Monday, september 5, 2016 binder1 by Newtelegraphonline

Oil ministry frets as $7.4bn Shell, others' JV loans go bad

lKachikwu rues NNPC's funding deficit Adeola Yusuf

he Federal Ministry of Petroleum Resources is at

crossroads as the $7.4 billion cash call debts to Joint Ventures (JV) with Shell,

Chevron, ExxonMobil and other international oil companies (IOCs) go bad.

The recession facing the country, according to a document of the ministry seen by New Telegraph, will, if not stemmed, raise

the cash call debts to $27 billion in the next 10 years. Cash call is the counterpart funding the Federal Government pays yearly

Emefiele charges Nigerians to patronise locally made items }4

through the Nigerian National Petroleum Corporation (NNPC) for the 60 per cent equity shareholding it owns in various oil and gas fields operated by IOCs CONTINUED ON PAGE 6

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Monday, September 5, 2016

Nigeria needs Lagos more than Niger Delta – Sanusi }4

/newtelegraph /newtelegraph

Vol. 3 No. 929

Sanusi

Recession: Melaye seeks sack of Udoma, Adeosun }37

Adeosun

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

Auctioneers want NITEL/Mtel sale revisited }6

Ayeni

N150

DSS arrests Boko Haram commander set for Army recruitment }7

Daura

ONDO APC primaries:

Tinubu's camp in disarray

lAPC leader, Aregbesola fall apart }2 lHow ministers, govs worked for Akeredolu lAggrieved party reaches out to Mimiko

pope declares mother teresa a saint }47

Pope Francis (middle) during the canonisation of Mother Teresa of Kolkata at Saint Peter square, Vatican...yesterday. The late Mother Teresa (right).

Militants: No ceasefire deal on bombing

...warn oil companies, workers to vacate installations Pastor turns militants, robbers' armourer }4 & 8

Zika virus could infect 2.5bn people –WHO

}10

NEWS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Ondo APC primaries: Tinubu's camp in disarray Babatope Okeowo Akure

he political camp of the National Leader of the All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu, is in disarray following the emergence of Mr. Rotimi Akeredolu (SAN) as the governorship candidate of the party for the November 26 election in Ondo State. Facts have also emerged on how some APC governors and ministers worked against Tinubu in the decisive primary. Akeredolu won the party’s primary election with 669 votes, defeating his closest opponent, Chief Olusegun Abraham, who scored 635 votes. Chief Olusola Oke scored 576 votes and Senator Ajayi Boroffice scored 471 votes to come third and fourth respectively. It was learnt that the outcome of the primaries has strained the relationship between Tinubu and his political confidant, Governor Rauf Aregbesola of Osun State.

Many in the Tinubu’s political dynasty blamed the defeat of the APC leader’s anointed candidate, Abraham, on Aregbesola. As at Friday, Tinubu was confident that Abraham would emerge victorious with 805 votes. Some of Tinubu’s associates believed that Aregbesola supported Oke with the understanding that Bola Ilori, his Special Adviser on Environment, would be made the deputy governorship candidate. But Aregbesola told New Telegraph that he didn’t work against Tinubu. Impeccable sources told New Telegraph that there is now distrust within Tinubu’s camp, as many believed that Aregbesola and some others undermined the former Lagos governor in the Ondo primaries. The source said: “On August 22, when it was clear to Abraham that Aregbesola has his own agenda and was supporting Oke with the arrangement that if Oke becomes the governorship candidate, Ilori would become the deputy governor; Abraham had to call Tinubu and told him that everywhere he went he saw Aregbesola working

for Oke. “Also, on Tuesday, August 23, Chief Pius Akinyelure, the National Vice Chairman (South-West) called Tinubu in London that the Osun State governor was backing Oke.” The source said Aregbesola was influential in the party’s hierarchy because by the time they were putting APC together, there was no APC governor in Ondo State and Aregbesola was the one coordinating the state and other SouthWest states for the party. This, he said, made him to have lots of delegates under his control. New Telegraph learnt that before the postponement of the primary election to last Saturday, Tinubu called Aregbesola from London and accused him of promoting Oke. But the governor denied the allegation. Despite Aregbesola’s defence, New Telegraph learnt that Tinubu said he did not want to hear anything and that if Abraham loses the primary election, their relationship would be badly damaged if not severed. New Telegraph learnt that it was this sort of threat that prompted Aregbesola to send his Deputy Chief

of Staff, Gbenga Akano, to Ondo State. It was learnt that Aregbesola sent Akano with substantial amount of money to Abraham last week Tuesday and he (Akano) remained until the day of the election. Aregbesola himself was in Akure on Thursday, two days before the primaries to support Tinubu’s candidate. The governor, it was learnt, returned to Osogbo the same day with Senator Tokunbo Afikuyomi who had earlier been on ground to support Abraham. The source alleged that while Aregbesola was working for Abraham, his adviser (Ilori) from Ondo town, was busy working for Oke. The source added that the division in Tinubu’s camp was the major reason why the APC leader was humiliated in the primary election. According to the source, if Tinubu’s camp had worked together, they would have won the primary election because the difference between Akeredolu, the winner of the primary election and Abraham is 34 votes.

British Prime Minister, Theresa May (left) and United States President Barack Obama at the G20 Summit in Hangzhou, China… yesterday

APC primaries: Aspirants split over Akeredolu’s victory Babatope Okeowo Akure

he All Progressives Congress (APC) aspirants that contested the Saturday primaries in Ondo State yesterday expressed divergent views over the emergence of Mr. Rotimi Akeredolu (SAN) as the candidate of the party ahead of the November 26 governorship election in the state. Akeredolu, who was the 2012 governorship flag bearer of the defunct Action Congress of Nigeria (ACN), won the party’s primary election with 669 votes, defeating his closest opponent, Chief Olusegun Abraham, who scored 635 votes. Chief Olusola Oke scored 576 votes and Sena-

tor Ajayi Boroffice scored 471 votes to come third and fourth respectively. While the runner up, Dr. Segun Abraham accepted defeat and congratulated the winner; Mrs. Jumoke Anifowose and Dr. Bode Ayorinde decried what they described as monetisation of the exercise. Also, Mr. Tunji Ariyomo and Prince Ademola Adegoroye said the delegates were not allowed to freely express their franchise. In the election held between Saturday and early hours of Sunday, the Chairman of the Electoral Committee and Governor of Jigawa State, Alhaji Abubakar Badaru, said Dr. Tunji Abayomi had 5 votes; Adefemiwa Foluso Mayowa, 13 votes; Adegbonmire Adeniyi (SAN), 8 votes and Prince Ad-

egoroye Ademola, 0 vote. Others included Prince Aderin Abiodun Adesida, 2 votes; Dr. Adetula Olubukola, 8 votes; Akingbade Akinwale, 3 votes; Akinnola Akinyinka, 1 vote; Akinrinsola Odunayo Oyewole, 2 votes; Akinyelure Ayo, 3 votes; Alasoadura Omotayo, 206 votes; Paul Akintelure, 1 vote; Jumoke Anifowose, 1 vote; Olatunji Ariyolomo, 3 votes; Awodeyi, 2 votes; Bode Ayorinde, 67 votes; Chief Ekungba Jamiu Afolabi, 44 votes; Niran Olabunmi, 3 votes; Olanbimtan Victor, 18 votes and Mr. Boye Oyewunmi, 7 votes. But Abraham who came second in the election congratulated Akeredolu who emerged with 669 votes at the primary election. He also promised to remain

and work for the success of the party. Abraham said: “I congratulate our great party, the APC, in Ondo State. My special regards and admiration for Alhaji Baderu Abubakar, the Governor of Jigawa State, and his team for their sterling quality and integrity in conducting the APC governorship primary in Ondo State. On his own, Akeredolu promised to reconcile the aggrieved members of the party, saying the goal was for the party to occupy the Alagbaka Government House.

3.16%

The capital importation percentage share of Brewering of Nigeria in 2009. Source: National Bureau of Statistics

In Tinubu’s political family, the wife of the National Leader, Senator Oluremi and former interim national chairman of APC, Chief Bisi Akande, were die-hard supporters of Senator Robert Ajayi Boroffice while Aregbesola was also supporting Oke. Another source said Akande met and cautioned Aregbesola when the governor was rooting for Oke. The source said what made Oke to score the high number of votes in the primary despite the fact that he was a new entrant into the party was the alleged 115 votes of Ile-Oluji and Ondo, which Ilori delivered to him. But Aregbesola denied supporting Oke. The governor, speaking through his Director, Bureau of Communications, Mr. Semiu Okanlawon, denied supporting Oke in order to undermine Tinubu. According to him, “the insinuation is a strange allegation. I am aware there was a process, which has provided a winner. The outcome of the exercise is left for those who took part in the exercise to abide by the result or challenge it, depending on what they saw. “Aregbesola is the governor of Osun, the issue of working against the interest of Asiwaju Bola Ahmed Tinubu does not arise.” Also, Mr. Temitope Akintunde, a staunch supporter of Ilori, denied the allegation. He said most of the delegates ascribed to Ilori were disenfranchised on the day of the election. The remaining, he said, voted for Abraham. Besides, the division in Tinubu’s camp, the effort by the Presidency, represented by some ministers, and another South-West governor to undermine Tinubu ahead of 2019 general elections led to the defeat of his candidate. It was learnt that some forces in the Presidency who saw Tinubu as being too powerful constituted a committee headed by a minister from the North to work and coordinate Akeredolu’s campaign in order to decimate Tinubu in the South-West. The ministers and some APC governors were trying to create a third force in the South-West so as to influence who becomes the president in 2019, hence the need to demystify Tinubu. It was learnt that some of the ministers and governors funded Akeredolu’s campaign. “One of the South-West governors, not Aregbesola, was the arrowhead of those who supported Akeredolu. He worked with some of the ministers both within the zone and outside. They provided the logistics for Akeredolu. Some of them even ensured that other strong contenders did not

step down for Tinubu’s candidate. The APC primary election is part of the battles for the 2019. Tinubu cannot continue to dictate the political direction of the zone,” one of those in the opposing camp told New Telegraph. The source added that if Tinubu’s camp had put their eggs in one basket, they would have been able to win the primaries. Another factor that led to the defeat of Tinubu’s candidate was the way the Chairman of the Electoral Committee and Jigawa State governor, Badaru Abubakar, handled the process of the primary election. Sources said Akinyelure and the state chairman, Mr. Isaacs Kekemeke, were not allowed to have a say in the conduct of the election. There were allegations that delegates were changed between the accreditation and voting points, prompting some aggrieved aspirants to be planning a joint petition to the national leadership of the party. It was gathered that the second runner up, Oke, would lead the onslaught against the validity of the result. A petition by Oke would likely be submitted between today and tomorrow at the national secretariat of the party. Apart from writing petition against the emergence of Akeredolu, the aggrieved aspirants are reaching out to Governor Olusegun Mimiko in order to see the possibility of working with him in the forthcoming election. Mimiko’s former Commissioner for Justice, Eyitayo Jegede, is the Peoples Democratic Party (PDP) candidate. The aggrieved aspirants, according to a source in the know, said this is to prevent Akeredolu from becoming the governor as that may end their political career. For instance, Akeredolu already has his team and would not need either the party or the aspirants for the election. Some office holders, including senators and a member of House of Representatives, may kiss their return goodbye if Akeredolu emerges as the governor. A source in the Akeredolu’s camp stated that they are making moves to appease Tinubu. “We know our oga is angry, but if it means all of us will go and prostrate before him (Tinubu), we will do that. Yes, we are aware that people in Tinubu’s camp are planning to work for Mimiko, but we will still make effort to reconcile with him. He is our leader. What has happened is just the beauty of democracy,” the source said.

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

NEWS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Militants: No ceasefire deal on bombing

Dominic Adewole and Ola James

militant group, the Niger Delta Greenland Justice Mandate, yesterday issued what it called the last warning to the indigenes, residents and multinational oil companies that turned deaf ears to their appeal to vacate areas that are very close to oil and gas installations in the Niger Delta. The group's High Command said it was provoked by what it described as "a reckless military invasion of some Urhobo communities." In a statement signed by the spokesman of the group, Gen. Aldo Agbalaja, the group said the last warning became necessary because they did not wish that any of their

people, "for whom we have taken up this crusade, become casualties of our campaign." It said: "One more time, we are warning and at the same time appealing to residents around major oil and gas facilities across our region to please evacuate immediately. This warning has become necessary because of the fact that we do not wish any of our people, for whom we have taken up this crusade, to become casualties of our campaign. "All the marked facilities in all the states have been rigged with explosives at strategic points, waiting to be detonated. We are only being slowed down because of the presence of those still living close by. This struggle will only cease when the adversarial Nigerian system

yields to reason." The group, however, vowed to recompense those behind the military build up in the region. "Our message to those in this plot; keep at it, your recompense is nigh. As for the operatives and the operations of the Niger Delta Greenland Justice Mandate, the wind is invincible," the statement read. According to the group, it would soon come to the knowledge of the whole world that the so-called ceasefire, orchestrated by the foremost Ijaw leader, Chief Edwin Clark, was a ruse. "The so-called ceasefire is all a job, just like the Ijaw-dominated, Clarkconvened Niger Delta stakeholders’ meeting in Effurun was. They both were meant to justify the money they hope to obtain

Former Head of State, Gen. Abdulsalami Abubakar (left) and wife of the Lagos State Governor, Mrs. Bolanle Ambode, during the unveiling of the Raise Foundation Cancer Screening Centre in Minna, Niger State…at the weekend

from government. "We have warned the Federal Government to be wary of the old man, Chief E.K Clark and his antics. He and his cohorts, in their desperation to make the unsuspecting government, oil companies and the general public believe they are indeed 'lords' of the Delta, created a big fat lie, another charade, in the name of a non-existent ceasefire by the Niger Delta Greenland Justice Mandate. "For the avoidance of doubt, we have seen no reason to halt our anger

he Emir of Kano, Muhammadu Sanusi, has said that the success story of governance in Lagos State has positioned it as the leading state in the country, adding that Nigeria needs the state more than the oil-rich Niger Delta. Speaking last week while delivering a paper entitled: “Nigeria In Search of New Growth model” at the 15th meeting of the Joint Planning Board and National Council on Development Planning in Kano State, the monarch said although every part of the country is important, people should not, however, be obsessed by a resource. While highlighting that Lagos can do without the rest of the country based on its resources and pragmatic style of governance, he urged that Nigeria must

not let Lagos go off the federation. His words: “This country is better off with Lagos than with the Niger Delta. Let’s not make that mistake. We should be together as a country. Every part of the country is important. But, let us not be so obsessed by a resource, because we have had the commodity driven model, and we are blind to the potential of an alternative model. “Lagos doesn’t need oil. What is oil anyway? It is a raw material. You don’t drink it. You need it to move your vehicles. Now, you have electricity. You need it to fill your generator. Now you have solar power and biomass. The future of oil is not there. So, those few people who are trying to break up this country over oil, after sometime, that oil will be worthless. You are better

off being in a country that is based on this model. This is a country of the future, that is the past.” The former Central Bank of Nigeria (CBN) governor explained in his paper that the model of governance in Lagos State should be adopted by the Federal Government and other states in the federation, stressing that infusion of such model would ensure transparency, consistency and regulation. According to the emir, “Lagos has done very well. If I have money to invest, I will invest it in Lagos, because it is attracting investment. Lagos has realised a long time ago that government cannot fund all its needs. And I just love what Lagos has done. The Lagos story is a story of what Nigeria can do with itself – transparency, consistency, regulations – and people can be rich.

tants, they should get those who claimed to have spoken on phone with Odu; they should still have his physical contacts. When we make our next 'LOUD' statement, they should go after Odu, who just claimed to be the leader of the mandate,” it said. The group said the continued stay of people around oil facilities that have been marked for destruction had slowed down their bombardment, if not, the Nigerian government would have bowed to pressure.

Recession: Emefiele charges Nigerians to patronise locally made items Abdulwahab Isa Abuja

s the current economic recession takes toll on all facets of the country, the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, has charged Nigerians to patronise locally made items. Emefiele, who gave the advice at the weekend while delivering a lecture to participants of the Senior Executive Course 38 at the National Institute of Policy and Strategic Studies (NIPSS) in Kuru, near Jos, pointed out that the economy would regain its growth if Nigerians patronised more of locally made items as against the current high preference for imported ones. He implored Nigerians to face the fact that these were not normal times across the globe and, therefore, hard choices are required to turn around the

Nigeria needs Lagos more than Niger Delta –Sanusi Wale Elegbede

against the Nigerian Federal Government, not when the oppressive system has yet to move a muscle to respond to our requests," the group said. While disowning the recent publications in some newspapers, which accredited one Odu as the leader of their group, the group urged certain section of the media to always verify their facts and figures before rushing to press. "With this development, if the Nigerian security system is serious about catching frauds and mili-

“There is no problem if people can be rich while growing an economy. Nobody minds. But, in Nigeria, people become rich when people are dying. Let’s take the Lagos story and that’s why today, Lagos State is 30 per cent Nigerian non-oil Gross Domestic Product (GDP) and Lagos can do without oil.” The monarch also stressed the need for the availability of power supply as one of the panaceas for growth in the country, faulting, however, the process of privatisation of the power sector by the immediate past administration. “Look at power generation. That is where we need to focus on. Let’s get the power reports back on track. Fantastic policy. Power was privatised. What happened? People bought DISCOs (distribution companies), because they had connections," he said.

situation. He noted: “Developments over the last two years show that these are not normal times by any stretch of imagination. "The CBN has always tried to act in good faith, with the best available information and in cognisance of current economic conditions to pursue the goals of price and financial system stability, as well as catalyse job creation and inclusive growth in the country.” He, however, promised that the CBN, under his watch, would deploy appropriate monetary policy tools to attain an inclusive growth by bolstering productive capacity and ensuring that Nigerian economy is indeed self-sufficient. The apex bank governor, in his paper entitled, "Managing monetary policy in turbulent times," stated: “When you have policies that people are praising, that means such policies are not really good, because the people praising the policies know that they can circumvent them. "But if people criticise your policies, especially in Nigeria, such policies are good; the people criticise them because they know that they cannot circumvent them. “We should remain resolutely committed to the course and be motivated by the achievability of our desire to strengthen the economic fundamentals.” He pointed out that when Nigerians stop importing toothpicks, stop eating imported rice cultivated with chemical and stop eating chicken imported and preserved with formaldehyde, then the economy will begin to grow. He also recalled that 20 years ago, Nigeria had textile, groundnut pyramids, cocoa with which the legendry Cocoa House was built and palm oil. "We also used revenue from agriculture to build our economy. But after we found oil, we abandoned all

that for easy money. Today, we are suffering the consequences," he added. According to him, with the size and structure of the country’s import bills, it is apparent that “we as a people cannot continue to depend on other countries for things that can easily be produced locally. "By so doing, we are merely exporting jobs and importing poverty.” He also queried the justification in the importation of items like eggs from South Africa, beef from Zambia and toothpick from China. He expressed worries over the country's inability to put its own institutions in order so as to avoid the huge amount being spent abroad, adding that the best Nigerian professionals were found abroad. The governor disclosed that the country was making over $3 billion at the height of the oil boom, pointing out that it can now hardly make $500 million. Speaking on importance of the Single Treasury Account (TSA), Emefiele said that its introduction was one of the best and boldest decisions any administration in the country had so far taken. According to him, the impression that the TSA is stifling banks was created to draw unnecessary sympathy. He said: “It is unfortunate that this is the way the banks have interpreted it. When I was in the bank, how much loan did I give you as a small and mediumsized enterprise?”

577m

The number of fixed-telephone subscriptions of Asia & Pacific region in 2006. Source: Itu.int

£18.1m

The amount of money spent by Swansea City in the whole 201516 transfer window. Source: 101greatgoals.com

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

NEWS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

PDP to APC: Stop blame game, invite experts to reflate economy Onyekachi Eze ABUJA

he Peoples Democratic Party (PDP) has offered suggestion to the ruling All Progressives Congress (APC) on how to reflate the economy after the National Bureau of Statistics (NBS) has officially said the nation's economy is in recession. Even before the economy has gone into full recession, President Muhammadu Buhari was said to be proposing a bill to the National Assembly to grant him emergency powers to reflate the economy. But the opposition party, in a statement yesterday, advised the Federal Government to look inward by inviting economic experts

irrespective of their political leaning, to join hands with the administration at these trying times. The PDP, in a statement signed by Prince Dayo Adeyeye, spokesperson for the National Caretaker Committee, told the APC to stop blaming the immediate past administration on its incompetence and poor handling of the economy, which it attributed as cause of the recession. "This blame is misplaced because our elementary understanding of economics teaches us that the major cause of recession is inflation and poor handling of the economy given that the higher the rate of inflation, the more impoverished people become, industrial production and Gross Domestic Product (GDP) decline

resulting in massive job losses," PDP observed. According to the party, world history is full of many examples where genuine leaders take over countries whose economies are stagnated and move them to positive growth. "They should be reminded that great leaders take over countries either in recession or war and still succeed in turning them around; quite unlike the prevailing situation where a ruling party plunges the economy into an avoidable recession, only to turn round and begin to whine helplessly like a baby," the statement said. Citing the case of President Franklin D. Roosevelt, who ruled the United States of America (USA) during the time of world

economic depression and war, PDP noted that his ambitious programme, "The Great Deal", offered relief to the Americans and helped the economy to recover. It challenged the APC to tell Nigerians the character of the economic team in place that has been managing the nation's economy since May 29, 2015. "This ‘economic management policy’ of unhealthy propaganda and blaming the previous administration ceaselessly, will not take us anywhere. "Will the APC continue to blame Goodluck Jonathan and the PDP till 2019 and use Jonathan for the 2019 campaign instead of showing their scorecard? "The good thing is that Nigerians who were being

Abdulwahab Isa Abuja

Oil ministry frets as $7.4bn Shell, others' JV loans go bad CONTINUED FROM PAGE 1

stagnation and recession.” PDP observed that when economic experts were advising the Federal Government to woo investors, some APC leaders were busy de-marketing Nigeria all over the world. "It is no secret that the policies and statements made by key government actors have not been business friendly and Nigerians and foreign businessmen took their hard currencies out of the country," the party said.

559m

The number of fixed-telephone subscriptions of Asia & Pacific region in 2005. Source: Itu.int

The life expectancy of men at birth of Guinea-Bissau in 2010-2015. Source: Un.org

Auctioneers want NITEL/Mtel sale revisited

Ambassador of Ukraine to Nigeria, Dr. Valerie Aleksandruk (left), with Dr. Cliff Ogbede of KLEEF & VTS International Trade and Investment Consulting, during the Ukrainian 25th Independence Anniversary, at the Embassy of Ukraine in Abuja …at the weekend

and indigenous oil firms (independents). The debt overhang in cash calls by the NNPC to multinational and indigenous oil companies it operates Joint Venture (JV) project with, had already hit $7.4 billion as at last July, the document showed. "The cash call deficiency is $2 billion every year, about $200 million ($0.16666667 billion) monthly and this will be $20 billion in the next 10 years if nothing is done," the document stated. "The cash call was $6 billion in 2015, but now $7.4 billion (approximately) as at July 2016. While the NNPC is having difficulty to clear the backlog, the cash call will continue to accumulate if nothing is done," it added. Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had earlier hinted that it was becoming tougher for the government to finance its 60 per cent shareholding in the JVs. Stating the NNPC's commitment to balance up the debts, Kachikwu told New

hoodwinked at first, are now seeing through the deception of this unending blame game. "It is on record that one APC governor after his inauguration for his second tenure publicly announced that he inherited an empty treasury. He was quickly reminded that he couldn't have inherited empty treasury from himself. "This, unfortunately, is the face of the comedy and farce that now characterize governors and governance in this country," the statement added. The party said it associates itself with the President of the Nigerian Employers Consultative Association (NECA), Larry Ettah, "that the lack of clarity about the economic agenda of the current government contributed to the current economic

Telegraph on the sidelines of a forum in Lagos, that the government planned to deploy other mechanism to finance the JV. "The cash call is $2 billion every year," he confirmed, adding: "This will continue to accumulate if we keep evading our shareholding financing.” He said: "I spend every night trying to get solutions and the best we can have is to get our production back to full capacity. "Capital expenditure (capex) world over is shrinking and absolutely we need to compete for that cash deficiency. To do this, we need to fulfill our obligations to Joint Ventures in terms of cash calls." The NNPC had, over the years, been battling to clear the cash call arrears. "The Federal Government is determined to settle the arrears to the operators of the various JVs,” Kachikwu had said. The recession, buoyed by oil price rout, had reduced the nation’s revenue from oil, and it is a major hurdle for government to accomplish its desire to settle the over $7 billion debt.

As at last January, NNPC, the oil ministry document revealed, owed the IOCs cash call arrears of $5.5 billion, while their indigenous counterparts are owed $1.1 billion, and an estimated $800 million that had accrued between January and April. "The ministry is considering the adoption of zero funding model for the JV operations from January 2017 to halt the growth of the cash call arrears,” the document added. New Telegraph had earlier reported concerns raised by stakeholders about this model. Managing Director of Seplat, Austin Avuru, had told New Telegraph that the zero funding model being contemplated by the ministry will cost the government more. The operators, he said, would source funding from banks, and interests paid on such loans secured by the oil firms will be factored into the cost of production. "The zero JV funding seeks to empower the operators not to wait for the NNPC counterpart funding before going on with

operations and projects implementation. "Therefore, the operators will source funds and go ahead with projects’ implementations, while the NNPC’s bureaucratic processes of approval, including endorsement by the National Assembly, continue. "The operators of the JVs will deduct costs at the end and remit what is due to NNPC at the end of the deal," Avuru said. "If government lacks capacity to pay its cash calls, let it choose from some alternative options including divesting some of its equity holdings to indigenous firms, adopt crude for cash calls or privatise the NNPC," he said. NNPC has, according to him, been able to meet only 30 per cent of the 60 per cent cash call it is supposed to pay. “As long as the funding issues exist, production will adversely be impacted,” Avuru said, warning that JV oil production has since dropped to one million barrels per day (bpd) as against about 2.5 million bpd in the past due to JV budget delay.

arely one year after the sale of Nigerian Telecommunications Limited (NITEL) and its mobile arm, Mtel, to NATCOM, the Nigeria Association of Auctioneers (NAA) has said that the transaction must be revisited as the entire process defied transparency. The association noted that the disposal of noncore assets alongside core assets to the core investor by the Bureau of Public Enterprises (BPE) without recourse to open competitive bidding negated basic principles that guide sale of government assets. Addressing the media in Abuja at the weekend, National President of NAA, Alhaji Aliyu A. Kiliya, said his association had written an open letter to President Muhammadu Buhari on two occasions, drawing his attention to the shrewd manner the BPE employed in selling off the former government telecoms firm. Kiliya noted that as a duly licensed association, authorised by government to conduct sale of government’s non-assets, his members were completely ignored by BPE. He said he was only informed by the chairman of the association that NITEL/ Mtel was sold to NATCOM by BPE without engaging the services of auctioneers. According to him, these items were supposed to be sold using open competitive bidding and government will generate huge money from the sale of unserviceable and serviceable assets which were lumped up by

the BPE and handed over to NATCOM. He noted: "We felt the procedure followed by BPE was wrong. Most of the agents that sold the assets were from BPE. Some BPE staff were involved in the sale of the assets in various places. "We felt this was totally wrong and the association took the matter to court. I drew the attention of the then minister to the irregularity being done by BPE. "The minister wrote to BPE and they suspended the sale and they transferred the sale to NATCOM because of our petition to the minister and NATCOM appointed liquidator. "They allocated some of the utility vehicles to former staff of NITEL/Mtel so that they won't talk. There was a firm that offered a bidding price of $1 billion for NITEL, but BPE in its wisdom sold it at $250 million to NATCOM. "The process is not transparent and the association of auctioneers is calling for a re-visit of the transaction process." When contacted for reaction, spokesperson of BPE, Alex Okoh, promised to send a statement, but he had yet to do so as at the time of filing this report. It would be recalled that after several failed attempts in the past to sell off the telecoms firm, NATCOM last year emerged the core investor, offering a bid price of $252 million, an amount BPE said met its bid price. BPE had clarified that NATCOM emerged the successful bidder in technical and financial commitment from the array of up to 17 firms that keenly contested for the two companies.

national | news

monday, september 5, 2016 NEW TELEGRAPH

DSS arrests Boko Haram commander set for Army's recruitment Emmanuel Onani

he Department of State Services (DSS), yesterday announced the arrest of a suspected commander of the Boko Haram sect; Idris Audu. The security agency noted that the suspect had concluded plans to seek recruitment into the Nigerian Army. The Secret Service said the suspect, who is

alleged to be an Improvised Explosive Devices (IED) manufacturing expert, was arrested in Kano State alongside another high-profile suspect, Ibrahim Ustaz Abubakar. According to the service, Audu was being groomed to penetrate security agencies in the country. The DSS, which made the disclosure in a statement by Mr. Tony Opuiyo, further announced

the arrest of 20 suspected kidnappers, armed robbers and other suspected criminal elements in Abia, Benue, Cross River, Ekiti, Edo, and Zamfara states, as well as Abuja, the Federal Capital Territory (FCT). "In response to the regrouping of Boko Haram elements in Kano State, the Service in concert with the military, carried out coordinated operations in the state which

led to the apprehension of two high profile members of the sect, namely; Ibrahim Ustaz Abubakar and Idris Audu ...Audu is an IED specialist who was being groomed to penetrate security agencies in the country. "Audu had already perfected plans to seek recruitment into the next recruitment scheme of the Nigeria Army, before his arrest," the DSS said. It added that it "has

sustained tactical and counter-terrorism operations", noting that the development was "part of its commitment towards improving security across the country." Specifically, the secret service disclosed that one Samuel Asuquo, who was arrested in Cross River State, had allegedly collected a ransom of N150 million, after masterminding the kidnap of three Australian staff

of Lafarge Cement Company. "On 22nd August, 2016, one Samuel Asuquo, a kidnap kingpin was arrested by the Service at Nasarawa Bakoko village in Cross River State. Asuquo was the mastermind of the kidnap of three Australian staff of Lafarge Cement Company, for which his gang received ransom of one hundred and fifty million Naira (N150m).

FG berates US Congressman over comments on Nigeria Alleged defamation: NBA may sue EFCC –Investigation Temitope Ogunbanke

he Federal Government yesterday described as out of tune with reality a published letter from a member of the United States (US) Congress, Tom Marino to the United States Secretary of State, John Kerry, asking the US to withhold security assistance to Nigeria on the strength of some imaginary infraction by the Muhammadu Buhari administration. The Federal Government, in a statement issued in Abuja, yesterday, through the Minister of Information and Culture, Alhaji Lai Mohammed, said Marino was poorly informed about the is-

sues he commented on, wondering why he did not take the pains to get first hand information from the US Embassy in Nigeria or any other credible source before engaging in what is nothing but a ‘propaganda of his own imagination’. It would be recalled that Marino, the US Congress Chairman, Sub-committee on Regulatory Reform, Commercial and Antitrust Law, in a letter dated September 1, 2016 and addressed to Kerry, urged the US government to withhold security assistance to Nigeria until President Muhammadu Buhari demonstrates a “commitment to inclusive government and the most basic tenets of democracy: freedom to assemble and freedom of

speech.” He said there were a number of warning signs emerging in the Buhari administration that signal “the man who once led Nigeria as a military dictator might be sliding towards former autocratic tendencies” and therefore asked the United States Department to refrain from selling warplanes and other military equipment to Nigeria until President Buhari establishes a track record of working towards inclusion. But Mohammed in a reaction to Marino’s letter, said by asking the US to refrain from selling warplanes and other military equipment to Nigeria based on a faulty premise.

Emmanuel Onani Abuja

here are strong indications that the Nigerian Bar Association (NBA), may have concluded plans to sue the Economic and Financial Crimes Commission (EFCC), over alleged defamation. New Telegraph gathered from some senior lawyers, that the need to drag the EFCC to court had become compelling owing to alleged defamatory statements recently credited to the Commission. In separate chats with this newspaper, some senior lawyers expressed displeasure over what they said was an alleged

attempt by the anti-graft agency, to give the impression that lawyers were the problem of the society. It would be recalled that the anti-graft agency had described the NBA as a body populated by "rogue elements" and "vultures". The Commission's position was prompted by the suggestion made by the NBA President, Mr. Abubakar Mahmoud, (SAN), that the EFCC be stripped of its prosecutorial power. Delivering his inaugural speech at the end of the 56th Annual General Conference of the NBA in Port-Harcourt, the Rivers State capital, Mahmoud had said, inter alia, that: "We need to define its mandate more nar-

rowly and more clearly... I strongly recommend that the EFCC be limited to investigation… while prosecution should be handled by an independent resource prosecution agency” In an angry reaction, however, the EFCC, in an August 27 statement by its spokesman, Mr. Wilson Uwujaren, questioned the morality and competence of the NBA's President to make such a call, describing the lawyers' association as one of full of "rogues" and "vultures". "A Bar populated or directed by people perceived to be rogues and vultures cannot play the role of priests in the temple of justice," the EFCC had said.

RETURNS ON SOURCES OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY 02-09-2016 S/NO. SOURCE 1 EXPORT PROCEEDS

DATE OF FUND PURCHASED

EXCHANGE RATE

1-Sep-16

310.00

AMOUNT PURCHASED ($) 264,968.24

1-Sep-16

310.00

405.83

2 ORDINARY DOMICILIARY PURCHASED 3 ORDINARY DOMICILIARY PURCHASED

2-Sep-16

310.00

8,716.17

4 EXPORT PROCEEDS

2-Sep-16

310.00

275,772.60 549,862.84

TOTAL

RETURNS ON UTILIZATION OF FUND SOLD TO CUSTOMERS FOR THE WEEK ENDED FRIDAY, 02-09-2016 S/NO. CUSTOMER/FXPD/NON-FXPD

DATE OF FUND PURCHASED

EXCHANGE RATE

AMOUNT SOLD ($)

1 OYEBANJI KEMI OLAMIDE

SCHOOL FEES

1-Sep-16

310.50

12,426.05

2 MARIANAH INTL LINKS LTD

BLUETOOTH INTERACTIVE PIGGYBANK,TOKENS

1-Sep-16

310.50

96.15

1-Sep-16

310.50

130,000.00

3 SOLPIA NIGERIA LTD

ITEM OF IMPORT

ARTIFICIAL FILAMENT TOW

4 NARASIMHAN GRAMA

PHR

2-Sep-16

314.00

7,200.00

5 ANIMAL CARE SERV KONSULT NIG LTD

POULTRY VACCINES

2-Sep-16

310.50

41,085.00

6 AKRON NIGERIA LIMITED

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

77,740.00

7 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

19,250.00

8 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

40,329.60

9 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

22,202.00

10 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

37,400.00

11 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

22,211.00

12 MELVYN NICKSON NIGERIA LTD

INDUSTRIAL RAW MATERIAL

2-Sep-16

310.50

42,080.00

13 OGUNRINDE CATHERINE MODUPE

PTA

2-Sep-16

315.00

2,000.00

14 MOSES AKINNAWONU

PTA

2-Sep-16

315.00

2,000.00

15 ADEBOWALE AJANI

PTA

2-Sep-16

315.00

2,000.00

16 ODUBIYI TIRENIOLUWA

PTA

2-Sep-16

315.00

4,000.00

17 ODUBIYI ANTHONIA

PTA

2-Sep-16

315.00

4,000.00

18 AKINYINKA OMOLE

PTA

2-Sep-16

315.00

2,000.00

19 TOYE OLAYEMI

PTA

2-Sep-16

315.00

2,000.00

20 BELLO ABAYOMI ABIOLA

PTA

2-Sep-16

315.00

2,000.00

21 OBANIYI SAMUEL BABATUNDE

PTA

2-Sep-16

346.06

3,000.00

TOTAL

475,019.80

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Pastor turns militants, robbers’ armourer

Taiwo Jimoh

astor of Cherubim and Seraphim Church of Zion at Igando area of Lagos and a mother of seven have been arrested for allegedly keeping guns and preparing food for militants. However, the pastor, who identified himself as Governor Peretun, denied the allegation. According to the police, Peretun used to keep guns for militants. These mili-

tants were part of those who, two months ago, repeatedly invaded Ewedogbon community in Igando area of the state and wreaked havoc on residents. The police said: “The pastor was aiding the militants in pipeline vandalism. Even the boats, which were used in the Agbara bank robbery operation where a policeman was shot dead, were kept in his custody.” The police said that Peretun was arrested along with a 47-year-old mother of

Peretun and Jojo

seven, Ebimobe JoJo. Police said that Jojo was the one cooking for the militants in the Igando creek area. Peretun said that he was once a fisherman but abandoned that trade after the Holy Spirit ‘directed’ him to move into the creek and establish a church there. The suspect said he was about to board a bus at Iba Bus Stop, heading to Ondo State, when police detectives arrested him. He said: “After I built my church, I opened up the wa-

terways to allow people to start paddling their boats through the routes. After a while, I started buying fuel from the militants. I used to buy 50 litres for N1,000. I would then resell for N1,500, which was how we became friends. “They used to visit me and I also usually visit them in the creek. There was a time operatives of Department of State Services (DSS) stormed the creek. I was arrested. After explaining myself to them, I was set free. The DSS

men, however, warned me to stop buying from the militants. But I didn’t.” Stating her own side of the story, JoJo said she used to buy fuel from the militants in the creek. She added: “I don’t cook food for them, but I used to go with food for them, so that they would sell fuel to me on credit. Anytime I go to buy fuel from the militants, I don’t leave early, to avoid being arrested. When they saw that I used to come with food, they told me to be preparing food for them. They said they couldn’t come out of the creek. “Whenever I go to buy fuel from them, the leader of the militants called TK and his boys are always armed with AK47. They also dressed in military uniform; initially I thought they were soldiers.” The police said that Peretun’s face was captured while he was hiding the militants’ guns. The police added that Jojo’s face was also captured while she was taking food to the militants in the creek. The police said their faces were captured by drone deployed into the coastal area after the militants invaded the community. New Telegraph had reported that the militants on July 24 invaded Ewedogbon and unleashed terror on the residents. The Divisional Police Officer (DPO) was shot in the back, while the Divisional Crime Officer (DCO), sustained gunshot injury while being chased by militants.

City Briefs

Undergraduate held for robbery Juliana Francis

olice in Lagos have arrested a suspect, who claimed to be an undergraduate, for robbery and attempted assassination. The suspect, Kevin, residing at Baale Street, Alaba International Market area, was arrested by detectives attached to the Special AntiRobbery Squad (SARS) last week. It was alleged that Kevin instructed his gang members to trail and kill the chairman of the task force, Alaba International Market and his public relations officer. Three guns were allegedly recovered from the gang. A police source said: “The suspect said the task force chairman should be eliminated because he and his men were always frustrating their robbery operations around

Alaba Market. The suspect gives information on people and areas to be robbed.” The police source added that Kevin had been arrested six times for robbery, but always claimed to be a cultist. This claim allegedly used to get him off the hook in court. He, however, still has a case pending in court. The suspect became a guest at SARS, after four men, arrested at Agege for attacking a hotel, fingered Kevin as the person who used to give them information on people and areas to rob. The suspects were arrested through information after attacking and robbing a hotel at Agege. The gang also robbed lodgers. According to them, whenever they were through with their robbery operation, they would split the loot into three parts; they would give Kevin one part and share two parts

among members. Kevin claimed to be an undergraduate, but refused to mention his school. In the fateful robbery at a hotel located at Agege, the suspects told police that they gave Kevin N50,000 and three expensive phones. It was Kevin who brought the ‘job,’ they alleged. The robbery operations were always led by a man identified as Ifeanyi. A police source said: “Kevin doesn’t go on operation with the gang. His role is just to give information to the gang, on whom or where to rob. He used to go to hotels, lodge there and monitor security and monetary movements. He would then go to his gang members, to tell them about the hotel and how to go about the operation. “This gang was behind major robbery operations at Alaba International Market.”

AirForce,institutepartnerontraining Flora Onwudiwe

igerian Air Force (NAF) has signed Memorandum of Understanding (MOU) with the Chartered Institute of Logistics and Transport (CILT) for the training of airmen and technicians for five years. The Air Officer Commanding Logistics Command (AOC LC), Air Vice Marshal (AVM) Sani Ahmed, said the signing of the MOU between NAF and CILT was to enable NAF seek training assistance from CILT. He said: “In NAF, we have airmen trained as engineers and we have technicians beside those on aircraft. We have

those who are in charge of works of support and services. So the MOU between CILT and NAF will allow us to key into their programmes because annually they have continuous membership training programmes that take place every year.” The Acting National Executive Director of CILT, Mr. Paul Ndibe, said globally it would be difficult for the Air Force to sustain the training of its officers and men. He said: “The purpose of CILT is for development, so we are partnering with them for the purpose of enhancing those aspects not in the core areas of the Air Force but the logistics.”

METRO

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Customs’ shooting Cultism: My job is to kill, says suspect victim battles to live Taiwo Jimoh

Umaru

Taiwo Jimoh

37-year-old bus driver, Sunday Umaru, is struggling to stay alive in the hospital after he was allegedly shot and abandoned in a pool of blood by a Customs officer. Traders at Daleko Market, Isolo, Lagos State, said Umaru was operating at the market before his encounter with men of the Federal Operations Unit (FOU), Ikeja. The Customs officer simply drove away in the victim’s vehicle with bags of rice, after shooting him. Umaru was said to have been shot on August 23, while going from Daleko Market to deliver some bags of rice at Ilupeju area of the metropolis. It was learnt that the victim was flagged down by some Customs officials on patrol in the area. He stopped but allegedly refused to allow them to impound his vehicle. A trader at the market, who gave his name as Alfa Tijani, said one of the Customs officers brought out a gun and shot Umaru during an argument. He said: “Immediately after shooting him, they drove off in his vehicle with bags of rice, leaving him writhing in pains. It was a Good Samaritan who rushed Umaru to the hospital. The matter was also reported at Ilupeju Police Station.” According to Tijani, one of the Customs officials shot Umaru in the arm and shoulder. He added: “On that fateful day, Umaru, after loading the bags of rice and some other foodstuffs from the market, was going to Ilupeju to deliver the goods. He was stopped by the Customs officials. After explain-

ing to the officials that the bags of rice were not smuggled, they still insisted on impounding his vehicle and the bags of rice. They claimed that Umaru brought the rice from Benin Republic. “We were shocked when we got to Customs office at Ikeja, to find out that the seized vehicle and bags of rice were labelled as smuggled goods.” Another trader, Mr. Adekunle Kupoluyi, said it was not the first time Customs officials were attacking people from the market on the pretext that they were smuggling rice into the country. He said: “We are not smugglers. The rice we sell in Daleko Market is brought to us by those who usually go to Cotonou to buy rice. The people who brought the rice into our market are never arrested by Customs. Rather, they would come to the market to attack ordinary traders, looking for what to feed their family members. “Two of our colleagues’ vehicles and about 150 bags, were seized by Customs officers last month. We are law-abiding citizens. We are not into smuggling. We have reported the matter at Ilupeju Police Station. We urge the Federal Government to come to our aid. We don’t want to be out of business.” When contacted, the FOU Public Relations Officer (PRO), Mr. Jerry Attah, said he not was aware of the shooting. He said: “None of our men was at Ilupeju axis on the day in question. Our men are always stationed at the border posts. “However, we are going to probe the shooting. But the victim should send a complaint letter to our office to aid our investigations.”

suspected cult member, Kamarudeen Balogun, has told journalists that he was a ‘hit man,’ whose job was to kill. Balogun, now in the custody of police in Lagos, also claimed he joined Aiye Confraternity to protect his family from ‘spiritual attacks and external forces’. The suspect was arrested along with five members of Aiye and Eiye cult groups. The police said both groups were terrorising Imoren area of Ikorodu. “I joined cultism to protect myself and my family from external and spiritual forces. I’m not the leader of our cult group, but I’m one of the hit men,” Balogun boasted. Arrested alongside the suspects was a 58-year-old herbalist, Muritala Ige, who confessed to have repeatedly prepared charms for cultists in the area. The state Commissioner of Police, Mr. Fatai Owoseni, said the suspects were among 30 others arrested from different parts of the state within a week. Owoseni said their arrest came after confessional statements by leader of

the Eiye confraternity in Ikorodu, popularly known as Jpron, a week earlier. Balogun said that he was among those who attacked members of the Eiye Confraternity at Imota, Ikorodu area, while they were marking their anniversary last month. Two Eiye members were killed in the attack. He said: “On July 6, which was the eve of our 7/7 (July 7) anniversary, members of Eiye cult came to Imoren town and killed seven of our members. The attack was done in the month of Ramadan. They said that was their anniversary present for us. We bore the pains and waited patiently until 8/8 (August

8) when they too would be having their anniversary. “I was among those who visited Imota to avenge the death of our members. We only killed two members of Eiye. But our mandate was to kill eight of them. During the crossfire, they shot some innocent people dead.” On his own, Ige disclosed that the charms he prepared for the cult members were to prevent machetes, axe and bullets from penetrating their bodies. He said: “The charms are also to fortify them spiritually against any affliction. Members of Aiye are my clients and I usually prepare the charms with dogs and cocks. The

The suspected cult members

Police discover arms’ factory in Benue Cephas Iorhemen Makurdi

olice have discovered a weapons’ manufacturing factory at TsarMbaduku in Vandeikya Local Government Area of Benue State. The Commissioner of Police, Bashir Makama, disclosed this at the week-

reason why some of them died during the attack was because after the spiritual exercise with the dog, instead of leaving the dog they went away with it. “When those who managed to escape came back, I denied knowing them and requested for N5,000 consultation fee. They wanted charm that would make it impossible for them to be arrested and also to fortify them against bullet.” Items recovered from the suspects included a Berreta pistol, one locallymade single-barrelled gun, double-barrelled guns, cartridges, ammunition of different calibres and assorted charms.

end while parading 28 suspects for various crimes. He said two of the suspects, Yima Iorwuese and Tyover Tarhemba, were arrested by policemen on a stop-and-search operation on Vandeikya-Adikpo Road with one locallyfabricated pistol with four rounds of 9mm live ammunition. Also paraded were

members of an eight-man gang who the commissioner said were foot soldiers of a wanted notorious criminal, Terwase Akwaza aka Gana. Makama said the suspects were picked up while on a mission to revenge the killing of their gang leader known as Zubby. The said Zubby was killed during a gun duel

with security operatives at Ikpayongo, a suburb of Makurdi. The police boss also paraded a 200 level student of the Federal University of Agriculture, Makurdi, who was arrested for kidnapping. The student was arrested while going to pick the ransom dropped by Usman Abdul Akwu, a Makurdibased businessman, at the south of the university.

Herbalist robs patient’s 81-year-old mother Juliana Francis

suspected robber, Segun Taiwo, has disclosed how a herbalist gave him information on how rob an 81-year-old woman. According to Taiwo, the herbalist, who was treating the woman’s daughter, cunningly got information from his patient about her mother’s wealth and residence, and then gathered robbers to attack. On the day Taiwo and his accomplice attacked the old woman’s home; they carted away $10,000, £5,000, N100,000 and a box containing assorted jewellery. The old woman’s home was robbed at the weekend, at about 8p.m. The woman’s call for help alerted operatives of the Rapid Response Squad (RRS), Lagos, who were on patrol.

They arrested Taiwo, while his accomplice escaped. When police went for the herbalist, it was discovered that he had fled his lair. The woman was robbed on Oduduwa Street, Itire, Lagos. Taiwo said that he was invited to partake in the robbery by the herbalist, identified simply as Demola. Taiwo noted that the man promised to share whatever loot they were able to get from the woman’s apartment 50-50. He said: “The mastermind is a herbalist. He was treating the woman’s daughter (name withheld), who had a sore in her right foot. Whenever the patient visits him for treatment, he would ask her for information about her mother. “Unknown to the patient, he was collecting all necessary descriptions and information needed to carry out the robbery. After a while,

he told me that we have a special operation. He added that his patient must not be aware because we were going to their house to rob her mother.” Taiwo said that the herbalist knew the exact description of the woman’s apartment, time to attack and the exact place she kept her money and valuables. He added: “We carried out the robbery successfully. We gained entry into the two-storey building and headed straight to the old woman’s flat. From our preliminary investigation, we got to know that the first flat, opposite the entrance gate was hers. We went straight inside the flat without any stress. We met the old woman. She sat on a mat in the sitting room, praying. We dragged and threatened her with machete and axe. We told her to surrender all her belongings, including

Taiwo

foreign currencies or else we would waste her life.” Taiwo said the old woman cooperated with them and handed over a bag filled with both Nigerian and foreign currencies. The state Police Public Relations Officer (PPRO), Dolapo Badmos, said that the command was making effort to arrest the gang leader.

News|NATIONAL

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

ADEKUNLE AJASIN UNIVERSITY P. M. B 001, AKUNGBA-AKOKO. ONDO STATE, NIGERIA

REQUEST FOR EXPRESSION OF INTEREST (EOI) FROM CONSULTANTS FOR SERVICES FOR THE FEDERAL GOVERNMENT NEEDS ASSESSMENT WORKS/PROJECTS (PHASE 2) 1.0 INTRODUCTION: Adekunle Ajasin University, Akungba-Akoko, Ondo State, a foremost University, is desirous of undertaking the execution of the second phase of the Federal Government Needs Assessment works/projects by utilizing the second tranche of the University’s allocation. The University hereby invites interested Consultants with requisite competence and expertise in consultancy for Expression of Interest (EOI) for the under-listed services for the Federal Government Needs Assessment works/projects (Phase 2): 2.0 SERVICES 1) Architectural Consultancy 2) Quantity Surveying Consultancy 3) Civil Engineering Consultancy 4) Electrical Engineering Consultancy 5) Mechanical Engineering Consultancy 3.0 WORKS/PROJECTS 1) Students Hostel 2) Lecture Theatre/Halls 3) Faculty Building

4) Laboratory Block 5) Electrification Project 6) Water Supply Services (Staff Offices & Lecture Rooms) 7) Recreational Facilities

4.0 EXPRESSION OF INTEREST (EOI) REQUIREMENTS/ CRITERIA: Expression of Interest is a pre-selection process intended to prepare a shortlist of Consultants who will be allowed to submit proposals/(Request for Proposal) in respect of the services/projects and from which suitable ones shall be selected to handle them. Based on 2.0 and 3.0 above, interested Companies/ Consultants are required to submit their EOI (for not more than three projects) with the following: 1. Evidence of Incorporation/Registration of Company or Business Name with the Corporate Affairs Commission (Certificate of Incorporation for Limited Liability Company and Registration of Business Names for Enterprise); 2. Photocopy of Memorandum & Articles of Association; Form CAC07/(i.e. Particulars of Directors) & Form CAC02 (i.e. Particulars of Shareholders)(for Limited Liability Company); 3. Photocopy of Tax Clearance Certificate covering the past three years (2013-2015); 4. VAT Registration Certificate and evidence of remittance for the past three (3) years (2013-2015); 5. Company/Organization Corporate Profile; 6. Evidence of three similar assignments done in the past 5 years which bear similar nature, complexity and construction technology with the proposed works/projects (specifically letters of commission and reference from respective clients); 7. Company’s 3-year Financial Summary and Audited Account of the Company (2013-2015); 8. Evidence of compliance with amended Industrial Training Fund Act 2011; 9. Evidence of compliance with the Pensions Act (PENCOM) and remittance of fund as at the month preceding closing date of this tender. Compliance shall be verified on the website of PENCOM accordingly; 10. Photocopies of Certificates of Practice of the Company from the relevant professional bodies; 11. Evidence of technical and professional qualifications of key Principals/Personnel (including copies of Certificates of Practice from the relevant professional bodies) with a minimum of five (5) years postqualification experience; 12. List of equipment or state-of-the-art technology (including evidences of ownership and hire) to be deployed by the Company; 13. Evidence from Company’s bankers as to its financial strength/capacity, worthiness and solvency; (i.e. company’s bank reference, statement or investment); 14. An affidavit disclosing whether or not any staff of the University is a (former) Principal, Director, or shareholder or has any pecuniary interest in the Company and confirming that all information presented in the bid are true and correct in all particulars; and 15. Evidence of registration/inclusion of the Company in the Bureau of Public Procurement (BPP) data-base or List of Registered Consultants in Nigeria. *All documents submitted will be verified on the website of the appropriate issuing bodies to ascertain their authenticity. **Arrangement of documents should follow the order in the list above, appropriately paged and signed. Each parcel should have a Table of Contents indicating the pages or folios on which these items are to be found.

5.0 EXPRESSION OF INTEREST (EOI) PROCEDURE Interested Companies/Consultants are advised to take note of the following procedures for submitting Expression of Interest: 1. First, the Companies/Consultants are required to respond, prepare and submit the Expression Of Interest, indicating the preferred works/projects (not more than three) and types of services as aforementioned in 2.0 and 3.0 above and in accordance with the requirements/criteria in 4.0 above; 2. Second, in the case of multiple submissions, each submission should separately indicate the works/ project or service and be accompanied with separate relevant documents; 3. Third, the Companies/Consultants shall be called to a meeting for the results and debriefing on the Expression of Interest five (5) days after the opening of the documents while only the Companies/Consultants who made the shortlist shall be invited to participate in the Request for Proposal/(RFP); 4. Fourth, the successful Consultants who made the shortlist shall be required thereafter to prepare and submit their proposal (RFP) through a letter of invitation; 5. Fifth, Consultants shall assemble as detailed below soon after the opening of RFP for debriefing on the RFP. 6.0 MINIMUM QUALIFICATION CRITERIA FOR EXPRESSION OF INTEREST (EOI) 1. This invitation for Expression of Interest is based on meeting prescribed minimum criteria as set out in 4.0(1- 14) above. These are considered mandatory requirements and any company that fails to include/meet any of the these and follow the instructions therein shall be disqualified; 2. Only those Consultants who are successful shall be invited to participate in the RFP. 7.0 RETURN OF EXPRESSION OF INTEREST (EOI) DOCUMENTS AND DEBRIEFING 1. Expression of Interest documents for each works/ service should be packaged in separate envelopes and marked at the top left corner: EXPRESSION OF INTEREST FOR FGN NEEDS ASSESSMENT (PHASE 2): Project Name ...and returned by hand on or before 9.00am on 20TH day of SEPTEMBER, 2016 to the address provided below (2 weeks): The Registrar, Adekunle Ajasin University, Akungba-Akoko, Ondo State. 2. Expression of Interest documents shall be opened at 10.00am on 20TH day of SEPTEMBER, 2016 at the University’s Council Chamber (New Senate Building). 3. The results and debriefing of Consultants shall hold at 10.00am on 27TH day of SEPTEMBER, 2016 at the University’s Council Chamber (New Senate Building). 8.0 IMPORTANT NOTES 1. The submission of Expression of Interest documents does not in any way compel Adekunle Ajasin University, Akungba-Akoko, to shortlist any company/consultant for the works; 2. The University or its agents reserve(s) the right to verify any submission or claims by Companies/ Consultants. Companies/Consultants shall, therefore, by their response to this invitation, grant the University necessary authority and guarantee for such verification; 3. Only Expression of Interest documents of Companies/Consultants who meet the criteria will be considered. Companies/Consultants which do not meet the above minimum qualification requirements need not respond to this invitation. 4. Only Companies/Consultants adjudged to be competent and meeting the criteria at the end of the exercise shall be invited to participate in the RFP. THE UNIVERSITY IS NOT LIABLE TO ANY COMPANY WHO FAILED THE EXERCISE. Signed M.S. Ayeerun Registrar and Secretary to Council

Recession: MAN tells FG to take manufacturing seriously

he Manufacturers Association of Nigeria (MAN) has advised the Federal Government to reposition the manufacturing sector to improve on the current economic situation. Its president, Mr Frank Jacobs, gave the advice in an interview with the News Agency of Nigeria (NAN) in Abuja, yesterday. Jacobs was reacting to the recent statistics on inflation released by the National Bureau of Statistics (NBS) that put the rate of inflation in the country at 17.1 per cent in July. “An inflation rate of 17.1 per cent, as reported by the National Bureau of Statis-

tics, is severely harmful to the economy. “It is significantly responsible for the rolling contraction in Nigeria’s output since the first quarter of 2016 when the economy grew by -0.36 per cent and in the second quarter by -2.06 per cent. “Over the period mentioned above, the cost of raw materials and manufacturing inputs had risen while capacity utilisation declined.” According to him, working capital in the sector has increased beyond the norm. Jacobs said the aggregate consumption of household goods had fallen due to high inflation that had reduced significantly the real family

income. The president said issues like: unemployment, wealth creation and internally generated revenue would be tackled if government could reposition the industrial/manufacturing sector through viable policies. “The diversification of the economy cannot be truly achieved if the manufacturing sector is neglected.’’ He urged government to implement its resourcebased industrialisation and backward integration policies in developing key mineral resources. Jacobs said this should include those with high inter-industry linkage such as: iron ore, zinc-led, bitumen, limestone and coal.

WHO: Zika virus could infect 2.5b experts analysed travel, climate and mosquito patterns to determine the risk of Zika and affirmed that countries with high poverty rates were found to be particularly vulnerable. These were announced when the UN health agency convened its expert committee to assess the latest status of the epidemic. Malaysia has also confirmed its first case of the virus after authorities in Singapore confirmed they have detected more than 150 people with the virus. New analysis of travel, climate and mosquito patterns in parts of Asia and

Africa found people in these regions were particularly at risk. Pregnant women from Nigeria have been warned to stop going to Brazil and other Zika virus affected states. Minister of Health, Prof. Isaac Adewole recently noted that although two African countries, Cape Verde and Gabon, had reported transmissions between 2015 and 2016, causal relationship between Zika virus infection, birth defects and neurological syndromes has not been established in the African continent.

dealing with that bizarre situation” He gave the directive at the weekend during an unscheduled visit to Lugbe pedestrian bridge, where hawkers and street urchins had hijacked the bridge for other purposes. This followed an earlier meeting with the leaders of Fulani communities in the FCT intimating them of an existing law banning the grazing of cattle within and around the FCT about a month ago.

There have been growing concerns and public outcry over the brazen presence of cattle all over Abuja while the administration appears helpless. That was as the Minister also challenged school principals in the FCT to ensure that from next academic session, all secondary schools in the Federal Capital Territory attain 50 per cent success in the West African Examination Council (WAEC) and National Examination Council (NECO).

Workers demand Judiciary Pension Board

ing executives and officers of the states governments. JUSUN however expressed full support for the Federal Government’s war against corruption and impunity that have pauperized the Nigeria economy, her citizens and dwindled the fame of Nigeria globally. It urged the Federal Government to continue until the stable is totally cleaned up even as it lamented what it described as collaboration of the state governments and their flagrant attitude of disobedience of the Court judgment.

Appolonia Adeyemi

he World Health Organisation (WHO) has raised the alarm over the increasing spread of the Zika virus worldwide. It warned that over two-and-a-half billion people were at risk of developing the illness. The warning came at the weekend when the WHO declared that the outbreak of Zika remains an international health emergency and noted the virus was continuing to infect new countries. During the meeting,

FCT Minister issues quit notice to herdsmen Yekeen Nurudeen Abuja

inister of the Federal Capital Territory, Malam Muhammad Musa Bello, has directed the Abuja Environmental Protection Board (AEPB) and the Special Environmental Task Team to get rid of cows still grazing in the Federal Capital City. While handing down the directive, the Minister said the Board and the Task Team “must find a way in

Yekeen Nurudeen Abuja

he Judiciary Staff Union of Nigeria (JUSUN) has urged the three tiers of government to urgently put in place machinery towards the creation of a pension board for the judiciary workers. This was part of the resolutions contained in a communiqué issued by JUSUN at the end of its 3rd National Delegates Conference (NDC) held in Katsina.

The union lamented the hardship retirees of the Judiciary faced to collect their entitlements. In the communiqué jointly signed by the President, Comrade Marwan Mustapha Adamu and General Secretary, Comrade Isiah Adetola, JUSUN also agreed that in addition to the garnishee proceeding already commenced against some state governments, it shall further use other Judicial processes – vide prerogative proceedings or orders to deal with default-

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Edo decides PDP accuses police of clampdown on members

Politics Racing against time Interview

It's sad that Generals are in courts for corruption – Adebayo

The barrage of criticisms against some policies of the All Progressives Congress (APC)-led Federal Government from its known supporters might be an indication that the honeymoon is over for the ruling party to deliver on its campaign promises. FELIX NWANERI reports

he euphoria that greeted the Muhammadu Buhari administration after 16 years of unbroken rule by the Peoples Democratic Party (PDP) is fast eroding given the fact that the government is yet to turn things around. The ruling All Progressives Congress (APC), had made several promises, which revolve around three key issues – fight against corruption, insecurity and job creation during the campaigns for last year’s general elections – which it said, will bring positive changes in the lives of Nigerians within two years. But more than one year in the administration’s four-year term, not much has changed. There is no doubt that the discontent in the polity that compelled most Nigerians to seek for a new beginning is yet to be addressed though the ruling party has persistently blamed it on the empty treasury it met on coming to power and the nation’s dwindling revenue as a result of falling prices of oil at the international market. While many saw reasons with these claims at the early stage of the administration given the shocking revelations emanating from the ongoing probes, the people’s patience, however, seems to be running out even as the ruling party declared last week that it was given power by Nigerians to do what is impossible.

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Buhari

APC National Deputy Chairman (South), Engr. Segun Oni, who spoke with journalists in Abuja, said: “Yes, we are elected to do the impossible but we will do our best. I just want to plead that people should give us more realistic expectations,” He reiterated his party’s position that the Nigerian economy was already damaged by the PDP before President Buhari was voted into office. Interestingly, Oni was a former governor of Ekiti State between 2007 and 2010 on the platform of the PDP before he was removed through judicial pronouncement. He said further that, “The economy was traumatised by a government whose only agenda was to win another round (of elections). Therefore, everything that they could put into trying to win a second round, even bastardising the economy, was done and we are all here.” According to him, “the reality on ground is that, if the previous government was still in power by now, Nigeria would have virtually packed up, maybe many of us would have become refugees by now.” The claims, notwithstanding, many Nigerians are not interested in listening to any grounds as a justification for non-performance. To them, the President and his party were aware of the prevalent situation before they made promises of better life for the citizenry. A report by the Centre for Democracy and Development (CDD) during Buhari’s seventh month in office claimed that he

Sanusi

We are elected to do the impossible, but we will do our best

had only achieved one out of his 222 tracked electoral promises, representing 0.5 per cent of the promises. The report was however faulted by the Presidency through the Special Assistant to the President on Media and Publicity, Mallam Garba Shehu. The presidential aide, who warned the group against misleading Nigerians with its cooked up analysis, said it was unfortunate to attribute and hold the President accountable for promises he did not make during the campaigns. Shehu said no sincere Nigerian will fail to recognise the courage of the President to tackle corruption in a country where impunity was once celebrated. No doubt, the Buhari government has made appreciable progress in the war against corruption and the Boko Haram insurgency that ravaged the north eastern part of the country during the last administration; but it is currently grappling with new challenges that have cropped up in the country in last one year. They include dwindling resources, depreciating value of the country’s currency – the Naira; rising cost of living, drop in power generation capacity, upsurge in the menace of herdsmen and the resurgence of militancy in the oilrich Niger Delta region as well as agitation for self-determination in some parts of the country. These have made the President to feel the heat of leading Africa’s most populous nation. Activities of the militants, who go by the name – Niger Delta

Avengers – for instance, have affected oil exploration as they have persistently attacked oil producing facilities, causing the shutdown of oil terminals and a fall in Nigeria's oil production to its lowest level in 20 years. The attacks caused Nigeria to fall behind Angola as Africa's largest oil producer. The reduced oil output has in turn hampered the economy as the country depends on earnings from crude oil sales for its revenue. The security situation in oilrich region is making government to consider a military option. President Buhari gave an indication to this when he vowed to deal with the militants the same way his administration dealt with Boko Haram if they fail to negotiate with the Federal Government as the attention of his administration is now focused on stopping the destruction of the country’s economic assets. Buhari, who spoke on the sidelines at the recent sixth Tokyo International Conference on African Development (TICAD VI) in Nairobi, Kenya, said: “We are talking to some of their leaders. We will deal with them as we dealt with Boko Haram if they refuse to talk to us. As a government, we know our responsibility, which is to secure the environment. “It is clear to us that lenders won’t fund projects in insecure environments. We realise that we have to secure the country before we can efficiently manage it. We do not believe that they (the militants) CONTINUED ON PAGE 13

POLITICS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

PDP accuses police of clampdown on members Stories by Cajetan Mmuta BENIN

he leadership of the Peoples Democratic Party (PDP) in Edo State, yesterday, accused the police in the state of alleged attempt to muzzle the opposition ahead of Saturday’s governorship election in the state. Edo PDP Publicity Secretary, Mr. Chris Nehikhare, who raised the alarm narrated how some PDP leaders and members are being haunted by operatives of the force across the state for reason that are yet to be established. Nehikhare said the police had at the weekend stormed the house

Obaseki

of the former state secretary of the party, Mr. Felix Utubor, in Igueben Local Government Area of Edo Central Senatorial district to arrest him, while in Owan East Local Government Area of Edo North Senatorial district, a former deputy speaker and majority leader of the State House of Assembly, Hon. Fred Omoigberale, was arrested on the second call at his home. He further alleged that 22 members of the PDP were also arrested in Iyamho, Etsako West council, and no reasons have been given for these arrests. He recalled that there have been allegations by the PDP and other concerned stakeholders that the ruling APC has

Oshiomhole

Edo DECIDES

as part of its design to manipulate the election to its advantage, is using the security agencies, particularly the police, to intimidate members of the PDP and those sympathetic to their cause. But the state Commissioner of Police, Mr. Chris Ezike, who dismissed the claim, said the police will provide a level playing ground for all parties involved in

the election. His words: “We are not politicians but police professionals and our job is to provide a level playing field to all the parties. It is our responsibil-

ket. And I am promising you that come September 10, we all will come out en-masse and cast our votes for our brother, our uncle, Godwin Obaseki to become the governor of Edo State.” Responding, Governor Adams Oshiomhole said: “I want to assure you that your statement is precisely the reason we are talking about continuity and consolidation. When we talk of continuity, it means not to do those ones we have already done. It is to do the ones we have not yet done. “Under the Peoples Democratic Party (PDP), they discriminated between the so-called Edo indigenes and non-indigenes. As far as we are concerned, everybody who lives in Edo is Edo. Before, when you go to Ambrose Alli University, if you are Igbo-speaking, they would say you should pay more; if you are Yoruba-speaking, you paid more; even if you are Delta here, you

he deputy governorship candidate of the All Progressives, Hon. Philip Shaibu, has alleged that the former chairman of the Peoples Democratic Party (PDP) Board of Trustees (BoT), Chief Tony Anenih, is desperate for power, so that he would have control of the state’s funds. He stated this shortly after Muslim clerics in

Edo North senatorial district and the Catholic Women Organisation endorsed the APC candidate, Mr. Godwin Obaseki. According to him, Chief Anneih and other PDP leaders are “missing the purse of the state and that is why they want their boy, Pastor Osagie Ize-Iyamu to come through the back door, so they can continue to mutilate the budget of the people of Edo State.” He added: “I am speaking from experience because I was minority whip in the state House of Assembly in 2008, when Anenih ordered that Oshiomhole’s first budget should be brought to his bedroom in Abuja before it can be passed by the PDP dominated house then. “I went to Abuja with Comrade then and the Speaker of the House and in fact, it was that day I knew the PDP was a very wicked party. With

his pen, Anenih removed everything that is good in that budget. He removed the dual carriage way we planned for Airport road. He also cancelled the Benin Water Storm Project. “I wept for Edo State that day and I prayed to God never to give power to these people because they have no interest of the people at heart. And that is why today we are watching, they brought one of them, Ize-Iyamu, who the same Chief Anenih described as the python at Government House when they were fighting themselves in PDP in 2006. “Edo people understand all these and will never vote for PDP. We have a candidate that understands the terrain and who has worked with the Comrade Governor to deliver the dividends of democracy in the state which we are all living witnesses to,” he said.

We’re in dark over deployment of officials – PDP

Ize-Iyamu

would pay higher school fees. Who abolished it? I abolished discriminatory school fees which PDP imposed on our state and Pastor Osagie Ize-Iyamu was the Secretary to the state Government of PDP when those policies were being implemented. Do they now have the right to tell you to vote for them for discriminating against your children? “Godwin Obaseki from day one in his campaign keeps saying that he has to work out a scheme to grant soft loans to traders, so that they can run their businesses. He has also recognised that the reason we have to embark on infrastructure is to attract investors to our state. “The investors are here now. We now have Nigeria’s largest private power plant, the Azura Power Project. If you go to the Benin bye-pass, you will be shocked by the number of Chinese companies that have

prosecution. The command does not profile people on the basis of where they come from or which party they belong to but matters are tied on their merit."

Anenih desperate to control Edo treasury, says Shaibu

Traders, technicians endorse Obaseki raders and technicians in Edo State under the aegis of Auto Spare Parts Association and All Nigeria Automobile Technicians Association (NATA) at weekend endorsed the governorship candidate of the All Progressives Congress (APC), Mr. Godwin Obaseki, ahead of this weekend's election. Speaking at a rally of the APC in Benin, chairman, Edo State Council of the Nigeria Automobile Technician Association (NATA), Mr. Felix Irabor said: “All Nigeria Automobile Technicians Association (NATA) members are using this opportunity to say that Mr. Godwin Obaseki would be declared winner of Edo State governorship election.” Similarly, the president of Auto Spare Parts Association at the popular Evbareke Market in Benin City, Comrade Efosa Asemota, said: “We have more than 6,000 people in this mar-

ity to investigate, arrest and prosecute criminals and the membership of a political party, church or organisation does not immune anyone from investigation, arrest or

come to Edo State. We are producing ceramic tiles and iron rods in state. All of these companies came in the past six years. “Let me conclude by saying this election is very clear because the parties are not new, the candidates are not new to government. Let me leave you with this advice. Don’t say it is already done. It is not over until it is over. Even if it is raining that day, you have no reason to be indoors. Go out and vote.” Obaseki on his part said: “For me, this is like a homecoming, because like all of you, I am also a business man. I understand the business you are doing and it appears that this market is already congested. We will acquire a large parcel of land on the Benin bye-pass and help with the construction. We will open another branch of this market there, so that there will be enough space for all traders in this market.”

he Peoples Democratic Party (PDP) in Edo State has said that it is in the dark over the identities of officials of the Independent National Electoral Commission (INEC) who would conduct Saturday's governorship election in the state. In a statement signed by its Publicity Secretary, Mr. Chris Nehikhare, the PDP said it had written a letter to the electoral body, requesting a meeting between its officials and those of the commission. The party said that it was aware that the accredited officials of the commission had already met with the All Progressives Congress (APC) and that APC members had been granted remote access to INEC servers and e-collation platforms. The letter reads in part, "As part of our preparations for the Edo State gubernatorial election slated for September 10, we have formally requested for a meeting with staff (Local Government Collation Officers, Returning Officer for the State, Staff in charge of card readers, E-Collation

Officers and members of the ICT team) of INEC assigned to the state to conduct the elections in Edo State. "You will be aware that as at today, September 4 (yesterday), the names and identities of these staff have not been made public. Information available to us is that INEC has granted requests made by the All Progressive Congress (APC) for a similar meeting with the above mentioned staff. "We are reliably informed that members of APC have been granted remote access to INEC servers and INEC e-collation platforms. We are informed that this was done in furtherance of a plan by certain officials of INEC to grant APC real time access to INEC’s e-collation platforms in a bid to enable them manipulate results on the field at polling stations where they are losing elections or disrupt the electoral process at such locations. "We believe that such a meeting will avail us the opportunity to lay our complaints and information available to us before INEC in detail."

Politics

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

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

have announced ceasefire. We are trying to understand them more. Who are their leaders and which areas do they operate and other relevant issues.” But most stakeholders have warned against use of force on the militants, saying the collateral damage of any military option in the oil-rich region would be colossal. Former Military Governor of Kaduna State, Col. Abubakar Umar (rtd), who belong to this school of thought, said in a statement entitled “War in the Niger Delta: A most dangerous option,” that dialogue remains the best option. His words: “All factors considered; the use of military force in an attempt to resolve the lingering crisis is not a good option and must therefore be discarded. As a retired general, Mr. President is well aware of the serious and daunting challenges any military will face in its operations in the most difficult and densely populated Niger Delta region. “The creeks are so heavily polluted with oil, rendering them highly inflammable. It will take the firing of a few high explosive shells to set the whole area on fire, resulting in the inestimable collateral damage among innocent civilians." While the government is seeking a way out of the Niger Delta crisis, it is also been pressurised to facilitate a process for the country’s restructuring. The call for restructuring is predicated on the dangers of ethnicity, religious bigotry and economic deprivation which are rapid destroyers of any society. The question many have asked is: Can Nigeria afford to continue with the present unitary system of government in the guise of federalism? A political school, which insists that there is no going back on restructuring, is of the view that the manner in which the executive and legislature take a large chunk of the nation’s budget is ridiculous. The presidential system in operation, they further opined, is a complete disaster as it has only succeeded in creating a powerful federal government, which sits at the Aso Rock and milk Nigeria dry at the expense of the people. With inflation already at 16.48 per cent and still rising, most Nigerians are finding it increasing hard to meet their basic needs, as the economy entered into full blown recession following two quarters of consistent negative growth. But for a man, who had in his inaugural speech, said he is ready to make a change, Buhari seems to have what it takes to face the challenges though members of the opposition believe otherwise. The opposition insists that the country is now worse than the APC met it and that hope of the ruling party’s promised Change is fading. But APC National Chairman, Chief John Odigie-Oyegun, who dismissed the claim, said the PDP had lost its right to criticise the policies of the Federal Government. While the opposition’s stand is not unexpected given the fact that its job is to continuously put the government on its toes, some known supporters of the administration like the Emir of Kano Muhammadu Sunusi II, and a former governor, Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo have joined the fray.

Odigie-Oyegun, Governor Tanko Al-Makura of Nasarawa State; Vice President Yemi Osinbajo, President Buhari, Senator Adamu Abdullahi and Senate President, Bukola Saraki, during the party's presidential campaign, last year

Campaign promises: APC races against time Sanusi, also a former CBN governor, recently expressed dismay with the government’s economic policies and warned President Buhari against making the same mistakes of the government of former President Goodluck Jonathan. Speaking at the 15th Joint Planning Board (JPB) and National Council on Development Planning organised by the Federal Ministry of Budget and National Planning in collaboration with Kano State Government entitled ‘Nigeria: The Search for a New Growth Model,’ Sanusi insisted that Nigeria has to retrace its step in terms of economic policies. His words: “If you get on repeating same mistakes, you will only end up like Jonathan government’s mistakes of not taking advices on economy as well as refusing to invest money generated in the nation. “We will not continue to blame past governments. Right now, mistakes are being made on hourly basis and we should retrace our steps to drawing board and see how we will make progress. “If this government continues to behave like the last government behaved, we will end up where Jonathan ended. You may not like it. But that is the truth. You have to listen. “You don’t need to be an economist to know that any system that allows you to sit in your garden, with a telephone call and make N1 billion without investing a kobo is wrong. It is unsustainable.” He added that Nigeria is presently witnessing so many voodoo economists parading themselves around the administration, insisting that urgent steps should also be taken to correct mistakes made by previous governments on the economic viability of Nigeria. “I want to say is that there are many voodoo economists parading around and many of them are not economists. They are demagogues. They tell poor people that anybody that wants you to devalue wants you to pay more,” he said. Soludo, on his part, said the economy is in deep trouble considering the reduction in per

If this government continues to behave like the last government behaved, we will end up where Jonathan ended

capita income and dwindling Gross Domestic Product (GDP), alerting Nigerians that the economy had compressed by 50 per cent in the past year. The renowned economist, who spoke at the Fourth Progressive Governance Lecture series organised by governors of the ruling party under the aegis of Progressives Governors’ Forum in Kaduna, recommended the restructuring of the economy from consumption-driven to productionbased and consistency in microeconomic policies. In his lecture titled: “Building the economy of states: Challenges of Developing Inclusively Sustainable Growth,” Soludo revealed that the country’s GDP has been compressed to 50 per cent from $578 billion after the rebasing programme of 2014 to $290 billion due to huge deterioration in key economic indications, while per capita income has also dropped from $3,100 to $1,500. He noted current recession was structurally and politically induced and that the APC-led government must stop the blame game and start on a clean slate if the country is to survive the harsh realities even as he observed that the collapse of oil is a privilege for a new beginning for Nigeria. “Nigeria is facing unprecedented and tremendous political and economical challenges with global and local dynamics. Regardless of these challenges, opportunities and possibilities abound if we address some fundamental issues. The key to achieving this is to have a development plan that is anchored on realizing inclusive and sustainable growth. “Encouraging fiscal federalism in ways that allow states to have greater control of their resources, evolution of a master plan for mass export-oriented industrialisation that answers the economic questions and realities of today,” he said. While pressure continues to mount on the ruling party to fulfill its campaign promises, some stakeholders appealed for time, so that the government can work out measures to alleviate the sufferings of the citizenry.

Former Abia State governor, Dr. Orji Uzor Kalu, who belongs to this group, urged Nigerians to be patient with President Buhari as he strives to tackle the country’s economic crisis. Kalu said though the country is grappling with economic, ethnic, religious and political challenges, there would be light at the end of the tunnel, especially when everyone gives the needed support to the President. The optimism, notwithstanding, the fear is that Buhari is running out of time as the race for the 2019 presidency has gradually commenced in some political quarters. The belief against this backdrop is that the President may soon be more concerned with the politics of second term rather than governance. Experience has shown that governance is mostly done within the first two years of any administration, while politics takes over the last two years. With more than two years to the next general elections, a reminiscent of politics of yesteryears is gradually playing up as some political spin-doctors have started flying the kite of a second term for the President even when he has not declared interest for such. Those flying the kite said the President needs to rule beyond 2019 to address the rot in the country. One of the arrow heads, Senator Aliyu Wamakko, a former governor of Sokoto State, said: “To me, President Buhari must be allowed to rule beyond 2019 to address the numerous challenges bedevilling the country. Four years cannot be enough to address the rot done to the country in the last 30 years. We cannot expect miracle from the president in view of the enormous damage done to the country, he needs to be given opportunity to be around beyond 2019.” No doubt, the Buhari administration has continuously said it would try its best to bring the ongoing suffering of Nigerians to an end but it should be reminded that the deterioration of every government begins with the decay of the principle on which it was founded.

POLITICS \ MONDAY INTERVIEW

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

It's sad that Generals are in courts Major General Adeyinka Adebayo (rtd) is the first indigenous Chief of Staff of the Nigerian Army and later Governor of the defunct Western Region. In this interview with TEMITOPE OGUNBANKE, the 88-year-old President of the Yoruba Council of Elders speaks on the Muhammadu Buhari administration, restructuring, anti-corruption war and July 29, 1966 coup, among other issues

You are an elder statesman who had seen so many dispensations both military and civilian. What is your impression about governments in Nigeria? I think both the military and civilian have done their best in their time. How can you compare the military and civilian governments? As a military man, it would be very difficult to compare because as a military man, the military did their best and I am still proud to be a military man. It is very difficult for somebody like me who was a military man and still a military man to compare the duties of the two. I still regard my own regime as a very good one. Are you talking in terms of discipline? Military is more disciplined than civilian. You said military is more disciplined than civilian but most of the revelations surrounding the arms scandal show that some senior military officers were not disciplined in the sense that they diverted money meant for procurement of arms for personal use. It is very unfortunate because military were not trained for that. It is rather very unfortunate that the money was diverted from normal things to abnormal things. And what do you think should be done to the culprits? They should be punished for doing abnormal things. As a military man, do you ever envisaged that Army Generals would go to the extent of diverting money meant for procurement of arms and also procured some substandard equipments and weapons. I was not expecting it and I don’t feel it should be done. There has been cry of lopsidedness in the appointments made by President Muhammadu Buhari. How do you see some of the appointments made so far by the present government? I cannot begrudge the present president who is a Northerner by birth because of what he is doing but to me Buhari is a very good officer and a good leader. So, I don’t think one should accuse him of anything. We should ask him why he did it. And you think there is a justification for favouring a particular section of the country? It is very unfortunate to accuse him of that because I never expected him and I don’t still expect him to do it.

Adebayo

Do you think that his appointments so far favoured a particular section of the country? It would be very difficult for me to accuse him of that because I was a leader before and maybe he did what he thought was right when he did it.

So what he is doing now is also right? It would be very difficult for me to accuse him of what he is doing now because I was a leader before, both military and civilian leader. He was a very good officer to me and as far as I am concerned, he is still a gentleman.

But the Chief of Army Staff, Chief of Air Staff, Inspector General of Police, National Security Adviser, DirectorGeneral of Department of State Services (DSS), Immigration and Customs bosses are all Northerners and some Nigerians are saying the appointments are lopsided. He didn’t appoint them the same time and it would be very difficult for me to accuse him of what he did. He must have done what he thought was right at that particular time.

Do you still relate with him up till now? Even I don’t have to but I am in touch with him when I want to be in touch with him. I advise him when I think he should be advised.

How much of Buhari do you know? I know him very well. I know when he was a junior military officer under me and he hasn’t disappointed me so far. In what capacity was he under you? He worked directly with me as a military junior officer. He was taking command from me then. I am sure he must have learnt something from me as well. He must be doing something that he felt was right when he did it. People may be accusing him of what he did then but to him it was right when he did it.

It is very disheartening that Generals of this day are being taken to court for doing things that some people felt they didn’t do well

And if you are to advise him, on what issue do you think he should be advised now? I will first of all tell him that people are accusing him of what he has done or he is doing and why is he doing them. What is your impression about the anti-corruption war being fought by his government? Well, anti-corruption is a war that everybody must fight; whether you are on top or you are down. But some people are saying that the anti-corruption war is against members of the opposition. A leader would always be accused by the followership if they feel he is doing a wrong thing. But if a leader feels he is doing the right thing, he will be happy to tell them that he is doing the right thing for them to know that he is

doing the right thing. But with the revelations that some military officers stole millions and billions of naira through the arms scandal, how do you feel as someone who was once in public office and as a senior military officer? It is very disheartening that Generals of this day are being taken to court for doing things that some people felt they didn’t do well. But if they had done the right thing, they will be contended that they had done the right thing. Some eminent Nigerians have been calling for restructuring of Nigeria. What do you think about restructuring and do you think there is need for it now? If majority of the leaders are feeling that restructuring is necessary, it should be done. But they must be satisfied that restructuring is necessary. With the agitation for Biafra and militancy in the Niger Delta, what do you think should be done to end the agitation by ethnic nationalities? The president should call leaders, either former or present leaders together for advice on what they feel he should do but the president should listen to them before taking their advice. There was a report recently that you wrote an open letter to APC National

POLITICS \ MONDAY INTERVIEW

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

for corruption – Adebayo Leader, Senator Bola Tinubu... I have been accused of this, why should I write a letter to him? Tinubu is a very junior person to me in the society and government, so why should I write a letter to him? I should call him and talk to him.

But there was a report on internet and national dailies that you wrote an open letter to Tinubu advising him to do something about the plight of the Yoruba and the need for them to play active role in this government. Naturally, the Yoruba have the right to say their mind to demand what they think is necessary for the region. But I don’t see myself writing a letter to Tinubu. Why should I write a letter to him? I should call him and tell him what I personally feel should be done. So the letter was not written by you? No, I have heard about the letter from several people. There is only one General Adebayo and the General is still alive. Recently, some eminent Nigerians marked 50 years after the July 29, 1966 coup and they said the issues that led the coup has not been addressed. Do you think those issues have not been addressed. What brought about the 1966 coup? What brought about the 1966 coup was not related by the people who did it. So, it would be very difficult for me to accuse what those people did; what they thought then and they still feel now. I think the best thing should have been to call them, call their leaders, bring them together and talk to them to hear their views. What role did you played in that coup? I have never taken part in any coup in my life because I have always been on top. So, why did you then take over from Colonel Adekunle Fajuyi after he was killed? I didn’t take over from Fajuyi; people asked me to take over from Fajuyi. I didn’t do it myself. Fajuyi was very junior to me.

Was there no accusation from anybody that you might have involved in that coup? They know that I wouldn’t be involved. They knew naturally that I am a gentleman to the core; militarily, action and senior wise. I retained my position as a senior military officer and people respect me for it.

ruba person in the military then. And because of the situation in the country then, I had to play a role of a very senior Yoruba personality. Gowon was very good; we worked together. He respected me and I respected him and we did things together. Why didn’t you become the Head of State then being the most senior officer? Gowon was not the one who appointed himself as the most senior officer.

You said you have never been involved in coup; is it that you detest it... Coup is not a good thing in military and any country. If you are senior enough, you will like to see things done according to rules and regulations, and that was why some people who took part in coup were not senior enough. And that is why we are still having problem today in the country.

What actually played out then? If he wasn’t the most senior and was not actually the head of that coup, why was he made the Head of State? Because of the situation then in the society, he had a role to play and that was why he became the Head of State. With the way Aguiyi-Ironsi and Fajuyi were killed during the July 29, 1966; do you think it was proper on the part of people who carried out that coup? It wasn’t proper to kill at all. Apart from Aguiyi-Ironsi and Fajuyi coming together, Fajuyi did the right thing. Aguiyi-Ironsi was visiting Fajuyi’s region then and they couldn’t have taken AguiyiIronsi away for killing and left Fajuyi alone. Even if they wanted to leave him alone, he couldn’t have agreed to be left alone because Aguiyi-Ironsi was senior to him; he was his guest and was a sincere man as well.

I have never thought myself to be a Yoruba leader... I behave like a Nigeria leader and I am still like that

Since you are senior to Gowon then, if it were to be today, it means that all people who were senior would be retired just like what is happening in the military today... Some people would have anxiety to be there. Some people will like to stay and maintain seniority capacity within the military community and that was why a lot of senior people were not involved. But now it would have been very different because there were lot of ambitious people, among the military and even civilian.

With the way things are going in the country and Nigeria technically in economic recession, what do you think we should do as a country to move forward? The leaders should now come together and restructure themselves. As things are, they should restructure the country, the leadership and process of the country. The leaders should come together, get a proper programme and structure for the country and agree on leadership structure for the country. If things are done rightly, there would be no problem. Why didn’t you ventured into politics after you left the military? My aim of been in the army was to get to the leadership of my profession, which I did. Luckily for me I have good children. I gave them good training, education and they followed my footsteps. Why didn’t you allow any one of your children to go into the military? One was a good civilian governor. I believe that there are so many areas to go into.

So you didn’t know anything about the coup, they just ask you to take over from Fajuyi? They didn’t ask me about the coup; they asked me assist about the government.

Is it that they didn’t show interest or you didn't want them to be in the military? They didn’t show interest. If they showed interest, I wouldn’t have stopped them. There were so many structures, areas and professions then in the country to go into and they went to some of those structures.

Is that why you took over as Military Governor of Western Region? By virtues of my seniority and leadership then, they felt I have a good role to play. But you are senior to the architects of the 1966 coup. Yes. I was number seven (N7) as at that time. So, there were people still higher than you in government then? Wellington Duke Bassey was number one (N1). Johnson Aguiyi-Ironsi was number two (N2). Samuel Ademulegun was number three (N3) and I was number seven. After the July 29, 1966 coup what number did you fall to before General Yakubu Gowon took over power? Gowon was junior to me but I had to take over in the West because I was the most senior Yo-

Nigerians always say that most of the problems we have in the country were caused by military involvement in government... Yes because some people in junior categories in the military took part, which they shouldn’t have.

But some of the retired Generals are still in government. Olusegun Obasanjo was Head of State and returned as president for eight years. Buhari was Head of State and he is now a president. They chose what they wanted, either in military or civilian to become what they feel is better.

Adebayo

Photos: GODWIN IREKHE

Do you think we have made progress as a nation since independence? We have in some ways but we should have done better than what we did and than what we are now. How do you feel for someone to have served the country for 35 years and his or her pension gratuities are not being paid?

It is very unfortunate; it shouldn’t happen at all for those who have worked for the country and retired to be denied of their gratuities and pension. If you worked for your country and you retire, you should settle down quietly and get your normal pension. If you worked hard and you retired at the right time, you must be paid your retirement benefits. As a man who has seen so many things in life, what is your highest moment in life? The best time I enjoyed was when I was head of the Western Region government and when I was the Chief of Army Staff. I did what I should do and I got what I should get, so there was no problem. What about your low moments? It was when the people of my rank in the army then retired are not getting what they should get. At present there seem to be division among Yoruba leaders. As the leader of Yoruba Council of Elders (YCE), how do you see the division? With all due respect, I have never thought myself to be a Yoruba leader and I don’t behave like a Yoruba leader; I behave like a Nigeria leader and I am still like that. It is like Yoruba don’t have a definite leader now. In the days of Adekunle Ajasin and Abraham Adesanya, they were regarded as political leaders but today some say Tinubu is Yoruba political leaders while some doesn’t want to agree. What is your take on that? Leadership depends on structure of the region. If the regional leadership is done well, there would be no problem and there would be promotion to the federal level. But for people in the state leadership to try to rush to the federal leadership, that is why we are having problem. Do you consider Tinubu as the Yoruba political leader? Tinubu is a good leader whether political or civilian leadership. He is not a military leader anyway. So, he is a political leader if we can put ourselves on political lineage. He is a very important personality; he is hard worker, so he is a good leader in the political structure. So there is nothing wrong in him going upward. What do you want Nigeria to remember you for? As General Adebayo who worked for the country; who left good things for the country and who want the right person to be at the right place. How wealthy are you considering the past offices you have held? I want my children to compare themselves with me; haven got to a stage where I felt I was alright and I had children whom I have trained to be alright, I expected them to behave the way I did under people who are senior to me. So you didn't join the military for wealth acquisition? No. I was there for peace of the country Did you fight any war? No. Even the civil war... No. I was senior in the military so I couldn’t go to war.

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Opinion

The barbarians who defiled change Dominik Umosen

ather than be misconstrued as an expression of helplessness in the face of blistering criticisms of some policies of the administration, including the landmark thump-down by the Emir of Kano, Alhaji Mohammad Sanusi, President Muhammadu Buhari’s declaration of the Federal Government’s readiness to swap Boko Haram detainees for the abducted Chibok school girls should be hailed as a giant leap of courage, anyway. He gave the declaration in Nairobi, Kenya shortly after distraught parents of the girls asked him to resign if the administration could not secure their release from the insurgents whom the president swaggered that his administration had dealt with. Bearing in mind his famous rigidity neck and legendary reluctance to make concessions, getting the president to back down on the counter-productive strategy of trying to stare down the insurgents must have required quite some effort. But it was a wise move because negotiating with the insurgents is the only and expedient option to secure a safe return for the girls, instead of preference for the high horse which further dramatizes the administration’s fast-diminishing chances to spring the girls in a commando-style operation and all the collateral risks this option carries. Nigerians can only hope that given his intimidating profile and rich experience in leadership, President Buhari genuinely supplicates to the Almighty that some highly-placed individuals should fail in their determination to mimic barbarians in their obsession to manipulate similar challenges facing the country to embarrass his administration. Rather than encour-

age invetability-inspired wisdom as superbly demonstrated by the president, these so-called barbarians with a profound sense of mischief prefer to manipulate a straight-forward case of criminality by rogue herdsmen to embarrass the administration ultimately. Instead of recommending to security agencies the need to respond decisively and promptly to criminalities committed by criminals parading as Fulani herdsmen across the country, the powerful barbarians encourage the criminals to imagine themselves as above the law hence untouchable because they are kinsmen to the number one citizen of the country. And because the objective is to inspire and shore up sufficient ill-will and resentment among Nigerians, they plot to discredit the president by portraying his administration as ultra-reluctant and unwilling to apprehend culprits some of whom are fugitives from political turmoil in the subregion who were smart enough to leverage on the primitive nepotism that drives the security management machinery in the country. It is a spectacular tragedy that even as a groundswell of misgivings over atrocities committed by rogue Fulani herdsmen steadily builds against the administration, the same twisted political barbarians whose ultimate aim is to defile change mischievously dangle the bait of an enormous appetite for reluctance to do the needful in the face of veritable threat to the country’s security which is the danger that nepotism poses. Invariably, the security machinery is encouraged to snooze while sleeper cells of global terror network springs up across the country under this curious regime of reluctance which was first highlighted by the Emir of Ilorin, Alhaji Sulu Gambari but no one seems to care. The failure of the administration to respond appropriately to a matter of grave implications

The strategy backfired and made Fayose a hero in the process

for national security as represented by the steady assault on law-abiding citizens by rogue herdsmen eventually spurred the Ekiti State Government to initiate a law which specifies conditions for grazing livestock in the state. The law, which is a direct response to negligence by the Federal Government, is bound to generate a ripple effect in other states. And the result is predictable- a domino effect by the grazing bill in Ekiti which has definitively defiled the squeaky clean posture of change promised by the administration upon inception over a year ago but which it has failed to live up to. Ironically, the greatest beneficiary of this socalled triumph of mischief by well-placed political barbarians is Governor Ayo Fayose, who has gravitated from one spat with the president to the other. On this issue of nationwide misgivings over atrocities committed by kinsmen to the number one citizen and to which the administration has responded deplorably, the governor has suddenly rebounded as a hero across the political divide. Because such misgivings against herdsmen run deep, the political colouration of whosoever provided a solution does not seem to matter. The strategy backfired and made Fayose a hero in the process. After encouraging the administration to defy common sense by refusing to respond decisively to attacks by herdsmen, they now hail the president’s traducer as having provided a pragmatic solution that the Federal Government refused to provide. The manipulation of nepotism to defile change testifies to similar mischief that is deployed to demonize the inevitability of reforming the polity. Yet, the conversion of Prof Ango Abdullahi validates the futility of resisting an inevitability that should be tackled with courage, rather than irrational fear. •Umosen (dominik.umosen@gmail.com) wrote in from Lagos.

Clinicalpharmacyandsustainabledevelopmentgoals Fola Tayo

wo thousand was an exciting year in contemporary history. It was that year during which many felt a certain sense of accomplishment in witnessing a transition not from one decade or century to another, but indeed from one millennium to another. Transition into Y2K, as that year had come to be referred, was hallmarked by fears of a possible global crash of computer systems, a fear that turned out, to the relief of the world, to be without basis. Instructively, the new magical year of 2000 also witnessed the coming together of some 189 countries across the world to assess the present and make projections for a better future for mankind. The excitement of the new millennium notwithstanding, the outlook of the world at the time was not pretty. The world was plagued with natural disasters such as famines and drought and other problems such as poverty and disease. Whilst some of the problems were of course, inevitable, it was clear that their impact could be less devastating on humankind. The world had the capacity to produce enough food to ensure that no-one was left hungry, but somehow, severe hunger pervaded much of the world.

It was the search for a reversal of these fortunes that led leaders of these 189 countries to conceive and collectively adopt a set of eight goals that they believed if pursued aggressively on a global scale, would among others, help considerably rid the world of hunger and poverty by 2015. Those goals came to be known as the Millennium Development Goals. The MDGs may not have met their ambitious targets by 2015. They were however very successful in redressing to a considerable extent, the problems they sought to combat. There are reports that the MDGs may have succeeded in reducing extreme poverty by up to half. MDGs also succeeded in impacting global awareness on the essence of enrolling children in schools and globally by 2015, more children were in school than at any previous period in history, while infant and child mortality had also reduced considerably. The successes of the MDGs, though rather far from the ambitious targets set at the beginning of the millennium have spurred the world to adopt a new set of goals that build on these accomplishments. Known as the Sustainable Development Goals, SDGs, this new set of goals aims to among others, end hunger and poverty by 2030. Like the MDGs, the SDGs build on the premise that by working together on a pre-agreed mission, the world stands a better chance of meeting the aspirations of its citizens

for peace, prosperity and progress. A most pivotal among the Sustainable Development Goals, is good health and the promotion of wellbeing for all and at all ages. It would appear that by some fortuitous coincidence of sorts, Pharmacy, that profession whose role has traditionally been to manufacture and provide medicines, has sequel to an evolution in scope over the years, attuned itself to keying more seamlessly into the Sustainable Development Goals. Over the last six decades for instance, the focus of pharmacy practice has gradually shifted. Whereas the focus used to be on the medicines that pharmacists manufacture and distribute, today, the focus has shifted to the patient, the clinical equivalent of what other professions refer to as customer or client. The profession would appear to have adopted the counsel of famed Harvard marketing professor, Theodore Levitt, who in his iconic 1960 article, “Marketing Myopia,” canvassed that an industry (replace that with profession) “is a customer-satisfying process, not a goods-producing process.” An industry, Levitt said, “begins with the customer (patient in this case) and his or her needs, not with a patent, a raw material, or a selling skill.” Today, across most of the world, especially in developed economies, the patient has become the focal point of pharmaceutical practice. Increasingly, the pharmacist is taking direct

responsibility for ensuring that only those medicines that are most appropriate for a particular condition; that are optimally cost-effective as well as safe and convenient for the patient, are taken. The new shift in focus, therefore, implies that rather than work largely in isolation of other clinical health care practitioners like his doctor and nurse counterparts, pharmacists now play a key role in clinical settings, helping to ensure that patients only take medicines that are best suited to their situations. The new trend in pharmacy practise speaks to the emphasis that the SDGs place on people, their health and general wellbeing. The new trend in pharmacy also speaks to the emphasis that the SDGs place on responsible consumption and production. It acknowledges that because medicines are essentially poisons with a potential to wreak untold harm and havoc on people and subject them to inconvenience and even further pauperize people if the most affordable or cost-effective options are not painstakingly selected, it is critical that in the war against diseases, pharmacists must increasingly play the critical role of intercessor for the patient. Very importantly, the new trend is very much in line with the SDGs which emphasize partnerships and collaboration towards the attainment of the goals. • Prof. Tayo is General Secretary of the Nigeria Academy of Pharmacy.

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

EDITORIAL

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Weapons all over Nigeria

anger lurks around the corner all over the country which is already facing ch a l l e n g e s f r o m all manner of militants, terrorists and criminals. At this perilous period of strangulated economy, weapons are in the hands of people who are in a position to use them to create even deeper crisis. This, of course, should worry the Federal Government. At the recently concluded National Consultation on Physical Security and Stockpile Management [PSSM] held in Abuja, there were frightening revelations by the Director of the United Nations Regional Centre for Peace and Disar mament in Africa [UNREC], Olatokunbo Ige. She said: “The illicit proliferation of SALW[Small Arms and Light Weapons] has had a dramatic impact on peace and security in Africa, threatening not only the existence of the state, but also the livelihood of millions of people across the continent.” She was specific. “ Nigeria is one of the countries experiencing some of the most devastating effects of the proliferation of SALW as a result of spillover effect of the recent crises in Libya and Mali as well as unresolved internal conflicts in different parts of the country especially in the North East, Niger Delta and Southern regions,” Ige added. In figures , the United Nations official disclosed that “ while reliable data on the numbers of these weapons circulating freely in the country is unavailable, ana-

lysts have in recent times estimated that of the about 500 million weapons that might be circulating in West Africa in 2010, some 70 per cent of these could be found in Nigeria.” This boils down to about 350 million SALW in the hands of different shades of people in country with a population of 150 million. That is alarming to the extent that the whole nation is highly militarized with various ethnic militia springing up daily. There is the 1959 Firearms Act which regulates the use of weapons. This law that came into being prior to Independence is wh a t is still in place today. For a country that went through Civil War be-

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tanks. This has not translated into an easy ride. Boko Haram fighters have relied majorly on light weapons to annex towns and villages in the North East. Fighter jets and bombers have not stopped them from keeping the war alive. The proliferation of arms explains the rising wave of militancy and criminality. From Niger Delta militants, there are new groups emerging in areas that were hitherto inactive. Boko Haram became even more dangerous following the ouster of Libyan lead-

The proliferation of arms explains the rising wave of militancy and criminality

tween 1967 and 1970, a lot has changed. The challenges of today were not envisaged during the donkey years of British colonial rule. The Federal Gover nment must also believe that the country is in danger. It will make no sense to presume that with all these weapons flying around in free hands, the Armed Forces will enjoy a walk over in any crisis that emerges. These Small Arms and Light Weapons can keep even a ragtag army in business for a long while. The military have the advantage of air cover as well as artillery and ar moured

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

er Muammar Gaddaffi in 2010. At the end of that ugly revolution ar ms flooded the Nor th providing a huge market for the terror org ani-

zation. Recent robbery attacks especially in the South West show that criminals have more weapons than the Nigeria Police Force. These dare devil robbers destroy bullion vans , attack police teams and even dare soldiers. They blow up bank vaults, terrorise communities and boldly abduct monarchs. These weapons do not come cheap. They cost quite some fortune. How the entire system became full of arms and ammunition is what everyone must be worried about. A man carrying an AK-47 assault rifle which goes for close to half a million naira will not in any-

way settle for a job that will fetch him our 18,000 Naira minimum wage. And the jobs some of the militants who dropped their guns got do not yield over 100,000 naira at the end of the month. It is therefore obvious that many of those who embraced amnesty did so without dropping all the weapons in their possession. Since Nigeria’s population is about 150 million, it is inconceivable that each compatriot possesses a gun . Even at that, we will be talking of 150 million guns. To have 350 million SALW calls for concern. It shows that some citizens have a lot in their armoury. When new groups emerge threatening to blow up pipelines or declare independence, government should not dismiss them with such bamboozling military slogans as ‘we will crush them like Boko Haram’. Some of these men are as experienced in weapon handling as our regular troops. President Muhammadu Buhari must therefore fix the economy so that militancy and terrorism will become less attractive. When there are no jobs for millions of Nigerians, the best job for the desperate ones is the available alternative. Definitely one AK-47 is worth more than bread and butter. While we support the fight against corruption , we also advise Mr. President to wage a more serious war on unemployment for a hungry man is an angry man. An armed angry man is not just a threat to national security, he is a bomb waiting to explode. Nigeria could do with less weapons.

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Interview

Law Chibok girls: Lawyers differ on swap deal

Adesina: Why Constitution must accommodate part-time legislature

News

Osinbajo lauds legal innovations

20 23

Should Federal Government swap Chibok schoolgirls for Boko Haram detainees? Lawyers say no, yes. TUNDE OYESINA reports

hey have remained in the dreaded Boko Haram insurgents’ captivity for about two years now. Their hope of regaining freedom and reunited with their loved ones particularly their parents is still hanging in the balance two years after they were abducted from their school- Government Secondary School in Chibok, Borno State on April 14, 2014. No fewer than 276 of the students were abducted by the insurgents, although about 57 of them escaped from the insurgents. Two years after, the 276 schoolgirls are still in captivity just as 19 of their parents who could no longer endure the agony of their endless return had died while others are on wheel chair. Just like their dead parents, some of the abducted schoolgirls are dead also as however claimed by the sect that the girls were killed by air strikes launched by the Nigerian Air Force on their hideouts. The sect had also released a video which showed a masked armed man standing in front of several girls, whom he claimed were the over 200 girls abducted from their hostel at the GSS in 2014. According to the insurgents, the video was released to send a message to the parents of the girls to beg the government to release Boko Haram members in detention centres across the nation in exchange for the girls. They said: ‘‘It pleased God to let us have these girls in our captivity for over two years now. Our first message is to the parents of the girls to let them know that their daughters are still with us. I also want to tell them to beg the Nigerian government to

FOLUSO OGUNMODEDE

deputy group news editor/ JUDICIARY coordinator foluso.ogunmodede@

Chibok school girls in a video released by Boko Haram Sect

release our brethren, especially those in Maiduguri, Lagos and Abuja and other places across Nigeria. They should be released immediately. ‘‘You all knew that we had the girls, but God never allowed you to know their location and you will never know by God’s grace. You keep lying in your media that you will rescue them; they have been with us for over two years, yet you don’t know where they are. You have been lying about these girls. For over two years that we have been with these girls, about 40 of them have been married, some are dead as a result of airstrikes by infidels. We will show you a video of how your own aircraft dropped a bomb that killed some of these girls. Some of the girls have suffered fractures and other form of injuries as a result of the air strikes. ‘‘As you can see, these are the girls, all we want is for you to release our brethren, otherwise, you will never get these girls, God willing. This is our message to the Federal Government and the parents of the Chibok girls. As long as the government does not release our people, we will also never release these girls.” One of the girls, Maida Yakubu (Dorcas), who spoke in both Hausa and Kibaku, her native language, asked parents to “be patient and beg the government to release their people, so that we will also be released.” Reacting to the call, the Federal Government had promptly responded that it was in touch with members of the Boko Haram insurgents. Last week, a forum-Bring Back

our girls, comprising the schoolgirls parents and a former Minister for Education, Dr. Obiageli Ezekwesili protested what they described as the Federal Government’s refusal to bring back the schoolgirls two years after their abduction despite assurances by the ruling All Progressives Congress (APC) in our of the part’s campaigns for the 2015 general elections. Apparently shocked that the ruling government had not lived up to its promise to rescue the abducted girls, parents of the schoolgirls asked President Muhammadu Buhari to step down if he was handicapped in rescuing the girls from captivity of Boko Haram members. Parents’ spokesman, Rev. Mark Enoch, who spoke on behalf of other parents at the sit out of BringBackOurGirls Group (BBOG) held at the road to Presidential Villa where Police stopped the march staged to meet the President, challenged him to abdicate his office for other people that had capabilities to rescue the girls. Mark, whose two daughters were among those still being held by the terrorists is being confined to a wheel chair due to stroke he suffered as a result of trauma. He lamented that Chibok community people voted for President Buhari with high hope that as a retired military General, he would facilitate the immediate rescue of the girls. President Buhari confirmed the insurgents’ view that nobody could say the whereabouts of the girls and

that the government was being careful with various sources of information being reported in the media. But he was however quick to assure the schoolgirls’ parents that the federal government would not hesitate to swap the Boko Haram detainees with the abducted Chibok schoolgirls if the insurgents were ready to show face for dialogue. His Information Minister, Alhaji Lai Mohammed said the government was being cautious in order to establish that it was dealing with the right people. He said: “The government is in touch with those behind the video. We are on top of the situation. We are being extremely careful because the situation has been compounded by the split in the leadership of Boko Haram. We are also being guided by the need to ensure the safety of the girls. “Since this is not the first time we have been contacted over the issue. We want to be doubly sure that those we are in touch with are who they claim to be. We hope that the latest development will signal the beginning of the end of the nightmare to which the girls, their families and indeed all Nigerians have been subjected since the unfortunate abduction.” Also, the defence authorities had stated that the decision on the planned swap of the Chibok schoolgirls for Boka Haram detainees could only be taken by political leaders. Defence information, Brig. Gen. Rabe Abubakar said “we should not CONTINUED ON PAGE 24

20 Law|Interview

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Adesina: Why Constitution must Dele Adesina, a Senior Advocate of Nigeria, is a former General Secretary of the Nigerian Bar Association(NBA). In this interview with AKEEM NAFIU, he speaks on the nation’s judiciary, security votes, immunity for public office holders, death penalty for treasury looters, inconclusive elections and sundry issues EFCC in recent time accused lawyers especially Senior Advocates of lacking the requisite knowledge of the workings of the commission’s modus operandi. What is your own view as a member of the Inner Bar? You see, I disagree vehemently with that assertion and I think it is laughable. This is because I know some serious minded Senior Advocates of Nigeria that are good either for prosecution or defence. This is just as you have multitude of non-Senior Advocates that are bad. Besides, even where a SAN is not particularly proficient, he has several hands in his chambers that he can dispatch for detailed research works. Yes, SANs do not specialize in prosecution or defence alone and this may have been the reason for the assertion. But let’s go to the Ministry of Justice where there is a Director of Public Prosecution (DPP). However, we have to be sure that these DPPs have been thoroughly trained in the act of prosecution. It should not be a case of someone who has just spent two years in civil litigation and was drafted to public prosecution. But if there is a system where for instance, someone was employed as a state counsel about fifteen years ago and today he has risen to the level of a Deputy Director of Public Prosecution, Director of Public Prosecution or Principal State Counsel, then, we can say such an individual should go ahead with prosecution because he has gone through the ranks. But can we boast of that at the moment? The issue isn’t whether or not you are a SAN. Effective and efficient prosecution is a factor of a couple of things, one of which is the depth of investigation. If the investigation is thorough and the officers who are doing the investigation have the privileged of studying the elements of the offence and established those elements in their investigation, the prosecution will have an easy way through. But, if the investigation does not reveal facts upon which the elements of an offence can be proved, then, there is nothing that can be achieved, even by the DPP. So, investigation must be thorough. Sec-

ondly, the counsel, whether SAN or not, must have a firm understanding of the law on that matter. Prosecuting or even defending is not a game of trial and error. It is either you know it or not. If all these ingredients are present, I want to say that a Senior Advocate who knows what he is doing will go ahead and make a success of the prosecution of any case.

advocates today. Like I said, having regard to the principles of judicial precedents that we operate, some of the judgements of these strong judges of the days of old are still directing the way our judgements should go nowadays. This is an essential part of the common law tradition. So, I do not see any difference between the judiciary of the past and at the moment

Judiciary has received several bashings especially since this administration was inaugurated, what is your assessment of the third arm of government? Well, you don’t have to agree with me but I want to say that the Nigerian judiciary is a very strong judiciary. The workings of our courts are essentially based on precedents. We have had very articulate, highly intellectual and knowledgeable judges and we still have them. You only need to sit down and read the quality of our judgements. It is because of the inherent problems which we are not frontally addressing that is making people to feel that the judiciary is not working. Some cases of monumental importance have been decided by our judiciary. An instance is the tenure elongation issue. Ultimately, the Supreme Court will also have a say in the novel matter that arose in Kogi State with regards to our elections. Let me say here that the provisions of the Constitution are mere letters until they are interpreted by our courts. It is these interpretations that give life to the Constitution. Now, as to whether we have a weak Bar, I want to say that in terms of advocacy of lawyers that constitute the membership of the Bar, we have strong and seasoned advocates. These are people that have invested in the profession and are passionate about their court’s advocacy. But I will love to see a strong and more virile NBA that will be ready at all times to sanction any erring member of the Bar. I also want to see an NBA that will speak out against any bad judgement. We use to have NBA journal in those days. This is where judgements and cases are addressed by outstanding lawyers, both in the classroom and in the courtroom; the Bar that will intervene in national issues promptly and that will offer constructive criticism and alternative suggestions. I believe that if we address the inherent problems in the administration of justice system in the country, we will get exactly what we want. If we can just take the bull by the horn and amend the Constitution by allowing, for instance, an appeal from the High Court of Lagos State to go to the Appeal Court of Lagos State and ultimately to the Supreme Court of Lagos State, then, we will get over the hiccups.

Do you think we need separate courts to handle corruption cases? You see, I have not been able to persuade myself to go along with those that are advocating for separate courts to handle corruption cases. This is because even as at today, there are specific judges for EFCC cases in our courts at different jurisdictions. In Lagos State, we have a High Court comprising about 46 or 47 judges. But we have specific number of judges that are handling EFCC cases. A good number of them are no-nonsense judges. Even though they still handle some other cases, but when you appear before them, you will know that they still give special priorities to EFCC cases. So, that can continue. If before, you have five separate judges handling EFCC cases and if you have more EFCC cases now, you can increase the judges’ number to ten. But if you say you are establishing separate courts for corruption cases, the question is, are you also going to establish separate appellate courts for corruption cases? If the answer is no, then, of what benefit is the establishment of separate corruption courts which judgement will ultimately terminate at the Supreme Court? Besides, we know that appellate courts take cases as they come. This goes to the issue of structure. The present structure of our judiciary is inherently built on delay. It is a triangular kind of structure. At the base of the triangle, we have the High, Federal, State, Industrial and so many other courts. At the appellate level, we have the Court of Appeal with about 16 divisions nationwide. In most of the divisions, we have only one courtroom except Lagos, Abuja and probably Port Harcourt with more than one courtroom. Now, at the final level, you have the Supreme Court. We only have one apex court, even though, we have three courtrooms. Going by the nature of Nigerians, not less than 80 and 85 per cent of our cases terminates at the Supreme Court. So, if you have about 3,000 judgements at the lower court, of this number, not less than 2,700 will go to the Court of Appeal. Out of the 2,700, about 2,600 will end up at the Supreme Court. It goes on like that. So, you will see that the delay is inherent.

Is there any comparison between today’s judiciary and the old? I don’t see any difference. I operated under a principal for six years and with very profound respect to my principal, I knew the level of his legal practice. We also have icons in those days like F. R. A Williams, Chief G.O.K. Ajayi and so many others; we also have strong

I will love to see a strong and more virile NBA that will be ready at all times to sanction any erring member of the Bar

What do you think is the way out of the problem? Well, this is a federal system of government. A federal system of administration should be put in place. If each state of the federation has high courts in their domain, they should also have appellate courts. There should also be Supreme Court in each state. This means only matters of constitutional importance that has to do

with the entire country will go to the Federal Supreme Court. This will address many problems. The plan to re-open unresolved murder cases by the Federal Government is seen by many as being politically motivated and an exercise in futility considering the length of time these incidents have happened. What is your view on this assertion? I don’t know why anyone will say that nothing will be achieved. First, there is no statute of limitations in criminal matters. Also, every single life is very important. Injustice to one is an injustice to many. If a whole Attorney-General of the Federation can be murdered in cold blood and we cannot say these are the people responsible, these are the people that have been prosecuted and whether they have been discharged or convicted, then, the whole system is in danger. That in itself is an incentive to many more murders. The reason why people will not commit offence is when they have the fear that they will be caught and punished. But where you believe that if you commit an offence you will get away, people will continue to commit offence. If only because of this understanding, I support the federal government’s position to review and re-investigate those cases with a view to getting the culprits and ensure they face the law. We can’t say that nothing will be achieved at the end of the day. Let the government try first. I prefer to try and fail than not to Adesina try at all. I am not concern with what the government’s motives on this issue are. Rather, I am concern with the supremacy of the law, even if heaven will fall and the sanctity of life. That is the only way to maintain a sane society and allow law and order to function. Where people can be killed anyhow and the killers will be working the street as free men is an indication that no one is safe. Let these killings be investigated and let us forget whether or not it will succeed. We have got to start from somewhere. I think we should even extend it to those murders under military regime. Do you share the view that security votes and immunity for governors and the president be scrapped? Well, with regards to security votes, I am in full support that it should be scrapped. I don’t know what purposes it is serving. There are rumours that some governors can get as much as N500million as security vote per month. Security

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accommodate part-time legislature deter others, do you agree? I do not subscribe to death penalty for looters of public fund. This may be due to my religious background. If somebody has not given life, he has no right to take it. It is God that gives life and no society has the right to take it. Instead of taking people’s lives, the problem should be addressed chronically. Looters that are jailed must be made to know why they ought not to steal. By the time you kill somebody that is the end of everything. He or she might not even know the enormity of the offence. Let the person be alive to suffer the pains. The laws are there to take care of everything. The looted funds can be re-

against who? Is it the duty of the governors to maintain security? Let there be specific budget that will go to the law enforcement agencies like the police and others that are saddled with the responsibility of maintaining security. However, if governors are to continue to get the security votes, every Nigerians must know how much was given to each state governor and how it is spent. On the issue of immunity, I don’t subscribe to its removal. Even, in a more civilized society, immunity is still in place. The essence is to prevent those in charge of governance; the president, vice-president, governors and their deputies from distractions. As Chief Executives, they are looking after our lives and every single minute matters in their time. So, any distraction will not be in the interest of the governed. The business of the state will also suffer. This is the way I look at it and I don’t think we need to remove it. Some lawyers believe that only death penalty for looters of public funds will

covered and looters jailed. The courts are there to try them. Even, if looters are to be killed, they still have to pass through the court. Assuming we even support death penalty, who will sanction it? Is it not the court? What is your appraisal of President Muhammadu Buhari’s graft war as it is believed to be one-sided? There is no way there will be no noise. I have heard arguments that the fight against corruption is one-sided. But I think the fight is a process and I don’t think the process has ended yet. I believe the authorities will respond to issues as they come. I don’t think it is a war that can be started and ended in a day, month or year. Once it is embraced by the entire country, it does not matter how long it last. That is why all Nigerians must see it as our war and not Mr. President’s war. If we see it as our war, then, even if Buhari’s tenure ends, whosoever succeeds him will continue from where he stopped. So, it is a process of sanitation and it can’t start and finish in a day. For me,

I believe that the law, in all ramifications, must be followed in the antigraft war. Nigerians are worried over what appears as ‘inconclusive’ elections under Prof. Mahmud Yakubu’s INEC leadership. Do you also have cause to worry? I am very worried about it. This is because we did not have this experience under the immediate past INEC Chairman, Prof. Attahiru Jega. He conducted several elections and we did not have this recurrent scenario. I think we have to look at this in all perspective. Both INEC and the politicians have to take things easy. It is also the duty of the government to provide security for INEC for the commission to perform its job satisfactorily. The law is there because of non-conformists who are mostly seen among the politicians. The law must be able to deal with them. So, if INEC continues to hold violence responsible for the inconclusiveness of elections, we are then saying that we are being overwhelmed by violence and that the law is not able to deal with the situation. This is a dangerous trend. So, INEC must put its house in order and ensure that the job is done at all cost. Politics is a do or die affair in Nigeria. This is because of very many benefits attached to it. We should make it unattractive to every Dick, Tom and Harry. I am one of those who have been saying that the Constitution does not envisage a situation where we have full-time parliamentarians at the National Assembly. The Constitution says once they sit for 182 days in a year, they are okay. If I worked for only 182 days in my office, I have worked for only half a year. There was a time, I think between 1979 and 1983 when some legislators who were lawyers will be seen in court anytime the house is not sitting. Chief Debo Akande of blessed memory was a member of the House of Representatives. Anytime the house was not sitting, you will see him in his wig and gown. So, legislative business should be part-time. Let it only be attractive to those who have accomplished and are successful in their business career and are genuinely ready to serve. It should not be for those who want to make money. That is why it is becoming a do or die affair. There are Nigerians today who believe that the best way to make it is to be in politics and they will do everything possible to be there. That is the problem. If it is no longer financially attractive, you will see that only genuine servants will go there. What is your view on President Buhari’s contention that lawyers and judges are clog in the wheel of the fight against corruption? Well, there are three arms of government. You have the Executive, the Legislature and the Judiciary. Each of these arms has got their own responsibilities under the Constitution. These responsibilities are founded on a system. Unlike the executive and the legislative arms of government, the judiciary operates under a strict system of practice and procedures, either civil or criminal. The judiciary operates under provisions of the law, that apart from generalised principles, there are specific provisions of the law that must either be applied or that must be specifically followed.

Otherwise, a whole trial may amount to a nullity. With some of these provisions of the law, it may be difficult to short-circuit a trial to attain a quick dispensation of justice. Everybody is fully aware of the statement that justice delayed is justice denied. Just like you are also aware of the corresponding statement that justice hastened is justice denied. So, the concern of the president is well known because he is looking at some of these issues from his background as a military officer who believes in quick recording of achievements. Secondly, the president has a goal which he has set for himself to achieve and he is looking at the period it is taking for him to achieve this goal which appears to be uncomfortable for him. One must give him his due that having regards to the level of what he met and the heights that he has set for himself, it is not his fault that the system is not moving as fast as he desires. It is because it is not moving as fast as he wants that has given rise to that statement. Now, I believe that so many issues are involved. For example, in order to fast track our criminal dispensation of justice, the National Assembly has enacted the Administration of Criminal Justice Law. The law has specific provisions that have tried to help in limiting the delays being experienced in our criminal justice system. For instance, there is a specific provision in the law that applications for stay of proceedings should not be granted under any guise. Therefore, where a counsel applies for a stay of proceedings, it is totally out of the law and the application should be thrown out by the judge. But there is a little to which the law can address a situation if the attitude of the practitioners are also not addressed. We need to address the attitude of practitioners. We also need to address the infrastructural decay in the system. This has largely contributed to the delay we have in our justice delivery system. The number of judges is certainly not enough. We need to appoint much more judges. The number of courts is not even enough. You enter into a court today in Lagos and you will see the cause list of a judge running into 32 in one day. How will the judge do it? What miracle will the judge perform? Secondly, there are instances where a number of judges in our various courts are still recording proceedings in long hands. At times, when counsel are making submissions, judges do ask them to slow down because they were recording. All these have a cumulative effect on the period it takes from arraignment to judgement in a criminal matter or from filing the case to judgement in a civil matter. So, I believe the time has come to also introduce technology into our system and make it functional. Secondly, we need to build more courts and appoint more judges. We also need to look at the remuneration of these judges. People will not feel tired when they love what they are doing. Somebody cannot be fulfilled if he believes he is not adequately being compensated. On the attitude of practitioners, I want to say that where frivolous applications are made, the judges must exercise their powers. We see more of these frivolous applications nowadays in some of the cases. CONTINUED ON PAGE 23

22 Law|news

NBA canvasses good governance, diversification of economy at confab

Emmanuel Masha Port Harcourt

he unprecedented human traffic along Moscow Road, Port Harcourt, was understandable. Lawyers, mostly decked from head to toe in their legal outfits thronged the Civic Centre, venue of the 56th biennial conference of the Nigerian Bar Association, (NBA). Themed “Democracy and Economic Development,” the conference was attended by observers from Rwanda, Ghana, South Africa and the United States as well as 8,000 delegates from across the country. Despite the carnival-like atmosphere at the venue, the conference was another opportunity for the NBA to reflect on key national issues, take bold positions, and change leadership baton. After days of deliberations, the NBA in a communiqué urged the federal government to separate religion and tribal sentiment from governance since it could damage the government’s integrity. Besides, it called on the federal government to adequately fund university education in the country and equip the military to enable it face insurgency confronting the nation. It equally pledged to take active interests in the happenings in the North-East and Niger Delta region by setting up a task force to assist victims of the conflict. Also the NBA urged the National Assembly to amend Military and Prison Acts in line with best global practice while it advised the military to “return to its ethics and educate the young officers on the ethics of military profession to achieve good conducts.” From Mr. Augustine Alegeh, SAN, the mantle of the NBA leadership was handed over to Mr. Abubakar Mahmud (SAN), who pledged to tackle judicial corruption and “make the legal profession unattractive for corrupt lawyers,” just as he stressed the need for the Economic and Financial Crimes Commission (EFCC) to only investigate suspects, while prosecution should be done by an independent resource prosecution agency. According to Mahmud, the EFCC deserved commendation for its current work and achievements in the fight against corruption, it has to be “repositioned, re-equipped and retooled to confront the problem of corruption on a consistent and sustainable basis. “Going forward, the NBA must demand the reform of the institution itself. We need to define its mandate more narrowly and more clearly. In my view, its broad objective as an investigative and prosecurial agency should be reviewed. I recommend strongly that the EFCC be limited to investigation.” Mahmud declared that the NBA anti-corruption committee would be mandated to develop clear recommendations toward enhancing the fight against corruption and improving the effectiveness of the agencies involved and that the NBA would seek for urgent reforms to reposition the judiciary and make it play crucial roles. For the judiciary to be free of any suspicion, he said the vision of the new Bar system must be geared towards reinventing the Bar, by the skills

Rivers State Gov., Nyesom Wike (pointing) with lawyers at the conference

and knowledge of its members. He said: “The vision and fight for the new Bar system must continue and lawyers need to brave up for the challenge, the insurgency spurring up in the country; inequality, the expectancy, internal conflicts, poverty and failure of the legal order is dysfunctional in the dissemination of criminal justice. “Our top priority will be to fight for a clean judiciary, to give out plausible solution; not only criticism and the judiciary must give out consistency predictable utterance and also in the area of electoral practices. The judiciary must be free from any form of corrupt allegation and other illegality.” Before the conference gathered momentum, Vice President, Prof. Yemi Osinbajo, while declaring the event opened, had urged the NBA to support the federal government in managing the nation`s resources based on its capacity as a strong advocate for democratic governance and socio-economic equity in the country. The Vice President, who was represented by Mr. Abubakar Malami, Attorney-General of the Federation and Minister of Justice, described the conference theme as necessary in a democratic environment for every citizen to achieve his full potential, noting the new course would be anchored on the principles of integrity and accountability in the management of such resources. Osinbajo also charged them to assist government in ensuring the safety and security of the people and economic prosperity of the country. He said: “Lawyers can contribute to this core objective by promoting respect for the rule of law and putting the country above self interest in the advice they give to their clients or the services they render to them in the course of their duties.” However, Governor Nyesom Wike, who two weeks earlier had played host to the Guild of Editors in Port Harcourt, urged the NBA to help save the country’s democracy, alleging hostility to his government by powerful forces. In an address, Wike called for “responsible governance, respect for the rule of law, respect for human rights,

Lawyers can contribute to this core objective by promoting respect for the rule of law and putting the country above self interest

including socio-economic rights and an independent judiciary.” He also called for “proper exercise of democratic rights, including voting and having the votes count, peaceful protests and criticism from opposition parties.” Wike said: “Regrettably, in these and many other acts of impunity perpetrated either directly or indirectly against the people of Rivers State, and elsewhere across the country by national institutions funded and sustained with taxpayers money, the NBA has maintained a worrisome degree of silence and indifference, despite the clear danger they pose to the survival and progress of this country. “As a free citizen of this country, my take is that we must all undertake to fight and defeat impunity to enable democracy flourish and deliver good governance and economic prosperity to our people. Therefore, I wish to emphasize that part of our individual and corporate roles, as members of the NBA, is to protect our democracy from being destroyed by leaders who hold the system in contempt, using our voices, the law and the justice system as our basic tools. “Indeed, we elevate society and our profession when we fight to uphold democracy; when we fight at all times for the independence and integrity of our justice system, when we fight to protect universal access to our courts; when we fight for free and fair elections; and when we defend the constitutional rights of all Nigerians to peacefully congregate for lawful purposes. “At the same time, we stand condemned when we take our democracy for granted and do nothing when undemocratic forces subvert the rule of law, assault our democratic freedoms, hold every one of us down as captives; and when we keep mute in the face of continuing injustice and repression. “Time was when the NBA not only acted as the conscience of the nation, never afraid to take principled positions on critical national issues, and never tired of fighting to entrench the rule of law. Wike’s wife, Justice Eberechi Suzzette Nyesom-Wike called on

monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

African women groups to network and sponsor bills that will address emerging challenges that confront women and children. She made the call when she received the African Women Lawyers Association, led by its President, Mrs Mandy Demechi Asagba. Justice Wike pointed out that the challenges faced by women and children in Africa evolve on a regular basis, hence the need for appropriate legislations to tackle them. According to her, some countries in Africa are still backward in terms of the promotion of women and children rights, pointing out that a coordinated approach will resolve such issues. She said: “The time has come for African Women to look towards moving things forward for ourselves. We have done well for ourselves, but there is still much to do. I have passion for issues that concern women and children. We shall continue to work with groups to promote the rights of women and children. “We should come together to sponsor bills in our various parliaments, so that we can get legislations that promote the rights of women and children “. Borno State Attorney General and Commissioner of Justice, Hon. Kaka Shehu Lawan, at the conference’s plenary session, attributed the emergence of Boko Haram to bad governance. He said that if not for impunity on the part of some political actors, there would not have been anything like the Boko Haram sect, which activities he noted had led to the loss of countless lives in the last few years. He took a swipe at a former governor of the state, Alhaji Ali Modu Sheriff, for creating insecurity, which metamorphosed into Boko Haram. He said that Modu-Sherif deserved to be arrested. Lawan stated: “Ali Modu Sheriff was a former governor of Borno State for eight years and left the state in a state of insecurity. The issue that happened in Borno, the insecurity that brought us to this situation we are in, was as a result of bad governance, illiteracy, lack of respect for the rule of law, impunity in the administration of Ali Modu Sheriff, which the federal government then, did not checkmate his excesses and it escalated to this level. “And up to today, he is moving freely and nobody is talking to him. All hands must be on deck, if, actually, justice must be done to the hundreds of people that were killed in the Federal Republic of Nigeria. “He should be arrested. He should be investigated. He should be interrogated for the facts we have just mentioned in Port Harcourt here. His records were known to everybody, even you media men. The federal government is aware; the state government is aware; you media men are aware. They are not facts; they are notorious facts. All and sundry are aware. Can he deny that fact, that he was a governor between 2003 and 2011? Can he deny that Muhammed Yusuf freely operated between 2003 and 2009 and the aberration laws he passed?” He said that the era when Boko Haram regrouped and carried out coordinated attacks was over: “…As a member of the Security Council, I would tell you that Boko Haram has been relegated to the background. They are at the fringes of Chad and Sambisa forest. So, you have to encounter some of these skirmishes here and there because it is guerilla warfare.”

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Osinbajo lauds legal innovations Foluso Ogunmodede

ice President Yemi Osinbajo has applauded some innovations in the legal profession, describing them as capable of solving myriads of conflict verdicts being churned out by the judiciary. Besides, the Vice President said a new device-LawPavillion Prime launched at the 56th biennial Conference of the Nigerian Bar Association in Port Harcourt, the Rivers state capital last week by LawPavillion was capable of providing ‘historical statement of all of the different twists and turns in a particular legal topic’. He said: “Things have changed dramatically, but I think that what LawPavilion has done is to take this a notch higher with legal analytics. As it is pointed out, legal analytics is not the same with electronic law reporting because what legal analytics does is that it helps lawyers to actually derive legal opinion. In the past, of course, if you are researching a point you’ll have to find out for yourself whether there were conflicts in the cases or conflicts in the authorities; that was up to you to find out, or you had to go and look for it in a textbook if there was any. But now, just by using this particular software, it will tell you if there have been conflicts in the cases, how many there have been historically. So you can actually have a historical statement of all of the different twists and turns in a particular legal topic so you can tell what the High Court said, what the Court of Appeal said, what the Supreme Court said at various times on the same point.”

Olugasa

However, LawPavillion managing director, Mr. Ope Olugasa in an address entitled “Setting Standards: The Future of the Legal Profession”, said the new devise, LawPavillion Prime was a proof that the practice of law

Police arraign guards for stealing N6.5m goods Akeem Nafiu

olice in Lagos have arraigned three security guards before Chief Magistrate Oluyemisi Adelaja of an EbutteMeta magistrate’s court for allegedly stealing a container laden with goods worth N6.5 million. The accused persons, Kabiru Aremu (30), Sadu Muyideen (26) and Razaki Anofi (40) were docked on a two-count charge of conspiracy and stealing. They however pleaded not guilty to the charge on arraignment. Chief Magistrate Adelaja however granted them bail in the sum of N500, 000 each with two sureties each in like sum. One of the sureties, according to the magistrate, must be a house owner who must show evidence of tax payment to the state government. Further hearing in the matter has been adjourned to September 19. Earlier, the prosecutor, Insp. Chinalu Uwadione had informed the court that the accused persons allegedly committed the offence on August 5 at about 11.00 p.m. at Dangote Warehouse at Eric Moore in Surulere.

He alleged that a 20-ft. container with goods valued at N6.5 million, property of Istabarragin Nig. Ltd, which was kept in the custody of the accused persons had disappeared without any trace. The offence was said to have contravened Sections 285 and 409 of the Criminal Law of Lagos State, 2011.

CP Lagos, Owoseni

had gone beyond the medieval periods when laws were on ‘tablets of stones’ and authorities being cited from law reports. Olugasa said: “Times are changing, technology is impacting human interaction and businesses in more

ways than one, and legal practice is evolving amidst all of these advancements. Nevertheless, history has shown that the practice of law has evolved with changing trends and technology over the centuries. When man was in the cave, tribal rules and regulations were written upon tablets of stones, not electronic tablets. In 4,000 B.C. ancient Egyptians invented the first substance like paper from papyrus, and legal practitioners moved to write the laws on rolls. When in 1440, the printing press was invented by the German Johannes Gutenberg, based on existing screw presses, the legal profession moved into books. But the first computer resembling today’s modern machines was the Analytical Engine, a device conceived and designed by British mathematician Charles Babbage between 1833 and 1871. Consequently the world moved into law e-library. “This 2016 and this day, we unveil to you a new technology in Africa, that will enable our legal practice catch up with the rest of the world. We are introducing the next era, the future of law practice, which has come upon all of us. Welcome to the Age of Legal Analytics. “Before now, when there are questions of law and justice, such answers and legal authorities were tediously sought, leafing through volumes of law books and case indexes. But poring through a law book doesn’t readily divulge how many authorities are contained in one principle; likewise having an eLibrary doesn’t tell you how valid or relevant such authorities are, though it may tell you how many authorities exist. Law books store legal authorities/answers but until you look close enough and often beneath the surface, a legal practitioner risks not finding the hidden authorities. All of those headaches are by gone in the age of legal analytics. Legal Analytics doesn’t just provide you with search results, It gives you correct answers.”

‘Why Constitution must accommodate part-time legislature’ C O N T I N U E D F R O M PA G E 2 1

So, there is a need to re-invigorate the disciplinary mechanism of the legal profession. The last administration of the leadership of the NBA under Austin Allegeh, had even expanded the scope of what constitutes misconduct over which a counsel can be punished. This, I think should be extended to the way we handle our cases in court. Also, as regards the Bench, the judge must be able to assert his position. Where a lawyer brings an application which the judge knows is a calculated attempt to delay the matter, the judge must exercise his powers by striking it out. In the days of old, law of contempt was one of the areas that controls the way things were done. Where a counsel exceeds a legitimate limit, run foul of the law and there is every reason to believe that he is in contempt of the court, the law of contempt must be applied to sanction such erring lawyer. It is sad that nowadays, many judges don’t employ such coercive powers anymore. I believe these are some of the things we need to do. The issue of conflicting court judgements has been a major problem for the judiciary. How do you think it can be tackled? Yes, I agree with you that it is a major problem. This has also been the concern of the body of Senior Advocates. But it is a problem that has a solution. The

judgement of any court is a product of the issues of law and facts submitted to it. So, if a particular law is not cited before a judge or a case before the judge is not predicated on a particular law, the judge is bound to decide the case within the ambit of the law and facts presented before him. This means the judgement of another judge with the benefit of better facts will be different. However, the Supreme Court is always available to resolve issues like that. The position of the apex court will remain the position of the law on the matter. I think the problem we have is that these cases are not determined by the Supreme Court early enough owing to mountain of cases at the apex court. I think the best we can do to address this problem is for legal practitioners to be more detailed and ensure that every fact that has to do with a particular matter are put before the court. Also, there has to be some creativity in administrative positions with regards to the filing of cases through which filing of similar cases before two or more courts of co-ordinate jurisdictions by lawyers are discouraged. This will however involve technology. We need to move from manual to technology in the operations of our judicial system so that once a case is filed, similar once are brought to the screen. Ultimately, this will help in reducing incidents of conflicting judgements.

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monDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Lawyers differ on FG’s Chibok schoolgirls’ swap C O N T I N U E D F R O M PA G E 1 9

close our eyes on other people who have been rescued recently as a result of Operation Crack Down. The issue of exchange is purely for our respected political leaders. The military would continue with our operation.” Should the federal government go ahead with the planned swap of the detained insurgents with the schoolgirls? Lawyers said no, yes. While some vehemently kicked, describing the planned swap as dangerous and illogical as it would lead to bad precedent, others believe there was nothing beyond measure by the government in exchange of the abducted schoolgirls. To a Senior Advocate of Nigeria, Chief Mike Ozekhome while quoting a former President of America, JF Kennedy, as saying that “you should never negotiate out of fear. There are times that we have to stoop to conquer’’, said we are talking of lives here; we are talking of little children, fairly between the ages of 10 and 16 years, taking into the wilderness by Boko Haram. “The parents of these little children are traumatised; they cannot sleep and they cannot eat. They do not know the fate of their children. Shekau has said initially that he will sell the girls into slavery; he has changed his position to exchanging them for the arrested Boko Haram people. The question now is what is the way out? Ozekhome went on: “I therefore do not say that the idea of negotiation with Boko Haram is so alien to the government, that it is suddenly a taboo. The government has been accused that it was playing a game of stick and carrot. We are now talking about human lives. This is one area where I throw my weight behind the government of Nigeria, to negotiate with these people to release these little innocent girls. Some of who will become ministers, governors and top government functionaries in Nigeria.” Another Senior Advocate of Nigeria, Mr. Chris Uche asked government to leave every option open, saying there was the need for the government to explore all options and possibilities to get the girls back to their parents. Mr. Johnson Igiebor described the swap deal as a very difficult approach to get those girls back. Igiebor said: “It would be difficult for anybody to say the Boko Haram detainees should not be released in order to get the Chibok girls back. Otherwise, what would prompt a sovereign nation to begin to negotiate with hoodlums? The identities of the Boko Haram leaders are unknown. You cannot trust them when you make an agreement with them. This is like the government of the United States negotiating with Iran on an exchange of prisoners. These are people we do not even know. It is a very tricky issue. “But if a swap deal is what it would take to get the girls back, we have to do it. However, whoever would mediate between the government and the insurgent group has to be very credible. He has to be sure that if we release the detainees, the girls would come back. Are the girls still alive? We need to be sure. The insurgents claimed that bombs killed some of them. How many of them are still alive? Is the video that

Buhari

has triggered the fresh controversy real? These are the critical questions we must ask. Unfortunately, there is no credible representative of the group that these questions could be addressed to? This is because we are dealing with faceless people. “So, it is difficult to ascertain the truth in what the group is saying? Supposing this is a ruse and the government goes ahead to release the detained insurgents, who would the government hold responsible? And how is the government going to report to the people that it failed in such a sensitive mission? But beyond logic, the girls are members of the society, hence, it is important that government does what it needs to do to secure their freedom. “We have used the stick effectively. We can now use the stick and carrot approach. The government should be willing to go into negotiation. The girls have suffered a lot in the hands of the insurgents. So, we cannot ignore any avenue that may lead to the successful release of the girls. I support the call for negotiation. “When you are negotiating, there are always goalposts. Boko Haram has placed its goalpost, asking the government to release its members who were captured with a promise that it would reciprocate by freeing the Chibok girls. I suspect that the new leadership of the group may end the hot war if the government agrees to sit down to discuss with the group. But in negotiating with them, there should be an element of verifiability. Boko Haram must trust the government enough to allow the Federal Government to see the captives physically. The girls and their families are suffering. So, we must not raise their hopes and reach an agreement with the sect, fulfill our own side of the agreement just to find out that there are no girls to be released. “Also, the deal should be expanded beyond just a swap. The group must be ready to take the negotiation to a second phase, which is ending its terror activities. And if that must happen, the Federal Government should be ready to give amnesty to those who would lay down their arms and pledge allegiance to Nigeria.”

Buratai

All we want is for you to release our brethren, otherwise, you will never get these girls, God willing

Another lawyer and rights activists, Mr. Kayode Ajulo said that the Federal Government should negotiate with the group and release the girls. He said: “It should release the detained insurgents so that they could release the girls. You cannot sacrifice the girls on the basis that the detained insurgents would wreck havoc on Nigerians if they were released. The argument is not logical because government does not know the capacity of the insurgents in its custody. You also have the time to plan a countermove ahead of tomorrow. But you do not have an option to the release of the girls who had been in captivity for over two years. “The excuses the current administration is giving are not different from those of the past administration. What has changed between the past administration and the current one? It is the same demand from the Boko Haram sect; the same excuses from the two administrations. The government should negotiate with the group and release the girls. Anything we must do to free the Chibok girls must not be dismissed. But looking at the antecedents of swap negotiations, we cannot be sure whether the insurgents are saying the truth or not. So, the fear is whether the Boko Haram insurgents would fulfill their part of the agreement if we release the detainees. “I remember that the past administration went through a similar process. At the end, it appeared like a trick. But the experience must not discourage us. The girls have families. People have expressed doubts over whether the girls are still alive or not. But Boko Haram has just released their video and photographs. That means that they are alive. I know there are a lot of political and security dimensions to the advocated negotiation. But the most important thing to Nigerians is the release of the girls.” FIDA member, Christianah Aboi urged government to seriously consider anything that would aid the release of the Chibok girls. She said: “I do not have the details of the swap discussion. But it is important that government takes every opportunity to facili-

tate the release of the girls. And if negotiating a swap is an option that would get traction, the government should consider it. Even Israel and Palestine have been making swap arrangements. “For me, the swap proposal is a light at the end of a long tunnel. We should not allow the light to disappear. We should take advantage of it to release the girls from their captors. There would be experts who know how to negotiate and what to negotiate. They should be involved. Those people should be able to know the prisoners in the detention that would be considered qualified for a swap. Prisoner swap is generally not an open-ended exercise. There should be preconditions that would guide the process. The government should approach the process with the required seriousness to give Nigeria a relief.” Benjamin Ugorji noted that the government has done the right thing by exploring dialogue as a path to resolve the problem. He however disagreed on the planned Boko Haram insurgents’ swap with the schoolgirls, describing it as legally and morally wrong to propose the release of the suspects in exchange for the innocent girls. Ugorji said: “That is not acceptable. The people terrorising the country cannot give terms and their demands are irritating. It is the height of ignorance. You have harmed people and you are asking that some people should be released from detention before you can release the girls. They are trying to ridicule the government and our nation. I am not happy about the whole situation. There are experts who can handle the negotiation with the sect. But their condition is not right.” Toyin Bamgbose said: “The two sides are holding hostages, although the Federal Government may say it is holding criminals. It may be the beginning of a peaceful resolution of the problem. The Federal Government has no alternative than to dialogue. The offer should be accepted as it will give room for meaningful dialogue.” But Dennis Olawale described the swap deal as unfortunate and uncalled for. He said: “I cannot support that. The children have nothing to do with their claims, what they want and what they are fighting for. If they want to fight the government as terrorist, they can fight the government. But they cannot be seizing girls. Why should they go to schools to disrupt the peace of the place? I don’t support the idea of conditional release of the innocent girls. Let them release the children to their families and embrace dialogue. Why should faceless people give conditions to government? While nothing would be too much on the side of the government to ensure that the girls are released and reunited with their families. The government should however be wary of succumbing to demands by terrorists as it would send a wrong signal in future to others who would want to blackmail the nation when it is faced with such situation in future. I think the Federal Government should follow the lead from the release video about the girls and track them down while it buys time with the exchange proposal.”

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Interview ‘TCN won’t condone corruption’

Business WHAT'S NEW Chinese, other carriers poach Nigerian pilots

Money Line Q3: Analysts predict -1.5% GDP contraction

34 36

Rates Dashboard INFLATION RATE July 2016.................................17.3% June 2016...............................16.5% May 2016............................15.6%

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

EXCHANGE RATE

(Parallel Market September 2)

(Interbank as at Septemnber 2)

USD . . . . . . . . . . . . . . . . . . . . . . N420 Pounds . . . . . . . . . . . . . . . . . . . N540 Euro . . . . . . . . . . . . . . . . . . . . . . N466

l Foreign Reserves – $25.417bn as at 31/8/2016

USD . . . . . . . . . . . . . . . . . . . N314.77 Pounds . . . . . . . . . . . . . . . . . . . N401 Euro . . . . . . . . . . . . . . . . . . . . . . N341

Source: CBN

p.26 L-R: Chief Executive Officer, Topaz Sports, Mr. Odogu Edwin; Executive Director, Heritage Bank, Mr. Niyi Adeosun and Managing Director, Lexicon Communications/ Project Consultant, Skoolymics, Mr. Moses Nwanze, during a press conference on Heritage Bank’s forum/presentation of Skoolymics in Lagos. PHOTO: SULAIMAN HUSAINI

Cashless: PoS transactions hit N368bn in seven month p.26

Brass, Olokola projects: Nigeria’s $10bn yearly income threatened •As IOCs foreclose return to ventures TROUBLED Delayed FID unsettles NNPC staff on secondment to OKLNG

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Adeola Yusuf

nternational oil companies (IOCs) will not return to multibillion dollars Brass and Olokola Liquefied Natural Gas (LNG) projects, a decision that has denied Nigeria $10 billion targeted annual revenues from gas. The Nigerian National Petroleum Corporation (NNPC), which holds major equities in the projects on behalf of the Federal Government, had, in a document at the time of the flagoff of the two major LNG projects, signed by the then Group Managing Director, Chief Funsho Kupolokun, said that the LNG projects, upon completion in 2010, would fetch government over $10 billion annually. New Telegraph gathered exclusively at the weekend that Shell, Chevron, British Gas (BG) and ConocoPhillips have foreclosed return of investments to the two projects. The IOCs who held various stakes in the projects pulled out at different times, citing different reasons.

An engineer seconded to the OKLNG from NNPC told New Telegraph that $14.5 million contract for the front-end engineering design of the Olokola Liquefied Natural Gas authorised by the corporation in 2014 is already in jeopardy. NNPC gave the contract authorisation to an indigenous engineering company, Delta Afrik Engineering Limited. Delta-Afrik is a relationship between Deltatek, a Nigerian company and its US-based partner, Worley Parsons. “Attempts have been made by officials of the Federal Government led by the minister of state for petroleum resources, Dr. Ibe Kachikwu, to woo Shell and Chevron back to the project. I am aware that the minister is also working with the Dr. Jackson Gaius-Obaseki-led management of Brass LNG to woo other investors. All these met brick wall from the IOCs who have said no going back to the project,” he said. The OK LNG project, he said, was stalled “because all the international oil companies (BG, Shell and Chevron) withdrew from the project, with only (Nigerian National Petroleum Corporation) left. “We cannot speak for other multinationals, but we are sure that the reasons for our exit from the OKLNG have not been addressed in anyway,”

$14.5 million

Being the valueof contract for the front-end engineering design of Olokola Liquefied Natural Gas authorised by NNPC in 2014

a Chevron source said. The Brass LNG project, which was designed to produce 10 million metric tonnes per annum, was to be built by the NNPC, Total, ConocoPhillips and Eni Group. But ConocoPhillips also withdrew from the project in 2013. The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, was recently quoted to have said that Total had informed government that it was also pulling out of the project. The sudden withdrawal from Brass LNG by Chevron, checks by New Telegraph showed, has also stalled the 2009 scheduled delivery date of the project, whose capex was $3.5 billion as at the flag off time. NNPC has also targeted over $10 billion annual revenues for Nigeria when the various gas projects embarked upon come on stream. Three LNG projects are currently awaiting FID in Nigeria, namely, Olokola LNG and $3.5 billion (N455 billion) Brass LNG project and NLNG Train 7. “The gas sector has recorded tremendous successes such that from a mere 197mmcf per day in 1999, the country has moved to five billion mmcf with a projection of about 20 billion cfpd by 2010,” the NNPC document showed. CONTINUED ON PAGE 26

BUSINESS |NEWS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Chinese, other carriers poach Nigerian pilots GREENER PASTURE Facing shortage at home, carriers are dangling lucrative pay packages at Nigerians Wole Shadare

igerian pilots are looking beyond the country for greener pasture, as there are indications that China and other wealthy nations are poaching some pilots that have been thrown out of job. Chinese airlines need to hire almost 100 pilots a week for the next 20 years to meet skyrocketing travel demand. Facing a shortage of candidates at home, carriers are dangling lucrative pay packages at foreigners with cockpit experience and Nigerian pilots are billed to benefit.

Nigeria’s $10bn yearly income threatened

Giacomo Palombo, a former United Airlines pilot, said he’s being bombarded every week with offers to fly Airbus A320s in China. Regional carrier, Qingdao Airlines, promises as much as S318,000 ($415,000) a year. Sichuan Airlines, which flies to Canada and Australia, is pitching $302,000. Both airlines say they’ll also cover his income tax bill in China. Air traffic over China is set to almost quadruple in the next two decades, making it the world’s busiest market, according to Airbus Group SE. Start-up carriers barely known abroad are paying about 50 per cent over what some senior captains earn at Delta Air Lines and they’re giving recruiters from the US to New Zealand free rein to fill their captains’ chairs. With some offers reaching $26,000 a month in net pay, pilots from emerging markets, including Brazil and Russia, can quadruple their salaries in China, said Dave Ross, Las Vegas-based

president of Wasinc International. Wasinc is recruiting for over a dozen mainland carriers, including Chengdu Airlines, Qingdao Airlines and Ruili Airlines. Recruits preferring to live outside China earn a bit less, but are offered free flights home to visit family members. Also on the negotiating table are: signing bonuses, overtime pay and contract-completion payouts. Earlier this year, Ross saw the monthly pay check of a pilot at Beijing Capital Airlines who earns $80,000. “I looked at that and thought: ‘Man, I’m in the wrong line of business,’” Ross said from Vienna, where he was interviewing candidates for Chengdu Airlines. “They can live like kings.” Nigerian pilots with experience and considerable flying hours may benefit. Already, some of them have started dusting their licences for possible recruitment into China’s aviation industry while others have applied for job placement.

Over 600 Nigerian pilots are said to be out of job. This figure comprise those that graduated many years ago from Nigerian College of Aviation Technology (NCAT) but have never worked and those who trained overseas; the other group is that comprising pilots who were engaged but lost their jobs due to economic recession that has hit the nation. Before now, over 500 pilots had been roaming the streets, but that figure has gone up in the last one year, as airlines find it extremely difficult to carry out scheduled operations. A former pilot with Bristow Helicopters, Capt Dung Rwang Pam, told this newspaper that the sad aspect of it is that there are many pilots in Nigeria that have never flown since they graduated, noting that by now they should have been elevated to the position of captains if they had been flying. He said that for those who are good, experienced and still have age on their side, they would

easily be poached by not only airlines in China, but carriers in America, Europe and other parts of the world. A former Director General of the Nigerian Civil Aviation Authority (NCAA), Dr. Harold Demuren, had recently warned that the poaching of Nigerian pilots and engineers to Europe and the Middle East would pose a real problem for domestic and African carriers in five years’ time if left unchecked. Demuren said pilots and engineers were being offered thrice the amount of salaries currently being received in the country by foreign airlines. He said this was a dangerous signal not only for the aviation sector but also for the nation’s economy, adding that for this reason, many domestic airline operators in the country have refused to train pilots for fear that they would be taken away by foreign airlines; instead going for the ones already trained by others.

CONTINUED FROM PAGE 25

Although the chairman of the BrassLNG, Jackson Gaius Obaseki, expected Final Investment Decision (FID) on the project “in the next couple of months, “the renegotiation of contract rates, commercial terms, scope of works and reclassification of contracts and purchase orders from dollars to naira denominations in compliance with the Central Bank of Nigeria, CBN’s directive have been put under threat by the recession facing the country.” Gaius-Obaseki, however, said that the project site security contract for pre-FID had been awarded, while the Enterprise Resource Planning, ERP, a robust tool that will automate and create seamless processes within the company has been completed. He insisted that the Brass LNG project was still very feasible and on course, despite the low price of crude oil in the international market. He said: “We are not oblivious of the price collapse in the crude oil market, which must have caused concerns about the project viability and ability of the shareholders to execute same. In the light of this, management has taken steps to review the project concept with a view to drastically reviewing the capital expenditure (CAPEX). “Report presented to the Board on this subject is very encouraging and makes the project realisable even in the current environment; without compromising the integrity of the project.” The pull out by Chevron and Shell is still hunting the continuation of the project, an employee in the construction phase of the project said, adding that himself and his coworkers risk being disengaged.

L – R: Zonal Director (NESREA) North East, Wuave Terwase Daniel; Gombe State Commissioner for Environment, Hajiya Sa’adatu Sa’ad Mustapha; Business Executive, North East, Sterling Bank Plc, Alhaji Abbas Yerima and the Permanent Secretary, Gombe State Ministry of Environment, Adamu J. Pukumah, at the second phase of tree planting initiative of Sterling Bank Plc in the state.

Cashless: PoS transactions hit N368bn in seven month IMPRESSIVE Industry records 54 per cent growth over last year’s figure for the same seven months period Kunle Azeez

alue of card transactions on point of sales (PoS) terminals in Nigeria has hit N367.87 billion in the last seven months, New Telegraph has learnt. According to the latest electronic payment industry report obtained from the Nigerian Interbank Settlements Systems (NIBSS), the transactions were executed between January and end of July this year. The data revealed that the industry had been witnessing a monthly increase in e-payment transactions executed by Nigerians on the over 60,000 Point of Sales (PoS) terminals deployed

by merchants in the country. According to the details of the July report, in January, February, March and April, this year, PoS transactions were valued at N46.65 billion, N46.14 billion, N51.96 billion and N53.28 billion respectively. In May, the monthly PoS transaction figures rose to N55.136 billion; N55.292 billion June and by the end of July, the figure was N59.397 billion. Comparatively, Nigeria has recorded more impressive transactions in the first seven months of this year than the transaction value recorded during the same seven-month period last year. In 2015, PoS transaction value stood at N237.868 billion as against N367.87 billion this year, representing growth of 54 per cent over last year’s figure. In 2015, Nigerians transacted N448 billion on some 62,000 active PoS terminals deployed across the country, according to the NIBSS report. In January 2015, PoS transactions stood at N31.7 billion; in

February - N30.9 billion and by March, the figure had increased to N33.5 billion monthly. Also in April, May and June, the value of PoS transactions carried out by some of the 42 million Automated Teller Machine (ATM) holders-carrying bank customers stood at N34.6 billion; N35.9 billion and N34 billion respectively. The PoS transactions increased to N36.9 billion in July; but slightly dropped to N35.8 billion in August and further regained its growth momentum in September with transaction seating at N39.6 billion. The country recorded its highest PoS transaction volume and value in the last quarter of 2015 with transactions standing at N41.5 billion; N40.2 billion and N53.4 billion in October, November and December respectively. Further analysis of the study showed that PoS recorded an average of N1.5 billion daily transactions throughout last year. This newspaper noted that

the report indicates that the cardholders are doing more transactions on the PoS terminals across the country, a development, which experts have linked to increased public confidence in the e-payment system. Commenting on the figures, Chief Executive Officer and Executive Secretary of the Electronic Payment Providers Association of Nigeria (E-PPAN), Mrs. Regha Onajite, said: “More and more people are beginning to be aware of the importance and efficiency of adopting an electronic payment platform such as PoS for payment when they go shopping.” She, however, advocated increased awareness among private and public sectors to deepen electronic payment transaction adoption in the country. According to the report, while there are 141,787 PoS registered terminals, only 119,126 have been deployed while less than 100 of the deployed are actually being used for services.

BUSINESS | MOVERS, SHAKERS AND APPOINTMENTS

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Purchasing institute gets new chair

he Chartered Institute of Purchasing and Supply of Nigeria (CIPSN) Lagos State chapter has elected Akeem Bello as its chairman for the next two years. Bello, according to a statement, is a Chief Procurement Officer in the Lagos State Procurement Agency and former Personal Assistant to the pioneer general manager of the agency. He began his career in 1992 in a private sector before joining the Lagos State Civil Service in 2004 as a scientific officer. Bello, a resource lecturer with the Chartered Institute of Purchasing and Supply, Nigeria and Yaba College of Technology (Yaba Consult), has been involved in Public Sector Procurement, especially on projects funded by

Bello

World Bank and other multilateral development banks in the last 10 years. He is a certified pro-

curement specialist by Inter national Training Centre-International Labour Organisation, (ITCILO), Turin, Italy and also a member of the Institute of Professional Managers and Administrators of Nigeria (IPMA). Bello is a member of the editorial team of the Lagos State Procurement journal and a columnist in the Journal. His contributions to the development and standardisation of procurement documents, development of training modules, capacity building and conversion of procurement officers in Lagos State are immeasurable, the statement added. Also, the new chairman has facilitated several procurement trainings/ workshops across the country.

Auto firm engages 200 ex-militants

nnoson Motors has employed 200 Niger Delta ex-militants, who were trained in automobile technology and plastic manufacturing. Special Adviser to the President on Niger Delta and Co-ordinator, Presidential Amnesty Programme, Brig General Paul Boroh, in a statement, explained that the ex-militants were offered permanent employment by the company. He explained that the programme was part of an Education-for-Employment Initiative conceived by the presidential amnesty office and some of its key partners,

for youths in the Niger Delta region. Boroh noted that the 120 exmilitants who were trained in automobile technology, were able to build a 31-seater bus from the scratch to completion on their own. The training, which is a partnership with the Innoson Group, had 120 beneficiaries training in automobile technology and 80 in plastic manufacturing at the InnosonKiara Academy in Anambra and Enugu states respectively. Borro said: “Innoson Motors has offered 200 of them appointment. I urged them to immediately take up the appointment because they still

have much to learn.” He also explained why about 71 former Niger Delta militants who were trained abroad as pilots are unemployable. Boroh said the pilots were trained in Lufthansa, Jordan, South Africa. He said that without them undergoing the type-written training, they would be unemployable. However, he pointed out that plans had been concluded to send them back to complete their training in type-written, even as he emphasised that the trained pilots were already looking forward to it.

Agric association elects new executive

Iyama

ederation of Agricultural Commodity Associations of Nigeria (FACAN) has reelected Dr. Victor Iyama as president. Other officers elected to run the affairs of the association for two years according to a statement, are: Alhaji Sheriff Balogun, deputy president; Bello Dogondaji; GeneralSecretary, Hajia Rukkayat Ismaila; Treasurer, Hajia Jumai Abubakar, Financial Secretary; Mr Henry Olatujoye, Public Relations Officer; Mr Musa Labaran, Auditor and

Bayo Ajibade, Assistant General Secretary. Inyama called for policies that would support farmers to produce food to meet growing domestic and global demands. He sought investment in food surplus storage and promised a market for food surplus produce. Nigeria, he said, has enjoyed surplus food production but the challenge is to increase storage. He noted that the association would empower smallscale farmers and smallholders to ensure food security and use agriculture to drive economic growth.

NPA elevates 26 to AGMs

NBET appoints new managing director

igerian Bulk Electricity Trading Plc (NBET) has announced the assumption of office by Marilyn Amobi as the new managing director/chief executive officer of the company. In a statement by the company, Amobi took over from Waziri Bintube, who has been serving in acting capacity since the tenure of Rumundaka Wonodi, the pioneer managing director/CEO of the company, lapsed earlier in June 2016. She started her career as an investment banker and later a retail banker. Amobi according to the statement, has served as an energy electricity and natural gas policy advisor in Europe, North America and Africa. She obtained Doctor of philosophy (Ph.D) from CASS Business School, City University, London and her graduate degree in Economic Regulation and Competition from the Department of Economics in the same university, while her undergraduate degree in Economics was obtained from the University of Nigeria, Nsukka. Under license from the Nigerian Electricity Distribution Company (NERC), was established as a special purpose vehicle for carrying out the bulk purchase and re-sale function of electricity as contemplated by the 2005 Electric Power Sector Reform Actor (EPSRA). To drive investment in Nigeria’s power sector, NBET has a robust capitalisation from the Federal Government of Nigeria and is the Federal Government’s anchor agent for World Bank and African Development Bank guarantees for the power sector.

NBET purchases electricity from the generating companies through Power Purchase Agreements (PPAs) and sells the electricity to the distribution companies through vesting contracts. Osakwe

Amobi

igerian Ports Authority (NPA) has approved the elevation of 26 principal managers to assistants general manager. The Managing Director of the authority, Hajia Hadiza Usman approved promotions according to a statement. The principal managers promoted to the position of assistants general manager were Dr. (Mrs.) Osakwe Margaret (Medical); Engr. Wada Musa Atayi (Civil Engineering); Engr Ajibola Sylvester Olagoke (Electrical Engineering); Akpa Christiana Ekwutos (Pharmacy); Isa Suwaid of the Public Affairs Department, Western Ports; Yakubu Nana Asmau and Oyinlola Oluyemisi, both of the Legal Depratment; Engr Orji Chukwu Nnadi (Civil Engineering), Mrs.

Suwaid

Ibrahim Aisha Ali (Traffic). Aliyu Mohammed Alfa (Personnel) and Engr. Nwankwo Sylvanus (Civil Engineering). It listed others as Abdulrahman Lamina (Commercial) and Ezeoke Eunice Ngozi (Operations/ Port Manager Lagos Port Complex) The others are Engr. Ogundele Oluseyi (Calabar Port); Ahmad M. Umar (Accounts); Odunsi Opeoluwa Alfred (Accounts); Noah Mathew Alaba (Traffic); Engr. Odoh Anslem Everistus (Dockyard); Abowh Patricia Alero (Training); Bello Hadiza Ahmadu (Admin); Engr. Ngini Chukwuma (Utilities); Engr. Omiwole Olukayode (HSE); Obikili Ngozi Stella (HSE) and Yusuf Lawal (Audit).

BUSINESS |STOCK WATCH

he current state of Nigerian economy, which recently slipped into recession, has reawakened strong reasons why the populace and authorities should key into insurance. This is because the greater number of the population are under daily threat from not only risks emanating from natural disasters such as floods and rainstorms, but also security risks like the threat of Boko Haram, kidnapping and other heinous crimes, which are taking their tolls on the populace on a daily basis. Despite the contribution of the sector to the nation’s economy, shares of insurance companies quoted on the official list of the Nigeria Stock Exchange, unlike other sub-sectors of the economy, rather than appreciating in value, have remained relatively stagnant, even as a larger percentage of the companies have remained at the nominal price of 50 kobo at which they were quoted. Challenges of poor power supply, weak infrastructure, the continuing insurgency in the North East and the activities of the Niger Delta militants have contributed in no small measure to slow down the pace of growth in the industry and the general economy at large. As a developing nation, the challenges for Nigerian insurance companies also include enforceability of insurance regulations and the inability of the sector to be creative in terms of product offerings. However, the effective enforcement of the regulations on premium collection and remittances by the National Insurance Commission (NAICOM) has resulted in dramatic improvement in the cash flow of insurance companies. The results for the industry are progressive in nature and the evidence is clear that while premium growth remains modest, growth in investment income is remarkable and resonated with insurers. The situation is expected to improve further because there are more compelling reasons why the nation’s citizenry as well as governments should take insurance more seriously. Since the crash of the nation’s capital market in 2008, negative perception has trailed the subsector compounded by the inability of more than 85 per cent of the firms to pay dividend to shareholders. Market watchers linked the inability of the subsector to rise above the nominal level to crisis of confidence, which, according to them, the few ones that raised high expectation for good results ended up with negative bottomline. There fear is that investors are not likely to see any dramatic upswing to movement in the price of insurance stocks in spite of regulatory efforts. According to them, insurance mirrors the economy and if the economy does not produce new manufacturers, grow existing ones, SMEs sector remains stifled, and supply chain to tap micro insurance not developed, there would be no significant growth in the industry.

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Economy takes toll on Royal Exchange As the insurance industry suffers major challenges due to prevailing economic atmosphere, Royal Exchange Assurance Plc is battling the milieu to stay afloat and also improve profitability, CHRIS UGWU reports.

Muktari

Royal Exchange Plc as one of the companies that have got fair share of the rough economy has also remained at nominal level in share price. The insurance firm has witnessed fluctuations in financials in the last two quarters of 2016, with the first quarter results showing green light, just as the premium income also improved. Like most of its peers in the industry Royal Exchange’s share price on the Nigerian Stock Exchange has remained stagnated at nominal value of 50 kobo year-to-date, following negative sentiments that have enveloped the demand of most insurance stocks. The group had ended the financial year 2015 in the negative note as the year saw a loss after tax of N1.298 billion as against a profit after tax of N304.730 million recorded a year earlier. Financials

Royal Exchange Plc ended the financial year December 2015 with a loss after tax of N1.298

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 30

N0. 50

There is a need for fresh capital to enable Royal Exchange take advantages of coming opportunities

billion as against a profit after tax of N304.730 million recorded a year earlier. The group, in a filing with the Nigerian Stock Exchange, also reported a loss before tax of N896.961 million in contrast to profit before tax of N139.540 million in 2014. The company’s gross premium written stood at N10.790 billion during the period under review from N9.425 billion reported in 2014. Royal Exchange began the year 2016 in an impressive note with 326.96 per cent growth in profit after tax for the first quarter ended March 31, 2016. The insurance firm posted a profit after tax of N154.714 million for the first quarter ended March 31, 2016 as against N36.236 million recorded a year earlier, accounting for a growth of 326.96 per cent. Also the group reported a profit before tax of N227,520 million in contrast to N50.670 million in 2015, an increase of 349 per cent. However, the company’s earnings returned to the limbo as the group posted 20 per cent drop in profit before tax for the second quarter ended June 30, 2016. Royal Exchange reported a profit before tax of N251.672 million for the second quarter as against N314.975 million recorded a year earlier, accounting for a drop of 20.09 per cent. However, the group reported a profit after tax of N171.138 million in contrast to N170.242 million in 2015, a marginal increase of 0.53 per cent. However, the group came in with an appreciable leap in premium income a signal that customers are patronising the company’s products, in spite of tough operating environment. For the first six months through June 2016, Royal Exchange’s gross premium written increased by 34.31 per cent

to N8.43 billion from N6.27 billion as at June 2015. Gross premium income moved by 17.40 per cent to N6.45 billion in June 2016 as against N5.50 billion in June 2015. Net premium income moved by 5.24 per cent to N4.33 billion in June 2016 from N4.12 billion as at June 2015. Experts say the impressive at the top lines means the company’s underwriting performance is efficient. Total Net Claims paid for the period under review amounted to N1.95 billion, an increase of 42 percent from half year 2015, which was N1.37 billion. Commenting on the results, Group Managing Director of the company, Alhaji Auwalu Muktari, said: “The half year results on the top-line items witnessed significant growth which shows that Royal Exchange as an insurance group, is focusing on its growth objectives set out at the beginning of the year, by participating in large-ticket financial transactions, as well as playing in the retail insurance market.” Future outlook/fresh capital

According to Muktari, “despite the very harsh operating environment being witnessed in the Nigerian economy today, we are greatly optimistic that by focusing our efforts on aggressive sales of our various product and service offerings, increasing our presence and participation in the retail sales space, reducing our operating costs profile and embarking on various expense optimisation strategies, we will be able to surpass our financial targets set for ourselves at the beginning of the year.” One of the key growth strategies for Royal Exchange Plc, according the GMD, is the proposed listing of a N3 billion bonds on the floor of the Nigerian Stock Exchange. Muktari said that in line with the on-going reforms being undertaken by the regulator, NAICOM, there is a need for fresh capital to enable Royal Exchange take advantages of the coming opportunities that will arise in the course of the reforms taking place. He further added: “Royal Exchange will, in the years to come, continue to be an aggressive player in the retail market in Nigeria and will be looking at different strategies to increase its product offering and visibility in the marketplace, while not losing track of the corporate market, where the returns and margins, are dwindling.” Conclusion

Lack of awareness on the part of people about the benefits of insurance and the inability of insurers to introduce innovative and market driven products has remained the major impediments to the growth of insurance business in Nigeria.

DAILY STOCK MARKET REPORT 29

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

BUSINESS | Capital Market

The Nigerian Stock Market Exchange as at September 2, 2016

INSURANCE

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

PENETRATION Regulator on verge of improving insurance products distribution channel for enhanced penetration L-R: 1st Vice President, Nigeria Employers’ Consultative Association (NECA), Dr. M.J Yinusa; President, Mr. Larry Ettah and Director-General, Olusegun Osinowo, during the 59th Annual General Meeting of the association in Lagos

Sunday Ojeme

he National Insurance Commission (NAICOM) has reaffirmed the need for insurance operators to conduct their businesses appropriately and be guided by the code of good corporate governance. Commissioner for Insurance, Mohammed Kari, admonished the operators who gathered for the 2016 Insurance Professionals Forum of the CIIN Giving in Abeokuta. He noted that the code of good corporate governance plays an important role in the success of any institution. He said: “We have observed a correlation between technically and financially deficient insurance companies with corporate governance problems. We see this as negligence on the part of the board either in performing its oversight functions and/or the board itself actively involved in unprofessional practices. “The effective performance of the corporate governance code and market conduct practice are for the benefit of all and it makes the management of the professional resource easier for the company and it also ensures stability in the market. Regulators despise instability; however. stability does not necessarily mean maintaining status quo.” Kari pointed out that the com-

NAICOM reaffirms need for good corporate governance mission, like all concerned, recognised the need to increase the penetration of insurance services in Nigeria through the creation of alternative distribution channels and had gone far on the preliminary work and draft guidelines in this direction. “We acknowledge the market and the players could meet challenges as we seek to establish these channels. We, however, believe that in the new spirit of consultation, we shall scale those hurdles. This preliminary works being done include the review of existing intermediation structures; this would also enhance partnership with other sectors of

the economy,” he added. The commissioner noted that the time had come to speak professionally and act like the true insurance professionals in the course of performing or conducting business. He noted that the failure to observe the tenet in the past had caused the industry so much reputational injury, saying that the current effort of the insurance underwriters to change the perception of the public about insurance was timely and laudable. He tasked all other sectors to join “with their widow’s might to ensure the success of the project.” The commissioner, who

Lagos pays N918.7m to another set of retirees

he Lagos State Government in the month of August, 2016 has again, paid 180 retirees from the Mainstream Civil Service, Local Governments, State Universal Basic Education Board (SUBEB), Teachers Establishment and Pension Office (TEPO) and other parastatals of Government, their Pension entitlements worth N918.703 million. The payment according to a

statement, has brought the number of retirees paid between August 2015 and August 2016 to 4,104. The total accrued pension rights paid by the State government for the period, amounts to N16.951billion Speaking at the 30th Retirement Benefit Bond Presentation Ceremony, which took place between Monday, 29th to Tuesday, 30th August 2016 at the Office premises, Alausa, Ikeja, the Director-Gener-

FBNInsurance gives N250,000 to indigent students

n line with its corporate social responsibility and sustainability policy, FBNInsurance Limited has awarded scholarships worth N250,000 to indigent students of Aragba Primary School, Aragba-Orogun, near Abraka, Delta State. Speaking at the cheque presentation ceremony, which held at the palace of the traditional ruler of Aragba Kingdom, the Managing Director, FBNInsurance Limited, Val Ojumah, in a statement, restated the commitment of the company to solid CSR initiatives that will better the lot of the people and the society where the business operates.

“Education has no substitute. Getting children in these villages to stay in school is a problem. With this scholarship, we hope more children would be inspired to stay in school while their parents would be relieved of some of the financial burden involved in sending them to school,” Ojumah said. Head, Marketing and Corporate Communications, FBNInsurance, Elizabeth Agugoh, said: “As a corporate entity, we are not going to pretend we don’t know the challenges in our society. We do, and that’s why we have put together a virile CR&S policy aimed at contributing our bit to the betterment of our society.”

al, Lagos State Pension Commission, Folashade Onanuga, reiterated the commitment of the Governor of Lagos State, Mr. Akinwunmi Ambode, to the well-being of both serving and retired officers, and to all residents of Lagos State. According to the statement, she advised the retirees to live modestly and focus on healthy living rather than engage in frivolous spending which rather, than add value to their living diminishes it. She encouraged them to maintain one form of exercise or the other and also beware of pension fraudsters. The Bond certificate recipients were full of praises and thanks to His Excellency for not abandoning them at this crucial time in the history of Nigeria, according to the statement. “We voted for Ambode and he has not failed us”. He is the Joseph of our time who, in a period of hardship ensured that there was plenty in the land, may his star continue to shine!, they said. In a related development, the Lagos State Pension Commis-

commended the Chartered Insurance Institute of Nigeria (CIIN) for the annual programme, noted that the professional forum had come a long way and offered every participant the opportunity of interaction and exchange of ideas to keep track of developments within and outside the Nigerian insurance industry. Kari said: “I would have wished issues of the Individual professional and the profession always get the front burner in the CIIN’s outings. The market associations have always done great in dealing with the macro issues as expected. “The professional is more

often than not left unguided on developments and trends in his or her line of carrier. Remember, professionals attend this conferences for self-developmental purposes for which MCPE points are earned. Where is the development if macro issues occupy all our discussions? “This observation is not ignoring the efforts of the Institute in ensuring an “educated” entry level into the profession. The requirement for some minimum entry certification for professionals has definitely raised the bar, however, what happens there after must be given the appropriate importance it deserves,” Kari noted.

PFAs unit rate for RSA Fund as at 26th August, 2016 S/No PFA

Unit Value - RSA

DATE

Premium Pension

3.0685

26-Aug-16

Crusader Sterling

3.0282

26-Aug-16

ARM Pension

3.0052

26-Aug-16

Stanbic IBTC

2.9191

26-Aug-16

Legacy Pension

2.8574

26-Aug-16

NLPC Pension

2.7049

26-Aug-16

Pension Alliance

2.6373

19-Aug-16

Trust Fund Pensions

2.6088

26-Aug-16

First Guarantee Pension

2.5369

26-Aug-16

Sigma Pension

2.5127

26-Aug-16

Leadway Pensure

2.4484

26-Aug-16

AIICO Pension

2.3498

26-Aug-16

Fidelity Pension

2.1566

26-Aug-16

FUG Pension

2.1259

26-Aug-16

Apt Pension Managers Limited

2.0822

25-Aug-16

AXA Mansard

2.0627

26-Aug-16

OAK Pension

2.0566

26-Aug-16

BUSINESS | INSURANCE

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

Amosu tackles insurers over battered image

he Governor of Ogun State, Senator Ibikunle Amosu, has called on insurance operators in the country to redeem the industry’s poor image. He made this call while declaring the 2016 Insurance Professionals’ Forum in Abeokuta open. The governor urged insurance firms to make maximum use of the investment opportunities available to them to strengthen their liquidity position to enable them meet the claims of policyholders. The governor, who was represented by his Deputy, Yetunde Onanuga, stressed that effort should be made towards restoring public confidence in the ability of the industry to deliver and redeem its obligations to clients. The forum is an annual event organised by the Chartered Insurance Institute of Nigeria (CIIN). He noted that he had observed that majority of Nigerians were yet to embrace the culture of patronising insurance companies, hence, the need for the institute to engage in public education and enlightenment programmes that would enlist the interest of people in the business. He enjoined insurers to extend some of their programmes to the rural areas in order to tap the potential at the grassroots. He said, “There is the need too for insurance companies to redesign their products and services in such a way that would meet the ever changing behavioral pattern of our people. In doing so, concerted efforts should be made to ensure that the economic environment and social behaviour of our people are integrated into the policy formulation and marketing strategy objective of the insurance companies. “Another area, which the insurance industry is yet to fully explore is the life policy and pension insurance scheme. This can really make long term funds available for profitable investment in the insurance sector. It seemed to me that lack of insurance life portfolio has made our insurance companies to be caught in the web of low investments and needless competitions with other actors in the money market. “The only area that is popular with our insurance companies is the group life policies. With the advent of democracy, insurance companies should brace up to attract the political class to embrace the life insurance policies.” He said that the theme of this year’s forum: “The Insurance Industry, National Economic Shift and New Business Realities,” could not have been more apt, as there were more than ever before in the history of the nation, the need for diversification of the economy. “The reality has dawn on all of us on the urgent need

to diversify our economy to the non oil sector and as major players in the economy of the country, insurance professionals must come up with robust ideas and policies that can help cushion the palpable fall in revenue in the economic process. “Undoubtedly, as the call for the diversification of the economy is on the increase, and investors are being wooed to invest in agriculture, mining, export promotion, amongst others, this gathering through robust delib-

erations, must come up with possible template that would not only assure investors of the safety of their investment, but that would ensure them of insurance driven environment, which will bring high yields on their investments. “Without doubt, the prevailing social economic situation of the economy, requires that the institute should attempt a critical reappraisal of some of the contemporary issues in the professional practice of insurance business in order to promote the industry

forward,” he added. Amosu pledged that his administration would continue to remain open to all genuine collaborations from professionals, individuals and corporate organisations towards the successful implementation of its mission to rebuild the State. Earlier in her address, the President of the CIIN, Lady Isioma Chukwu, urged insurance professionals to key into the vision of the government’s economic diversification activi-

ties and position the industry appropriately. “It is common knowledge that the simultaneous development of the various sectors of the economy will energise economic activities, promote investment and impact on the demand for other ancillary support services such as Insurance. The Insurance professionals must therefore key into the vision of the government’s economic diversification activities and position the industry appropriately,” she said.

L-R: Executive Director, Finance and Systems, Leadway Assurance Ltd,Tunde HassanOdukale; General Manager/Head of Retail, Tinashe Muyambo; Executive Director, General Business, Ms. Adetola Adegbayi; Territorial Sales Manager (North), Total Nigeria Plc, Muftau Balogun; Retail Marketing Manager, Henrietta Isokpan during a Memorandum of Understanding agreement in Lagos

Leadway, Total parley on insurance distribution

eadway Assurance Company Limited has signed a Memorandum of Understanding (MoU) with Total Nigeria Plc, one of the leading major marketer of refined petroleum products and services in Nigeria, to deepen insurance penetration in the country. The MoU signed in Lagos allows for Leadway’s insurance products and services to be made available in some designated Total service stations across the country. It was signed by the Executive Director, General Business, Leadway Assurance, Ms Adetola Adegbayi, who represented the Managing Director/CEO, Oye Hassan-Odukale; and Territorial Sales Manager (North), Total Nigeria Plc, Muftau Balogun, who represented the Managing Director Total Nigeria Plc, Jean-Philippe Torres, In the first phase of the initiative, Leadway’s easy-to-use 3rd Party Motor Vehicle insurance recharge cards, according to a statement, will go on sale at the designated outlets nationwide. Subsequently, these stations will not only be used as pick up centers for Leadway Assurance products, they will thereafter serve as collation centers for all insurance related issues such as claims processing. Commenting on the partnership, Hassan-Odukale, said: “As an innovation-driven market leader in the Nigeria’s leading insurance industry, we are constantly seeking ways to make insurance products and services nearer, easily accessible and more convenient for our customers. We have developed our online infrastructure to provide realtime, online access and interaction for our clients. “The partnership with Total rein-

forces that quest to further take insurance closer to Nigerians, whilst affirming our commitment to superior service delivery. Indeed, with this partnership, our customers, who are also consumers of Total’s array of products and services would reduce their commuting time and cost to procure high value insurance products such as the motor insurance, at a single location.” The Nigerian insurance industry has been characterised by low market penetration and adoption resulting in the industry contributing less than one per cent to the nation’s Gross Domestic Product (GDP). The Total/Leadway partnership encourages better accessibility, proximity and ease of busi-

ness. Consequently, reinforcing standards and fostering more trust in the Nigerian Insurance Industry as a whole and positioning Leadway Assurance as a reliable insurer. Leadway Assurance is leveraging on Total’s wide retail network to reach out to motorists in particular and many more customers in remote areas where Total service stations are located, thereby bringing insurance closer to customers no matter their location. Also commenting, Torres said: “We are proud of the partnership with Leadway Assurance, a dynamic organisation, which shares our values of integrity, innovation, and superior service delivery. This is an association of caring brands.

Great Nigeria Insurance pays N0.7bn claims

reat Nigeria Insurance Plc has revealed that over N700 million was paid as claims between January and June 2016. A statement made available by the Corporate Communications and Brand Management Department, noted that General Business accounted for over 19 per cent of this figure while Life insurance business constituted about 80 per cent of the total claims settled within the period under review. Speaking on the claims report, the Chief Technical Officer, Folusho Alliyu, stressed the company’s affirmed commitment towards claims settlement. He equally mentioned that the continuous existence of any underwriting firm depended largely on its ability to fulfill its obligation to its customers as and when due. “Prompt claims settlement is not just an attribute but a culture that has been adopted by all personnel in Great Nigeria Insurance Plc. We do not intend to fall short of this obligation and we will continually strive to make good our promise of exceptional service delivery at every point in time,” he said.

He encouraged Nigerians to imbibe the Insurance culture as a vital part of their daily existence. On her part, the Managing Director/CEO, Mrs. Cecilia Osipitan, said insurance worked on the promise to pay compensation for any insured in the course of any eventuality. She urged all policyholders to ensure the immediate report of any loss experienced to the company to facilitate prompt settlement. She said that the firm had overtime upgraded on its processes and information technology infrastructure having realised that improved real time and cutting-edge technology in pushing the frontiers of its operations could not be undermined. Osipitan stated that the company had in place a responsive claim process, which ensures that customers do not go through any stress in getting their claims settled. “The processes, which involved from the moment a claim is reported to the period the customer receives the cheque have been made as seamless as possible”.

BUSINESS | Financial Market News

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

2-Sep-16

Bonds

FGN Bonds Issuer

Rating/Agency

Description 15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 14.50 15-JUL-2021 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 ^12.40 18-MAR-2036

Price

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

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

15.10 9.85 9.35 10.70 16.00 7.00 15.54 14.50 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

480.13 20.00 100.00 300.00 351.30 233.90 606.43 179.59 605.31 719.99 391.02 75.00 150.00 200.00 591.57 1075.92 250.00

TOTAL OUTSTANDING VALUE

6,330.16

TOTAL MARKET CAPITALISATION

5,690.59

Rating/Agency

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

Description

Issuer

17.25 FMB II 03-APR-2017

FMBN

Maturity Date

TTM (Yrs)

27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 15-Jul-21 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.65 0.90 0.99 1.74 2.82 3.14 3.45 4.86 5.40 7.53 9.39 12.24 12.72 13.21 13.89 17.87 19.54

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

19.82 20.39 20.61 18.32 15.00 15.01 15.03 14.87 14.82 15.11 15.24 15.22 15.21 15.21 15.21 15.18 15.25

19.56 20.19 20.42 18.20 14.93 14.87 14.91 14.78 14.74 15.04 15.17 15.16 15.15 15.13 15.14 15.12 15.19

97.17 91.68 90.32 89.00 102.17 80.49 101.32 98.69 105.67 95.98 86.53 98.74 84.82 62.20 70.21 81.47 82.36

97.32 91.83 90.47 89.15 102.32 80.79 101.62 98.99 105.97 96.28 86.83 99.04 85.12 62.50 70.51 81.77 82.66

6285.155565

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.90

03-Apr-17

0.29

2.94

19.36

99.40

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

0.63 0.58 1.33 1.14 1.15 1.34 1.34 1.52 1.73 3.22 1.80 4.23 4.33 2.56 2.58 3.14 3.35 3.38 3.32 6.46 3.46

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

20.77 25.38 21.98 21.17 21.13 23.39 23.11 22.82 20.38 17.02 19.15 16.24 18.69 18.40 16.83 16.53 19.03 16.02 17.54 16.63 18.06

93.90 94.01 91.14 93.27 93.23 90.51 90.22 91.24 93.44 93.86 93.72 91.77 89.29 92.59 96.39 97.60 94.22 101.16 99.87 101.26 97.41

0.90

TOTAL MARKET CAPITALISATION

0.89

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 20.55 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

429.51 402.16

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}

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

29-Sep-11

13.00

15.00

29-Sep-16

0.07

1.00

18.45

99.53

18.00 C&I LEASING 30-NOV-2017

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

14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00

5.53 112.22 116.70 66.49 20.00

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

0.14 0.27 0.63 0.84 1.08

1.34 1.00 3.55 5.25 1.88

18.16 17.15 23.32 25.51 22.25

99.32 99.54 96.13 93.43 91.51

30-Nov-12

18.00

0.36

30-Nov-17

0.76

1.88

21.94

98.11

09-Apr-11 09-Sep-11

16.00 18.00

3.60 1.82

09-Apr-18 09-Sep-18

0.85 1.02

3.15 6.35

23.42 26.90

94.67 92.85

09-Sep-11 30-Sep-11 18-Oct-13

16.00 14.00 15.75

0.50 35.00 1.50

09-Sep-18 30-Sep-18 18-Oct-18

1.02 2.07 1.13

1.00 1.17 4.42

21.55 18.46 24.64

95.33 92.55 91.96

MPR+7.00 DANA 9-APR-2018

*TOWER# *TOWER#

MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018

UBA *LA CASERA

15.75 LA CASERA 18-OCT-2018

14.00 UBA II 30-SEP-2018 #

*CHELLARAMS *DANA#{r} *FCMB NAHCO

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

MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

17-Feb-12 01-Apr-14

18.00 16.00

0.23 4.50

17-Feb-19 01-Apr-19

1.46 1.33

6.11 3.28

25.30 22.88

91.74 92.81

06-Nov-15

15.00

20.87

06-Nov-20

2.18

4.47

21.45

89.81

14-Nov-13 04-Dec-15

15.25 15.50

2.05 9.76

14-Nov-20 04-Dec-20

4.20 2.70

1.00 3.55

15.94 19.15

97.86 92.75

20-Nov-14

14.25

26.00

20-Nov-21

5.21

2.51

17.36

89.54

30-Dec-14

16.45

30.50

30-Dec-21

5.32

1.00

15.84

102.07

13-May-15

16.48

30.00

13-May-22

5.69

1.00

15.86

102.21

26-Oct-15 30-Sep-14

16.00 16.29

10.00 0.10

26-Oct-22 30-Sep-24

3.86 8.07

2.77 1.00

17.75 16.15

95.40 100.60

30-Sep-14 29-Jul-15

13.25 14.90

15.44 7.86

30-Sep-24 29-Jul-30

8.07 9.25

1.00 1.00

16.15 16.22

87.15 94.11

10-Oct-20

2.32

3.37

19.91

91.04

536.02

TOTAL MARKET CAPITALISATION

514.18

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

1.44

1.00

17.65

90.85

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.67

1.00

14.08

94.00

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

9.02

9.02 8.22

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.07 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.34

6.12

101.54

102.38

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.60

4.19

100.92

101.65

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.54

6.40

99.07

99.87

100.26

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,507.67

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.93

100.26

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

22.23

20.42

79.47

81.58

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

7.74

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

22.58

73.03

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

14.03 14.87 15.83

13.30 14.36 15.83

82.54 80.75 73.50

84.48 82.24 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

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

16.80

18-Oct-16

2.03

19.02

18.57

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,731.42 Description

Issuer

Issue Date

Yield @ Issue (%)

18-Apr-16

11.00

Commercial Papers A-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

16.80

**TREASURY BILLS^ DTM 20 34 41 48 55 62 76 90

FIXINGS Maturity 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16

Bid Discount (%) 13.49 16.44 14.04 15.40 14.08 16.09 13.93 14.99

Offer Discount (%) 13.24 16.19 13.79 15.15 13.83 15.84 13.68 14.74

Bid Yield (%) 13.59 16.70 14.27 15.72 14.38 16.54 14.34 15.57

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 15.0417 17.3384 18.3648 20.9441

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

13.00

Tenor

Closing Rate ($/N)

O/N

15.33

Spot 7D 14D 1M 2M 3M

314.77 305.50 307.00 307.50 310.50 311.00 312.00

Tenor Call 1M

REPO

Rate (%) 17.00 16.67

Bonds

FGN Bonds Issuer

Rating/Agency

15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 14.50 15-JUL-2021 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 ^12.40 18-MAR-2036

MONDAY, SEPTEMBER 5, 2016 NEW TELEGRAPH

ASSURANCE Trading in the top three Rating/Agency equities accounted for Agency Bonds 394.511 million shares TOTAL OUTSTANDING VALUE worth N4.397 billion TOTAL MARKET CAPITALISATION