joint Venture activities, onshore and offshore. Before his new appointment, he was the managing director of Total E&P Yemen, where he was also the group representative in that country. Le-Cocq returned to Nigeria with a wealth of experience spanning over 26 years in the oil and gas industry. Le-Cocq is a 1987 engineering graduate of ÉcoleCentrale de Lyon in France. He has a post graduate degree in petroleum engineering from École Nationale Supérieure du Pétroleet des Moteurs (1988). He began his career in Total in 1990 in the Scientific & Technical Research Center in Pau, France. Le-Cocq, according to the statement, has held key technical and management positions in various Total subsidiaries around the world. He was head of the planning department, Total E&P Thailand; manager, business development, Total E&P Qatar; project director, new ventures & assets management division, Total Head Office, Paris; executive general manager, eastern deepwater assets, Total E&P Nigeria and vice president Nigeria, Total Head Office, Paris.

Adegboye

Energy firm appoints new board member

erra Nova Energy Limited has announced the appointment of Mr. Mark Lawson to its board of directors.

Lawson, according to a statement, was until recently the president & director of a private, emerging markets focused upstream oil and gas company that acquired an indirect interest in the Aje Field, offshore Nigeria. He has worked as an investment banker with Morgan Stanley in New York where he was involved in the execution of over $6 billion worth of mergers and acquisitions, $8 billion worth of debt offerings and $500 million of equity financings. Also, the new director was previously a director of selected listed companies in

the energy and mining sectors. He received his Bachelor of Arts in Statistical Sciences from The University of Western Ontario, and his Master of business Administration (MBA) from The Richard Ivey School of Business, The University of Western Ontario. Lawson was also a first round draft pick of the CFL Edmonton Eskimos. Commenting on his appointment, Chairman and Acting Chief Executive Officer of the company, Mr. Henry Aldorf said: “We are excited to welcome Mr. Lawson to the Terra Nova team. He dually brings a wealth of global capital markets expertise, coupled with international E&P experience.”

BUSINESS |Stock Watch

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Int’l Energy Insurance: Mgt crisis, expenses hit earnings International Energy Insurance (IEI) Plc has continued to grapple with pressure on its earnings triggered by operational challenges. Chris Ugwu writes

espite expectations that the insurance industry will witness tremendous changes following reforms embarked upon by the National Insurance Commission (NAICOM), the sector has continue to struggle with unfriendly operating environment. Some of the reforms, which are supposed to have repositioned the industry include the full implementation of risk-based supervision, the introduction of market conduct reforms, claims settlement reforms as well as financial inclusion, among others. The initiatives were geared towards enhancing transparency in the industry and improving the general perception and image of insurance business in Nigeria. However, in spite of these measures, the insurance sub-sector is still in doldrums. The sub sector has been battling with challenges, as they strive to improve profitability, grow and compete. These challenges, which also include negative perception have continued to weigh down on bottom line of most of the companies in the sub sector. Contrary to the expectation that the Nigerian Insurance Industry would be the next growth sector, the performance of the industry has remained far below optimal. Nigerian insurers face the same challenges as their counterparts in other emerging markets. As a developing country, the challenges for Nigerian insurance companies also include enforceability of insurance regulations. Expectedly, the success of Nigeria’s insurance industry will depend largely on the resolution of the identified challenges especially the enforcement of compulsory insurance. Other key success factors are prompt claim settlement, competent management and corporate governance, innovative products, human capital and technology. Market watchers attributed the inability of the sub- sector to rise above the nominal level to crisis of confidence. The few ones that raised high expectation for good results ended up posting negative financial results. Apart from the aforementioned, the International Energy Insurance (IEI) Plc has been battling with corporate governance lapses. The situation prompted the Commission to dissolve the Board of the company following allegations against some directors. NAICOM had in 2015 intervened in the governance of IEI and appointed an interim management board effective May 18, 2015. The board is chaired by Mr. Muhammad Ahmad, founding director general of National Pension Commission (Pencom) and it included Ms. Daisy Ekineh and Mrs. Bridget

Akintola. These were contained in a statement issued by Mr Rassaq Salami, Head Corporate Affairs of the commission in Abuja. The statement had stated that the Chief Executive Officer and some key officers of IEI were made to proceed on leave to pave the way for thorough investigation of the affairs of the company. It stated that the action was pursuant to the powers conferred on NAICOM by enabling laws to intervene in the affairs of the company. “This is as a result of financial reporting failures allegations made against some directors and board squabble necessitating regulatory action in the interest of policyholders and other stakeholders of the company,’’ it stated. IEI had struggled from one crisis to another and remained under the danger of compulsory delisting at the Nigerian Stock Exchange (NSE) and like most of insurance companies, its share price had fallen to its nominal value of 50 kobo, underlining the steep decline since its share restructuring in 2013. In 2013, IEI had restructured its previous outstanding shares of 6.42 billion ordinary shares of 50 kobo each to 1.284 billion ordinary shares of 50 kobo each. The postconsolidation shares were listed at N2.50 per share, making IEI the then highest-priced stock in the insurance sector. The company got its fair share from the dwindling fortune of the sub-sector as the movement of share price has remained stagnant at par value. The insurance firm ended the year 2015 with bad numbers as operating and underwriting expenses absorbed most of its revenues, leaving the company’s profits in a loss position. Also, its 2006 first and second quarter results ended in red. The share price, which closed at 50 kobo per share on October 31, 2015 remained flat at a nominal value. At the close of business last Friday, the company’s share price stood at 50 kobo year to date. Financials International Energy Insurance (IEI) Plc posted a loss after tax of N710.009 million for the full year ended December 31, 2015. Key extracts of the accounts statement for the full year released

FTN Cocoa Plc. 2015 October 31

N0. 50

November 30

N0. 50

December 31

N0. 50

2016 January 31

N0. 50

February 29

N0. 50

March 31

N0. 50

April 30

N0. 50

May 31

N0. 50

June 30

N0. 50

July 31

N0. 50

August 31

N0. 50

September 16

N0. 50

Ahmad

NAICOM had in 2015 intervened in the governance of IEI and appointed an interim management

to the Exchange showed drop in growths in key performance indices. IEI recorded a loss after tax of tax of N710.009 million at the full year from a loss position of N2.164 billion in 2014. Loss before tax stood at N698.383 million during the period under review from loss of N1.871 billion in 2014. Gross premium written was down by 20 per cent from N4.830 billion in 2014 to N3.847 billion in 2015. The insurance firm began the year 2016 in a disappointing note with a loss after tax of N52.492 million for the first quarter ended March 31, 2016 as against profit after tax of N647.099 million reported in 2015. Loss before tax equally stood at N52.492 million during the first quarter as against N789.145 million reported a year earlier. However, gross premium written declined by 50.27 per cent from N1.437 billion in 2015 to N714.580 million in 2016. The company sustained loss profile, as it reported N828.611 million loss after tax for the half year ended June 30, 2016 as against a loss of N78.566 million posted in 2015, accounting for 955 per cent change. Loss before tax equally stood at N828.611 million for the second quarter, against a loss of N78.566 million reported a year earlier. However, the group’s revenue dropped by 51 per cent from N2.611 billion in 2015 to N1.290 billion during the review period. Restructuring by interim board The Interim Board appointed by the National Insurance Commission (NAICOM) to oversee the affairs of International Energy Insurance had embarked on reforms to take the firm to lofty heights. The major task of the board was to ascertain the vital areas of operations of the organisation that required immediate intervention and review to reposition the organisation. Such critical areas

were; corporate governance issues, investment policies, prompt payment of claims, products, human resources, cost management, sales growth etc. As part of its corporate restructuring exercise undertaken to improve organisational efficiency, productivity and competitiveness, policies was put in place, including a revamping of human resources, which has necessitated a rightsizing of the work force. The Interim Managing Director, Peter Irene, had said that the 50 staff and 34 drivers that were affected by the exercise would be given a special exit package. “The brand pulse at the moment portends very positive signs of growth, now and in the future. We have addressed squarely, all issues bordering on the late submission of Annual Financial Statements,” he said. Commenting on the turnaround measures and repositioning of IEI, the Head of Corporate Communications, Tamuno Kiri, disclosed, “This is no small feat by the Interim Board and Management who have succeeded in boosting the brand equity in terms of meeting requirements for the submission of bids and improved turn-around time” He noted that the staff and management have wholly embraced the structural templates and policies introduced by the Interim Board as a panacea for the overall growth and stability of IEI Plc brand in line with its core values of Integrity, Friendliness, Dependability, Innovation, Proficiency and her aspirations to be the leading underwriter in rnergy and other general insurance businesses. He remarked that the organisation is driven by her mission and commitment to be a dependable partner while delivering superior value to all her stakeholders, stressing that IEI , no doubt is on the path to greater heights. Botched attempt to sell firm’s equity The NAICOM recently directed the interim management to suspend the proposed sale of the company’s major equity stake in IEI Anchor Pensions Limited. According to reports, the interim management had proposed to sell IEI’s investment in IEI Anchor Pensions Limited, citing the operational guideline of the NAICOM that prohibits investment of greater than 25 per cent of proceeds from a private placement or public offer in a non-insurance asset. However, the Commission was said to have directed the interim management, which it appointed after sacking the previous management of IEI, to stand down the disposal process. The management of IEI confirmed the suspension of the divestment process. Conclusion For the insurance sector to maintain sustainable growth, the industry should embrace changes in business environment, which presents uncommon opportunities to deepen penetration of the market through creativity and ingenuity.

DAILY STOCK MARKET REPORT29

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

BUSINESS | Capital Market

The Nigerian Stock Market Exchange as at September 7, 2016

30 RECESSION The challenging economy is compelling some policyholders to see insurance as the place to make quick money

he growing rate of policyholders’ involvement in false claims has become a source of concern to the global underwriting industry. To curb the menace, Nig eria and British underwriters have taken steps to ensure that only genuinely identified losses are henceforth attended to. While the British underwriters have moved ahead to identify some cases, especially with the aid of technology, their Nigerian counterparts have also resolved to beat the fraud that has become prevalent in the face of ongoing recession. According to figures released recently by the Association of British Insurers (ABI), the number of fraudulent insurance claims rose to 2,500 every week last year. In total, there were 130,000 fraudulent claims, up six per cent in 2014 Dishonest motor claims remained the most common crime, accounting for over half the total. But fraudulent claims for injury, supposedly as a result of negligence, such as socalled “slip and trip” claims, was the fastest-growing crime False claims in this area were up by over a third compared to 2014, the ABI said. In one case, a chef claimed for neck, shoulder, leg, wrist, back and teeth injuries following an alleged fall on a wet canteen floor. But CCTV footage used in evidence by the police helped to prove she had deliberately staged the fall. In another case, a man claimed £5,000 for compensation for neck, back and arm injuries, saying he was injured in a car accident

Insurance L-R: Executive Secretary, Mortage Banking Association of Nigeria, Mr. Kayode Omotoso; Managing Director, Ogun State Property Investment Corporation, Mr. Babajide Odusolu; Chief Executive, Trustband Mortgage Bank Plc, Mr. Niyi Akinlusi and other participants at the 2016 African Union for Housing Finance and Nigeria Mortgage Refinancing Company Conference/32nd Annual General Meeting of the Institution in Abuja. PHOTO: NAN

Nigeria, UK insurers worried over excessive false claims in a retail car park. However CCTV footage used by the police showed he was not in the vehicle at the time of the collision. The ABI said fraudsters were now more likely than ever before to get caught. In the case of Nigeria, the ongoing recession has

forced some policyholders to consider insurance as means of making quick money to meet their financial needs. The Director-General, Nigerian Insurers Association (NIA) Mr. Sunday Thomas, in a report, said that

underwriters, in recent times had been contending with the challenge of fake claims. He stressed that to outsmart the fraudsters, operators now carry out adept investigations to ascertain genuine claims. He noted that amidst

challenges, operators are also living up to their responsibilities in paying genuine claims, stressing that the vices being perpetuated by fraudsters would not deter insurers in settling claims of those who actually needed to be indemnified.

NAICOM lauds operators’ efforts at tackling image problem

he National Insurance Commission (NAICOM) has commended the efforts so far put in place by underwriters to tackle the battered image of the industry. Speaking in Abeokuta, Ogun State, at the Chartered Insurance Institute of Nigeria (CIIN) education programme, the Commissioner for Insurance, Mohammed Kari, said a lot still needed to be done to cleanse the sector of its bad image. He said: “I am glad to say

the current effort of the insurance underwriters to change the perception of the public about insurance is timely and laudable. All other sectors should join with their widow’s might to ensure the success of the project. “It was at one of the meetings discussing the re-branding project that a chief executive emphasised everybody’s silent concern. She said until we the operators re-brand our attitudes, no media campaign can succeed.

“I want to challenge the institute to urgently study the ways and means of rebranding our individual selves to ensure we change the perception of the consumers of our services,” he said. He also challenged insurance operators to urgently study ways and means of re-branding themselves to enable them change the perception of consumers of their services. Kari, who spoke on the need for the industry to be committed to

Kogi officials divert N230m pension fund

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

ive top civil servants in Kogi State have been arrested for allegedly diverting N230 million pension fund to their private uses. The Accountant-General of the state, Yusuf Okala, who confirmed the development, said that the alleged fraud was discovered in the course of a verification committee’s work. Okala, who is also the Chairman of the Staff Screening and Verification Committee, said: “We have been able to recover N20 million from them through the efforts of the police command in the state.” Also, the state Auditor-General, Ahmed Ododo, said the money would be recovered in full from the suspects.

The money was part of funds released by the administration of Idris Wada for the payment of pensioners. Over 9,000 retirees in the state are owed between four and five months pension arrears as a result of the alleged diversion and the lack of funds by government. While commending the state government for setting up the committee for verification in the interest of the state, he explained that the suspects would be made to face the law. He said that apart from identifying ghost workers and pensioners, the committee was working to plug loopholes through which public funds

were being stolen. He also promised that all genuine workers and pensioners would soon be cleared for the payment of salaries and pensions. “The screening of workers and pensioners is going to be a continuous exercise. No authentic staff or pensioner will have any cause to fear. Governor Yahaya Belloled administration in the state has high regard for both workers and pensioners. “The on-going verification is not aimed at victimising anybody but an effort targeted at saving money for the state to take adequate care of its responsibilities,” he said.

professionalism, noted that unless the operators rebranded their attitudes, no media campaign can succeed. He noted that the time had indeed come for operators to speak professionally and act like the true insurance professionals they claim to be in the course of performing or conducting their business, adding that failure to observe the tenet of professionalism in the past had caused the industry so much injury. Since coming on board as the helmsman, Kari has been consolidating on the industry reforms as a way of elevating the industry to greater heigths. He had hinted in the past that the commission would adopt the name-andshame policy in trying to restore sanity to insurance practice. He said the strategy would among other things deter bad behaviour among operators in the industry, adding the the chief executives of all insurance companies had agreed to the policy which would have names of defaulting operators publicised to keep them “away from doing bad.”

BUSINESS | Insurance

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

NIA advocates commitment to human capital devt CUTTING EDGE Proper pricing of insurance products, development of innovative insurance solution and review of reinsurance arrangements are needed to strengthen the sector

He called on government to embark on enforcement of compulsory insurances, create stricter solvency regulation, implement risk base supervision, review the insurance act, increase accessibility of credits, grant tax incentives for some insurances and broaden insurance distribution channels. Efekoha, who is the Managing D i r e c t o r, Consolidated Hallmark Insurance, also canvassed the creation of employment

in order to increase the purchasing power of the citizenry as part of curbing inflation. He maintained that there was great hope for the industry, stressing that the National Insurance Commission (NAICOM) and operators were working assiduously to meet the insurance needs of the public. Meanwhile, the association is reaching out to states in the south-west for the adoption of group life

insurance for their workers. According to the DirectorGeneral of the body, Mr. Sunday Thomas, the association will be having a meeting on the issue with the Osun State Government at the first instance before proceeding to Ogun, Oyo, Ondo and Ekiti. He noted that the current economic challeng es necessitated the urgency for states to embrace group life, stressing that it was no longer fashionable for states to own risks, as many of them are

faced with paucity of funds. Recently, the National Pension Commission (PenCom) revealed that only 32 out of the 36 states in the country had initiated group life insurance scheme for their workers. According to the commission, only Lagos, Osun, Rivers and Niger states have so far commenced the implementation of the scheme. NIA in the past had vowed to ensure that all compulsory insurances were enforced.

Sunday Ojeme

o ensure steady growth of the local insurance sector, the Nigerian Insurers Association (NIA) has called on members to commit themselves to human capital development. Chair man of the association, Mr. Eddie Efekoha, made this call in Abeokuta, the Ogun State capital. He also identified aggressive industry-wide awareness campaign and investment in technology as factors that would help reshape insurance business. He noted that proper pricing of insurance products, development of innovative insurance solution and review of reinsurance arrangements amongst others, were urgent measures to be taken to enlarge the coast of the industry.

L-R: AccountantGeneral of the Federation, Alhaji Ahmed Idris; DirectorGeneral, Debt Management Office, Dr. Abraham Nwankwo and Minister of Finance, Mrs. Kemi Adeosun, at a news conference on the State of the Economy, in Abuja. PHOTO: NAN

PFAs unit rate for RSA fund as at 9th September, 2016 S/No

PFA

Unit Value - RSA

Date

Premium Pension

3.0789

9-Sep-16

Crusader Sterling

3.0388

9-Sep-16

ARM Pension

3.0195

7-Sep-16

Stanbic IBTC

2.9360

9-Sep-16

Legacy Pension

2.8682

9-Sep-16

NLPC Pension

2.7203

9-Sep-16

Pension Alliance

2.6373

19-Aug-16

Trust Fund Pensions

2.6205

9-Sep-16

First Guarantee Pension

2.5490

9-Sep-16

Sigma Pension

2.5184

9-Sep-16

Leadway Pensure

2.4582

5-Sep-16

AIICO pension

2.3611

9-Sep-16

Fidelity Pension

2.1688

9-Sep-16

FUG Pension

2.1349

9-Sep-16

Apt Pension Managers 2.0868 Limited

1-Sep-16

AXA Mansard

2.0713

8-Sep-16

OAK Pension

2.0650

9-Sep-16

Investment One Pension Managers Limited

1.9020

9-Sep-16

IEI Anchor Pension Managers Limited

1.8807

9-Sep-16

IGI Pension Fund Managers Limited

1.5219

8-Mar-16

NPF Pensions Limited

1.1730

28-Aug-16

Premium Pension bags African quality achievement award

oremost Pension Fund Administrator (PFA), Premium Pension, has added another feather to its cap as it has been recognised as Africa’s Most Innovative Pension Company of the Year 2016. The award was given by the African Quality Institute- publishers of Quality Standard Magazine and organisers of African Quality Achievement Awards. Speaking on the feat, which took place in Lagos with the theme: “Quality: a new Culture for a New Africa,” the managing Director, Premium Pension, Mr. Wilson Ideva, pointed out that quality had been inherent in the Contributory Pension Scheme (CPS). He said: “The rendition of the pension scheme in Nigeria has been a tortuous journey; a history of ups and downs and even near total collapse before the advent of the Contributory Pension Scheme in 2004 with the enactment of the Pension reform Act of that year. “The CPS is a clear departure from the former Defined Benefit scheme

that proved unworkable and brought untold hardship to retirees in the country.” He pointed out that the airtight statutory provisions and the efficiency of the regulatory body, the National Pension Commission (PenCom) had combined to guarantee quality as a watchword in the industry. “But Premium Pension Limited has stood out with top-notch professionalism, qualitative customer-care orientation and cuttingedge technology among other attributes. “We are well-positioned to weather whatever economic climate and primed to maximize the gains of the rapidly expanding pension market in the country,” he noted. On his part, the convener of the event, Mr. Desmond Esorougwe, said that the quest for quality was one for all organisations, and that all organisations used and needed quality for sustenance, growth and consistency. He said: “Our priority is to promote quality awareness and quality manage-

mentdiscipline in Africa, thereby creating sustainable environment for business growth and profitability.” “Our other objectives are to sensitise all stakeholders to embrace best practice in quality management, share and exchange ideas on the importance of quality orientation to organisations, nations and even individuals and also provide a platform to reinforce the growing relationship between quality and productivity and setting and improving service standard in organisations.” Commending the organisers Ideva seized the opportunity to recognise the immense contributions of PenCom and other stakeholders in the industry in sustaining the integrity of the CPS. He also commended the board, management and staff of Premium Pension Limited for making the award possible. A spate of awards, recognitions and certification has been coming the way of Premium Pension Limited in recent times.

BUSINESS | Financial Market News

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

16-Sep-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)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

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

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

0.61 0.86 0.96 1.70 2.78 3.10 3.41 4.83 5.36 7.49 9.35 12.20 12.68 13.18 13.85 17.83 19.50

19.40 20.61 21.07 18.64 14.62 14.82 15.04 14.93 14.88 15.03 15.40 15.27 15.25 15.22 15.19 15.01 15.50

19.12 20.40 20.88 18.52 14.55 14.68 14.93 14.84 14.80 14.96 15.33 15.21 15.19 15.15 15.12 14.95 15.44

97.56 91.83 90.29 88.79 103.01 81.08 101.26 98.51 105.37 96.33 85.82 98.46 84.67 62.19 70.28 82.36 81.08

97.71 91.98 90.44 88.94 103.16 81.38 101.56 98.81 105.67 96.63 86.12 98.76 84.97 62.49 70.58 82.66 81.38

TOTAL OUTSTANDING VALUE

6,451.16

TOTAL MARKET CAPITALISATION

5,805.07

Rating/Agency

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

Description

Issuer

17.25 FMB II 03-APR-2017

FMBN

6406.155565

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.60

03-Apr-17

0.37

2.94

19.69

99.12

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

0.59 0.55 1.29 1.11 1.12 1.30 1.31 1.48 1.69 3.18 1.87 4.20 4.29 2.52 2.54 3.10 3.31 3.34 3.28 6.46 3.42

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

20.29 24.78 22.58 21.88 21.84 23.98 23.69 23.28 20.71 16.87 19.04 16.28 18.73 18.16 16.59 16.34 18.94 15.94 17.43 16.69 18.03

94.50 94.64 90.76 92.90 92.86 90.20 89.92 90.91 93.19 94.27 93.63 91.72 89.25 93.10 96.87 98.05 94.43 101.30 100.12 101.08 97.50

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

0.04 0.11 0.23 0.59 0.80 1.04 0.72 0.81 1.23 1.23 2.04 1.09 1.42 1.29 2.14 4.16 2.66 5.18 5.29 5.65 3.82 8.04 8.04 9.26

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

18.47 17.90 16.05 22.84 25.58 23.01 21.78 23.52 26.78 21.43 18.56 25.37 25.81 23.47 21.49 15.98 18.93 17.42 15.90 15.91 17.78 16.14 16.14 16.37

99.77 99.51 99.83 96.61 93.63 91.17 98.33 94.86 91.55 94.55 92.52 91.65 91.38 92.47 89.92 99.25 93.24 89.41 101.83 102.03 95.38 100.64 87.21 93.51

10-Oct-20

2.28

3.37

19.86

91.26

0.60

TOTAL MARKET CAPITALISATION

0.59

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 23.44 4.22 9.45 7.01 18.70 12.55 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

428.37 401.61

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

TOTAL OUTSTANDING VALUE

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

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

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017

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

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

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

15.00 5.53 112.22 116.70 66.49 20.00 0.36 3.60 1.45 0.40 35.00 1.50 0.23 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.82

535.52

TOTAL MARKET CAPITALISATION

514.57

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

1.40

1.00

17.94

90.73

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.63

1.00

14.12

93.99

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

9.02

9.02 8.24

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.06 Issuer

Description

Issue Date

Coupon (%)

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

Offer Yield (%)

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.53

6.30

100.81

101.68

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.66

4.23

100.79

101.54

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.62

6.47

98.64

99.49

100.60

FGN Eurobonds

Prices & Yields

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

FGN

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,501.19

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.50

100.60

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

22.54

18.37

79.49

84.36

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.00

100.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.76

96.50

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

22.06

74.13

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

8.25 AUG 07, 2020 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021

07-Aug-13 24-Jun-14 23-Jul-14

8.25 9.25 8.00

300.00 400.00 450.00

07-Aug-20 24-Jun-21 23-Jul-21

13.89 14.22 15.87

13.32 13.78 15.87

83.01 82.75 73.50

84.51 84.09 73.50

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,744.26 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

18-Apr-16

11.00

16.80

18-Oct-16

2.03

18.83

18.53

Commercial Papers A-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

16.80

**TREASURY BILLS^ DTM 20 27 34 41 48 62 76 83

FIXINGS Maturity 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16

Bid Discount (%) 17.18 16.20 16.91 17.13 16.11 15.18 15.20 15.25

Offer Discount (%) 16.93 15.95 16.66 16.88 15.86 14.93 14.95 15.00

Bid Yield (%) 17.34 16.40 17.18 17.47 16.45 15.58 15.70 15.80

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 36.0000 20.4479 21.5171 25.0778

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

36.33

Tenor

Closing Rate ($/N)

O/N

37.00

Spot 7D 14D 1M 2M 3M

308.69 315.37 316.99 318.66 322.07 325.73

Tenor Call 1M

REPO

Rate (%) 37.33 31.00

FMDQ Daily Quotations List

16-Sep-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.

Bonds

FGN Bonds

MONDAY, SEPTEMBER 19, 2016 Rating/Agency NEW TELEGRAPH

Issuer

Description

Issue Date

Coupon (%)

BUSINESS | Financial Market News Price

Outstanding Value (₦’bn)

Maturity Date

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

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

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

19.12 20.40 20.88 18.52 14.55 14.68 14.93 14.84 14.80 14.96 15.33 15.21 15.19 15.15 15.12 14.95 15.44

97.56 91.83 90.29 88.79 103.01 81.08 101.26 98.51 105.37 96.33 85.82 98.46 84.67 62.19 70.28 82.36 81.08

97.71 91.98 90.44 88.94 103.16 81.38 101.56 98.81 105.67 96.63 86.12 98.76 84.97 62.49 70.58 82.66 81.38

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

23.98 23.69 23.28 20.71 16.87 19.04 16.28 18.73 18.16 16.59 16.34 18.94 15.94 17.43 16.69 18.03

90.20 89.92 90.91 93.19 94.27 93.63 91.72 89.25 93.10 96.87 98.05 94.43 101.30 100.12 101.08 97.50

2.03

18.83

Offer Price

FMDQ Securities Exchange reports N9.75trn August turnover 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

cent (July – 3.79 per cent), and 4.06 per cent (July – 3.99 per cent) of the total turnover respectively. Treasury bills (T.bills) transDescription Rating/Agency Issuer actions accounted for 33.02 per FMB II 03-APR-2017 FMBN Nil cent 17.25 (July – 33.60 per cent) of total turnover while Secured Money Market (Repurchase Agreements (Repos)/BuyA+/Agusto; A+/GCR LAGOS 10.00 LAGOS 19-APR-2017 A-/Agusto *BAYELSA 13.75 BAYELSA 30-JUN-2017 Backs] for 36.65 per A-/Agusto EDO 14.00 accounted EDO 31-DEC-2017 A/Agusto; A+/GCR *DELTA DELTA 30-SEP-2018 cent 14.00 (July – II31.00 per cent). A-/Agusto; A-/GCR *NIGER 14.00 NIGER 4-OCT-2018 A/Agusto‡ ; A-/GCR† *EKITI 14.50 EKITI 09-DEC-2018 Transactions in the FX marA-/Agusto *NIGER 14.00 NIGER III 12-DEC-2018 A-/Agusto; A-/GCR *ONDO 15.50 ONDO 14-FEB-2019 ket settled at $3.16 billion in Stories: Chris Ugwu*GOMBE BBB+/Agusto; A-/GCR 15.50 GOMBE 02-OCT-2019 Aa-/Agusto; AA-/GCR LAGOS 14.50 LAGOS 22-NOV-2019 August, a drop of 66.53 per cent BBB-/Agusto; BBB+/GCR† *OSUN 14.75 OSUN 12-DEC-2019 Aa-/Agusto; AA-/GCR LAGOS 13.50 LAGOS 27-NOV-2020 urnover of transactions ($6.28 billion) compared with the Bbb+/Agusto; BBB+/DataPro KOGI 15.00 KOGI 31-DEC-2020 A/Agusto‡ *EKITI Fixed EKITI II 31-DEC-2020 executed in the value14.50 recorded in July. A-/GCR *NASARAWA 15.00 NASARAWA 06-JAN-2021 A-/Agusto *BAUCHI 15.50 BAUCHI 9-DEC-2021 Income and Currency The second naira-settled A-/Agusto *OYO 16.50 OYO 16-FEB-2022 Bbb-/Agusto (FIC) markets *BENUE BENUE 27-FEB-2022 for the OTC16.50 FX Futures contract Bbb+/Agusto *PLATEAU 17.50 PLATEAU 30-MAR-2022 month amount- NGUS AUG 24 2016 priced at $/ Bbb+/Agustoof August 2016 KOGI 17.00 KOGI II 31-MAR-2022 A-/GCR RIVER 17.00 CROSS RIVER 27-MAY-2022 N310.00 - matured in the month ed to OUTSTANDING N9.75 trillion; a*CROSS decrease TOTAL VALUE TOTAL MARKET CAPITALISATION of 23.49 per cent (N2.99 trillion) of August with a total settlement Corporate Bonds over the value recorded in July amount of N152.48 million paid 13.00 NAHCO 29-SEP-2016 A+/Agusto; A-/GCR NAHCO 14.25 FSDH 25-OCT-2016 A-/Agusto; A-/GCR per cent (N1.84 FSDH and a 15.88 tril- out to counterparties. The apex 0.00/16.00 LCRM 08-DEC-2016 Nil ***LCRM LCRM II 19-APR-2017 Nil lion) decline Year-on Year. bank0.00/16.50 revised the rates on all 0.00/16.50 LCRM III 06-JUL-2017 Nil 13.00 UBA 30-SEP-2017 A/GCR UBAby New In a report obtained outstanding contracts whilst a 18.00 C&I LEASING 30-NOV-2017 BBB-/GCR *C & I LEASING DANA 9-APR-2018 Nil Telegraph, activities in the For- new MPR+7.00 12-month contract - NGUS *DANA MPR+7.00 TOWER 9-SEP-2018 A-/DataPro†; CCC/GCR *TOWER TOWER 9-SEP-2018 eign Exchange (FX) market ac- AUGMPR+5.25 16 2017 was introduced at AAA/DataPro†; B/GCR *TOWER 14.00 UBA II 30-SEP-2018 A+/Agusto; A/GCR UBA counted 23.29 per cent (July $/N241.00. 15.75 LA CASERA 18-OCT-2018 Bbb+/Agusto†;for BBB+/GCR† *LA CASERA MPR+5.00 CHELLARAMS II 17-FEB-2019 BB/GCR *CHELLARAMS –BBB-/DataPro†; 27.56 per cent), while FGN2 In the month of August, li16.00 DANA II 1-APR-2019 Nil *DANA 15.00 FCMB 6-NOV-2020 A-/GCR *FCMBPlacebonds and Unsecured quidity in the banking system 15.75 NAHCO II 14-NOV-2020 A+/Agusto; A-/GCR NAHCO 15.50 TRANSCORP 4-DEC-2020 Bbb/Agusto; A-/GCR ments/Takings gulped 2.92 per low as Open-Buy-Back and *TRANSCORP HOTELS was PLC 14.25 FCMB I 20-NOV-2021

DECLINE TOTAL OUTSTANDING VALUE Liquidity in the banking TOTAL MARKET CAPITALISATION system was low as OpenBuy-Back and Overnight Agency Bonds rates closed the month at TOTAL OUTSTANDING VALUE TOTAL MARKET 16.00 per CAPITALISATION cent and 17.67 Sub-National Bonds per cent respectively.

#{r}

# #

#{r}

BBB/GCR A/GCR BBB/GCR Bbb/Agusto; A-/GCR A/GCR

*FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

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

Overnight rates closed the month at 16.00 per cent and 17.67 6,451.16 per cent respectively, with the 5,805.07 turnover in the Money market settling at N3.97 trillion. Issue Date Coupon (%) Member-Member trades 03-Apr-12 17.25 stood at $0.26 billion in August (July – $1.77bn), a decline of 69.80 per cent ($0.64bn) YoY. 19-Apr-10 10.00deMember-Client trades also 30-Jun-10 13.75 31-Dec-10 clined by 62.40 per cent, 14.00 ($4.78 30-Sep-11 14.00 billion) from the previous 04-Oct-11 14.00 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.50 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

20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14

14.25 16.45 16.48 16.00 16.29

TOTAL OUTSTANDING VALUE

30-Sep-14 29-Jul-15

13.25 14.90

he NSE All-Share Index and market capitalisation Sukuk appreciated by*OSUN 1.02 per BBB-/Agusto TOTAL VALUEat 27,858.48 cent toOUTSTANDING close last week TOTAL MARKET CAPITALISATION and N9.570 trillion respectively. Supranational Bond Similarly, all other Indices finAAA/S&P IFC Aaa/Moody's; AAA/S&Plast week, ished higher with the *AfDB TOTAL OUTSTANDING VALUE exception ofCAPITALISATION the NSE Banking TOTAL MARKET Index, and the NSE Insurance Rating/Agency Issuer Index that depreciated by 0.92 FGN Eurobonds per cent and 1.04 per cent reBB-/Fitch; B+/S&P spectively , while the NSE ASeM BB-/Fitch; FGN BB-/S&P closed flat. Index BB-/Fitch; BB-/S&P It was a three-day trading TOTAL OUTSTANDING VALUE week, as the Federal GovernTOTAL MARKET CAPITALISATION ment of Nigeria declared MonCorporate Eurobonds B+/S&P12th and Tuesday ACCESS BANK PLC day 13th of B/Fitch; B/S&P FIDELITY BANK PLC September, 2016 as Public B+/Fitch; B+/S&P GTBANK HoliPLC B+/Fitch; BB-/S&P ZENITH BANK PLC day in commemoration of the B/Fitch; B/S&P DIAMOND BANK PLC B-/Fitch; B/S&P FIRST BANK PLC Eid-el-Kabir Sallah Celebration. B-/Fitch; B/S&P ACCESS BANK PLC II B-/Fitch; B/S&P FIRST BANK LTD Meanwhile, a turnover of B-/S&P ECOBANK NIG. LTD 611.527 million shares worth TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION N5.495 billion in 9,650 deals were tradedRating/Agency last week by investors Issuer on the floor of the Exchange in TOTAL MARKET CAPITALISATION

9.45 7.01 18.70 12.55 80.00 19.40 87.50 5.00 3.74 3.76 14.37 4.17 4.30 27.10 3.00 7.34

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

1.30 1.31 1.48 1.69 3.18 1.87 4.20 4.29 2.52 2.54 3.10 3.31 3.34 3.28 6.46 3.42

26.00 30.50 30.00 10.00 0.10

20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24

5.18 5.29 5.65 3.82 8.04

15.44 7.82

30-Sep-24 29-Jul-30

8.04 9.26

Commercial Papers

A-/Agusto

onoil Plc has recorded 190 per cent increase in profit after tax for the half year ended June 30, 2016. The company’s 2016 half year financial results obtained from the Nigerian 29-Sep-11 13.00 25-Oct-13 14.25 Stock Exchange’s (NSE’s) 09-Dec-11 0.00/16.00 20-Apr-12 0.00/16.50 website showed an increase in 06-Jul-12 0.00/16.50 30-Sep-10 13.00 profit after 30-Nov-12 tax from N359.413 18.00 09-Apr-11to N1.042 16.00 million in 2015 bil09-Sep-11 18.00 lion in 2016,09-Sep-11 accounting for 16.00 an increase of 30-Sep-11 190 per cent.14.00 18-Oct-13 15.75 17-Feb-12 Its profit before tax18.00 also 01-Apr-14 16.00 06-Nov-15 15.00 grew from N528.548 million a 14-Nov-13 15.75 15.50 year earlier04-Dec-15 to N1.566 billion

during the period under review, representing a growth of 196 per cent. However, the company’s revenue dropped marginally 428.37 by401.61 eight per cent to N39.514 billion in 2016 from N43.027 15.00 29-Sep-16 0.04 5.53 25-Oct-16 0.11 billion in 2015. 112.22 08-Dec-16 0.23 116.70 19-Apr-17 0.59 Earnings per share also 66.49 06-Jul-17 0.80 20.00 30-Sep-17to 150 kobo, 1.04 rose from 52 kobo 0.36 30-Nov-17 0.72 3.60 09-Apr-18 0.81 of representing an increase 1.45 09-Sep-18 1.23 190 0.40 per cent. 09-Sep-18 1.23 35.00 30-Sep-18 2.04 It1.50would be18-Oct-18 recalled that the 1.09 0.23 17-Feb-19 1.42 company recently declared 4.50 01-Apr-19 1.29 20.87 2.14 N2.08 billion 06-Nov-20 last year, trans2.05 14-Nov-20 4.16 9.76 to the N3.00 04-Dec-20 on every 2.66 50 lating

TOTAL OUTSTANDING VALUE

lion shares valued at N2.933 billion traded in 5,931 deals; thus contributing10-Oct-13 84.70 per cent and 14.75 53.37 per cent to the total equity turnover volume and value respectively. 11-Feb-13 10.20 10-Jul-14 Goods Indus11.25 The Consumer

535.52

try514.57 followed with 30.470 million shares worth N1.488 billion in 1,561 deals. The third place2.28was 9.02 10-Oct-20 9.02 occupied by the Conglomer8.24 ates Industry with a turnover of 27.836 million shares worth 12.00 11-Feb-18 1.40 12.95 01-Feb-21 2.63 N55.012 million in 395 deals. 24.95 23.06

Flour Mills to save $25m through subsidiary investment Description

Issue Date

Coupon (%)

Chairman of the FMN Taiwo Hassan 6.75 JAN 28, 2021 07-Oct-11 6.75 Group, John G. Coumantaros, 5.13 JUL 12, 2018 12-Jul-13 5.13 said this at the just concluded 6.38 JUL 12, 2023 12-Jul-13 6.38 lour Mills of Nigeria 44th Annual General Meet(FMN) Plc has disclosed ing (AGM) of the company in that the Group’s invest- Kano. 7.25 JUL 25, 2017 25-Jul-12 the Group’s 7.25 ment of N5 billion ($15 milHe unfolded 6.88 MAY 09, 2018 09-May-13 6.88 to make lion) in its subsidiary com- plan and strategy 6.00 NOV 08, 2018 08-Nov-13 6.00 6.25 APR 22, 2019 22-Apr-14 6.25 pany- Northern Nigeria Flour NNFM a ‘hub’ for the process8.75 May 21, 2019 21-May-14 8.75 8.25 AUG 07, 2020 07-Aug-13 8.25 Mills (NNFM) Plc is expected ing and distribution of locally 9.25/6M USD LIBOR+7.677 JUN 24, 2021 24-Jun-14 9.25 8.00/2Y USD SWAP+6.488 JUL 23 2021 sourced grains 23-Jul-14in the North8.00 to save the company an esti8.75 AUG 14, 2021 14-Aug-14 8.75 mated $25 million in foreign ern part of Nigeria. Coumantaros said that the exchange yearly on the long run and higher profitability initiative isIssue in Date alignment with Description Yield @ Issue (%) in coming years. the policies of the Federal

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

tions in the T.bills market accounting for 91.70 per cent (July 6406.155565 – 89.72 per cent) of Fixed Income market turnover. Risk Valuation T.bills at the end Outstanding Modelled Price Premium Yield (%) of(%)the month amounted to N6.62 2.94 19.69 trillion (July – N5.43 99.12 trillion) whilst outstanding FGN bonds decreased by 5.41 per cent (N0.36 1.00 94.50 trillion) to20.29 close at N6.33 trillion 5.71 24.78 94.64 2.39a result 22.58 90.76 bond as of an August 1.00 21.88 92.90 maturity . 21.84 1.00 92.86 #

Conoil reports 190% HY2016 PAT growth

16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

contrast to a total of 1.183 billion shares valued at N10.300 billion that exchanged hands the previ14.75 OSUN II 10-OCT-2020 ous week in 16,522 deals. The Financial Services Industry (measured by volume) led the 10.20 IFC 11-FEB-2018 11.25 AFDB 1-FEB-2021 activity chart with 517.964 mil-

19.40 20.61 21.07 18.64 14.62 14.82 15.04 14.93 14.88 15.03 15.40 15.27 15.25 15.22 15.19 15.01 15.50

month and 68.46 per cent ($6.26 billion) YoY. The Naira appreciated by 1.56 per cent to close at $/N316.24 for Outstanding Avg. Life/TTM the month, whilst the parallel Maturity Date (Yrs) Value (₦’bn) market depreciated by 9.93 per cent0.60to close at03-Apr-17 $/N413.00. 0.37 0.60 Turnover in the Fixed In0.59 come market settled at N3.50 57.00 19-Apr-17 0.59 trillion, 26.4330-Jun-17 per cent (N1.26 11.33 0.55 25.00 31-Dec-17 1.29 trillion) below the previous 23.44 30-Sep-18 1.11 month’s value, with transac4.22 04-Oct-18 1.12

Stock market closes bullish with 1.02% gain A/GCR AAA/GCR

0.61 0.86 0.96 1.70 2.78 3.10 3.41 4.83 5.36 7.49 9.35 12.20 12.68 13.18 13.85 17.83 19.50

18-Apr-16

FMDQ Daily Quotations List

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

Ministry of Agriculture and 500.00 28-Jan-21 6.53 Rural Development (FMARD) 500.00 12-Jul-18 4.66 as well as the Central Bank of 500.00 12-Jul-23 6.62 Nigeria (CBN) to transform 1,500.00 Nigeria’s agricultural land1,501.19 scape. 350.00 25-Jul-17 According to him, it is6.50 also 300.00 02-May-18 22.54 a key of the Group’s 400.00 feature 08-Nov-18 6.00 500.00 22-Apr-19 7.76 food import 21-May-19 substitution ef200.00 22.06 300.00 07-Aug-20 13.89 forts and commitments aimed 400.00 24-Jun-21 14.22 23-Jul-21sufficiency 15.87 at 450.00 boosting food 250.00 14-Aug-21 12.23 and security in Nigeria with 3,150.00 an2,744.26 initial focus on local grains such as maize, soyabeans,DTMsorOutstanding Maturity Date Value (₦’bn) ghum and wheat.

11.00

16.80

18-Oct-16

kobo ordinary share for the 2015 financial year, compared to N1 paid in 2014. The capital market has been reacting positively to the company’s 2015 financial performance, with a99.77 recent 1.00 18.47 1.34 surge in 17.90 the demand99.51 for its 1.00 16.05 99.83 3.55 22.84 96.61 stock by investors. So far, in5.25 25.58 93.63 1.88 23.01 reaped a 91.17 vestors have return 1.88 21.78 98.33 of3.1534 per 23.52 cent in the 94.86 last two 6.35 26.78 91.55 weeks, as21.43 the equity 94.55 appreci1.00 1.17 18.56 92.52 ated in value. 4.42 25.37 91.65 6.11 25.81 91.38 The company’s manage3.28 23.47 92.47 4.47 21.49 89.92 ment in a statement said, 1.00 15.98 99.25 3.55 18.93 “The result shows that93.24 we out2.51 17.42 89.41 performed our previous 1.00 15.90 101.83 year 1.00 15.91 102.03 both in the top-line and should 2.77 17.78 95.38 1.00 16.14 100.64 exceed our bottom-line perfor1.00 16.14 87.21 1.00 16.37 93.51 mance at the current run-rate. “The impressive performance was linked to the company’s innovative means of 3.37 19.86 91.26 manufacturing and distributing products, huge financial investments in developing 1.00 17.94 90.73 1.00 14.12 93.99 high-performance products and in the provision of services that matched and surpassed Offer Yield (%) Bid Price Offer Price international standards”. Prices & Yields Conoil recently recorded 6.30 101.68 176.5 per100.81 cent increase in 4.23 100.79 101.54 profit after tax for the finan98.64 6.47 99.49 cial year ended December 31, 2015. The company’s 2015 finan6.50 100.60 cial results showed100.60 an in18.37 79.49 84.36 crease in 100.00 profit after 100.00 tax from 6.00 7.76 96.50 N834 million in 201496.50 to N2.3 22.06 74.13 74.13 13.32 83.01 84.51 billion in 2015, representing 13.78 82.75 84.09 15.87increase 73.50 of 176.5 per 73.50 cent. an 11.76 84.88 Its profit before86.63 tax increased from N1.5 billion to Risk N3.4 billion accounting for a Valuation Discount Rate (%) Premium Yield (%) (%) growth of 125 per cent. #

18.53

16-Sep-16

16.80

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 FIXINGS 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.Money We doMarket not guarantee the accuracy, timeliness, completeness, Foreign Exchange (Spot & Forwards) DTM Maturity Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) NIBOR performance or of any of the Information,Bid neither results of any action taken on the basis of the Information. 20fitness for a particular purpose 6-Oct-16 17.18do we accept liability for the 16.93 17.34

**TREASURY BILLS^ investment advice. We

27 34 41 48 62 76 83 Rating/Agency 90 104 111 125 139 153 160 167 174 181 188 195 202 209 216 230 237 251 258 272 286 293 300 307 314 321 328 335 342 349

13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16 Issuer 15-Dec-16 29-Dec-16 5-Jan-17 19-Jan-17 2-Feb-17 16-Feb-17 23-Feb-17 2-Mar-17 9-Mar-17 16-Mar-17 23-Mar-17 30-Mar-17 6-Apr-17 13-Apr-17 20-Apr-17 4-May-17 11-May-17 25-May-17 1-Jun-17 15-Jun-17 29-Jun-17 6-Jul-17 13-Jul-17 20-Jul-17 27-Jul-17 3-Aug-17 10-Aug-17 17-Aug-17 24-Aug-17 31-Aug-17

Rating/Agency

Issuer

FGN Bonds

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

16.20 16.91 17.13 16.11 15.18 15.20 15.25 Description 13.96 14.18 15.10 27-APR-201716.47 9.85 27-JUL-2017 15.50 17.72 9.35 31-AUG-2017 17.69 10.70 30-MAY-201817.76 17.84 ^16.00 29-JUN-2019 17.95 7.00 23-OCT-2019 17.23 17.61 ^15.54 13-FEB-2020 14.50 15-JUL-2021 17.99 17.86 ^16.39 27-JAN-2022 17.85 15.30 ^14.20 14-MAR-2024 18.11 ^12.50 22-JAN-2026 18.06 15.00 28-NOV-202817.96 12.49 22-MAY-202918.03 17.50 8.50 20-NOV-2029 17.84 ^10.00 23-JUL-203017.96 ^12.1493 18-JUL-2034 17.94 17.91 ^12.40 18-MAR-2036 17.89 17.87 18.38 18.50 18.41 18.50

15.95 16.66 16.88 15.86 14.93 14.95 15.00 Issue Date 13.71 13.93 27-Apr-12 16.22 15.25 27-Jul-07 17.47 31-Aug-07 17.44 30-May-08 17.51 17.59 29-Jun-12 17.70 23-Oct-09 16.98 17.36 13-Feb-15 17.74 13-Jul-16 17.61 27-Jan-12 17.60 15.05 14-Mar-14 17.86 22-Jan-16 17.81 28-Nov-08 17.71 17.78 22-May-09 17.25 20-Nov-09 17.59 23-Jul-10 17.71 18-Jul-14 17.69 17.66 18-Mar-16 17.64 17.62 18.13 18.25 18.16 18.25

Description

*for the Amortising bonds, the average life is calculated and not the TTM

16.40

17.18 Bonds

17.47 16.45 15.58 15.70 15.80 (%) Coupon 14.46 14.77 15.10 17.34 16.37 9.85 19.00 9.35 19.10 10.70 19.26 19.42 16.00 19.63 7.00 18.84 19.37 15.54 19.90 14.50 19.82 16.39 19.88 16.82 14.20 20.44 12.50 20.46 15.00 20.49 20.66 12.49 20.12 8.50 20.74 10.00 20.98 12.15 21.04 21.09 12.4000 21.14 21.20 22.01 22.28 22.24 22.48

Tenor O/N 1M 3M 6M

Outstanding Maturity Date Value (₦’bn) NITTY 480.13 27-Apr-17 Tenor Rate (%) 1M 15.7377 20.00 27-Jul-17 2M 16.1863 100.00 31-Aug-17 3M 16.7210 300.00 30-May-18 6M 19.6895 9M 20.1864 351.30 29-Jun-19 12M 22.7189 233.90 23-Oct-19 606.43 13-Feb-20 NIFEX 210.59 15-Jul-21 605.31 27-Jan-22 Current Price ($/N) 719.99 14-Mar-24 NIFEX Rate 324.1875 421.02 22-Jan-26 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 310.00 18-Mar-36

TOTAL OUTSTANDING VALUE

FMBN

TOTAL MARKET CAPITALISATION

Modified Duration Buckets

<3 3<5 LAGOS >5 *BAYELSA Market

EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI

17.25 FMB II 03-APR-2017

959.24 1,331.41 1,301.84 3,592.49

Total Outstanding Volume (₦’bn)

957.73 1,325.30 1,667.49 3,950.52

Issue Date

Coupon (%)

03-Apr-12

17.25

Weighting by Outstanding Volume

24.24 33.55 19-Apr-10 42.21 30-Jun-10 100.00

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

Tenor

37.00

Spot 7D 14D 1M Offer2M Yield 3M 6M (%) 1Y

Tenor Call

REPO

TTM1M (Yrs) 3M 6M

Rate (%) 37.33

31.00 (%) Bid Yield 31.67 32.33

0.61 19.40 19.12 20.61 20.40 NOTE: 0.86 0.96 21.07 20.88 :Benchmarks 1.70 Bond 18.64 18.52 * :Amortising µ :Convertible 2.78 Bond 14.62 14.55 AMCON: Asset Management Corporation of Nigeria 3.10 Government of14.82 14.68 FGN: Federal Nigeria FMBN: Federal of Nigeria 3.41 Mortgage Bank 15.04 14.93 IFC: International Finance Corporation 4.83 14.93 14.84 LCRM: Local Contractors Receivables Management 5.36 14.88 NAHCO: Nigerian Aviation Handling Company14.80 O/N: Overnight 7.49 15.03 14.96 UPDC: UAC Property Development Company 9.35 15.40 15.33 WAPCO:West Africa Portland Cement Company 12.20 15.27 15.21 12.68 15.25 15.19 13.18 15.22 15.15 13.85 15.19 15.12 17.83 15.01 14.95 19.50 15.50 15.44

Closing Rate ($/N)

Bid Price

308.69 315.37 Price 316.99 318.66 322.07 325.73Offer 334.71 351.60

Price

97.56 97.71 91.83 91.98 90.29 90.44 NA :Not Applicable 88.79Prices 88.94 ^ : Market # : Floating 103.01Rate Bond 103.16 ***: Deferred coupon bonds 81.08 81.38 DTM: Days-To-Maturity TTM: 101.26 Term-To-Maturity 101.56 ‡ : Bond rating under review 98.51 98.81 †: Bond rating expired 105.37 105.67 N/A :Not Available {r} :Issuer 96.33in receivership 96.63 NGC: Nigeria-German Company 85.82 86.12 UBA: United Bank for Africa 98.46 98.76 84.67 84.97 62.19 62.49 70.28 70.58 82.36 82.66 81.08 81.38

6406.155565

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.60

03-Apr-17

0.37

2.94

19.69

99.12

% Exposure_ Mod_Duration

Implied Yield

Implied Portfolio Price

INDEX

YTD Return (%)

FMDQ FGN BOND INDEX

Porfolio Market Value (₦’bn)

36.33

O/N

5,805.07

Risk Premium is a combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Nil

OBB

6,451.16

Agency Bonds

Rate (%) 36.0000 20.4479 21.5171 25.0778

Weighting by Mkt Value

26.70 10.00 37.06 36.24 13.75 100.00

14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50

0.60 0.59

Bucket Weighting

0.24 57.00 0.34 0.42 11.33 1.00

25.00 23.44 4.22 9.45 7.01 18.70 12.55 80.00 19.40 87.50 5.00 3.74

12.78 29.64 19-Apr-17 57.58 30-Jun-17 100.00

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

15.60 14.97 0.59 15.06 0.55 15.11

1.29 1.11 1.12 1.30 1.31 1.48 1.69 3.18 1.87 4.20 4.29 2.52

133.9343 147.6386 1.00 108.6958 5.71 127.8787

2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53

1,218.49 1,279.94 20.29 1,310.44 24.78 1,217.74

22.58 21.88 21.84 23.98 23.69 23.28 20.71 16.87 19.04 16.28 18.73 18.16

9.9872

94.50 26.4047 94.64 30.1309 90.76 15.4054 92.90 92.86 90.20 89.92 90.91 93.19 94.27 93.63 91.72 89.25 93.10

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

BUSINESS | Interview

‘More airlines’ll

Captain Dung Rwang Pam has over 29 years multi-role experience in the aviation industry. In this interview with WOLE SHADARE, he speaks on poor record of Nigerian carriers, the rot that has pervaded the sector and proffers solutions to the myriads of problems confronting the industry. Excerpts:

Right now, we do not have any facility, not only in Nigeria, but also in the whole of West Africa, which is a shame to the Banjul Accord

ow does recession impact aviation? It is a problem to the aviation industry, but you need to realise that Nigeria is not the only country that is in recession. Even developed countries are in recession. We‘ve got South African Airways, Ethiopia Airways and Kenya Airways. The industry exists already. Did we know we are going to have a recession? We cannot say we were not aware. In 2012, the current Emir of Kano who was the Central Bank of Nigeria (CBN) governor then, made elaborate presentations, not just one. He warned about this and he said: If you are subsidising consumption, you are setting up yourself for a major economic disaster, and this is exactly what has happened. Secondly, it is planning. The airlines are private ventures. There is no more government- owned airlines in the country, they are profit oriented. Of course, safety has to be a major factor to that. When you refuse to plan, you plan to fail and that is exactly what has happened. Again, this may be very uncharitable to the regulator. From 2006, the regulator had autonomy, which means the whims and caprices of the minister won’t affect the regulation of the industry. If the regulator spots anything, they have got presidential mandate to correct this. The problem is how far has the regulator been able to implement the economic regulation part of the industry? We have borne the brunt of the regulator in the past four years. What should be put in place? These airlines that are temporarily suspending their operations, most of them are doing this because they are unable to send their aircraft for scheduled heavy maintenance normally called the C-Check. There is possibly no need for D-check, which is the heavier check because the operators and manufacturer are to fuse that D-check into C-Check. Historically, C-check should be carried every 18 months. Every airline owner knows that. Every airline owner is expected to submit a comprehensive business plan that does not only show how he or she will run the operation, but also run it profitably, before they start. The AOC process is a five-step process that lasts averagely six months to 18 months depending on how ready you are to start business before you apply. The first phase of it is sit down, chat with the regulator where it advises and give guidance to the potential investor on what to do and how to do it right. I think that is a good thing. It is the first step. It is called the pre-

application phase, before you even apply. The next is application phase and you are guided through these processes until tthe final phase, then you start operation. Off the curve, globally, all airlines are advised to make sure they have got plans for route expansion, profitability and you must have funds to run your entire operations for three months minimum without one penny coming in as inflow of capital. These are safeguards that are in there. There is also economic regulation, which mandates every single operator to send in traffic data, returns on investment, profit margin. Every month, you send a report to the regulator on how you are faring. There is a word called break-even load factor, which is what percentage of your seats you need to fill so that you don’t make a loss. That is critical for all operators to come up with. What is the missing link between two years ago and now? The missing link is accountability. I would say slightly negligence. I won’t say fraud because every aircraft owner who wants to fly commercially, especially with a schedule, has to keep aside what is called maintenance reserve with every ticket you sell, every flight that takes off and land, that is to ensure that C-Check is expeditiously carried out. A C-check could last between a week, three weeks to a month, depending on what level of work is required. The two airlines that currently said they are suspending operations have aircraft on ground that are unable to go for C-Check. The law mandates that airlines that have a schedule would not be able to operate less than three aircraft. Who do you blame for that? First of all, I will blame the airlines themselves. They submitted a business plan, which I assume they did and the business plan spelt out exactly how the business is going to be run. Running the business involves keeping maintenance reserve so that you can do your check. Many times you are expected to lease another aircraft for the one week or two weeks your aircraft has gone for that C-Check. That is a stopgap measure. The aircraft returns from C-check and you continue operations seamless without anybody knowing. How many times have you heard foreign airlines ground their operations because of maintenance? I would like to add this. Government is complacent in this matter; I won’t say the Nigerian Civil Aviation Authority (NCAA). The reasons airlines are unable to pay for this C-Check despite the maintenance reserve is that if you look at it, from last year to now on the street, anything you buy in dollar has doubled. The exchange rate, for instance, was officially N197 to N200 per dollar, now, how much is it in the so-called newly formed flexible exchange

programme? It is N420 as at two days ago. If you are planning on N200, you now need N400. Then double that with what we have now. Even with the reserve, it won’t work. That is why I said that government is complacent in all of these. In 1977, Nigerian government decided they were going to have a national hangar, which was going to draw into a Maintenance Repair Overhaul (MRO). We have been operating a flying school since 1963, which was more or less nationalised and run as an entity with an establishment since 1971. In 2002, the then Minister of Aviation, Kema Chikwe, made a statement that a contract had been given to a certain company and they had started working, clearing the site for the national hangar. It is now 14 years. Where is this national hangar? That national hangar would have been able to take the place Nigeria Airways was building, which was a huge maintenance facility. Right now, we do not have any facility, not only in

Nigeria, but also in the whole of West Africa, which is a shame to the Banjul Accord group we belong to regionally; we don’t have a place for heavy maintenance on any commercial jets. Where do all the jets from here go for their maintenance? They go everywhere else, including South Africa, Morocco, Ethiopia and Egypt. Can you imagine that is where we go? It is capital intensive to establish that. What is your take? Yes, averagely it cost $300,000 for a small aircraft, then change that to naira with the current rate. We don’t have an MRO. Government made a decision, they are aware of that, but they did not implement that decision. In 2004, the Nigerian Aviation Safety Initiative (NASI) made a presentation and that was one of the things we brought to the fore. We need to have an MRO here for two reasons. The first is reduction in the cost of operating

BUSINESS | Interview

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

cease to exist if …’

hemorrhaging funds. When you have a huge market and that market is even growing, but without proper guidance, planning, accountability, self-auditing, we will not know how bad or how good we have done our jobs. And one of the things I hope will happen is for regulators to self-audit themselves on how far they have succeeded in the economic regulation of the airlines. Why is it difficult to put these experts to get the sector out of the woods? They have done things in the past to stimulate the sector, but they don’t carry it through most times. One of the things we commend government for was to remove all duties on importation of spare parts and aircraft. This we recommended in 2004. It was not implemented until two or three years ago. It was partially implemented. They agreed and removed duties on the importation of aircraft, but on the spare part that you need continuously, they did not implement that. I remember Airline Operators of Nigeria (AON) made a presentation to the new minister of aviation; they looked into the matter and agreed to make sure they have zero duties on both spare parts and aircraft. I will tell you what happened after, one of the airlines that had two engines that were recently imported and the Nigeria Customs held down these parts and asked for duties despite the minister’s pronouncement and they said it has not been gazetted.

Pam

airlines and secondly, the transfer of skills. We do not have local engineers who are experienced to carry out a C-Check and that is why I also think that having a national carrier is a futile experiment unless we have two things; One, an MRO established in the country and secondly a type rating training organisation. We don’t have these. In 2014, the Federal Government published that the Nigerian airlines spend N6.3 billion every year to send pilots overseas for recurrences. That money would have been able to build type rating training organisation. That money would have been able to foot the bill. That is why I said the Federal Government is negligent. Airlines do not exist in isolation. NCAA, NAMA and FAAN regulate them. Many airlines go to Accra to fuel , thereby making Ghana a hub rather than Nigeria. Do you agree with this? No. If you have been reading the report of World Economic

Forum, one thing we have done to shoot ourselves in the foot is make it very difficult to start a business. In fact, they reckoned that we have almost deliberately put impediments to starting a business in Nigerian and these are some of the things that are driving away investors into neighbouring countries where there is more stability and there are less barriers into getting to start a business. What is Ghana’s population compared to Nigeria’s? We have a huge market. For you to know how bad this is for certain foreign airlines to pull out of Nigeria, it must be really bad. Despite the despotic regime of Abacha when Britain decided to ban all Nigerian registered aircraft, Nigeria reciprocated by banning all foreign carriers. Who came back begging first? The British companies because the Lagos-London is the most profitable route for the UK carriers under the Bilateral Air Services Agreement (BASA). They came back because they were

Pam

our approach.

Why are airlines unable to pay their debts despite the fact that they make money every day? It is poor economic regulation. Normally, most credit facilities go for between 30 and 90 days. Most of the times, most of the airlines default on these payments to service providers like fuelling companies and others. Fuel constitutes approximately 30 per cent of the cost of operation. They default. This should not continue. The regulator is expected to have a snapshot of this every 30 days mandated. The regulator needs to step in to stop this from becoming a habit because it shows that the airline is not healthy if it is defaulting on contractual agreements and something should be done as deterrent to stop that, not just punitive but also Domestic airlines owe N40 palliative. I said that because out billion that have not been settled. of the fuel being sold, FAAN has a Government seems to be interested fixed percentage they get from these in a national carrier? What impact airlines or from the fuel marketers. would it create in the industry? These airlines are providing a vital If government and airlines service. don’t start thinking, we will cease to exist. Our economy CV should not be in this current state. We have had almost no single airline that has had lon- Designation: gevity without huge support •Former Chief Pilot, Bristow Helicopters from the oil and gas sector. Aero Managerial experience: Contractors has endured this •29 years multi-role industry experience. long and if it is not careful this Has 13 active flying years and is the last quarter Aero will exmanagement positions in oil and gas ist. Despite government’s interlogistics. vention years ago with the As- Flying experience: set Management Corporation of •Long haul pilot, with flights across four Nigeria (AMCON) administratcontinents with Virgin Atlantic for 6 ing it, that airline is hugely inyears debted with unsustainble debts, Type rating: tax payers’ money, part of BASA •Type rated on small turbo-prop (DHC-6) funds, was used to make up the through to the wide-body jets (A340airlines’ intervention funds. 600, A330) with a total time of over How many of those airlines 11,000 flying hours that have received the funds sur- Education: vived? Some of them are almost •Msc. Air Safety management, extinct – Chanchangi, IRS and maintenance engineer and holds valid Skypower, among others. Some NCAA, EASA and FAA airline transport of them have benefitted and are pilot licenses. not operating, what is going to •He is a strong believer in safety as happen to that money? That is the foundation for building a safe and tax payers’ money. That money sustainable aviation industry in Nigeria should have gone into building and Africa. schools and hospitals. The air- Other activities: lines that were rescued were •Actively involved in industry capacity not even operating. How many building. Served for many years as losses should we continue with? Secretary, Pilot trade group in National We need to change our method. Aircraft Association of Pilots and Let us think of what we have Engineers (NAAPE). done. If we have done this con- •He also volunteers as the chair for the sistently, then we need to change Nigeria Aviation Safety Initiative (NASI).

Airline is not healthy if it is defaulting on contractual agreements and something should be done as deterrent to stop that, not just punitive but also palliative

BUSINESS | MONEYLINE

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Analysts: MPC to hold rates on growth concerns

Forecast Committee to ignore rising inflation

Tony Chukwunyem

aught between the need to check rising inflation and to stimulate economic growth, the Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) is likely to leave interest rates unchanged at the end of its meeting tomorrow, analysts have predicted. According to the experts, central to the debate at the MPC’s meeting, which kicks off today, will be whether to cut interest rates in response to the grim Gross Domestic Product (GDP) numbers released recently by the National Bureau of Statistics (NBS) that confirmed that the economy is in recession, or to hike rates to curb inflation (August inflation hit 17. 6 per cent) and attract foreign inflows that will boost the naira on the interbank forex market. Analysts at FSDH in a note obtained by New Telegraph said: “We expect the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) to hold rates when it meets on September 19-20, 2016. The current economic recession does not support an increase in rates; rather it supports rate cut to boost output. On the other hand, the rising inflation rate and weak currency do not support rate cut but a rate increase. “However, given the stagfla-

tion the country faces at the moment, maintaining rates at the current level may be the best option. We expect the MPC to continue to use the Open Market Operations (OMO) to influence yields to achieve positive real yields on fixed income securities.” Citing the NBS data, which showed that the real GDP contracted by 2.06 per cent (year-onyear) in Q2 2016, compared with the growth of 2.35per cent in Q2 2015 and the weak outlook for oil, the FSDH analysts argued that given economic developments in the country, the MPC will vote to hold rates. They stated: “Looking at the economic developments in the country, we believe the MPC will vote to maintain rates at the current levels. The need to stimulate economic growth in Nigeria does not support a rate hike. Meanwhile, the need to tame the rising inflation rate also does not support a rate cut. The most appropriate policy option is to do nothing.” Also, in a report entitled: “MPC in a dilemma …Growth vs price stability”, experts at Meristem Research, stated: “We recognise the need to stimulate foreign inflows in order to halt or possibly reverse the depreciation of the naira, which is the main driver of the inflationary spike. Nonetheless, we consider a further hike in rate by the

Committee, less desirable due to the potential short-term drag on growth and the possibility of a lengthening of the recession. “On the other hand, a downward review of the policy rate, might call into question the rationale for the last MPC decision, in addition to increasing the level of uncertainty regarding future policy direction, which ultimately makes

ad debts among Standard Bank, FirstRand, Barclays Africa and Nedbank look set to reach levels higher than during the 2008 global financial crisis, as a worsening economic environment places pressure on consumers and corporations, according to Pricewater house Coopers (PwC.) “South African banks were quite cushioned from the impact of the global financial crisis, and interest rates and inflation were in a better place then than they are now. The current crisis is starting to impact the underlying affordability of the consumer,” banking and capital

As at

MPR 91-day NTB Bonny Light Ext Res**

Description 15.10 27-APR-2017 16.00 29-JUN-2019 15.54 13-FEB-2020 16.39 27-JAN-2022 14.20 14-MAR-2024 12.50 22-JAN-2026 10.00 23-JUL-2030 12.1493 18-JUL-2034 Tenor (Days) Call 30 90 180

N19,142,526.05m N18,579,219.49m 17.61

Mar, 2015 Mar, 2015 August, 2016

14 10.77 US$46.6 US$24,879,630,446

26/07/2016 Mar 2015 8/9/2016 16/9/2016 Source: CBN

FGN Bonds

TTM

Price 104.65 114.59 111.96 120.58 109.60 100.54 83.82 97.56

1.07 3.24 3.87 5.82 7.95 9.81 14.31 18.29

NIBOR

Rate (%) 4.4583 9.1071 11.0102 12.3790

Bid Yield 10.38 10.55 11.60 11.44 12.27 12.40 12.44 12.49

Change (%) -2.50 ▼ -0.74 ▼ -0.65 ▼ -0.68 ▼

Change (%) -0.02 ▼ -0.01 ▼ 0.00 ↔ 0.00 ↔ -0.07 ▼ -0.08 ▼ -0.03 ▼ 0.02 ▲

Price 104.80 114.89 112.26 120.88 109.90 100.84 84.12 97.86

Tenor (Months)

Change (%) -0.02 ▼ -0.01 ▼ 0.00 ↔ 0.00 ↔ -0.07 ▼ -0.08 ▼ -0.03 ▼ 0.02 ▲

NITTY

Rate (%) 6.9949 7.2368 8.0819 9.2061 9.5872 10.5042

1 2 3 6 9 12

Treasury Bills

Offer Yield 10.24 10.45 11.51 11.38 12.22 12.34 12.39 12.44

Change (%) 1.12 ▲ -0.27 ▼ -0.17 ▼ -0.11 ▼ 0.03 ▲ 0.42 ▲

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 7.67 7.82 -0.51 ▼ Open-Buy-Back (OBB) 3.83 30-Jun-16 7.92 8.08 -0.51 ▼ 6-Oct-16 8.59 8.34 8.71 -0.31 ▼ Overnight (O/N) 4.33 8.99 -0.31 ▼ 16-Mar-17 9.36 10.28 -0.07 ▼ 9.11 9.98 -0.07 ▼

Spot($/N)

Bid 199.14

Offer 199.24

Change (%) 0.57 ▲

NIFEX

Spot($/N)

Bid 199.0000

CBN Clearing Rates of January 7, 2016 Spot($/N)

196.00

197.00

0.00 ↔

term drag on growth and the possibility of a lengthening of the recession.” They forecast that the MPC would maintain the benchmark interest rate-the Monetary Policy Rate (MPR) at 14 per cent, maintain liquidity ratio at 30 per cent, retain the asymmetric corridor at +200bp/-500bp and uphold the Cash Reserve Ratio (CRR) at 22.5 per cent.

PwC: Standard Bank, others’ bad debts will exceed 2008 levels

Economic Indicators M2* CPS* INF

anchoring expectations a little more difficult.” Noting that the MPC raised interest rates at its last meeting in July, the experts stated that while a further hike in rate could stimulate foreign inflows and help reverse the depreciation of the naira, which is the main driver of inflation, such a move was, however; “Less desirable due to the potential short-

Offer 199.1000

Change (%) -1.75 ▼ -2.08 ▼

Change (%) 0.00 ↔

markets leader at PwC South Africa, Costa Natsas said. PwC’s major banks analysis that analyses the financial results for the six months to June 2016 of the four big lenders, has found that bad debts increased 26.8 per cent from the previous comparable period, to R17.2billion. This hurt banks’ combined earnings. Core earnings increased 14.2per cent yearon-year to R65.8bilionn, but headline earnings grew 5.7per cent to R34.6billion due to the higher bad debt charge. “Banks are finding it quite difficult to navigate in this macroeconomic environment,” financial services leader at PwC Africa Johannes Grosskopf said, Non-performing loans had increased across all lending portfolios for the first time in five years, Grosskopf said. Credit stresses had emerged in previously high-growth portfolios including personal unsecured loans, card lending and installment finance, reflecting the difficult economic environment in South Africa, PwC said. Similarly, the corporate banking franchises of major banks, in particular within

the oil and gas, and power and infrastructure sectors, have found that nonperforming loans have increased. “The corporate sector is not immune to the economic downturn and we are starting to see an increase in impairments,” PwC banking and capital markets associate director Lourens van Velden said. Banks had taken a conservative approach to provisioning for future bad debts, according to PwC, indicating that they expected the credit cycle to worsen. “A number of banks have in their base-case scenarios a good possibility of a downgrade,” Grosskopf said. All the banks had contingency plans in place in the event of a sovereign debt downgrade, he said. Banks’ coverage ratios had improved since the global financial crisis, meaning they had higher provisions for nonperforming loans, said Grosskopf. They had also extended fewer home loans over the last few years, and pricing on loans had increased. Notwithstanding these mitigating factors, the slower economy would increase impairments, he said.

Afrinvest to unveil 2016 Banking sector report

frinvest (West Africa) Limited would unveil the 2016 edition of its annual Nigerian Banking Sector Report on September 21st in Lagos. In a statement, Managing Director of Afrinvest, Ike Chioke, said that this year’s report, which is the 11th edition since its inception in 2006, is entitled: “Searching for Investor Confidence.” He said the report focuses on developments in the global and domestic economy and also looks at the impact of policy decisions on domestic macroeconomic variables. Chioke said: “Afrinvest Research is of the view that although some appropriate steps has been taken in recent months, the market is yet to respond positively evidencing the lack

of investor confidence without which neither the market nor the economy can be rebooted.” According to the statement, distinguished economists and bankers will, at the launch, share expert views and opinions about what needs to be done for Nigeria to regain investor confidence. Among them are the Chief Financial Officer, Sterling Bank Plc, Sulaiman Abubakar, a former Deputy Governor, Central Bank of Nigeria (CBN), Prof. Kingsley Moghalu, Senior Fellow – Lagos Business School and Member – Monetary Policy Committee of the CBN, Doyin Salami, Group MD/CEO, Access Bank Plc, Herbert Wigwe; CEO, Economic Associates, Ayo Teriba and Regional Head of Economics, Standard Chartered Bank, Razia Khan.

national | news

monday, september 19, 2016 NEW TELEGRAPH

Military pensioners decry 24 months non-payment Nankpah Bwakan Bauchi

etired military officers under the aegis of the "Nigerian Legion" yesterday decried Federal Government's inability to pay their 24 months pension arrears. The Bauchi State chairman of the legion, Captain Musa Yakubu (Rtd) made the disclosure during their 2016 national annual general meeting held in Bauchi State. The retired officers called on the Federal Government to come to their aid by paying the arrears owed them as lack of payment of pension had subjected them to untold hardship to the extent that they can't afford to pay their children's school fees and even meet up with other needs of their families . Aside asking for the payment of their arrears, they appealed to both federal and state governments to give them farms in order for them to embrace mechanized farming as alternative to delay in payment of pension.

Yakubu, who served under the direct supervision of President Muhammadu Buhari, when he was a military general in 1979, noted that soldiers were more disciplined then which was why they successfully served the country with integrity. He condemned the unruly behaviours of some serving officers, who have belittled themselves by misbehaving at check points. He, however, expressed satisfaction with the performance of the soldiers and other security agents in the current war against Boko Haram insurgents and other terrorists in some parts of the country and appealed to Nigerians to continue to pray for soldiers and help them with useful information that would lead to curbing the menace of Boko Haram. On his part, the national chairman of the Nigerian Legion, Colonel Micah Gayya, (Rtd) disclosed that the meeting was aimed at fashioning ways of improving the plight of the retirees and reviewing the constitution of the union.

Swap deal: Boko Haram demands one prisoner for 15 Chibok girls Yekeen Nurudeen Abuja

ore facts have emerged about the failed swap deal between the Federal Government and the Boko Haram sect on the rescue of the abducted Chibok secondary school girls. A source, who was privy to the arrangements between the terrorists group and the government disclosed to our correspondent that the group demanded that the Fed-

eral Government releases a high profile prisoner in its custody to secure the release of 15 Chibok girls. According to him, the group was willing to let go of 15 of the girls for one of them being held by the Federal Government, though he declined to mention the identity of the high profile prisoner. He, however, lamented that the arrangements which took place sometime last month and had taken the security operatives and other parties to Maiduguri failed to sail through due to some other reasons cited

by the Nigerian Army, contrary to what was said by the Minister of Information and Culture, Alhaji Lai Mohammed. The source, who said that the Nigerian Dubai based journalist, Ahmad Sakilda was part of the negotiation, said that the deal was struck after it was clear which group among the factions of Boko Haram has the girls, noting that it was the Abubakar Shekau group that had the custody of the girls. He said: "We would have by now have some of the Chibok girls back but

CONFIRMATION/change OF NAME Anigbogu: I, formerly known and addressed as Obiageli Adaeze Anigbogu, now wish to be known and addressed as Obiageli Elizabeth Anigbogu. All former documents remain valid. General public should take note.

Chukwugekwu

Innocent

I, formerly known and addressed as Atile Boniface Chukwuma now wish to be known and addressed as Chukwuma Boniface Chukwugekwu. All former documents remain valid. First bank Plc, Ecobank Plc and the general public take note.

I, formerly known and addressed as Ochimana Bartholomew now wish to be known and addressed as Bartholomew Innocent. All former documents remain valid. Ecobank Plc and the general public take note.

Okpo

Ewetayo

I, formerly known and addressed as Emeka Ekpo now wish to be known and addressed as Okpo Cosmas Emeka. All former documents remain valid. First bank of Nig. Plc and the general public take note.

I, formerly known and addressed as Ashinedu Reachel Izu and Racheal Ashinedu Izu, now wish to be known and addressed as Racheal Ashinedu Ewetayo. All former documents remain valid. General public take note.

FOR SALE •3 Plots of Land @ Ajasa Command.

Asking Price: N7million each

•1Plot of Land @ Iju Road, Near Pen cinema Agege, Lagos Asking Price: N50million •1 Plot of Land @ Park View Estate, Okota, Lagos. Asking Price: N18million •1 Storey Building @| Dopemu, Lagos containing: 4 blocks of 3bedroom flats. A Duplex containing 6 Bedroom and 2 Sitting Rooms. A Boys quarter Asking Price: N130m •3 Bedroom Flat for Rent @ Ikorodu, Lagos for N250,000 per annum •2 Bedroom Flat for Rent @ Atan Kekere, Ipaja, Lagos For N250,000 per annum For enquiries call: 08039186543, 08132252345

PUBLIC NOTICE

THE THRONE OF LIGHT CHRISTIAN MINISTRY. 41 MARINA ROAD EKET

The general public is hereby inform that the above named has applied to Corporate Affairs Commission for registration under Part 'C' of the Companies and Allied Matters Act, Degree No. 1 of 1990. Names of existing Trustees: 1. Apostle(Mrs) Idongesit NseAbasi Emmanuel Chairman/President. 2. Rev. NseAbasi Emmanuel Sunday - Vice President. 3. Evangelist Udeme James Mbat - Secretary. 4. Brother Emmanuel Clement Daniel - Treasurer. 5. Pastor Idongesit Friday Ayara - Member. 6. Pastor Joseph Abasitang Eshiet - Member AIMS AND OBJECTIVES ARE: 1. To preach the good news of our lord Jesus Christ. 2. Heal the sick, raise the dead and cast out the devils. 3. To conduct conferences/seminars. 4. To assist and train the less privilege on what to do and earn living(entrepreneur). 5. To pray for the peace, love and unity among Nations. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: APOSTLE (MRS) IDONGESIT NSEABASI EMMANUEL

Former Anambra State Governor, Mr. Peter Obi (right), with the President of the Catholic Laity Council of Nigeria, Awka Diocese branch, Comrade Emma Ezeokafor, during the Annual Seminar organized by the Laity at the Bishop Obiefuna Pastoral and Retreat Centre, Okpuno…at the weekend.

Details of Jibrin's foreign accounts exposed Philip Nyam Abuja

here are strong indications that the embattled former chairman of the House of Representatives Committee on Appropriations, Hon. Abdulmumin Jibrin, owns and operates a foreign account in contravention of relevant Nigerian laws. Documents obtained and released by the Head of the Anti-Corruption Unit of the Ikenga Imo Ugochinyere-led National Youth Council of Nigeria, Ifeanyi Okonkwo, a lawyer, indicates that Jibrin owns and operates foreign account with ING Bank Channels Island, United Kingdom. The bank is located at Forum House, Grenville Street, St-Heller, Jerssy JE2 4UF, Channels Island United Kingdom. Jibrin opened the account with his address at 453 Crankbrook Road, Ilford Essex IG2 6EW. Details of the account statement obtained by some lawyers in the UK show that Jibrin has a total £1.558 million (N825

million equivalent) in the account between June 1 2016 to June 30 2016. Jibrin however, withdrew the sum of £623.44 pounds within the one month period bringing the balance in the account to £1.376,193.84. Jibrin's ownership of the foreign account contravenes the provisions of the 1999 Constitution which bars public officers from owning and operating foreign accounts. Paragraph 3, Part one of the Fifth Schedule to the Constitution of Nigeria 1999, provides: "The President, Vice President, members of the National Assembly and Houses of Assembly of states and such other public officers or persons as the National Assembly may by law prescribes; shall not maintain or operate a bank account in any country outside Nigeria." Paragraph 18 of same Schedule provides to the effect that where the Code of Conduct Tribunal finds a public officer guilty of contravention of any provision of the code of conduct, the punishments to be imposed include: vacation of office

or seat, disqualification from membership of a legislative house, Seizure of forfeiture of assets or property being proceeds of such corruption, prosecution in addition to the above sanctions where the conduct constitutes a crime.

for reasons best known to the Military, the whole arrangements failed. The Boko Haram were demanding for the release of one prisoner for them to release 15 Chibok girls and the Federal Government had agreed to that. “Everything was perfected and all parties were in Maiduguri, including the DSS, the Army and other parties to the negotiation. “But suddenly, they ( the Military) said the thing could no longer go on. “Did you know that the Boko Haram are also tired of keeping the girls because they said the girls are not allowing them to fight? They want the girls to go so that they can engage the soldiers. We know the group that has the girls. It is the Shekau group that has the girls. The other group that has allegiance to ISIS and headed by the son of late Mohammed Yusuf, Abu Musab al-Barnawi has no Chibok girl in its custody" Lai Mohammed had said on Friday that the Federal Government was prepared to swap Boko Haram prisoners for the Chibok schoolgirls. “All things were in place for the swap which was mutually agreed. Expectations were high. Unfortunately, after more than two weeks of negotiation and bargains, the group, just at the dying moments, issued a new set of demands never bargained for or discussed by the group before the movement to Maiduguri. All this while, the security agencies waited patiently. This development stalled what would have been the first release process of the Chibok girls.” He said

UI ASUU threatens industrial action over arrears Sola Adeyemo Ibadan

he Academic Staff Union of Universities (ASUU), Universities of Ibadan chapter, has asked the Vice-Chancellor, Professor Idowu Olayinka, to pay all outstanding promotion arrears owed academic staff without delay to avoid another round of industrial crisis. In a letter sent to the ViceChancellor, a copy of which was obtained by New Telegraph yesterday, entitled: "Promotion of Arrears of Academic Staff" jointly signed by its Chairman, Dr Deji Omole and Secretary, Dr Peter Olapegba, the Union said it would resist the purported plan to pay academic staff

only one year promotion arrears even when promotion announcement of academic staff was delayed by the management and announced almost five or four years after due dates for the promotion. ASUU stated that it rejected the proposal as it was inimical to the welfare of its members, adding that the lateness in announcing promotion was not the fault of the candidates but that of the administration based on the promotion procedure in operation. While saying promotion arrears was earned and not a privilege, the ASUU bosses maintained that all those owed must be paid in full because it would not guarantee industrial peace when welfare of its members was being threatened.

38 News|SOUTH-WEST Police quiz college workers over plan to kidnap registrar Adeolu Adeyemo Osogbo

ight workers of the Osun State College of Education, Ila-Orangun in Osun State are now being interrogated by the state police command for their alleged conspiratorial plan to abduct the registrar of the college, Mr Aderiola Adeoti. NewTelegraph investigation revealed that the police had arrested some members of staff of the institution following a petition by the registrar on the alleged plan to kidnap him. But a mild drama played outat the weekend as the registrar who allegedly authored the petition denied its existence shortly after his

arrest and invitation by the police. Specifically, the registrar denied authoring the petition, saying that his signature on the petition was forgred just as he dissociated himself from the petition and maintained that his signature was forged. He however asked the police to disregard it, urging it to fish out the mastermind of the petition. Chairman of the Ila chapter of the College of Education Academic Staff Union (COEASU), Mr Segun Onifade and the Chairman of Senior Staff Union of Colleges of Education in Nigeria, (SSUCEN), Mr Akintunde Ojo, pointed an accusing finger at some principal officers of the college.

Oyo to explore cultural tourism for improved IGR

he Oyo State Government has reiterated its determination to explore the state’s cultural-tourism potential to boost its Internally Generated Revenue (IGR). Commissioner for Information, Culture and Tourism, Mr Toye Arulogun who said this yesterday in Iseyin during a facility tour of the old National Youth Service Corps (NYSC) camp ground, confirmed that the state would on September 27 celebrate

the World Tourism Day tagged ‘Aso Ofi Day’ at the camp ground. Arulogun, who was conducted round the venue by the Caretaker Chairman of Iseyin Local Government, Mr Saheed Alaran, assured residents of a hitch-free celebration as the state government had made adequate preparations toward the celebration of the state’s rich cultural heritage in Iseyin, the home of the locally-woven textile called “Aso Ofi.”

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH L-R: Special Adviser to the Lagos State Governor on Housing, Mrs. Aramide Giwason; Oba of Ketu, Oba Isiaka Balogun Oyero; Deputy Governor, Dr. Oluranti Adebule; Special Adviser to the Governor on Transportation, Prince Anofi Elegushi and Managing Director, Planet Project Limited, Mr. Biodun Otunola, during the commissioning of Slip Road in Alapere, Ketu… at the weekend

Aggrieved APC aspirants to contest Ondo election on new platforms Babatope Okeowo

Akure

ollowing the governorship primary of All Progressive Congress’ (APC) debacle in Ondo State, some of the aggrieved aspirants have opted for alternative platforms to realize their ambition as they had discretly taking the candidature of lesser political parties to contest the November 26 election. The aspirants, according to sources have used surrogates to acquire the candidature of some political parties including Accord Party (AP), Action Alliance (AA)

and Unity Party of Nigeria (UPN) pending appeal filed against the candidature of Mr Oluwarotimi Akeredolu, SAN. For instance, Mr Yinka Orokoto from Ilaje Local Government has taken the candidature of AA while Mr Bola Aidi from Akoko Northeast Local Government is the candidate of UPN. Mr Ola Amuda from Akoko Northwest is the candidate of AP. Orokoto is a kinsman of Chief Olusola Oke while Aidi is also from IkareAkoko; the same town with Dr Segun Abraham, the National Leader of APC, Asiwaju Bola Ahmed Tinubu’s preferred aspirant. Amuda

is holding forth for an aspirant from the South in case of any eventuality. The Independent National Electoral Commission (INEC) has fixed between August 18 and September 19 for the conduct of party primaries and resolution of disputes arising from the election. September 29 is the last day for the final submission of form CF 001 and CF 002 at the INEC headquarters. In order to beat INEC deadline for the conduct of party primary, top aspirants had used protégés to take the platform of the lesser political parties in order to contest the election. Sources said the top aspi-

lawyers with a view to presenting a bill that will seek a constitution amendment to free the councils from the stronghold of the states. Asipa, a former chairman of Imeko-Afon Local Government Area of Ogun State, said it was imperative to ensure that local governments in Nigeria perform their constitutional duties without any hindrance or undue

interference from state governments. This, according to him, if carried out, the constitution amendment would go a long way in ensuring people at the grass roots to experience real dividend of democracy, expressing the association’s readiness to mobilise support across the country towards making sure the constitution amendment sails through.

Ex-council chairmen back Buhari on LGs’ autonomy Kunle Olayeni Abeokuta

he Association of exLocal Government Chairmen of Nigeria (ASELGON) yesterday threw its weight behind a decision by President Muhammadu Buhari to support constitution amendment that will guarantee autonomy for local govern-

ments. The association described Buhari’s decision as a step in the right direction and urged the National Assembly as well as state lawmakers to support the initiative. This was contained in a statement signed by the National President of ASELGON, Hon. Albert Asipa and made available to reporters in Abeokuta.

Buhari had, last week, expressed willingness to support any amendment to the constitution that will allow for local government autonomy when he met with the leadership of the Association of Local Governments in Nigeria (ALGON). The President reportedly advised the ALGON executives to hold consultations with people and

rants took the option of seeking alternative platforms in case the Appeal Committee of APC did not order a fresh primary. As at the time of filing this report, the Appeal Committee has not made known its recommendations, foreclosing fresh primary and foisting the candidature of Akeredolu on the aggrieved aspirants. Speaking after the primary of AA, Prince Joshua Adewole said the way and manner the two dominant political parties conducted the governorship primaries that produced there candidates did not meet the required democratic standard. Since the two dominant political parties in the state had failed the people of the State, Adewole said AA had resolved to champion the course of renaissance of the destiny of the state. According to him, the party was poised to democratically mobilize all the citizens of the State to join hands and rescue power from the current administration, saying AA would present a people oriented development blue print to the public before the election, take over the mantle of leadership of governance by tested and God fearing servant leader by February 27 next year.

Lagos raises the alarm over poisonous LAUTECH doctors tackle Ajimobi over half salary scribed the decision as un- agrarian population, addSola Adeyemo refrigerator gases, chemicals fair to its members, saying, ing that their services Ibadan “we beckon on the listening bothered on “saving lives Muritala Ayinla

agos State government has decried proliferation of refrigeration materials with dangerous gaseous substances in the state, saying that out of the estimated 500,000 outlawed substances and materials illegally imported into the country, 80 per cent of them are Lagos. General Manager of the Lagos State Environmental Protection Agency (LASEPA), Adebola Shabi, who disclosed this, blamed the development on continu-

ous patronage of fairly used product and porous nature of the nation’s border. Speaking at the 2016 Ozone Day, organised by LASEPA in conjunction with the Nigeria Association of Refrigeration and Air Conditioning Practitioners (NARAP), Shabi said continuous circulation of the products had contributed to the low life expectancy in the country, seeking penalty against some multinationals manufacturing electronics for their contribution on e-waste

generation. He said:” We do collaborate with the federal agency. But we have porous border, there are some chemicals that have been internationally banned about 23 years ago but still find their way into the country. That is why we will continue to sensitise our residents to fight against this because 80 per cent of the chemicals and other e-waste stop in Lagos and over 500,000 of the products get into the country monthly. “

ssociation of Resident Doctors (ARD), Ladoke Akintola University Teaching Hospital, Ogbomoso, has asked the Oyo State Government to rescind its decision over payment of 50 per cent salaries for the months of January, February and March, 2016. This was contained in a statement signed by its President, Dr Sebastine Oiwoh and the General Secretary, Dr Ayobami Alabi made available to New Telegraph yesterday. The association de-

ears and tender heart of our father, Governor Abiola Ajimobi, not to single our members out amidst other health workers in Oyo state civil service. “All other doctors and health workers in the Oyo state civil service are receiving full salary. They have been paid the full salaries from January to March 2016 while we received half of the payments made,” it said. It however described the action as unfair considering that they rendered essential, specialist and patientdriven service in a mainly

and maintaining the health of the citizenry who see the hospital as their only hope no matter the social class.” The statement reads: “We want to appeal the recently implemented decision to pay only doctors and other staff of LAUTECH Teaching hospital Ogbomoso 50% of our salary after being owed seven months with a mandate that the hospital management should pay the remaining 50% salary when the needed facilities, equipment and infrastructure have not been put in place.”

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Charles Onyekwere and Kenneth Ofoma

he caucus of the All Progressives Congress (APC), Enugu State chapter at the weekend accused the Peoples Democratic Party (PDP) of a grand plot to bring back unbridled corruption to Nigeria. Publicity Secretary of APC, Mrs. Kate Ofor, made the allegation in a press statement after an emergency caucus meeting of the party yesterday. According to the state-

News|SOUTH-EAST

Enugu APC to PDP: Don’t derail Buhari’s corruption war

ment, Enugu APC after a careful analysis came to the inevitable conclusion that “PDP’s ignoble mission is in simplicita- ‘#Bring Back Unbridled Corruption#’ to Nigeria - via unwarranted propaganda blitz unleashed by PDP, against President Muhammadu Buhari, and by extension our great party, APC.”

Mrs. Ofor alleged that the scheme to bring back unbridled corruption, “drove the PDP to unabashedly like Ostrich bury its head in the sand, like Pontus Pilate wash its hands off and like Cowboys keep heaping on innocent President Buhari, all the blame of the recession - hunger, abject poverty and despondency

in the land.” It also stated that PDP smartly exonerated its leadership from the “planlessness and squandermania” of the last 16 years, which caused the recession. The statement reads: “Secondly, the craze to #Bring Back Unbridled Corruption# to Nigeria is why PDP instead of join-

ing President Buhari in laying the solid foundation of diversified, enduring and prosperous economy, had the gut to call on President Buhari to resign forthwith for failing to fix the economy they battered during their 16 years leadership in less than 20 months. PDP thought Nigerians are morons who forget so easily.

“Thirdly, to hasten their passion to #Bring Back Unbridled Corruption# to Nigeria, PDP embarked on recruitment of some clergy, traditional rulers and all manner of carpetbaggers to celebrate and fan the unfortunate hunger, abject poverty and despondency in the land; hence playing on the sensibilities of Nigerians to forget how 1,310 kilometers Kano-Lagos narrow rail gauge cost Nigeria $8.3 billion and 4,000 kilometers Lhasa-Beijing standard gauge cost China $4.2 billion.”

Rice: IFAD pledges more assistance to Ebonyi farmers Uchenna Inya

ABAKALIKI Director General, Voice of Nigeria, Mr Osita Okechukwu (middle) with other participants, during the New Yam Festival Celebration at Eke Community of Enugu State..… yesterday. PHOTO: NAN

Ebonyi moves to curtail LG workers’ truancy Uchenna Inya ABAKALIKI

bonyi state government has embarked on verification of local government workers in the state to introduce table payment system for the council workers. The measure was taken to curtail truancy among the workers at the local

government system. The state Commissioner for Local Government and Chieftaincy Matters, Chief Samuel Okoronkwo performed the flag-off exercise at the weekend in Ezzamgbo, the council headquarters of Ohaukwu local government area. He said the exercise was not to witch-hunt any-

Recession: Quit building cathedrals, build farms, cleric tells churches Steve Uzoechi OWERRI

he founder and bishop of He Reigns Chapel Power-line Living Ministries International Owerri, Dr. Ngozi Durueke, has called on religious organisations to establish commercial agricultural ventures to tackle hunger and high unemployment rate in Nigeria. He said that food insecurity and rising unemployment were key indicators of the current economic recession noting that until urgent steps were taken the problem will continue to linger. Durueke, who spoke to newsmen yesterday in Owerri said: “Religious organisations should for now suspend the construction of cathedrals and big churches and establish big

farms to assist in providing foods and jobs to Nigerians. “Rather than task already suffering members of your church to raise money for construction of cathedrals and big churches, mega livestock ventures and farms to employ jobless people and provide food for the hungry should be established.” He added that survival from economic recession must not be left for government and the private sector alone, noting that religious bodies should as well think about the economy. “All I am saying is that we should have community churches whereby the interest of the communities where the church is located is fused into soulwinning mission of the church because it is the living that worship God,” he said.

body but aimed at ensuring that workers who were dedicated to their duties are paid their salaries as and when due. He noted that the exercise was in the best interest of the local government workers, adding that the state government was determined to ensure the welfare of workers in the state.

Addressing the workers who came out in their numbers for the exercise, the Caretaker Chairman, Ohaukwu local government area, Clement Odaah enjoined the workers to take the exercise seriously as government would no longer tolerate absenteeism. Some of the workers expressed surprise on the verification but pledged their support to ensure a smooth exercise.

Army offers free treatment to Enugu community Kenneth Ofoma ENUGU

he Nigerian Army yesterday announced that more than 5000 indigenes and residents of Ogbaku community in Awgu Local Government Area of Enugu State have benefited from a free medical outreach provided by military. The outreach, conducted by 82 Division Nigerian Army, Enugu, was aimed at enhancing civil, military relations. Col. P. E. Okoye, who gave the indication on behalf of the Deputy Director, Army Public Relations, stated that the medical programme was a suitable platform to check and regulate persons affected with life style diseases such as high blood pressure, diabetes, eye defect and several others. According to him, the exercise was conducted to precede the career develop-

ment exercise for Warrant Officers scheduled to hold from 18th - 29th September 2016 at NYSC permanent orientation camp in the community. Also speaking to journalists, the Vice Chairman, Awgu Local Government Area, Hon John Ikemefuna, while commending the GOC 82 Division for the Free Medical Outreach, noted that the event will go a long way in cementing the cordial relationship between the good people of Awgu LGA and the Nigerian Army. He called on the people of Awgu to come out enmass to take advantage of the good gesture from the Nigerian Army. Similarly, the traditional ruler of Mmaku Community, HRH Igwe Rotarian Okongwu, Nkpuma-Ike one of Mmaku expressed his gratitude to the GOC for remembering his community.

he International Fund for Agricultural Development (IFAD) Value Chain Development Programme has commended Ebonyi State government and rice farmers in the state for their efforts to revolutionalise rice production in the country. The National Programme Coordinator (NCP) of the programme, Dr. Ameh Onoja, said this while addressing members of various rice clusters at Ndeagu-Echara and OmegeEchara in Ikwo LGA, during an inspection visit to the state. According to him, the state government had shown tremendous commitment and political will to ensure bumper harvest of the produce this year to meet both internal and external needs. “We successfully evaluated the total crop areas, which we inspected, and crop performance, and pray that the rains extend further in the year to ensure

a bumper harvest,” he said. He noted that IFAD— VCDP would continue collaborating with the state government to achieve its rice production goals to the state and the nation’s economy. “We have given farmers in the state support in terms of input - seedlings, fertilizers - and developing over 200 hectares of land for irrigation scheme,” he added. Onoja also stated that the programme a month ago placed advertisement for its environmental assessment plan for areas in the country where it would situate its facilities, saying, “this is to check environmental challenges that would be faced in the course of our activities, as after the feasibility studies, we would advertise for competent contractors to implement our infrastructural objectives.”

696m

The number of fixed (wired)broadband subscriptions of the world in 2013. Source: Itu.int

IPOB plans global protest over Kanu’s detention Charles Onyekwere ENUGU

embers of the Indigenous People of Biafra (IPOB) have set aside September 23 for a global protest on the continued detention of their leader, Mazi Nnamdi Kanu. Spokesman of IPOB, Emma Powerful, in a statement made available to newsmen, said the peaceful demonstration will take place all over the world on the fateful day except in Biafra land and Nigeria where only church services will be held. The statement said that markets, companies, industries and schools were expected to close down in solidarity with the group on that day to ensure that their leader regains his freedom from the Nigerian government. The statement reads:

“The Indigenous People of Biafra (IPOB) has declared 23rd Sept, 2016 for Biafrans worldwide to protest against the continued detention of our leader Mazi Nnamdi Kanu and for the freedom of Biafra people. “The IPOB worldwide protest will take place in all the countries across the globe except in Biafra land and Nigeria where church services will be held. “Every IPOB member and other Biafrans living in Nigeria and Biafra land will stay in their homes on that day. “We also ask that all markets, schools, banks, transport companies and manufacturing companies should close on same day in solidarity with the overall objective of the Biafra restoration process irrespective of your persuasion or affiliation.

News|SOUTH-SOUTH

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Lawmakers seek financial autonomy for state legislature Tony Anichebe uyo

awmakers in Akwa Ibom State House of Assembly, have urged their colleagues nationwide to take advantage of the ongoing constitution amendment exercise by the National Assembly to advocate for financial autonomy for state legislature in Nigeria. They said the autonomy would not only entrench distinct identity for the state legislature but also provide it with independent financial muscle to discharge its legislative functions effectively. The lawmakers, whose

12-point communiqué at the end of a retreat was made available to newsmen by the House Committee Chairman on Information, Hon. Ime Okon, at the weekend, also want laws that were passed by state assemblies and assented to by state governors to be enrolled at the state judiciaries for ease of reference and other judicial purposes. They harped on the need for the legislature to be recognised as a lawmaking body, noting particularly that “the role of the legislature, in the consideration of appropriation bills, should be holistic to include sectoral increase, reduction and inclusion of projects

and programmes of public importance not captured in the budget by the executive.” In their call for better funding of state assemblies, the lawmakers stressed that standing, ad-hoc, and special committees of state houses of assembly should be given serious attention by elected parliamentarians and staff. According to Okon, the lawmakers had learnt from resource persons at the retreat that well spelt out, articulated and public interest-centred work plans by house committees could attract financial grants from international development institutions like the World Bank.

In the communiqué, the lawmakers said, “ the legislative, judiciary and executive arms of government should initiate and encourage a special forum where select members of the leadership of each arm would meet and exchange ideas on the effectiveness or otherwise of some legislations.” They however said that this must be handled discretly so as not to give room for subtle compromise of the independence of the arms of government. They also recommended that both executive and private member bills should not be allowed to remain under consideration longer than necessary. L-R: Wife of the two-time Governor of defunct MidWest region and Bendel State, Mrs Yetunde Ogbemudia; celebrant, Dr. Samuel Osaigbovo Ogbemudia; APC gubernatorial candidate, Godwin Obaseki and Edo State Governor, Adams Oshiomhole, at the 84th birthday celebration for Dr Ogbemudia at the New Era College, Benin City …at the weekend.

Recession: UniCem to produce 5m metric tons of cement yearly

Delta Speaker to critics: You’re ignorant, blind Dominic Adewole ASABA

peaker of the Delta State House of Assembly, Rt. Hon. Monday Igbuya has lambasted his detractors, describing them as “ignorant and blind people.” Baring his mind at a press conference, Igbuya expressed his displeasure over an online publication which ridiculed his person and under-estimated his contributions to Sapele constituency. He also faulted the community online publisher’s deliberate distortion of history and condemned what he tagged “unsolicited, unnecessary and uncomplimentary comparisons” between him and Deputy Governor of the

Delta APC crisis: Eta disowns elders’ committee Ola James Warri

he National Vice Chairman of the All Progressives Congress (APC), South-South, Prince Hilliard Eta, has taken a swipe at the Delta State APC Elders and Leaders Committee led by Senator Francis Okpozo, saying it is not recognized by the party. He described the committee as unknown creation and an aberration to the party’s constitution. Eta stated this in a press release while reacting to a communiqué signed by Sen. Okpozo and others, purportedly dissolving the Delta State Executive Committee of the party that was published in Vanguard newspaper on September 16. He said neither the Na-

cement before now and the Line 2 is expected to add another 2.5 metric tons, which he said, was intended to force down prices of cement in the country. He said: “We have made conscious effort to expand our current production level and with an additional plant that will produce not less than 2.5 metric tons, Nigeria has no need of importing cement.” He also expressed his

optimism that the 5 million metric tons will ensure that prices of cement was brought down in order to allow low income earners have access to habitable homes. Terriere noted further that with the additional plant, Nigeria stands a chance of earning foreign exchange especially at this time of recession by exporting cement to other countries in Africa.

Alleged embezzlement: Trade unions pass vote of confidence on AKBC DG

ational Vice PresiN10m largesse creates N dent, Pentecostal Feltension in Rivers community lowship of Nigeria (PFN),

Tony Anichebe

Emmanuel Masha

closed how the money would be used to tackle some of the challenges confronting the community. A member of the Oginigba Eze in Council, Sir Chief Charles Johnson, said there were documents to prove that the company released the said amount to the youth leadership, but noted that nothing was being said about the money. Johnson, who is the council’s assistant chairman, said that the matter had been reported to the District Police Officer (DPO) of Oginigba Police Station for investigation in order to recover the money before the issue led to a breakdown of law and order.

Clement James Calabar

he United Cement Company (UniCem), a subsidiary of Lafarge Africa Plc, has completed plans to flood the Nigerian market with cement in order to force down prices which has escalated recently due to the current recession. The plant manager of

uyo

oint Trade Unions in Akwa Ibom Broadcasting Corporation have passed a vote of confidence on the Director-General of AKBC, Pastor Anietie Ukpe. The unions are Nigeria Union of Journalists (NUJ); Radio, Television and Theatre Arts Workers Union (RATTAWU) and the Nigeria Union of Civil Service Secretarial and Stenographic Workers (NUCSSSW). The unions took the decision over the weekend when their leadership paid a courtesy visit on Pastor Ukpe at the AKBC Corpo-

the company, Mr. Thierry Terriere, made this disclosure at the weekend while briefing journalists on plans by the company to open the second phase of its plant at Mfamasong in Cross River State. Terriere said the Line 2 plant was nearing completion and “technically commissioned” yesterday. According to him, the company had been producing about 2.5 metric tons of

rate Headquarters in Uyo. Spokesman of the unions and Chairman of AKBC Radio Chapel of NUJ, Elder Edet Ikotidem, condemned recent media attacks on Ukpe over alleged N30m fraud saying the allegations were false and baseless. He disclosed that the labour officials were impressed with the leadership qualities of Pastor Anietie Ukpe, which he noted, had resulted in improved programmes contents of both the radio and television services. He also lauded the DG for the introduction of AKBC Promise Hunt for youth of Akwa Ibom to showcase their talents.

Port Harcourt

N10 million endowment fund donated by a construction company to the youth leadership of Oginigba Community in Obio/Akpor Local Government Area of Rivers State is creating tension in the community following allegations that the money has been embezzled. The company, Vita Construction Company Limited, was said to have donated the amount for the development of Oginigba Community. However, since money changed hands in February this year, the community’s youth leadership has not dis-

defunct Bendel State, late Chief Patrick Odiete. He said: “It is very startling to read online what some individuals termed the refusal to appoint them as political aides or award contracts to their organisations. The turbulence of their selfish emotions and desires has blinded them to reality, particularly my contributions to the good people of Sapele. “Dr. Samuel Ogbemudia constructed a number of roads in Sapele. Okirighwe, Amukpe and Adeola roads were constructed by the military administration. The contracts were awarded to Edok-Eter Mandilas Limited. Late Odiete was a nominal deputy governor. Chief Demas Akpore was elected with Prof. Ambrose Ali in 1979.”

tional Working Committee (NWC) nor the Zonal Executive Committee of the party gave any groups such mandate to superintend over the Prophet Jones Erue’s State Executive Committee. Eta also described an attempt by the committee to castigate the NWC of the party for not yielding to their demand to sanction Prophet Jones’ team within a specific time as request by the group as an act of “insubordination and rascality.” While seeking a retraction of the communiqué within twenty four hours, Eta enjoined all other party leaders and members in Delta State to support and be loyal to the Prophet Jones Erue led State Executive Committee of the party.

Cleric tasks Buhari on recession Ola James Warri

South-South, Bishop Simeon Okah, has tasked President Muhammadu Buhari to immediately tackle the issue of economic recession and save Nigerians from dying. Okah, who is also the presiding Bishop of Flock of Christ Mission Inc., made the plea at the swearing-in of newly approved and elected officers of Delta State Chapter of Pentecostal Fellowship of Nigeria (PFN) led by Bishop Kingsley Enakirherhi, at Jesus Dominion Mission Inc. Airport Road, Warri. He urged the president to listen to the cries of Nigerians by doing what was right and save the country

from degenerating into a state of chaos resulting from excruciating hardship confronting them. He said, “Let them see how they can address the issue of poverty. There are too much complaints in the land. They should address the issues for which they are voted in. The same thing goes to those who have suggestions to help out of economic recession, they should speak out. Nobody should keep quiet. Anyone who has something to suggest should stop murmuring and speak out with the spirit of love and maturity.” The cleric while advising Nigerians to return to farming also urged the skilled workers to carry out their activities with diligence, saying the era of free money was over in the country.

News|NORTH

monDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Sokoto to immunise 1.8m children against polio Umar Abdullahi

okoto State government at the weekend said it has concluded plans to immunise no fewer than 1.8 million children between the ages of zero and five in the 23 council areas of the state. This was disclosed by the Sokoto State Deputy Governor, Alhaji Ahmed Aliyu, during a community dialogue convened by the state’s Taskforce Committee on Polio Immunisation held in Gidan-Dillo village, Sokoto South Local Government Area of the state. The deputy governor, who doubled as the chairman of the committee, said the dialogue was conducted to stem the tide of a few cases of rejection of polio vaccines by some parents. According to him, the five-day statewide exercise was organised as an outbreak response exercise, sequel to the recent outbreaks of polio in Borno State. He said: “Parents in the state should therefore allow their children to be immunised against polio and other child killer diseases. “This is the responsibility of every parent and we are assuring that the polio vaccine is safe.’’ Aliyu also commended traditional rulers and urged other stakeholders to continue to do their best to ensure the total eradication of polio in the state.

Speaking at the event, the Health Commissioner, Dr. Balarabe Shehu Kakale, expressed happiness that no polio case has been recorded in the state in the last three years. According to him, the state government, the Sokoto Sultanate Council, as well as all the stakeholders, would not be complacent in sustaining the happy tempo. Meanwhile, the South Korean Ambassador in Nigeria, Noh Kyu-Duk, has recommended his country’s development model to Nigeria. He said the model can be used in the country if certain variables were put

in place for the greater good of the people. Speaking when he visited Sokoto State Governor, Aminu Tambuwal, the envoy said South Korea achieved important milestones in nationhood when it introduced the ‘Saemul Undong’ (New Community) movement in the 70s. “This model is a drive for self-support, based upon the principles of diligence, selfreliance and cooperation. It achieved a lot of success because it did away with poverty and importantly closed the gap between cities and rural areas,” he stated. A statement issued in Sokoto yesterday by Tam-

buwal’s spokesman, Malam Imam Imam, quoted the envoy as saying that the Saemul Undong movement also trained rural dwellers in ways to raise their income and upgrade their skills in various areas of human endeavor.

152.12m

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

$700,000 The total amount of endorsements of Ryan Howard (Baseball) for 2014. Source: Forbes.com

Recession: Niger seeks citizens’ support DanAtori MINNA

s part of efforts to resuscitate its economy, the Niger State government has asked the people of the state to strengthen their commitment and obligation to the state as well as show understanding in the face of the ongoing economic recession being witnessed in the country. Commissioner for Information, Culture and Tourism, Mr. Jonathan Vatsa, yesterday stated this in a statement issued to express the readiness of Governor

Sokoto State Deputy Governor, Alhaji Ahmed Aliyu (left), immunizing a 5-month-old child, Aminatu Ahmed against polio in Gidan-Dilo Village in Sokoto State …yesterday. PHOTO: NAN.

Abubakar Sani Bello’s administration to see the state through the path of greatness despite the recession. “At this time of recession, we want the people to support the government and show considerable level of understanding as the economic situation has caused recession in the country, which invariably did not exclude Niger State. “The government will continue to leverage on the basic tenets of democracy that encourages engagements and be as open as possible as the economic situation functions along the variables of recovery, but we need the support and understanding of the people in tackling the challenges.” While saying that the administration was positioned from inception to always take the interest of the people above all others in the face of every challenge, he hinted that the government was also aware of the need for the support of the people to be able to achieve its set objectives. “We call on all Niger citizens to meet up with their obligations, like paying their taxes, playing their role diligently wherever they find themselves in position of responsibility, remain productive by identifying areas of comparative advantages, especially agriculture, and most importantly protect public institutions and property,” he stated.

employment syndicate APC chairman drags family head to court over Ilorin stool Lafia varsity to investigate council. worked for over five months Biodun Oyeleye Ilorin

he Kwara State Chairman of the All Progressives Congress (APC), Alhaji Ishola Balogun Fulani has dragged the District Head of Afon, Alhaji Sidiq Atiku, before an Ilorin High Court over an alleged falsehood on his eligibility for the stool of Balogun Fulani of Ilorin. The Balogun Fulani stool became vacant following the demise of Alhaji Mahmud Durosinlorun Atiku, on August 16 and the APC chairman, who once served as Majority Leader of the state’s House of Assembly, had indicated interest in the stool. A former Director-General, National Institute for

Policy and Strategic Studies (NIPSS), Prof. Ahmed DanFulani; incumbent Daudu of Afon, Atiku and the state APC chairman are the leading contestants in the race. The APC chairman, who had contested the stool in 1996 and 2001 respectively when the position became vacant, alleged that the false claim by Atiku was designed to edge him out unjustly from the race and being appointed as the new Balogun Fulani by the Ilorin Emirate Council. In the suit filed on his behalf by Mr. Kehinde Eleja (SAN), Ishola Balogun Fulani alleged that Atiku, who was also an applicant to the same stool, had met with some other members of the Balogun Fulani family where he peddled falsehood on his alleged non-eligibility

for the stool. In the suit, the APC chairman claimed that the falsehood against him was anchored on the basis that he was only related to the Balogun Fulani family through the female line, and thus not eligible for the stool, adding that the defendant was encouraging falsehood against his eligibility to feather his own nest. The APC chairman said as a descendant of Olufadi through Balogun Fulani Mohammed Jonko Towani Olufadi, he was a bona fide member of the Balogun Fulani family of Ilorin, adding that his application for appointment as the next Balogun Fulani by the Ilorin Emirate Council was under threat due to what he referred to as historical distortion by the defendant.

Ortom: I was not invited to speak on Suswam’s MDG legacies Cephas Iorhemen MAKURDI

enue State Governor, Samuel Ortom, yesterday flayed reports circulating on social media that his invitation to speak at an event at the United Nations in the United States on the successes his administration had recorded in Sustainable Development

Goals (SDGs) was based on the achievements of his predecessor, Dr. Gabriel Suswam, in executing programmes of the Millennium Development Goals (MDGs). The governor, who was responding to what he described as a false and mischievous report, explained that he attended the UN programme in September

last year, where activities of the Millennium Development Goals (MDGs), were rounded off and the transition from that programme into the Sustainable Development Goals (SDGs), was concluded. Ortom said the invitation extended to him did not mention previous experiences of his successor with MDGs in the state.

ChekeEmmanuel ALFIA

uthorities of the Federal University, Lafia, has set up a high powered committee to investigate a syndicate that specialises in offering illegal employment to unsuspecting members of the public. Vice Chancellor of the university, Prof. Mohammed Sanusi-Liman, disclosed this at the weekend in an interview with journalists in Lafia, the state capital. He also said those found wanting would face the wrath of the law. “When we got wind of the matter, the management set up an investigative committee, which turned in a report that was submitted to the

“The university council referred the matter to its disciplinary committee for investigation and appropriate action,” he said. Besides, the vice-chancellor said the university has laid off 35 of its non-teaching staff because of its inability to pay their salaries. He explained that the affected staff comprised of 11 corps members, who were retained after their service year in the school and 24 others. According to him, the affected members of staff, who were engaged in the year, were laid off as a result of lack of funds. The vice-chancellor said that the council had directed the management to source for funds and pay the affected staff off, since they had

without pay. He said: “It will be inhuman to keep the staff working when we cannot pay them, given our poor budget and that was why the council decided that we should pay them off.” He added that the university consistently had a shortfall of N38 million in her allocation for several months, which had adversely affected the running of the institution. On post-UTME screening of candidates for admission for the 2016/2017 academic session, Prof. Sanusi-Liman said more than 4,000 applicants have been screened and that the council would meet to determine its carrying capacity before admission list would be released.

Nasarawa to build science equipment processing plant Cheke Emmanuel LAFIA

asarawa State government at the weekend said plans are underway to establish a factory that would produce science equipment for its tertiary and secondary schools in the state. This, the government said the state would collaborate with Singapore to

execute the project. Nasarawa State Commissioner for Special Education, Science and Technology, Idris Mohammed, disclosed this to newsmen in Keffi, headquarters of Keffi Local Government Area of the state. Mohammed said when established, the factory would manufacture science equipment to feed tertiary and secondary schools and as well service the needs of

the society. He said that apart from the production of science learning and teaching materials, the plant would be used for the production of Burette, bicca and weighing machines. The commissioner also said that the state, endowed with abundant solid materials, had available raw materials that would feed the factory to sustain its operation, when established.

WORLD \ NEWS

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Governor: New York blast, an act of terrorism

ours after an explosion injured 29 people in a Manhattan neighborhood, police were scouring the area for evidence yesterday as they tried to pinpoint exactly what and who caused the blast. “A bomb exploding in New York is obviously an act of terrorism,” Gov. Andrew Cuomo told reporters yesterday, vowing that authorities will catch whoever is responsible. The governor said there’s no evidence of an international terrorism link to Saturday’s blast,

which shook New York City’s Chelsea neighborhood and sent panicked people scrambling for cover. “A bomb going off is generically a terrorist activity. That’s how we’ll consider it. And that’s how we will prosecute it,” he said. Cuomo cautioned that the investigation remains in its early stages and added that no terror group had taken responsibility for the explosion. In light of the blast, he said 1,000 additional New York State Police officers and National Guard troops will be deployed to patrol bus terminals, airports and

subway stations. The stepped-up security is “just to err on the side of caution,” Cuomo said. “I want New Yorkers to be confident when they go back to work on Monday that New York is up and running and we’re doing everything that we need to do.” New York City Mayor Bill de Blasio called the explosion Saturday night “an intentional act.” But he told reporters there was no evidence tying it to known terrorism groups. “There’s no specific and credible threat against New York City at this time from any terror

organization,” he said. Authorities believe the blast was caused by an explosive device in or near a dumpster, a law enforcement source told CNN. The explosion occurred at 23rd Street and 6th Avenue. A few blocks away, investigators found one possible clue: a pressure cooker, with dark-colored wiring protruding, connected by silver duct tape to what appears to be a cell phone, officials said. Authorities haven’t yet revealed whether they believe that suspicious device has any connection to the blast. Investigators

are also combing through surveillance video for clues, but so far they haven’t found anything pointing to a suspect, a senior law enforcement official said. Some of the video is not helpful because the cameras are either too far away or the footage is too grainy to tell what’s on it, the official said. “We will find whoever did this or whatever group did this and they will be brought to justice, period,” Cuomo said. “We will not allow these type of people and these type of threats to disrupt our life in New York.

Russia votes in parliamentary poll

oting is taking place across Russia, in parliamentary elections dominated by President Vladimir Putin’s supporters. The last poll in 2011 was followed by mass protests as evidence of fraud emerged. This time serious violations were reported in one Siberian region. For the first time, people are voting in Crimea, annexed from Ukraine in 2014 in a move condemned internationally. There were reports of scuffles with Ukrainian nationalists as people voted at the Russian embassy in Kiev. Voters will choose 450 MPs in the State Duma (lower house), for the next five years. The outgoing Duma had just a handful of MPs opposed

to Mr. Putin. Despite Russia’s economic malaise and tensions with the West over the conflicts in Ukraine and Syria, some observers called the election campaign the dullest in recent memory. Widespread voter apathy suggests that turnout could be low. Mr. Putin voted at around lunchtime in southern Moscow. Questioned by journalists, the president said, quoted by Russian media: “I know who I’m voting for. Don’t you have an idea?” The first exit polls were expected yesterday’s evening. Some critics of President Putin got a rare chance to put their case to a mass audience on TV but significant opposition figures like Alexei Navalny were barred from campaigning.

Militants attack Indian army base, kill 17

ilitants have attacked an army base in Indian-administered Kashmir, killing at least 17 soldiers, the army says. All four of the attackers were killed. Carrying guns and grenades they stormed a base in Uri, close to the Line of Control with Pakistan in a pre-dawn ambush. Indian Home Affairs Minister Rajnath Singh reacted by calling Pakistan a “terrorist state”. It is the deadliest attack on security forces in Kashmir in two decades. It comes as violent protests against Indian rule in the disputed region continue, with a strict curfew imposed. More than 80 people, nearly all anti-government protesters, have died in more than two months of violence. No group has claimed responsibility for

the attack and Pakistan denied any role. “This is an old tactic of India. They immediately put the blame on Pakistan without investigation,” foreign ministry spokesman Nafees Zakaria told the BBC. But Mr. Singh said on Twitter that “there are definite and conclusive indications that the perpetrators of Uri attack were highly trained, heavily armed and specially equipped”. “I am deeply disappointed with Pakistan’s continued and direct support to terrorism and terrorist groups,” he said. UK Foreign Secretary Boris Johnson condemned the attack and said the UK “stands shoulder to shoulder with India in the fight against terrorism, and in bringing the perpetrators to justice”.

Suicide bomber kills Somali General

Somali general and at least six of his bodyguards have been killed by a suicide car bomber, police say. The attacker rammed a car carrying explosives into General Mohamed Jimale Goobale’s convoy near the defence ministry headquarters in Mogadishu, Somalia’s capital. Al-Shabab claimed the attack and accused the general of plotting against them. He had survived several previous assassination attempts. Witnesses in Mogadishu reported hearing a

huge explosion. “The suicide car bomb hit the car they were in. May God rest their souls,” police colonel Abdikadir Farah told the Reuters news agency. A radio station linked to al-Shabab reported a “martyr” had killed the general. Voting for a new parliament begins on 25 September in Somalia. Lawmakers will then choose a president on 30 October. AlShabab opposes the government of President Hassan Sheikh Mohamud, who is backed by Western powers and seeking reelection.

Police officers and firefighters respond at the scene... New York

10 killed in northern Mali as militias clash

bout 10 people have been killed in northern Mali in fighting between a pro-government militia and a rebel coalition dominated by ethnic Tuaregs, the deputy secretary general for the pro-government Gatia militia said yesterday. The clash between Gatia and the Tuareg separatist Coordination of Azawad Movements (CMA) shows the fragility of a UN-backed deal signed last year between the government and northern armed groups meant to end a cycle of uprisings. “The clash took place around 80 km

north east of Kidal. People from the CMA captured two members of Gatia. They were pursued as far as Intachdayte northeast of Kidal and there was an exchange of fire,” said Haballa Ag Hamzata of Gatia. He said around 10 people from CMA died in the clashes, which took place on Friday and Saturday, while others were wounded including five from Gatia. Vehicles and guns were recovered, he said. Sidi Ould Ibrahim Sidat, of the CMA’s peace committee said four people died, adding that this was not confirmed. Reuters could

not reach other CMA leaders. Kidal is a stronghold of rebels claiming a Tuareg homeland they call Azawad, but the CMA and pro-government Gatia militia had peacefully shared control of Kidal since February. Islamist militant groups, some with links to al Qaeda, hijacked a Tuareg uprising in 2012 and seized northern Mali until a French-led intervention drove them back a year later. The peace deal was intended to ease long-standing tensions in the north and allow the army to concentrate on fighting jihadist groups.

Syria: US air attack endangers truce –Russia

US-led air attack in eastern Syria that killed dozens of government troops fighting socalled Islamic State has endangered an already shaky ceasefire deal, Russia says. Russia says at least 62 Syrian troops were killed in the Deir al-Zour strikes two days ago. The US has expressed “regret” for the “unintentional loss of life”. Syria says it has lost a warplane in the area, which so-called Islamic State (IS) said it had shot down. The BBC’s Lina Sinjab, reporting from Beirut, says it is rare for the Syrian government to acknowledge losses caused by IS, and the announcement may be intended to draw attention to the consequences of the US-led air strike. A Syrian army source said the attack had allowed IS to gain ground in the area around the Syrian airbase,

but that Syrian forces had regained most positions on the hilltop nearby with the help of Syrian and Russian air support. The attack put “a very big question mark” over the truce’s future, said Russia’s UN Ambassador Vitaly Churkin. A ceasefire deal agreed by the US and Russia went into effect in Syria on Monday, but important terms of the deal, such as the safe passage of aid, have still not been fulfilled. Monitors yesterday reported the first air strikes in Aleppo since the truce took effect. Several people were injured in the air raids, said the UKbased Syrian Observatory for Human Rights, but it could not identify who carried them out. The air attack caused a bitter row between the US and Russia at the United Nations Security Council on Saturday night, with each country’s rep-

resentatives walking out while the other was speaking. US envoy Samantha Power criticised Russia for calling an emergency meeting of the council, which she said was “cynical and hypocritical”. “Russia really needs to stop the cheap points-scoring and the grandstanding and the stunts and focus on what matters, which is implementation of something we negotiated in good faith with them,” she told reporters. But Mr Churkin said he had never seen “such an extraordinary display of American heavy-handedness” as shown by Ms Power. He implied the future of the Syria deal could rest on how Washington reacts to the incident. “If what Ambassador Power has done today is any indication of their possible reaction then we are in serious trouble,” Mr Churkin said.

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Did you know?

Sport Ajibade Olusesan

op class coaches succeed on the strength of support they enjoy from their playing staff and the new Super Eagles Manager Gernot Rohr now has impetus to thrive as he has endeared himself to the players with his deep tactical knowledge and excellent man-management skills, New Telegraph has learnt. Our correspondent interacted with a number of Super Eagles players and backroom staff and there seemed to be no difference in their estimation of the German tactician as many of them said they would give their best to make the man succeeds because he demonstrates virtues that set him apart from previous coaches they had worked with. Striker Odion Ighalo told our correspondent that the manager had brought something new to the team which could galvanise the players to success. The Watford of England forward said the German had a clear vision about how he wanted the team to play and no ambiguity in the way he puts it to the players. “He is a fantastic coach, he has proved that he is a top manager within just few days we spent with him during the Tanzania match and we the players are happy with his vision for the team which he shared with us,” he said. “Our target is to win a World Cup ticket and if we can improve in the way we played against Tanzania, we are going to realise this objective. The instability of coaches is one of the problems we had before and I think it will make a lot of sense if we leave this new man alone to do a good job, I am certain a lot of us, if not all are happy with the way he has started.”

Sport News

That the 3-1 win of Watford over Man United on Sunday at Vicarage Road was the first victory of the club over the Red Devils in 30 years

Ahmed Musa (middle) against Tanzania

“Of course he is a good manager,” Brown Ideye corroborated Ighalo’s view “I have been in the national team for some time and I think there is a different feeling in camp, we are happy about the way he relates with individual player, although we

Emmanuel Tobi

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

Rohr

were together for a few days, he tried to communicate with each of us personally. “He is not different from those managers we work with in Europe because he is deep in terms of tactics and the way he organises things

is fantastic too.” “You can’t believe that the goal Kelechi Iheanacho scored against Tanzania was practised severally during one of the training sessions and many of us who were part of the ex-

ercise were thrilled to see that actualised on the field of play,” Toyin Ibitoye who is the team’s media officer said. “The players really like the coach and I think he is going to enjoy his stay in Nigeria.”

Ministry promises special athletes befitting reception ABUJA

Assistant Sport Editor

Mourinho blames referee, players for loss to Watford

Hail German’s tactics, management style

Chukwu David and Adeolu Johnson

Group Sport Editor

International

Eagles vow to get results for Rohr

Ekweremadu commends Team Nigeria

Adekunle Salami

Celebrations in Enugu as Rangers reclaim top spot

he Ministry of Youths and Sports has promised the special athletes that did the country proud at the Rio Paralympics Games a befitting reception. The Team Nigeria contingent that won eight gold, two silver and two bronze medals at the games, arrived in Abuja on Sunday and Luka Jonathan Mangset who received the athletes on behalf of the sports ministry said Nigeri-

ans were proud of the athletes, promising that their efforts would not go unrewarded.

Rio Paralympians displaying their medals on arrival in Nigeria

He said that the ministry would disclose the form of reception when the rest of the team return with the minister Solomon Dalung on Monday. Speaking to journalists, women 180 kg champion said she was the strongest in the world and hope to keep the momentum in Tokyo in 2020. "I want to keep on breaking the world record like I did in Rio. All we want from government is more attention and support so as to give special people confidence," she said Meanwhile, the Deputy President of the Senate, Ike Ekweremadu, has de-

scribed the athletes as true heroes, who gave their best to their fatherland. Ekweremadu, who stated this in his congratulatory message to Team Nigeria, called on other Nigerian athletes and national teams to emulate the spirit exhibited by the Paralympians. “I salute Team Nigeria for their patriotism and the sheer willpower exhibited. This will no doubt lift the spirit of the nation at this difficulty time. It is my hope that their compatriots who will fly the Nigerian flag at future competitions will imbibe their determination, for they have shown that ability is in the mind”. he said

AWCON: Falcons draw Ghana, Mali, Kenya

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SPORT NEWS

AWCON: Falcons draw Ghana, Mali, Kenya

Emmanuel Tobi

Charles Ogundiya ENUGU

2006. The other team in the group, Mali, earned their place in the finals when former winners Equatorial Guinea were disqualified for fielding an ineligible player.

bdulrahaman Olanrewaju and Goke Adediran emerged winners of their categories in the maiden edition of UPDC Hotels/Golden Tulip Squash series, which ended on Saturday. In the professional Men’s category, Olanrewaju pulled an upset when he defeated national No.2 ranked Sodiq Taiwo to win the coveted prize in a pulsating encounter that drew cheering ovation from the crowd. In the ‘club invitational Tournament,’ Adediran, representing Ikoyi Club, relied on experience, footwork and deceptive movements to overpower Ramsey Noah,

Eight minutes after, Clement’s physique came in handy when he rose highest to head home a Chuka Egbuchulam's cross. In Bauchi, Coach Stanley Eguma saw his match plan to take a point out of Bauchi succeed until the last 10 minutes. Festus Umana lifted the ball high across the Rivers United goal area and it was knocked down by Abubakar Lawal for Waziri to finish and gift all three points to the Bauchi Tourists that now moved two places up to the third position on 54 points. Enyimba, managed a goalless draw with strugglers, MFM in Port Harcourt. Enyimba remained a shadow of the stuff that made them champions last season and hardly troubled a more youthful and fast-footed MFM side that were unlucky not to have scored on two occasions. MFM remained on 15th position with 42 points and still must win one match from the remaining two to stay safe. FC IfeanyiUbah saw their unbeaten run stopped by a brace from Yaya Soumaila in Makurdi where Lobi Stars snatched all three points after Ismaila Gata pulled the Anambra Warriors level on 52nd minute from the penalty spot.

Ighalo, Success shine in Watford's win

Oshoala (left)

Group A: Cameroon Egypt South Africa Zimbabwe

Group B: Nigeria Mali Ghana Kenya

Olanrewaju, Adediran win Golden Tulip Squash A

Celebrations in Enugu as Rangers reclaim top spot obby Clement netted twice against Sunshine stars in Match Day 36 fixture at the Nnamdi Azikiwe Stadium to return the Coal City club to the summit of the Nigeria Professional Football League log after rivals, Rivers United, went down to a Christopher Waziri's goal in Bauchi against Wikki Tourists. Sunshine Stars started the match in Enugu perhaps with intent to curtail their hosts and they did just that for most of the first half until the last quarter when lanky Clement made his physical attributes count. The ball bubbled inside the Akure Gunners' box in the 37th minute and Clement pounced to score, picking his spot to put the Flying Antelopes ahead. Sunshine Stars looked like they switched plans from their defensive intent to offensive when they mounted pressure for the equaliser and the 41st minute, Orji Kalu handled the ball inside the box for a penalty. Dele Olorundare stepped forward but his effort was saved by goalkeeper Nana Bonsu.

igeria’s Super Falcons will begin their title defence against Ghana, Mali and Kenya after the team was drawn in Group B of the African Women Cup of Nations. The Falcons have dominated women's football in Africa having been crowned champions a total of nine times, Equatorial Guinea are the only other nation to have won the continental title. Hosts Cameroon are in Group A and will face Egypt in the opening match of the finals on November 19 in Yaounde. South Africa and Zimbabwe, who both played at the Rio Olympics, complete the teams in the group. The final is set for December 3 with Limbe as the other host city. Kenya are making their first ever appearance at the women's finals and have reached the final of the East and Central African regional event in Uganda. Ghana have never won the women's continental title but have been the losing finalists on three occasions - 1998, 2002 and

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

who represented Eagle Club. The Nollywood actor, who only few years ago started playing the game of squash, ruffled many feathers when he shockedout some more experienced players all through the knockout stages up till the final. In the final, however he got his match in Adediran whose powerful shots and sheer body movements obviously confused the Nollywood star. It was the first time they were meeting in any tournament. “Ramsey is a professional actor, so I just felt this is my domain; he shouldn’t come here to beat me because I may not defeat him in his own field,” Adediran said af-

ter collecting his cash prize and some squash equipment. Ramsey said: “Adediran is quite deceptive with his movements and style. Sometimes, he plays lackadaisically, like he wasn’t going to reach the ball and before you know it, he is there hitting it hard. It is my first time playing against him and I’ve learnt that one must be on his toes all through the game to stand up against him. “When you find people like that in the court, you must go back to re-strategize and that’s what I am going to do. He is very deceptive with his strokes and with his movements. You can’t predict him.”

wo Nigerian stars, Odion Ighalo and Isaac Success, were on parade at Vicarage Road as Watford beat Manchester United 3-1 in the English Premier League on Sunday afternoon, their first victory over the Red Devils since September 16, 1986. The Hornets opened scoring in the 34th minute through Entienne Capoue but ought to have taken the lead earlier, with Ighalo missing an open net on 13 minutes after a mistake by De Gea, before heading over Man United's goalkeeper David bar from a Cathcart cross. Marcus Rashford restored parity for the visitors just after the hour mark, only for substitute Juan Zúñiga to restore Watford’s one goal lead with his second touch of the ball, with six minutes remaining. Into the 90th minute, Isaac Success made his third consecutive appearance as a substitute, replacing Ighalo, and his mazy run in injury time earned Watford a penalty converted by Troy Deeney. Watford, who occupy the eighth position in the English top-flight, travel to Burnley in their next fixture.

Success

NPFL RESULTS Rangers 2 - 0 Sunshine Stars Plateau 1 - 0 Ikorodu United Warri Wolves 1 - 0 Shooting Stars Wikki 1 - 0 Rivers United Abia Warriors 2 - 1 Nasarawa Lobi Stars FC 2 - 1 IfeanyiUbah Enyimba 0 - 0 MFM FC

Ikorodu Utd relegated from Premier League

(L – R) Mr. Larry Ephraim Ettah –Chairman, UPDC Nigeria Plc, presenting the award to Abdulrahaman Olanrewaju winner of Golden Tulip Squash Series (Pro Men category).with them is Mr. Hakeem Oguniran, MD/CEO, UPDC Nigeria Plc

korodu United have been relegated from the Nigeria Professional Football League after their 1-0 loss at Plateau United on Sunday. The Oga Boys began Sunday's match on a five-game run without a loss, having defeated three big teams, Enyimba, Kano Pillars and Heartland. The Lagos team held high hopes going into the match at Plateau United, but fell

short as Kelechi John's solitary strike ended their time in the Nigerian top tier. Ikorodu United were pegged back from the start of the game at the Rwang Pam Stadium in Jos, and it took Plateau United just 11 minutes to go in front through John's headed attempt from Bright Silas' inch-perfect cross. The loss on Sunday means that Ikorodu United's last two

games of the season against Enugu Rangers and Warri Wolves can be considered inconsequential. The Oga Boys currently occupy 19th place in the standing with 32 points from 34 matches. After just a season in the top-flight, Ikorodu United will now prepare for life in the second tier, the Nigeria National League, next season.

INTERNATIONAL SPORT

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

EPL Table Team 1 Man City 2 Everton 3 Tottenham 4 Arsenal 5 Chelsea 6 Liverpool 7 Man United 8 C'Palace 9 Watford 10 West Brom 11 Leicester 12 Hull City 13 M'brough 14 S'thampton 15 Swansea 16 Burnley 17 B'mouth 18 West Ham 19 Sunderland 20 Stoke City

P 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5

Pts 15 13 11 10 10 10 9 7 7 7 7 7 5 5 4 4 4 3 1 1

Mourinho blames referee, players for loss to Watford

ose Mourinho was unhappy with the performances of the officials and his players as Manchester United suffered a third successive defeat with a 3-1 Premier League loss at Watford. The Portuguese thought referee Michael Oliver should have disallowed Etienne Capoue's opener following a strong challenge by Miguel Britos on Anthony Martial in the build-up. Striker Marcus Rashford, on his first league start of the season, levelled after the break, but substitute Juan Camilo Zuniga restored the Hornets' lead with his first touch before Troy Deeney sealed victory with an injury-time penalty. Speaking about Capoue's goal, Mourinho told BT Sport: 'I think no debate, I think no controversy. I think that is an obvious situation...but it's something that I cannot control and I cannot even

EPL 1-0

Sunderland

Watford

3–1

Man United

C'Palace

4-1

Stoke City

S'thampton

1-0

Swansea

Hull City

1-4

Arsenal

Leicester

3-0

Burnley

Man City

4-0

B'nemouth

West Brom

4-2

West Ham

Everton

3-1

M'brough

1-2

Liverpool

Chelsea

Serie A Inter

2-1

Juventus

Sampdoria

0-1

AC Milan

Lazio

3-0

Pescara

Napoli

3-1

Bologna

Udinese

1-2

Chievo

Cagliari

3-0

Atalanta

Crotone

1-1

Palermo

Sassuolo

2-0

Genoa

0-0

Empoli

Torino

Eredivisie Rotterdam

2-0

Nijmegen

Zwolle

0-2

AZ Alkmaar

PSV

0-1

Feyenoord

0-2

Ajax

Heracles

La Liga Real Betis

2-2

Granada

Leganes

1-5

Barcelona

Atletico

5-0

Gijon

Eibar

1-1

Sevilla

Las Palmas

1-0

Malaga

Osasuna

0-0

Celta Vigo

A’Bilbao

2-1

Valencia

Lique 1 Caen

0-6

PSG

Monaco

3-0

Rennes

Bordeaux

0-1

Angers

Dijon

0-0

Metz

Lorient

1-0

Lille

Nancy

1-1

Nantes

Toulouse

2-1

Guingamp

Montpellier

1-1

Nice

Saint-Etienne

1-0

Bastia

be critical. 'I think in the first half for about 25, 30 minutes we didn't play well and that's something we can control, we can improve, we can work on it. The referee's and the linesman's mistake is not under my control. I can't do anything to improve it. 'In the second half we were much better, we get the draw (equalised) and after that we were the team and (Watford goalkeeper Heurelho) Gomes makes a phenomenal save and luck is again something we cannot control. We cannot control the referee, we cannot control the lucky moments. 'The only thing we can control is our individual mistakes and our collective mistakes. Their second goal for example is a mistake because we know we have to press the wing-backs outside the box and not let them take advantage of being one against one in the box."

Bahman

he last full day of Paralympics competition was scarred with tragedy rather than concluding triumph when an Iranian cyclist died after crashing in the C4 road race. Bahman Golbarnezhad, 48, crashed on the first section of the Grumari loop, a mountainous stretch of the course. He was treated at the scene and was being taken to athlete hospital when he suffered a cardiac arrest. The ambulance diverted to the nearby Unimed Rio Hospital in Barra but he died shortly after arrival.

Athletic Bilbao edge Valencia A

ritz Aduriz scored twice as Athletic Bilbao hit back from behind to heap more woe on pointless Valencia at San Mames on Sunday. The visitors had snatched a second-minute lead through Alvaro Medran but Aduriz struck twice before the break to consign his former club to their fourth consecutive La Liga loss. The win eased the pressure on Bilbao boss Er-

Pogba (left)

Iranian T cyclist dies after crashing in road race Paralympics:

RESULTS Tottenham

nesto Valverde, whose side have also made a poor start to the new campaign and lost 3-0 to Sassuolo in the Europa League in midweek. It threatened to be another bad day for the hosts when Medran fired Valencia into a shock lead from close range after being put through by Nani amid woeful Bilbao defending with less than two minutes on the clock.

Werder Bremen fire coach Skripnik W

erder Bremen’s Viktor Skripnik on Sunday became the first Bundesliga coach sacked this season after a fourth straight defeat marked the club’s worst ever start. After nearly two years in charge, mostly battling to avoid relegation, the 46-year-old was axed in the wake of Saturday’s 4-1 German league defeat at Borussia Moenchengladbach when Bremen leaked three goals in the opening 21 minutes. His assistant coaches, Florian Kohfeldt and ex-Germany international Torsten Frings, have also left the club. The Gladbach defeat leaves Bremen bottom of the German league table with zero points and 12 goals conceded after just three league

Skripnik

games. Under-23 coach Alexander Nouri will stand-in as first team coach until a successor is found for Skripnik, a former Ukranian international who helped Werder to a league and cup double as a player in 2004.

An investigation has been launched. A statement from the Inter national Paralympic Committee said: “This is truly heart-breaking news and the thoughts and condolences of the whole Paralympic Movement are with Bahman’s family, friends, and teammates as well as the whole of the National Paralympic Committee of Iran. “The Paralympic Family is united in grief at this horrendous tragedy which casts a shadow over what have been great Paralympic Games here in Rio.”

Guardiola warns Chelsea, Liverpool, Arsenal M

anchester City boss Pep Guardiola has sent a warning to Premier League title rivals Manchester United, Chelsea, Liverpool and Arsenal after claiming he will not allow complacency to set in after the club's 100% start to the campaign. The 4-0 victory over AFC Bournemouth saw City stay top of the table after five wins out of five and ensured Guardiola retains his perfect start to life in English football. The win was the club's eighth of the campaign already, after victories in Champions League qualifying and their opening group match against Borussia Monchengladbach. City have scored four or more in half of their matches, netting 25 in all, in a stunning start to Guardiola's tenure. And in an ominous message to the likes of United – who they beat in the Manchester derby last week – Arsenal, Chelsea and Liverpool the ex-Barcelona and Bayern Munich coach is

Guardiola

confident his team will not rest on their laurels. "That is not going to happen when I am there," he said, according to Sky Sports. "And don't say it is too easy. I heard from years ago the Premier League is the toughest league and I am going to accept that. We have a lot of work to do and we are just in September. We have played absolutely nothing. Always for the next game, we have to try to do it better than the game before."

SPORT INTERVIEW

The Chairman of the Sports Reform Committee that recently submitted its report to the Sports Ministry, Godwin Kienka, spoke to ADEKUNLE SALAMI on various issues affecting sports development and the way forward. Excerpts:

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

Kienka: Federations function below 20% of their capacity ment. A boxer has no gloves – government, a track and field athlete has malaria – government. It is absurd. How would you rate the sporting facilities in the country?

How would you react to Nigeria's performance at the 2016 Olympic Games? No surprises. It was actually the tale of the expected. You cannot plant pear and expect to reap apples. As far back as 1990, in my book; “Sports Administration in Nigeria, I wrote: “… The ‘golden’ performances of Nigerian athletes in the international arena (those where the years of Nduka Odizor, Hakeem Olajunwon, Chidi Imohs and the U-17 World Cup winning football team) belie the deplorable state in which sports administration, organisation and general facilities are in the country. “With particular reference to athletics, tennis and basketball, the boys and girls who are bringing to Nigeria the kind of respect and recognition other countries are spending millions to achieve are all trained abroad and are now based abroad and no concrete effort is being made to lay a solid foundation for sports development in Nigeria. “When Nigeria, a country estimated to have more than 80 million people (we are talking 1990s) celebrated a silver and a bronze medal won at the Los Angeles Olympics through Peter Konyegwachi and the 4x 400 relay team respectively, many thought it ridiculous. They found it hard to understand how 80 million people, after more than 20 years of organised sport could celebrate a silver and a bronze while a single individual was carting away four gold medals. As far as this group was concerned, it showed the limited scope and ambition of sports administration in the country.” This was 26 years ago and not much has changed. While the president of the South African Sports Confederation and Olympic Committee whose country won 10 medals including a world record performance in the 400m was worried about the disappointing performance of African nations at the Olympics, some Nigerian Sports Federation officials were more concerned, as usual, by money matters. It is sad. Do you think the Federation Presidents are doing enough? Not at all! Federations are responsible for taking an athlete from beginner to world champion. They are responsible for taking a sport from grassroots to world championship. However, most of them are only following the smell of government money - thinking only of attending international

Facilities have never been the problem. You do not need more than a track to produce a great athlete. You do not need more than a tennis court to produce a great tennis player. You do not need more than a boxing gym to produce a great boxer. What you need is a consistent, scientific training program by a coach who knows his onions. Lagos State alone has more tracks than Kenya and Jamaica for instance and see where Jamaica is in athletics.

Kienka

competitions and meetings and lining their pockets. Federation presidents who say they are spending their personal funds should be ashamed of themselves. It means they are clueless and visionless despite sitting on billion naira platforms. Most of the Federations are not doing more that 20% of their capacity. How many of them have run a coaching certification course at any level in the last two years? I will give you one example of cluelessness and lack of vision. How can the NFF in a football crazy nation like Nigeria say it is broke. Sales from Manchester United’s Zlatan Ibrahimovic’s jerseys alone is projected to bring in 78m pounds. Now if the NFF had some vision and had made commemorative jerseys for the 20 year anniversary of the 1996 Olympics Dream Team, they could easily have sold 500, 000 at N5000 each. But they could not even raise 250, 000 USD to transport the football team from a training camp in Atlanta to Rio. It was their responsibility to prepare and hand over the team to the Nigeria Olympic Committee. As far as the federations are concerned everything has to be govern-

Quadri

No corporate sponsor “wants to look for trouble with their money

Sponsors are no longer embracing sports like before, what is the problem? The potential of corporate sponsorship for our sports has never really been exploited to the maximum at any point in our sporting history. It’s worse now, no doubt. But as we reconfirmed in the course of our Sports Reform Committee work that it is really about trust. No corporate sponsor “wants to look for trouble with their money.” A corporate sponsor does not want to give out money for a championship and officials are fighting over the money, cheating the athletes and generally short-changing the sponsors and raking up bad publicity.

How challenging was the task of Sports Reform given to you by the sports ministry? Very challenging but interesting. It was made easier by a great team of passionate and selfless sports lovers who were very anxious to position sports in the country as a platform for our youth to create wealth for themselves, their families and the country. They invested their time and money on this project. As you know, we did not collect any money from government so that we can be absolutely independent and Okagbare seen to be so. The response and contributions of resource persons from the public a n d p r ivat e sectors we invited to our RETREATS to speak on various aspects of our sports really opened Russian-born our minds and pointed Tennis Player to the direction sports develMelissa Ifidzhen opment in Nigeria should go. What are the major prob-

lems identified by the committee? The same well-known problems that have been in the public domain for so long. Unprofessional and ill-trained sports media, insincerity of purpose and greed by sports officials and not enough qualified and committed coaches. There is also the problem of incompetent persons with very limited knowledge of the sport they are running but who are obsessed with controlling everything from finances to appointment of coaches and selection of athletes. There are many problems but another problem is getting business savvy persons who know and are passionate about the particular sport - from presidents to secretaries to executive board members - to run the federations. Where do you see Nigerian sports in the next five to 10 years? We have said that if 80% of our Sports Reform Committee recommendations are implemented, Nigeria will be among the top 10 sporting nations of the world and Nigerian sports men and women will contribute at least five million USD to the GDP. Why is it difficult for Nigerian players to play in the tennis Grand Slam? Simply put, they have not attained that level. We did not have the right foundational programs until recently when a largely private sector driven initiative positioned our young players to aim for professional tennis. It is a hard, long road to the Grand Slams. We are still a long way from that level but the process is on. With the ITA Junior Tennis Circuit, the NCC Tennis League and the number of Satellite tournaments that are springing up we should have players moving up the ATP rankings pretty fast. How best can Nigeria tackle the problem of sports funding? There is a lot of money out there nationally and globally that can be assessed for sports development but the key is transparency. How much does the NOC get from the IOC and other international bodies each year? Until Infantino, the FIFA president came to Nigeria, how many people knew that the NFF was getting $750, 000 every year and this was increased to $1.2 million this year? What about grants and other funds to the Athletics Federation from the IAAF. If corporate bodies and stakeholders see absolute transparency, funding will not be a problem. Government has no business funding sports, The role of government is providing facilities at all levels from the villages to the capital cities, providing policy direction , supervision and, generally speaking, an enabling environment.

SPORT

MONDAY, SEPTEMBER 19, 2016 NEW TELEGRAPH

EAGLES FOCUS

Pat Ekeji’s Corner patrick.ekeji@yahoo.com 08159364282 (sms only)

Iheanacho (middle)

Iheanacho eyes goals against Swansea Stories by Emmanuel Tobi

elechi Iheanacho has expressed his desire to score more goals as they battle Swansea City in the League Cup on Wednesday after hitting target in Manchester City’s 4-0 win against AFC Bournemouth on Saturday. Pep Guardiola’s side now face backto-back games against Swansea in the EFL Cup and Premier League and Iheanacho noted that the Citizens would take each game as it comes rather than looking too far ahead. He said: “We’ve won this game so

we’ll put this behind us before focusing on Swansea. “We are happy we’ve got the win and it’s now time to concentrate on the games in front of us.” The three points against AFC Bournemouth saw City’s 100% record in all competitions continue and the 19-year old feels ‘invincible’ after the superb start to the season. “I’m feeling invincible,” he said. “We’ve got a 100% record and I’m happy with our performance, the team, the management, the coach and everyone. “We’re really working hard and we’ll get there.”

Wenger: Iwobi dangerous going forward

A Iwobi

rsenal coach Arsene Wenger says Super Eagles striker is more dangerous when he moves forward while praising the youngster for creating two assists in the club's 4-1 victory over Hull City at the KCOM Stadium. “He has a presence

in the game now,” said Wenger. “Going forward he’s absolutely dangerous every single time. He plays well through the lines and breaks them with the ball at his feet. “Overall, his confidence is higher. His physical power has a big impact too.”

Omeruo cages Onazi in Turkey S uper Eagles defender Kenneth Omeruo was in good form at the weekend as his club Alanyaspor beat Eddy Onazi’s Trabzonspor 3-0 at Alanya Oba Stadium on Saturday evening in the Turkish Super Lig. Omeruo made the offensive players in the ranks of Trabzonspor ineffective and they had to resort to long range efforts in their attempts to beat the defense

and goalkeeper. On his debut last weekend versus Gençlerbirlii, the Chelsea loanee subdued one of the most feared strikers in the league, Romania international Bogdan Stancu, who had to be replaced with 15 minutes left. The Alanyaspor defender has gone the distance in his first two games this term and has not received a single caution.

Omeruo

Ikeme stops Newcastle

Ikeme

olverhampton Wanderers goalkeeper Carl Ikeme silenced his critics when he posted a shutout in his team’s impressive 2-0 win at Newcastle United in the Championship on Saturday. Ahead of the World Cup qualifier against Zambia there were question marks regarding his form after he conceded four goals in front of the Wolves faithful in the loss to Barnsley last weekend. Ikeme made crucial saves during Saturday’s game at St. James’ Park showed

good positioning to effectively deal with the opponents crosses. The Super Eagles keeper saved a shot from Jonjo Shelvey in the 5th minute, dived low to keep out Perez in the 22nd minute and made an excellent save to block Mitrovi with 13 minutes remaining. With three clean sheets from eight games in the English second-tier, Ikeme is consolidating his position as the undisputed Nigeria goalkeeper following the retirement of Vincent Enyeama.

A thought for our special sport 2 This topic was first presented in this column Monday, 27/2/16, it is repeated, with minor updates, as indeed it needs to be kept in focus.

“I

n the beginning, the Special Sports Federation was known as Special Sports Association until 2002 when the Council on Sports rose from its deliberations in Benin with part of its communiqué being the change of name of National Sports Associations to National Sports Federations. I proposed and drove this change for two reasons;-to clearly differentiate all National Sports Associations from State Sports Associations and, for Nigeria to flow with global trend in the nomenclature for national sports bodies. The essential mandate of the Special Sports Federation is to encourage the sporting interests of Athletes with disabilities. On our return after Athens 2004 Olympic Games, I ensured the creation of the PARALYMPIC COMMITTEE of NIGERIA (PCN) in order that we conform with the directives of INTERNATIONAL PARALYMPIC COMMITTEE (IPC) which frowned at the existing arrangement and had threatened sanction. The Paralympic Games is the global sporting event for the best in the sporting ‘world of Special Athletes. At these games, performances by these athletes are a spectacle to behold.All competing athletes require one form of special equipment or the other whether to run, throw, or lift. Their efforts at manipulating equipment while executing skills are indeed a test of will power.In every sense of the events proper, athletes from advanced countries, against who our own must compete,enjoy the advantage of technology and science which to us are still just news, yet our physically challenged athletes go out there and ‘’stand their ground’’ to the amazement of their contemporaries who boast of cutting edge technologies in their countries. Unlike like their ‘able-bodied’ counterparts that represent us at the Olympic Games, our Special Athletes do not fizzle out in the arena. Since our special sports first represented us in Barcelona Spain in 1992, they have not let Nigeria down. Indeed it is more of a miracle that our representatives win medals at all at these Games.They deserve better deals. Details of their exploits are very well documented yet not enough policy efforts have been mulled to advance theirstatus . Worse still is our general perception of their successes at global events. I recall one of such. I attended one wedding event in Owerri in 2012 shortly after our return from London Paralympics. In announcing my presence, the Master of Ceremony my introduction arrival with the recall of the Olympic athletes zero medal return but that

“wemanagedwith the results by the disabled athletes at the Paralympic Games”.That of course drew some laughter from the audience. In my response, I reminded the audience that disability is not by choice and that all of us present are ‘potential candidates’ for disability which could arise from various factors outside our control such asa car accident,drug effect from some innocuous ailment or even inappropriate handling of a child at birth etc. I concluded by reminding the audience that even those of us who get around with visual aid (glasses) are physically challenged. So we all must appreciate the efforts of our sons and daughters who excel at such competitions. The silence was ‘’deafening’’. The master of ceremony took some seconds to get back himself and to continue his business of that moment. With this understanding, Nigeria can and should offer Special Sports a platform from which these athletes can truly feel that the country recognizes them for their efforts with acquired physical skills in the art of sports through which they go to ‘’war’’ for Nigeria in the coliseum of sports and from which they return with petals of success. So how? A department for the advancement of sports for the physically challenged should be created and funded very well by government. I have no doubts that such adepartment would enjoy patronage from donors and indeed the business community. Within this would be embedded all the opportunities for proper education for Life after sports. Such department must of necessity provide opportunities for fitting acquisition of academic and trade skills that would prepare them for life after and take them off the streets. Our athletes in this category deserve fulfilled life after sports. This is an index for a country that cares for its citizens. With inelegant preparations, we still came 10th: 8 Gold, 2 Silver and 2 Bronze medals. Bravo At the moment, most physically challenged athletes that have won laurels for Nigeria at all the known global events literarily take to the streets or ‘perch’ around various stadia in the cities and solicit for handouts, yet these were and or are world champions in their own classes. As one of these athletes moaned recently to an interviewer on NTA, ‘’they remember us only when there is competition’’. From my interactions with this category of athletes, they are ingenuous and dogged. With the right policies, and the will to implement same,we can turn these into that destination which every podium performer deserves. It is achievable”.

On Marble

. As a town crier may have no personal benefit from a matter that takes his feet to every corner of the community; so are some, who cry loudest may not be from personal pains, but from communal burden.

World Record

Sanctity of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

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MONDAY, SEPTEMBER 19, 2016

N150

The first electric traffic light was developed in1912 by Lester Wire, a policeman in Salt Lake City, Utah, who also used red-green lights. On August 5, 1914, the American Traffic Signal Company installed a traffic signal system on the corner of East 105th Street and Euclid Avenue in Cleveland, Ohio, USA.

Public arena T he column you write

The road to Venezuela

Boniface Chizea

hen I ventilated the idea of doing an article with the above title to draw the attention of the country to the danger lurking ahead of us and how if we are not careful we will be headed to the well advertised Venezuela situation whose most prominent aspect is citizens queuing, sometimes overnight for some basic consumer items. It was quite comical if not tragic to witness Venezuelans dashing across the border into Columbia upon the temporary opening of the shut borders to hurriedly purchase some basic household items. The point about this article is not to display masochistic tendency of wishing that the situation in Nigeria becomes like Venezuela but to draw urgent attention to the fact that from the trend of economic development, that it is quite discernible that the most ugliest and often advertised aspect of shortages of essential consumer goods is not farfetched in Nigeria. It happened in the past in the early 80s when following the precipitous and massive crash in the price of oil, the country found itself short of badly needed foreign exchange to continue with importation to assuage its appetite for the unbridled consumption of foreign products and services. And therefore product rationing became imperative and for some of us we had to leverage on the access we had with the store managers to obtain some of these basic items without having to go through the excruciating and humiliating stress of queuing to obtain them. But the similarity of the Nigerian situation to the Venezuelan one goes beyond the inglorious situation of unjustifiable scarcity of basic consumer items to the fact that like Nigeria, Venezuela is an oil exporting country which has very little local production capacity but also massively imports, almost like Nigeria its requirements from overseas therefore denying the country the opportunity to grow local capacity, create employment that is now at a premium and overall, facilitate the attainment of the rapid development of the country. Venezuela is reputed to have the largest proven reserve of fossil oil in the world. As the oil market nosedived an ability to import was abridged, the country resorted to all manner of capital rationing with attempt made to peg the rate of exchange. Again like the Nigeria situation a vibrant parallel (black?) market developed and the differential in rate between the official and the parallel market rate was; wait for it 10 times! So we are lucky in Nigeria that we still talk of the differential in the Nigeria situation in percentage terms and the rate of inflation in Venezuela both on the occasion in the early eighties and now went beyond 100 per cent. Inflation rate of the order of 17 per cent in Nigeria is as biting, talk more of inflation of the order of 100 per cent. It must be difficult to operate under such situation! With the situation in Nigeria as it is today there is hardly no aspect of our life that has not witnessed price increase and in reality these increases are across the board. But the point of this article is to rally us around the consensus that we must all work

Finance Minister, Kemi Adeosun

CBN governor, Godwin Emefiele

to ensure that the Venezuela situation does not happen to us because the size of our problems is at least four times that of Venezuela. The population of Venezuela is currently around 35 million people while in Nigeria the population is around 180 million. The Nigeria situation becomes worrisome because this recession did not creep on us like a thief at night. For most of us who engaged in the public space of trading in ideas and have been privileged enough to have varied platforms to air our views, we warned continuously that we have to adopt expansionary fiscal posture to boost activities with a view to avoiding the looming contraction which has now happened upon us and so when Budget 2016 was under consideration, we seized each and every opportunity to canvass for an expansionary budget and when an unprecedented budget of over six trillion Naira was announced with a deficit of over 2 trillion Naira we celebrated that fact but since then what has happened? Even in the last quarter of the Budget year we are still discussing approval to borrow from where, which should have been all concluded by now. So the warning we wish to sound now is that if we do not buckle down to brass tacks and get down to action the Venezuela example would be a child’s play particularly as there is remote possibility of oil prices increasing up to 100 dollars per barrel which has often been the saving grace when we will again forget all and resort to business as usual until the next round of oil price crash. America’s discovery of shale oil is most certainly a game changer as the rigs that have gone dormant would be rapidly activated

as prices reach a certain threshold and beyond when it makes economic sense to begin to explore other marginal field. So rebound of oil price will no longer come to the rescue in the foreseeable future! What I intend to do going forward is to highlight some of the practical things we need to do and in the process to eschew generalizations such as; ‘we would get ourselves out of recession by diversifying the economy and embracing solid minerals and agriculture.’ I think that the first thing is that we must make efforts to implement Budget 2016 as approved including executing the borrowing plans included in the Budget. It is not adequate to regale us with the claim that we have made capital releases of 400 billion compared with budget estimate in this respect of 1.8 trillion Naira which represented 30 per cent of the Budget. We must hasten action with growing the tax revenue as it is a known fact that Nigeria has one of the lowest tax to GDP ratio at 7.8 amongst our peer countries and even relative to advanced countries of the world. We must however aim to do so by broadening the tax net to include those in the informal sector who are currently not paying any taxes and every effort must be made to make our tax administration progressive by ensuring that those better able to pay tax do so. One recalls that the immediate past administration outlined some luxury tax items it was going to pursue including tax on property of certain threshold value in the Federal Capital Territory. But the tendency is to disconnect from the activities of the immediate past administration so nobody ever remembers all of that anymore and it is not only in this connection but also most prominently in agriculture where the immediate past administration spearheaded some technological driven innovation such as the electronic wallet. Since the commencement of this administration with the inauguration of its road map for agriculture, there has been no mention of such laudable innovative achievements which to make desired progress we should have leveraged on. If we implement the social programmes in Budget 2016, it would most certainly give a boost to economic activities. We included 500

We must all work to ensure that the Venezuela situation does not happen to us

billion in the budget to create graduate teacher employment, provide meal a day at school, and undertake conditional cash transfers to a select number of our jobless compatriots. It was just the other day that one heard the Presidential assistant in this respect Mariam Uwais making some comments to highlight the commencement of the social programme included in the budget and even then it is yet not clear if we are not only paying lip service. We should ask ourselves some soul searching questions regarding the effectiveness of the Treasury Single Account in our present predicament of the pressing need to pump money into the system. To my mind, it is anomalous to sanitize such a humongous sum of money in excess of three trillion at the Central Bank creating illiquidity amongst the banks and in the process undermining their ability to create badly needed credit. We must prioritize to my mind growing this economy over and above the imperatives to fight corruption which remains a journey and can never be a destination. I doubt if we are in a position to end the insurrection in the Niger Delta by waging a war. The lessons of experience would recommend that we embrace dialogue. But ending the insurrection is a veritable strategy for impacting on the recession particularly if we factor into consideration the extent of loss in revenue which this insurrection has caused the country. We must devise a strategy to pay workers their salaries. It has been reported that about 28 states in the country are delinquent in this respect. What is even more worrisome is that some oil producing states that enjoy additional revenue flow from the derivation allocation are also caught in this trap. In this respect, we must clear the backlog of payments due to workers and pensioners and pay off all public sector debtors. I have argued that we must find the money to make this payment if we are interested at jump starting the termination of the ravaging recession even if we have to resort to ways and means financing. We must in the same breadth resist the temptation of causing increase in fees and charges. • Dr. Chizea wrote in from Lagos.

HIGH CHIEF

PATIENCE JONATHAN FACES FRESH PROBE OVER N5BN HOTEL– News

- Ah! EFCC, diaris god o!

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