New telegraph wednesday, march 23, 2016

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CBN raises interest rate to tackle inflation FG releases N350bn to revamp economy }5

Abdulwahab Isa Abuja

I

n a surprise move signalling the retention of

its tight monetary stance, the Central Bank of Nigeria (CBN) raised its benchmark interest rate from 11 per cent to 12 per

cent to tackle inflation, which rose sharply to 11.3 per cent double digit last February. The Monetary Policy

Committee (MPC), according to the CBN Governor, Mr. Godwin Emefiele, who briefed the press in Abuja yesterday, also

raised the cash reserve ratio (CRR) for commercial banks to 22.5 per cent from 20 per cent. It, however, left the liquidity ratio unchanged at 30 per cent. The fresh hike in the

Monetary Policy Rate (MPR) is coming four months after MPC approved a low interest rate of 11 per cent at its November 2015 meeting. These measures are CONTINUED ON PAGE 5

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Wednesday, March 23, 2016

Queen’s College: I'm being framed for sexual harassment – Teacher }8

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Vol. 3 No. 763

Osifala

Rivers rerun: US, UK condemn violence, irregularities }4

Wike

Cultists kill three Bayelsa varsity students }9

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Dickson

Pathetic last days of singer, Nomoreloss }6

N150

The late Nomoreloss

Army General in trouble over N4bn maritime funds Air Vice Marshals released from military detention Buhari directs probe of PICOMS }2 1

terrorists attack Brussels airport, 31 killed }44 3

1. The scene at Brussels airport immediately after the explosion 2. The train carriage damaged after the explosion at Maalbeek Metro station 3. Injured passengers at Brussels Airport

4 2

4. Inside Brussels' Zaventem Airport after the explosion 5. Policemen at a security perimeter near Maalbeek metro station… yesterday

5

Alleged N2bn bribe: Judge hands off Saraki’s suit lFG files criminal charges against Kuku, aides }3

Scientists record breakthrough in antibiotic-resistant bacteria

}7


2

NEWS

WEDNesday, March 23, 2016 NEW TELEGRAPH

Arm scandal: Army General in trouble over N4bn maritime funds Emmanuel Onani

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serving Major General has landed in trouble over his involvement in N4 billion maritime security fund. Impeccable sources told New Telegraph that the serving officer, who once headed one of the task forces in the military, collected the fund from the Nigerian Maritime Administration and Safety Agency (NIMASA) to upgrade some military facilities in one of the states in South-South. New Telegraph learnt that the officer had appeared before the presidential panel auditing arms procurement between 2007 and 2015. During his appearance before the panel, the Army

General stated that he collected the money to build some structures in a barrack in the South-South. The officer was made to write a detailed statement on the transaction. “The panel made some discoveries while probing funds meant for maritime security. In the process, a Major General was discovered to have collected over N4 billion from NIMASA to handle certain projects in one of the military formations in the SouthSouth, which he headed. “But from findings, what he spent from the N4 billion he collected was not up to N250 million. So, he has been interrogated by the arms panel and there was no convincing explanation on the utilisation of the huge sum. We strongly believe that he has a case to answer and

the officer will definitely be prosecuted in court by the Economic and Financial Crimes Commission (EFCC). He is not alone. There are other officers that have been implicated in the scandal,” a source familiar with the investigation told New Telegraph. The EFCC is currently probing some senior army officers over the arms scandal. The military handed over the officers to the anti-graft agency for further investigation over their involvement in the arms scandal. Also, the presidential panel auditing arms procurement may go beyond its earlier briefs, as indications have emerged that the 13-man committee has been mandated by President Muhammadu Buhari to investigate activities of the Presidential

Implementation Committee on Maritime Security (PICOMS). New Telegraph gathered from highly placed sources that Buhari's directive followed discovery of alleged massive fraud in some contracts and procurements by the committee. It was learnt that the panel will probe the committee's alleged breach of Procurement Act in the award of some contracts. "I can confirm that PICOMS is to be probed over possible breach of procurement act in some of its past activities. "You know the whole essence of PICOMS was for maritime security, but I think the president, who has zero tolerance for corruption, has been briefed on possible malfeasance in some areas," one of

the sources spoke in confidence. Former Chief of Defence Staff (CDS), Air Chief Marshal Badeh, who is standing trial over the arms funds, has been named in alleged N4 billion scam in NIMASA. Meanwhile, some of the Air Vice Marshals who had been held at a military facility in Niger Barracks, Abuja, have since been released. AVM R.A. Ojuawo, AVM O.T. Oguntoyinbo, AVM T. Omenyi and some other senior officers have been kept at the military facility over their alleged involvement in the arms deal. New Telegraph had exclusively reported their detention at the military facility. A source in the know of the development said the release was not total, as "their passports have been confiscated by authorities, while their movements have been restricted to Abuja." The Air Vice Marshals are also expected to regu-

68,000

The total number of followers on Twitter of Sone Aluko (Hull City) in 2016. Source: Goal.com

Founder, Tony Elumelu Foundation, Tony Elumelu (middle) and the Tony Elumelu Entrepreneurship Programme 2015 alumni in Lagos yesterday.

N19.07bn The total value of Nigeria’s import of machine-tools for working stone, ceramics, concrete etc. in 2014 Q4. Source: National Bureau of Statistics

National Assembly passes 2016 budget today Adeola Yusuf, Philip Nyam and Chukwu David Abuja

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fter postponing the laying of the N6.08 trillion 2016 Appropriation Bill for three consecutive times, both chambers of the Senate and House of Representatives yesterday received the final report of its joint committees on appropriation and finance, preparatory to the passage of the bill. It is expected that the National Assembly will pass the bill today, before proceeding on a short Easter break. The passage of the 2016 budget has been postponed on several occasions as a result of ''padding'' and other irregularities detected by the lawmakers in the bill submitted by President Muhammadu Buhari on December 22, 2015. President of the Senate, Bukola Saraki, yesterday declared that the 2016 bud-

get would be passed before Friday. Saraki made the declaration on his twitter handle. “The budget will be laid today (yesterday) for deliberation on amendments that were done and we will pass it before the end of the week. “The #Budget2016 wasn't sent to us just for the sake of it. It is our duty to make sure it is realistic and implementable. “…With this, the Senate intends to concentrate on the budget and to pass it before the end of the week,” he said in a tweet. In the Senate, the 2016 Appropriation Bill was laid by the Chairman, Committee on Appropriation, Danjuma Goje (APC, Gombe Central). The Senate received the report of the Conference Committee on the 2016, 2017 and 2018 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP). The Conference Committee report on MTEF

was presented by the chairman, Senate Committee on Finance, Senator John Enoh (PDP, Cross River Central). After receiving the three reports, the Senate resolved to stand down other items in the Order Paper and adjourned till today, in honour of a member of the House of Representatives representing Nasarawa/ Toto Federal Constituency of Nasarawa State, Hon. Musa Baba Onwana, who died last week. In the House, Speaker Yakubu Dogara said the House received the 2016 appropriation "because of overriding national interest." He said: "Today is really a sad day for us, but because of the overriding interest of the country, which of course is the budget, we will take only one item and we adjourn sitting till tomorrow (Wednesday)." Shortly after receiving the report, the House adjourned in honour of Hon. Musa Baba Onwana, who

died on Thursday, March 17. Until his death, Onwana represented Nasarawa/ Toto Federal Constituency of Nasarawa State on the platform of the All Progressives Congress (APC). The budget report, which was laid on the floor by the chairman of the appropriation committee, Hon. Abdulmumin Jibrin (APC, Kano) read: “That the House do receive the Report of the Committees on Appropriations and Finance on a Bill for an Act to authorise the issue from the Consolidated Revenue Fund of the Federation, the total sum of N6,077,680,000,000 only, of which, N351,370,000,000 only is for Statutory Transfers; Nl,475,320,000 only is for Debt Service; N2,648,600,000,000 only is for Recurrent (Non-Debt) Expenditure, while the sum of Nl,845,540,000,000 inclusive of N157,150,000,000 is for Statutory Transfers and N86,000,000,000 as Interest on Capitalised Loans, is for

contribution to the Development Fund for Capital Expenditure for the Year Ending on the 31st.” Before passing the budget today, the House is expected to pass the 2016-2018 Medium Term Expenditure Framework (MTEF), whose report was also received yesterday. The preamble to the MTEF report presented by the chairman of the committee on finance, Hon. Babangida Ibrahim (APC, Katsina) states that: “The House notes that the 2016-2018 MTEF and Fiscal Strategy Paper (FSP) of the Federal Government of Nigeria was passed by the House on Thursday, December 17, 2015 and transmitted to the Senate for concurrence. “The Senate passed same with some differences; The two chambers met in conference and adopted a harmonized version of the report. A clean copy of the conference report is ready for receipt and adoption.”

larly report to the authority pending the completion of their investigation by the anti-graft agency. The AVMs were part of the officers indicted by the presidential panel that probed the procurement of arms and equipment for the Nigerian Air Force (NAF) between 2007 and 2015. Some of the officers are on terminal leave and have since been quizzed by the EFCC. During the detention of the AVMs at the Niger Barracks, only their wives and lawyers were allowed access to them. New Telegraph learnt that the officers will face a court-martial any moment from now, before their trial by the EFCC begins, in the event that a prima facie case is established against them. As is the case in the military, the indicted officers may lose command, should the anticipated trial based on military rule finds them guilty of such offences as may be preferred. The president had ordered the EFCC to conduct further investigation on the indictment of former Chief of Defence Staff (CDS), Air Chief Marshal Alex Badeh (rtd) as well as ex-Chief of Air Staff (CAS), Air Marshal Adesola Amosu (rtd). While Badeh has since been charged to court and subsequently remanded in Kuje prison pending fulfillment of bail conditions, Amosu remains in the custody of the EFCC, as there are no reports of appearance in court yet. Apart from Badeh and Amosu, other officers indicted in the second interim report, were: Air Marshal MD Umar (Rtd), Major General ER Chioba (Rtd), AVM IA Balogun (Rtd), AVM AG Tsakr (Rtd), AVM AG Idowu (Rtd), AVM AM Mamu, AVM OT Oguntoyinbo, and AVM T Omenyi. Others were: AVM JB Adigun, AVM RA Ojuawo, AVM JA Kayode- Beckley, Air Cdre SA Yushau (Rtd), Air Cdre AO Ogunjobi, Air Cdre GMD Gwani, Air Cdre SO Makinde, Air Cdre AY Lassa, Col. N Ashinze and Lt Col. MS Dasuki (Rtd). The decision to probe the officers, according to a statement issued by the Senior Special Assistant on Media and Publicity to the President, Mallam Garba Shehu, followed the submission of an interim report to Buhari by the presidential panel on audit of arms procurement in the military. Garba said the procurement processes were arbitrarily carried out and generally characterised by irregularities and fraud.


NEWS

WEDNesday, March 23, 2016 NEW TELEGRAPH

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Alleged N2bn bribe: Judge hands off Saraki’s suit Tunde Oyesina Abuja

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ustice Abdul Kafarati of the Federal High Court sitting in Abuja yesterday withdrew from a suit seeking to stop the ongoing trial of the Senate President, Dr. Bukola Saraki, before

the Code of Conduct Tribunal (CCT). His withdrawal was hinged on the allegation that N2 billion bribe was traced to his bank account. The matter, which was earlier fixed for judgement, could not go ahead as the trial judge said he was left with no option than to hands off the mat-

ter after his attention was drawn to two online publications alleging that he has been compromised by the Senate President. Justice Kafarati, however, lamented that his integrity was gravely maligned in two separate reports carried by Sahara Reporters and Naij.com, which, he said, claimed

Tourism contributes $7.2trn to global economy

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he World Travel and Tourism Council (WTTC) has launched its annual Economic Impact Report 2016 in New York, revealing that tourism added 7.2 million jobs to the global economy. WTTC President David Scowsill in a statement on Monday said that tourism contributed over $7.2 trillion in Gross Domestic Product (GDP). The statement on the report, titled “The Economic Impact Report,” which is WTTC’s flagship annual research, stated that the document provided economic data on the contribution of the tourism sector on a global level. “In spite of uncertainty in the global economy and specific challenges to tourism in 2015, the sector grew by 3.7 per cent, contributing a total of 9.8 per cent to the global GDP. “Travel also supported a total of 284 million jobs in 2015, an increase of 7.2 million, which means it now supports, directly and indirectly, one in 11 jobs on

77,810

The total area (in sq. km) of water of Congo Democratic Republic. Source: Worldfactsandfigures.com

the planet. “Terror attacks, disease outbreaks, currency fluctuations and geopolitical challenges have impacted the sector at a country or regional level, but tourism at the global level continues to produce another robust performance,” Scowsill stressed. The statement disclosed that travel direct contribution to GDP growth outpaced overall GDP country growth in 127 of the 184 countries covered by the research. Countries where tourism most markedly outperformed the wider economy in 2015 include Iceland, Japan, Mexico, New Zealand, Qatar, Saudi Arabia, Thailand, and Uganda. The growth of the sector was stimulated by a worldwide increase in middle-class income households, an ageing population, which tended to travel more, making travel more accessible and affordable. It added that South-East Asia was the fastest growing region with growth of

112.7m

The total number of installed capacity of mobile/fixed lines of Nigeria in 2008. Source: Ncc.gov.ng

7.9 per cent followed by South Asia, which grew 7.4 per cent. “In 2016, tourism’s total contribution to GDP is forecast to grow by 3.5 per cent, and is again expected to outpace global economic growth for the sixth consecutive year. “Security concerns, border policies, oil prices, the strength of the U.S. dollar relative to other currencies, and other macroeconomic developments will continue to influence travel trends in 2016 and beyond,” the statement said.

that the N2 billion was traced to his account by the Economic and Financial Crimes Commission (EFCC). His words: “The two publications made allegations against my person, alleging that I have been compromised with N2 billion. They also alleged that I am known in the legal circle for being susceptible to corruption. “What this has done is to put my integrity to question. I, however, regard the publishers as people of unsound mind. They know that what they said is not true. They just derive pleasure when they malign the integrity of a judicial office. “It is unfortunate that we don’t have the appropriate laws to take care of this. As it stands, I am caught between two devils, if the judgement goes in favour of Saraki now, they will say that I have been compromised, on the other hand, if it goes against him, they will say

I have been intimidated. “In light of the allegation, the right and appropriate thing to do is to disqualify myself and return the case file to the Chief Judge for re-assignment to another judge.” Responding to Justice Kafarati's position, Saraki's counsel, Dr. Kayode Oluyode said the EFCC was the brain behind the publications. "Your Lordship has taken the right steps. It is, however, unfortunate that the applicant is the one to suffer. It is equally bad that the EFCC has gone to this level. We know that it (EFCC) is behind the publications,” Oluyode insisted. However, counsel to the EFCC, Adebisi Adeniyi, stated that it was improper for Oluyode to make such spurious allegation without proof. New Telegraph recalls that Saraki had approached the high court, praying it to declare that the chairman of the CCT,

Danladi Umar, is not fit to preside over the assets declaration suit filed against him by the Federal Government. He premised his suit on the ground that Umar is still being investigated by the EFCC over allegations bordering on corruption. Cited as respondents in the suit were the Attorney General of the Federation, Abubakar Malami (SAN), the EFCC, the Independent Corrupt Practices and other related offences Commission (ICPC), and the Inspector-General of Police, Mr. Solomon Arase. Others were the Code of Conduct Bureau (CCB), the CCT, its chairman, Mr. Umar, the second member of the CCT panel, Mr. Ataedzeagu Adza; CCB chairman, Mr. Sam Saba; Director of Public Prosecutions of the Federal Ministry of Justice, Mr. Mohammed Diri; and a Deputy Director in the ministry, Mr. Muslim Hassan (now a judge of the Federal High Court).

L-R: Anambra State Governor, Chief Willie Obiano; Minister of Budget and National Planning, Senator Udoma Udo Udoma; Zamfara State Governor, Abdul’aziz Abubakar Yari and Minister of Finance, Mrs. Kemi Adeosun, at a press briefing on the National Economic Council (NEC) retreat, in Abuja…yesterday. PHOTO: TIMOTHY IKUOMENISAN

FG files criminal charges against Kuku, aides Reps blame CBN, NSE on slump in stock Tunde Oyesina Abuja

T

he Federal Government yesterday filed two separate suits against a former Special Adviser on Niger Delta Affairs to ex-President Goodluck Jonathan, Kingsley Kuku, and two of his aides. The first suit is a twocount charge of criminal conspiracy and fraudulent acquisition of property filed before an Abuja High Court against Kuku and one of his aides, Lawrence Pepple, who served as a technical assistant. The Economic and Financial Crimes Commission (EFCC), in a two-count charge filed by Messrs Johnson Ojogbane and Abdullahi Faruk, accused the former coordinator of the Presidential Amnesty

Programme and his aide of fraudulently acquiring a property. The property was said to have been acquired on October 23, 2013. Count two of the charge, which relates specifically to Lawrence Pepple, accuses him of knowingly acquiring interest in a private company where he is a director and sole signatory of the company's account while being employed in the public service as Technical Assistant on Re-integration to the Special Adviser on Niger Delta Affairs. The arraignment of the accused persons was, however, stalled yesterday due to the absence of the accused persons before an Abuja High Court in Wuse Zone 2. In a similar vein, the arraignment of Kuku and

his Special Assistant on Media and Communication, Henry Ogbolue, was also stalled following the absence of the accused persons. In a separate threecount charge preferred against them by the EFCC, the duo are accused of criminal conspiracy and award of contract worth over N27 million to a private company which has Ogbolue as the sole signatory to the account of the company. Ogbolue is also being accused of knowingly and deliberately failing to disclose his ownership of an immovable property located at Plot 261, Durumi, Abuja while completing his assets declaration form on September 4, 2015. The arraignment has, however, been fixed for April 20.

Philip Nyam Abuja

T

he House of Representatives’ Committee on Capital Market and Institutions, shareholders and other stakeholders yesterday decried the huge loss in billions of investments in the nation’s capital market. They blamed the Central Bank of Nigeria (CBN) for the persistent downward slide of share prices in the Nigerian Stock Exchange (NSE). Chairman of the committee on capital market, Tajudeen Yusuf (PDP, Kogi), stated this at a public hearing organised by the committee on "Downward trend of the Nigerian Stock Market and urgent need to address the vex issues of unclaimed divi-

dends and its effect on the capital market". He said the House is concerned about the rapid slide of investments in the Nigerian capital market. Yusuf noted that the public hearing will give all the stakeholders – legislature, regulatory authorities, stockbrokers and shareholders opportunity to cross-fertilize ideas that will help re-position the capital market. While declaring the hearing open, Speaker Yakubu Dogara noted the persistent downward trend in the stock exchange and the issue of unclaimed dividends by investors as two issues posing serious national challenges. He pointed out the effect a persistent downward fall in the price of crude oil in the international market has had on the Nigeria

stock market. Some stakeholders, including Dr. David Ogogo, Ambassador Olufemi Timothy and Mr. Emeka Mmadubike, the Presidents of Institute of Capital Market Registrars, Independent Shareholders Association of Nigeria and Association of Registered Stockbrokers respectively, in their individual presentations to the committee, blamed CBN for the downward trend in the stock market. While blaming the Federal Government for not injecting some funds to bail out the stock market, they also identified poor regulation, including the injection of slush funds by commercial banks and CBN policy summersault, as the reason for the collapse of the nation's capital market.


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NEWS

WEDNesday, March 23, 2016 NEW TELEGRAPH

Probe Rivers rerun crisis, PDP tells Buhari

Onyekachi Eze and Philip Nyam ABUJA

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he Peoples Democratic Party (PDP) has called on the Federal Government to immediately constitute a panel to carry out a dispassionate investigation into the circumstances that led to the crisis in the March 19 rerun elections in Rivers State. The elections were characterised by crisis leading to reported killings, abduction and assassination attempts. But PDP National Chairman, Senator Ali

Modu Sheriff, at a press conference in Abuja yesterday, said the probe panel would unravel those behind the violence and bring the culprits to book. "Whilst we join wellmeaning Nigerians to condemn the cases of violence which reportedly characterised the process in some areas, we enjoin the President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria to immediately constitute a panel to carry out a dispassionate investigation of the circumstances with a view to unravelling the truth and bringing the culprits to book," Sheriff said.

He said the party also condemned the role played by some officers and members of the Armed Forces whom he alleged acted beyond their expected role of maintenance of law and order and had taken over the responsibility of the Independent National Electoral Commission (INEC) in the conduct of the rerun election. According to him, the military acted in flagrant disobedience of an order of court and further called on President Muhammadu Buhari to also investigate the role of the military personnel in the election and appropriate sanction meted for those found cul-

pable. "Our long-held view, proven over the years by our attitude of accepting declared results of elections, is that the mandate of the Nigerian people is sacred and anybody or party which seeks to govern Nigeria or any part of it must solicit and obtain this mandate freely given in an openly contested election where democratic norms and ethos are rigidly observed. "The PDP is also appalled that INEC, after results had been collated and declared on the ground in many wards and constituencies, yielded to the pressure and instruction of a

L-R: Chairman, Independent National Electoral Commission, Prof. Mahmood Yakubu; Director-General, National Youth Service Corps, Brig.-Gen. Johnson Olawunmi and the Minister of Youth and Sports, Mr. Solomon Dalong during a briefing in Abuja…yesterday

US, UK condemn violence, irregularities in Rivers re-run polls

lWike: PDP relied on voters, Amaechi, APC relied on soldiers Emmanuel Masha Port Harcourt

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he United States and the United Kingdom have condemned violence and irregularities that rocked last Saturday’s re-run elections in Rivers State. The U.S. Diplomatic Mission to Nigeria said in a statement that the U.S. government was concerned about reported developments from the conduct of the elections. “The U.S. Embassy is concerned about reports of violence, including the possible targeting of electoral officials and irregularities during re-run elections in Rivers State on March 19, 2016. “We condemn the use of violence and disruptions of the democratic process,” it said. The statement called on leaders of the different political parties to urgently call their supporters to order. “We call on the leadership of Nigeria’s political parties to urge their supporters to conduct themselves peacefully throughout the electoral process.

We also call on those dissatisfied to pursue a resolution of their grievances peacefully in accordance with the rule of law,” the statement said. The British High Commission expressed concern over the level of violence recorded at the re-run polls. The High Commission, in a statement by its Press and Public Affairs Officer, Mr. Joe Abuku, in Abuja yesterday, also alleged irregularities in the elections. “The British High Commission in Nigeria is disappointed by reports of violence, in particular against electoral officials in the elections in Rivers on March 19, 2016. “UK observers in Rivers saw irregularities around the voting and noted the low turnout of voters at polling units, which was in part, a consequence of fear of violence,” it said. It urged the leadership of major political parties in the country to encourage their supporters in the state to obey the electoral laws. Meanwhile, Governor Nyesom Wike has said that the Peoples Democratic

Party (PDP) won the state and national assemblies rerun polls because the party relied on voters for victory. He said that the All Progressives Congress (APC) lost because the party, and the Transport Minister, Rotimi Amaechi, depended on soldiers, rather than voters for victory. Speaking with journalists yesterday in Government House, Port Harcourt, Wike wondered why soldiers flooded the state, and only did the biddings of APC leaders. He said that while he was assigned eight policemen, Amaechi and the Director General of NIMASA, Dr. Dakuku Petetside, moved about with more than 100 soldiers. He added: “Have you ever witnessed the level of soldiers they had here in any election? Look at APC saying inadequate security. One man was carrying over 20 soldiers, the chairman of APC was going about with 20 soldiers.” He said that insecurity in the state is being fuelled by the politicisation of heads of the various security bodies, noting that they were being changed

frequently on the flimsy excuse that they were not giving him heat. He faulted the call by the APC for the outright cancellation of the rerun elections because INEC’s ad hoc staff was not well trained for the election. He said: “APC is saying no proper training of ad hoc staff. You can see father and son quarrelling. Imagine APC saying that they did not train their ad hoc staff well. “You were here, we were shouting that a particular party was recruiting its members as ad hoc staff, you did not report it. We even wrote to INEC, attached the names. Anywhere PDP is winning, collation officers ran away so that collation don’t take place.”

794.4m

The estimated total population of Eastern Asia in 1960. Source: Un.org

€65.5m

The estimated transfer value of Diego Costa of Chelsea in 2016. Source: 101greatgoals.com

highly placed politician in Rivers State to suspend the much-awaited declaration of final results and return of the winners, who are already well known to the electorate. "We stress that the Electoral Act 2010 (as amended) and applicable regulations do not support the suspension of the declaration of results after collation has been completed. "We, therefore, demand for the declaration of all results already collated and the return of the winners of the elections," Sheriff demanded. The national chairman said INEC should be an independent umpire in carrying out its assignment, adding that PDP has waited for nearly 48 hours before commenting on the election, just to get the true picture of what happened in Rivers State. "We are convinced that what happened in Rivers is not good for our party. Nigerians and the international community are watching. We are not happy as a party at what took place in Rivers and we will not want INEC to be used by politicians to cause crisis in the country. "Elections are supposed to be conducted by police and police should be allowed to play that role. Armed forces are needed for internal security of the country. "We are not against deploying military to maintain law and order, but we are against the military taking over the role of INEC," he added. On what the party would do if INEC refuses to release results of the re-

maining elections, Sheriff said Nigeria is governed by the constitution and would act Also, the PDP caucus in the House of Representatives yesterday asked INEC to release results of the rerun elections. Minority leader of the House, Leo Ogor (PDP, Delta), who made the call at a press briefing, described the decision of INEC to suspend action on the elections as “strange to the Electoral Act and the constitution of the Federal Republic of Nigeria". Ogor said INEC should follow the dictates of the law. “What is happening in Rivers State today is quite alien to our Electoral Act and the constitution. The unfortunate aspect of which you are aware is that today, election has been concluded, results from various units and polling booths have been declared at the polling centres, but rather than declare the whole results, INEC has refused to carry out this important responsibility as the umpire. "For whatever reason, the action of INEC is not known to the Electoral Act or any laws in our country INEC has not told this nation that the election was inconclusive. Where election has been concluded at various units, it becomes mandatory that you must, as a matter of principle, declare the results and whoever is not satisfied has the only option of going to court to challenge the results. It is very sad that they have refused to carry out their constitutional responsibility.”

INEC offers employment to corps member who lost sight Onyekachi Eze ABUJA

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he Independent National Electoral Commission (INEC) has offered automatic employment for a member of the National Youth Corps (NYSC) who lost her sight during the 2011 general elections in Yobe State. The commission also promised to fully participate in the burial programme of Okonta Samuel, a corps member who lost his life in last Saturday's rerun elections in Rivers State. These were made known by the INEC Chairman, Prof. Mahmoud Yukabu when he paid a condolence visit to the Director-General of the NYSC, Brig.-Gen. Johnson Olawumi yesterday. Yakubu, who regretted the circumstances, which

led to the unfortunate death of the corps members, praised the corps members in the conduct of elections. He said the commission appreciates their invaluable services to the nation, and restated that INEC would continue to guarantee the safety of corps members participating in the conduct of election. Olawumi, who said the NYSC has already set up a panel to investigate the corps member's death, criticised the government and leaders of political parties in Rivers State for instigating the violence in last Saturday's rerun elections. He disclosed that after the panel's report, the NYSC management would review the Memorandum of Understanding (MoU) with INEC to ensure the protection and safety of corps members who are on election duty.


NEWS

WEDNesday, March 23, 2016 NEW TELEGRAPH

5

FG releases N350bn to revamp economy ...sets up monitoring committees Anule Emmanuel Abuja

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he Federal Government, in the next few months, will inject a total of N350 billion to revamp the Nigerian economy. The decision was taken at the end of a two-day retreat for governors of the 36 states of the federation and members of the National Economic Council (NEC) at the presidential villa, Abuja. Nigerian economy, which has been heavily hit by dwindling crude oil prices at the international market, has adversely affected livelihood of most citizens. Government has been struggling with options on how to navigate through for a rebound. Briefing state house correspondents at the end of the retreat, Minister of Finance, Mrs. Kemi Adeosun, who was joined by the Minister of Budget and National Planning, Udoma Udo Udoma, Governors Abdul'aziz Yari (Zamfara) and Willie Obiano (Anambra) said part of the funds will assist in payment of local contractors who had laid off staff for lack of funds to operate. Federal Government had recently disclosed that following the successful implementation of the Treasury Single Account (TSA), it had saved over N2.5 trillion in a special account at the Central Bank of Nigeria (CBN). The minister explained that the retreat was concerned about the state of the economy and deliberated extensively on the drop in revenue, particularly as to how it affects the state governments and their ability to pay salaries and obligations. Adeosun said: “From the Federal Ministry of Finance in anticipation of the approval of the budget, we have virtually lined up about N350 billion, which we would be pumping into the Nigerian economy in the forthcoming months. “We explained our rationale and the processes that we have put in place, safe guards to ensure that this money actually achieves the desired objective which is to stimulate the economy.” The minister noted that the Federal Government was discussing with some contractors who will be paid part of the fund management. With near stagnation of economic activities in the last months, some contractors, who had down tools for non-payment of ex-

ecuted contracts, laid off a number of staff. “We are already discussing with some of the contractors who will be paid these monies and the objective from the overall criteria is how many Nigerians would be re-engaged. “We are specifically looking at contractors who have laid off staff and how many Nigerians are you going to put back to work as a result of this money that we are planning to release and we believe that this would bring significant economic activity.” Adeosun said one of the decisions taken at the meeting was a need to bring in more cost efficiency in the operation of government businesses. Both the Federal Government and the states agreed to set up efficiency units and rationalise expenditure in order to increase Internally Generated Revenue (IGR). The Finance Minister disclosed that to achieve this, all levels of government would generate data, which is the basis of any revenue collecting efforts. “The Federal and State Inland Revenue Services collaborate to do joint audits to invest in revenue, relevant technology and efforts to improve collection. There is a need to develop incentives for both federal and state revenue generating agencies to ensure that there is an alignment of interest. “There is a focus at state level on property and consumption taxes to help in improving revenue in a fair manner. Tax payer education must be intensified and to expand the tax base and ensure that there is a buy-in in the revenue collection agencies from the populace,” she added. According to the Finance Minister, state governors were encouraged during the retreat aside rationalising numbers of commissioners and general political appointees, to identify other cost control measures. Efforts by the state governments to meet counterpart funding has increased their debt profile. In his remarks, Yari, who

17.1

The annual mortality rate (per 100,000) due to Alzheimer’s Disease in Maryland State in 2010. Source: Alz.org

20.42

The number of fixed-telephone subscriptions per 100 inhabitants of Bahrain in 2006. Source: Itu.int

is the chairman of the Nigerian Governors’ Forum, disclosed that the retreat approved the constitution of two committees, which include the monitoring and implementation committee, as well as a steering

committee headed by VicePresident Yemi Osinbajo to work in ensuring that all agreements reached between the state and federal governments at the meeting are implemented. Also speaking, Udoma explained that going forward, both states and the federal government have

agreed to collaborate to diversify the economy and revamp agriculture. He said the target is to achieve self-sufficiency in identified crops, which should be monitored. Tomato paste – 2016, Rice – 2018, Wheat – 2019. Other targets set between the federal and state

governments, according to him, are to roll out agricultural extension services nationwide, for the commodity exchanges to be established for price regulation and avoidance of losses due to lack of markets and the revitalisation of the Abuja Commodity Exchange.

L-R: Chairman, Senate Committee on Defence, Ahmad Lawan; Chairman, Senate Committee on Basic and Secondary Education, Aliyu Wamakko and Senate President Bukola Saraki, after plenary session in Abuja…yesterday.

CBN seeks speedy passage of 2016 budget CONTINUED FROM PAGE 1

expected to reduce the quantity of naira in the system and free up dollar supply. The MPR, which is also known as the banking watchdog’s benchmark interest rate, is the nominal anchor of all interest rates in the economy. It is the rate at which the CBN gives loans to banks and, as such, directly influences the level and direction of change in interest rates. The CRR is the proportion of banks’ total deposits held in cash balance with the CBN. This will automatically reduce the cash disposable by banks for lending to fund the foreign exchange (forex) market that has been under intense pressure. The increase in MPR means depositors will get higher interest on their deposits, which the banks will pass on to corporate borrowers, who will also pass it to consumers. Yields on bonds will also rise. And since the government is the major borrower through the purchase of bonds for cash, it means that the government will pay more for its local debt – thus raising the cost of borrowing and that of firms in the bond market. While calling for quick passage of the 2016 budget to jump-start growth, Emefiele called for policy synergy between fiscal and monetary authority

to reinvigorate the economy. He said the apex bank would keep the naira foreign exchange rate stable despite a sharp fall of the currency on the parallel market due to shortages of dollars. Nigeria, Africa's biggest economy and the continent's top oil producer, is going through its worst economic crisis in years due to the sharp drop in crude prices. The oil sector accounts for around 70 per cent of national income. The CBN governor noted that the apex bank had adopted accommodative monetary policy since July 2015 in the hope of addressing growth concerns in the economy by freeing up more funds for lenders by lowering both CRR and MPR, with excess liquidity arising from the lower CRR warehoused at the CBN. He said: "DMBs were to access these funds by submitting verifiable investment proposals in the real sector of the economy. The funds have not impacted the market yet because the CBN was still processing some of the proposals submitted by the DMBs. In the first episode of easing which resulted in injecting liquidity into the banking system, DMBs did not grant credit as envisaged. Moreover, the delay in passage of the 2016 Budget has further accentuated the difficult

financial condition of economic agents as output continues to decline due to low investment arising from weak demand.” He said the cautious approach to lending by the banking system underpinned by a strict regulatory regime conditioned by the Basel Committee in the post global financial crisis era, has further alienated investors from access to credit as banks prefer to build liquidity profiles in anticipation of government borrowing. The governor said the committee took special note of the weakening macroeconomic environment reflected particularly in foreign exchange shortages, slowing Gross Domestic Product (GDP) growth rate and rising inflation. Emefiele said: "Overall economic growth slowed significantly in 2015, particularly in Q4. Apparently, the conditions responsible for the slowdown – uncertainty around fiscal policy, adverse external environment, security challenges in some parts of the country affecting production and distribution of agricultural produce, low electricity supply, fuel shortages, and sluggish growth in credit to the private sector – have continued in the first quarter of 2016. "On the monetary front, contrary to the notion of liquidity overhang in the financial system, the

wider economy appears starved of the needed liquidity to spur growth and employment. Recent performance of the monetary aggregates lends credence to this fact. With the exception of credit to government, growth in all the monetary aggregates remained largely below their indicative benchmarks, yet; headline inflation spiked to 11.38 per cent in February 2016, substantially breaching the policy reference band of 6 - 9 per cent.” On policy synergy between fiscal and monetary authorities, he acknowledged that both the CBN and the Finance Ministry have been meeting and talking regarding the direction of the economy. He, however, noted: “Regrettably, the challenges that face us at this time is not just peculiar to Nigeria. It is a challenge that currently confronts practically all economies in the world whether you are a commodity-exporting country or not; and we have been discussing and I am very sure that in due course, some of the deliberations at the economic team meeting will be unfolded by way of a document in due course and it will be released to the public.” The governor debunked the allegation that the bank had given directive for conversion of $20 billion in domiciliary account into naira.


6

NEWS | national

wednesday, march 23, 2016 NEW TELEGRAPH

EFCC removes Tompolo's name, arraigns Akpobolo, others E F

Fayose’s misleading you, APC tells National Assembly, others

Sulaiman Salawudeen Ado-Ekiti

Akeem Nafiu

ollowing the continued refusal of a former Niger Delta militant leader, Government Ekpemupolo, a.k.a Tompolo, to appear in court to answer to the 40-count fraud charge preferred against him, the Economic and Financial Crimes Commission (EFCC) yesterday removed his name from the charge. It was gathered that the anti-graft agency carried out the action to allow others charged alongside Tompolo, face trial over the alleged criminal of-

fence. The EFCC said Tompolo will be brought to justice anytime he was apprehended by security operatives. Following the withdrawal of Tompolo's name from the charge, other accused persons were yesterday arraigned on a 40-count charge by the EFCC before Justice Ibrahim Buba, of a Federal High Court, sitting in Lagos. Those arraigned yesterday by the commission over the 40-count charge of alleged unlawful conversion, include the immediate past Director General of the Nigerian

CLO tasks judiciary over Saraki’s case Wale Elegbede

T

he Civil Liberties Organisation (CLO) has urged the nation’s judiciary not to allow some politicians use it as a tool to settle scores with perceived enemies, stating that such outcome will erode the trust in the judiciary and undermined the stability of democracy in the country. Addressing a press conference yesterday in Lagos, CLO’s President, Igho Akeregha, said the ongoing case of the Senate President, Dr. Bukola Saraki, at the Code of Conduct Tribu-

nal (CCT) is a test case for the judiciary, stating that Saraki should be allowed to ventilate his rights through all legal options. According to him, the Code of Conduct Tribunal should not undermine itself by engaging in self-aggrandising voyages that are contrary to its legal precedence, and the dictums of the law. “To ensure citizenship participation, we urge the courts to maintain the accepted standards within the judiciary in handling all matters, including the allegation against the Senate President.

Maritime Administration and Safety Agency (NIMASA), Patrick Ziadeke Akpobolokemi. Others are Global West Vessel Specialist Limited, Odimiri Electricals Limited, Kime Enagozu, Boloboere Property and Estate Limited, Rex Elem, Destre Consult Limited, Gregory Mbonu and Captain Warredi Enisuoh. They were alleged to have converted the sums of $108.7 million and N2.1 billion, being the property of NIMASA and knowing that the said sums were proceeds of stealing. Following their arraignment, the judge granted them bail in the sum of N50 million with one surety and adjourned their trial till May 23. Some of the counts against the accused persons read thus: "That you, Patrick Akpobolokemi,

Global West Vessel Specialist Limited, in 2012, in Lagos, within the jurisdiction of this honourable court did conspire amongst yourselves to commit an offence, to wit: Conversion of the sums of N601,516.13 (Six Hundred and One Thousand, Five Hundred and Sixteen Naira, Thirteen Kobo), and $1,766,428.62 (One Million, Seven Hundred and SixtySix Thousand, Four Hundred and Twenty-Eight Dollars, Sixty-Two Cents), property of the Nigerian Maritime Administration and Safety Agency, knowing that the said sums were proceeds of stealing, and thereby committed an offence contrary to Section 18 (a) of the Money Laundering (Prohibition) (Amendment) Act, 2012 and punishable under Section 15 (3) of the same Act.

kiti State chapter of the All Progressives Congress (APC) has petitioned the National Assembly, informing the legislative chamber about alleged attempts by Governor Ayodele Fayose, to mislead it and the general public on the crisis rocking the state. In a petition by the Secretary of the party, Ayodele Paul Omotoso, to the Senate President, Dr. Bukola Saraki, Speaker of the House of Representatives, Hon. Yakubu Dogara, Senate Leader, Senate Majority Leader, the Minority Leader, the Embassy of the United States of America, the British High Commission and the Delegation of

15

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

L-R: Publisher, Vanguard newspapers, Mr. Sam Amuka; Executive Vice-Chairman/GCEO, Verdant Zeal Group, Dr. Tunji Olugbodi; Chairman, Board of Directors, Mr. Femi Oyewole; keynote speaker/Professor of Literature and African Studies, Carlton University Ottawa, Canada, Prof. Pius Adesanmi and Executive Chairman, STB-McCann, Sir Steve Omojafor, during Verdant Zeal Group’s 5th Innovention Series in Lagos…yesterday.

Police Commission promotes 156 officers Emmanuel Onani Abuja

T

he Police Service Commission (PSC) has approved the promotion of 156 senior officers to the next ranks in an exercise that saw the elevation the Commissioner of Police (CP) in charge Kano State Command, Mr. Musa Katsina Mohammed, to the rank of an Assistant Inspector-General of Police (AIG). A statement signed by the PSC's Head of Press and Public Relations, Mr. Ikechukwu Ani, said 10 Deputy Commissioners of Police (DCPs), were also elevated to the rank of CP. The commission also approved the following promotions; 19 Assistant Commissioners of Police (ACPs) to the rank of DCP, 20 Chief Superintendents of Police (CSPs) to the ACP rank, 1 SP to CSP, 100 Assistant Superintendents of Police

(ASPs) will now adorn the rank of DSP, among others. "The Police Service Commission has approved the promotion of 156 senior police officers to the next rank. Musa Katsina Mohammed, the Commissioner of Police, (CP), Kano State was promoted to the next rank of Assistant Inspector General of Police (AIG) while 10 Deputy Commissioners of Police (DCP), were elevated to the rank of Commissioner of Police (CP), the statement said.

PHOTO: SULEIMAN HUSAINI

Pathetic last days of singer, Nomoreloss Lanre Odukoya

T

hat late singer and compere, Adeyemi Olumuyiwa Osinuga, a.k.a. Nomoreloss, died dejected is not in doubt. According to reports, the late artiste has been fighting a secret battle, which his industry pals feigned ignorance of for many months. Late last year, he was

in the United States for weeks on holidays and he had barely returned when he became an on-and-off patient of what was called ‘malaria.’ Things got so bad for the 40-year-old singer that he couldn’t even afford his house rent. The same situation forced him to squat in his younger brother’s apartment in Park View, Ikoyi, Lagos.

But for undisclosed reasons, he didn’t quite get along with his brother’s wife and the lady, opposed to housing him, would later come up with stringent rules that eventually sent him packing. From the posh apartment on the island, he moved into an undisclosed hotel in Anthony area of Ikeja, Lagos. While moving in and out of the hospital, the dejected

Kwakwanso vs Ganduje: APC leaders back governor Johnchuks Onuanyim Abuja

T

he national leadership of the All Progressives Congress (APC) yesterday threw its weight behind the Kano State Governor, Alhaji Abdullahi Ganduje, against his predecessor,

the European Union, APC said its action became necessary in the face of “ceaseless lies by the governor on Ekiti crisis to mislead the people in order to garner public sympathy and paint the APC government in bad light.” He cited the governor’s allegation that APC instigated the Department of State Services (DSS) to arrest Peoples Democratic Party (PDP) lawmakers preparatory to an alleged impeachment of the governor, adding that the governor’s allegation that the DSS offered PDP lawmakers $1m to impeach him was a calculated attempt to set Nigerians against APC and paint the DSS in bad light. The party said during the period, the governor, as confirmed by the security panel report, had a terror gang composed of policemen and thugs that the security report “established to have links with political murders reported in the state.”

Senator Rabiu Kwakwanso, in the political crisis rocking the state. APC National Chairman, Chief John OdigieOyegun, addressing over 200 APC supporters from Kano State at the national secretariat of the party in Abuja said: "And I want to plead with you to help en-

sure that peace and situation ante returns. We have only one government in Kano and there is no question about that. "His authority must be upheld and there is no question about that. The governor is not on trial, there is no question about that.

"So it is important that we give him the atmosphere necessary for him to govern successfully, especially this time when resources are lean. "It is important that all Kano leadership is united behind the governor to make sure that he succeeds."

singer’s last comment on Instagram reads; “When love is not enough…” The last time he shared anything on his Facebook page was last year too. Whatever was wrong with him, the only information he made available to a few friends like Ayo Odunsi, was that; “I had malaria” sometime in December, 2015. He was no longer living with his wife, Adeola, a.k.a. Phoenix, an on-airpersonality with a radio station, ‘Rhythm,’ with whom he had a daughter. Though the family had announced that he died of typhoid in a hospital at Opebi, Ikeja, Lagos, spending months in dejection without access to his daughter and wife, suggests that the young man could be dealing with more than what he was diagnosed of before he breathed his last.


national | news

wednesday, march 23, 2016 NEW TELEGRAPH

7

Scientists record breakthrough in antibiotic-resistant bacteria Wale Elegbede

A

fter years of frantic search by scientists across the globe for a way to tackle antibi-

otic-resistant bacteria, experts from University of Copenhagen have finally discovered a previously unknown weakness in the bacteria bugs. The resistance to anti-

CONFIRMATION/change OF NAME

Okpechi

I,formerly known and addressed as Chima Grace now wishes to be known and addressed as Chima Grace Okpechi. All former documents remain valid.General public note.

Ogunbiyi

I, formerly known and addressed as Miss. Alonge Mojisola Abidemi now wish to be known and addressed as Mrs. Ogunbiyi, Mojisola Abidemi Zainab. All former documents remain valid. General public take note.

Jibodu

I, formerly known and addressed as Philip Okon Benjamin now wish to be known and addressed as Philip Justus Oben. All former documents remain valid. General public take note. I, formerly known and addressed as Jibodu Oluwakemi Oluwaseun now wish to be known and addressed as Mrs. Tinuoye Oluwakemi Oluwaseun Esther. All former documents remain valid. General public note.

Soyoye

I, formerly known and addressed as Cynthia Chinyere Nwanne now wish to be known and addressed as Cynthian Chinyere Soyoye.All former documents remain valid. General public note.

Morayo

Uchenna

This is to confirm that Oluwatoyin Ramota Famuyiwa and Toyin Famuyiwa is the same person. Henceforth, I wish to be known and addressed as Toyin Famuyiwa. All former documents remain valid. General public should please take note.

Uchenna

I, formerly known and addressed as Nwafor Henry Uchechi now wish to be known and addressed as Nwafor Celestine Uchenna. All former documents remain valid. General public take note.

Edo

DAG

Silas

Kuromotimi

I, formerly known and addressed as Kwomo Silas Kuromotimi now wish to be known and addressed as Kwomo Kuromotimi. All former documents remain valid. Ecobank Plc and the general public should please take note.

Sintei

I, formerly known and addressed as Ebipatei Apawgolo now wish to be known and addressed as Sintei Solomon. All former documents remain valid. UBA Plc and the general public should please take note.

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ASOMUGHA

I formerly known as Miss Asomugha Ifeoma Gloria now wish to be known and addressed as Mrs. Alutu Ifeoma Gloria. all former documents remain valid. General public should take note.

Agbada

I, formerly known and addressed as Joseph Oghale now wish to be known and addressed as Josephine Agbada. All former documents remain valid. Union bank Plc and the general public should please take note.

Ijermani

I, formerly known and addressed as Otuiomu Imoniefano now wish to be known and addressed as Ijermani Beauty. All former documents remain valid. UBA Plc and the general public should please take note.

PUBLIC NOTICE

FOUNDATION SPIRITUAL CHURCH

The general public is hereby notified that the above named has applied for registration with the Corporate Affairs Commission Abuja, Under Part “C” of the Companies and Allied Matter Act 1990. The Trustees are: 1. Engr. (Chief) Odieari Obuabereibama Oruye. 2. Barr. (Mrs) Jorinda Daba Oruye. 3. Engr. (Chief) Belief Gibson. 4. Mr. Osaro Robert. 5. Mr. Matthew Osaro. 6. Mr. Gift Thomas AIMS AND OBJECTIVES 1. TO PREACH THE GOSPEL OF OUR LORD JESUS CHRIST.

Any objection to the registration should be forwarded to the RegistrarGeneral, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED : BARR. (MRS) JORINDA DABA ORUYE (GENERAL SECRETARY). (Solicitor)

bacterial safety valve goes against the classical biological concept that enzyme and proteins are either activated or deactivated. Hatzakis noted further that to find that one is running, but not working optimally, is surprising. He said: “The result is obviously interesting because of its possible application in antibiotics research, but it also answers a fundamental question about how enzymes work. “Deciphering this behaviour required a unique combination of chemistry insights, biology and nano-technology." L-R: Chairman, Senate Committee on Intergovernmental Affairs, Senator Tijani Kaura; Corps Marshal, Federal Road Safety Corps (FRSC), Boboye Oyeyemi; representative of the Secretary to the Federal Government of the Federation, Roy Ugoh, and National President, Road Transport Workers, Alhaji Najimeedin Yasin, during the inauguration of Pan-Nigeria Road Safety Campaign 2016 in Abuja…yesterday.

Idahosa

Rhogho

Munachim

To discover the bacteria’s weakness, the scientists conducted a series of experiments, ultimately finding a way to potentially manipulate the generated pH balance through manipulating the proton pumps. They determined that when the bacteria becomes sour inside, the pumps may leak. Researcher Sune Jorgensen said: “We wanted to be able to control the pump: To turn it on and off. ‘In order to do that, we constructed a miniscule electrode and coated the microscope slide with 30 nanometers of gold.” The discovery of the

I, formerly known and addressed as Miss Ani Vivian now wish to be known and addressed as Mrs Idahosa Vivian. All former documents remain valid. General public take note. I,formerly known and addressed as Jatau Makama now wishes to be known and addressed as Dag Jonathan Jato Makama. All former documents remain valid. General public take note.

This is to notify the Supreme Court of Nigeria, Banks and the general public that I was born Louis Ejike Daniel Unegbu; later changed my name to Louis McAlvan Danielson in secondary school . That at some point incorporated the names Ejike and Munachim in my name. That the names Louis and McAlvan were mis-spelt as Laus and McAlyan respectively in one of my bank accounts. That I now wish to be known and addressed as Danielson Louis Ejike Munachim. All former documents remain valid.

a key role in energy metabolism. But, the pumps leaks in response to a pH imbalance. The proton pump leakage is akin to a 'safety valve' in the bacteria. A drug that targets the safety valve could weaken the bacteria, study says. According to the study author, Dr Nikos Hatzakis: “I believe the leaking mechanism acts as a safety valve in the bacteria. If we can design a drug which targets such safety valve in proton pumps, it would be a very powerful antibiotic indeed. So, the leak state is a serious weakness, an Achilles heel.’

I, formerly known and addressed as Moses Akpabio now wish to be known and addressed as Edo Johnson. All former documents remain valid. General public take note.

I, formerly known and addressed as Ebun Muyiwa Osikomaiya now wish to be known and addressed as Ebun Morayo Osikomaiya. All former documents remain valid. General public take note. I, formerly known and addressed as Miss Adebusola Abosede Ogundeko now wish to be known and addressed as Mrs Adebusola Abosede Rhogho All former documents remain valid. General public take note.

biotics by some bacteria, especially in children, has become a serious public health problem across the world. With the discovery of the 'weakness' of antibiotic-resistant bacteria, there are hopes that it could lead to the development of drugs that exploit this inherent weakness. The so-called Achilles heel is a crucial step in bacteria’s energy metabolism – a proton pump that leaks when the bacteria becomes ‘dangerously sour’ due to a pH imbalance. The scientists found out that the bacteria have a proton pump that plays

PHOTO: ELIJAH OLALUYI

FG promises to make recovered fund public Abdulwahab Isa Abuja

T

he Federal government has given her full assurance that it will make public all recovered looted funds as soon various litigations are disposed off. The government explained that, doing so at the moment could jeopardise ongoing investigation in fraud cases, and could be a contravention of provisions of the law. The Accountant General of the Federation,

Ahmed Idris, gave the assurance yesterday even as he admitted that he knew Nigerians were eager to know how much was recovered so far. " Yes, Federal Government is making recoveries, relevant agencies are also making recoveries from people alleged to have stolen Nigeria resources. But some of the issues involved are under litigation. So, even if recoveries are made, you can't give details now until the cases are disposed off", he said. The clarification by

AGF came as three tiers of government for umpteenth time, will be taking home a reduced monthly allocation. At the Federation Account Allocation Committee ( FAAC) meeting yesterday, total revenue approved for sharing for three tiers of government plummeted as March allocation fell by N25.293 billion to N345.095 billion from N370.388 billion shared in previous month. There was also, a sharp drop in the gross statutory revenue received

by N20.462 billion from N290.961 billion in previous month to N270.499 billion during the month under review. Briefing the media, Permanent Secretary , Ministry of Finance, Dr. Mahmoud Isa- Dutse, attributed the drastic fall to " shut-in and shut down of pipelines as other terminals for repairs and maintenance. " There was revenue loss of $45.90 million as a result of drop in average price of crude oil from $39.04 in December, 2015 to $29.02 in January, 2016.

Zakzaky's legal team withdraws FG declares two-day holiday for Easter celebration from commission of Inquiry

T

he legal team of the Islamic Movement of Nigeria (IMN) has withdrawn from appearing before the Judicial Commission of Inquiry which was set up by Kaduna State Government to probe the clash that occurred between soldiers and the Shiites sect last December in Zaria, which led to loss of lives. In a press conference addressed yesterday by Barrister Festus Okoye, one of the counsels, the legal team narrated its ordeal in try-

ing to meet with Sheikh Ibraheem Zakzaky, the leader of the Shiites who is in custody, in order to get briefs from him. AccordingtoOkoye,thelegalteam“cannotingoodconscience,continuetorepresent a client who we are yet to see and whose whereabouts are shrouded in mystery.” Barrister Okoye pointed out that clause G and H in the commission's terms of reference “are self-serving and has nothing to do with the overall intendment of the commission.

Johnchuks Onuanyim Abuja

T

he Federal Government yesterday declared Friday, 25th and Monday, 28th of March as Public Holidays for the celebration of Easter. While 25th is for good Friday, 28 is for Easter Monday. The Minister of Interior, Lt. Gen. Abdulrahman Bello Dambazau (rtd) made the declaration on behalf of the Federal Gov-

ernment, as he enjoined all Christian faithful and Nigerians in general to support, co-operate and join hands with President Muhammadu Buhari in his sustained efforts to build a peaceful, united and virile nation. In a statement from the Acting Permanent Secretary, Alhaji Muhammadu Maccido, Dambazau further urged all Nigerians to use the occasion to pray for peace and unity across the nation.


8

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Police probing Queen’s College sexual harassment allegation –CP

Yekeen Nurudeen, Mojeed Alabi and Camillus Nnaji

lAggrieved parents, students should contact us, says ministry

P

olice said they had already commenced investigation into the allegation of sexual harassment against a teacher at Queen’s College, Yaba, Lagos. The state Police Commissioner, Mr. Fatai Owoseni, disclosed this yesterday when the Commander of 435 BSG, Mr. Paul Masiyer, paid him a courtesy visit in his office. . He said: “As a responsible organisation, we are aware of a story trending on social media accusing a male teacher of Oueen’s College, Mr. Olaseni Osifala, assaulting a student. We did not wait for a formal complaint to be reported to the police as we have escalated a process to bring whoever is responsible to account. “We have invited the principal and Mr. Osifala and I interrogated them. Our Compliant Response Unit has also taken over the investigation and we have received a letter from the Old Girls Association on their interim report on the matter. We have stepped into the matter even without them calling us onto it.” This came as the Ministry of Education yesterday made public the telephone number and email address of its panel investigating the allegation. The Minister of State for Education, Prof Anthony Anwukah, advised parents, guardians, students and staff of the college who might have credible information on the matter to avail same to the panel via 07034613096 and saniabdu59@

yahoo.com. Deputy Director, Press and Public Relations, Federal Ministry of Education, Ben Goong, said in a statement yesterday that the minister charged members of the panel to do a thorough investigation to unravel the truth behind the allegation as well as make recommendations to government on how to deal with the situation based on the principles of truth, justice and fairness to all parties. The names and identities of the five-man panel were not disclosed. Goong told our correspon-

Mojeed Alabi

Sexual molestation allegation, a frame-up, says Osifala

T

he teacher in the centre of allegation of sexual harassment of a student of Queen’s College, Yaba, Lagos, Mr. Olaseni Osifala, has blamed his ordeal on perceived enemies. Speaking with our correspondent yesterday at the State Criminal Investigation Department (SCID), Panti, Yaba, where he had gone to lodge official complaint, Osifala said there were several reasons why those not satisfied with his rising profile on the college might be after his career, and possibly his life. According to him, having won about five of the available

Protesting Queen’s College students... on Monday

seven prizes for the best teacher at the college last year may be one of the reasons. He said: “I was employed as Biology teacher and posted to the school in 2003, and within the period, apart from my normal academic duties, I have served about six principals at the college as their personal assistants. “I have never lobbied for this position and even when I was removed as the school’s Maintenance Officer and another teacher was installed, it was discovered that many of the school items were being stolen. Many were caught with raw

dent on the phone that Anwukah decided to conceal the identities of the members of the panel to avoid unnecessary pressure from interested parties owing to the sensitive nature of their assignment. The minister, according to the statement, assured the general public, particularly parents and guardians whose wards are in any of the Unity Schools and other Federal Government Colleges that their children are in safe hands. He promised that government would continue to do everything possible within the ambit of the law to protect

food items from kitchen, cooking gas and cylinders, among others. Those who were caught apparently felt I was responsible for their predicament, and they have never hidden their hatred for me.” Osifala said anyone could call the past principals of the college including the immediate past, Mrs. E. Osime, and even the immediate past Principal of the King’s College, Lagos, Otunba Oladele Olapeju. “All of them can testify to my character, and even when I reduced my activities at the college they brought another Principal, Dr. Lami Amodu,

their wards in all government schools across the country, including Queens College, Lagos. The Parent-Teacher Association (PTA) of Queens College, Lagos, said in Lagos on Monday that it had set up a panel to investigate the alleged sexual harassment in the school. The PTA Chairman, Beatrice Akhetuanen, told a news conference that the panel would be working with the police to investigate the teacher, Mr. Olaseni Osifala. According to online report, the teacher is said to have sexually harassed a JSS II student of the school.

who still insisted I should work with her,” he added. The teacher, who called on all agencies of government and non-governmental organisations to carry out thorough investigation into the allegation, said he was on Monday with the Lagos State Police Commissioner, Mr. Fatai Owoseni, in company with the school principal. He said: “I was not through at the CP’s office in Ikeja until around 7pm on Monday. But I am sure my God is a God of justice.” Osifala also linked the crisis to the conflict between the present leadership of the school’s

The report claimed the teacher was usually drunk, and started molesting the girl who screamed and was rescued by some of the girls, booing him. The student’s mother, who gave her name as Mrs. Chineye Okoye, alleged that she reported the case to the House Mistress who confirmed the teacher was in the habit of doing such and there was nothing anyone could do to him. In a statement on the school’s website, the Principal, Dr. Lami Amodu, said Okoye’s claim was an attempt to ridicule, not just Osifala, but the hard earned reputation of the school.

Osifala

Old Students’ Association and another set, who he alleged had felt the new President of the association, Mrs. Shirley Okharedia, was too junior to them to be the president.


METRO

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

I won’t pay ransom for my uncle, says Jonathan Abiodun Bello

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ormer President Goodluck Jonathan has vowed not to pay ransom being demanded by the kidnappers of his 72-year-old uncle and foster father, Chief Nitabai Inegite. Inegite, a retired lecturer with the Rivers State University of Science and Technology, was abducted from his Otuoke country home, Bayelsa State on February 17 alongside his younger cousin, Samuel Oki (35). But two days later, fishermen found Oki’s body floating on Otuoke River. Inegite was earlier kidnapped in April 2014 in his house but was rescued by the Joint Task Force (JTF), Operation Pulo Shield, at Akipli community. The state Commissioner of Police, Mr. Peter Ogunyanwo, disclosed the former

President’s stance yesterday in Yenagoa during the parade of 37 armed robbery and suspected kidnappers at the command headquarters. The police boss commended Jonathan’s decision not to pay ransom in order to discourage kidnapping. He said: “On the kidnap of the foster father of former president Gooluck Jonathan, Chief Inegite, I have met several times with the former president on the matter and he has insisted that he is not going to pay ransom. “The kidnappers have reduced their ransom to about N2 million but the former president said he would not pay ransom. We are on the trail of the kidnappers and we would get them. “People should not pay ransom. Just like Governor Seriake Dickson also did not pay ransom for the freedom of his sister, people should be dis-

couraged to pay ransom so that the business of kidnapping would stop.” According to Ogunyanwo, since he resumed duty in the state, the command has put in place robust crime strategy which has culminated in the arrest of 37 suspects in different parts of the state. The commissioner said that while criminal elements were devising various ways to beat security network to commit crime, the command was up to the task to combat crime. Ogunyanwo also disclosed that his men foiled a kidnap attempt on the Chairman of the State Environmental Sanitation Authority, Hon. Robert Enogha. The police chief urged the public to come with useful information that would prevent criminals from operating in the state.

Cultists kill three Bayelsa varsity students Chris Ejim Yenagoa

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hree students were killed at the weekend following a renewed cult war in the Bayelsa State-owned university, the Niger Delta University (NDU), Ammassoma, in Southern Ijaw area of the state. The victims, who were confirmed dead on Tuesday and yesterday, were believed to be

students of the Engineering and English departments of the university. It was learnt that though the incident occurred outside the campus of the institution, the report of the killing sent a shiver down the spines of other students. While one of the victims was identified as a 400-level student of Engineering, the other two could not be identified at press time. The 400-level Engineering

Gov. Dickson

City Briefs

Two held for robbery Taiwo Jimoh

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olice in River State have arrested two suspected armed robbers for snatching a Toyota Corolla car at gunpoint at Rumuigbo area. The state Police Public Relations Officer (PPRO), DSP Ahmad Muhammad, in a statement yesterday, identified the suspects as Gabriel Samuel (27) and Wokeko Samuel (31). Muhammad said the suspects were arrested last Thursday after the police received a distress call on the stolen vehicle about 1:30a.m. on Cheribim Road, GRA. According to him, the police recovered the vehicle with registration number ABM 473 AA.

The PPRO said two locallymade pistols and two rounds of live ammunition were recovered from the suspects. Muhammad said the suspects confessed to the crime during interrogation. He, however, said they would soon be charged to court after the police completed their investigation.

The suspects

student was butchered with machete with his left arm severed. Two other victims were discovered in the community river behind the school in a pool of blood. They were butchered too. Though many of the students kept mum over the incident, it was learnt that the victims were killed because of cult groups’ rivalry. When contacted, the state Police Public Relations Officer (PPRO), Asimin Butswat, said he was yet to get signal from the Ammassoma Division of the state. The NDU Public Relations Officer (PRO), Mr. Demo Alagoa, told said he was not available and could not confirm the identity of the victims. Meanwhile, the Zonal Human Rights Initiative (ZUHURI) and the Civil Liberties Organisation (CLO) have expressed concern over the recent cases of violence in the university community, including the failed attempt to bomb a bank and steal money.

9

Inegite

Nine die, three injured in Ebonyi auto crash

Scene of an accident

Uchenna Inya ABAKALIKI

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ine persons were yesterday burnt to death while three others were injured in a motor accident which occurred about 10:30a.m. at 135 Ezzamgbo on Abakaliki-Enugu Expressway in Ohaukwu Local Government Area of Ebonyi State. Director, Ebonyi State Fire Service, Mr. James Owoh, told journalists that a truck going to Lagos collided with a coaster bus carrying passengers to Ikom in Cross River State. According to him, the tyre of

the truck burst which made it to collide with the bus. He said: “As I speak to you now, nine persons have been burnt to death. Three of the dead were burnt beyond recognition while three others who sustained serious injuries have been taken to the hospital for medical treatment. “We went to the scene when we got the information and we have put out the fire that was raging in the area as result of the accident.” Owoh blamed the accident on the truck whose front tyre burst and lost control. The director disclosed that the bus was badly burnt while the truck was not burnt.

Christian leaders kidnapped in Kaduna –Cleric Musa Pam Jos

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resident of Tarayya Ekklesiyoyin Kristi in Nigeria (TEKAN), Rev Emmanuel Dziggau, and two others were kidnapped in Kaduna State on Monday. TEKAN is a fellowship of churches of Christ in Nigeria comprising 15 denominations. TEKAN General Secretary, Rev. Moses Ebuga, disclosed the abduction yesterday in Jos while briefing journalists. Ebuga appealed to the Federal Government to ensure the release of the kidnapped leaders and fish out the perpetrators. He said: “The entire

TEKAN family received with deep shock and pains the kidnapping of the TEKAN President, Rev Dr. Emmanuel Dziggau who is also the President of Haddiyar Ekklesiya Kristi in Nigeria (United Church of Christ in Nigeria) HEKAN Kaduna and the TEKAN/ECWA Bloc leader in the Christian Association of Nigeria (CAN) Rev. Iliya Anti, HEKAN vice-president and Rev Dzarma (rtd) on 21st March, 2016 in Kaduna State. “We are calling on the Nigerian government and the security agents to do everything possible to ensure the safety of the leaders, unearth their whereabouts and to have the perpetrators fished out.” Also, the National Presi-

dent of the Youth Wing of Christian Association of Nigeria (CAN), Evangelist Daniel Ikadgai, called on President Muhammadu Buhari to ensure that Christian leaders are protected. He said: “We the Christian youths are sad with the kidnapping of our leaders all the time and we appealed to President Muhammadu Buhari to ensure the safety of the lives of all Christian leaders.”

File: the gunmen


10

NEWS | national

wednesday, march 23, 2016 NEW TELEGRAPH

Buhari condemns terror attacks on Brussels Anule Emmanuel Abuja

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resident Muhammadu Buhari has joined world leaders in condemning yesterday's terrorist attacks on the Zaventem Airport and Maalbeek Metro Station in Brussels, Belgium. The President in a statement by his Special Adviser on Media and Publicity, Femi Adesina, commiserated with Prime Minister Charles Michel and Belgians over the loss of over 30 lives in the attacks.

The President assured Prime Minister Michel and the people of Belgium that having suffered the horror and anguish of incessant terrorist attacks over several years, Nigeria stands in full solidarity with them on their day of national pain and trauma. Buhari, who described the attacks as appalling, said he believes that it reinforces the need for greater international cooperation to effectively confront and destroy global terrorism and its perpetrators.

He further assured the global community that under his leadership, Nigeria will continue to work with other countries of the world to ensure that terrorism never triumphs over free, peaceful and law-abiding nations and people of the world. The President wished the more than 100 persons injured in the attacks, a speedy recovery.

Buhari approves establishment of naval post in Lake Chad region Emmanuel Onani Abuja

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n his determination to bring the Boko Haram menace to an end, President Muhammadu Buhari has approved the establishment of a naval command post in the Lake Chad region. The disclosure was made by the Director of Naval Information, Chris Ezekobe, during a courtesy visit to the News Agency of Nigeria (NAN) in Lagos. Ezekobe further noted

£70.1m

The net amount of money spent/received by Newcastle United in the whole 2015-16 season. Source: 101greatgoals.com

that Naval personnel were already undergoing training in the North East region, preparatory to their deployment upon take-off of the post. The Nigerian Air Force (NAF) had announced the establishment of a Forward Operation Base (FOB) in the same region. “There is a presidential directive to set up a command post in the Lake Chad Region and that is ongoing. "We have improved on our surveillance capability and the regional mari-

Coalition calls for passage of Gender, Equal Opportunity Bill Yekeen Nurudeen Abuja

L-R: Sokoto State Governor, Aminu Tambuwa; Special Assistant to the President on National Assembly Matters (House of Reps), Hon. Suleiman Kawu and Kebbi State Governor, Atiku Bagudu, during the closing ceremony of the National Economic Council Retreat in Abuja… yesterday.

A

s condemnation continued to trail the non-passage of the Gender and Equal Opportunity Bill by the Senate, a coalition of civil society groups - the National Coalition for Affirmative Action (NCAA), Women’s Rights Advancement and Protection Alternative (WRAPA) and OXFAM Nigeria - have called for the immediate passage of the bill. The groups in a joint statement titled; "Urgent call for the passage of the Gender and Equal Opportunity Bill," lamented that

PHOTO: TIMOTHY IKUOMENISAN

Customs re-impose restriction on rice importation Bayo Akomolafe

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igeria Customs Service (NCS) yesterday said it has re-introduced the restriction order on importation of rice through land borders across the country. Its Comptroller-General, Hameed Ali, gave the approval for the reversal of an earlier policy in October 2015, which allowed rice imports through the land borders, once appro-

priate duty and charges were paid. At a review session held with Comptrollers of Border Commands and Federal Operation Units held in Abuja, the service noted that dwindling revenue from rice imports through the land borders has not matched the volume of rice landed in neighbouring ports. Rather, reports from border commands indicated an upsurge in the

tempo of rice smuggling in the country. In a statement by its spokesman, Mr. Wale Adeniyi, a deputy comptroller, the organisation said the implementation of the restriction order got off to a smooth start with a high level of compliance in October 2015. However, he explained that revenue from the sector started dwindling from January 2016, with importers blaming access to forex

as the major impediment. Adeniyi said: “During the five-month period when importation was allowed between October 2015 and March 17, 2016, a total of 24.992 metric tons of rice valued at N2, 335,131,093 was imported through the land borders. During the period, total revenue generated amounted to N1, 685,112,810. “This is considerably lower than the revenue projected to be gener-

ated with the removal of import restrictions. However, an upsurge in the number of the seizures has been reported across the land borders since January 2016. “In the first two months of the 2016, a total of 238 bags were seized, with Duty Paid Value of N64,666,000 was made by the Customs antismuggling patrol teams of federal operations and border commands.”

Nigeria, UK to partner on prosecution of terrorism, money laundering cases

NAICOM workers shut down operations over poor welfare

Tunde Oyesina

Abuja

Abuja

A

ttorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), yesterday said the country intends to explore avenues to tap from the expertise of the British Government in the prosecution of complex technical cases in the country, especially those bordering on politically-

exposed people, terrorism, money laundering, human trafficking and other form of organised crimes. Malami stated this in Abuja when he received a delegation of legal experts from the United Kingdom’s Crown Prosecution Service, who visited Nigeria for an introductory meeting with him. Special Adviser to the Minister on Media and Publicity, Salihu Oth-

man Isah, in a statement, hinted that the Solicitor General of the Federation and Permanent Secretary, Federal Ministry of Justice, Mr. Taiwo Abidogun, received the delegation on behalf of the Minister. He said the nation would take advantage of the opportunity offered by the UK government to collaborate on the justice sector, with a view to train our prosecutors for better service delivery.

Abdulwahab Isa

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embers of staff of the National Insurance Commission (NAICOM) yesterday sealed up the premises of the commission in protest over issues bordering on welfare and corruption allegation levelled on the management. The leadership of the Amalgamated Union of Public Corporations, Civil Service Technical

time awareness capability “We have increased the number of satellite stations along the coasts. “Essentially, our territorial waters are well covered by the surveillance system. “We have acquired one Offshore Patrol Vessel from China and the other will arrive before the end of May. “It is a collective effort and we must secure that environment to make our nation prosperous and great again,” Ezekobe said.

and Recreational Service Employees (AUPCTRE) NAICOM chapter, barricaded for hours, the entrance to the main gate, chanting solidarity songs and called on President Muhammadu Buhari to checkmate the excesses of the management. Speaking in an interview with newsmen, AUPCTRE Chairman, NAICOM chapter, Ibrahim Abdulateef, alleged gross mismanagement of the commission's fund by executive management.

the non-passage of the bill was its third time that the senate would throw it out. While explaining that the bill seeks to empower women and the girl-child from discrimination and violence, rescue them from being treated as chattels and ensure that women play a role in public and private decision making process, the statement, which was signed by Oby Nwankwo of NCAA, Hajia Saudatu Madhi of WRAPA and Constant Tchona of Oxfam Nigeria, said failure to pass the bill, would deny women and girls the power they require to live their lives free from poverty and their ability to work with men to challenge inequalities and social norms that are retrogressive.

Group alleges plot to scuttle anti-graft war

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Non-Governmental Organisation, the Coalition of Lawyers Against Corruption in Nigeria, yesterday said it has uncovered plans by some dismissed DirectorsGenerals in collaboration with some serving political functionaries, to frustrate the reforms being currently undertaken by the Muhammadu Buhari administration in the public service. In a release jointly signed by its Executive Director, Segun Bamgbose and Director of Media, Bamidele Salam, the organisation said the desperation of the affected officers is being demonstrated in a series of false and malicious stories and articles being planted in some national dailies and online media against the person of the Secretary to the Government of the Federation, Mr. David Babachir and other key functionaries of the Buhari administration.


11

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Parliament How Senate killed Equal Opportunities Bill

Politics The fragile peace the Peoples Democratic Party (PDP) in the South-West has enjoyed for some time was threatened last week after some leaders of the party in the zone moved against the zoning of the party’s national chairman to the zone. WALE ELEGBEDE reports

Interview I would’ve been governor if Abacha didn’t die – Anisulowo

12 14

Rumble in South-West PDP

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fter its dust-biting experience at the 2015 general elections, the Peoples Democratic Party (PDP), decided to pick up its gauntlet by making moves to put its house in order with the hope of regaining power at the center in 2019. The party’s deputy national chairman, Chief Uche Secondus, who had been serving as acting national chairman, last month handed over to former Borno State governor, Senator Ali Modu Sheriff, following his ratification as substantive chairman With a lot of water already passed under the bridge for the former ruling party, which controlled the affairs of the country for 16 years, the party at its 69th National Executive Council (NEC), held recently in Abuja, ratified May 21 as the date for its national convention to elect new leaders in Port Harcourt, the Rivers State capital. The communique of the NEC meeting, which was signed by the party’s national chairman and secretary, Ali Sheriff and Adewale Oladipo respectively, said the NEC approved the commencement of the party’s congresses from Saturday April 23 and also approved the extension of the tenure of office of all organs of the party at all levels until the conduct of congresses and national convention, except those

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Sheriff

of Edo and Ondo states. “NEC approved the setting up of four special committees in preparation for the national convention. They are National Convention Committee, Reconciliation Committee, Zoning Committee and Finance Committee,” the communique said. With the party’s earlier stance to zone its 2019 presidential ticket to the North after affirming the report of its Post-Election Review Committee led by Deputy Senate President, Senator Ike Ekweremadu, the position of the party’s national chairman was left to be pursued by other zones, especially the South-West, who either through design or default is the only zone that has not have a taste at the party’s top seat since 1998 when the party was founded. Prior to the 2015 general elections, the PDP played up the South-West as the beautiful bride that may change the equation in the presidential election, but all that was demystified as the party only managed to win Ekiti State in the presidential poll. At the party level, the palace coup-like removal of the former chairman of the party in the zone, Chief Ishola Filani, and his replacement with an ally of the governor of Ekiti State and former chairman of the party in the state, Chief Makanjuola Ogundipe, raised eyebrow in some quarters. Since then, the clout of the party zonal executives has been revolving around some few elements within the zone. For political watchers in the

George

We need to strengthen the North, if not, the PDP will be branded as a regional party

Mimiko

zone, the fragmentation of the party at the state levels in the zone affected the influence of the party at the zone. In fact, some were quick to argue that the battle for the soul of Ogun State between former President Olusegun Obasanjo and the senator representing Ogun West, Buruji Kashamu, was what snowballed into zonal and eventually national crisis between the duo before the ‘exit’ of Obasanjo from the party. Obasanjo in a letter to former President Goodluck Jonathan said he could not “accept that the Zonal leader (South-West) of my political party and, worse still in my zone, will be an indicted drug baron wanted in America.” With the date set for its national convention and the principled agreement to zone the presidency to the North in 2019, the rat race for where the pendulum should swing to has started playing up. For a party which prides itself as an apostle of zoning, members of the party from the South are already gearing up to see if the chairmanship will fall in their kit. There are three zones in the South, namely, South-East, SouthSouth and South-West. The party currently controls 10 states out of the 17 in the South. With South-South controlling five of the 10 states, the SouthEast has three while the SouthWest controls two; all the zones appear to be making a strong case for the chairmanship seat. Interestingly, some stakeholders are not ruling out the North

in the scramble to secure the chairmanship seat, arguing that the emergence of the presidential candidate of the party from the North may not affect the chairmanship post, opining that the elected chairman would be on the last lap of his tenure at the time of the 2019 presidential primaries. Speaking with New Telegraph on the issue of zoning, a member of the party’s Board of Trustees, Chief Ebenezer Babatope, said, “We are appealing to the party to zone the national chairmanship of the party to South-West and when that happens, we will look inward in the South-West to see what we can do. As it is now, some people are qualified to contest. “Some people are qualified to contest by the virtue of the positions they have held in the party. We have Alhaji Shuaib Oyedokun, Olabode George and Yekini Adeojo, who are all former deputy national chairmen of the party. I want to appeal to our party to put into consideration equity and justice and to ensure that the national chairmanship of the party is zoned to the South-West. “But some of our people are saying let us see whether we can try Bode George. And if Bode George accepts to contest, let us try him. If Oyedokun wants to contest, that is also good but Bode George is what our mind is working on because these are tested people who are experienced. We need tested hands in the PDP to CONTINUED ON PAGE 18


12

POLITICS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Insurgency on its way out – Mohammed Minister of Information and Culture, Alhaji Lai Mohammed in this interview with Al Jazeera, speaks on the war against insurgency and economic challenges due to dwindling oil prices. FELIX NWANERI brings the excerpts

The Muhammadu Buhari presidency is almost one year old but there is growing discontent, cost of everything is rocketing and there are serious security issues. Nigeria is in trouble, isn’t it? Not quite. I want to believe that the government is on top of the situation. In terms of security, I think Nigeria has done very well. Nine months down the line, the Boko Haram insurgency has been massively decimated to the extent that today it is no longer in a position to carry out the kind of spectacular attacks that it used to do. But the attacks are still happening. There was a recent case in Maiduguri, Borno State. There is a difference between spiking, suicide bombing, lone-wolf attacks and insurgency. Anybody who is familiar with the phenomenon called insurgency will appreciate that there is a difference between insurgency and violence. Does this make any difference to the villagers who are involved? How can an attack like the one that happened in Maiduguri take place? Two female

suicide

5 Questions bombers killed 22 people. It does a lot because before now, these villagers were under the complete control of Boko Haram insurgents. They established their government there; they imposed their leadership and their ways of life. Today, they have been dislodged and what we have, which is regrettable is attacks on soft targets, which is what would happen whenever any insurgency is on its way out. What the government is doing at this point in time is to increase surveillance and intelligence gathering. There is nowhere in the world that soft targets can be protected 100 per cent like we saw in Paris on November 30, last year. Soft targets, anywhere in the world like markets, stadia, churches and mosques are difficult to protect. The security issues have been worsened by the problems in the economy with oil prices dwindling. How is the government dealing with the situation as what the citizenry are talking about at the moment is rising cost of foodstuff? It is true that the challenges are quite painful but the outlook is very bright. What we have done in the circumstance is to try and take the opportunity of the downslide in the price of oil to actually diversify the economy. While we are doing it, we are spending at least 30 per cent of our budget on infrastructure. The impact of this is not going to take as long as some people think because between now and June for instance, we are going to commission the first tranche of the railway between Kaduna and Abuja. Meanwhile, the reforms we brought in have been able to block a lot of loopholes, and with the discipline we brought into government, we are going to reduce cost and maximize revenue. The moment the 2016 Budget is approved; there will be more spending because it is a budget that we intend to use to reposition the economy. The Organisation of Petroleum Exporting Countries (OPEC) would be meeting in Doha, Qatar in April and is planning to freeze oil output. Do you see it as way forward? I think there is a sense in producing less for more rather than producing more for less. I think that this is what is guiding the thoughts of OPEC. There are many factors that will determine the price of oil, whether it will go up or down. But clearly, oil exporters must also sit down and set the agenda and not allow other people to set the agenda for them.

Mohammed

How Senate killed CHUKWU DAVID highlights how the Senate killed a bill, seeking to empower women politically and economically, as well as granted them equal opportunities with men in diverse fields of human endeavour

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he bill was entitled, "A bill for an Act to Incorporate and enforce certain provisions of the United Nations Convention on the elimination of all forms of discrimination against women, the Protocol of the African Charter on Human and People's Rights on the rights of women in Africa, and other matters connected therewith, 2016 (SB. 116). It was sponsored by the Deputy Senate Minority Whip, Senator Biodun Olujimi, who represents Ekiti South on the platform of the opposition Peoples Democratic Party (PDP). It was not the first time the bill appeared in the Upper Chamber. The bill, whch was introduced in the immediate past Seventh Senate was also killed by those who felt that the disadvantages of promulgating such law would outweigh its advantages. In her lead debate, Senator Olujimi, who was so passionate about the bill and desperately persuaded his colleagues to support the initiative, highlighted areas where women were placed at disadvantaged positions in the society, and canvassed for a change in such practices. She noted that, in some societies, there used to be disparities in the way women were treated in terms of promotion and remuneration for work done, saying that men used to enjoy undue advantage in these areas over their female counterparts. She pointed out that the legal and social treatment of married women had been often discussed as a serious political issue from the 19th century because the negative effects of such treatments had been hampering women from manifesting their full potentials towards societal development. The politician said that certain laws which tended to subjugate and suppress women in the society were monstrous contradiction to the principles of modern world. Olujimi, who spoke on the content of the document for more than 15 minutes, said that it had become imperative for the law to be put in place in the effort to liberate women from all forms of discrimination, oppression and suppression in the country. She said, "the law of servitude in marriage is a monstrous contradiction to all the principles of the modern world and to all the experience through which those principles have been slowly and painfully worked out.

Saraki

"Violence and maltreatment of women in relation to marriage has come to international attention during the past decade; this includes violence committed in marriage, domestic violence. Others are violence related to marriage customs and traditions such as dowry, bride price, forced marriage and child marriage; harmful traditional practice such as female genital mutilation, early marriage, among others.’’ The lawmaker expressed optimism that when passed, the bill would make provisions for employment opportunity and a minimum of 35 per cent reserved for women in all sectors of the economy. She urged the Red Chamber to see to the passage of the bill as way of contributing its quota to the emancipation of women from the present shackles of certain primitive laws and traditions still in operation in the country. The bill, which was scheduled to pass second reading, initially received the support of some senators but suddenly suffered a setback and finally died on the floor of the Chamber, when some Senators who were opposed to the idea of granting women equality with men joined the debate. Those who vehemently kicked against the bill, argued that most of its provisions were in conflict with the provisions of the 1999 Constitution of the Federal Republic of Nigeria, which was the same reason given by lawmakers in the Seventh Senate, when similar bill was also killed on the floor of the chamber. Senators Ike Ekweremadu, Bala Na'Allah, Ali Ndume and Binta Masi,

CROSSFIRE The judgement confirms persistent failure of successive governments starting from Obasanjo to uphold constitutional commitments on transparency

-Kayode Majekodunmi

They said the money recovered from Abacha, I should account for it. What stupidity! The man who asked for it, the man who gave the judgement or who answered them are all stupid -Olusegun Obasanjo


POLITICS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Equal Opportunities Bill

Olujimi

among others, supported the bill and asked that it should be passed for second reading. The Deputy President of the Senate, while making his contribution, however, said that even though he was in support of the bill, what Nigerians needed to achieve the goals being sought by the bill was education rather than legislation. Ekweremadu said that the place of women in national development could not be undermined, noting that while Nigerian women had made progress in various sectors of the economy, more needed to be done to create room for their further participation in governance. He said, "as usual, I rise to support our women. Only last night, I was going through a document prepared by former President of America, George Bush. He was trying to do an analysis between countries that are doing well and those that are not doing well, and one of the indices is that those countries that do well give women access to governance. They treat them with respect and they are involved in everyday life of their

respective countries." Ekweremadu expressed optimism that stakeholders would continue to work towards giving women their pride of place in the society, stressing that some harmful practices against women in the past had been stopped. He also, cautioned that the Parliament should be careful not to make laws that would put people in bondage instead of liberating them from restrictive legalistic tendencies, so that the essence would not be defeated. Deputy Leader of the Senate, Senator Bala N’allah, said the bill was timely in view of various discriminations against women in the society. He said, "the issue of discrimination has consistently been the issue all over the world and it is only fair that legislations that specifically take care of it be encouraged by this senate". However, trouble for the bill started when the former Governor of Zamfara State, Senator Ahmed Sani (APC-Zamfara West), said that Section 5 of the bill, which specified on modification of sociocultural beliefs of the people, was in conflict with the Constitution. He said that the Constitution recognised the customs and practices of all Nigerians, especially in relation to their religious’ rights. He said, "for Christianity, we have common law and for Muslims, we have Shariah law as recognised by the Constitution; those who believe in their custom and tradition also have customary law. So, for the bill to provide that widows shall automatically become the guardian and custodian of their children is in conflict with Nigerian Constitution. "Where she also said a widow shall have the right to equitable share in the inheritance of the property of her husband is also in conflict with the Nigerian Constitution. She also said women and men shall have the right to inherit equitable share, their parents’ properties; this is also in conflict with the Nigerian Constitution. He advised the sponsor of the bill to correct the provisions that were in conflict with the Constitution and represent it on the floor of the Senate at a later date." Similarly, the Minority Whip, Senator Emmanuel Bwacha,

noted that some of the provisions of the bill were not acceptable in the African setting, pointing out that the provision of the bill, which sought to provide freedom of movement for married women would encourage promiscuity and other anti-social behaviours amongst women. He argued that the bill, if allowed to pass into law would work against morality in the society, as women would take advantage of the provisions to indulge in unhindered freedom that would worsen the rate of moral decadence already in the system. The lawmaker called on other lawmakers not to encourage the passage of the bill. He also said, "the fact is that Christianity does not support battery and other harmful practices but as long as we live as parliamentarians, we will continue to pass laws that will encourage morality. We must not join the multitude in the world to do things the way they do it; we must be cautious of our morality. This is my belief and we must stand firm and ensure that society remains clean". Also, speaking against the bill, Senator Adamu Aliero (APCKebbi Central), stressed on the supremacy of the Constitution over other laws, arguing that passing the bill through second reading would amount to waste of time. "I don’t want us to waste our time debating it; we should stop now and proceed with another bill. There is no point discussing this issue; the Shariah law is already in the Constitution and what this bill is presenting is inconsistent with the Shariah law,’’ Aliero said. When the President of the Senate, Senator Bukola Saraki, put the bill to voice vote, those who rejected the document overwhelmed those in support and the initiative died. Reacting to the development after plenary, the sponsor, Olujimi, lamented that the equal opportunities bill had been killed each time it came up, accusing some male members of the Senate of deliberately killing the bill because they wanted to continue to relegate and subjugate women. She however, expressed optimism that the bill would one day pass into law, so that women could have their rightful place in the society.

POLITRICKS

Okorocha’s succession plan Kashamu as S’West PDP leader? T A he political drama playing out in Imo State ahead of the 2019 governorship election seems to justify the belief in some quarters that politics has always been a game of interest masquerading as the contest of principles. Though the poll is three years from now, Governor Rochas Okorocha, who would be exiting the Imo State Government House popularly called Douglas House after serving the constitutionally allowed two terms, has started making plans to ensure he anoints his successor.

The governor declared recently that he has penciled his likely successors from the three senatorial zones of the states despite the zoning arrangement that was in place before his emergence in 2011 displaced it. Though it is a good idea to plan ahead to avoid the mistakes of his predecessors, many say that Okorocha's game plan is aimed at paving the way for his soninlaw and Chief of Staff, Uche Nwosu to continue where he would stop at.

head of the 2019 general elections, the political realignment in the South-West Peoples Democratic Party (PDP) is gradually taking shape and one man at the centre of it is Senator Buruji Kashamu, who was recently declared South-West PDP leader by some of chieftains of the party in the zone. Though Kashamu, who is representing Ogun East Senatorial district in the Red Chamber had refuted his purported declaration as South-West PDP leader, some school of

thoughts are of the view that there is more to the issue, since this is not the first time, he will be put on the spot. He was accorded the same position prior to the 2015 general elections by some PDP leadersbecause of his position as Chairman, Organisation and Mobilisation Committee of the South-West PDP. Now that the PDP has no specific leader in zone, the question on the lips of many members of the party ahead of 2019 polls is: Will Kashamu be the new South-West leader?

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POLITICAL NOTES

Fayose

Fayose as opposition’s voice

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here is no doubt that the Ekiti State governor, Ayodele Fayose, has stepped into the shoes of former National Publicity Secretary of All Progressives Congress (APC), Alhaji Lai Mohammed, who was the arrowhead of the campaign that saw the defeat of then ruling Peoples Democratic Party (PDP) in the 2015 presidential election. Mohammed single-handedly ran a well-coordinated media campaign that dwarfed then President Goodluck Jonathan media team despite the huge financial war chest at its disposal. But the Kwara State-born politician has since moved on as Minister of Information and Culture and is now in charge of defence of government’s actions and policies. So far, he has brought the experience he garnered over the years as opposition’s spokesman to bear on his new job and has even subjected the opposition party (PDP) to defence, when the APC should be on the receiving end. But what Mohammed did for the APC, is what exactly Fayose is doing for the PDP. Except for the Ekiti State governor, PDP’s voice would have been completely drowned as its image makers appear to have lost their voices, no thanks to the arms deal scandal that has silenced some of them. Like Mohammed did in the days of the PDP-led Federal Government, Fayose is on the neck of the APC-led government. He has taken it as a point of duty to question all policies and actions of the present administration. As PDP’s spokesperson, though in an unofficial position, the governor has been performing his duties “religiously,” and has practically singled out President Muhammadu as his target. Interestingly, the fight didn’t just start with the defeat of the PDP or Buhari’s emergence as president. It dates back to the buildup to the 2015 elections. The self-acclaimed professor of Politics spent resources and time then on why Nigerians should not vote for the former military ruler as their president. He ran a media campaign, which many termed ‘hate crusade.” The condemnation and even Buhari’s victory have not deterred Fayose. So far, he has remained the voice of the opposition, but again, time and resources will tell how long he can fire on.

FELIX NWANERI


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POLITICS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

I would’ve been governor if Senator Iyabo Anisulowo, 65, is no doubt a political amazon. She rose through the ranks from grassroots level as a teacher to serve as a local government secretary, commissioner, minister and senator. In this interview with KUNLE OLAYENI, she speaks on her experience in Nigerian politics. Excerpts:

What motivated you to join politics? I believe that what motivated or spurred me into politics must have been the zeal to effect some changes. Because I believe that you can’t make a change or influence any course without being part of the process and the fact that if you are not with them, you cannot change them. It’s like the saying that if you can’t beat them, you join them. In my case, that slang was not applicable to me. My own is not to really join them if it is not for positive change. I wanted to join them to be able to effect some changes; to be able to say we cannot all be thinking the same way. There should be someone, there should be a Gamaliel in any group or association where things are going wrong and there would be one person who should say let’s look the other way. So, that’s what motivated me. And again, I have been in activism right from school days and you find out that many of us were either jailed or even maligned by the society. Because what you are preaching, the majority don’t see it. They start to give you different names. If you say you are a politician, whether liberal or conservative or progressive or even uncategorised; a politician is a politician. So, invariably, I have been able to be myself, even in politics. You once aspired to govern Ogun State, what was your experience like then? As at that time, I must confess to you, I wasn’t really ready. I wasn’t really ready physically to contest the election. But it was like a child of circumstance, a motivation of circumstance or you can even say it was borne out of youthful exuberance in the sense that I was just coming out as a minister and we have been trying to be governor for some time. Then, our leader, Dr. Tunji Otegbeye, had already settled down for the position of deputy governor. And for me, right from the time I’ve been politicking, I found out that the position of deputising does not really make much change. It depends on your principal. It depends on who the gov-

Anisulowo

ernor is and what he wanted to do. He would be the visioner and if you don’t toe the line of his vision, you will have problem as a deputy. You will just be there as an ornament to decorate that office. So, I said no. I wouldn’t want to support a position to deputise. And he had a candidate in his mind. But the problem we had then was money. So, I started funding the cause of contesting for governorship. If you are not an insider, you can’t know what is going on and you will just be misfiring or misbehaving. In my course of being a minister, I started funding the governorship ambition of our people here. I had the privilege advantage to hear General Sani Abacha saying one day to me that ‘well, even if you people want to be governor, he would not succumb to a person who has a foreign wife.’ Who was General Abacha referring to? He was referring to Dr. SAJ Ibikunle. And that was the person that Dr. Otegbeye was supporting and I was funding. I didn’t give money to Ibikunle directly but I was giving good money to Dr. Otegbeye. Then I was in a fix because no matter what you do, the power of incumbency is very strong. And the Presidency was very powerful at that time. So, I came to Baba (Otegbeye) and I told him this is what I gathered from Abacha. He just discarded it with ignominy. He

I have been in activism right from school days and... many of us were either jailed or even maligned by the society

said don’t mind him. When he said that, I decided to stop funding. When I stopped, that did not foreclose the fact that we wanted governorship seat. So, I discussed with somebody and he said since you are in the government and you have been doing this before, why don’t you show interest? So, I told Dr. Otegbeye, so that we don’t waste all we have done, that I will now contest. But he didn’t like it. I didn’t bother, so I started. Then, Jubril Martin-Kuye was really on ground and Olusegun Osoba too. But within six weeks that I started, it was like a bulldozer came and everybody knew that there is a woman all over the place wanting to become governor of the state. But something happened. There was this issue of Alliance for Democracy/All Peoples Party (AD/ APP) alliance and I was in APP. The people in the state, specifically Chief Alani Bankole, knew that it was not possible for them to have a smooth ride in the state and they wanted Umaru Shinkafi to be Vice President. They now instituted the AD/APP alliance so that they could get the Presidency even if they didn’t get the state. So, that was actually what scuttled my election. On the day of election, he went about telling

people that APP is not settled, that they should vote for AD, especially in Ogun Central. So, that was how I lost the election. But it’s on record that I’m the first Yewa person who got the ticket from any political party. Incidentally, you are also the first female to have gone to the Senate in Ogun State. What was your experience like in the Senate? Well, it was a nice experience. If you have been in the Presidency before, you will enjoy having any position at the national level. When I got to the Senate, so many of those who came to form the upper legislative chamber have either been ministers or top government functionaries previously. So, I blended with the personalities at the Senate. It was very easy for me. I was the Chairman, Senate Committee on States and Local Government Administration. I was in the ECOWAS Parliament. I was also in the Inter-Parliamentary Union. I didn't have the urge to amass wealth. If I have two things, I want to give one out quickly. It's as if the second one would melt in my hand and that has been my life. So, I never had any problem with any individual, except Isa Mohammed. What actually happened between you and Senator Isa Mohammed? It wasn't a real problem. It was


POLITICS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

15

Abacha didn’t die – Anisulowo

exaggerated. But it was widely reported then that he slapped you. Yes, it was like reacting. You know it was a planned thing and the plan was from Ogun State. I'm telling you the secret today. It was planned from Ogun State. What really happened between two of you? It was planned from Ogun State. Isa Mohammed was just a victim because he thought I was just an ordinary person who came to the Senate did not matter. Because he had money, he thought he could treat me anyhow. But it was too shocking for him what happened. There was too much for the government of the state at that time and I said I won't take any rubbish from anybody. I worked so hard for my election with the help of the people and I was able to get the Senate seat. And shortly after, there was a problem between senators from the state and the governor. People from this place felt that I'm the only one that could wrestle the position from him, so the best thing he could do at that time is to discard me. But he found out that I never cared. So, it was implied to create a scenario in the Senate at that time such that the incident would create shame and then it would now amount to recalling me from the Senate. The plan was that

I know that we have not produced governor but if Abacha didn't die, I would have been governor

we should fight. He (Isa Mohammed) was my vice chairman in the committee. And you know my style on corruption. I have zero tolerance for corruption in any form. So, what caused problem between Isa Mohammed and I was that we normally take some money for committee work and he believed when such money come, we should share it into two and send his own share to his office and keep the half. Although I did it for some time, because I thought I was going to make him work. Most people are in committees but don't come to committee meetings. But when there is money, they would come. If you are going to see important people in the executive like the president and the vice president, that is when you will see them with their babaringa and agbada. But let's say we want to go to Kaduna for an oversight function, they won't follow you. But if you go and probably the governor of that state feels that I need to honour you and gives money to the committee members, they want to share out of it. For some time, I was doing it but during the time of Governor Chris Ngige’s abduction saga, it took almost 24 hours to get two or three people to go to Anambra State with me. As at that time, if you ask anyone, he would say 'I'm not going, they would shoot us.' They were so scared and afraid. What actually sparked the misunderstanding was that I decided to stop sending half of the allocation to his office. That was what sparked it all. On that day when he wanted to slap me, my glasses went off my face. But looking at the side, they have lined some people to tear my dress – about two women. When they could not perform their enterprise, they were staring at me seriously. But thank God for the people around. They took it up. There was one reporter; she could not just stand what happened because Isa Mohammed tried to bribe her. They tried to turn the table that I was the one that slapped him. He had enough money to turn the table. But when he couldn't, he started begging. His governor came – Abdulkaldir Kure was the governor of Niger State then and started begging. In fact, very important personalities in the country came. People reacted. Some people don't greet me till today because I said I forgave him, because they wanted it to be a serious court case. They wanted to really prove to him that his money would not get him anywhere. He too now begged and he was suspended for two weeks. Well, it's a nice experience because people really came round. The Senate itself used all my antecedents to fight Isa Mohammed and he was punished for what he did. With all you have been through, are you satisfied with the level of participation of Nigerian women in politics? I'm not satisfied but if women make themselves to be cheap, or to be pun, you don't seek knowledge because it's only knowledge that can make you tower above your mates. If they don't seek

knowledge, if they are frivolous, if they have easy virtues, things that should not attract you, you make attraction out of it, things that don't put food on your table, things that don't help your children and you pursue it. So, for me, we have not done much politically. We have the number which is the kernel of democratic norm. In democracy, where you have to vote and the majority will carry the vote but we have the majority and we don't use it for anything. So, women have not satisfied me. But I thank God that a few of us have been able to make our mark and impact in the lives of the people. The situation of women is pathetic.

The Muhammadu Buhari administration seems not to have lived up to expectation in terms of appointing women into positions. Do you share such view? Oh yes! But it is his government. There is nothing anybody can do about it. He has not done much, so I'm using this opportunity to advise him. Yes, we put him there, we worked so hard, the women folk was tired of the situation we found ourselves, our children finished school and they didn't have jobs to do. By the time I was writing my last paper as an NCE graduate, I had two offers. I had to choose the one that would give me a car loan quickly. How much was car loan then? Maybe N3,000 to buy a Volkswagen Beetle or N6,000 to buy and Opel Cadet. I was just joggling; should I join private school or government school? Although I read Physics and Mathematics, I had offers. But today, we have people with Ph.Ds and masters who can't find job to do. So, for me, Buhari has not appointed enough women or women at all. The bad government that everybody is talking about - the Peoples Democratic Party (PDP) government - recognised the input of women. Though if you say it, they will say it's too early; the president is not up to a year there. He just needed those people who would help to propel the initial changes and also, this anti-corruption crusade, maybe he felt men would be better in that scope. But all the same, we worked hard. I know how much I spent and the things we went around doing. But the number of women in his cabinet does not justify the Beijing Affirmative Action. Nigeria is facing a myriad of problems under the Buhari administration. Do you think the president has the capacity to solve these problems? We have to face problems. Was the problem not more than this when we voted him in? The problem was much, the insecurity was terrible and the stealing was too much. Those who worked didn't get any profit. Except you are a thief, you cannot survive. So, how does he want to do it? He is a human being and we are not under military administration. If it were in a military administration, some things would have been in place by now; some people might have been killed, others court-martialed. But we are in a democracy. Even when people have committed very seri-

ous grave offences, the judiciary is there to defend the person to the end. So, what do we do? We have to wait till the end. We have to have patience with him. For me, I am patient. People should look for something to do to help the government. Our excesses should be cut down so that within a very short time, we will start to toe the path of righteousness and good governance. By that time, we would see the futility in amassing inordinate wealth. If you go to some people's houses; you will see 20 to 40 cars. What are they doing with them? We are just hearing that some people bought N300 million worth of houses for their children. To work hard and make N1 million, it's a lot of work. For somebody to steal N1 billion, knowing full well that the economy cannot even justify that earning, why do you steal it? They put it in banks; our banks have become avenues for keeping stolen money and those who have more access to steal take the money abroad. How do you think the government can ensure that locally-made goods and services are promoted for the benefit of Nigerians? What I know is that the government should help the processes of production. I'm not really part of the advocacy of giving people money because we have done that in the past. If you give somebody money to farm, he will go and buy one rickety car and marry two more wives. What I'm saying is that they should help the processes of production. Like machines that people are using to produce their wares. Let them be brought in or let our local fabricators assist them. You are very close to Governor Ibikunle Amosun; what's your appraisal of his performances in the last five years? He has done well. That is what I would say. I would always give him 60 per cent any day. If I'm governor, I would only do a third of what he did in terms of infrastructure. I salute his courage. We don't have money but he embarked on so many projects. So, in such situation, some other things will suffer. But for me, if I'm governor, I'm a politician, I know that you can't face one place and not take care of the other side in politics. But money is a factor. So, the much money he had when he came, he was able to mobilise internally generated revenue like never before. He thought this would be coming continuously until he finishes but look at what has happened. The economy itself, the money coming from the Federation Account continues to dwindle. How do we make it? And again, our people believe in just being in government. If I take an appointment, they believe that salary is a national cake. For me, I will give Amosun 60 per cent any day. With all the roads he has built, nobody can undo it. It's permanent for the people. I will always remember him for his sense of initiating public good. And if you say you CONTINUED ON PAGE 18


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WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Opinion Wild, wild South-South! TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

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he unenviable sobriquet for the volatile Western Region in the First Republic was the “Wild, wild West”, earned as a result of the political violence that followed controversial elections in the then region in 1964 and 1965. The aftermath was the killing of political opponents and the burning of the property and persons of opposing political groups in what came to the known as “Operation Wet- e”. Literally, it means “wet him or her or the property so targeted with petrol and set ablaze”. It was the precursor to Winnie Mandela-supported “neck-lacing” of suspected betrayers of the Black cause in South Africa and discreet supporters of the White apartheid regime. Of course, the “Wild, wild West” led to the collapse of the First Republic, triggering, as it were, a chain of negative reactions that eventually snowballed into the January 15, 1966 first military coup led by Major Kaduna Chukwuma Nzeogwu and four other Majors of the Nigerian Army. Whereas the coup failed, it nonetheless brought an end to the first attempt at democratic governance after Independence was achieved from the British colonial masters on October 1, 1960. A civil war later followed (1967-1970) and thereafter successive military coups until the then General Olusegun Obasanjo returned the country to civil rule in 1979. That was the Second Republic, which itself was truncated in December 1983 by another military coup that announced the then Major-General Muhammadu Buhari as Head of State. General Ibrahim Babangida, torpedoed Buhari in 1985 and went on to experiment with all

manner of return-to-civil-rule programmes in what was referred to as the Third Republic; but it was not until May 1999 that the Gen. Abdulsalami Abubakar administration installed the present Fourth Republic, the longest in the annals of the country. But since 1999, at no other time than this has democracy come under sustained and ruthless threat. The elections in the South-south have been nothing but wars and battles. In Rivers state especially but generally in all the South-South and, to a lesser extent in the South-east, the March\April 2015 elections were do-or-die battles. Subsequent re-runs as well as the recent Bayelsa state governorship election have fared no better. The scale of the violence was such that I concluded that the outcomes were not people’s mandates but the booties of war for those declared the winners by the Independent National Electoral Commission, INEC, and later by the courts. Whoever was so declared out of the two dominant parties that have turned that zone into the most volatile region of the country was as guilty as the other. Last week’s re-run in Rivers was, perhaps, the worst of the worst. Blood flowed freely. Gone were the days when big men employed thugs to do their bidding; these days, the big men – perhaps unable to trust anyone to clinically finish up the opponent – embark on the dirty job themselves. Governors, Ministers and such other big guys with all the paraphernalia and state apparatus of power attached to their offices, which included immunity from arrest and prosecution in some cases, are the ones who move about in broad daily subverting the system, compromising officials, maiming and killing innocent voters and daring the law to take its cause if it can! There is a complete breakdown of law and order in the South-south. The impunity of the political actors cuts across the political divide. There are four reasons why the South-south has become this volatile. One: The resource control war fought by the Movement for the Emancipation of the Niger Delta has radicalised the region. The zone swarms with militants and exmilitants of all hues and once criminality has

Since 1999, at no other time than this has democracy come under sustained and ruthless threat

become thriving business, to get it dismantled takes so much effort, tack, and patience – all of which the Buhari administration lacks or is not willing to call to bear. In addition, there is a deluge of arms and ammunitions in the zone. The Amnesty programme, according to some insider sources, did little, if anything at all, to mop up considerable quantity of arms from the region. Militants were said to have turned in unserviceable arms while the dollars that the amnesty programme churned out to the so-called militants “embracing” the peace deal provided ample opportunity for them to stock up on the latest and sophisticated arms and ammunitions for future use. That future is here! Two: Generous revenue allocation formula, especially the 13% derivation, has made the states of the Southsouth the richest in the country. Dwindling or no dwindling oil revenue, one state in that region collects monthly more than the monthly allocation of six or more states from other parts of the country put together. So the prize to be won is high; hence the competition is cut-throat. Three: The zone is seen as the bastion of the opposition PDP and a cordon that must necessarily be thrown around former President Goodluck Jonathan, who is from Bayelsa state. The ex-president, according to this theory, is not safe if the ruling All Progressives Congress controls Bayelsa or any of the adjoining states. Finally, losing any of the oil-rich states is seen as tantamount to committing political hara-kiri by the PDP. Having lost the Federal purse, it must by hook or crook hold on to the rich Niger Delta states if it is to be able to challenge the APC in future contests. As we all know, politicians of all hues, including those purportedly waging anticorruption wars, loot the public treasury to foot their election bills. Have the politicians learnt useful lessons from our past experience? George Santayana says those who fail to learn from history are condemned to repeating its mistakes. As things are right now, are we not already repeating the mistakes of the past? The conflagration last time, which consumed the First Republic, was from the West; is the fire this time around not already being stoked in the South-south? Those who have ears...

‘War’ of the humanities and the sciences Tunji Olaopa

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am a proud product of the humanities and the social sciences (HSS). That is my most cogent justification for the series of commentaries—the lovers’ quarrel— that I have penned on the status, relevance and invisibility of these group of disciplines especially within the Nigerian context. Since the HSS moulded my life and perception of values, thought, society and the divine, in spite of the many roadblocks put by my parents and society, it seems only inevitable that I will not only lament its continuing decimation within the national educational framework, but that I will equally be passionate about advocating its resurgence as a development catalyst. Nobody considers the HSS when talking about national development in Nigeria. That is at once a critical mistake and missing gap in Nigeria’s educational policy. And this mistake, I suspect, is a direct consequence of what we perceive as our development objectives as a nation. This is not the first time I will be returning to this issue of the humanities and the social sciences, and their

collective agonies in developmentchallenged Nigeria. No one can dare contest the cogency of the issues involved. Nigeria stands at a very critical juncture on many fronts. First, there is the ever-present challenge of national integration and nation building, which has been on since independence and which appears rather bedevilled by constant retrogressions. Then there is the more existential challenge of national development around which even the objective of nation building is tied. Human capital development plays a significant role in the resolution of these issues. Education entails a whole lot of dynamics and processes, which, sadly, we have neglected for too long. Apart from all the education summits and conferences, which generated reports and white papers, what else can we say we have done with education as a critical sector in concrete terms? I have had to return again and again to the Education Sector Analysis (ESA) I took part in commissioning many years ago. It was revealing! The tragedy is that Nigeria has not really moved beyond the degeneration of the education sector as analysed in that document. And yet,

education constitutes the critical site for the generation of national intelligence and competences! After all is said and done, it seems to me that our present educational predicament is actually a blessing in disguise. In other words, it provides us with the policy opportunity to rethink what we want our educational institution to contribute in terms of curriculum contents that speaks to the manner of graduates the universities can offload into the Nigerian society. To paraphrase Ernest Hemmingway, it is at the broken places of our educational predicament that we can ever hope to be made strong again. It is by looking critically at the fault lines and the fissures that we can grasp those issues, which are out of place and how to fix them back. And I am convinced that a good starting point would be to revisit the false disjuncture that we have placed at the heart of our consideration of the sciences and the HSS, especially when we talk about national development. That false assumption seems too critical to gloss over. No educational policy can achieve the goal of optimal human capital development if

its foundation is laid on a false premise. Before now, I began the advocacy process through a round of critical vilification that targeted the Nigerian philosophers, political scientists and the social science community generally. I used the newspapers commentary columns, and the lecture circuits. I castigated university administrators and curriculum experts on the lopsidedness of the National Policy on Education. This was a deliberate leg in the advocacy campaign. The Yoruba has an apt maxim for it: You cannot cut a person’s hair in his absence. It seems only logical that any rethinking of the status and role of the HSS must commence from a critical assessment of the attitude, performance, professional conduct and competences, and HSS intellectuals’ perception of their own relevance in the national scheme of things. So far, I think the point about their relative invisibility within the Nigerian project has been made and made very well. What is left is to translate intellectual lethargy into policy activism. • Olaopa, a retired federal permanent secretary, is the Executive Vice Chairman, Ibadan School of Government and Public Policy (ISGPP)


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ated, he however, failed to furnish ment and private institutions Nigerians with reliable figure, like primary and post primary schools, health and worship ceneven as the police authorities tres as well as police station in and their sister security agencies the area were incinerated in the seem helpless to about the situaattacks. tion. Some of the villages had Like the federal lawmakers become ghost towns and their who strongly condemned the farmlands abandoned. So graphic recent killing of farmers in and horrific are some pictures Agatu Local Government Area emanating from the areas that of Benue and in Nasarawa states, one wonders whether indeed we call on the government to there are secudeal decisively rity agencies in with these the land. acts of share Former Sencriminality The time to treat these ate President, which have the David Mark, issues with levity and propensity of who visited the snowballing sentiments are over area, recently into full scale war. It is deceptive to imagine that expressed shock at the extent of in the face of these continued killdestruction in Agatu, describing it as “unbelievable, unimaginable ings, prominent leaders of Agatu genocide” against his people. In would fold their arms and watch his words, “nothing whatsoever the decimation of their people and justifies this brazen act of destruc- destruction of their lands. Interestingly, the Interim tion meted out on the people of National Secretary of Gan Allah Agatu.” Fulani Association, Saleh Bayeri, Interestingly, these murderous activities of Fulani herdsmen have has described the Agatu people as aggressors shedding crocodile been observable in many parts tears. To him, the bloody conflict of the country, as they destroy in Benue was a reprisal attack by farmlands and plantations in the his people against the Agatus, who course gracing on indigent farmers’ lands. In some cases, they even he accused of killing, in 2013, a prominent Fulani man. Another attack farmers for daring to protest against wanton destruction of angle to the killings and destructheir farmlands. In rare cases, the tion of communities were borne out of the rustling of thousands of herdsmen, are armed with AK-47 have kidnapped elderly notable cattle. Nigerians after destroying their While cattle rustling against farmlands. which the government has deThough the Inspector-General ployed battalion of soldiers in of Police, Solomon Arase, has said recent times is unacceptable, govthe fatalities have been exaggerernment must come to terms with

DAILY TELEGRAPH PUBLISHING COMPANY LIMITED Managing Director/Editor-in-Chief

Funke Egbemode

Managing Editor, Business & Strategy n Yemi Ajayi

Managing Editor, Publication & Operations n Emeka Obasi

Managing Editor, South n Emeka Madunagu Managing Editor, North & Abuja n Laurence Ani Editor n Ayodele Ojo Editor, Sunday n Juliet Bumah Editor, Saturday n Waheed Bakare Deputy Editor, Group Head, Newsroom n Geoffrey Ekenna

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

Arresting the share criminality in Agatu

he continued decimation of Agatu, a people spread across Benue and Nasarawa states, by Fulani herdsmen, is one sore point in the annals of the nation’s contemporary security history. Government’s failure to address the issue which commenced four years ago in Nasarawa with killing, raping of women and desolation of homes and villages recently fuelled its escalation into a full blown war, spreading even into Benue. In the recent past, the then Benue State governor, Gabriel Suswan, at a meeting with Governor Tanko Al-Makura, had remonstrated that the herdsmen, whom he described as trained and armed to carry out these systematic attacks, were harboured in Nasarawa. A report from security agents added that the herdsmen even wear a unique red beret for identification as a militia. Owing to past government’s inertia over the matter, the crass criminality by these herdsmen has continued unabated, especially in Agatu Local Government in Benue State, which is now a theatre of war. At the last count, no fewer than 10 communities have been razed and about 500 lives, including a medical doctor lost to the recent hostilities, allegedly caused by the rustling of thousands of cattle. Once vibrant Agatu communities like Aila, Akwu, Adagbo, Okokolo, Ugboju, Odugbeho, Ogbaulu, Egba and Obagaji are now debris of the wreckage, even as govern-

17

EDITORIAL

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Bureau Chief, Abuja n Onwuka Nzeshi Bureau Chief, Brussels n Leo Cendrowicz Bureau Chief, Washington DC n Marshall Comins Editorial Coordinator, Europe n Sam Amsterdam

Business Development Manager n Taiwo Ahmed Sales/Circulation Manager n Oyebanji Abiodun Head, Arts & Creative n Ugochukwu Nnakwe Head, Admin. n Robinson Ezeh

reality that the attacks of cattle are reprisals for the destruction of farmlands by the herdsmen. Equally disturbing is the fact that these common herdsmen are incapable of obtaining licensed riffles like AK-47. This is an indication that these restricted weapons are procured for them by prominent cattle dealers who also trained these employed herdsmen in contemporary weapon handling methods. The sophistry of these tag-rag herdsmen in weapon handling and brazen disregard for lives is of serious concern because weapons are never handed to untrained hands and minds. The time to treat these issues with levity and sentiments are over. As a nation currently grappling with the insurgency occasioned by Boko Haram, any attempt to treat the current criminal activities with kid gloves would further portray us as a barbaric people or a nation which places no premium on lives. More than ever before, the rampaging herdsmen should be called to order, arrested and made to face the full weight of the law, even as they must be provided with ranches and grazing reserves to prevent these unacceptable carnage and destruction of communities, which has dangerous prospects on the nation’s food security. Governments at all levels should stop this conspiracy of silence and inaction, but put security agencies on their toes and stop playing politics with the lives of their people.


18

POLITICS

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

counter Chief John Odigie-Oyegun and the APC,” he said. However, Babatope’s dream of seeing the PDP chairmanship seat zoned to the South-West appears to be a mirage to some of his kinsmen in the party. Alongside Kashamu, the zonal chairman of the party who is also the national vice chairman of PDP in the zone, led a delegation of party chief­tains on a courtesy visit to Modu Sheriff, Presenting a position paper of the zone on the May 21 national convention, Ogundipe said the South-West zone is supporting the retention of the chairmanship position in the North, stating that taking the office away from the North would further alien­ate the zone from the erstwhile ruling party. “In the whole of the North, we have only two governors. We need to strengthen the North, if not, the PDP will be branded as a regional party if we go ahead to pick the national chairman from the South,” the paper said. Expectedly, the position of the Ogundipe-led delegation was met with castigation and christened under different guise and interest. While some averred that the paper was an orchestrated plan to further elongate the tenure of Modu Sherrif, others believe that it was a plot from some power bloc in the zone not to allow some interest take over such an influential position. Reacting to the proposal, Babatope said, “They (the SouthWest PDP executives) went to meet Sheriff to express their personal opinion because they cannot speak for the party. Many of those who went to meet Sheriff are leaving office very soon and therefore they cannot speak for us. We are in democracy and they are free to express their personal opinion. "The South-West PDP wants the party national chairman position because we have not occupied the position since the formation of the party in 1998.

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

S'West PDP back to the trenches

Babatope

The South-West PDP wants the national chairmanship and by the grace of God we are going to get it." On his part, the chairman of Lagos Collective, Prof. Tejumade Akitoye Rhodes, said it is a monumental shame and ridicule for some characters in the SouthWest zone to push for such move, adding that it will be totally unacceptable, unfair, unjust and even destabilizing if the region is denied its rightful honor to lead the party. He said, “The Yoruba nation was inflicted with a monumental shame and ridicule yesterday when a few non decrepit characters basically mortgaged their conscience and dignity by claiming that the South-West was not interested in the office of the National Chairman of the People's Democratic Party.

Fayose

South-West PDP wants the national chairmanship position

Ogundipe

"This is most illogical and patently absurd . It is absolute nonsense and irredeemably outrageous. This does not in any way represent the position or the will of the Yoruba people.” However, clarifying issues on their visit to the party’s national chairman, Kashamu in a statement said the delegation’s view does not foreclose any other opinion or suggestio, adding that, “if some other persons have any other idea, they are at liberty to push it. At the end of the day, it is either superior argument wins or we go to the convention. “On our proposal that the national chairmanship of the party should remain in the North, I wish to state that it was the opinion of the delegation. We were and are still of the view that given the strong presence

of the PDP in the South, with 10 governors out of 17 governors in the South and just two governors in the 19 states in the North, it would make more sense to leave the national chairmanship of the party in the North.” With many of the interests in the PDP playing their cards close to their chests, it is clear that the party in South-West zone is back to its trenches of power tussle. Will the various entrenching interests be able to rally themselves and reposition the party in the zone? Are there external influence using some members of the party in the zone for their own political plot? On whose interest will the acceptance or rejection of the party’s national chairmanship seat be? Answer to all these posers and more will be unravel in days to come.

How politicians plotted my attack in Senate – Anisulowo C O N T I N U E D F R O M PA G E 1 5

are a friend of Governor Amosun and you think you can influence him, he has a mind of his own. He's not a propagandist. He believes that if you don't do, you don't eat. If you didn't do something and wanted to eat there, even if he makes mistake the first time to give you, he will not continue. That's his character. How about the claim that his government marginalised Ogun West? Well, it's obvious. Nobody can defend that but that claim doesn't make me to discard him as a friend because he had other things that I appreciate in him like his courage, doggedness and frankness. And if he holds on to a view, it takes him time to change unlike me, if I have a superior argument, I change straight away. Your senatorial district, Ogun West, has not produced a governor since the creation of the state. What are you doing in conjunction with other leaders in the area to break the jinx? I have tried one time but we will try our best. I know that we (Ogun West) have not produced governor but if

Abacha didn't die, I would have been governor. How do you mean? Yes, I would have been governor. Not that he supported me initially, but when I came into the race - I told you the six weeks - the Presidency was phoning me to say 'governor, governor.' They didn't know that I have been in politics earlier than taking appointment. So, the traits they saw were more than somebody coming to be a minister; that I could campaign, that I could go places, that people could follow me. So, they were surprised. So, they were already feeling that maybe we should use this lady. Did you believe Abacha was sincere in returning power to the civilians at that time? Whether he was sincere or not, most people with selfish interests continued to tell him that he was the best despite his health condition. It was too obvious that he had some health issues. But instead of them to help him to get out of the health issues, they continued to goad because they knew that if he became an elected president, they would retain their own positions. But I wasn't part of those who genuinely wanted him as head of state;

the reason was his health. In all these things we are doing, health is important. It's only if you are healthy that you can hold position and do it well. Which zone should succeed Governor Amosun in 2019 – Ogun West or Ogun East? As far as I'm concerned, Ogun East can vie. Ogun Central which would have done eight years’ at that time can vie. What I know is that we (Ogun West) also definitely will vie. It's not that we don't have people. It's not a question of intellect. The only thing is that we have not been in government to steal enough money to be able to buy people over. But if Buhari can make it, I think we can in Ogun West. As far as I'm concerned, it is the turn of everybody. You cannot say this person should not aspire. But if I can be able to talk to them in my party that we have not been able to have access to governorship seat, we should be allowed to. We are the food basket of Ogun State, we have land, we have resources. What are your high moments in life and politics? My high moments are those moments that I have come out to say 'use me for

this' and people refused but still I'm used by God. Those are my high moments. Like when I wanted to be secretary to the local government, they said because of my education and exposure, they would not give me. Just few days, they turned around, begging me to take it. When I refused to do what they usually do at the local government level, they removed me. Twenty-four hours later, I was in the Civil Service Commission as commissioner representing Ogun West. It was a high moment. When I was doing my work here as Commissioner for Agriculture, they wanted to make somebody minister but people said no, he is not educated. They just said 'we are going to the press and we have allocated a position for a female in Ogun; why don't you use that woman who doesn't have to go through security clearance again?' So, I thank God for what He has done. If I have not been able to have those moments in politics, I would have felt it is very bad. On the other hand, what are the saddest and low times you had? When you give your best and people don't see it. What do you do? You go back to your shell. Those were very dull times.


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WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

The Mega City

Life in the city Ijede: The forgotten Lagos community

THE PEOPLE’S VOICE Lagos is well managed – Owolabi

...EXCLUSIVE LAGOS MAGAZINE

21 23

Taming scourge of building collapse Scene of collapsed building in Lekki

The building collapse tragedy in Lagos is becoming a worrisome trend. That of Lekki, two weeks ago, was undoubtedly one tragedy too many. But the state government is leaving no stone unturned to forestall a recurrence. MURITALA AYINLA reports

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

L

ast week, a story building collapsed in Agiliti, opposite Mile 12 area of Lagos where there was recent mayhem that forced the Lagos State government to shut the market. Luckily, no death recorded except for a man and woman who got injured. Also penultimate week, some parts of Lagos experienced a heavy downpour and the attendant, though dreaded, incident happened. The rainfall came with incident of building collapse which most Lagosians always pray against whenever it rained. A five storey building under construction and belonging to Lekki Worldwide Estate Limited caved in on Kushenla Road, Ikate Elegushi, Lekki and killed no fewer than 34 persons and injured 13. Majority of the victims were labourers working on the uncompleted building. Some at the site were visitors, who came on a visit to their loved ones working there or those who squatted in the ill-fated

The developer contravened the law, exceeding approved floor

building. One of them was a woman who, it was gathered, came on a visit from Cotonue in Republic of Benin with her eight-monthold baby boy to see her husband in the collapsed building. The entire family was wiped out. The husband, wife and their little baby perished in the collapsed building. Dreams of brothers, friends, kinsmen all perished in the ill-fated building as only a few survived when the building in which they had spent months crumbled on them. Safe for the timely response of the emergency teams of the Lagos State Emergency Authority (LASEMA), the Lagos State Fire Service, Lagos State Ambulance Service (LASAMBUS), Red Cross, National Emergency Agency (NEMA), Lagos State Building Control Agency and the Rapid Response Squad (RRS), who stormed the scene of the building collapse, all the occupants could have died. Expectedly, the developer was said to have flouted the building

approved plan by constructing a building, which experts said contributed to the collapse. According to the General Manager of the Lagos State Building Control Agency, LASBCA, Olusola Adeigbe, an engineer, the developer acted against the fourth floor approved by the state agency. He added that though the building has an approval but the developer flagrantly contravened the law by exceeding the number of floors approved. This, according to him, made his agency to seal the building in December 2015, adding that the contractor broke the seal to continue work on the site illegally. But worried by the loss of lives in the incident, the state government while reacting to the ugly and tragic incident, vowed to prosecute owners of the properties. The government, after State Executive Council meeting, ordered the Lagos State Police CONTINUED ON PAGE 22


20

LIFE \ MEGA CITY

Gated Lagos: Still old story Victor Uddo

R

ecently, precisely on January 25th, the Lagos State Governor, Mr. Akinwunmi Ambode, gave a seven-day ultimatum to all Lagos State residents association to immediately open all permanently locked street gates and barricades for free vehicular movements. There was no doubt that this directive was a welcome development to some Lagosians as it brought so much relief for most residents because the permanent locking of those gates became a hindrance to both vehicular and human movement, especially during emergencies, whether on medical or security basis. The locked street gates and barricades were expected to be locked by 12 mid night and opened up by 5.00am and be manned by security guards, who are supposed to attend to the public in case of emergencies. However, that was not the case; hence the state government gave the seven-day ultimatum to resident associations to dismantle the affected gates and barricades in the affected streets. Following the last report, New Telegraph followed up with a visit to some identified streets that had their street gates permanently locked to find out whether they complied with the governor’s directive. When New Telegraph visited some of the streets at Ire-Akari Estate in Isolo Local Council Development Authority Area (LCDA) and was taken round the two streets, namely Oyewole Street between Olufemi Peters Street and Bayo Oyewole Street

and the second Street, Adejuyigbe Street between Jimoh Farombi Street and Olufemi Peters Street, these streets were still under lock and keys. According to a man who lives close to one of the streets, “Please don’t mention my name because I know those behind it will ask my landlord to eject me, if they find out I was the one who reported the matter to the press.” Another resident, Tanimola Dele, said that actually, the two streets were not constituting any danger or creating any obstructions to emergency movements. According to him: “There are other streets that act as thoroughfares around here. I don’t think anybody is complaining. We need to put some form of restraint to vehicular movements because of security of lives and property. Don’t you think we need to protect Permanently locked! Fajuyigbe Avenue gate, Ire-Akari, Isolo ourselves? ” When Dele was asked, if the affected streets resident association Farombi Street to turn and enter took permission from the Lagos the Street. Thank God it was not State government to continuan emergency case.” ously put the streets under lock A female driver, Adaeze Clemand keys, he said, “I don’t know ent, who spoke in the same vein if they did so.” said, “during morning hours when A driver, who simply identiworkers go to work and some of fied himself as James Shina, us are doing school runs, you need who brought a patient to a nearby to see long queues of vehicles because there are no sufficient thorprivate hospital said, “Lagosians should learn to obey government oughfares and link routes to divert Lagosians laws.” According to him, “The to avoid the long stay in traffic. I resident association should have think it will be advisable for them should learn employed a guard as the resident to heed the directive of the state to obey association of Soji Akintojuoye government and open up these Street, off Adagun-Odo Street gates and employ security guards government laws did, to be opening and locking to man them.” these gates during the day if they When New Telegraph visited don’t want it opened because of Ago community under the same criminals. This is my first time Isolo LCDA, one of the residents, of coming here. When I first got Shola Talabi, showed New Telegraph a street that has been unto this place, I discovered the gate was locked and I pressed my der permanent lock and key. “This horn without any response. I had Odunlami Street off Fola Ojikutu Street has always been under lock to go down to the end of Jimoh

Locked gate at Oyewole Street, Ire-Akari, Isolo

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

and key. The residents association has defied the state government directive and you know the problem with our government is that they don’t follow up on their laws to enforce it.” When New Telegraph spoke with the chairman of AgoOkota Residents Association, Elder Dan. Adegoke, he said: “The executive of this association has received complaints about some of the streets that have been under lock and key without security guards manning them and we have decided to meet with the affected street residents associations to ask them to comply with the state government’s directive, especially now that Ago-Palace Way, Ali-Dada Street are under construction and motorists need as many thoroughfares and links routes as possible.”


LIFE \ In the city

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

21

A

s a village community, in the mega city, one may think going to Ijede could withdraw him from the hustling and bustling of the city, however, the hectic traffic snarl, blaring of horns from both private and commercial vehicles are unceasing; they are like Lagos metropolis if not more. It is exacerbated with the noise from bus conductors calling passengers to board buses from different motor parks scattered around the vicinity. The cacophony of the noisy atmosphere seems to be saying ‘welcome to ‘Ijede’. The settlement is becoming beautiful by the day; the ongoing construction work on the road apparently in its final stage brings out the beauty on the long stretched road whose construction began about a year ago. The landscape adores; indeed the inhabitants of lkorodu are already feeling the impact of The Mega City, but life in the rural area is not that pleasant compared to those in urban settlement. There is only one road after the diversion from Odokekere that links Ijede, Ogijo, Egbin, Ipakan, Imota, and other communities; the road is not so fantastic, potholes dominate most of the roads. The social life of the settlement of ljede community is a far cry from what is obtainable in the urban area of the state; a small market in the centre of the community sandwiched between Power Field Secondary School, the only secondary school in the community; most of the houses are old architectural pieces; with few population in the community. “This is Ijede; you are welcome,” Mr. Sunday Adimabua said. He has been living in the community for more than over 25 years. “Not much has been done to develop the community; we need some basic amenities in the community; we are lacking lots of things here. We do not have water; you can see the pipes for yourself. We do not have standard market where we go and buy things,” he said. He reiterated that the entire place when he came was still bush. “Our drainages are blocked; the gutter that you see was done by communal efforts but it has being washed away. There is nothing that we are enjoying here. There is no sanitary condition; the local government tried digging this drainage up to the canal but abandoned it here, and it has gone worse because of the continuous rain fall; in other places there is no drainage. We are hoping that the government will notice us and come to our aid,” he prayed. Life in the community is peaceful; some of the youths engage in riding motor bike to Ijede: A settlement in need of social amenities Though the electricity has really improved in this area, but government should come to our aid to give us some of the basic things in the community make ends meet, while the elderly play the game of draft to ease themselves. “We are peace loving people, and accommodating in this community; the indigenes like sharing what they have with one another,” Adimabua said. The occupation of the settlement in the community is fishing. “We are not farmers; we fish for living. Most of the people living here are immigrants, majority of people living in Ijede community are mostly the Ijaws,” he dis-

Water logged Ijede road

Ijede: The forgotten Lagos community Residents of Ijede, one of the Local Council Development Areas in Ikorodu, Lagos, are yawning for government’s attention, especially in social amenities as observed by EZURIKE UGOCHUKWU and MOSES KADIRI closed. There are special festivals in ljede community that lighten the community with fun fair, merriment. “Lots of people take part in the celebration,” Adimabua said. He continued: “We have so many carnivals and festivals in Ijede community; there’s the Remireke Festival, Agemo Masquerade, and the Egun among others. The celebration attracts lots of people to our community to merry with us, people really like coming here during the festival period,” he said. Mr. Temitope Samson another indigene in the community, who is in his 50’s, laments the state of development in the community. He urged government to provide some basic amenities for the community that will ease the life of the people. “We really need water, the roads are not tarred, during raining season if you come here, you will know what l am talking about. There’s no drainage. Though the electricity has really improved in this area, but government should come to our aid to give us some of the basic things in the community.” Counting the pains in the community is Mr. Bayo Samuel who is living in the community. He said the community is underdeveloped. “Is this not part of Lagos? Why are we not

Gberigbe area, off Ijede road,Ikorodu, Lagos

Not much has been done to develop the community

enjoying the same things with others in Lagos? The road leading to our community is not okay; this has made business in the community very slow. We really need help in our community.” He added: “The borehole is not working; we also need government school in our community to enable our children get decent education. This community is popular. Hardly will you tell someone that you are going to Ijede that they will not know the place, mostly when you mention the popular power plant Egbin. You will first get to Ijede before you get to Egbin; then you know how popular the place is like. We want government to remember us by coming to our aid,” he said. There is a story that the name lkorodu was derived from ‘Oko Odu’ and was later changed to Ikorodu. The early settlers in the area

were those from Sagamu, who came to hunt and to farm. The leader of the contigent was ‘Oga’ a prince of Remo, who was said to have been the founder. The most notable plant on the farm was ‘Odu’ which grew plentiful. ‘Odu’ was used for cloth dyeing; no wonder the earlier traditional trade of Ikorodu was cloth dying. The sons of Akarigbo named their settlement Oko Odu meaning the farm of Odu (Oko meaning the farm) Odu means something that blackens and since the plant was used to blacken and dye it, the name Odu became appropriate. A contingent of Benin immigrants joined the sons of Akarigbo in this massive ‘Odu’ forest. The leader of the contingent was a wealthy and powerful man called Eregbouwa from the family of Oliha in Benin City.


22

LIFE \ MEGA CITY

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Collapsed building at Mile 12, Lagos

Curbing the trend of collapsed building CO NTINUED FROM PAG E 1 9

Command to cordon it off as it is now a crime scene, even as it stopped further construction on the site and vowed to subject all the existing properties of the owners to integrity test. In a press release issued on Wednesday and signed by the Commissioner for Information and Strategy, Mr. Steve Ayorinde, the government also urged the directors of the company to report to the police within 24 hours. “Based on preliminary reports and investigation, it was discovered that the collapsed building was served contra-

Lekki building collapse

vention notice for exceeding the approved floors and thereafter sealed by the Lagos State Building Control Agency. It has also been discovered that in a brazen act of defiance and impunity, the owners of the building, Messrs Lekki Worldwide Estate Limited, the promoters of Lekki Gardens, criminally unsealed the property and continued building beyond the approved floors until the unfortunate incident of Tuesday, which has led to loss of lives. The state government has consequently directed the suspension of work at the site. “The government also directed further integrity tests be carried

out on every other construction project which has or is currently being handled by Messrs Lekki Worldwide Estate Limited in the interest of public safety,” the statement added. The state government also warned that it would no longer be business as usual, stating that any developer either on existing or new building projects who fails to comply with building and construction regulations or attempts to subvert the law will henceforth face criminal prosecution. But with the arrest and immediate prosecution of the Managing Director and Chief Executive Officer of Lekki Gardens, Richard

Nyong, experts are of the view that the state government, under the Governor Akinwunmi Ambode-led administration is determined to check the menace of building collapse incidences. Many also commended the governor’s continued prosecution of the Synagogue Church of All Nations’ Guest House building which collapsed and killed 116. But while the state government has demonstrated readiness to ensure that no developer of shoddy construction work escape justice, residents pray this year’s intensive rainfall will not come with tragedy.


MY CITY,/ MY WORLD

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

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THE PEOPLE’S VOICE

Lagos is well managed – Owolabi Ezurike Ugochukwu

C

omrade Owolabi Omotayo, is the chairman, Maritime Workers Union of Nigeria, Liverpool, Apapa Lagos. An ‘Omo Eko’ having been born and bred in Lagos, he said going by the manner with which everything in Lagos moves systematically, no doubt, the city is well managed. The government in Lagos far-sightedly manages her scarce resources when compared to other states in the country. The prudent management of resources in the state has made her partly self-dependent from the Federal Government. “When one moves down memory lane, at the inception of the present democratic dispensation, Lagos State was denied her Local government allocation for months, but the state went ahead to survive the period. Such sagacity has kept the state above others. It’s very encouraging. “The security network in the state is another unique feature of the state; the security network in the state is so beefed-up more than other states in the country. Things that could happen in other parts of the coun-

try without security operatives responding expeditiously, when they happen in Lagos, such situations are arrested immediately. The case of the school girls kidnapped from their school in Lagos recently is an attestation to this. Lagos needs a helping hand to weather the storm of urban migration. As youths graduate daily, they move in droves to Lagos to look for job. I wish we have it like in America, where one can move from one state to another. “ Government should increase its investment in infrastructural development. Open up many more streets that are not accessible till now. When that is done, the social life of the city will be boosted and the economy of the state will thrive. They should as well invest more in security because we haven’t got it right yet. “The government should as a matter of necessity, invest in the waterway transportation. They should make funds available to waterway transporters as obtainable with road transporters. By so doing, rickety boats will be cleared off our coasts, and make water transport safer.”

Owolabi

Traffic situation unbearable – Okereke Victor Uddo

M

Oluwashina

Oluwashina: The city is very receptive

rs. Chinamerem Okereke, the Managing Director of Grace products have lived in Lagos for more than 25 years and still counting. She sees Lagos State as a centre of attraction to many Nigerians. I discovered that Lagos State is a centre of attraction to many Nigerians. Every Nigerian who wants to make it in life would certainly choose to come to Lagos. And in actual fact, many people have succeeded. That is why a great deal of people have achieved their life’s dream in Lagos State and more are succeeding as the days goes by. I like the city because the state, unlike other states, it has infrastructure and things work well. This issue of “419”, ‘Advance fee fraud’, was not known before. You can exchange your confidential personal information with your neighbours without fear of the person using it

for any criminal purpose. Though, there were petty thieves, they were not violent and dangerous to cause harm to their victims. Thieves then still feared people; they were not as brazen as they are today. When I first came to Lagos, taxi cabs were everywhere and affordable.

Dada: It was fun then

Ezurike Ugochukwu

Victor Uddo

F

or Dr. Ilejimi Oluwashina, a medical Doctor at Ifako /Ijaye General Hospital, Ogba, area of Lagos State, (surgery department) Lagos is very receptive. Living in Lagos, he noted, has been the survival of the fittest and only the fittest and the best become successful in the state. Oluwashina, who said he has been living in Lagos since 1982, said he has a strong tie with the state. For him, to be successful in Lagos, one has to be determined and focused. With this new government, Oluwashina said he would like to see changes in terms of power supply, water supply and unemployment in the state. “It’s disheartening to see youths roam about the streets aimlessly, and in some cases, turn in thugs or politicians’ tools of violence. It is also very pathetic to be living in darkness in the name of no power supply. Oluwashina, however, wishes for total eradication of tricycles, popularly called keke Marwa in the state because they constitute a major problem. He says they are both dangerous to the roads and as a means of transportation. As a medical doctor, he has seen large amounts of patients brought into the hospital due to tricycle accident. He said that Lagos State will be the third largest mega city in the world after Tokyo in Japan and Bombay in India.

Okereke

Taxi cab drivers were not cheats; at least to an extent, they were honest in charging the right fares. Those enforcing the sanitary law of cleanliness of Lagos were doing their job conscientiously because people hardly default in ensuring their environment were kept clean. But today, the reverse is the case. Those days, we hardly found our drainages blocked with dirt because you had to dispose your garbage properly. The growing traffic situation in Lagos is becoming unbearable. I would suggest that the state government introduce “Odd and Even” plate numbers system as it was done in 1978 or thereabout to ease traffic congestion in the state. Governor Akinwunmi Ambode should also check the kind of drugs the state health institutions give to patients, because drugs these days are not effective. Instead of healing, it’s causing more harm.

F

Dada

or Mrs. Kehinde Dada, a computer graphics designer and a business woman; Lagos is lively. “For over 43 years that I have lived in Lagos, it has been fun, especially in a place like Oshodi, where I was born and bred. Growing up in Oshodi was fun, as long as you are responsible. You can walk 24 hours without fear of being attacked by any miscreant or robber. However, there were areas you had to restrict yourself from because those areas were designated ‘black spots’. Those areas were under the Oshodi bridge, which has now been demolished. In my time, public schools had respect and teachers were well respected. In fact, you were proud to attend one. So, I am very proud to be a product of public school, because I enjoyed every bit of the years that I spent in public school. Our teachers concentrated on their teaching duties. There was no distraction. They were happy with their teaching profession and had no reason to carry on other trading activities alongside their teaching duties.

In those days, over 20 years ago at Oshodi, we were under Mushin Local Government Area Council. We used to have clean environment because we had effective law enforcement agency then. The sanitary inspectors, which we know as “Wole Wole”, there were no nonsense local government officials and they carried out their duties to details. They don’t take bribe. They give you warning when they find your house wanting. Those days, government created employment for school certificate holders in the various ministries. Hence, when you graduated from secondary school and had a school certificate, a job was guaranteed for you to do before proceeding to higher institution. I am using this opportunity to appeal to Governor Akinwunmi Ambode to please always consider the poor people before taking certain critical decisions, especially when it’ll involves pulling down markets. He should also look into the issue of corrupt Kick against Indiscipline (KAI) officials. KAI should do their duties with justice and fairness.


24

LGA\Focus

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

the neglected

Women traders co mmuting to their va rious communities from the city by boat

Crying for attention

ding to the Ojo Wooden bridge lea

A shore line constru cted by the Lagos State Government

O

ko-Agbado, Olomo-Meta, Agaja and Irewe are some of the riverine communities along the coast line between the Atlantic Ocean and the Lagos Lagoon. These villages appear not to be part of Lagos State because of the lack of government presence in these communities. A journey to any of these riverine villages which are along the same stretch going towards Badagary takes between 30 and 40 minutes from Ojo jetty by speed boat, depending on where one is going. A speed boat with five rows of a threeseater bench type with a total of 15 passengers, including their loads and the driver on board is how to get to any of these villages. A trip to any of these mentioned villages cost between N350 and N400 excluding passengers loads. Rev. John Robert, an indigene of OkoAgbado and a pastor of one of the Pentecostal churches in the community told New Telegraph in a telephone conversation that

that people of these communities have been suffering for a long time due to neglect by the state government. According to him, “What we need seriously are health centres, schools, electricity, transportation. That is boats for the school children and hospital. If these needs are met, we will be very happy and life will be worth living in our villages.” Speaking further about the occupation of his people, Robert said: “Our main occupations are fishing which is seasonal, mat weaving and farming. If the government can come to our aid by supplying us with the necessary agricultural chemicals, fertilizers and other implements, then, our economic life will be enhanced and we will be able to contribute to the economic development of Lagos State.” According to him, “We do need the assistance of the state government to help or support us by creating anything that would bring about employment of our people.” When New Telegraph asked him if the activities of the Lagoon dredging is not part of government’s effort to open up the sea in order for the boats and canoes to be able

to move in and out of the villages without hindrances and as well helping to keep the sea transportation business thriving, he said, “The the ongoing dredging activity is done by the government, the concrete jetty built is because of the shoreline, so that the Lagoon and the Atlantic Ocean will not will not submerge Lagos State. Anyhow, it is still part of effort to save the entire Lagos, which we are included.” On the issue of security, he said, “We don’t really have any serious security threat here; however, we still need more police presence on our seas and villages so as to ward off any unforeseen security threat. The only police station around is the one at Irewe, about two villages away from Oko-Agbado.” Speaking to New Telegraph on the challenges they are going through, Meshamenu Ladi, a resident of one of the villages said, “When we go to town, we see other people and the amenities which they are enjoying but here in our rural area, we are really suffering; you can’t get portable drinking water when you need it, there is no good school for our children. The school which

we have is not school as far as I am concerned. None of the government officials’ children will be allowed to stay in that kind of dilapidated building in the name of learning. I have worked as gardener for one or two of our government senior officials and have seen how they live and what they enjoy. The kind of food they give to their dogs is what nobody can afford in our village here. Some of those fishes they buy around here are even used to feed their dogs.” When New Telegraph spoke with Mrs. Tola Idele, fish trader, she said, “Even though I am not educated, I know good things of life, like electricity, pipe-borne water, good school, a good standard and professional pharmacy and hospital. When you have these kinds of facilities, you are bound to live long and contribute to the economic development of the state. Take for instance, the white people and our rich people do come here to buy fishes from us but they never cared about our living conditions. This is not good at all. Let government quickly come to our aid and give us these good things of life,” she said.

QUOTE

OF THE WEEK

The position of the state government is that any building that is defective and structurally unfit for habitation should be demolished. The life of every Lagosian is important to the government,” Rasheed Balogun,acting General Manager of Lagos State Material Testing Laboratory.

IN NUMBERS

Lagos attracts foreign direct investments, FDI, worth N5billion

Ma rch

Local Authority Nursery and Primary School, Alaguntan, Oko-Agbado

Victor Uddo

jetty


25

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

FCT

Business What's news Nigerians slash expenditure on e-payment p.26

Five banks rake in N341bn profits in FY2015 p.26

Revisiting World Bank’s alarming verdict on Nigeria’s private sector

Money Tier 1 banks defy harsh economy

27 28

Rates Dashboard INFLATION RATE January 2016.............................9.6% December 2015........................9.6% November 2015........................9.4%

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

EXCHANGE RATE

EXCHANGE RATE

(BDC as at Feb 25)

(Interbank as at Feb 25)

USD . . . . . . . . . . . . . . . . . . . . . . N320 Pounds . . . . . . . . . . . . . . . . . . . N450 Euro . . . . . . . . . . . . . . . . . . . . . . N370

l Foreign Reserves – $27.807bn as at 25/2/2016

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

Source: CBN

L-R: Head, Customer Engagement, Heritage Bank Limited, Mrs. Kikanwa Akpenyi; Divisional Head, Public Sector, Mrs. Moji Niran-Oladunni and Principal, University of Ilorin Secondary School, Mrs. Silifat Jaiyeola, during the donation of set of books by Heritage Bank as part of the 2016 Financial Literacy Day programme, in Ilorin.

Anti-money laundering squeezes real estate market OVER-PRICED

The Business Desk Ayodele Aminu

Deputy Editor (Business)

A three-bedroom and fourbedroom apartments costs between $65,000 and $150,000 per annum in Banana Island

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

Dayo Ayeyemi

A

nti-money laundering activities of the Federal Government are slowing down transactions in the real estate market in Nigeria, New Telegraph has learnt. It was gathered that many suspects who would have disposed their properties are now returning them to the government to avoid prosecution. According to a Lagos-based estate surveyor and valuer, Mr Stephen Jagun, while many people are avoiding buying properties presently, some owners, who are in the rush to sell, are ready to reduce prices to attract buyers. Jagun pointed out that many houses in Ikoyi that would have naturally attracted buyers are now lying fallow, heaping the blame on

the anti-graft war of government and low disposable income of residents for empty houses in Ikoyi quarters of Lagos. Also, Principal Partner of Akomolede and Company, Chief Kola Akomolede, said that abundance of vacant properties in Ikoyi was a product of ‘stolen wealth.’ He alleged that such high network properties with high price tags in Ikoyi were built with stolen money. Managing Director of Financial Derivatives Company, Mr. Bismarck Rewane, also confirmed that investigations of suspects have led to a flight to quality houses in Ikoyi, Victoria Island, Maitaima districts. A plot of land cost over N400 million in some locations such as Bourdillon Road, Kofo Abayomi Crescent, Glover Road, Cameron Road, Osborne and Park View estates in Ikoyi, Lagos. In the last couple of weeks, this newspaper noted that the Economic and Financial Crime Commission (EFCC) in Lagos and Abuja have confiscated many properties belonging to some of the suspects. Besides, many properties that are much sought for in locations such as Ikoyi, Victoria Island of Lagos and Maitama, Asokoro districts of Abuja, are now tagged as

N400 million Being cost of a plot of land in some locations, such as Bourdillon Road, Kofo Abayomi Crescent, Glover Road, Cameron Road, Osborne and Park View estates in Ikoyi, Lagos

under investigation. Banana Island, Lagos, is widely regarded as one of the most expensive locations in Nigeria. In Banana Island, letting of three-bedroom and four-bedroom apartments costs between $65,000 and $150,000 per annum, service charges for the same duration could go for $17,000-$30,000, while outright sale of a property, depending on type, could go for as much as $2 million. Currently, a lot of abandoned projects and properties adorned Lagos and Abuja skylines. Residential vacancy factor increased in Ikoyi to 32 per cent this month from 25 per cent in previous month. Similarly, sale of blocks of flat (four-bedroom) at Old Ikoyi, for instance, could cost as much as N250million (for waterside), while those not at waterside could cost N200million. Renting of a house at Glover and other parts of Ikoyi such as Queens Drive, Adeyemi Lawson could cost between N5 million to N7.5 million per annum. Meanwhile, report from the Financial Derivatives Company (FDC) shows that tenants are expressing preference for mixed use developments such as shops, offices and residential complexes.


26

TARGET The apex bank’s target of 350,000 PoS terminals remains elusive

Kunle Azeez

N

igerian cardholders have started reducing their spending activities executed on Point of Sales (PoS) terminals following the volatile economic situation breeding hike in the cost of consumer goods and services, New Telegraph has learnt. According to an industry report obtained from the Nigeria Interbank Settlements System Plc. (NIBSS), there are currently some 117,319 PoS terminals deployed across the country. Analysis of the PoS transaction activities showed that the e-payment sector recorded a slump early this year as the value of PoS transactions fell by 13.6 per cent between January and February, this year. Industry analysts say the decline is indicative of individual Automated Teller Machine (ATM) cardholders’ apparent cut-down in expenditures in the wake of unfavourable the downturn in the economy, triggered by fall in the prices of crude oil (which accounts for about 70 per cent of Nigeria’s revenue and 80 per cent of her foreign exchange earnings) at the international markets. According to them, consumers’ decision to reduce their expenditure exposure is ostensibly unconnected with the increase in the general cost of consumer products and services. Specifically, PoS transactions plunged from N53.4 billion and N46.1 billion between January and February. This represents a loss of about N7.3 billion transaction in monthly PoS processing and equivalent to 13.6 per cent. The monthly figures for January and February, thus, compare with PoS transaction values of N31.7 billion and N30.9 billion recorded in

POSITIVE EARNINGS Top commercial banks defy downturn in the Nigerian economy, record significant earnings

Chris Ugwu

D

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

BUSINESS |news

espite the slump in the Nigerian economy and regulatory headwinds that reduced banks’ earnings, five Nigerian commercial banks released their unaudited full year 2015 (Q4) results, depicting significant growth in earnings and profits. Statistics available to New Telegraph showed that the banks witnessed significant growth across all financial indices with total profit after tax of N340.922 billion. The banks are Zenith Bank Plc, Guaranty Trust Bank Plc,

Nigerians slash expenditure on e-payment

●As monthly PoS deals drop 13.6% the same months last year. Consumers, who spoke with New Telegraph at the Ikeja Shopping Mall, confirmed the cut down in their expenditures. “My brother, I won’t lie to you. You are also aware of what the economy is saying now. Cost of products has gone up, as a result of the exchange rate. On whether I have reduced my expenditure, yes, I can confirm that to you,” a customer to Shoprite, Mr. John Uche, said. Another customer accosted at the same place over the weekend, who gave his name simply as Akolapo, stressed the fact that he had reduced his expenditure not only through PoS but also through cash. “One must reduce one’s expenditure, especially when your salary is not increased by your employers and yet, cost of things start going up,” he said. In 2015, Nigerians transacted N448 billion on some 62,000 active PoS terminals deployed

across the country, according to the NIBSS report. Further analysis of the study showed that PoS recorded an average of N1.5 billion daily transactions throughout last year. In January last year, PoS transactions stood at N31.7 billion; in February, the transaction was N30.9 billion and by March, the figure increased to N33.5 billion monthly. Also in April, May and June, the value of PoS transactions executed by some of the 42 million Automated Teller Machine (ATM) holders 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. However, last January, the PoS business transacted by Nigerians dropped to N46.6 billion. Meanwhile, the NIBSS report also provides information on the number of PoS registered and those deployed, from which the industry has active and dormant PoS terminals. According to the report, in January this year, there were 141, 787 PoS terminals registered with 119,126 terminals deployed. Also in February, the number of registered PoS terminals increased to 140, 064 just as 117, 319 of them were actually deployed by the various Payment Terminal Service Providers (PTSPs). The Central Bank of Nigeria (CBN) had earlier set a 350,000 PoS deployment target in the country but as yet to achieve this in spite of the increase in

the number of PTSPs licensed. PTSPs are the companies licensed by the apex bank to deploy PoS terminals for merchants on behalf of the banks. The idea of PTSP was conceived to allow the banks to focus on their core banking services without bothering themselves with the deployment of PoS for merchants. The 19 terminal operators include Global Accelerex Limited, Citiserve Limited, Interswitch Limited, ITEX Integrated Systems, Top Limited, Paymaster Limited, Globasure Technologies Limited, Signal Sources Nigeria Limited, Bizzdesk Global Solutions Limited, Callphone Limited and Cloud Systems Limited. Others include TITIS /Goswiff Limited, Nera Networks Nigeria Limited, Electronic Settlement Limited, Computer Warehouse Group Plc, Inlaks Computers Limited, Easyfuel Limited, Emerging Markets Telecommunication Services Limited and Ameya Infocom Limited.

A crosssection of staff of Nigeria Insurance Commission (NAICOM) with their placards with various description protesting against the management for improvement of their welfare and other benefits at the Commission’s corporate headquarters, in Abuja… PHOTO: ELIJAH OLALUYI

Five banks rake in N341bn profits in FY2015 Access Bank Plc, Sterling Bank Plc and UBA Plc. Further checks revealed that Access Bank led the five lenders in percentage of growth. The lender recorded a profit after tax of 53 per cent increase, as its full year posttax profit grew to N65.868 billion during the period under review, from N42.976 billion recorded in 2014. United Bank for Africa (UBA) trailed with 24.52 per cent growth in profit after tax for the financial year ended December 31, 2015. The company, in a filing with the Nigerian Stock Exchange (NSE), said its full year net earnings grew to N59.654 billion during the period under review, from N47.907 billion recorded in 2014, representing an increase of 24.52 per cent. Sterling Bank Plc reported a

profit after tax of 14.3 per cent to N10.3 billion due to a higher retention of organic capital compared to the previous period, while Zenith Bank Plc recorded 6.24 per cent growth in profit after tax for the financial year ended December 31, 2015. The bank’s fourth quarter net earnings rose to N105.663 billion as against N99.455 billion a year earlier, representing 6.24 per cent. Guaranty Trust Bank Plc’s net earnings grew to N99.437 billion during the period under review, from N94.434 billion recorded in 2014, representing an increase of 5.29 per cent. Commenting on the results, the Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe said: “Guided by a robust risk management framework, our diversified business model yielded positive results

as we grew the business cautiously and recorded sound prudential ratios. During the year, we successfully raised capital by way of Rights Issue which has significantly strengthened our capital base and now provides us with sufficient headroom to harness opportunities in key growth sectors of the economy. “In addition, the recent upgrade of our national scale credit rating to ‘A’ by Fitch Ratings – even in an extremely difficult environment – will enable growth in the market share of our customers’ businesses and solidify our position as a top player in the industry”. Also, Managing Director/ Chief Executive, Sterling Bank Plc, Mr. Yemi Adeola, said: “We sustained our performance from the previous year

driven by an improvement in operating efficiency. Cost-toIncome Ratio improved by 140 basis points to 72.2 per cent, Capital Adequacy Ratio stood at a record high of 17.5 per cent, while liquidity buffers remained strong as the Bank grew its After Tax Profit by 14.3 per cent. “Clearly, our 2015 performance offered a clear validation of the underlying resilience of our business model. The very challenging operating environment notwithstanding, we managed to and continue to maintain a delicate balance between delivering on near term goals and laying the foundation for the future that we see – one where our customers enjoy the experiences that we create together, which in turn becomes the basis for our long term profitability.”


WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

fct business watch

27

Revisiting World Bank’s alarming verdict on Nigeria’s private sector Last week’s report by the World Bank, which listed problem of irregular power supply, corruption and others among factors hindering the growth of private sector in Nigeria, indorses the long battle operators have been contending with. ABDULWAHAB ISA reports

A

report by the World Bank, last week, has further accentuated the harsh environment under which the Nigerian private sector operates. The study released in Abuja covered three key fundamental areas, the challenges of Nigeria’s private sector, more productive jobs for Nigeria and skills for competitiveness and employability. The report merely affirms the low ranking of Nigeria in the ladder of ease of doing business. The operating environment is increasingly becoming difficult for most businesses to cope with. They are suffering from lots of deprivations than they are willing to admit. The report aligns with experts’ view that put infrastructure deficit in Nigeria at trillions of naira, which, they said, placed about 15 per cent additional burden on the cost of doing business by manufacturing firms and service providers in the country. Experts cited this as the major cause of high cost of products and services. The deficit, according to the experts, is so huge that Nigeria needs to spend about $14.2 billion per year for the next 10 years to be able to bridge the gap. However, of the three areas covered by the bank’s study, challenges facing the private sector and the rising cost of doing business attracted more attention from economists, private sector experts and media practitioners that attended the launch of the report. Hash operating environment For an average Nigerian private business, the name of the game is survival of the fittest, as it is confronted daily with a deluge of challenges. The global bank provided in details some of the challenges facing a typical Nigerian private firm. Top among challenges is inadequate electric power supply. The World Bank puts the percentage loss in term of sales to insufficient power at 17 per cent. The report, entitled: “The Nigerian Private sector and its Challenges,” presented by the bank’s Specialist, Finance and Private Sector, Mr. Michael Wong, bemoaned insufficient power in

Wong

Nigeria. According to Wong, the study was conducted between April 2014 and April 2015 and 48 per cent of the 28,000 firms sampled identified inadequate power supply as their greatest challenge. The study covered 19 states of the federation. The two other major problems, according to the study, are corruption and poor access to finance. Said the report: “When asked to take the severity of investment climate constraints, Nigerian managers of formal firms were most likely to report electricity, corruption and access to finance as serious obstacles to business performance. Firms in Nigeria are significantly more affected by power outages than firms in comparator countries. “Nigerian firm managers reported that losses due to power outages were approximately 17 per cent of sales. Firms in Lagos and other southern states reported the highest losses - equivalent to over 20 per cent of sales. There are slight differences across states. Electricity and corruption are among the top three constraints throughout Nigeria. Firms in northern states rank political instability among the biggest constraint.” However, the drive to shore up Internally Generated Revenue of Lagos State government under Mr. Babatunde Fashola was considered an impediment to operational growth by companies that responded in the study. “In Lagos, tax rates rank among the top constraints, and in other southern states, the top constraint is access to finance,” the bank said. The report called for greater attention to the power sector in order to make Nigerian companies competitive, both at the regional and global levels. In her presentation on: “More and more productive, jobs for

Minister of Works, Power and Housing, Babatunde Fashola

Nigerian firm managers reported that losses due to power outages were approximately 17 per cent of sales

Nigeria,” another official of the bank, Ms. Kathleen Beegle, noted that the nation was facing a major challenge of a population that was growing more than the economic growth rate. She said that the wide gap in the socio-economic well-being between the North and the South had continued to widen and exacerbated by the high fertility rate in the North where girls get married at an early age and give birth to many children. In a similar presentation in the past, the Institute of Directors (IoD), a vocal body of Nigeria’s technocrats, condemned the high cost of doing business in Nigeria, saying it is the bane of economic growth and development in the country. The institute identified access to and high cost of finance, lack of infrastructure and good operating environment, smuggling and substandard goods, lack of local patronage, dearth of industrial skills, and absence of investment in innovation as factors affecting cost of doing business. Way forward Several suggestions have been put forward to the government on how to improve on the business environment to ensure a thriving private sector-led economy. In a proposal submitted to the government, the IoD advocated a number of steps to be taken by the government to boost Nigeria’s business environment. These include strong political will and single minded determination by the government and people of Nigeria to pursue existing blueprints and initiatives; development of basic economic infrastructure that will aid productivity, intensify the rehabilitation work on the existing transportation network and fast-track the building of new rail

lines; enforcement of corporate governance and best practices in all facets of the economy in order to combat corruption in the system and easy access to credit without discrimination. The immediate past Governor of Central Bank of Nigeria (CBN) now Emir of Kano, Alhaji Muhammad Sanusi II, added his voice last week. He said that Nigeria would only develop when it gets its priorities right. Speaking after commissioning the secretariat of the Kaduna Chamber of Commerce, Industry Mines and Agriculture (KADCCIMA) at the Kaduna International Trade Fair Complex, the Emir lamented that the country imports what it has and exports what it does not have. He said that Nigeria would develop on the day it decides to refine its crude oil, produce clothes from its cotton and generate electricity from its gas. The Emir said it was unfortunate that Nigeria has crude oil but imports refined petroleum products for its consumption, just as it has gas but cannot generate electricity from it, except to import generators. Sanusi said: “We have cotton, but we will not process it to make clothes, except we go to China to buy clothes. We have crude oil, but you cannot go to filling station and get fuel refined in Nigeria, except we take our crude to England and go there to buy refined products. We have refinery here in Kaduna, but the fuel you will buy is not refined here. We have gas in Nigeria, but we are always burning it, it is flaring into the air. “Instead of us to generate electricity with it, we rather go abroad to import generator to get power and we have gas that can generate electricity for us, we have coal and we have water to generate electricity. We plant tomatoes in Nigeria, but we eat it up and go to China and import tin tomatoes. Shoes, bags and other leather materials that we are supposed to produce here, because we always slaughter cows and rams, but instead of using their skin to produce leather products, we make pepper soup and eat them up, and go to Italy and China to buy shoes.” This is the problem Nigeria is facing, Sanusi stressed, noting: “From time immemorial, tie and dye used to be one of the major businesses of Kano people, but now, it is Chinese that bring dyed clothes for us to buy. Kano people now select design for Chinese to go back to China and bring finished product back to them.” Conclusion Quest by Nigeria to be counted among top economies in year 2020 will remain a wishful thinking if serious and concerted efforts are not put in place to address the problems listed by the World Bank and other groups, as the bane of private sector development.


28

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

BUSINESS |MONEY

Despite concerns that the sluggish economy and regulatory headwinds would hurt banks’ bottom line, four out of the industry’s five tier-one lenders have reported higher profits in 2015 than the previous year. TONY CHUKWUNYEM reports

P

rior to the commencement of the current earnings season, there were widespread predictions that the impact of the oil price slump, coupled with regulatory headwinds, will lead to Nigerian banks reporting lower profits for 2015. In fact, international rating agency, Fitch Ratings, had, in a report issued last August, stated that Nigerian banks were operating in increasingly difficult conditions, which may result in a sharp deterioration of their profitability, asset quality, liquidity and capital ratios. The agency noted that Nigerian lenders have had to contend with the increased vulnerability of the oil and gas sector, pressure on the naira, the slower economy and the impact of the full implementation of the Treasury Single Account (TSA). Indeed, these predictions seemed to be coming to pass a few weeks ago, as three lenders - First City Monument Bank (FCMB), First Bank Holdings and Diamond Bank, issued profit warnings almost in quick succession. Specifically, First Bank Holdings, the industry’s oldest and biggest lender by assets, explained that the reduction in earnings “is a result of the recognition of impairment charges on some specific accounts resulting from a reassessment of the loan portfolio within our commercial banking business. This reassessment was driven by the challenging macro-economic environment, coupled with fiscal and monetary headwinds, which have resulted in marked reduction in domestic output.” But despite the First Bank statement, 2015 full year results announced last week by the industry’s four other tier 1 banks appear to contradict predictions of a below par performance by lenders. GTBank For instance, Guaranty Trust Bank Plc (GTB)’s audited financial results for the year ended December 2015 released to the Nigerian and London Stock Exchanges, showed positive performance across all financial indices. The lender posted a Profit Before Tax (PBT) of N120.7 billion, an increase of N4.3 billion or 3.7 per cent over the N116.4 billion reported in December 2014 and gross earnings of N301.9 billion, a surge of 8.4 per cent from the N278.5 billion recorded in the same period of 2014. Also, the bank’s balance sheet remained strong with 7.2 per cent growth in total assets, from N2.36trillion in 2014 to N2.52 trillion in 2015. Loans to customers grew by 7.5 per cent to close at N1.37

Agbaje

Oduoza

Zenith Bank MD, Peter Amangbo

Tier 1 banks defy harsh economy trillion from N1.28 trillion in 2014. Significantly, despite the implementation of TSA, customer deposits remained relatively stable with a marginal year-on-year decline of 0.49 per cent from N1.62 trillion in 2014 to N1.61 trillion in 2015. Equally, the bank’s NPL ratio remained low at 3.21 per cent, up slightly from 3.15 per cent in the comparative period of 2014. Following the strong financial showing, the bank is proposing total-Year Dividend of N1.77 kobo per share (inclusive of the 25 kobo interim dividend paid at half year 2015). Commenting on the financial results, the Managing Director/ CEO of GTB, Mr. Segun Agbaje, said that the bank’s financial performance in 2015 was an indication that it had earned the loyalty of its customers and an attestation of the hard work and dedication of its staff, management and board. He stated: “As a bank, we will continue to actively partner with our customers and grow our business in a sustainable manner that is not only driven by profit objective, but with an increased focus on empowering our customers with a view to growing Nigerian economy. Also, we remain committed to maximising shareholders’ value and delivering superior and sustainable returns whilst actively expanding our franchise in select, high growth African markets where we believe we have a competitive advantage. UBA Similarly, United Bank for Africa Plc’s audited full year results for the year ended December 31, 2015, showed that the lender recorded a 25 per cent growth in its Profit After Tax (PAT) to N60 billion, translating to a 20 per cent return on average equity. The lender’s pre-tax profit rose 21.80 per cent to N68.454 billion, from N56.200 billion a year earlier. The company also said its full year net earnings grew to N59.654 billion during the period under review, from N47.907 billion recorded in 2014, representing an increase of 24.52 per cent. Besides, the lender said that gross earnings leapt to N314.830

The Tier-2 banks were more exposed to the oil and gas sector... allocating 27.4 per cent of their gross loans to the sector in 2014

billion compared with N286.624 billion the previous year, accounting for an increase of 10 per cent. Following the performance, the board, according to a statement by the bank, is proposing a final dividend of 40 kobo per share. According to the statement, this brings to 60 kobo the total dividend for the 2015 financial year. UBA had earlier paid an interim dividend of 20 kobo per share, following the audit of its 2015 half year results. Commenting on the result, the Group Managing Director, UBA Plc, Mr. Phillips Oduoza, said: “Our 2015 profit is a new high, reflecting the hard work and discipline of our board, management and staff in creating value for all stakeholders. We remain committed to growing in a responsible manner that aligns with our vision of building an enduring institution.” He said the bank’s resilient business model, geographic diversification, proactive strategies and strong governance created an edge for it through the year. “We will continue to invest in our future whilst managing cost tightly to generate strong returns to shareholders,” he assured. Interestingly, he revealed that the lender expects loan growth of 10 to 15 per cent this year, reversing a 3.3 per cent decline last year. The bank had originally forecast loan growth last year of 5 to eight per cent, but that did not materialise. Oduoza explained: “Because of uncertainty in the macro-environment, we decided to be very cautious in the growth of risk assets. For this year, we see a positive outlook but we will continue in our conservative approach to risk creation.” Zenith Bank Also, Zenith Bank Plc announced a PAT of N105.67 billion, which is a 6.3 per cent increase from the N99.455 billion recorded in 2014 and a 4.9 per cent increase in PBT to N125.616 billion from the N119.796 billion reported in 2014. The lender also recorded gross earnings of 432.535 billion in 2015, up by 7.2 per cent in 2014. Net interest income grew by 8.8

per cent from N206.503 billion to N224.582 billion. Based on the performance, Zenith Bank Directors recommended a final dividend of N1.55 to shareholders. The final dividend is in addition to the N0.25 dividend already paid, bringing the total return for the year to N1.80 per share. Zenith Bank Plc had paid N1.75 dividend per share in the previous year. After the release of the results, the lender announced that it expects pre-tax profit of N126 billion as well as a loan growth of 5-10 per cent this year. Access Bank The fifth tier 1 bank, Access Bank, also announced a modest performance. According to the results announced by the lender, it recorded a PBT of N75 billion for the financial year ended on December 31, 2015, representing a growth of 44.23 per cent compared with N52 billion recorded in the comparative period of 2014. In addition, aided by its successful rights issue, the bank’s PAT appreciated to N66 billion against N30 billion achieved in the preceding year while its gross earnings stood at N337.4 billion in contrast with N245.4 billion in 2014, indicating a growth of 38 per cent. Furthermore, interest income grew by 17 per cent to ₦207.8 billion in 2015 from ₦176.9 billion in the previous year. The bank said in a statement that based on the improved performance, the directors recommended a final dividend of 30 kobo per share, bringing the total dividend for the year to 55 kobo. Commenting on the performance, the bank’s Group Managing Director, Herbert Wigwe, said that the result reaffirmed the lender’s resolve to add value to shareholders’ investment, even amid harsh operating environment. Wigwe said that the 2015 result reinforced the bank’s resolve to generate sustainable returns in spite of challenging market conditions. “We achieved strong financial progress in 2015 as the group reCONTINUED ON PAGE 29


BUSINESS |MONEY

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

DISQUIET Ejection from JP Morgan EM index impacts economy

Stories by Tony Chukwunyem

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he continuous decline in total capital inflows is preventing foreign investors from investing in the country, a financial analyst, Frank Kahumba, has said. Kahumba, who is an Equity Research Analyst at Momentum SP Reid Securities, told CNBC Africa, that the Central Bank of Nigeria (CBN)’s foreign exchange policy triggered the decline in capital inflows, as foreign investors, convinced that the naira was overvalued, have adopted a ‘wait and see’ approach towards investment in the country.

Drop in capital inflow hinders foreign investors – Analyst The National Bureau of Statistics (NBS) released its capital importation quarterly report last month showing that Nigeria recorded a total value of $9,643.01 million capital importation in 2015, which represented a 53.53 per cent fall on the previous year, when the total was $20,750.76 million. Kahumba said: “According to investors, what they want is a little bit more liquidity into the market. If you remember, between 2012 and 2014, Nigeria was listed in the JP Morgan EM index and it was excluded in 2014 because there was government regulation, which restricted foreign exchange transaction.” He, however, pointed out that Nigeria offers consider-

able opportunities for foreign investors and what investors can do is to check which one will be the best option. “On the report, they say that other types of investments, compared to your FDI (Foreign Direct Investment) and your portfolio investment had quite an increase. So, people do have some other avenue in which they could go to. It’s just a matter of knowing exactly where to put the money,” he stated. According to the NBS report, the total value of capital imported into Nigeria in the third quarter of 2015 was $2,748.10 million, up by 3.07 per cent from the preceding quarter. This was followed by a total of $1,556.95 million in the fourth quarter, which repre-

sents a decline of 43.34 per cent from levels recorded in the previous quarter. The NBS figures showed that each consecutive quarter of 2015 saw a larger annual fall than the previous; in the third and fourth quarter, capital inflows were respectively 58.00 per cent and 65.40 per cent lower than in the same quarters of 2014. The report showed that importation into Nigeria between 2012 and 2014 was markedly higher than in preceding years. This, the report said, may have been a result of external factors, such as the inclusion of Nigeria in the JPMorgan EM Bond index and globally low interest rates triggering a search for higher yields from investors over this period. L-R: Chairman, Lagos Mainland District Society of the Institute of Chartered Accountants of Nigeria (ICAN), Alhaji Rasaq Adesokan; National President, Otunba Samuel Deru; Managing Director, Nigerian Bottling Company Limited (NBC), Ben Langat; Chief Financial Officer, NBC, Mrs Seun Oni and Director, Legal, Public Affairs and Communications, Sade Morgan, during Deru’s courtesy visit to the Exco of Lagos Mainland District in Lagos.

Lender promotes gender parity

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s part of its commitment to boosting gender parity, Access Bank recently hosted a session on gender balance for its male staff and customers, aligned with the theme for this year’s International Women’s Day, celebration: “Pledge for Parity.” The session, which was targeted at male participants and leading organisations, was intended to elicit participants’ commitment on helping women and girls achieve their ambition, challenge conscious and unconscious bias and subscribe to the concept of gender balanced leadership. According to the lender, the session, which was facilitated by Idea Builders was designed, to inspire men to support the cause of women and promote gender parity. The bank’s Group Head,

Inclusive Banking, Ope Wemi-Jones, said: “Our operations and services are designed and tailored to meet expectations and needs of every human being, regardless of gender, race, belief and religion. “As the world celebrates the 2016 International Women’s Day, we are also raising a group of men. However, based on observed bias against women and social prejudices against the girl-child, Access Bank has remained at the forefront of gender fairness and peaceful coexistence. By this, we hope to realign the world with the fact that equal opportunity is a catalyst for global development”. Access Bank recently celebrated women achievements under the W initiative award. The ‘W’ awards received over 10,000 entries.

JPMorgan partners Barclays on African unit sale

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PMorgan Chase will work with Barclays on the sale of the UK lender’s African unit stake according to people familiar with the matter. The New York-based firm was assisting Barclays’s own bankers, who are leading the deal, said the people, who asked not to be identified because the process was private. Formal bidding has not started, they said. Barclays has sold assets, slashed about 6,000 jobs in the last four months and cut dividends, after fourth-quarter profit fell and the London-based lender was hit with misconduct charges. The firm said it planned to sell down its 62 per cent interest in Barclays Africa Group to boost capital and focus on the UK and US markets.

Barclays had already received “a lot of interest” in the business since announcing the plan on March 1, CEO Jes Staley said last week. Barclays bought Absa Bank in 2005 and three years ago the Johannesburg-based unit acquired its parent’s operations in eight African countries, giving Barclays a presence in 12 countries on the continent, with 12 million customers. Staley said while he would like to maintain a stake in the African business, he would consider an offer for the bank’s entire holding. JPMorgan is one of Barclays’s corporate brokers. The bank will serve the role of sponsor as laid out by UK regulators, according to one of the people.

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Tier 1 banks defy harsh economy CONT INU E D FROM PAGE 28

corded a 44 per cent growth in PBT to ₦75 billion from ₦52 billion in 2014, with significant contribution from our securities trading business,” he said. Wigwe attributed the growth to the bank’s diversified business model and robust risk management framework. He said the bank successfully raised capital by way of rights issue, which strengthened its capital base and provided headroom to harness opportunities in key growth sectors of the economy. It will be recalled that a fortnight ago, Wigwe had contended that concerns that problems in the industry could get worse this year, leading to a banking crisis, were exaggerated. He said: “There is no banking crisis. There are issues, but there is no looming crisis. Yes, NPLs will rise but there will be no crisis like we had in 2009. You could have some vulnerable institutions, but overall, the banking industry is healthy.” He predicted that despite the tough operating environment some well managed banks will still post good performances. Afrinvest report Interestingly, in their 2015 Nigerian Banking Sector Report, entitled: “Looking ahead…Nigerian Banking in the Next Decade,” analysts at Afrinvest Securities Limited noted that Tier 2 banks had been more adversely affected by the oil price slump than their tier 1 counterpart. The reported stated that though the loan books of banks across both tiers were mainly concentrated in the oil and gas sector (26 per cent), the Tier-2 banks were more exposed to the oil and gas sector, with players in the space allocating 27.4 per cent of their gross loans to the sector in 2014 relative to Tier-1 banks’ 26.5 per cent. The report noted: “We imagine that the preference is based on high revenue/profitability upside, stronger cash flow and developed supportive infrastructure that have lowered risk perception. However, the current challenges of lower crude oil prices have significantly weakened the assets quality of banks, with oil and gas related NPLs contributing an average of 12.7 per cent to NPL ratio across banks.” Conclusion Commenting on the performance of the Tier 1 banks, a financial analyst, Mr. Henry Halim, said it did not come as a surprise to him, given the banks’ dominance of the industry. He said: “The tier 1 banks control over 60 per cent of assets in the banking sector. They have more earnings buffers and also have a greater capacity than the tier 2 banks to absorb shocks. So, as the macro-economic environment gets more challenging, you can expect the gap between the tier 1 and tier 2 banks to widen.”


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WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

BUSINESS | Investor

As Nigerian Stock Exchange (NSE) begins implementation of new rules on illegal sale of shares, CHRIS UGWU writes that the initiative would help eliminate fraud in the stock market

Curbing illicit sale of shares with enabling laws

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n every economy, capital markets are known to be a major driver of development through their activities in wealth formation and funding of long term projects. However, the hidden potential of the markets could only be unleashed for maximum impact that will induce economic growth if good corporate governance is entrenched among players in the stock exchanges. This is because the degree to which corporations observe basic principles of good corporate governance is an important factor for investment decision. However, in Nigeria, lapses in adherence to these principles have contributed majorly to crisis in the Nigerian Stock Exchange (NSE) even as most countries have recovered from the global financial meltdown. Over the years, many stock brokers and other quoted companies have been violating this important obligation, thereby keeping investors in the dark about their financial health among others. Many ignorant investors have burnt their fingers by investing in some of the dormant companies, which do not furnish the market with their financials. A report on shares fraud by the NSE between January 2012 and June 2015 revealed that 31 firms were investigated for unauthorised sale of shares. The study indicated that all the firms and officials were allegedly indicted by the disciplinary committee for unauthorised sale of investors’ shares while some others were also accused for issuance of dud cheques, impersonation and illegal conversion of dividend warrants. Market infractions being committed at the Nigerian stock market due to weak corporate governance practices have to a large extent slowed down market development when compared to other emerging markets. Who are to blame? The NSE had blamed most market infractions on low capitalised brokers. The Chief Executive Officer, NSE, Mr. Oscar Onyema, said at a forum that there was the need to place a high barrier to entry, adding that minimum requirement would increase professionalism and make the market to become globally competitive. “It is the smaller brokers that commit most of the infractions because they are not robust enough to do the business. This is economically non-viable due to its low scale and pricing power. We benchmark ourselves against other Exchanges and we discovered we have low market concentration, low retail penetration and low institutional flows because of fragment-

Trading floor of Nigerian Stock Exchange

ed broker as against other markets that have the participation of global players,” he said. Onyema explained then that among 307 licenced dealing members, only 235 are active, noting that there was a disproportionate amount of broker per dollar amount of capitalisation in Nigeria. This, according to him, has made the market become unattractive to big players and limited the size of the market. Onyema said that 50-100 firms were ideal for the nation’s capital market. Head of Broker Dealer Regulation, the NSE, Mr. Olufemi Shobanjo, had also said that the NSE in exercising its regulatory authority over dealing member firms shall continue to use the utmost care and diligence. He noted that the NSE was keen to entrench the required catalysts to stimulate and build a healthy and well regulated market so as to stimulate increasing levels of investor confidence in the market. New rules on illegal sale of shares It was therefore not surprising that the Exchange and the apex market regulator – the Securities and Exchange Commission (SEC) - have either stepped up to wield the big stick by penalising some companies for market infractions or initiated various measures to tame the menace, one of which is to commence implementation of new rules on illegal sale of shares. The NSE recently began the implementation of new rules to guard against unethical practices by stockbrokers. This became necessary as part of efforts by the Exchange to reinforce protection mechanism and also to ensure that operating rules is effective to serve as deterrents to market abuse. In a notice obtained from the NSE’s website, the newly amended rules are aimed at tightening the noose on unauthorised sale and transfer of shares by unscrupulous stockbroking firms and traders.

Minimum requirement would increase professionalism and make the market to become globally competitive

The Exchange added that the NSE could withdraw the dealing licence of any erring stockbroking firm and trader as well as impose fines of not less than N1 million on any offender. According to the rules, no dealing member shall sell or transfer any securities without the authorisation of the owner. “A dealing member that has sold or transferred any securities without the authorisation of the owner shall not be permitted to keep any benefits accruing from such transaction, including but not limited to bonuses, rights, commissions, cash dividends, capital appreciation, and any profit accruing therefrom whatsoever,” the rules stated. It explained further that any dealing member that sells or transfers securities without the authorisation of the owner shall be required to buy back the securities along with any accrued benefits within 14 business days. Besides, “Where the unauthorised sale transaction is worth N5 million and below in value, the erring stockbroking firm will be liable to pay a fine of N1 million or three times the value of the sale or transfer, whichever is higher and N5,000 for every day from the day on which the dealing member is required to buy back the securities by the Exchange until the day the dealing member completes buying back the shares for the owner. “Where the illegal sale transaction is higher than N5 million in value or the dealing member has engaged in such unauthorised sale, or transfer of securities on a previous occasion, it shall have its dealing license withdrawn by the council of the Exchange and shall in addition be liable to pay a fine of N5 million or three times the value of the sale or transfer, whichever is higher and N5,000 for every day from the day of the sanction until the day the dealing member completes buying back the shares for the owner,” it added. Operators’ views Some market operators were of

the view that new rules would prevent illegal sale of investors’ stock and other market infractions. Managing Director, Crane Securities Limited, Mr. Mike Eze, said the new rule is a step in a right direction, adding that with the direct cash settlement, the initiative should spur better performance in the market. He noted that investors would be able to get value for their stock sales directly in their banks. According to him, some undue delays from firms would have been eliminated. Also, he said that it would facilitate building of further confidence in the capital market. Eze said the action of the NSE would boost investors’ confidence in the market because it is sending a signal that the NSE’s management understands the need for investors to get value for their investment. He said introduction of the new rules and the direct cash settlement are some of the ways, which the Exchange is using to tell the investing public that they really want to revive confidence in the market. The Crane Securities Limited boss added that the action would encourage investors to take informed position on equities. A founding member of Nigeria Shareholders Solidarity Association and one of the leading shareholders’ activists, Alhaji Gbadebo Olatokunbo, said the initiative is a signal that it is no longer business as usual. “The action is great and it shows that the NSE management is alive to its responsibilities. Besides, it is a signal to the brokers in particular and the capital market in general that it is no longer business as usual. We must always abide by the rules,” he said. Conclusion As the market grows, especially in terms of the nature, variety of players, in transactions size and activities, regulatory vigilance must also grow. The bigger the market gets, the more real the scope for efficiency.


WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

maritime

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Agitation to buy N20bn cargo scanners heightens In a bid to enhance revenue generation at ports and borders, the Nigeria Customs Service (NCS) is proposing to acquire high definition scanners and equipment to boost its operations. BAYO AKOMOLAFE reports

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ince 2014, one of the challenges faced by the Nigeria Customs Service (NCS) is 100 per cent physical examination of cargo at the ports and borders, as the existing scanning machines inherited from the service providers under the destination inspection scheme, have become unserviceable, leading to delay in the clearance of cargoes. The development has resulted in long queues of trucks laden with unexamined containers at the examination bay. The service providers are Cotecna Destination Inspection Limited (CDIL), Global Scansystems and SGS Nigeria Limited Poor service It was learnt that the $120 million scanning equipment inherited by NCS from the service providers, were malfunctioning. The machines could neither scan nor identify sensitive cargoes. This has made it mandatory for Customs officials to carry out 100 per cent cargo examination manually at the ports and borders in the country. Old equipment In 2006, the Destination Inspection scheme was introduced by the Federal Government to facilitate trade at the seaport with the aid of scanning equipment to inspect non-intrusive inspection, that is carrying out inspection without opening containers in order to speed up operations at various terminals. Under the destination inspection scheme, each of the service providers, who operated in different locations at the ports and borders, were allowed to put in place basic infrastructure and manage them for seven years before handing them over to the Federal Government through the NCS. Scanning procedure During the period, the scanning procedure was under selective principle of inspection allocated risk according to the nature and origin of consignments. The risk assessment determines whether a particular consignment should be physically inspected or allowed to leave

Obsolete scanning machine at the port

without inspection through the scanning machines. The machines were installed at Apapa, Tincan, Rivers and Calabar ports. Also, they were fixed at Seme, Jibya and Banki land borders in Katsina. According to the Assistant Comptroller General in charge of Zone A in Lagos, Charles Edike, NCS did not sign any agreement with the manufacturers of the equipment because the service was not the original users of the scanners. New equipment Miffed by this development, Comptroller General, Hameed Ali, told the Minister of Finance, Mrs Kemi Adeosun, during a facility inspection of Customs operations at the Nnamdi Azikiwe Airport, Abuja, that the service would require N20 billion to purchase new equipment for its operations at the ports and borders. Ali said that the equipment would ease the operations and boost revenue generation. According to him, it was high time for Nigerian ports to introduce more electronically powered operations, paperless Customs, electronic risk-based inspection, e-payment of Customs duty, econtainer loading and e-permit exchange to fast-track clearance. The minister, who saw the need for the equipment, said that the inspection was necessary, since Customs was one of the big revenue generating and security agencies of the nation. She said: “The days where Customs open suitcases to search without information are over so, we really need to invest in equipment that Customs need to improve its performance. “The equipment that we are

buying are an investment, we know that the increase in efficiency of revenue collection will pay for the equipment.

All process relating to scanning in the ports are now done physically

Stakeholders’ support The President of the National Association of Government Approved Freight Forwarders (NAGAFF), Dr. Eugene Nweke, who alleged that the destination inspection agents intentionally handed over obsolete scanners to the Customs, advised Customs to acquire new and sophisticated scanners with the revenue it generated from the one per cent Comprehensive Import Supervision Scheme (CISS). He noted that the service had the manpower and skills to manage the scanners. Nweke said: “We know how much Customs has saved Nigerians from the one per cent CISS they were collecting in the past since they took over from the service providers. That should

be enough for Customs to acquire scanners. Also, the factional President of the National Council of Managing Directors of Customs Agents (NCMDLCA), Mr. Lucky Amiwero, said that all the machines had collapsed at their various sites. He said: “All process relating to scanning in the ports are now done physically, bringing us back to complete manual era with lengthy, cumbersome and costly process in the ports”. Amimero observed that in effect, the risk assessment system of the Customs under destination inspection regime had collapsed due to non-functional scanners. Conclusion There is need for government to approve money for the new scanning machines in order to increase revenue generation from the ports.

352 container ships jobless, says report

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atest data by a research shipping firm, Alphaliner, has revealed that 352 ships have been laid-up due to weak business in Nigeria and Asian countries as of March 11, 2016. The figure accounts for 7.8 per cent of the global container vessel fleet. The firm noted that idled global container ships capacity had reached a record high of 1.57million Twenty Equivalent Unit (TEU), adding that one-third of the laid-up tonnage consists of unemployed containerships of 7,500-19,000 TEU. After deductions for vessel scrapping, the firm calculated

that the new buildings would add a full-year fleet growth of 4.3 per cent. This compares with estimated demand growth of just 1.8 per cent. Continued weakness on the Asia-Europe, Asia-Latin America and Asia-West Africa trades has left container lines with a number of redundant ships. The research firm said that some 30 ships of 9,000-14,000 TEU had become surplus, following the axing of a series of AsiaNorth Europe loops by the four east-west alliance groups, with the latest network rationalisation announced by the CKYHE alliance.


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business \ maritime

LOSSES A plethora of uncoordinated activities resulting in exorbitant port charges is affecting government’s revenue in the maritime industry Bayo Akomolafe

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legal firm, Olisa Agbakoba Legal (OAL), has advised the Federal Government to revive the Maritime Coordination Board in order to take ad-

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Firm to FG: Revive maritime board to tap N7trn resources

vantage of the untapped revenue estimated at N7 trillion per annum in the maritime industry. Managing Partner, OAL, Priscilla Ogwemoh, who made this call in Lagos, said there was a plethora of uncoordinated activities resulting in exorbitant maritime charges due to lack of proper regulation. The Maritime Coordination Board is the highest organ for strategy

formulation, policy harmonisation and implementation in the maritime industry. Ogewemoh said that the government must overhaul its policies, institutional, regulatory and legal framework to achieve its mission in the industry. She explained that the country’s ports were being abandoned for those in the neighboring countries because of bad policies.

Ogwemoh said: “It is only when the sector’s economic regulators, such as the Nigerian Shippers’ Council, Nigeria Inland Water ways, Nigerian Ports Authority, are empowered and capacitated that the sector can turnaround businesses to generate huge revenue for the nation, as their counterparts in other jurisdictions such as Malaysia, Indonesia, Hong Kong and United States, among

others. She said: “Economic regulation is essential to increasing internally generated revenue from the sector. This requires introducing mechanisms to ensure that receivables from the sector are duly recovered and accounted for.” Also, she sought the inauguration of a coast guard as obtained in other maritime economies to stop theft and stealing re-

sulting in loss of billions of dollars and ensuring adequate security coverage of the country’s maritime zone. The managing partner noted that OAL had led other maritime stakeholders to the Federal Government for the appointment of a Minister for Maritime Affairs at the inception of the current administration. She said that several agencies were supervising maritime activities, leading to multiplicity of policy, operational guidelines and taxation. Ogwemoh said that this had led to poor coordination of maritime affairs and constraint for any supervising minister. “Law is critical to any reform or transformation process. There are also a raft of Bills before the National Assembly such as the PIB, the Ports & Harbour Bill, the Bill establishing the Economic Regulator (shipping sector) and the Maritime Zones Bill etc. waiting to be passed. “It is even incumbent to review Nigeria’s Ocean Policy to tap abundant national resources. These and other vital issues should form part of the policy direction of the current administration,” she noted. Ogwemoh said that the role of key actors and state of institutional, regulatory and legal frameworks had affected Cabotage implementation since the act that established it was enacted in 2003. According to her, Cabotage Act, Nigerian Ports Authority (NPA) Act, the Local Content Act, the proposed Ports and Harbour Bill, and Petroleum Industry Bill should also be critically analysed to achieve the desired results. Also, she stated that lack of adequate maritime security was the bane of the sector, noting that inter-agency cooperation on security was often destabilised by lack of capacity, mistrust, fight for supremacy, lack of adequate manpower and materials to do the work. Ogwemoh said: “Our law firm has initiated consultation and collaboration with the minister of transport towards the adoption and implementation of a roadmap that would provide the current administration with recommendations to achieve far reaching, economically viable initiatives through maritime development, administration and operations in Nigeria”.


business \ maritime

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

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Customs to Navy: Halt midstream discharge of cargoes ILLEGAL Many small vessels are engaged in illegal midstream discharge on Nigeria waters L-R: OAL’s Senior Associate Arbitration & ADR; Corporate & Commercial,Victor Akazue Nwakasi; Managing Partner, Arbitration & ADR, Mrs. Priscilla Ogwemoh; Head, Maritime Unit, Dr. Oluwole Akinyeye; Partner, Corporate & Commercial, Mrs. Olabisi Akodu, Associate, Caroline Tokulah and Associate, Derin Fagbure at a press briefing in Lagos

Bayo Akomolafe

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he Nigeria Customs Service (NCS) has urged the Nigerian Navy to assist it in tackling midstream discharge of cargoes on Nigerian waters to enable the service succeed in its duties. The Zonal Coordinator, Zone A, Eporwei Edike, an Assistant Comptroller-General, made this call during his visit to the Western Naval Command in Lagos. The zonal coordinator described midstream discharge of cargoes in the nation’s waters as economic sabotage. He noted that there were over 300 creeks in Lagos, adding that even if all Customs officers were redeployed to those creeks, they would not arrest all the smugglers in those areas. He said: “Out there, I see a lot of small vessels engaging in midstream discharge. For that reason, we know that with your role, you can still assist

us through collaboration so that we can stop midstream discharge.” Edike said that the porous areas were big task for Customs officers, adding that the Navy had always assisted Customs in stopping midstream discharge. He said that Cus-

Concessionaires urge NPA to cut lease pact fee

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erminal operators at the Tincan Island Port have appealed to the Nigerian Ports Authority (NPA) to reduce the lease agreement fee and renew their concession tenure. The plea, according to a statement from the General Manager, Public Affair, NPA, Capt. Iheanacho Ebubeogu, was made during a meeting with officials of the authority, Bureau of Public Enterprise (BPE), Ports and Cargo Terminals and the JPS Terminal. The meeting was at the instance of the House of Representatives Committee on Privatisation during its oversight functions at NPA. The terminal operators also told the NPA some of the challenges they were facing as concessionaires. Ports and Cargo Terminal’s General Manager, Legal Services, Mr Tunji Olusinde, noted that the challenges could be handled if they were able to secure a reduction on the lease agreement fees and the renewal of their concession tenure. At the meeting, the Managing Director, NPA, Mallam Habib Abdullahi, assured the BPE and the terminal operators that NPA would continue to support and boost Nigeria’s economy at the seaports. The NPA managing director, according to the statement, noted that the concession was a deliberate effort by government to improve the

way business was being done. Abdullahi recalled that the concession process, which had been adjudged to be free and fair, was bided for competitively by various interests. He added that it was important that along the tenure of the concession, concessionaires should adhere to the terms of agreement in order to sustain the credibility of the process. Also, the Chairman of the committee, Honourable Ahmed Yerima, disclosed that the committee was out to assist the executive arm of the government in formulating a wholesome strategy that would be beneficial to the Nigerian economy in view of the dwindling revenue from the oil sector. Yerima said that the world economy was heavily dependent on the private sector and that stakeholders should remove all bureaucratic bottlenecks that would hinder the growth of the economy. He called on BPE and NPA to collaborate and sit with all concessionaires in order to move the economy forward. The BPE Director of Transport, Mallam Yusuf Adamu, told the committee that the BPE had received the appeal from Ports and Cargo and that it was being studied and gave an assurance that a position paper would soon be submitted to the National Council on Privatisation and the NPA.

toms had reduced check points along the Badagry and Seme border axis into two, while officers had been redeployed into the creeks. He commended the Navy for assisting Customs in intercepting a lot of smuggled goods. The Flag Officer Commanding (FOC), Western Naval Command, Rear Adm. Ralph Osondu, said that the navy had been mandated to assist Customs in its duties. He said that

Customs did not need to plead for assistance, adding that the primary duty of both organisations is to ensure national security of the nation. He said: “We have set up a surveillance system. From our office, we can access ship–to-ship transfer and anytime we see such act, we detain them and hand them over to the appropriate authority. “We do not have power to prosecute, but we can only

detain and hand over to the particular authority for continuation. We will continue to do our best. We preach synergy and we have long-standing relationship with Customs.” Also, he pleaded for collaboration on intelligence. Osondu noted that the navy could not succeed in any operation without intelligence. He said that the navy had blocked most of the creeks just as Customs made the borders difficult for smugglers.

Nigeria, others move to tackle piracy Bayo Akomolafe

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igeria and 25 other countries have resolved to tackle piracy and other illegal activities in the Gulf of Guinea, as the 2016 Exercise Obangame/Saharan Express kicked off in Senegal. Exercise Obangame, according to a statement, is a multinational maritime exercise facilitated by the United States Africa Command after realising that African countries lacked the political will to address some maritime challenges on the continent. The training, which brings together African, European, South American and the US forces to enhance cooperation and expertise in maritime security operations, will end on March 27, 2016. Other countries already participating in this year’s exercise include Angola, Benin, Ghana, Cape Verde, Belgium, Senegal, South Africa, Morocco and Portugal. Also included are Republic of Congo, United States, Sao Tome and Principe, the Netherlands, Togo, United Kingdom and Cote d’Ivoire among others. Addressing journalists

in a telephone press briefing in Lagos, the Chief of Multinational Coordination Centre, Zone D, Capt. Sylvester Mbah, noted that Nigeria, Cameroon and other African nations, which are part of the Obangame exercise, had benefited in terms of capacity building and information sharing. However, he lamented that absence of political will and poor legal framework had been slowing down the progress. Mbah explained: “Challenge of political will is there facing us. Each country must have maritime strategy. Political will and legal framework are part of the challenges facing the Gulf of Guinea. After operational success recorded, there are legal constraints calling for legal reforms”. He urged Nigeria and others to implement the Yaounde Code of Conduct and Maritime Insecurity in the Gulf of Guinea. Mbah said that the countries must act beyond protecting only their territorial waters. However, he noted that maritime security in the Gulf of Guinea had improved due to their collective efforts. He explained that main-

taining commerce across the globe required teamwork. “It takes strength, cooperation and commitment to combat the criminals who operate at sea. We have seen Economic Community of West African States (ECOWAS) and Economic Community of East African States (ECCAS) nations possess the will and the capacity to successfully conduct operations to enhance maritime security,” he said. Mbah said that continued efforts by the countries would strengthen the transportation, shipping, fishing, tourism industries and improve the economic situation for all. Also, the US head of Military Sealift Command Europe and Africa, Navy Captain Heidi Agle, said that the exercise enhanced capacity of African navies “to go after bad guys and to enforce rule of law”. Agle stated that through real war scenarios and information sharing, Obangame had made it possible to “improve tourism, economic activities and being one step ahead of our common foe”. The closing ceremony of the exercise will be in Cameroon on Sunday.


34

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Literature

Art

Principles for spiritual awakening on role of the church

35

Africa-in-Self-Conversation as IREP film festival begins

Odugbemi on location

Coker

Diawara

Markovitz

Tony Okuyeme

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ilmmakers Lagos, the entertainment hub of Nigeria will play host to filmmakers across the world will converge as the sixth edition of the popular annual festival, iREPRESENT International Documentary Film Festival, which holds tomorrow Thursday 24th to Sunday 27th March 2016, at Freedom Park, Broad Street. The biggest on the West African coast, the 2016 edition is expected to be “bigger in scope

TONY OKUYME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

Off

and projection than any of the past editions”, and it is conceived on the traditional framework of Africa in Self-conversation and will explore the theme “#Change, Documentary as Agent Provocateur”. The theme is premised on the Change as relating to Political, Economic, Technical, the organisers stated. The programme for the 2016 edition include: screening of over 30 carefully selected international films representing the best new works on relevant to our theme of Africa-in-Self-Conversation; special International Guests inconference; the iREP Producers’ Roundtable; paper presentations and panel discussions; training workshop for young African filmmakers on Filmmaking; and IREP awards and cocktail/award ceremony. “Though conceived on the traditional iREP thematic framework of Africa in Self-conversation, the theme is premised on the whirlwind of complex issues confronting us today on many fronts that challenge our understanding of the world, of ourselves and how we sustain our pursuit of peace and prosperity. Poverty, epidemics, terrorism, civil wars, racial inequalities,

Kelani

economic imbalances, imperialism, corruption and political divisions - these challenges are urgent and critical. They demand a response. In a world of Sound-bites, documentaries provide an opportunity to think, understand, and connect the dots. Documentary films are exploring the issues of our time, offering perspective, historical context and possibilities. They are controversial, divisive, fascinating, unexpected, and surprising. Documentary is not a deliberate art form. It starts from questions not answers. Its success relies not in having all the answers, but in asking the right questions,” said Femi Odugbemi, Executive Director/Co-Founder of the festival. Guests/resource persons to IREP 2016 include: Prof. Manthia Diawara (US), Steven Markovitz (South Africa), Prof. Awam Amkpa (US), Jane Mote (UK), Prof. Niyi Coker (US), Tunde Kelani (Nigeria), Julian Reich (Germany), Paul Reith (Germany), Onye Ubanatu (Nigeria) and Barbara Off (Germany). Some of the films screening at IREP 2016 include “Negritude: A Dialogue Between Soyinka And Senghor”, “Ota Benga”, “The Revolution Won’t Be Televised”, “The Democrats”, “The Drills of Afi Mountain”, “I Shot Bi Kidude”, “Faaji Agba”, “Statues Also Die”, “Still Standing”, “Biodun Olaku: Nigerian Painter”, and “Black Market

Masquerade”. “Negritude: A Dialogue Between Soyinka And Senghor” (52min, Mali/ USA, 2015; Dir - Manthia Diawara), an imagined dialogue between Lepold Sedar Senghor, one of the founding fathers of Negritude, and Nobel Laureate, Wole Soyinka, was reconstructed almost entirely from archival materials. It probes the relevance of the concept of Negritude, against the views of its many critics, not only to the decolonization and independence movements of the 1950s and 1960s, but also to an understanding of the contemporary artistic and political scenes of nationalism, religious intolerance, multiculturalism, the exodus of Africans and other populations from the South, and xenophobic immigration policies in the West. Faaji Agba is a six-year journey by film-maker Remi Vaughan-Richards following seven 68 - 85-year old Yoruba master musicians in Lagos, Nigeria. Most of them were no longer very active on the music field until Kunle Tejuoso, owner of Jazzhole Records, reassembles them under the name, the ‘Faaji Agba Collective. Kunle’s journey starts with Fatai Rolling Dollar, which leads him to others such as Alaba Pedro, SF Olowookere, Ayinde Bakare and more. Their musical styles range from highlife, juju to afrobeat. The story starts in 2009 and follows them on their journey to perform in New York in 2011 where tragedy, however, struck. A year later, undeterred by the setback they perform again in Lagos, ends up being their last. Faaji Agba interweaves the history, culture and music scene of Lagos, Nigeria from 1940s to 2015 as their joys and tragedies unfold. Faaji Agba won the top prize for Documentary at the 2016 Africa Magic Viewers’ Choice Award. Biodun Olaku: Nigerian Painter (17min, Nigeria, 2016; Dir – Tam Fiofori) is an 18-minute documentary which visually chronicles a surprise visit to one of Nigeria’s most accomplished painters, Biodun Olaku, at his work-space in the Universal Studios complex opposite the National Theatre, Iganmu, Lagos, in 2002. Without much prompting, Olaku graciously and spontaneously talked about his philosophy as a painter and artist; his busy role, “passing visual comments on social, political and other activities that take place around me and I witness.” He then used five of his paintings to illustrate his philosophy, inspiration and role as an artist, as well as explaining his technique, elements of design and dramatic use of colours. In Black Market Masquerade (52min, Germany, 2015; Dir - Peter Heller), the director takes viewers on a journey of discovery to the most beautiful crafts and cult objects, to the mysterious fetishes and masks.


ART

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

35

ART NEWS Stakeholders extol Olusola Moses Kadiri

G Adibua on set of Bukas & Joints

Bukas & Joints debuts on television, explores African food culture Tony Okuyeme

A

new television series which explores the diverse and rich African food culture debuted on television last Sunday to the delight of teeming viewers, art aficionados, critics among others. The TV series, ‘Bukas & Joints’ is hosted by award winning media personality, Olisa Adibua and produced by Biola Alabi Media (BAM). Speaking at a private screening and unveiling of the sponsors of the series, in Lagos, Managing Director, BAM Productions, Biola Alabi, said: “This is a new foodrelated TV show in which Olisa Adibua travels the breadth of the continent in search of authentic African cuisine. The show starts in Adibua’s home country Nigeria, which is also Africa’s most populous country. There are over 300 ethnic groups in Nigeria, and they all have their distinct ways of cooking – in fact, their cuisine is very much a part of their culture. Locally grown produce, when combined with local spices, produces mouth-watering and lip-smacking dishes. They are so aromatic you could literally smell them from a mile away. “This is an exciting time for us at BAM and we are not only thrilled about our show but are equally excited to announce our esteemed sponsors, who believed in our vision of this show and went on this amazing journey with us in bringing it to life,” adding “as we forge ahead with our content development for Africa, we believe these partnerships with all of our valued sponsors, is representative of where we are headed as a television entertainment brand.” The show, which premiered on Sunday 20th March on AIT at 7pm, follows Olisa on a journey of remarkable food adventure across fifty eateries in the cosmopolitan city of Lagos. “It will explore the history of these places, and their amazing

There are over 300 ethnic groups in Nigeria, and... their cuisine is very much a part of their culture.

cuisines. This much anticipated TV series will air on DAAR Communications’ Africa Independent Television (AIT), with a wide reach to a global audience. “AIT’s support for this show is as a result of the unique nature of the show, which captures the African food culture, promoting and projecting Africa from an African perspective and offering the world a new insight into the African Experience.” In the show, Adibua takes viewers on a journey of culinary delight as he explores a variety of foods such as Ofada Rice, Amala, Tuwo, Masa, Moin-Moin and more. The show features not only food but also real people who work behind the scene and ensure that the food is always ready to feed Nigerians, those famished as well as those looking for that unique gastronomical experience. These entrepreneurs are found everywhere throughout Nigeria – under trees, at food stalls and roadside kiosks. Adibua engages with them as they explain about their food and how it is made. There are always interesting stories behind food traditions. Some may bring in their own twists to an existing recipe to make it even better. Some of the episodes this Season One include: “Surulere Explorers”, “Agege Calling”, “Food is Art”, “Eating with Stars” among others. In the episode “Surulere Explorers”, Adibua begins his journey to finding some of the best Nigerian Bukas and Joints in Surulere. From Designer Rice to Amala Shitta, he gives viewers a tour of what Surulere has to offer. The following episode titled “Agege Calling”, sees the host Adibua going to

the deeply cultural and densely populated town of Agege, a suburb of Lagos, as he investigates the origins of the popular Nigerian breakfast staple – “Agege Bread”. He also samples some Hausa cuisine and a very unique pepper soup. In the episode “Food is Art”, Adibua spends the day in commercial and cultural hub of Lagos, Victoria Island, with a guest exploring the art centre, Terra Kulture, and also makes stops at Mama Ebo and L’Afric, where they have a taste of the best sea food the island has to offer. According to Alabi, ‘Bukas & Joints’ is proudly sponsored by Heritage Bank, Coca Cola, UAC’s Grand Pure Soya Oil and global leading electronics company, Samsung. Speaking on its support for the show, Divisional Head, Corporate Communications, Heritage Bank, Mrs. Olusola Longe-Okenimkpe said, “We are more than happy to be a part of this exciting yet authentic TV show out of Nigeria, as it captures the very colourful heritage of the Nigerian people through food and creating publicity for small businesses”. The Brand Manager, UAC’s Grand Pure Soya Oil, Tope Banjo stated, “As one of the makers of cooking oil in Nigeria, we are aware that our product plays a major role in many cooking experiences, and while it is an essential component of meals, cooking oil also adds flavor and a unique taste to many of our rich Nigerian dishes. Grand Pure Soya Oil in addition, pushes for the consumption of healthy cooking oil and we believe this show is a good opportunity for us to reiterate our message about healthy cooking.” Marketing Director, Coca-Cola, Patricia Jemibewon, had this to say about its sponsorship: “Bukas and Joints fit perfectly with our brand’s identity and message, as the show captures the essence and culture of food, which is a core of our brand. Our product as it is wellknow, provides refreshment and goes hand in hand with food, so who better to be a part of this wonderfully crafted show than the largest beverage company, Coca-Cola”. Mr. Koye Sowemimo, Head of Corporate Marketing at Samsung Electronics West Africa, a global leading electronics company, makers of TVs, mobile devices, home appliances and digital solutions said, “Samsung is proud of its affiliation with this new TV show as it captures the varying culture of Nigerians with one semblance of similarity, food”.

uests, participants showered encomium on the late culture icon and creator of television drama series, Ambassador Segun Olusola at a memorial discourse to commemorate his posthumous birthday in Lagos. The occasion was also to celebrate the 23rd anniversary of his foundation, African Refugees Foundation (AREF). Held at AREF Corporate Headquarters, Babs Animashaun Estate Extension, Surulere, Lagos, culture administrator and His Royal Highness, Oba Gbenga Gbadebo Sonuga, the Fadesewa of Simawa, Ogbodo I said Olusola’s remembrance bring fresh memories. “The man who instigated this discussion is being remembered in such a wonderful way after four years of his passage, it brings back memories,” he notes. He praised Ambassador Olusola for his unrelented effort in the management of the root cause of refugees. “The concept of refugeeism where you see a white hand bringing succor to a black hand which was about 30 years ago; no black nation in the world offer assistance to black nation, it is always a white nation to black nation but that concept had to be changed. The first relief materials from an African country to another was done by AREF and that highlights what AREF stands for; it is not based on resources or money it is based on the intellectual capacity of those who could find way around pressing issues of humanity,” he said. In her address during the memorial discourse, President of the foundation, Oparal Benson said: “When tensions escalate, there is the tendency for upheavals to develop and for local inhabitants to seek a more secured environment. Internal displacement is a direct product of the refugee phenomenon which has created complex political, economic, cultural and environmental issues affecting millions of people worldwide.” Chief Newton Jibunoh described Ambassador Olusola’s exploit in Ethiopia was amazing, noting that he saw the passion, tenacity, integrity that was in Olusola about refugees. “Today, we are where we are, and tomorrow we become refugees. The kind of man we are remembering today did a lot for displaced people,” he said. Former member of the National Dialogue Committee, Mr. Tony Uranta said: “The National Conference was born because of him. The issues Chief Olusola started talking since he wrote Village Headmaster... issue of indigene dichotomy, restructuring Nigeria.

The late Olusola


36

LITERATURE

The church as temple of salvation

M

any people today understand the church as a building. This is not a biblical understanding of the church. Believers are members of the invisible church. “I will build my church”, these words of Jesus foretold the start of the Christian church. This book, The Dead Living Church written by Isaac Arikawe K, has ten chapters laced with biblical principles. A church is living dead when it lacks evangelistic zeal. Is the church you are attending alive or living dead? Or is it somewhere in the middle? When a child is afraid of the dark, it is nor mal. It is abnormal for an adult to be afraid of light. Who will take away darkness and bring light? A time will come man will not see light nor twilight. The light of the body is the eye. How great is the darkness when the eye is full of evil. A church should cater for its members and feed them with the word of God. God’s judgment will start in the church. The author writes: ‘ Your primary reasons for living and going into ministry should not be to have the biggest ministry or become the riches person in the land. It is to give pleasure to God by building according to His dictate’ p 71 The churches we have these days are for money making ventures. Churches function on a weekly cycle. A true church holds on tenaciously and assiduously to the grace and faith of God. The dead living church lack the word and the power of God. Church is a place of worship not for buying and selling. We cannot do God’s work without His help. There are many churches with large congregation but lacking the word of God. Churches need money for g rowth and expansion but not at the detriment of the word of God. Jesus came to reveal man to man, yet the world grope in darkness. Spiritual knowledge is the essence of life. The author asserts: “We are gathering crowds and multiplying church branches but the kingdom values are decreasing daily.” p119 The people of the world have knowledge to do evil but the

Book title: Author: Publisher: Year of publication: Number of pages: Reviewer:

The Dead Living Church Isaac Arikawe K. Soladem: Grand Angle 2015 170 Oladipo Kehinde

knowledge to do good, they do not have. The fate of the world hangs on syllable-the word of God. When the leaders of the church feed the members with the word of God, evil doers will repent. The author says: “It is sad that the church today has so many lights trying to outshine one another, whereas the world is full of darkness.” p 45

Book stand

God is a spirit not religion. We must worship Him in spirit and in truth. The only way out for the dead living church is to understand the mind of God and walk with Him. The word of God is the mind of God. The author observes: “When there is no constant revelation, the church will just be like every other organisation, having wonderful structures and following after protocols.” p 57 The leaders and members must be willing to make the Church healthy. Salvation, baptism and repentance usher in a new way of life. Prayer and offering should not be a burden. The gate of hell will not prevail over the Kingdom of God within us. A good man is the most powerful man on earth. What else can a man do for his God than to stand for righteousness? Our body is the temple of the living God. The author writes, “Many people are working for God but only few are working with Him”. p 154 Arikawe is also the author of The True Church, and the president of the Revelation of His Kingdom Ministries. He is a tool in the hand of God for a generational reformation; the advancement of God’s kingdom on earth; the maturity; the perfecting of the body of Christ. This book is a prophetic release by the Spirit of the living God. It reveals the characteristics of both the living and the dead church. This book will take you through a journey. Its intent assuredly will awaken your spirit man.

What we are reading

POETRIP

Sharing formular

Oladipo kehinde

The Miniaturist by Jessie Burton is an exploration of 16th century Amsterdam. It’s a very rich book with an engaging plot, but when I read it I have to say it got me very excited about African fiction because I realized that, without a doubt, there is a way that it connects with African fiction. I found it very rich and very familiar. It was a very well written book; it made me hanker for African fiction.

Book of Night Women by Marlon James is one of the best books that I have read in my life, because it is written in American patois but you can read it and you don’t seem to feel as if you are reading pidgin, it has a flow. But then the story itself is amazing; it is historical, it is about slavery but then it just draws you in; and it is Pan-African; you feel the Africaness, because slaves came from everywhere from everywhere all over the world, and it gives you a new perspective on slavery. It is an interesting book.

TONY OKUYME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

© Daily Telegraph Publishing Company Limited

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Lola Shoneyin

Tony Kan

Take that one akintunde No. That one The one you touch just now, Akintude, You are eating too fast Too fast for my liking The food is runing away. Akintunde, Take that one, Yes, Don’t look at me that way With that cloudy face I will stay your hands now For others to meet up with your mouth You are having flesh on your ears now Your stomach like calabash Your cheek like fresh mushroom. Others are eating And it is not showing on them Your hands are weak to gather and break firewood but swift in bring down this mountain Your hands take side with food not with work We have to eat anyway For hunger not to play the strings Of our stomach Akintunde, Eat for today For abundance is the memory of scarcity.


BUSINESS |Money Line

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

VULNERABILITY Oil contributes 42 per cent of state revenues on average Stories by Tony Chukwunyem

C

ompared with their counterparts in other major oil producing countries, states in Nigeria are the most reliant on oil for revenue, rating agency, Moody’s Investors Service, has said. In a report released yesterday, the agency stated that the oil slump was not only hurting sovereign borrowers worldwide, especially oil exporting nations such as Nigeria, Russia, Mexico and Canada, but also states and provinces in

Moody’s: Nigeria has most oil-dependent states these countries as well. It, however, pointed out that states and provinces’ reliance on oil varies wildly among countries. Moody’s stated that it carried out an analysis of oil-dependent sub-sovereign borrowers, in five countries- Nigeria, Brazil, Russia, Mexico and Canada and found that Nigerian states are the most reliant on oil for revenue, while states in Mexico were the least dependent. The report quoted a Vice President and Senior Analyst at Moody’s, Maria del Carmen Martinez-Richa, as saying that, “The ability of oil-producing states to cope with falling crude prices depends on the

extent of their reliance on oil revenues, and on whether they have sufficient financial flexibility to absorb a drop in income. Sub-sovereign issuers in Nigeria are very dependent on oil and have a limited capacity to absorb fiscal shocks.” According to the study, in Nigeria, oil contributed, on average, to 42 per cent of state’s revenue while in Mexico, the proportion of state revenues, that come from oil is just 8 per cent. The report further noted that while Canada’s three oil producing provinces, Alberta, Saskatchewan and Newfoundland & Labrador, are more reliant on oil revenue than Mexican states, they have a higher

NDIC rewards outstanding students in deposit insurance course

T

he Nigeria Deposit Insurance Corporation (NDIC) has presented prize awards to three deserving students of Ahmadu Bello University (ABU), Zaria for their outstanding performance in “Fundamentals of Deposit Insurance” course recently introduced into the university. According to a statement from the corporation, the three best students who scored 75 per cent, 70 per cent and 67 per cent in the 300 Level first semester examination on “Fundamentals of Deposit Insurance” course were presented with the NDIC’s prize awards of N200,000.00, N150,000.00 and N100,000.00 respectively. However, the Faculty de-

cided not to disburse the whole amount specified in the cash awards. Instead, it purchased laptops and relevant textbooks for the awardees. This, according to the Faculty, was to sustain the memory of the award for a very long time. The faculty also decided to present a consolation prize (of an undisclosed amount) to the fourth best student who scored 66 per cent, given the narrow margin of the examination scores between the third and the fourth best students with 67 per cent and 66 per cent respectively. Speaking at the presentation ceremony, NDIC’s Managing Director/CE, Alhaji Umaru Ibrahim, said that the corporation instituted the prize awards to encourage academic excel-

lence and also to boost the morale of students who offer the newly introduced DIS courses in their degree programmes. Represented by the Director of Research, Policy and International Relations, Dr. Jacob Ade Afolabi, the MD/CE disclosed that the corporation had partnered with seven selected universities to introduce two deposit insurance courses: “Fundamentals of Deposit Insurance” and “Practice of Deposit Insurance” into relevant degree programmes as a pilot scheme. The objectives of the DIS courses, he said, included enhancement of undergraduates’ knowledge in deposit insurance and NDIC’s role in the banking system.

Economic Indicators N19,142,526.05m N18,579,219.49m 11.4 12 10.77 US$39.41 US$27,888,285,805

Mar, 2015 Mar, 2015 Feb, 2016 22/03/2016 Mar 2015 22/3/2016 21/3/2016

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

TTM

Price 105.65 114.81 113.43 120.41 111.24 102.36 85.44 99.26

1.10 3.27 3.89 5.85 7.98 9.84 14.33 18.32

NIBOR

Rate (%) 4.8067 7.4393 9.0051 10.5027

Bid Yield 9.53 10.51 11.18 11.49 11.97 12.08 12.17 12.25

Change (%) -0.16 ▼ -0.36 ▼ -0.32 ▼ -0.10 ▼

Change (%) 0.15 ▲ 0.07 ▲ 0.11 ▲ 0.01 ▲ 0.04 ▲ 0.02 ▲ 0.02 ▲ 0.01 ▲

Price 105.80 115.11 113.73 120.71 111.54 102.66 85.74 99.56

Tenor (Months)

Change (%) 0.15 ▲ 0.07 ▲ 0.11 ▲ 0.01 ▲ 0.04 ▲ 0.02 ▲ 0.02 ▲ 0.01 ▲

NITTY

Rate (%) 5.1467 5.5465 6.1041 7.2584 8.1897 9.0252

1 2 3 6 9 12

Treasury Bills

Offer Yield 9.39 10.41 11.09 11.43 11.92 12.02 12.12 12.20

Change (%) 0.39 ▲ 0.72 ▲ 0.51 ▲ -0.03 ▼ 0.00 ↔ 0.06 ▲

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 5.69 5.77 0.04 ▲ Open-Buy-Back (OBB) 4.33 23-Jun-16 5.94 6.03 0.04 ▲ 7.41 7.70 0.18 ▲ Overnight (O/N) 4.83 22-Sep-16 7.66 7.97 0.18 ▲ 8.25 8.98 0.11 ▲ 16-Mar-17 8.50 9.28 0.11 ▲

Spot($/N)

Bid 198.72

FX

Offer 198.82

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

It will be recalled that analysts at FBN Quest recently urged state governments to focus on boosting their Internally Generated Revenue (IGR). The analysts stated that the persistent slide in the price of oil since June 2014 had made it imperative for states to reduce their dependence on what they get monthly from the Federal Accounts Allocation Committee (FAAC). As the FBN Quest analysts put it, “Given that the oil price has been on the slide since mid2014, states have no choice but to reduce their dependence on the oil-driven monthly distributions from the FAAC by bolstering their IGR.”

Rate hike: Naira firms against dollar in forward market

T

he naira strengthened 1 per cent against the dollar on Monday in the forward market after the Central Bank of Nigeria (CBN) raised interest rates by 100 basis points to 12 per cent according to Reuters. The news agency stated that one-month dollar/naira forwards were bid at N205 after the rate rise compared to around N207 earlier. Although CBN Governor, Mr. Godwin Emefiele, insisted that the apex bank would keep the naira foreign exchange rate stable despite a sharp fall of the currency on the parallel market due to shortages of dollars, some analysts saw the tightening

A

Source:CBN

FGN Bonds

degree of financial flexibility. This means that they are well equipped to withstand the drop in oil prices, the report stated. It added that the impact of the oil slump on Russian states has been mitigated by an accompanying decline in the value of the rouble versus the US dollar. “Russian regions have been protected from the full impact of weaker oil prices by a devaluation of the rouble. This has shored up rouble-denominated earnings from oil exports, which are priced in dollars. The weaker rouble will limit the overall decline in Russian regions’ corporate tax revenues in 2016 to between 6 per cent and 10 per cent,” the report explained.

of monetary policies as a signal that the bank would devalue the naira eventually. The currency has fallen some 40 per cent on the parallel market, as import firms struggle to get dollars from official channels. “This definitely reflects a departure from policy in recent months and we interpret this as a leading indicator for a possible naira devaluation later down the line,” said Cobus de Hart, analyst at NKC African Economics. “This may signal that the central bank is starting to lean towards tightening policy in anticipation of higher inflation following a devaluation,” he said.

Lender forecasts 10% loan growth

As at M2* CPS* INF MPR 91-day NTB Bonny Light Ext Res**

37

0.00 ↔

Offer 199.1000

Change (%) 0.00 ↔ 0.00 ↔

Change (%) 0.00 ↔

ccess Bank yesterday said it expects its loan book to increase by 10 per cent this year, lower than the 25 per cent growth achieved last year. The top tier lender said it had also forecast growth of 10 per cent last year, but that estimate was exceeded due to in-

creased on-lending activities. In 2014, loan growth was 39 per cent, it said in a presentation. Access Bank expects to increase its focus on asset quality this year, while pursuing an increase in loans in line with its outlook. It expects Return On average Equity (ROE) to hit 22 per cent this year.

Foundation selects 1,000 entrepreneurs for TEEP

T

he Tony Elumelu Foundation (TEF) has announced the selection of 1,000 entrepreneurs for the 2nd round of the Tony Elumelu Entrepreneurship Programme (TEEP). Launched in 2015, TEEP is the largest African philanthropic initiative devoted to entrepreneurship and represents a 10-year, $100 million commitment, to identify and empower 10,000 African entrepreneurs, create a million jobs and add $10 billion in revenues to Africa’s economy. According to a statement issued by TEEP, Over 45,000 entrepreneurs from 54 African countries applied, more than doubling the number of applications received in 2015. Successful candi-

dates represent diverse industries, led by agriculture, ICT and fashion. The highest numbers of applicants came from Nigeria, Kenya, Ghana, Uganda and Cameroon. All five regions - North, East, Southern, Central and West Africa are represented. Commenting on the second round of the programme, TEEP Founder, Tony O. Elumelu, said, “In TEEP’s first year we spent over $8 million of our $100 million commitment - with $5 million going directly to entrepreneurs as seed capital - and the results have far exceeded our expectations. We have funded entrepreneurs, established networks and helped extraordinary people take control of their destinies.


38

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

BUSINESS |Financial Market News FMDQ Daily Quotations List

22-Mar-16

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

Bonds FGN Bonds

Price

Rating/Agency

Issuer

NA

NA

Description 13.05 16-AUG-2016 ^15.10 27-APR-2017 9.85 27-JUL-2017 9.35 31-AUG-2017 10.70 30-MAY-2018 ^16.00 29-JUN-2019 7.00 23-OCT-2019 ^15.54 13-FEB-2020 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 12.40 18-MAR-2036

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.40

581.39 480.13 20.00 100.00 300.00 351.30 233.90 556.93 605.31 719.99 155.84 75.00 150.00 200.00 591.57 1075.92 40.00

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.40 1.10 1.35 1.44 2.19 3.27 3.59 3.89 5.85 7.98 9.84 12.69 13.17 13.66 14.33 18.32 19.99

7.20 9.53 9.57 9.69 10.08 10.51 11.00 11.18 11.49 11.97 12.08 12.53 12.54 12.55 12.17 12.25 12.83

6.84 9.39 9.45 9.57 10.01 10.41 10.89 11.09 11.43 11.92 12.02 12.49 12.49 12.49 12.12 12.20 12.78

102.26 105.65 100.32 99.54 101.15 114.81 88.39 113.43 120.41 111.24 102.36 115.43 99.64 73.81 85.44 99.26 96.95

102.41 105.80 100.47 99.69 101.30 115.11 88.69 113.73 120.71 111.54 102.66 115.73 99.94 74.11 85.74 99.56 97.25

TOTAL OUTSTANDING VALUE

6,237.28

TOTAL MARKET CAPITALISATION

6,468.18

Rating/Agency

Description

Issuer

6192.277269

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

1.20

03-Apr-17

0.61

2.94

11.16

103.51

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 09-Dec-21 16-Feb-22 27-Feb-22 30-Mar-22 31-Mar-22 27-May-22

0.27 0.27 1.08 0.80 1.78 1.37 1.38 1.57 1.57 1.76 1.97 3.67 2.14 4.68 4.78 2.81 2.84 3.97 3.62 3.65 4.03 6.46 3.74

4.46 3.48 1.00 5.71 3.21 1.00 1.00 3.82 3.56 1.00 2.02 1.98 4.35 1.30 3.76 3.76 1.00 1.52 3.67 1.00 2.52 1.79 3.04

10.71 9.73 10.24 14.38 13.10 10.60 10.62 13.61 13.35 10.88 12.00 13.06 14.41 12.84 15.31 14.15 11.40 12.35 14.71 12.07 13.53 13.58 14.20

100.79 101.45 99.75 99.49 101.33 104.12 104.13 101.12 100.81 107.03 105.77 104.03 100.59 102.22 98.89 100.70 108.18 108.14 104.64 112.28 110.47 113.75 107.46

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

0.52 0.59 0.71 1.08 1.29 1.52 0.98 1.05 1.47 1.47 2.52 1.32 1.66 1.78 2.38 4.65 3.15 5.66 5.77 6.14 4.31 8.52 8.52 9.65

1.00 1.34 1.00 6.96 6.41 2.36 1.88 3.15 6.35 1.00 1.17 5.27 6.11 3.28 4.47 1.00 3.55 2.48 1.00 4.63 2.77 1.00 1.00 1.00

9.01 9.52 9.46 16.20 15.91 12.13 10.97 12.36 16.07 10.72 11.42 14.81 15.94 13.17 14.64 12.53 14.16 14.19 12.74 16.46 14.25 13.43 13.43 13.49

101.97 102.64 104.36 100.25 100.59 101.17 107.04 103.38 102.33 106.84 105.52 100.99 102.79 104.24 100.62 109.31 103.18 100.17 114.80 100.02 105.26 114.25 99.09 107.15

10-Oct-20

2.57

3.37

13.64

102.27

Agency Bonds Nil

17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.24

Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; AA-/GCR BBB-/Agusto; BBB+/GCR† Aa-/Agusto; AA-/GCR Bbb+/Agusto; BBB+/DataPro A/Agusto‡ A-/GCR A-/Agusto A-/Agusto Bbb-/Agusto Bbb+/Agusto Bbb+/Agusto A-/GCR

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

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 14.75 OSUN 12-DEC-2019 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 17.50 PLATEAU 30-MAR-2022 17.00 KOGI II 31-MAR-2022 17.00 CROSS RIVER 27-MAY-2022

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68 13.87 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.68

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

451.93 467.27

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

NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# *DANA#{r} *FCMB NAHCO *TRANSCORP HOTELS PLC *FCMB UBA FIDELITY *TRANSCORP HOTELS PLC STANBIC IBTC STANBIC IBTC *NMRC

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 14.00 UBA II 30-SEP-2018 15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019 15.00 FCMB 6-NOV-2020 15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020 14.25 FCMB I 20-NOV-2021 16.45 UBA I 30-DEC-2021 16.48 FIDELITY 13-MAY-2022 16.00 TRANSCORP 26-OCT-2022 182D T.bills+1.20 STANBIC IA 30-SEP-2024 13.25 STANBIC IB 30-SEP-2024 14.90 NMRC 29-JUL-2030

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

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

15.00 5.53 112.22 116.70 66.49 20.00 0.46 4.50 1.82 0.50 35.00 1.80 0.27 4.50 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

TOTAL OUTSTANDING VALUE

539.73

TOTAL MARKET CAPITALISATION

554.56

Sukuk BBB-/Agusto

*OSUN

10-Oct-13

14.75 OSUN II 10-OCT-2020

14.75

9.77

TOTAL OUTSTANDING VALUE

9.77

TOTAL MARKET CAPITALISATION

9.99

Supranational Bond AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.89

1.00

9.23

101.63

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

3.11

1.00

10.60

101.64

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 25.36 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

BB-/Fitch; BB-/S&P

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

7.58

7.33

96.66

97.65

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

5.71

5.27

98.74

99.68

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

7.84

7.64

91.98

93.00

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,436.93

Corporate Eurobonds B+/Fitch; B+/S&P

GTBANK PLC I

7.50 MAY 19, 2016

19-May-11

7.50

373.41

19-May-16

7.26

0.43

100.01

101.00

B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

9.43

9.43

97.31

97.31

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

19.74

18.57

78.58

80.26

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

8.94

8.94

93.25

93.25

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

9.80

9.80

90.75

90.75

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

15.28

14.52

84.08

85.75

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

14.77 13.82 14.67

14.77 13.82 14.67

79.00 83.00 75.28

79.00 83.00 75.28

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

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,523.41 3,064.59 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Maturity Date

Commercial Papers Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

7.23

04-May-16

43

6.03

11.72

11.56

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

129

6.18

13.02

12.45

TOTAL OUTSTANDING VALUE

10.00

**TREASURY BILLS^ DTM 9 16 23 30 37 44 58 65 72

FIXINGS Maturity 31-Mar-16 7-Apr-16 14-Apr-16 21-Apr-16 28-Apr-16 5-May-16 19-May-16 26-May-16 2-Jun-16

Bid Discount (%) 5.09 4.72 5.21 5.50 5.20 5.17 5.27 5.35 6.16

Offer Discount (%) 4.84 4.47 4.96 5.25 4.95 4.92 5.02 5.10 5.91

Bid Yield (%) 5.10 4.73 5.23 5.52 5.23 5.20 5.31 5.40 6.23

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 4.8067 7.4393 9.0051 10.5027

NITTY

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

4.33

O/N

4.83

REPO Tenor Call 1M 3M

Rate (%) 4.75 5.50 6.25

Tenor

Bid ($/N)

Offer ($/N)

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

198.72 199.00 200.18 202.00 202.34 210.21 222.90

198.82 199.50 200.28 202.10 202.44 210.31 223.00


NA

NA

^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

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

16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.40

605.31 719.99 155.84 75.00 150.00 200.00 591.57 1075.92 40.00

TOTAL OUTSTANDING VALUE

6,237.28

TOTAL MARKET CAPITALISATION

6,468.18

Rating/Agency WEDNESDAY, MARCH 23, 2016 Issuer NEW TELEGRAPH

Description

Issue Date

Agency Bonds

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

5.85 7.98 9.84 12.69 13.17 13.66 14.33 18.32 19.99

11.49 11.97 12.08 12.53 12.54 12.55 12.17 12.25 12.83

11.43 11.92 12.02 12.49 12.49 12.49 12.12 12.20 12.78

120.41 111.24 102.36 115.43 99.64 73.81 85.44 99.26 96.95

120.71 111.54 102.66 115.73 99.94 74.11 85.74 99.56 97.25

6192.277269

# Risk Premium (%)

BUSINESS |Financial Market News Outstanding Value (₦’bn)

Coupon (%)

Maturity Date

Avg. Life/TTM (Yrs)

Valuation Yield (%)

39

Modelled Price

Stock market advances on blue chip firms Nil

17.25 FMB II 03-APR-2017

FMBN

03-Apr-12

17.25

1.20

TOTAL OUTSTANDING VALUE

1.20

TOTAL MARKET CAPITALISATION

1.24

03-Apr-17

0.61

2.94

11.16

103.51

30-Jun-16 30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19 12-Dec-19 27-Nov-20 31-Dec-20 31-Dec-20 06-Jan-21 09-Dec-21 16-Feb-22 27-Feb-22 30-Mar-22 31-Mar-22 27-May-22

0.27 0.27 1.08 0.80 1.78 1.37 1.38 1.57 1.57 1.76 1.97 3.67 2.14 4.68 4.78 2.81 2.84 3.97 3.62 3.65 4.03 6.46 3.74

4.46 3.48 1.00 5.71 3.21 1.00 1.00 3.82 3.56 1.00 2.02 1.98 4.35 1.30 3.76 3.76 1.00 1.52 3.67 1.00 2.52 1.79 3.04

10.71 9.73 10.24 14.38 13.10 10.60 10.62 13.61 13.35 10.88 12.00 13.06 14.41 12.84 15.31 14.15 11.40 12.35 14.71 12.07 13.53 13.58 14.20

100.79 101.45 99.75 99.49 101.33 104.12 104.13 101.12 100.81 107.03 105.77 104.03 100.59 102.22 98.89 100.70 108.18 108.14 104.64 112.28 110.47 113.75 107.46

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

0.52 0.59 0.71 1.08 1.29 1.52 0.98 1.05 1.47 1.47 2.52 1.32 1.66 1.78 2.38 4.65 3.15 5.66 5.77 6.14 4.31 8.52 8.52 9.65

1.00 1.34 1.00 6.96 6.41 2.36 1.88 3.15 6.35 1.00 1.17 5.27 6.11 3.28 4.47 1.00 3.55 2.48 1.00 4.63 2.77 1.00 1.00 1.00

9.01 9.52 9.46 16.20 15.91 12.13 10.97 12.36 16.07 10.72 11.42 14.81 15.94 13.17 14.64 12.53 14.16 14.19 12.74 16.46 14.25 13.43 13.43 13.49

101.97 102.64 104.36 100.25 100.59 101.17 107.04 103.38 102.33 106.84 105.52 100.99 102.79 104.24 100.62 109.31 103.18 100.17 114.80 100.02 105.26 114.25 99.09 107.15

11.56

Sub-National Bonds

BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; AA-/GCR BBB-/Agusto; BBB+/GCR† Aa-/Agusto; AA-/GCR Bbb+/Agusto; BBB+/DataPro A/Agusto‡ A-/GCR A-/Agusto A-/Agusto Bbb-/Agusto Bbb+/Agusto Bbb+/Agusto A-/GCR

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

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

OPTIMISM

dex gained 117.37 basis points or 0.45 per cent to return to 26.020.32 index points, as against 25.902.95 recorded the previous day, while the market capitalisation of equities appreciated by N40 billion or 0.45 per cent to close at N8.950 trillion from N8.910 trillion.. Meanwhile, a turnover of 344.1 million shares in 3,386 deals was recorded in the day’s trading. The banking sub-sector of the financial services sector was the most active (measured by turnover volume); with 178.9 million 13.00 NAHCO 29-SEP-2016 shares exchanged by investors 14.25 FSDH 25-OCT-2016 08-DEC-2016 in0.00/16.00 1,611 LCRM deals. 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRMin III 06-JUL-2017 Volume the sub-sector was 13.00 UBA 30-SEP-2017 largely driven by activities in 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 the shares of Fidelity Bank Plc MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018 and GTB Plc. 14.00 UBA II 30-SEP-2018 Also, the premium sub-sec15.75 LA CASERA 18-OCT-2018 MPR+5.00 CHELLARAMS II 17-FEB-2019 tor, boosted by activities in the

Investors gain N40bn

Stories by Chris Ugwu

T

he Nigerian equities market yesterday sustained bullish trend for the fourth day following renewed investors’ optimism. TOTAL OUTSTANDING VALUE TOTAL MARKET This wasCAPITALISATION despite the fact that Corporate Bonds the local bourse’s performance A+/Agusto; A-/GCR NAHCO continued to record more losers A-/Agusto FSDH Nil than gainers. ***LCRM Nil Nil Key market indicators, the A/GCR UBA NSE BBB-/GCRASI and market *C & capitaliI LEASING Nil *DANA sation, advanced by 0.45 per cent A-/DataPro†; CCC/GCR *TOWER AAA/DataPro†; points onB/GCR the back of*TOWER blue chips A+/Agusto; A/GCR UBA companies. Bbb+/Agusto†; BBB+/GCR† *LA CASERA BBB-/DataPro†; BB/GCR , the All-Share *CHELLARAMS InSpecifically #{r}

#

#

#

*DANA#{r}

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

BENUE 30-JUN-2016 IMO 30-JUN-2016 LAGOS 19-APR-2017 BAYELSA 30-JUN-2017 EDO 31-DEC-2017 DELTA 30-SEP-2018 NIGER II 4-OCT-2018 EKITI 09-DEC-2018 NIGER III 12-DEC-2018 ONDO 14-FEB-2019 GOMBE 02-OCT-2019 LAGOS 22-NOV-2019 OSUN 12-DEC-2019 LAGOS 27-NOV-2020 KOGI 31-DEC-2020 EKITI II 31-DEC-2020 NASARAWA 06-JAN-2021 BAUCHI 9-DEC-2021 OYO 16-FEB-2022 BENUE 27-FEB-2022 PLATEAU 30-MAR-2022 KOGI II 31-MAR-2022 CROSS RIVER 27-MAY-2022

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

30-Jun-11 30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12 12-Dec-12 27-Nov-13 31-Dec-13 31-Dec-13 06-Jan-14 09-Dec-14 17-Feb-15 27-Feb-15 30-Mar-15 01-Apr-15 27-May-15

W

APIC Insurance Plc, a multi-line insurance company, has posted a profit before tax of N1.7 billion Sukuk BBB-/Agusto for the financial year*OSUN ended DeTOTAL OUTSTANDING VALUE cember 31, CAPITALISATION 2015, as against ₦59 TOTAL MARKET million reported in 2014. Supranational Bond This represents aIFCgrowth of AAA/S&P 2747 perAAA/S&P cent as a result of the Aaa/Moody's; *AfDB TOTAL OUTSTANDING growth in the VALUE topline and reTOTAL MARKET CAPITALISATION turns from strategic investment Rating/Agencycompany. Issuer in associated In a statement made available FGN Eurobonds to newsmen, the audited finanBB-/Fitch; B+/S&P cial results for the period ended BB-/Fitch; FGN BB-/S&P 31st December, 2015 showed BB-/Fitch; BB-/S&P the underwriting profit that TOTAL OUTSTANDING VALUE increased by 12 per cent to N1.5 TOTAL MARKET CAPITALISATION billion driven mainly by a 33 per Corporate Eurobonds cent increase in underwriting B+/Fitch; B+/S&P GTBANK PLC I income. B+/S&P ACCESS BANK PLC B/Fitch; B/S&P FIDELITY BANK PLC The insurance firm recorded B+/Fitch; B+/S&P GTBANK PLC aB+/Fitch; gross written premium of N7.1 BB-/S&P ZENITH BANK PLC B/Fitch; B/S&P DIAMOND BANK PLC billion up by 36 per cent against B-/Fitch; B/S&P FIRST BANK PLC N5.2 billion in FY 2014, while B-/Fitch; B/S&P ACCESS BANK PLC II B-/Fitch; B/S&P FIRST BANK LTD N2.2 billion was paid out in B-/S&P ECOBANK NIG. LTD claims; a 100 per cent increase in TOTAL OUTSTANDING VALUE the payout compared to FY 2014. TOTAL MARKET CAPITALISATION Gross claims ratio increased Rating/Agency Issuer to 31 per cent in FY 2015 against 21 per cent Commercial Papersin FY 2014, while TOTAL MARKET CAPITALISATION

1.30 2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68 13.87 80.00 21.65 87.50 5.00 4.03 4.04 14.37 4.39 4.53 27.10 3.00 7.68

shares of Zenith Bank Plc and FBNH Plc followed with a turnover of 50.7 million shares transacted in 813 deals. Shares of United Capital Plc just as the previous day, led the gainers chart, appreciating by 9.68 per cent to close at N2.04 per share. Nigerian Breweries Plc followed with a gain of five

Plc followed with five per cent each to close at 76 kobo and N3.80 per share respectively. Nascon Plc trailed behind plunging 4.99 per cent to close at N6.86 per share. At the close of trading, 15 stocks appreciated in value as against 25 others that depreciated in price.

per cent to close at N109.20 per share, while Unilever Nigeria Plc gained 4.99 per cent to close at N30.92 per share. On the flip side, shares of Selplat Petroleum Plc led the losers with a loss of 6.06 per cent to close at N310.00 per share. Wema Bank Plc and Nacho

‘Private equity can bridge power sector funding gap’ 451.93 467.27

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

13.00 14.25 0.00/16.00 0.00/16.50 0.00/16.50 13.00 18.00 16.00 18.00 16.00 14.00 15.75 18.00 16.00 15.00 15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25 14.90

P

15.00 5.53 112.22 116.70 66.49 20.00 0.46 4.50 1.82 0.50 35.00 1.80 0.27 4.50 23.19 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.90

rivate equity funds holds and industries as well for investment with the proscould help to bridge Af- as provide power to the 600 pects of disrupting the currica’s electricity fund- million Africans currently rent industry architecture. ing gap through creative fi- without access to electricHe however, pointed out nancial solutions that ensure ity by 2030, has compelled that private equity investors that the continent can lever- a number of African coun- might need new set of rules age on public-private partner- tries to invite private capital and skills for appraising and ship to ensure availability of into the ownership and man- optimizing the emerging opstable and affordable electric- agement of their respective portunities in Africa’s electricity industry. ity across the continent, Man- electricity infrastructure. aging director, Cowry Asset “The increasing gap be“With defined risks, imManagement Limited, Mr. tween demand and supply proved economics and betJohnson Chukwu, has said. of electricity in Africa and ter technology, the viability He said this at the 19th539.73 the realisation by govern- of the electricity sector as 554.56 Annual Power and Electric- ments of their inability to investment outlet for private ity World Africa 2016 held at finance the required invest- equity firms is better en10-Oct-13 14.75 10-Oct-20 13.64 102.27 Johannesburg, South Africa. 9.77 ment leading to the2.57full or 3.37 hanced. Aside from renew9.77 Chukwu said in order to 9.99partial deregulation of the able energy, the adoption of meet its growing demand; electricity sector in many embedded generation from Africa has an urgent need to 12.00African11-Feb-18 countries have cre- 1.00 gas fired plants to101.63 provide 11-Feb-13 10.20 1.89 9.23 opportunity for 1.00 electricity raise the level of 11.25 investment 12.95ated a huge to consumers in 10-Jul-14 01-Feb-21 3.11 10.60 101.64 24.95private equity investment in its power sector. ring-fenced districts with 25.36 Speaking on “Private Eq- in the sector,” Chukwu said. capacity to pay commercial Outstanding Value Maturity Date (%) Bid Yield (%) Offer Yield (%) Bid Price uityIssue asDate Tool forCoupon Building the($’mm) He noted tariffs isPrice creatingOffer a pipeline that the absence Electricity Sector of the Fu- of cost reflective tariffs, in- ofPrices bankable and fundable & Yields ture”, Chukwu said with Af-500.00tegrated28-Jan-21 natures of 7.58 nation- 7.33 transactions for private eq07-Oct-11 6.75 96.66 97.65 uity firms,” Chukwu said. rica12-Jul-13 currently having 147GW al grid systems, regulatory 5.13 500.00 12-Jul-18 5.71 5.27 98.74 99.68 of installed electricity capac- framework, which vested He said while it is a tru12-Jul-13 6.38 500.00 12-Jul-23 7.84 7.64 91.98 93.00 ity; the continent needs to the entire value chain from ism that the poverty level 1,500.00 add 250GW of capacity begeneration to distribution on in Africa is pervasive and 1,436.93 tween now and 2030. government were some of makes affordability of comBesides, he said the the factors that deterred pri- mercial electricity tariffs 19-May-11 7.50 373.41 19-May-16 7.26 0.43 100.01 101.00 magnitude of investment vate capital from investing difficult, the fact that indus25-Jul-12 7.25 350.00 25-Jul-17 9.43 9.43 97.31 97.31 09-May-13 6.88 that the300.00in the sector 02-May-18until recently 19.74 78.58 required is such . 18.57trial outlets and a80.26 reason08-Nov-13 08-Nov-18 8.94 93.25 93.25 governments will6.00 need pub-400.00 He said the vertical and 8.94 able number of households 22-Apr-14 6.25 500.00 22-Apr-19 9.80 9.80 90.75 90.75 21-May-14 8.75 21-May-19 15.28 of the 14.52generate 84.08their own85.75 electriclic-private partnership in200.00horizontal unbundling 07-Aug-13 8.25 300.00 07-Aug-20 14.77 14.77 79.00 79.00 order to scale up investment. concentric diesel 83.00 powered 24-Jun-14 9.25 400.00previously 24-Jun-21 13.82 elec- 13.82ity through 83.00 23-Jul-14 23-Jul-21 He pointed out8.00 that the re-450.00tricity systems have14.67 reduced 14.67power 75.28 plants is a 75.28 proof of 14-Aug-14 8.75 250.00 14-Aug-21 12.23 11.76 84.88 86.63 alization that governments both the capital requirement pockets of effective demand 3,523.41 do not and would not have3,064.59 for investment and risks, for cost efficient electricthe financial resources to noting that advancement in Riskity supply, which could be Outstanding Value Valuation Yield Issueelectricity Date Yield @ Issue (%) Maturity Date Discount Rate (%) fund supply to(₦’bn)renewable energy is DTM creatingPremium served by (%) embedded off-grid (%) meet the demands of house- another set of opportunities generation and distribution.

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

WAPIC Insurance reports N1.7bn pre-tax profit TOTAL OUTSTANDING VALUE

14.00 15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

solvency ratio for FY 2015 was 250 per cent, which remains an industry benchmark. Commenting on the results, OSUN II 10-OCT-2020 the14.75 Managing Director WAPIC Insurance Plc, Yinka Adekoya, said: “Our full year results reflect the company’s commitment 10.20 IFC 11-FEB-2018 AFDB 1-FEB-2021 to 11.25 delivering on its growth objectives for 2015. The group reported improved profits in 2015 Description at ₦1.67 billion (FY 2014: ₦59 million), a record 2747 per cent increase from the prior year’s 6.75 JAN 28, 2021 position and above industry 5.13 JUL 12, 2018 averages. Gross Premiums in6.38 JUL 12, 2023 creased by 36 per cent to N7.1 billion from N5.2 billion in 2014. This is indicative of the disciplined execution of our growth 7.50 MAY 19, 2016 strategy across7.25all business JUL 25, 2017 6.88 MAY 09, 2018 lines. 6.00 NOV 08, 2018 “Looking ahead in 2016, we 6.25 APR 22, 2019 8.75 May 21, 2019 shall continue our investments 8.25 AUG 07, 2020 in customer experience, people 9.25/6M USD LIBOR+7.677 JUN 24, 2021 8.00/2Y USD SWAP+6.488 JUL 23 2021 development and operational 8.75 AUG 14, 2021 alignment while sustaining emphasis on our priority products branding. We are committed to Description improving our outlook for topline and bottom-line growth.”

#

Nil

GUINNESS NIGERIA

GUINNESS CP II 4-MAY-16

04-Nov-15

13.25

7.23

04-May-16

43

6.03

11.72

Nil

GUINNESS NIGERIA

GUINNESS CP III 29-JUL-16

04-Nov-15

13.75

2.77

29-Jul-16

129

6.18

13.02

FMDQ Daily Quotations List

TOTAL OUTSTANDING VALUE

12.45

22-Mar-16

10.00

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or **TREASURY BILLS^ FIXINGS Money Market Foreign Exchange (Spot & Forwards) investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an Bid “ASYield AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, performance DTM Maturity Bid Discount (%) Offer Discount (%) (%) Tenor Rate (%) or fitness for a particular purpose of any of 31-Mar-16 the Information, neither do we accept action taken on the 5.10 basis of the Information. NIBOR 9 5.09 liability for the results of any 4.84 OBB 4.33 Tenor Bid ($/N) Offer ($/N) 16 7-Apr-16 4.72 23 14-Apr-16 5.21 30 21-Apr-16 5.50 28-Apr-16 5.20 FGN Bonds 37 44 5-May-16 5.17 58 19-May-16 5.27 65 26-May-16 5.35 Rating/Agency Issuer Description 72 2-Jun-16 6.16 79 9-Jun-16 6.13 13.05 16-AUG-2016 6.10 86 16-Jun-16 ^15.10 27-APR-20175.94 93 23-Jun-16 100 30-Jun-16 9.85 27-JUL-2017 6.17 114 14-Jul-16 9.35 31-AUG-2017 6.20 121 21-Jul-16 7.23 10.70 30-MAY-2018 7.13 128 28-Jul-16 135 4-Aug-16 ^16.00 29-JUN-20196.84 142 11-Aug-16 7.00 23-OCT-2019 7.32 149 18-Aug-16 7.23 ^15.54 13-FEB-20207.79 163 1-Sep-16 NA NA ^16.39 27-JAN-20227.71 170 8-Sep-16 184 22-Sep-16 ^14.20 14-MAR-20247.66 198 6-Oct-16 7.88 ^12.50 22-JAN-20267.84 205 13-Oct-16 15.00 28-NOV-2028 7.73 212 20-Oct-16 226 3-Nov-16 12.49 22-MAY-2029 7.21 254 1-Dec-16 8.50 20-NOV-2029 7.53 268 15-Dec-16 7.53 ^10.00 23-JUL-20307.68 289 5-Jan-17 ^12.1493 18-JUL-2034 303 19-Jan-17 7.77 12.40 18-MAR-2036 8.33 317 2-Feb-17 331 16-Feb-17 8.32 TOTAL OUTSTANDING VALUE 345 2-Mar-17 8.53 359 CAPITALISATION 16-Mar-17 8.50 TOTAL MARKET *for the Amortising bonds, the average life is calculated and not the TTM # Risk Premium is a combination of credit risk and liquidity risk premiums **Exclusive of non-trading t.bills

Rating/Agency

4.47 4.96 5.25 4.95 4.92 5.02 5.10Date Issue 5.91 5.88 16-Aug-13 5.85 27-Apr-12 5.69 5.92 27-Jul-07 5.95 31-Aug-07 6.98 30-May-08 6.88 6.59 29-Jun-12 7.07 23-Oct-09 6.98 13-Feb-15 7.54 27-Jan-12 7.46 7.41 14-Mar-14 7.63 22-Jan-16 7.59 28-Nov-08 7.48 6.96 22-May-09 7.28 20-Nov-09 7.28 23-Jul-10 7.43 18-Jul-14 7.52 18-Mar-16 8.08 8.07 8.28 8.25

Issue Date

Tenor O/N 1M 3M 6M

Rate (%) 4.8067 7.4393 9.0051 10.5027

Outstanding Value (₦’bn)

O/N

Maturity Date

NITTY

581.39

16-Aug-16

Tenor 480.13 1M 2M 20.00 3M 100.00 6M 300.00 9M 12M 351.30

Rate (%) 27-Apr-17 5.1467 5.5465 27-Jul-17 6.1041 31-Aug-17 7.2584 30-May-18 8.1897 9.0252 29-Jun-19

233.90 23-Oct-19 556.93 13-Feb-20 605.31 NIFEX 27-Jan-22 Current Price ($/N) 719.99 14-Mar-24 BID($/N) 199.0000 155.84 22-Jan-26 OFFER ($/N) 199.1000 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 40.00 18-Mar-36

4.83

REPO Tenor Call

Rate (%) 4.75

1M (Yrs) TTM

Bid5.50 Yield (%)

3M 6M

6.25 6.75

Spot 7D 14D 1M 2M Yield Offer 3M 6M(%) 1Y

0.40 7.20 6.84 1.10 9.53 9.39 NOTE: 1.35 9.57 9.45 :Benchmarks 1.44 9.69 9.57 * :Amortising Bond 2.19 10.08 10.01 µ :Convertible Bond AMCON: Asset of Nigeria 3.27 Management Corporation 10.51 10.41 FGN: Federal Government of Nigeria 3.59 11.00 10.89 FMBN: Federal Mortgage Bank of Nigeria 3.89 Finance Corporation 11.18 11.09 IFC: International 5.85 11.49 Management 11.43 LCRM: Local Contractors Receivables NAHCO: Nigerian 7.98 Aviation Handling 11.97 Company 11.92 O/N: Overnight 9.84 12.08 12.02 UPDC: UAC Property Development Company 12.69 12.53 Company12.49 WAPCO:West Africa Portland Cement 13.17 12.54 12.49 13.66 12.55 12.49 14.33 12.17 12.12 18.32 12.25 12.20 19.99 12.83 12.78

6,237.28

198.72 199.00 200.18 202.00 202.34 210.21 Bid Price 222.90 228.60

198.82 199.50

Price200.28 202.10 202.44 210.31 Offer Price 223.00 228.70

102.26 102.41 105.65 105.80 100.32 100.47 NA :Not Applicable 99.54 99.69 ^ : Market Prices 101.15 101.30 # : Floating Rate Bond ***: Deferred coupon bonds 114.81 115.11 DTM: Days-To-Maturity 88.39 88.69 TTM: Term-To-Maturity 113.73 ‡ : Bond 113.43 rating under review 120.41expired 120.71 †: Bond rating N/A :Not 111.24 Available 111.54 {r} :Issuer in receivership 102.36 102.66 NGC: Nigeria-German Company 115.43 115.73 UBA: United Bank for Africa 99.64 99.94 73.81 74.11 85.44 85.74 99.26 99.56 96.95 97.25

6192.277269

6,468.18 Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

Risk Premium (%)

Valuation Yield (%)

Modelled Price

FMDQ FGN BOND INDEX 17.25 FMB II 03-APR-2017

FMBN

TOTAL OUTSTANDING VALUE

Modified Duration Buckets

TOTAL MARKET CAPITALISATION Sub-National Bonds BBB+/Agusto A/Agusto A+/Agusto; A+/GCR A-/Agusto A-/Agusto A/Agusto; A+/GCR A-/Agusto; A-/GCR A/Agusto‡ ; A-/GCR† A-/Agusto A-/Agusto; A-/GCR BBB+/Agusto; A-/GCR Aa-/Agusto; AA-/GCR

Bonds

#

Description

Issuer

Agency Bonds Nil

4.73 5.23 5.52 5.23 5.20 5.31 5.40 (%) Coupon 6.23 6.21 13.05 6.19 15.10 6.03 6.27 9.85 6.32 9.35 7.41 10.70 7.31 7.02 16.00 7.53 7.00 7.44 15.54 8.07 16.39 8.00 7.97 14.20 8.24 12.50 8.20 15.00 8.09 7.54 12.49 7.95 8.50 7.97 10.00 8.18 12.1493 8.30 12.40 8.98 9.00 9.28 9.28

*BENUE *IMO LAGOS *BAYELSA EDO *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS

<3 3<5 >5 Market

03-Apr-12

Porfolio Market Value (₦’bn)

14.00 BENUE 30-JUN-2016 15.50 IMO 30-JUN-2016 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 14.00 EDO 31-DEC-2017 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019

1,006.67 1,529.79 1,573.33 4,109.79

17.25

Total Outstanding Volume (₦’bn)

Weighting by Outstanding Volume

Weighting by Mkt Value

883.23 1,325.30 1,667.49 3,876.02

22.79 34.19 43.02 30-Jun-11 100.00

24.49 37.22 38.28 14.00 100.00

30-Jun-09 19-Apr-10 30-Jun-10 31-Dec-10 30-Sep-11 04-Oct-11 09-Dec-11 12-Dec-13 14-Feb-12 02-Oct-12 22-Nov-12

15.50 10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50

1.20

1.20 Bucket Weighting 1.24

03-Apr-17 % Exposure_ Mod_Duration

0.61 Implied Yield

0.23 0.34 0.43 1.30 1.00

12.18 29.14 58.68 30-Jun-16 100.00

10.94 11.77 12.22 0.27 11.93

2.05 57.00 16.45 25.00 27.25 4.91 10.98 8.14 21.68 13.87 80.00

30-Jun-16 19-Apr-17 30-Jun-17 31-Dec-17 30-Sep-18 04-Oct-18 09-Dec-18 12-Dec-18 14-Feb-19 02-Oct-19 22-Nov-19

0.27 1.08 0.80 1.78 1.37 1.38 1.57 1.57 1.76 1.97 3.67

2.94 Implied Portfolio Price

139.6446 153.5972 118.3801 4.46 135.2672

3.48 1.00 5.71 3.21 1.00 1.00 3.82 3.56 1.00 2.02 1.98

11.16 INDEX

1,270.44 1,331.59 1,427.19 10.71 1,288.10

9.73 10.24 14.38 13.10 10.60 10.62 13.61 13.35 10.88 12.00 13.06

103.51 YTD Return (%)

14.6765 31.5063 41.7250 100.79 22.0732

101.45 99.75 99.49 101.33 104.12 104.13 101.12 100.81 107.03 105.77 104.03


40

News|south-west

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

N852.9m SUBEB fund: Fayemi refers Ekiti to handover note N

Ondo spends N8bn on water in 7 years Babatope Okeowo Akure

Sulaiman Salawudeen Ado-Ekiti

S

peaker of the Ekiti State House of Assembly, Honourable Kola Oluwawole yesterday said the Assembly would again summon the immediate past governor of the state and Minister of Solid Minerals, Dr.Kayode Fayemi over an alleged misappropriation of N852.9 million counterpart fund of the State Universal Basic Education Board (SUBEB) fund under his government. He said the summon became necessary to enable the former governor clarify

some ambiguities allegedy uncovered in the N852.9 million counterpart fund of the State Universal Basic Education Board (SUBEB) fund. The Assembly’s insistence was coming on the heels of the former governor’s response to the initial summons which he urged the Assembly to find answers to possible queries on his stewardship in the hand over note while vacating office. Fayemi had in the reply contained in a letter signed by his personal assistant, Tola Esan, dated Monday, March 21, acknowledged receipt of the letter dated

March 10, regretting he “would be unable to honour the invitation due to prior scheduled official engagements”. The Minister had maintained “that all matters relating to his stewardship of public office in his previous role as governor of Ekiti State, Nigeria, between October 16, 2010 and October 15, 2014, are well documented in his handover notes, which was duly submitted to the Government of Ekiti State, Nigeria at the expiration of his tenure on Wednesday, October 15, 2014, as statutorily required.” He however expressed his

readiness to “respond to specific clarifications the house may wish to make further to your diligent examination of the hand over notes”. In a statement issued by Oluwawole’s Special Assistant (Media), Stephen Gbadamosi, in Ado-Ekiti, the State capital, yesterday, the Speaker had clarified “... the people of Ekiti State will like to know how he spent the money. Right now, Ekiti schools and our pupils are suffering because he failed to pay the SUBEB counterpart fund. That is why the state has not been able to access the funds like other states right now.”

250 council staff to proceed on compulsory leave

N

o fewer than 250 senior staff in 61 Local Government Areas and Local Government Development Areas (LCDAs) of Osun State had been asked to proceed on compulsory leave. The mandatory leave which affected staff on Grade Level 15, would last for 30 days.

Governor Rauf Aregbesola had on March 8 created 31 LCDAs in addition to the 30 local government areas of the state. Aregbesola said only Grade Level 14 officers be known as ``Council Managers’’, would henceforth head the LCDAs. He directed grade level 15 officers and above to report

to the state’s Local Government Service Commission. But the officials received the shock of their lives as the commission directed them to go on compulsory leave for one month for administrative convenience with effect from Monday, March 21. Permanent Secretary of the commission, Mr.

Dayo Olaluwoye, said the new arrangement in the LCDAs required huge administrative work, hence the need for compulsory leave as the 250 senior staff were no longer needed in the local governments, ``but they could be redeployed to other ministries where their services would be needed.”

L-R: Founder, City of Knowledge Academy (CKA), Mrs. Mosun Belo Olusoga; Awujale of Ijebuland, Oba Sikiru Adtona and Ooni of Ile-ife,Oba Adeyeye Enitan Ogunwusi, at the launching of the academy at ItanrinOsosa, Ogun State … yesterday. PHOTO: GODWIN IREKHE

PDP’ll reclaim Ogun in 2019, says ex-lawmaker Kunle Olayeni Abeokuta

A

former House of Representatives member, Abiodun Akinlade, yesterday said the Peoples Democratic Party (PDP) would reclaim Ogun State from the ruling All Progressives Congress (APC) in the 2019 elections. Akinlade, who served at the lower chamber of the National Assembly between 2003 and 2015, said the PDP would stage ‘a bid’ comeback come 2019 as the party was undergoing a rebranding process. He spoke during the inauguration of a block

of three classrooms at St. Paul’s Anglican Primary School, Owode-Yewa, held to mark his 49th birthday. At the event, the former lawmaker also empowered 500 people across his Yewa South/Ipokia Federal Constituency with agroprocessing machines. The ceremony attracted notable party chieftains, including the PDP National Auditor, Alhaji Adewole Adeyanju; state chairman, Chief Adebayo Dayo; exgovernorship candidate, Prince Gboyega Isiaka; Minority Leader of the state House of Assembly, Wale Alausa; Senator Kola Bajomo; Chief (Mrs) Iya-

bo Apampa and Comrade Niyi Osoba. Akinlade however promised to contribute his quota towards national development notwithstanding being out of political

16

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

£5.1m

The amount of money spent by Liverpool in the January 2016 transfer window. Source: 101greatgoals.com

office, saying his decision to empower 500 men and women was borne out of the prevalent poverty rate among his constituents especially those residing in the rural areas.

ot less than N8billion has been spent by the Ondo State government in the past seven years on the provision of water in different parts of the state. The State Governor, Dr Olusegun Mimiko who disclosed this yesterday during the annual water day celebration, said N4.3billion was being spent by the government on the provision of water to the people of Ilaje local government. The project, when completed, the governor said would for the first time in history provide portable water to the people of riverine local government council as the project was essentially meant to source and reticulate water to the

Fountain varsity to raise N5bn endowment fund Adeolu Adeyemo Osogbo

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uthorities of the Fountain University, Osogbo yesterday said that it has concluded necessary arrangement to raise fund for the completion of all the on-going projects in the institution. The institution’s Vicechancellor, Professor Bashiru Ademola Raji who made this known at a press briefing in preparation for the 4th and 5th convocation ceremonies of the university, said a N5billion endowment fund raising would be raised to complete the in-

s part of its continued commitment to the welfare and well-being of the people, the Government of Ogbeni Rauf Aregbesola of Osun has announced this year’s free train ride for the Easter celebration. In a statement by the Ministry of Commerce, Cooperative, Industry and Empowerment, said the free train ride would con-

stitution’s ongoing projects. Professor Raji however said the institution would confer honourary awards on Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar and a former Osun State governor, Prince Olagunsoye Oyinlola as Ooni of IleIfe, Oba Adeyeye Eniitan Ogunwusi would host other prominent traditional rulers in the South West. Sokoto State Governor, Hon Aminu Waziri Tambuwal will deliver the convocation lecture on a topic entitled: “Religious Tolerance and Challenges of Democratic Governance.”

Police arraign PDP stalwart for abusing Kashamu Kunle Olayeni Abeokuta

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he police yesterday arraigned a member of the Peoples Democratic Party (PDP), Deji Babington-Ashaye, for allegedly calling the Senator representing Ogun East Senatorial District, Buruji Kashamu, a drug baron and jail breaker. The accused was brought before a Chief Magistrate’s Court sitting in Isabo, Abeokuta on a one-count charge of breaching public peace. Babington-Ashaye was said to have hurled abusive words at Kashamu on the party’s whatsapp group

Osun offers free train ride on Easter holiday

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coastal communities in the area. Also, the governor who was represented by his chief of staff, Dr Kola Ademujimi said a total sum of N3billion had been spent in the rehabilitation of water dams and provision of water to different parts of the state. Mimiko said the government had spent N1billion in sinking solar boreholes to different parts of the state saying arrangements had been compeleted to reticulate the Owena Dam to all the local governments in Ondo Central senatorial district. However, the Commissioner for Special Duties, Chief Femi Adekanmbi said that the ongoing rehabilitation of water dams in the state when completed would reduce water scarcity.

vey people coming for the Easter festival from Lagos to Osogbo on Friday by 10am. A return train will depart Osogbo to Lagos on Monday, March 28 by 11 am. The statement noted that the government did this to ease movements of the people during the period of the festivity. The government there-

known as “PDP march to victory.” The prosecuting counsel, Sunday Eigbejiale, said the accused committed the offence between March 13 and 14, 2016 at about 2:30pm opposite Community High School, Ogere-Remo in Ogun State magistrate district. According to the prosecution, Babington-Ashaye conducted himself in a manner likely to cause the breach of peace by passing insult on the Senator. He explained that the accused described Kashamu as “a drug baron and jail breaker” and challenged the Senator to clear the doubt by travelling to the United States of America (USA).”

fore enjoined indigenes of the state to maximise the advantage the free train ride offers them to visit home and enjoy the celebration. The statement reads: “This tradition of free train ride as introduced by the Aregbesola government about five years ago is aimed at facilitating the easy movement of the citizenry wherever they are.”


south-east | news

wednesday, march 23, 2016 NEW TELEGRAPH

Only God can stop Biafra, not Buhari –IPOB

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he independent people of Biafra (IPOB) has said that President Mohammed Buhari, cannot stop the actualization of the sovereignty state of Biafra. Arising from a crucial meeting in Onitsha Anambra State, members of the group, vowed to sustain the continued agitation for the actualization of the sovereignty state of Biafra until the dream was realized. The spokesman of the group Mr. Emma Powerful, told journal-

ist that the group had converged in Onitsha to appraise its activities worldwide and was satisfied that all lovers of Biafrans world over had shown genuine interest in the cause of the group. He said no obstacle placed on the way of the group’s agitation would make it relent in the demand for self-independent. Powerful said: “Only God can stop us but not Buhari and his government of Nigeria. We are Biafrans and until we actualise our dream and

Nigeria will not sleep with its two eyes closed until we achieve our dream”. Our leader Nnamdi Kanu has been languishing in the custody but we want to tell the Buhari government that a lot more people are ever ready to join him (Nnamdi Kanu) because we are law abiding citizens demanding for our freedom. According to him, IPOB remains a powerful movement pursuing for the restoration of Biafra without looking back, as it focuses its

sight on reaching its destination. We are happy that the IPOB rally in Ireland, Italy, Rome, and other parts of the world sent the desired message that we are not jokers but genuine freedom fighters who deserve their freedom. These signs are enough warning to Buhari and Nigerian government to prepare for plebiscite before it is too late. We are calling on all lovers of peace in the world to call Nigerian government to order and allow my people go.

L-R: Permanent Secretary, Ebonyi State Ministry of Finance, Ignatius Unah; Secretary to the State Government, Prof. Benard Odoh; Governor David Umahi; Deputy Governor, Kelechi Igwe and Permanent Secretary, Ministry of Justice, Jonathan Okoronkwo, at the inauguration of the two new permanent secretaries in Abakaliki...on Monday.

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NULGE lauds LG workers’training Charles Onyekwere ENUGU

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ouncil workers in Nsukka Area of Enugu State, have lauded Nsukka Local Government Area for training the workers on efficient ways to carry out their duties. Chairman of the National Union of Local Government Employers (NULGE) Nsukka Council chapter Mr. George Ngwu, made the commendation in Nsukka yesterday during a seminar titled “Office Practice and Procedures" organised for the workers . He said that the training was the first in history to be organised for workers. Ngwu promised that workers would put into

practice all they learnt in the training, which he said would go a long way in increasing their productivity and cordial relationship between workers and management. One of the resource persons Mr. Emmanuel Ezeugwu, Head of Primary Healthcare in the council who delivered the lecture was titled “ Civil Service ethics and moral", urged workers to always exhibit good ethical conduct which he said would earn them promotions and good recommendations. “Avoid lies and dishonesty in carry out you duties such as bribery and corruption, they delay your promotions, give you bad image and most time may lead to dismissal from service."

Residents raise the alarm over land speculators’ invasion Okegwu Kenechukwu

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esidents of Anambra State, have drawn the attention of the state government to the alleged invasion of government land at Nkwele Ezunaka Town by land speculators, who engage in the selling of land to unsuspecting members of the public. President General of the town Mr. Ike Nnalue, raised the alarm while addressing journalists on the crisis rocking the Umeri Family in Amuche

Village area of the Nkwele Ezunaka community in Oyi Local Government Area of the state. The community early this week was engulfed in communal clash, leading to the destruction of properties worth millions of naira. Our correspondent who visited the scene of the incident reports that at the time of filing this report, some angry youths were still seen around the burnt town hall building armed with weapons.

ABSU killing: VC advises students against living off campus Ugwuanyi tasks contractors on

Igbeaku Orji Umuahia

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n the aftermath of the bizarre killing of two students of the Abia State University (ABSU) Uturu by suspected cult members, the Vice Chancellor, Professor Uche Ikonne, has advised parents and guardians to encourage their children and wards to ensure they secure accommodation within the the campus, which he described as safer and cheaper. In his first official reaction to the incident, Ikonne, condoled with the families of the victims and wondered why students preferred the costlier private hostels outside the campus without security to the secure and affordable accommodation provided by the school authority. He said he was surprised when he visited the scene of the incident to see that students could live in such a remote and isolated private hostel where there was neither water nor light. According to the VC, the university has enough hos-

tels to accommodate the students inside the school where the university security apparatus can easily patrol but said because the students wanted freedom to do whatever they liked. He wondered why students preferred the private hostels which cost more, saying ‘’most of them give their parents and guardians the impression that they live inside the campus until something like this happens.” Ikonne, who was accompanied by the traditional ruler of Umuayim Uturu,

the host community, Eze Uwadiegwu Ogbonnaya, said the incident was regrettable as the university has identified the victims as undergraduates of the institution. He, however, assured the students writing their semester examination of security of lives and property. He said the incident has challenged him to more positive action to ensure that ABSU, retained its place of pride as a centre of excellence and peace. In his contribution, Eze Uwadiegwu said that even

the Uturu vigilante group has increased surveillance of the area. He said the university should not show mercy to the assailants when they were apprehended no matter their background. Meanwhile, the National Association of Abia State students has condemned the incident, describing it as barbaric and inhuman. In a statement signed by the national president, Comrade Kalu Okechukwu and secretary, Comrade Victor Ejimofor and

projects completion Charles Onyekwere ENUGU

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nugu state Governor, Ifeanyi Ugwuanyi has charged contractors handling on-going road projects in the state to work towards the completion of the projects being handled by for the inauguration of such on schedule. The governor who spoke through the

Chairman of Enugu State Urban Renewal Committee, Mr. Chris Offor, during the committee's inspection tour of the over nine on-going road projects, told the contractors that it was the intention of the state government to inaugurate some roads before May 29. Offor was accompanied to the sites by a technical member of the committee.

Ebonyi vows to recover funds paid on uncompleted projects

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overnor David Umahi of Ebonyi State has vowed to recover all funds paid to contractors for jobs not completed by the immediate past administration. Umahi made this vow while receiving the interim report of the Dave Nwachukwu-led Market Development Committee in Abakaliki, the state capital yesterday. He noted that the contractors had ignored several invitations for joint

assessment with the ministries in charge of their contracts and warned that his government would take all necessary steps within the armbits of the law to ensure that they return all funds received for jobs not done.

63,400

The total number of followers on Twitter of Ike Uche (Malaga) in 2016. Source: Goal.com

His words: "A lot of the state fund is in the hands of the contractors. We invited one of the contractors or a number of them to come for joint measurements but they are not complying and when that is not possible, whatever joint measurement done by the supervising ministry stands. "And again, certification is cumulative and so we have the right and powers to ask contractors to be on site. I am very shocked that 99 per cent

of the projects we inherited from the past administration are not completed and none of the contractors have told us why they are not on site. We made efforts to find out but they are not responding. Umahi, who lamented that 99 per cent of jobs he inherited from the past administration were abandoned by contractors without reason, said he would use constitutional means to bring them back to site or recover the state funds

already paid to them. "One thing is certain, no man will run away with the funds of Ebonyi State, no matter the number of lawyers assembled by them to tackle the state," he assured. Other reports presented to the governor during the occasion were that of higher education and Ikwo College of Education by their committee chairmen, Prof. Chigozie Ogbu and Chief Fidelis Nwankwo.


42

NEWS | south-south

wednesday, march 23, 2016 NEW TELEGRAPH

CLO calls for Amaechi’s sack, investigation of violence Emmanuel Masha, Chris Ejim and Uchenna Inya

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he Civil Liberty Organisation (CLO) in the South-South yesterday called on President Muhammadu Buhari, to sack Transport Minister, Chibuike Rotimi Amaechi, from his government over his alleged use of soldiers in last Saturdays state and national assemblies’ rerun polls in Rivers State. CLO, which made the call in a statement, also called for the former governor’s investigation,

alleging that he poses a threat to national security by openly making use of soldiers during the election, and contributing to the violence that occurred. The statement, signed by Chinedu Karl Uchegbu, the South-South chairman of the organisation, also called for the probe of other politicians who contributed to the violence and the intimidation of voters. CLO said: "We call for the sack of Rotimi Amaechi from the President Muhammadu Buhari ledgovernment as Minister and for investigation on him, because he poses a

threat to national security, particularly his desperate use of the army in the election. “We call for investigation into all the violence and killings in the state, particularly beginning from comments credited to known political figures, who threatened violence in the state boasting about their powers from high places and their abilities to command the military. “We insist that the heads of the various federal security arms, especially the army, should take responsibility for these killings along with INEC and these known politicians.”

Meanwhile, the Ijaw Youth Council (IYC) yesterday condemned the violence in some parts of Rivers State during the rerun legislative elections last Saturday. The group called for the probe and prosecution of those behind the violence and regretted that most of the victims were youths in their prime. According to a statement issued by its spokesman, Mr. Eric Omare, in Yenagoa, more than 15 persons had been killed so far with the possibility that more would be killed if nothing was done to curtail the violence. “We strongly believe

that the statements of major political players in the days leading to the elections heightened tension and contributed to the violence during the election. “Political leaders in Rivers State did not display the high sense of responsibility that was expected of them,” the IYC said. “We are worried about the way and manner elections were conducted in Nigeria in recent times especially, in the Niger Delta region. “Elections instead of being an opportunity for the electorate to express their preference for candi-

N1.74bn

L-R: Chief Goodie Ibru; wife of late Olorogun Felix Ibru, Matilda and Delta State Governor, Ifeanyi Okowa, during the governor’s visit to the family of the Ibrus in Lagos… yesterday

The IGR realized from other revenue sources of Kebbi State in 2012. Source: National Bureau of Statistics

Court to hear FG, ex-militants’ amnesty case May 16 Chris Ejim Yenagoa

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Federal High Court sitting in Yenagoa, Bayelsa State, has fixed May 16, for hearing in a motion filed by 18 ex-militant youths for an out-ofcourt settlement with the Office of the Chairman of the Amnesty Implementation Committee, Brigadier-General Paul Boroh. The suit was filed against their non-inclusion in the ongoing amnesty programme in the region. The ex-militants, Asenekir Oyile, Angiama-Owei Oyindoubra, John Government, John Sawyer, Trydy Okpeke, Dollar Motor, Selebi Ayo-

wei, Bobra Angese, Henry Gomeromo and Ekerebi Ombe in their suit, claimed that the Amnesty Committee erred by refusing to include them in the amnesty programme after series of resolutions from meetings with past and present National Security Advisers to the President, the late General Owei Azazi (rtd) and Col. Dasuki Sambo (rtd), respectively. The ex-militants in the suit numbered FHC/ YNG/CS/102/2013, filed at the Federal High Court, declared that they were former militants that had accepted amnesty under the third phase and surrendered their weapons to the Federal Government through the Amnesty Office in 2011.

Assembly disowns Delta oil commission’s budget Dominic Adewole ASABA

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he Delta State House of Assembly yesterday denied the existence of a budgetary provision for the state’s Oil Producing Areas Development Commission (DESOPADEC). Members of the commission were inaugurated late last year after Governor Ifeanyi Okowa restructured the operation of the commission for better performance. But lawmakers in the state yesterday said they were not privy to the existence of any budgetary allocation to the commission for 2016. They wondered where

the budget with which the commission was running its affairs emanated from, fearing that the Speaker of the House, Rt. Hon. Monday Igbuya, has signed the budget into law. Chairman of the House Committee on DESOPADEC, Hon. Dennis Omovie, described as ‘laughable,’ the speculation that the speaker has already signed the commission’s budget for 2016, into law. Omovie, who tendered unreserved apology to the people of the state for the damage the speculation may have done to the polity, said the process of budgeting were well laid out in the laws governing the day-today running of the state.

dates of their choice have become a theatre of war in the region as recently experienced in Bayelsa and now in Rivers State,” Omare stated. In a related development, the Inspector General of Police, Mr. Solomon Arase, yesterday exonerated the police in the violence that greeted the Rivers State rerun polls. Speaking to reporters in Abakaliki during his one-day working visit to Ebonyi State police command, Arase dismissed allegations in some quarters that the police favoured the ruling All Progressives Congress(APC) in the exercise.

Delta to set up committee on Ibru’s burial Wale Elegbede

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he Delta State Governor, Senator Dr Ifeanyi Okowa, has described the late Olorogun Senator Felix Ibru as the architect of modern Delta. He said that as the first civilian governor of the then state, he did a lot of work to lay the foundation for its growth. He stated this yesterday when he paid a condolence visit to the Ibrus at the family’s residence at GRA, Ikeja Lagos.

He described the late former governor of the state as a man of great accomplishment, humble and caring and therefore loved by his people. “Our late elder and statesman was a man of great achievement. He did not stop as a governor; he represented his people as a senator of the Federal Republic and went on to lead the Urhobo Progress Union as its President General. That tells you that he was a great achiever.

‘Why human rights abuses persist in Africa’ Tony Anichebe Uyo

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former British Broadcasting Corporation (BBC) reporter, Prof. Jon Silverman, yesterday gave reasons why human rights abuses persist in Africa. Silverman, who spoke yesterday in Uyo, Akwa Ibom State, also underscored the importance of holding African leaders accountable for human rights abuses in the continent. According to him, until

the enforcement of effective legislations in which everyone, including the leaders, was made equal before the law, cases of human rights abuses would continue to hold sway in Africa. Silver man, who doubles as a Research Professor on Media and Criminal Justice at the University of Bedfordshire, United Kingdom, spoke at a public lecture organised by the Directorate of International Programmes, University of Uyo, Akwa Ibom State.

“He did so much to lay the foundation for our young state then. I recall that I was a Local Government Chairman when our late elder statesman was the governor of the state. My predecessors in office tapped from his wealth of experience, but now he is gone. So I can say that I feel the loss most”. Okowa announced that a committee would be set

up by the state government that would liaise with the family in the planning arrangement for the burial of the late former governor. Okowa, while signing the condolence register, wrote: “We lost a great leader and a statesman. A great community leader, distinguished Senator and father of our young state. Adieu, our great leader”.

UNICEM shuts down as two communities protest Clement James Calabar

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nited Cement Company (Unicem) located in Akamkpa Local Government Area of Cross River State was on Monday shut down as youths from Akamkpa and Akpabuyo Local Government Areas blocked the two access roads to the company. As early as 3am on Monday, youths from both local government areas reportedly blocked the roads at both ends of the two bridges located along the Calabar-Akpabuyo road, where Unicem trucks ply and the

Idundu end of the CalabarOban road, through which the company’s workers go to work. Speaking to New Telegraph at the Idundu Bridge end of the road, a top management staff of the company, who did not want his name in print, said the company was shut down as a result of the blockade, thus losing millions of naira in the process. According to him, since the early morning blockade, workers who were on night duty have been stranded while those who were to resume work in the morning were also not allowed access to the company.


north | news

wednesday, march 23, 2016 NEW TELEGRAPH

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UNICEF train 830 Community protests police ‘silence’ Sokoto, 'role model' female teachers over Share/Tsaragi clash S Biodun Oyeleye Ilorin

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hare community in Ifelodun Local Government Area of Kwara State, yesterday accused the state Police Command of neglect in apprehending and prosecuting those they alleged were the brains behind the December 2015 bloody clash between the community and Tsaragi. The clash which led to loss of lives and destruction of property worth millions of naira. Besides, the indigenes, under the aegis of Share Descendants Union (SDU)

also expressed loss of confidence in the ability of the state government to prosecute those who have been fingered as the perpetrators of the act. According to them, even when a commission of inquiry had openly indicted some people over a previous clash, the state had allegedly failed to act on their prosecution. The National Vice President of the union, Elder Gabriel Jimoh, who addressed the media on the development, called on President Muhammadu Buhari to intervene on the matter as the community was being pushed to the wall and might seek help

from the international community if nothing concrete was done to address their plight. Among those listed by the union to have led the alleged invasion of their community were local political leaders and some people close to the traditional ruler of Tsragai. Several youths from the community, who stormed the venue of the media session with placards bearing various inscriptions, pleaded with the state government to handle the matter in the interest of justice, while some others blamed the police for neglect and complicity in the carnage that visited

their community during the crisis. Jimoh said: “As a community we are suffering and we deserve solace as a people. That is why we are pleading with you to assist us to let the world know that we are suffering. We strongly demand that the perpetrators of the heinous acts must not go unpunished. It is disheartening to note that none of the criminals has been arrested or prosecuted. Even though the invaders were captured on video and despite abundant pictorial evidence, we are sad that they still walk the streets as free men. We consider this as the peak of injustice."

PDP candidate in the Kogi State gubernatorial election and former governor, Idris Wada (right), with his lead counsel, Mr. Chris Uche, at the opening of the hearing of petitions from the elections at the Kogi State Governorship Elections Petitions' Tribunal, at the Abuja High Court in Abuja…yesterday.

okoto State Government in collaboration with the United Nations Children Fund (UNICEF) is training 830 ‘role model’ female teachers in a pioneer scheme which is aimed at providing adequate role models for female students, especially in rural communities in the state. The Female Train-theTrainee scheme is being facilitated under UNICEF's Girls Education Project (GEP3), with the main aim to train female teachers from rural areas, who would in turn teach their communities. Giving insight into the project, the Consultant overseeing the implementation of the project, Maryam Usman Na'ibi, when she led a team on a sensitisation visit to the wife of the state gov-

£5.1m

The net amount of money spent/received by Liverpool in the January 2016 transfer window. Source: 101greatgoals.com

Police arrest Faleke’s kinsman, harass aged mother, father Muhammad Bashir

PHOTO: TIMOTHY IKUOMENISAN

Lokoja

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Kwankwaso's loyalists accuse Gunduje of treachery Muhammad Kabir KANO

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oments after reconciling Governor Abdullahi Umar Ganduje of Kano State and his predecessor, Senator Rabiu Musa Kwankwaso, some loyalists of the former governor, yesterday accused the governor of treachery. The move to end the rift and broker peace between the duo was taken by the

six Northern West Governors. But, rising from the reconciliation table, a former Commissioner of State Affairs in the Kwankwaso administration, Amino Abdussalam was said to have accused Ganduje of committing treachery. In a release signed by the former Commissioner and made available to our Correspondent in Kano, the state capital, Abdussalam said they

Oyedepo: Buhari must review forex policy Biodun Oyeleye Ilorin

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hancellor of Landmark University, Omu-Aran, Kwara State and Covenant University, Ota in Ogun State, Bishop David Oyedepo, is asking President Muhammadu Buhari’s administration to review its stance on the issuance of forex, claiming that the current situ-

ernor, Hajiya Mariya Aminu Tambuwal, said the GEP3 project primarily focused on how to get out-of-school children in the rural communities back to school without further delay. She said: "We have discovered that among the reasons why girl-child drop out of school are poverty, religious misconception, ignorance, cultural beliefs and insecurity. Parents are afraid of sending their female children to school because of fear that they may be molested by male teachers. "So, in order to reassure communities harbouring such misconceptions, we decided to train female teachers from among the people, who will in turn take the lead in teaching children from their localities."

ation is hurting small scale industries. Oyedepo, who is also the founder of Living Faith Church Worldwide (aka Winners’ Chapel), disclosed this while speaking with journalists at Omu-Aran, where he described the socioeconomic challenges in the nation as those borne out of systemic failure rather than being the failure of a political system or leadership.

were aware of how Ganduje sponsored political analysts in major national dailies to publish malicious articles against Kwankwaso, their boss. Besides, the former commissioner hinted that they were surprised about how various treachous acts were being perpetrated, while at the same time most of Kwankwaso loyalists were either being harassed or detained by the state governor. According to him,

while the reconciliation moves were going on between Ganduje and Kwankwaso, for instance, former Commissioners under the former governor, Yunusa Dangwani and Sharu Gwamaja were detained allegedly on the governor's order. Abdussalam further explained that another grudge the governor was nursing against Kwankwaso was that his administration left over N300 billion debts.

he police at about 1.30am yesterday raided Ekinrin Adde in Ijumu Local Government Area of Kogi State, the home of the former Chairman of Ijumu Local Government Council of the state, Hon. Funsho Olumoko, a relation to Hon. James Faleke and whisked him to an unknown destination. Reports also indicated that the heavily armed policemen were said to have stormed his home in four Hilux vans, used a ladder to climb the fence, broke into the ceilings and eventually took Olumoko, the brother to Faleke, the All Progressives Congress (APC) Deputy Governorship candidate in the November 21,

2015 gubernatorial election in Kogi State. Eye witness account reported had it that the 95-year-old father and 70-year-old mother of Olumoko were harassed and rough handled. But, the police, in a swift reaction debunked such claim, saying "there was no arrest." Olumoko’s arrest might not be unconnected with the press briefing he addressed on Monday on behalf of the community, during which they condemned attempt by the Governor Yahaya Bello-led administration to repaint and rename the Primary Health Centre built in the community by the Federal Government as far back as 2007 as a new project to be commissioned by the Governor’s wife today.

Lead poisoning: Niger, MSF signs MoU Assembly to probe citizens’ Dan Atori MINNA

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ollowing the outbreak of lead poisoning in Niger State, the state government has signed a Memorandum of Understanding (MOU) with Medecin Sans Frontier (MSF) Operational Centre Amsterdam on lead poisoning to curb its outbreak, treatment and future occurrence. The state’s Commissioner for Health and Hospital Services, Dr. Mustapha

Mohammad Jibrin said yesterday after endorsing the document on behalf of the state government that it would play a vital role in ensuring that the state is freed from lead poisoning. Jibrin, while stressing that Governor Abubakar Sani Bello will continue to create enabling environment for partnership to strive in the state with various organisations, assured the people that the state was committed to ending the outbreak of lead poisoning as every life and death matters.

certificate in Kwara Biodun Oyeleye Ilorin

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he Kwara State House of Assembly resolved yesterday to intervene in the indiscriminate issuance of Local Government Certificate of Origin by the 16 Local Government Councils in the state to the citizens. This followed a motion raised by a member, representing Ilorin North/

West Constituency, AbdulRafiu AbdulRahman, titled: "Need to check scam and abuse of Local Government Certificate of Origin,” which was cosponsored by the House Leader, Hassan Oyeleke, as well as Ahmed Ibn Mohammed and Saheed Popoola. AbdulRahman argued that the motion was necessitated due to observable short changing of indigenes of the state during recruitment.


44

WORLD \ NEWS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

31 dead in Brussels bombings B ombs exploded yesterday at the Brussels airport and in the city’s subway, killing at least 31 people and wounding dozens, as a European capital was again locked down amid heightened security threats. The Islamic State group claimed responsibility for the attacks. The two airport blasts, at least one of them blamed on a suicide bomber, left behind a chaotic scene of splattered blood in the departure lounge as windows were blown out,

ceilings collapsed and travelers streamed out of the smoky building. About an hour later, another bomb exploded on a rush-hour subway train near the European Union headquarters. Terrified passengers had to evacuate through darkened tunnels to safety. “What we feared has happened,” Belgian Prime Minister Charles Michel said. “In this time of tragedy, this black moment for our country, I appeal to everyone to remain calm but also to show solidarity.” Belgium raised its terror alert to the highest level, diverting

planes and trains and ordering people to stay where they were for most of the workday. Authorities also released a photo taken from closed-circuit TV of three men pushing luggage carts, saying two of them apparently were the suicide bombers and that the third dressed in a light-colored coat, black hat and glasses was at large. They urged the public to contact them if they recognized him. Police later conducted raids in Brussels searching for one of the suspects, and found a nail-filled bomb, chemical products and an Islamic State flag

in the search of a house in the Schaerbeek neighborhood, the state prosecutors’ office said in a statement. “We are at war,” French Prime Minister Manuel Valls said after a crisis meeting in Paris. “We have been subjected for the last few months in Europe to acts of war.” Added French President Francois Hollande: “Terrorists struck Brussels, but it was Europe that was targeted, and it is all the world which is concerned by this.” European security officials have been bracing for a ma-

jor attack for weeks and warned that the Islamic State group was actively preparing to strike. The arrest Friday of Salah Abdeslam, a key suspect in the Nov. 13 attacks in Paris, heightened those fears, as investigators said many more people were involved than originally thought and that some are still on the loose. The Islamic State group claimed responsibility for the Brussels attacks, saying in a post on the group’s Amaq news agency that its extremists opened fire in the airport and “several of them” detonated suicide belts.

Eiffel Tower lit in Belgian national colours The three men believed to have carried out the attack

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n a sign of solidarity with Belgium, the Eiffel Tower in Paris has been lit in black, yellow and red - the colours of the Belgian national flag.

‘I share your pain’: King Philippe of Belgium The Eiffel Tower is lit in black,yellow and red the colours of the Belgian national flag

Passengers are evacuated from Brussels airport in Zaventem yesterday

Europe freezes air, rail links with Brussels

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irlines cancelled hundreds of flights and European railways froze links with Brussels yesterday after rush-hour bomb attacks killed around 35 people in the city’s airport and a metro train, sparking a broad security response. Belgium locked down the capital, home to the headquarters of the European Union and NATO, and imposed its highest level of security alert after the explosions, which

killed about 14 people in the airport and another 20 in the metro, according to authorities in Brussels. As passengers fled the smoking airport and the citycentre Maalbeek metro station, transport operators shut down the airport, metro system, buses, trams and major railway stations in the capital. “Our whole network is closed at the moment,” the Brussels public transport operator STIB warned people on Twit-

ter, confirming the closure of metro, bus and tram systems. Major railway stations were closed, too, the Brussels public prosecutor said. Eurostar said all trains to and from Brussels had been halted. “Our thoughts rest with anyone affected by the unfolding events in Brussels,” it said in a statement. The high speed train service Thalys, which links France and Belgium, said its traffic, too, had been stopped.

Quotes on the attacks

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olitical leaders and others around Europe have expressed their shock at the attacks in Brussels Tuesday. Here is some of their reaction: •“We will do whatever is necessary to support our friend and ally Belgium in bringing to justice those who are responsible.” — President Barack Obama. •“We are at war. We have been subjected for the last few months in Europe to acts of war.” — French Prime Minister Manuel Valls. •“We realize we face a tragic moment. We have to be calm and show solidarity.” — Belgian Prime Minister Charles

Michel. • “The attackers came from within the places that were hit. The threat is global, but the killers are local.” — Italian Premier Matteo Renzi. • “We have repeatedly discussed the issues related to the fight against terrorism, and it’s possible to efficiently combat it only by united efforts.” — Russian President Vladimir Putin. • “These attacks mark another low by the terrorists in the service of hatred and violence.” — EU Council President Donald Tusk. • “Terrorists struck Brussels but it was Europe that was targeted — and all the world that is concerned.”— French Presi-

dent Francois Hollande. • “Terrorists will never win.”— Peter Altmaier, chief of staff for German Chancellor Angela Merkel. • “Europe is being severely tested again. What is necessary now is that we show our collective strength and uphold the values of freedom and solidarity.” — Dutch King WillemAlexander. • “It is with a heavy heart we learned of these ruthless attacks in Brussels. ... The world must stand united to defeat terrorism.” — Salem Al Meslet, of High Negotiations Committee, a coalition of Syrian opposition groups engaged in peace talks in Geneva.

I

n a televised address to the nation, King Philippe of Belgium said he and Queen Mathilde “share the pain” of all those who had suffered in the attacks. “Today our country is in mourning. For each of us this 22 March will never be a day like any other. The broken lives. The profound injuries. This suffering is that of the whole country,” he said.

World leaders react to explosions

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orld leaders have expressed concern over multiple blasts that rocked Brussels airport and metro station yesterday morning, killing no fewer than 22 people. Two blasts hit Brussels airport and another hit a metro station close to the European Union headquarters. British Prime Minister, David Cameron, in London expressed displeasure at the blasts and promised that Britain would do everything they could to help. Russian President, Vladimir Putin, strongly condemned the explosions in Brussels and assured the Belgian people of solidarity in times of difficulty. Kremlin spokesman, Dmitry Peskov, said Putin has already sent and expressed condolences to Belgium in connection with the death of civilians in a series of explosions in Brussels. Swedish Prime Minister, Stefan Lofven, also described the blasts as an attack against European democracy. He said in a statement ``we will never accept that terrorists attack our open societies.’’ Danish Prime Minister, Lars Loekke Rasmussen, also denounced the explosions as a ``despicable attack’’, saying that his

thoughts were with the victims and their families. The chief of the NATO military alliance, whose headquarters are about 5 kilometres away from the Brussels airport, said the killings were ``an attack on our values and on our open societies.’’ NATO Secretary General, Jens Stoltenberg, said in a statement that terrorism would not defeat democracy and take away the freedoms. He said the NATO headquarters security alert has also been increased. French President, Francois Hollande, held an emergency meeting with top ministers, including Prime Minister Manuel Valls and Defence Minister Jean-Yves Le Drian. ``We are faced with a global threat. ``The war against terrorism must be conducted across Europe,’’ he said. Pope expresses condolences to victims of Brussels attacks Pope Francis yesterday in Vatican City, expressed his ``deepest sympathy’’ to those affected by the deadly terrorist bombings in Brussels. His Holiness Pope Francis entrusts to God’s mercy those who died and he prays for those who have lost relatives,’’ a statement says.


45

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Sport

Sport News

Did you know?

Iwobi survives food poising in Eagles camp

That Chelsea legend, Didier Drogba, has scored the most goals by an African in the English Premier League (104)

International Congo star escapes Brussels terror attacks

46 47

Musa: Kaduna weather won’t be an excuse

lSays Eagles are focused on victory

Adeolu Johnson, ABUJA

S

uper Eagles skipper, Ahmed Musa, has promised Nigerians the three points in Friday’s crucial first leg AFCON qualifier against Egypt. The CSKA Moscow goal machine said the weather in Kaduna will not be an excuse for the players not to win on Friday when they tackle the Pharaohs of Egypt in a make-or-mar encounter at the Ahmadu Bello Stadium. “We are going to attack them from the blast of the whistle to ensure that we pick the three points at stake, we don’t mind the scoreline” he said. “The Egyptians are fast and play more from the wings but we are ready to play with all we have,” he added. The former Kano Pillars

Musa

striker urged Nigerians to support the Eagles with prayers to ensure that they come out victorious. Also speaking on the match, goalkeeper Carl Ikeme expressed confidence that the team would go for nothing but victory in the match. He said with the array of stars in the Eagles line up he was confident that Nigeria would overtake the Pharaohs on the log at the end of the encounter and put them under pressure in the return leg four days later in Alexandria. Eagles returnee, Victor Moses and Watford striker Odion Ighalo both believed the team would fire from all cylinders on Friday. “We respect the Egyptians on the continent going by their pedigree but we are not afraid of them. We will give the match what it takes to be victorious,” both players chorused.

Avoid early goals, Osunwa tells Eagles Emmanuel Tobi

F The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

© Daily Telegraph Publishing Company Limited

ormer Nigeria international and Ismaily FC of Egypt striker, Kelechi Osunwa, has warned the Super Eagles against conceding early goals against the Pharaohs of Egypt in Friday’s crucial Gabon 2017 qualifier. The Eagles, who are two points behind the Pharaohs will after the Friday battle travel to Alexandria, Egypt for another tie slated for Tuesday March 29. In an exclusive interview with New Telegraph on Tuesday, the former Eagles striker said, “The Egyptians are very fast and always want to play tricks on the referee. They also like to provoke you to retaliate but the Eagles must always be at alert be-

cause they don’t play to the referee’s whistle. “Above all, we must avoid conceding an early goal at all because would give them the advantage to dictate the pace of the game,” he added. The former Dolphins of Port Harcourt player who is highest all-time top scorer in the Sudanese Premier League with 123 goals (54 with AlHilal, 62 with Al-Merikh and 5 with Ahly-Shandy) advised the coaching crew not to put all their focus on Egypt star players in Roma’s Mohammed Salah and Arsenal’s Mohammed Elneny. “There are many dangerous players in Zamalek and El-Ahly who are better than Salah and Elneny but we should not forget that Egyptians prefer to play at home because of their good league system. It will be suicidal to just focus on Salah or Elneny.”

Speaking about Egypt legendary goalkeeper, Essam El-Hadary, Osunwa said the Wadi Degla Football Club shotstopper’s experience will come handy for the Pharaohs. “I was not surprised with the recall of El-Hadary who was my teammate at El-Merikh, he helped me settled down when I joined Ismaily. “His experience while in

goal post could be likened to that of Gigi Buffon in Juventus or what Peter Cech brought to Arsenal this season. The Eagles must work on their self-belief to overcome the Pharaohs who are more determined to make a statement in African football.” Osunwa played for Nigeria’s U-17 and U-23 teams as well as the Super Eagles.

Koka: Egypt not about Salah, Elneny

Kelechi Osunwa (right) with Egypt’s keeper Essam Alhadary in Cairo

Pg 47


46

SPORT NEWS

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Iwobi survives food poisoning in Eagles camp

lArsenal star relishes Ozil, Sanchez’s impact

Adeolu Johnson ABUJA

S

uper Eagles striker, Alex Iwobi, on Tuesday survived food poisoning after being forced out of the morning training at the Abuja National Stadium. The Arsenal youngster, who arrived with the team in Kaduna on Tuesday evening, was taken to the hospital after eating salad with the rest of the squad at the training base in Abuja.

Arsenal’s Alex Iwobi (right) aiming at goal during the UEFA Champions League second leg match against Barcelona

Zenith B’ball: Deepwater win, face Dolphins on Thursday

F

irst Deepwater are pulling up surprises at the first phase of the ongoing Zenith Bank Women basketball league after they claimed their third win in four games with a 48-41 points victory over Zamfara Babes on Tuesday. They now meet Dolphins on Thursday. U-16 national player Ifunaya Okoye’s 10 points and 11 rebounds alongside captain Adenike Aderinto’s 10 points and 7 rebounds powered the youthful team past a rampant Zamfara side, which has seen head coach

Shola Shomala shower encomiums on her young team. “I can’t believe how these girls have stepped up to the challenge here. We are young and had very little time together as a team before heading to Abuja. They’ve really performed beyond my expectation,”she said The team which has an average age of 20 with 2 players in the national U-16 team who qualified for 2016 FIBA U-17 Championship in Spain (later in July) via the African U-16 championship in Madagascar in 2016 showed loads of spark.

Chairman of HS Media Group, Taye Ige (right) discussing with Founder/CEO, DB Video, Dimitri Beyaert (first left), Robert Paltiel, Executive Producer, The Production Room and Ano Dens, Project Manager, DB Video during a pre-partnership facility tour of HS Media studios by the Belgium based multicamera/audiovisual company in Lagos on Tuesday.

HotSports to open fans arena for Euro 2016

H

otSports Nigeria Limited, under the platform of HS Media Group, has concluded plans to set up a mega viewing centre in Lagos for the forthcoming Euro 2016 in France. The entertainment centre tagged: Euro 2016 Fans Arena will feature music, entertainment, live screening of most of the 51 scheduled games of the European soccer championship on large video monitors and other side attractions. According to the Chairman of HS Media Group, Taye Ige, the

combination of music, entertainment and soccer will take the passion of football enthusiasts to the crescendo as they enjoy top class football in an environment of fun and ecstasy.

It would be recalled that HotSports has in the past organised successful activations for major sports events like the Olympic Games in London 2012 and the 2014 World Cup in Brazil.

“He suffered from food poisoning and so was not part of the training,” Siasia told a news conference. “But his condition is stable.” Meanwhile, the Arsenal youngster has revealed that while going on loan has its merits playing alongside world-class Mesut Ozil is even more beneficial. “With going out on loan, it’s men’s football so you have to win all the time [and develop] that ‘anything to win’ kind of mentality. So

MFM plot Pillars’ fall in Lagos Charles Ogundiya

M

ountain of Fire and Miracles Ministries Football Club of Lagos are confident of getting a victory against former champions, Kano Pillars, when the two sides meet on Wednesday in a league tie at the Agege Stadium, Lagos. The Nigeria Professional Football League Week Eight game will see the two sides battle to move to the top of the table. Speaking on the game, the assistant coach of MFM, Suleman Obinna, said they were ready for the game as they didn’t want to lose two matches consecutively after their 1-0 defeat to Heartland at the weekend. “I strongly believe we are not going to lose two matches in a row. Experience matters a lot in football but at the same time MFM FC have some players who can match up with Kano Pillars team,” Ali said. He added that, “In football, anything can happen but I strongly believe that MFM FC is a team that people will look up to before the season ends.” Also, MFM utility midfielder, Ifeanyi Ifeanyi, said: “I expect them to give their best but at the end of the day we will come out

Kano Pillars’ Prince Aggrey challenging for the ball with Lobi Stars by Anthony Agbaji

victorious because we have what it takes to defeat them. “MFM FC have the quality to match Kano Pillars, they’ve got na-

tional team players in their squad, but in MFM we have players like that too, we are capable of beating them.”

NPFL FIXTURES

NPFL TABLE TEAM P PTS 1 Rangers FC 7 14 2 MFM FC 7 13

Wednesday Rivers Utd vs Sunshine Giwa vs El-Kanemi IfeanyiUbah vs Heartland MFM vs Kano Pillars Lobi 1 - 0 Rivers Utd Akwa Utd vs Warri Wolves Abia Warriors vs Wikki Tornadoes vs Shooting

Insurance whip Wota in Edo FA Cup

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ormer champions Insurance began the defence of their title on a superb note, when they defeated Sir Wota 5-0 in the opening game of the 2016 Edo FA/ FROT Group Federation Cup played at the Samuel Ogbemudia Stadium, Benin City, on Monday. In other first round

games, De Leo FC defeated Dynamo Academicals 5-3 on penalties while Oleghecy hammered Kings 6-2. Also, Morning Dews overcame Okosieme FC 3-0. Champions BJ Foundation and the 2015 thirdplace team Crown FC are the seeded teams for the competition while last

you learn things quicker on loan,” Iwobi told the Arsenal Weekly podcast. “But when you’re playing with worldclass players and training with them every day you become a better footballer in my opinion. You learn a lot more training with the likes of [Mesut] Ozil and [Alexis] Sanchez.” The 19 - year- old striker has never played for another club on loan and rose through the youth ranks at Arsenal before breaking into the first-team.

year’s runners-up Kukuruku Dragons didn’t register for the 2016 edition. The second round of matches begins on Saturday. Edo FA Chairman, Frank Ilaboya, said, “We’ve made necessary preparations for a successful tournament. In terms of security, we have increased the num-

ber of policemen at the match venue to curb any act of hooliganism.” The winners of this year’s edition of the competition will receive N500, 000 while the second and third-placed teams will get N300,000 and N200,000 respectively.

3 Kano Pillars 4 Akwa United 5 IfeanyiUbah 6 Wikki 7 Lobi Stars FC 8 Abia Warriors 9 Giwa FC 10 Plateau Utd 11 Shooting 12 Rivers Utd 13 Warri Wolves 14 Heartland 15 Tornadoes 16 El-Kanemi 17 Ikorodu Utd 18 Enyimba 19 Sunshine 20 Nasarawa

6 6 6 6 7 6 6 6 5 7 5 6 7 6 7 3 5 3

11 10 10 10 10 10 10 10 9 9 8 8 7 6 5 3 2 0


INTERNATIONAL SPORT

WEDNESDAY, MARCH 23, 2016 NEW TELEGRAPH

Indian Wells chief quits after ‘sexist’ comments

Brazil train under lorry headlight for Nigeria friendly

I

ndian Wells tournament director Raymond Moore has resigned after his controversial comments about women’s tennis. Moore, 69, said ahead of Sunday’s women’s final in California that the Women’s Tennis Association “rides on the coat-tails” of the men and that female players should “go down every night on [their] knees and thank God that Roger Federer and Rafael Nadal were born”. Moore soon apologised for his comments after receiving heavy criticism from the likes of Serena Williams and Martina Navratilova, but he has now stepped down from his role. Indian Wells owner Larry Ellison said in a statement on the tournament website: “Earlier today (Tuesday) I had the opportunity to speak with Raymond Moore. Ray let me know that he has decided to step down from his roles as CEO and tournament director effective immediately. I fully understand his decision.”

Raymond Moore (left) with Serena Williams

47

B Norwich striker Dieumerci Mbokani (left)

Congo star escapes Brussels terror attacks

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orwich striker Dieumerci Mbokani was caught up in the horrendous terror attacks on Brussels on Tuesday morning. The Congolese forward, 30, was at Zaventem Airport in the Belgian city at the time of the attacks. At least 28 people have been killed and dozens injured following a series of explosions this morning. So far, 15 are thought

to have been killed and 55 injured after a rush hour blast at a metro station in Maalbeek close to EU buildings. Another 13 are said to have been confirmed dead and 35 injured following an attack on Brussels Zaventem airport where Mbokaki was at around 8am on Tuesday. However, Alex Neil’s Canaries released a statement on their website stating that Mbokani

is unharmed yet shaken by the events. The statement read: “Norwich City Football Club can confirm Dieumerci Mbokani was at Zaventem Airport in Brussels at the time of this morning’s terror attacks. “The on-loan Dinamo Kiev striker was unharmed but shaken by the tragic events at the airport, in which a number of people were killed or injured.”

razil’s Olympic soccer team trained in the headlights of a lorry on Monday after the floodlights failed at their training ground, local news media reported. Officials called for a truck to be parked around the pitch after the lights went out at the Engenheiro Araripe Stadium, allowing the players to practice ahead of Thursday’s friendly against Nigeria. The match is being played in Espirito Santo, a small coastal state where no games were held during the 2014 World Cup. Brazil built or renovated 12 stadiums for the competition. Rafinha Alcantara (Barcelona), Andreas Pereira (Manchester United) and Felipe Anderson (Lazio) are among the biggest names in a squad that will try to win Olympic gold for the first time in August in Rio de Janeiro.

Rafinha

Countdown to Nigeria, Egypt match

Eagles land in Kaduna, hopeful

T

he Super Eagles on Tuesday arrived in Kaduna in high hopes for the 2017 Africa

Cup of Nations qualifying match against Egypt billed for the Ahmadu Bello Stadium.

The team left Abuja for Kaduna after their morning training session and had another

training session at the stadium after settling down in their Africa Continental Hotel.

Meanwhile, the Egyptians are expected in Kaduna on Wednesday aboard a chartered flight.

Both teams will meet again next Tuesday in Alexandria in the reverse fixture of the Group G qualifiers.

Koka: Egypt not about Salah, Elneny

S

C Braga striker Ahmed Hassan ‘Koka’ has said the upcoming AFCON 2017 qualifiers against Nigeria is not all about Roma’s Mohammed Salah, Arsenal’s Mohammed Elneny or the Egypt’s foreign-based players. Koka said that the Egyptian team was notsolely reliant on the overseas-based stars, stressing that all the players

Super Eagles shortly after arrival in Kaduna

Pinnick praises NFF partners, sponsors

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resident of the Nigeria Football Federation, Amaju Pinnick, has hailed the spirit of the federation’s corporate partners and sponsors, who have remained steadfast and supportive in spite of the prevailing economic downturn. Pinnick made this commendation on Sunday, while receiving his award as Sports Personality of the Year at the Excellence Recognition Awards 2016, held at the Balmoral Hall, Oregun, Lagos. “I dedicate this award to all our sponsors, who have remained committed to Nigerian football despite the odds and the challeng-

es of the economic situation. We are very proud of them; he said The NFF President added special commendation for Otunba Michael Adenuga Jnr, chairman of Globacom, for keeping faith with Nigerian football over the past 15 years. “Otunba Adenuga and Globacom have been very special, very supportive of Nigerian football since the turn of the Millenium.” NFF’s current partners and sponsors include Globacom, Guinness Nigeria PLC, NIKE, ZENITH Bank, Emzor Pharmaceuticals, Industrial and General Insurance, Supersport, Pamodzi and Sports Radio Brila FM.

exert high levels of efforts with the national team. “The team don’t rely on foreign-based players as Mohamed Salah, Mohamed E l n e n y, Mahmoud Trezeguet, Amr Warda and me;

Match officials arrive Adeolu Johnson ABUJA

T

he three assistant referees for the Nations Cup qualifying match between the Super Eagles of Nigeria and Pharaohs of Egypt arrived Abuja on Tuesday. Although they were expected Wednesday, the three Zambian referees arrived the Nigeria football federation Secretariat to the surprise of General Secretary, Dr. Mohammed Sanusi. The referees are Janny Sikazue, assistant referee 2, Arsenio Chadregue, assistant referee 1 and reserve referee Wisdom Chewe. The centre referee from Mozambique is expected Wednesday.

Hassan

the team consists of 11 players,” Koka told Sada El-Balad Channel on Monday. “Players who play for the national team make every effort to represent their country,” the Egyptian striker added.


NEWS 48On Marble

“The rape of justice anywhere, violates justice everywhere”

–Colin Tegerdine

Sanctity of Truth

T

Wild, wild South-South!

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

WEDNESDAY, MARCH 23, 2016

he Independent National Electoral Commission (INEC) held what it termed re-run elections in Rivers State on Saturday the 19th day of March 2016. The said election had all the trappings of a State wide election. Unfortunately, the Independent National Electoral Commission succeeded in announcing the results of the elections in a few of the State Constituencies. The Commission stated that it was unable to proceed with further announcement of the results on account of widespread irregularities and violence. The Director, Voter Education and Publicity of the Independent National Electoral Commission (INEC), Mr. Oluwole Osaze-Uzzi, in a statement said INEC conducted the polls in Rivers State pursuant to the orders of the Court of Appeal, but “rather unfortunately, some of these elections witnessed the disruption of the process, including the barricading of some of the INEC local government offices and Registration Area Centres (RACs) used for the distribution of electoral materials which led to the late commencement of the exercise in some places and consequently, its smooth take off ”. “Of more serious concern was the level of threats, violence and intimidation of election officials and voters by well armed thugs and miscreants allegedly acting on behalf of some politicians, which marred the elections in some areas”. “There were reports of numerous attacks resulting in fatalities, kidnappings, ballot snatching, diversion of officials and materials, amongst others, which necessitated its suspension in 8 local government areas. “Regrettably, such deviant behaviour has continued today”. Several permanent and ad hoc staff engaged by the commission have been attacked, again resulting in fatalities, while some have been forcibly abducted and taken to unknown destinations. ““Under such difficult circumstances, the Returning Officers were only able to collate and declare results in one federal and nine state constituencies where the disruption and malpractices were not so widespread”. “Having reviewed the situation, the commission is compelled to suspend all further action concerning the exercise in all the other constituencies in the state pending the receipt of a comprehensive report from its field officials and monitors”. ““For the avoidance of doubt, it should be noted that the suspension does not affect the constituencies where the exercise has been completed and the results declared by the Returning Officers,” he said. The big question is whether we celebrated the successes of our electoral process too early especially coming from the results of the 2015 elections. Do the events in Rivers State represent the present state of our electoral process or is it an isolated event? Can

Bola Bolawole }16

N150

Rivers of blood Hard Choices FESTUS OKOYE festokoye2003@yahoo.com 0805-448-0565 (sms only)

Mahmood Yakubu, INEC boss

Nyesom Wike, Rivers governor

it be said that the events in Rivers State signposts the shape of things to come in relation to the State specific elections of Edo and Ondo States? What then is to be done in the specific circumstances to halt the present drift in our electoral process? My opinion is that the 2015 elections represent a quantum leap in our electoral process. In 2015 the Nigerian people showed an uncommon determination to have a good election and they achieved that through determination and perseverance. The Nigerian people knew that the Permanent Voters Card and the Smart Card Reader will not solve all the problems and challenges we have with the electoral process. Yet, they believed in the use and continued use of technology in our electoral process as a way of checking the activities of multiple registrants and vote merchants. I am also sure that the Nigerian people are proud of their electoral achievements in 2015 and will not want the bar to be lowered. But the Nigerian people are also aware there were problems with the 2015 elections. There were problems and challenges with the registration of voters, the delivery and issuance of the Permanent Voters Card. There were issues with the recruitment of ad-hoc staff. There were problems with partisanship of some of the security forces and agencies. There were issues with the obscene use of state resources for private political ends. There were also cases of deliberate sabotage of the Smart Card Readers, snatching of ballot boxes

and papers, mindless violence and other forms of electoral malpractices. However, it should be clear to the Nigerian people that Rivers State poses and may continue to pose challenges to the electoral process. It is in Rivers State that the various Tribunals and Court of Appeal nullified almost all the State Assembly elections, the House of Representative Elections and the Senatorial Elections. The various Tribunals and Courts gave a damning verdict on the conduct of some of the elections. Rivers State manifested and or exhibited everything wrong in our electoral process. So the conduct of re-run elections in the same State will pose its own challenges. But the time has come when we must ask the critical and pertinent questions? We must do some bit of soul searching. It does not make sense that some elements within the political class have consciously handed over the security of some states to some violent elements called militants. It is scandalous that some armed thugs feeding fat on government resources are the ones that determine whether elections should be held and who wins such elections. These political thugs are doing this because some elements within the political class have empowered them. They are doing this because they know that there is a godfather that will protect them and guide them. But must we continue this way? The answer is no. I am really amazed that the armada

of security deployed to Rivers State could not tame the appetitive of some of the political thugs for blood. So, if our security agencies cannot protect electoral personnel and the voters, how can deployment be done and how can voting take place? This is because it is not the responsibility of the Electoral Management Body to secure the environment for elections. When the environment is charged and or sufficiently polluted, it will be irresponsible to endanger the electoral officials and the voters. I believe that the nonsense in Rivers State continues unabated because we have elevated impunity to statecraft. Some political thugs know that they can commit murder and get away with it. Some of the politicians out of selfish interests are reading the decision of the Supreme Court of Nigerian on the use of Smart Card Readers upside down because they believe that they have the formula to bypass the use of the Smart Card Readers. It will be foolhardy to expect that serial election riggers will change overnight. They will continue their scheme to hold the electoral process to ransom. We must therefore find ways and means of breaking their stranglehold on the electoral process and one of the ways of achieving this is to insist on the passage of the Electoral Offences Commission Bill. With the passage of the Bill, it will be possible to set up an Electoral Offences Tribunal and a Mobile Court on Election Day to deal with electoral offences. We cannot afford a regression in our electoral process as so doing will portray us in bad light and lower the credibility of our elections. The Electoral Management Body must stamp its feet and do what is right. INEC should only declare elections that it believes are genuine and remain neutral in the election petitions process.

HIGH CHIEF

BUHARI DIRECTS APC GOVS TO BUILD 250,000 HOUSING UNITS PER YEAR –News

- From BAIL-OUT funds?

Printed and Published by Daily Telegraph Publishing Company Ltd: Head Office: No. 1A, Ajumobi Street, Off ACME Road, Agidingbi, Ikeja-Lagos. Tel: +234 1-2219496, 2219498. Abuja Office: Orji Kalu House, Plot 322, by Banex Junction, Mabushi, Federal Capital Territory, Abuja. Advert Hotlines: (Lagos 0902 928 1425), (Abuja 0805 5118488) Email: info@newtelegraphonline.com Website: www.newtelegraphonline.com ISSN 2354-4317 Editor: AYODELE OJO.


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