Wednesday, august 10, 2016 by Newtelegraphonline

CBN restricts banks’ access to discount window lEmefiele: No special exchange rate for pilgrims }37

Tony Chukwunyem and Abdulwahab Isa

Deposit Money Banks (DMBs) and other authorised dealers from accessing its discount window on the settlement date for

he Central Bank of Nigeria (CBN) has barred

auctions of government securities such as CBN Bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds.

The regulator also said that dealers who access its windows are prohibited from the internal foreign exchange market on the

same day in a bid to prevent lenders from using its funds to speculate in the foreign exchange market. In a circular signed by the Director, Financial Markets Department, Dr.

Alvan lkoku, the apex bank stated that it took the measure in order to check the abuse of access to its Standing Lending Facility (SLF) by authorised CONTINUED ON PAGE 6

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Wednesday, August 10, 2016

Budget padding: EFCC grills Jibrin }4

Vol. 3 No. 903

Abia North: Tribunal reserves judgement }41

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No plans to hike fuel price –NNPC }6

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

FG releases N331.58bn capital votes }2

Ministers in cold war Jibrin

Yakubu

Baru

Adeosun

...over sack of JAMB, NUC, NECO, 14 other CEOs }2 Tears as Lagos demolishes 500 shanties, shops }8

Some buildings under the power line of Ikotun Egbe, Lagos before demolition…yesterday.

Scene of the demolition…yesterday.

AGF orders transfer of high profile cases to NPCC }4

UNICEF: Breastfeeding prevents cancers, saves mothers Ecobank Cashless Payments

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The perfect ﬁt Call 0700 500 0000, email engcontactcentre@ecobank.com or visit ecobank.com 6203_GRP-NGA_Move-on-up_Strip-ad_2x10in_L_Multi_EN.indd 9

28/07/2016 15:16

NEWS

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

Ministers in cold war over agencies

Yekeen Nurudeen Abuja

ll is not well between the Ministers of Education, Malam Adamu Adamu and Professor Anthony Anwukah. The two ministers, New Telegraph gathered, had not been in good terms since August 4, when the Federal Government announced the removal of 17 Chief Executive Officers (CEOs) of parastatals, agencies and commissions under the Ministry of Education. Findings by our correspondent revealed that

Adamu, a confidant of President Muhammadu Buhari, had made recommendations to the president on the appointment of new CEOs to replace those sacked without the input of his colleague, who is a former vice chancellor and a nominee of Governor Rochas Okorocha of Imo State in the cabinet. The minister had, at the inauguration of the new heads of education agencies under the ministry, exonerated himself of having hands in the appointments, claiming that they were made by the president. But a source within the

Ministry of Education alleged that Adamu might have been running a oneman show at the ministry. "The minister of state supervises JAMB, UBEC, NECO and other agencies. How is it possible that he would not be involved in the appointment of those he supervises and reports to the president?" the source queried. The cold war brewing between them played out yesterday when Adamu denied knowledge of the recent increment in the school fees of Federal Government Colleges also known as Unity Schools recently announced by

the office of the Minister of State for Education, Anwukah. The minister, who gave the shocking revelation, in a chat with newsmen at the sidelines of the National Education Quality Assurance Handbook's launch, said the news of the increment from N20,000 to N75,000 was strange to him. "I am not aware that the Unity School fees have been increased. As the Minister of Education, I am not aware, but I will try and find out," he said. While answering a question on the feud between him and the minis-

L-R: Minister of Information and Culture, Alhaji Lai Mohammed; Minister of Power, Works and Housing, Mr. Babatunde Fashola and Sultan of Sokoto, Alhaji Muhammadu Sa'ad Abubakar III, during the Town Hall Meeting/ Policy Dialogue for Good Governance in Abuja…yesterday. PHOTO: TIMOTHY IKUOMENISAN.

ter of state over the recent appointment of new head of 17 agencies, Adamu claimed ignorance of the development, but admitted to mistakenly failed to acknowledge the presence of his (Anwukah’s) representative during the launch of the handbooks. "I am not also aware that he has been sidelined, but you can go and find out from the source that told you," he added. The frosty relationship between them manifested when Anwukah was observed to be absent at events that attracted the presence of Adamu since those appointments were made. A source in the ministry blamed the sudden change of attitude of the Minister of State on the way the latter sidelined him on the recommendation to Buhari on those to be appointed to head agencies in the ministry. While pleading for anonymity, the source wondered if the ministry was no longer properly coordinated for the minister to claim ignorance of a directive concerning the school fees increase that came from the office of his colleague. "Is it possible that he will not be aware of such increase? Or is it that the ministry is not coordi-

FG releases N331.58bn capital votes in three months

lWe've been facing serious revenue shortfalls – Udoma lWe've no choice but to borrow - Adeosun Onwuka Nzeshi and Yekeen Nurudeen

he Federal Government yesterday disclosed that it has so far released a total of N331.58 billion towards the implementation of capital projects in the 2016 budget in the last three months. Minister of Budget and National Planning, Senator Udoma Udo Udoma, disclosed this at a town hall meeting in Abuja. The special town hall meeting was organised by the Ministry of Information in collaboration with the Alumni Association of the National Institute for Policy and Strategic Studies (AANI). The theme of the meeting was: “Towards Effective Implementation of the 2016 Budget.” Udoma said that the bulk of the capital releases was for power, works and housing projects which gulped over N100 billion. Other releases made during the same period included Defence and Security, N60 billion; Transportation, N23 billion; Agriculture, N21 billion; Special Intervention Programme, N15 billion; Niger

Delta, N8.2 billion and Water Resources, N 5.9 billion, among others. Acknowledging the low performance of the budget vis-a-vis public expectations, Udoma explained that government had been facing serious challenges in terms of revenue shortfalls. He said that though government got its key projections on the budget right, the crash in the price of crude oil and the disruption in oil production owing to the militancy in the Niger Delta have not helped matters. "We do have a challenge in terms of revenue in the full implementation of the budget. We got our projections right in terms of the price of crude oil. We projected $38 per barrel of crude oil, which at that time, some people thought was rather too ambitious. But from all the indications we had, we thought it was a reasonable assumption to make and we have achieved that; the price has been more than $38. "However, we projected 2.2 million bpd, which we have the capacity to achieve and even surpass. But unfortunately, in the

last few months, oil production has been seriously disrupted. This has led to a major reduction in the revenues we are expecting. What is more worrying about it is that because the source of our foreign exchange is actually oil, it affects everything. The revenue from oil having been reduced, affects our foreign exchange earnings, it affects even non-oil revenue, it affects revenue from the Nigerian Ports Authority (NPA) and Customs. So, we are badly affected by it, but we are taking action to try and address those disruptions. "We are determined to use the budget as an instrument to reflate the economy. We have taken all the best and appropriate decisions to do this, we are already seeing some response from the private sector because of the positive indications that these policies have produced," he said. In her presentation, Minister of Finance, Mrs. Kemi Adeosun, said that due to the declining price of oil at the international market and decline in oil output as a result of activities of militants in the

Niger Delta, the Federal Government was left with no option than to resort to borrowing to fund the 2016 budget. Adeosun said that the country is largely dependent on proceeds from oil to fund the budget, but the resurgence of militancy in the oil-rich Niger Delta has reduced oil production, noting that the government has no choice but to borrow. Adeosun said that the government inherited 1.2 million public servants and spent N165 billion monthly as salaries. She added that the government had been able to save N8 billion from the monthly pay roll of public servants due to various strategies introduced to block loopholes. She maintained that the country’s present economic challenges were not peculiar to Nigeria, adding that the economies of most western countries were built out of their diversity. “Change can be extremely painful, but we must change,” she said. Minister of Power, Works and Housing, Mr. Babatunde Fashola, said that though the ministry was working with lean re-

sources, it was determined to do more in the interest of Nigerians. Fashola said that the ministry inherited 206 uncompleted road projects across the country, adding that contractors of most of the projects had since been mobilised to site. According to him, the Federal Government has paid N300 billion for various projects since the budget was passed, out of which the ministry received N102 billion. He added that of the sum received, the ministry had embarked on several road and electricity projects, including the rebuilding of the Mambilla and Zungeru Power Plants, among others. CONTINUED ON PAGE 4

The sex ratio of men to 100 women in the 60+ age group of Estonia in 2012. Source: Un.org

N90.29bn The total import value of animal and vegetable fats and oils and other cleavage products of Nigeria in 2014. Source: National Bureau of Statistics

nated again, especially when the Permanent Secretary, Dr. Folasade YemiEsan, confirmed the increment?” asked the source. To press home his grievances, Anwukah allegedly shunned the inauguration of the newly appointed chief executives. This was also followed by his conspicuous absence during the flag-off of the 2016 Teachers’ Professional Development Workshop in Abuja on August 1. The event was organised by the Universal Basic Education Commission (UBEC), which is under the purview of the Minister of State. Anwukah did not also have a representative standing for him. Speaking on the absence of the Minister of State at the event, which held at Jabi Junior Secondary School, the highly placed source said that the office of the minister was not even aware of the event, noting that Anwukah was in town on that day. The source, however, disclosed that the two ministers have only shown that they have cordial relationship on the surface as they relate well in the office everyday, but engage in cold war. "What baffles many of us is that on the surface, it appears all is well between the two of them because the main minister often time strolls down to the Minister of State's office. "In fact, if he is fasting, he will invite the minister of state to his office to break fast with him. But it appears that the heads of departments and directors at the ministry have also seen the body language of the two of them," the source told New Telegraph. Speaking on the Unity Schools’ fees, the Permanent Secretary, YemiEsan, admitted that the Federal Government has increased the fees. The Permanent Secretary said the increment, which was focused on boarding fees, was to meet up with the cost of running the schools. She said: "The school fees of the Federal Government Colleges has been increased, but not up to the 300 per cent as being claimed. You must be aware of the reality in the country. "It is important for the Federal Government Colleges to maintain the students that are there and you must also be aware that these schools are tuition-free. What has been increased is the boarding fee, but is not up to N75,000," she added, just as she denied knowledge of any feud between the two education ministers.

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

NEWS

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

AGF orders transfer of high profile cases to NPCC lEFCC, ICPC to hands off Dasuki, Badeh, govs, others' trial

Tunde Oyesina ABUJA

he Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), yesterday ordered that all high profile cases pending in various courts be transferred to the National Prosecution Coordination Committee (NPCC) to handle. The AGF, however, instructed various agencies

with prosecutorial powers in the country to compile list of pending cases they are currently handling at the various courts with a view to determining which of them falls within the category of high profile cases to be taken over by the committee. With the new direction, anti-graft agencies such as the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and other related Offences

Commission (ICPC) may have to hands off some of the corruption cases they are prosecuting. Such high profile cases that may be transferred are that of a former National Security Adviser (NSA), Col. Sambo Dasuki. Dasuki is standing trial over alleged illegal possession of ammunition and diversion of funds meant for the procurement of firearms. Other high profile cases that may be taken from the

FG releases N331.58bn capital votes in three months CONTINUED FROM PAGE 2

He, however, said that though the country was going through challenges, the change Nigerians desired was possible, if everyone remained focused and determined. “We are mindful that it is a tough time, but life will get back to normal. We are not a repository of knowledge; so we are willing to hear from you and make amends,” he said. Fashola, however, debunked insinuations that he was saddled with too many responsibilities as a minister of three ministries combined. He explained that his duty in the ministry was supervisory and directional, adding that the portfolio was not too much for him as was being speculated. “For me, it is to serve my country in whatever capacity I am told to do so,” he said. The Sultan of Sokoto, Alhaji Muhammad Sa’ad Abubakar III, who was the chairman of the event, advised government officials to be open minded, flexible

and receptive to new ideas in the interest of the people. The Sultan stressed that there was nothing wrong if a government reviewed its policy midway if such policy was not favourable to the people. “If the mass of people are groaning and saying we are suffering economic deprivations, those in authority must listen and prepare to initiate policy change for the betterment of all. “This engagement is even important for the government, which came to power on the mantra of change. The expectations of the mass of Nigerians are legitimately high. “However, we must emphasise that changes as desirable, are often difficult to realise, it at times comes with difficulties and challenges, but there will always be ease for those who persevere," he said. The monarch maintained that in managing change, government must be open to suggestions and be prepared to do a policy review for the security and welfare of all.

He commended the government over its efforts at combating insurgency in the North-East, but added that there was still much to be done to improve the country’s security, especially in the Niger Delta. The meeting, which was attended by the Ministers of Agriculture; Power, Works and Housing; Finance, Information and Culture; Budget and National Planning, and Foreign Affairs, was the sixth in the series of nationwide town hall meetings.

EFCC are that of a former Chief of Defence Staff, Air Chief Marshall Alex Badeh; ex-Chiefs of Air Staff, Air Marshall Umar Dikko and Air Marshall Adeola Amosu, among others. Also, every other corruption case involving any past governor or any other public servant may be categorised under high profile case and such will, henceforth, be taken from the prosecution agency and handed to the new committee. The AGF had given the order of transfer during a meeting with the various agencies in his office with a view to briefing them on the exigency and existence of the committee and to fashion out a working synergy between the committee and the agencies. According to a statement issued in Abuja by the Committee's Head of Communication and Public Affairs, Salihu Othman Isah, the minister noted that such agencies to relinquish the prosecution of high profile cases are the Nigerian Police Force (NPF), Department

lThere’s nothing like padding –Presidency Emmanuel Onani and Johnchuks Onuanyim Abuja

he former Chairman of the House of Representatives' Committee on Appropriation, Hon. Abdulmumin Jibrin, yesterday, appeared before a crack team of detectives

assembled by the Economic and Financial Crimes Commission (EFCC), in Abuja. New Telegraph gathered from highly placed sources at the commission, that Jibrin arrived the anti-graft agency's headquarters with his lawyers and some aides, to endorse and offer further explanations on allegations of budget padding he made

Ayobola Lawal

Graduands and staff of the school

enroll them here. We give glory to God almighty for His mercy,” Akpughe said. Meanwhile, about two corporate organisations including Heritage Bank and Tasty Cubes used the occasion to distribute items to the pupils in appreciation of the school's sound performance and

The crude death rate of Melanesia in 2010-2015. Source: Un.org

tween the committee and the agencies. Special Assistant to the President on Coordination and International Affairs under the Federal Ministry of Justice, Mr. Pius Oteh, disclosed that beyond the synergy and partnership between all concerned, a robust interface between the agencies was necessary, pointing out that the agencies should take their mandate seriously for a more vigorous and efficient prosecution. He also opined that when it comes to delay in the justice system, every stakeholder has a responsibility, stressing that it was a cross cutting issue in which all key players share responsibilities vis-a-vis the judiciary, prosecutors, investigators and even defence counsels, assuring that when everyone does their bit, a more efficient and humane criminal justice system will be attained.

97.6

The mobile teledensity of Nigeria in November 2014. Source: Ncc.gov.ng

Budget padding: EFCC grills Jibrin

Glorious Bequest College far above average, proprietor boasts he Proprietor of Glorious Bequest College, Ajegunle, Lagos, Pastor Wilson Akpughe, has expressed satisfaction with the school’s performance, saying statistics have revealed that the school has been ranked among the best 20 private schools in the state. Akpughe, who stated this during the school’s end of the year ceremony, said the choice of presenting books to best performing pupils was not only to improve their reading skills and cultivate moral uprightness in them. “Spiritually and academically, we have built excellence in our pupils and as a result of this, parents have started withdrawing their kids from different schools to

of State Services (DSS), EFCC, ICPC and the Federal Inland Revenue Service (FIRS), among others. Explaining what constitutes a high profile case, the AGF noted that such must have overriding public interest elements. He, however, added that he determines what case is tagged a high profile case. Malami added that sometimes, the quantum of value of a case and its sensitivity also influence whether a case is a high profile case or not. According to him, members of the committee are mainly his aides as well as eight external members selected on the basis of experience and expertise, stressing that heads of agencies are not part of the NPCC due to their busy schedules. The minister also hinted that the intention is not to distract the heads of these agencies, but rather to engender smooth synergy be-

loyalty to the companies. Speaking with New Telegraph, one of the parents, Mr. Philips Daniels, commended the management and staff of the school for impacting positively on his kids. “I enrolled my children here when I found out that they were performing poorly in

their former schools, and since then they have improved significantly academically.” Also, the school’s Head Boy, Master Elaweremi Michael said the school has helped him immensely and advised other pupils to be good ambassadors of the school.

against the Speaker, Rt. Hon. Yakubu Dogara, and a few other principal officers of the House. "Yes, Jibrin was here (EFCC's headquarters) today (yesterday)," one of the sources said. Asked whether he was grilled, the source said: "He came to explain his petition." It will be recalled that Jibrin was at the Force Headquarters, Abuja, on Monday, where he met with an investigative panel established by the police to consider his petition. Meanwhile, the Presidency yesterday cleared Dogora, over allegations of budget padding. Senior Special Assistants to the President on National Assembly Matters, Senator Ita Enang (Senate) and Hon. Ismail Kawu (House), who were grilled by the national leadership of the All Progressives Congress (APC) at the National Secretariat of the party in Abuja for three hours, told journalists that there was nothing to their knowledge about budget padding. Enang, who spoke on behalf of the duo, told journalists that the party was making all efforts to handle the crisis as domestic and party affairs. Asked why they were at the party secretariat, he

said: "Well, we are here on the invitation of the party leadership, the APC, to brief them and answer to issues raised by the party from the 2016 Appropriation and we have been with the party for a little over three hours and we have given explanation on all the issues; that to our knowledge no padding of the budget and the budget as assented to by Mr. President is the budget as passed by the National Assembly and that is the budget being executed. “But as at now, the party is handling it as a domestic issue and as a party issue and all of us are enjoined not to make public comments on the details of it because the matter is still under consideration. “So, that is what we will want to say for now. We will not want to go into the details of it so that we will not breach the ethics of the party, the directives of the party or pre-empt everything, any outcome by the party.” Asked if it would be right to say that the Presidency has cleared the Speaker and others over the allegation of budget padding by the former chairman, House Committee on Appropriation, Hon. Abdulmumini Jibrin, he said: "I will want to say that we came here as persons who work as liaison officers on the budget and CONTINUED ON PAGE 6

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

Central Bank of Nigeria www.cbn.gov.ng In furtherance of the transparency and full disclosure stance of the Central bank of Nigeria, the Monetary Policy Committee has decided that henceforth the lending rates obtainable in all Deposit Money Banks (DMBs) be made public to guide business decisions. Consequently, find below the applicable rates for each of the DMBs as at August 5, 2016. The rates will also be available on the website of the Central Bank of Nigeria. Average Deposit and Lending Rates as at August 5, 2016 Deposit Rate S/N

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

NAME OF BANK

Access Bank Citi Bank Nigeria Coronation Merchant Bank Diamond Bank Ecobank Nigeria FCMB Fidelity Bank First Bank of Nigeria FBN Merchant Bank FSDH Merchant Bank Guaranty Trust Bank Heritage Bank Keystone Bank Ltd Rand Merchant Bank Nig. Ltd Skye Bank Stanbic IBTC Bank Standard Chartered Bank Sterling Bank Union Bank United Bank for Africa Unity Bank Wema Bank Zenith Bank

Demand Savings Deposit Deposit Ave.Int Rate 0.07 1.10 0.45 0.01 0.67 2.00 0.70 0.33 1.28 0.28 0.50 0.01 0.75 0.39 0.50

Lending Rate Time Deposit

Ave.Int Rate 4.20 4.20 4.20 4.20 3.30 3.60 3.60 4.20 4.20 4.20 4.20 4.15 3.60 4.20 4.20 4.20 3.60 4.20 3.60

Ave.Int Rate 7.45 4.16 9.94 5.99 6.30 10.86 6.50 9.05 11.34 13.99 6.67 11.00 10.35 9.27 10.59 6.31 10.68 6.03 8.50 6.00 9.00 7.50 7.00

Agriculture Prime

Max.

7.00 19.00 16.00 14.00 20.00 6.00 6.00 9.00 14.00 23.00 19.00 9.00 5.50 16.00 7.00 26.50 7.00 24.00 9.00 19.00

25.00 22.00 24.00 22.00 27.00 26.50 28.00 27.00 20.00 26.00 30.00 28.00 28.00 25.00 26.00 26.50 25.00 30.00 25.00 20.00

Mining & Quarrying Prime 19.00 16.00 17.00 21.00 17.50 19.00 20.00 16.00 19.00 28.00 16.00 17.00 19.00 26.50 24.00 24.00 19.00

Max. 22.00 24.00 25.00 24.00 21.00 28.00 27.00 16.00 30.00 31.00 27.00 17.00 27.00 28.50 29.00 30.00 24.00

Deposit Rate S/N

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

NAME OF BANK

Demand Savings Deposit Deposit Ave.Int Rate 0.07 1.10 0.45 0.01 0.67 2.00 0.70 0.33 1.28 0.28 0.50 0.01 0.75 0.39 0.50

Ave.Int Rate 4.20 4.20 4.20 4.20 3.30 3.60 3.60 4.20 4.20 4.20 4.20 4.15 3.60 4.20 4.20 4.20 3.60 4.20 3.60

Oil & Gas Prime 16.00 19.00 16.00 17.00 19.00 17.50 19.00 20.00 10.13 15.00 9.50 23.00 19.00 28.00 16.00 14.50 19.00 26.50 19.00 24.00 27.00 19.00

Max. 26.00 22.00 24.00 25.00 28.00 29.50 28.00 28.00 17.52 21.00 23.00 26.00 30.00 31.00 27.00 25.00 27.00 28.50 29.00 30.00 27.00 25.00

Manufacturing Prime 7.00 19.00 16.00 17.00 18.00 7.00 19.00 20.00 15.75 15.00 11.50 23.00 19.00 14.30 28.00 12.50 14.00 19.00 26.50 19.00 24.00 27.00 19.00

Max.

Real Estate & Const Prime

26.00 22.00 24.00 25.00 24.00 26.50 28.00 28.00 15.75 21.00 23.00 27.00 30.00 17.25 31.00 27.00 25.00 27.00 28.50 29.00 30.00 27.00 23.00

12.00 19.00 16.00 17.00 20.00 17.50 19.00 20.00 15.00 15.00 13.00 23.00 19.00 20.10 28.00 16.00 18.00 19.00 26.50 24.00 24.00 27.00 19.00

Max. 26.00 22.00 24.00 25.00 28.00 24.50 28.00 27.00 19.00 21.00 22.00 27.00 30.00 20.10 31.00 26.00 25.00 27.00 28.50 29.00 30.00 28.00 25.00

Lending Rate Time Deposit Ave.Int Rate 7.45 4.16 9.94 5.99 6.30 10.86 6.50 9.05 11.34 13.99 6.67 11.00 10.35 9.27 10.59 6.31 10.68 6.03 8.50 6.00 9.00 7.50 7.00

General Comm. Prime

Max.

12.00 19.00 16.00 17.00 17.00 17.50 19.00 20.00 15.00 12.00 23.00 19.00 27.00 13.75 14.50 19.00 26.50 24.00 24.00 27.00 19.00

26.00 22.00 24.00 26.00 28.00 30.00 28.00 27.00 21.00 24.00 29.00 30.00 31.00 28.00 25.00 27.00 29.00 29.00 30.00 28.00 28.00

Mortgage Prime

Max.

13.00 16.00 17.00 17.00 17.50 19.00 20.00 13.00 23.00 19.00 28.00 16.00 18.00 19.00 26.50 24.00 24.00 27.00 19.00

25.00 24.00 25.00 27.00 19.95 28.00 30.00 24.00 26.00 30.00 31.00 26.00 18.00 27.00 28.50 29.00 30.00 27.00 24.00

Transp. & Comm. Prime 13.00 19.00 16.00 17.00 18.00 17.50 19.00 20.00 14.48 15.00 10.90 23.00 19.00 12.58 28.00 16.00 14.00 19.00 26.50 19.00 24.00 27.00 19.00

Max. 26.00 22.00 24.00 25.00 28.00 23.50 28.00 27.00 22.00 21.00 21.00 28.00 30.00 16.50 31.00 27.00 25.00 27.00 28.50 29.00 30.00 29.00 26.00

Fin. & Ins. Prime 10.00 19.00 16.00 17.00 21.00 17.50 19.00 20.00 19.00 15.00 16.00 23.00 19.00 15.20 28.00 13.75 18.00 19.00 26.50 19.00 24.00 27.00 19.00

Max. 26.00 22.00 24.00 25.00 28.00 25.50 28.00 27.00 19.00 21.00 20.00 26.00 30.00 15.20 31.00 27.00 18.50 27.00 28.50 29.00 30.00 27.00 25.00

These are the interest rates banks charge the public on loans and advances. It reflects the cost of borrowings and also includes all charges and commissions levied by banks. For further information, please call: 07002255226 Signed:

Management

Govt. Prime 8.00 16.00 17.00 17.00 17.50 19.00 19.00 14.00 12.50 9.00 19.00 9.00 14.00 16.00 19.00 26.50 24.00 24.00 27.00 19.00

Max. 18.00 24.00 23.00 21.00 23.00 28.00 28.00 16.00 18.00 9.00 30.00 28.00 24.00 16.00 27.00 26.50 29.00 30.00 26.00 25.00

NEWS

No plans to hike fuel price – NNPC

Adeola Yusuf and Anule Emmanuel

roup Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC), Dr. Maikanti Baru, has said that the Federal Government was not contemplating any further increase in the price of Premium Motor Spirit (PMS) also called petrol. The GMD’s remark is coming on the heels of fears being expressed by oil marketers of dire implications for the economy if the government insists on hanging to an exchange rate policy which tie the

prices of oil to foreign exchange fluctuations. Marketers had on Monday warned Nigerians to brace up for another hike in pump price of petrol due to the lingering scarcity of foreign exchange to finance the importation of about 40 million litres of the product consumed daily. Also, online media had reported that because of the high cost of foreign currencies, NNPC had concluded plans to increase the pump price of PMS from N145 per litre to between N170 and N200. But, speaking to State House Correspondents after a meeting with President Muhamadu Buhari,

Baro explained that he has not been directed by anyone to increase the pump price of petrol. He said even the last increment from N86 to the current price of N145 by the NNPC was also based on recommendations from the Petroleum Products Pricing Regulatory Agency (PPRA). According to him, “I have not been directed to increase pump price, even the other price was based on recommendation from the regulated body. I am not aware that they are planning to do any increase. “You know there are several factors that necessitated that, especially the

issue of exchange rate that has moved and we don't expect any serious changes. "So far, the request for forex for importation of gasoline, popularly called petrol, has been met.” He noted that the NNPC supply situation was robust since there is presently adequate quantity of the product to be supplied across the country. “Our own supply situation is robust, we are meeting demands. We have over 1.4 billion litres on ground. So, I don't see any basis for increase. "However, the review could be done by the right body, you should contact PPPRA, that is the regula-

L-R: Chairman, FrieslandCampina WAMCO Nigeria, Mr. Jacobs Moyo Ajekigbe; Global CEO, FrieslandCampina, The Netherlands, Mr. Roelof Joosten; President Muhammadu Buhari and Managing Director, FrieslandCampina WAMCO Nigeria, Mr. Rahul Colaco, during a visit to the president in Abuja …yesterday

CONTINUED FROM PAGE 1

as N200 per litre. "Yes, there is competition in the business, but we are battling hard to retain the price of PMS within the approved N135-N145 per litre. “The Federal Government cannot fund this importation any longer. It cannot also make the forex available at the recommended price. What this tells us is that Nigerians just have to prepare for a hike in PMS price; there are no two ways about it," the source stated. He continued: "As we speak, the tension on the likely event of increase in pump price is spreading across the country. Many retail marketers nationwide are calling those at the depots and loading gantries to know the true state of things. "Except the government makes the product available, the product's price at stations other than NNPC retail outlets may sell as high as N200 per litre."

Oseni assumes duty as NERFUND's sole administrator Abdulwahab Isa Abuja

CBN restricts banks’access to discount window dealers. Banks use the CBN’s SLF to support their liquidity shortfalls and meet trading obligations on short-term basis. The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the Central Bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions. The circular, entitled, “Access to the CBN discount window on auction days”, stated: “In view of the observed abuse of access to the Central Bank of Nigeria (CBN) Standing Lending Facility by authorised dealers, it has become imperative that some measures be taken to redress the trend and redefine the mode of operation by authorised dealers at the window. “Thus, all authorised dealers are, henceforth, directed to refrain from accessing the discount window of the CBN on the settlement date for government securities' auctions. The securities referred to here are CBN Bills, Nigerian Treasury Bills and Federal Government of Nigeria Bonds. All authorised dealers are hereby

tory body as far as petrol pricing is concerned,” he added. Although the Federal Government had partially deregulated the product four months ago, Nigeria, Africa's biggest crude export, depends largely on importation to meet the local demand for refined products due to the epileptic nature of its four refineries with 445,000 barrels per day cumulative production capacity. The United States dollar hit N400, an all-time high last week at the parallel market. A managing director of one of the big oil trading and marketing companies told New Telegraph yesterday that the terms for partial deregulation were being altered by the high dollar exchange rate, which may push the new price of the commodity to as high

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

required to note and comply accordingly, as any violation will result in the denial of access to the CBN Standing Lending Facility.” It will be recalled that barely 48 hours after it launched its flexible exchange rate policy on June 20, the CBN opened a discount window for banks to meet their short-term dollar demands. Analysts said the move staved off a liquidity crisis in the interbank FX market. Bank treasurers attribute the current liquidity pressure under the new foreign exchange regime to lenders providing massive naira back up for their forex purchases. Furthermore, the CBN had been auctioning its Nigerian Treasury Bills, causing liquidity outflow from the system. Meanwhile, the CBN intervened on the interbank foreign exchange market yesterday to help support the naira after it initially hit an all-time low of N350 to the dollar in thin volume. The naira closed at N310.50 to the dollar, following the apex bank's intervention. A total of $6.86 million was traded yesterday, dealers said. The CBN, last month, told international money transfer operators to pay

dollar proceeds from customer transfers into local commercial banks in naira, while selling the dollars themselves to bureaux de change (BDC) outlets. Yesterday, the CBN directed BDC operators not to sell foreign exchange above two per cent margin of the buying rate. This is contained in a statement in Lagos signed by W.D Gotring, the Acting Director, Trade and Exchange Department of the CBN. The statement also directed authorised dealers not to sell foreign exchange to any BDC more than a maximum of $30, 000 per week. According to the statement, a BDC shall nominate its preferred dealer or a bank to procure the said amount from only that bank in a week. It also said that the selling rate by the dealer to BDCs should be the buying rate from International Money Transfer Operators (IMTO) plus a margin not exceeding 1.5 per cent. It hopes the move will help narrow the gulf between the official and black market rates and boost dollar liquidity, traders say. “Foreign exchange cash purchased by BDCs shall be sold to foreign exchange end-users at a rate not ex-

ceeding two per cent margin above the buying rate. “The two per cent margin above shall be applicable to all funds to be retailed by the BDCs regardless of sources of funds,” CBN said. The statement mandated BDCs to render weekly report of purchases from authorised to its trade and exchange department. The banking watchdog pegged BDC disbursement at $5,000 per transaction to cover travel allowance, medical bills and overseas school fees. The statement warned that any BDC, which violated the directives, would be punished accordingly. The naira hit N400 against the dollar on the parallel market last week, weakened partly by dollar demand from individuals travelling abroad for their summer holidays.

-13.89%

The percentage by which the total number of NSE Premium Board Index of the NSE dropped from Jan. 2015 – Dec. 2015. Source: Nigerian Stock Exchange

511,770

The total area (in sq. km) of land of Thailand. Source: Worldfactsandfigures.com

he immediate past General Manager, Risk Management Department, Bank of Industry (BoI), Dr. Ezekeil Oseni, has been appointed the chief executive of National Economic Reconstruction Fund (NERFUND), New Telegraph can authoritatively confirm. Oseni formally assumed duty on Monday. He held a brief session with top senior officers of the organisation; an insider informed our reporter. "His designation is Sole Administrator, meaning that he has a definite term tied to his appointment,” the source explained further. He was billed to hold an enlarged session with the entire members of staff of the fund before the week runs out, New Telegraph

also learnt. This medium exclusively reported on Monday that a new head for NERFUND was to be announced anytime this week to pilot its affairs following the protracted crisis that had bugged down its operations. The immediate past Managing Director, Mohammed Kollere and the Executive Director, Mr. Elenowor Inua, were said to have returned on Monday to their previous organisations – the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN). Details regarding Oseni's scope of schedule, duration at NERFUND were not known yet as at the time of filing this report. The Finance Ministry which supervises the operations of the agency was expected to make public the appointment any moment from now.

There’s nothing like budget padding –Presidency CONTINUED FROM PAGE 4

the party had questions for us to make clarifications and we have made those clarifications to the party. We would not want to draw any conclusion. Please let us not go too far and mentioning any office. Let it be that two of us have appeared before the party." He also stated that the word ‘padding’ was alien to the lexicon of the National Assembly. His words: "In all our years of legislative engagement, we are yet to find in the legislative lexicon the

word 'padding'. When the budget is presented before the legislature, the legislature is to consider the budget and pass as they deem fit. So what the legislature pass becomes the appropriation upon accent, therefore, any word which is yet to crystallise in legislative lexicon, you cannot hear us mention it." On July 21, Jibrin opened up allegations against Dogora, Deputy Speaker, Hon. Yusuf Lasun and other principal officers of the House of padding the 2016 budget to the tune of N250 billion.

POLITICS

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Ize-Iyamu wasting his time – Sheriff Onyekachi Eze ABUJA

actional National Chairman of the Peoples Democratic Party (PDP), Senator Ali Modu Sheriff, has insisted that Hon. Matthew Iduoriyekemwen remains the party's governorship candidate for the September 10 governorship election in Edo State. This is even as he met with the reconciliation committee constituted by the party’s Board of Trustees (BoT) to reconcile aggrieved members of the PDP. The committee headed by former Minister of Information, Professor Jerry Gana, met with the factional chairman at his office in Maitama District of Abuja. The meeting began by 9 p.m., the outcome was still being awaited at press time. But Sheriff, who spoke when he hosted a delega-

tion of women from Edo State, who came to thank him for the party’s choice of Mrs. Herberta Okonufua as governorship running mate, noted that an Abuja Division of Federal High Court had ruled that he is the only one, who will submit governorship candidate to the Independent National Electoral Commission (INEC) for Edo and Ondo states. His words: “The court also said that starting from the date of last convention, May 21, in Port Harcourt, any document signed by

Edo DECIDES

(Senator Ahmed) Makarfi is illegal, null and void. So, I don't know why they are deceiving Nigerians.” The factional chairman noted that the Supreme Court had made a declaration, where someone who did not run for election became a governor in River State. He stated Nigeria is a country ruled by law, adding that unless the Nigerian constitution is changed overnight, Pastor Osagie Ize-Iyamu, who was produced by the National Caretaker Committee is wasting his time. “If Pastor Ize-Iyamu likes it, let him campaign from now to a thousand years to come, the governorship candidate for Edo State is Matthew Iduoriyekemwen, nothing can stand on nothing. There is no basis for his candidacy. He cannot come from non-existing caretaker committee and rush to say I've come to become a candidate of PDP."

PDP candidate promises to create more jobs Cajetan Mmuta BENIN

he candidate of the Poeples Democratic Party (PDP) in the forthcoming governorship election in Edo state, Pastor Osagie Ize-Iyamu, yesterday, restated his pledge to create more job opportunities for unemployed youths across the state if elected as governor. Addressing traders at the Evbareke Motor Spare Parts Market in Benin the state capital, Ize-Iyamu said in addition to running a government that will have a human face,

his agenda is a covenant between him and Edo people. He said: “A man who wants to be sincere will write down what he wants to do except if he has no plans for the people.” The PDP candidate also took a swipe at the All Progressives Congress (APC) governorship candidate, Mr. Godwin Obaseki, for not getting his acts together over what he intends to do for people of the state. Displaying a copy of his “Simple Agenda” before the crowd, Ize-Iyamu said he had to write down his plans for Edo people, so that he could be held accountable if he gets

elected as governor. He said it is lamentable that the road leading to the Evbareke Market, which was constructed with interlocking tiles by the PDP administration, has been left to rot by the Oshiomhole-led APC government. He further pointed out that none of the traders at the market benefitted from the Bank of Industry (BoI) and the Central Bank of Nigeria (CBN) loans channeled through the state government and meant for small and medium scale business persons, but assured them that his governorship would change the tide.

Buhari’s wife mobilises women for Obaseki Cajetan Mmuta BENIN

he First Lady, Hajia Aisha Buhari, yesterday, assured the candidate of the All Progressives Congress (APC) in Edo State, Mr. Godwin Obaseki, of the unwavering support of women towards the party's victory in September 10 election. Hajia Buhari gave the assurance during a visit of APC women drawn from across the six geo-political zones of the country and led by the First Lady to the Obaseki campaign secretariat in Benin. Declaring that the victory for the party in the governorship election is none negotiable, the

President’s wife, who was represented by the APC Woman Leader in the Federal Capital Territory, Mrs. Hailmary Aipoh, said they were in Edo State in solidarity with the Obaseki Campaign Organisation and to remind the party's governorship candidate on the need to remember women and children when he wins the poll. The women commended the administration of outgoing Governor Adams Oshiomhole for the numerous achievements, especially for the great assistance to women in the state, a feat they stated informed their support for the choice of Obaseki for the sustenance of the Edo project.

According to Mrs. Aipoh, “Governor Oshiomhole is our great brother who has done us proud in Edo State with his developmental projects, so we are always with him. APC has done well for Edo people and that is why we are saying continuity. Obaseki is a quiet gentleman, who is tested and trusted and we believe that on September 10, Edo people and all women will rally round him and by the special grace of God, he has won already.” Also speaking, the South-South Zonal Woman Leader of the APC, Mrs. Rachael Akpabio, pledged the women’s support to ensure that Obaseki emerges victorious at the poll.

wednesday, august 10, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Tears as Lagos demolishes 500 buildings Muritala Ayinla

raders, residents and owners of properties under high-tension cables in Egbe-Idimu Local Council Development Area of Lagos wept profusely yesterday as government demolished over 500 shops and shanties. Also demolished were blocks of shops built by the Egbe-Idimu Local Council Development Area, bars, restaurants, market, offices, club houses among them La Groove and other structures located under the high-tension cables. Residential buildings, makeshift structures as well as container-shops were not spared in the demolition exercise which lasted several hours amidst downpour. It was learnt that government had warned the property owners on several occasions to vacate the area for safety and health reasons. It also said that occupants of structures under the tension cables risked death resulting from electrocution, cancer and other health hazards. Government also gave several ultimatums for the property owners to vacate the area before demolition exercise which was carried out by the joint officials of the Lagos State Task Force on Environmental and Special Offence Unit and the Lagos State Building Control Agency (LASBCA). Many traders defied downpour and rushed to their shops to salvage whatever they could save before the bulldozers pulled down their shops. A Director of Inspectorate and Quality Control Department, LASBCA, Mr. Oki Gbolahan, said government would not fold it harms and allow people to risk their lives. According to him, people who

•We paid N3m each to buy shop from LG –Traders

Scene of the demolition

live, sell or trade under high-tension cables face many hazards. He said: “Is it the risk of cancer that we want to say or what? As it is raining now, if your body is connected with a tester, you will see the number of voltage in your body for standing under high-tension cables. You can imagine what happens to average Lagosians who stay under these cables all through their lives. “The role of government is to ensure safety of lives and property. That is why the exercise is

important. It is better for us to do what is right than to allow them to risk their lives. We are talking of electricity for crying out loud, it kills within seconds! No government will want people to die or risk her citizens’ lives by allowing them to stay here.” The task force Chairman, SP Olyinka Egbeyemi, who led the enforcement team, described the exercise as an eye-opener to owners of property under hightension cables. He said: “This is an eye-open-

er for the people that illegality has no place in Lagos. Building under high-tension cables won’t be allowed. Irrespective of the economic situation, health hazards of this habit should be considered. I have never seen anywhere where people risk their lives as this. The cable could disconnect anytime. Imagine the lives that could be lost.” Egbeyemi advised residents not to buy or rent property under high-tension cables. Meanwhile, one of the shop

owners, Mrs. Funke Ososana, said many of them bought the shops from Egbe-Idimu Local Council Development Area at prices ranging from N1.5 million to N3 million while those who rented the shop paid N15,000 monthly, depending on the size. Assistant General Secretary of Oba Wahab Ayinde Balogun Modern Market, which was also demolished, Yisa Mudashiru, said they had been selling and living inside the market for over 35 years. He told New Telegraph that they developed the illegal markets in conjunction with officials of Egbe-Idimu Local Council Development Area. Mudashiru confirmed that they were served adequate notices and that the Baba Oloja, Mr. Salami Alao and Iya Oloja, Alhaja Irat Adebayo, were lobbing government officials to stave of the demolition. The leader of the Hausa community at the market, Alahaji Aliyu Galadima, said the market was divided along the three ethnic groups - Yoruba, Hausa and Igbo. Also, government has served other areas where illegal structures and shops are constructed under high-tension cables with demolition notices. Investigations showed that both Mr. Samson Wahab Balogun aka Oba and Idris Wahab Balogun aka Oluomo claimed the ownership of the land and gave it to a developer, Jasiours Enterprises, because they are related to Oba Wahab Ayinde Balogun of Isheri. A trader, Mrs. Taiwo Akade, confirmed that both ‘Oba’ and ‘Oluomo’ collected several millions from the developer and the traders.

City Briefs

14-year-old girl’s stripping, battering condemnable –Ebonyi Gunmen abduct UNIPORT lecturer Uchenna Inya ABAKALIKI

bonyi State government yesterday condemned the stripping and battering of a 14-year-old girl, Miss Uzoamaka Chukwu, by some people in Ohaozara Local Government Area. The Chief Press Secretary (CPS) to the governor, Emma Anya, said in a statement that government had directed the police to conduct proper investigation and bring the perpetrators to book.

He said: “Ebonyi State government condemns in totality, the inhuman treatment meted out to a minor, Miss Uzoamaka Chukwu, by some people in Ohoazara. “Government encourages the state police command to ensure a thorough investigation of the incident and bring to book, the suspects, some of whom are already in detention. “Governor Dave Umahi will not in any way condone the violation of the rights of any Ebonyian (Ebonyi State citizen), especially minors, by anyone be he in govern-

ment or private sector. “The politicisation of this Emmanuel Masha pitiful situation cannot benefit Port Harcourt the little girl concerned or the politicians parading her on unmen have kidnapped a lecnational media.” turer, Prof. John Okoli, at the University of Port Harcourt (UNIPORT), Rivers State. This has, however, caused panic among lecturers who said that they had now become the target of kidnappers. Okoli, who is the director of the university’s Offshore Technology Institute, was kidnapped on Monday evening at Aluu community, Port Harcourt, and is yet to be released. Umahi The institution’s spokesman,

Dr. William Wodi, in a statement, urged security operatives to do everything within their power to secure Okoli’s release. Wodi described Okoli as a teacher with no resources to pay ransom. He said: “It is becoming turn-byturn in UNIPORT. This developing situation is becoming the ‘new normal’ and seriously hampering our core mandate of teaching, research and public service. “Staff live in fear of who is next, while experts from abroad who may wish to collaborate with us are becoming increasingly hesitant to come to UNIPORT. This distasteful trend is affecting scholarship.”

METRO

wednesday, august 10, 2016 NEW TELEGRAPH

Cache of ammunition recovered at construction site Pamela Eboh Awka

P The protesters

BRT drivers’ protest grounds Lagos C ommuters were stranded in Lagos yesterday as drivers of the Lagos State Bus Rapid Transport (BRT) embarked on strike over alleged delay of their salary. The scheme, being operated by Primero Transport Services Limited, provides bus services along dedicated lanes or corridor in the Lagos metropolis. The company, which started operation in November 2015, has 434 buses in its fleet and more than 2,000 staff. Some of the drivers, according to the News Agency of Nigeria (NAN), said they were protesting delayed salary payment, alleged unfavourable conditions of service and poor welfare. At the Majidun, Ikorodu depot of the transport company, hundreds of drivers had converged on the bus corridor and barricaded it to prevent movement. Also, buses belonging to the company were parked outside. A driver, Mr Julius Adejire, said that for the past few days, they had been waiting for their July salary but up till yesterday

they had not received alert for the payment. He said: “The funny thing is that as at Monday evening, we discovered that some other staffers, including the engineers and ground staff have been receiving alert. “But the drivers have not received ours; can we drive this bus with an empty stomach?” Adejire said that apart from delayed salary, the drivers wanted improved welfare and working conditions. He added: “The policy guiding our job is another issue; we are working like slaves because as a driver you cannot stop to ease yourself or have break time or hour. “We are supposed to be doing 40 hours in a week but they subdued us to be doing 48 hours and only one day off instead of two days. We have been tolerating them before now because we believe this is a new project and we thought it needs to be supported, but now the situation is becoming tougher. “We don’t even know where we are heading. The buses are still new; is it when the buses

go bad that they will pay us?’’ The driver claimed that the management had reneged on its contractual agreement to pay N60,000 as basic salary and N20,000 as bonus. He said: “In our appointment letter they said we will receive N60,000 as basic salary and N20,000 as performance bonus. “Suddenly, after five months they changed it to N40,000 basic and N40,000 bonus with a lot of conditions attached to the bonus. “For instance, a driver will be denied the bonus pay if he or she is late to work for at least three times a month. With the conditions attached to it, if care is not taken, 85 per cent of us cannot get that performance bonus. “You are trying to instil discipline, but there is no staff bus for drivers who come from as far as Sango Ota, Badagry and Agbara without accommodation arrangement.” Another driver, Mathew Oyeyemi, said the alleged delayed salary had made it difficult for him to offset the medical bills of his daughter who was recently involved in an accident.

Lepers protest govt’s insensitivity, sack ministry workers Dominic Adewole ASABA

epers from Eku settlement in Ethiope West Local Government Area of Delta State yesterday trooped out of their colony to protest alleged insensitivity of Governor Ifeanyi Okowa’s administration to their plight. The protesters converged on the Ministry of Women Affairs, Social and Community Development, headed by Rev. Omotshola Williams. For fear of being infected, workers at the ministry abandoned their duty posts. The lepers, comprising men and women, and their children, wondered why Okowa failed to toe the path of his predecessors in addressing their predicament. The protesters, led by the Chairman of the People Affected by Leprosy (PAL), Lucky Egbo, hailed former Governors James Ibori and Emmanuel Uduaghan for

taking good care of them while in power. Egbo said Ibori removed them from the highway in 1999, placed them on a monthly stipend and approved free meals for them. According to him, Udaughan, who inherited the arrangement, was unable to improve on their condition but continued with what he met on ground. He said: “Ibori resettled us and placed each of us on N8,000 monthly stipend. He also approved three square meals for us daily. Former Governor Uduaghan continued with the three square meals but reduced the monthly stipend to N6,000. “The current administration of Governor Okowa is the worst hit. He did not only cut the monthly stipend to N3,900, he reduced our daily meal to two times a day. Now the governor is owing us three months arrears plus the four months outstanding under Uduaghan.”

He said: “As for me, I have a daughter who had an accident and whose bills I have to pay because I don’t have medical insurance yet. Moreover, I have other kids, and my wife is there also; I have been trying hard to convince her that I have not been paid but she won’t take any of that. “I don’t understand why we are being treated like this; they make money every day; even if they want to reduce our salary to N40,000 they should pay in time.” The company’s Managing Director, Mr. Fola Tinubu, failed to persuade the protesting drivers to resume work. Tinubu hinged the delay in salary payment on an error on the part of the bank handing the disbursement of the salary. He said: “What is happening according to what they say is that we did not pay them on time, but it is really due to an error and we have corrected it. “The money was paid yesterday; so why they are doing this now beats me because the money should be in their accounts by now and I have been trying to tell them.”

olice yesterday discovered a cache of ammunition buried at a construction site in Umuowelle, Agulu in Anaocha Local Government Area of Anambra State. The state Police Public Relations Officer (PPRO), ASP Nkeiru Nwode, said the ammunition was unearthed by some labourers while digging the foundation of the building. According to her, the workers reported their discovery to the Neni Police Division which went to the place and cordoned it off. Nwode noted that the discovered ammunition were in different sizes and calibres and worth millions of naira. The PPRO added that the Commissioner of Police, Mr. Sam Kaula, led a team of officers to the site to supervise the evacuation of the ammunition. She said: “The police this morning (yesterday) discovered a large quantity of ammunition on a parcel of land where building work was going on at Umuowelle, Agulu in Anaocha. “Some labourers at the site struck the ammunition and reported to the nearest police division and this morning (yesterday), the commissioner was there to personally see things for himself. “The ammunition are large and worth millions of naira. Investigation is still on and soon we shall get to the roots of this.” According to Nwode, no arrest has been made in connection with the discovery. She, however, said the ammunition had been sent to the appropriate units for determination of their calibres.

54 students renounce secret cults’membership Cephas Iorhemen MAKURDI

One of the protesters

Egbo said the lepers would remain in Asaba until the governor listened to them, paid the seven months’ arrears and reverted to the three meals daily. “Thank God we came with our sleeping mats. We will remain here until they answer us. We were where we were when they (government of the state) came and promised to help us.”

t least 54 students from different tertiary institutions in Benue State yesterday renounced their membership of various secret cult groups. The students forsook cultism during an interactive session between heads of tertiary institutions in the state and the coordinator of “Campus Cult Eradication Foundation Organisation (CCEFO), a Non-Governmental Organisation, at the Police Officers Mess, in Makurdi. The students took turns to renounce their membership of the various cult groups. One of them, Samson Adakachi, told journalists that he had renounced his membership of the ‘Vickings.’ Another student, Miss Blessing Ibrahim, of Benue State Polytechnic, Ugbokolo, said she had renounced her membership of the ‘Reds,’ a cult group. The students declared that they were tired of their association with the secret societies and willingly renounced their membership. The Rector, College of Education, Katsina-Ala, Prof. Mathias Nder, said cult activities were one

of the major security challenges facing the institution. Nder said majority of lecturers in the institution were under threat as cult groups and other criminal gangs usually harass and send them letters requesting for various sums of money or face attacks. The rector, who said many tertiary institutions in the state had no adequate security personnel to protect lives and property on their campuses, urged government to include ethical and moral courses in the academic curriculum for the purpose of educating the youth about morals. Also, the state Commissioner of Police, Mr. Bashir Makama, said the police would provide adequate protection for the students. He said the former cult members should encourage their old members to also do same. Makama said that the state was bigger than any group.

Gov. Ortom

10 NEWS | national Buhari mourns General Ogundeko Anule Emmanuel Abuja

resident Muhammadu Buhari has expressed sadness over the death of pioneer Director-General of the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Major Gen. Timothy Babatunde Ogundeko. The President, in a statement by his Special Adviser on Media and Publicity, Femi Adesina, described the late General as a pacesetter in strategic leadership training. He said: "As General Ogundeko’s remains are laid to rest this weekend, he believes that he will be long remembered for his towering role as an educationist and public administrator, who immensely contributed to the procedure and processes of training potential leaders in the security and socio-political environment of Nigeria." The President affirmed that with his tireless efforts and foresight, General Ogundeko transformed the Nigerian Army Education Corps for the benefit of the Service and the nation; and his legendary role in the establishment of Command Secondary Schools was well appreciated.

wednesday, august 10, 2016 NEW TELEGRAPH

Militants warn oil firms to vacate N'Delta, threaten to level Warri Refinery

Dominic Adewole ASABA

new militia group, the Niger Delta Greenland Justice Mandate, has urged the world at large to watch out for "what the eyes have not seen in the upland axis of the Niger Delta region in the next few hours to come. The group, which claimed to have watched with keen interest how various criminal gangs have so far paraded themselves as fighting for the interest of the people of the region "but indeed have engaged in fight for personal enrichment", said the agitation would take a new shape within the next 48 hours, if multi-national oil companies fail to vacate the region. A statement issued by the group's spokesperson, Gen. Aldo Agbalaja, yesterday, disassociated his group from being criminally minded in the agitation but out to ensure that those he referred to as "oppressors" reap the fruits of their action. "We have keenly watched developments in the country in recent

times, developments that are most depressing, very much depicting the marginalization and subjugation of the hapless people of our region. "We have thought very deeply about the ongoing shenanigan and play-acting going on between the Federal Government and some self-styled ‘Niger Delta agitators’ and thought if we fail to make our own statement now, then there will be no future for the larger Niger Delta region. "Finally, a note of warning: We are asking all the

oil multinationals still in the upland of our region; AGIP, TOTAL, SHELL, MOBIL, SHORELINES, NECONDE, E.D WESTERN, SEPLAT and others to commence the evacuation of their personnel from the region, especially in the Ogba/Egi axis of Rivers State, Urhobo/Isoko/Ndokwa axis of Delta State and other upland oil producing areas, within the next 48 hours." The group said it was not one of the criminally minded ones in the region. "We are not one of

Ibraheem Musa Kaduna

s Nigeria joined the world community to mark the 2016 World Breastfeeding Week, UNICEF has said that nursing mothers who breastfeed their children exclusively in the first six months of their lives stand a chance of being protected against breast cancer and cancer of the uterus. Speaking at a press conference to commemorate the 2016 World Breastfeeding Day, Chief of Kaduna UNICEF Field Office,

EFCC arrests 3 over attempt to defraud PDP scribe Emmanuel Onani Abuja

peratives of the Economic and Financial Crimes Commission (EFCC), have arrested three suspects, over an alleged attempt to defraud the Secretary, Anambra State chapter of the Peoples Democratic Party (PDP), Mr. Casmir Ajulun, of N16 million. The EFCC, in a statement yesterday by its spokesman, Mr. Wilson Uwujaren, said the suspects attempted the scam using its chairman's name, Mr. Ibrahim Magu.

Specifically, the Commission noted that the trio had sent a text message to Ajulu on March 26, where they were said to have requested for the list of House of Representatives members, who wished to secure Certificates of Return. They were, however, rounded-up through a sting operation. The statement reads in part: "The Economic and FinancialCrimesCommission, EFCC, has arrested three members of a syndicate for allegedly impersonating the Commission’s acting Chairman, Ibrahim Magu."

greed and wickedness and have exposed the rest of us in the oil-rich, but deeply impoverished region, to crippling squalor", the statement read in part. Agbalaja, who defined the group as "A coalition of forces across the Niger Delta region, fighting for the interest of the region” said that the Federal government and the oil multinational companies have been making a very grave mistake by equating the interest of the Ijaw people as that of all the tribes of the region. L-R: Lion Herbert Eherba; Lion Kemi Eribake; second Vice District Governor, Lion Dupe Dada; District Governor, Lions District 404 B2 Nigeria, Lion Taiwo Adewunmi; Managing Editor, Business and Strategy, New Telegraph newspapers, Mr. Yemi Ajayi and Managing Editor, Publication and Operations, Mr. Emeka Obasi, during a courtesy visit to the Corporate Headquarters by the Lions District 404 B-2 Nigeria, in Lagos. PHOTO: TONY EGUAYE

UNICEF: Breastfeeding prevents cancers, saves mothers Utpal Moitra, said breastfeeding within 30 minutes of childbirth equally saves mothers from maternal death. Explaining how exclusive breastfeeding reduces some health risks, Kaduna State Nutrition Officer, Mrs. June Gwani, stated that constant breastfeeding of the baby protects nursing mothers against cancer of the uterus and breast cancer, such that it equally helps the mothers' uterus to return to its position quickly after delivery. Speaking further, Moitra said the 2016 World Breastfeeding Week was

them. We are out to tell the world that there is a Niger Delta that is made up of many tribes and tongues, the people of whom have so far suffered both local and national oppression. "We have come at this point to ensure that our oppressors, being the Federal Government, the state governments in the six core Niger Delta states who have received billions of dollars over the past years but have brought little or no development to the region and the so-called super-ethnic nations, who have yielded to

targeted at creating awareness on the relationship between breastfeeding an infant and young child feeding as a key component of sustainable development goals. According to him: "Initiation of breastfeeding within 30 minutes after birth saves mothers from the risk of post-partum haemorrhage and maternal death and exclusive breastfeeding on demand in the first six months of life without water or any other food starts every baby on healthy path in life, providing all the nutrients the baby requires

for optimum growth and development. Gwani said that against the general belief of mothers that a baby needs water, all a baby needs in the first six months of life is in breast milk. According to her, breast milk contains 85 per cent of water; so there is no fear of absence of water in the breast milk. “The feeding of the colostrums serves as the first immunisation against a host of diseases the mother must have been exposed to while continuing breastfeeding up to two years and beyond."

316,591

The number of fixed-telephone subscriptions of Jamaica in 2008. Source: Itu.int

World Bank asks for time on Abacha loot Wale Elegbede

he World Bank has again asked the Socio-Economic Rights and Accountability Project (SERAP) for more time before it releases details on the spending of recovered loot by late General Sani Abacha. The request for more time followed the bank’s decision to refer “portion of

Buhari wants value addition for agricultural produce Anule Emmanuel Abuja

resident Muhammadu Buhari has called for value addition to agricultural produce through extended preservation. The President decried the culture of waste foisted on the country, due to lack of means of preservation of agricultural products. Buhari stated this yesterday while receiving the Global Chief Executive Officer of Friesland Campina, The Netherlands, Mr Roelf Joosten, at the presidential villa, Abuja. He also lamented the

situation in which cattle farmers throw away milk from their animals, because there is no means of preserving and processing the product. "We have failed to develop our assets on a permanent basis. This, we are determined to work on," the President promised. He urged Friesland Campina, in its collaboration with Nigeria, to educate cattle farmers that "quality matters more than quantity," and help them organize into cooperatives for better business. The Minister of Agriculture and Rural Development, Chief Audu Ogbe,

who was also at the event, promised that herdsmen would soon be organized into ranches in the country, with special grasses and water, which will give better yield, and make the animals healthier. He also disclosed that special flasks, which can preserve raw milk for up to six hours, would soon be made available, enabling cattle farmers to get the product to dairies in good quality. Joosten disclosed that Friesland Campina is a cooperative owned by 19,000 farmers, and is 145 years old. It began business in Nigeria in 1973 as Friesland Campina WAMCO Nigeria.

appeal by Socio-Economic Rights and Accountability Project (SERAP) to the Bank Archives Unit for processing for public access.” This is the second time the World Bank is asking for additional time to provide SERAP with details of spending of Abacha loot. In a statement issued yesterday by SERAP’s executive director, Adetokunbo Mumuni, the group said the World Bank’s request for more time followed the appeal SERAP lodged with the Bank on February 5 on the grounds that the Bank’s decision on its initial request did not reveal “important portions of the information requested on how Abacha loot was spent.” In a letter dated August 8 and sent to SERAP, the World Bank said, “In response to your request under AI4288, we would like to inform you that we are working on your request as referred to the Archives by the Access to Information Committee in its decision on the appeal and need additional time to provide a more comprehensive response. We regret any inconvenience for this delay.”

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Senate Ambassadorial screening comedy

Politics Divergent views have been expressed over calls for the Speaker of the House of Representatives, Hon. Yakubu Dogara, to reconvene the lower legislative chamber and resign for an independent investigation to be carried out on the allegations of budget padding against him and some principal officers of the House. PHILIP NYAM reports

Interview How I saved Otedola from impeachment – Ojikutu

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Dogara's battle of life

I am concerned, I am not worried over anything.”

ince July 21, the Speaker, House of Representatives, Hon. Yakubu Dogara has been in the eye of the storm over allegations of budget padding levelled against him by the former chairman of the House committee on Appropriation, Hon. Abdulmumin Jibrin. In spite of the fact that the leadership of the House had tried to play down on the allegations citing the removal (resignation) of Jibrin as the cause of the whole episode, the dust over the allegation has refused to settle. Even the intervention of the leadership of the All Progressives Congress (APC) has not yielded much results as Jibrin, who was barred from further comments on the issue has suddenly crawled out of his shell with more damaging claims. Even with the formal report to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other related offences Commission (ICPC) and the police on the matter still being awaited, Jibrin is still not done and insists that Dogara must reconvene the House. Of course, the House is on annual vacation till September 13. While the speaker maintains that his leadership cannot be coerced into reconvening, Jibrin and some of his colleagues under the auspices of Transparency Group as well as some civil society groups

Dogara

Jibrin

are insisting that Dogara must step aside. The questions against this backdrop are: Will Dogara, who has won several political battles that have come his way since June 9, 2015, when he emerged speaker of the House survive the fresh crisis? Will he swim across these allegations that have somewhat affected his rating in the public realm? Will he reclaim his integrity, which has been given a deadly blow by the allegations leveled by Jibrin? Dogara’s battles Since June 9, 2015, the speaker has survived two grueling political fights to remain afloat. He is now faced with the third battle; to wriggle himself out of damaging allegations of budget padding and corruption from one of his erstwhile close confidants. Dogara had his first battle when he trounced the All Progressives Congress (APC) anointed candidate, Hon. Femi Gbajabiamila to ascend the exalted position of speaker. This did not come on a platter of gold as the journey to victory was laden with landmines and bulwarks. Consequently, Dogara was enmeshed in the usual leadership tussle of appointment of principal officers and chairmen of standing committees of the House. The crisis lasted for several weeks and the House could not sit. Even when the House sat in plenary, it was marred by rowdiness and fisticuffs. Subsequently, the speaker recapitulated and conceded on some demands by the APC leadership and was able to survive the onslaught. Today, Speaker Dogara is con-

fronted with the battle of his life; trying desperately to fend off allegations of padding the 2016 Budget by Jibrin, who is his former ally. The Kano lawmaker has been feeding the public with endless stories of alleged corruption in the lower chamber.

I have never heard of the word ‘padding’ being an offence under any law

Padding not crime Again, Dogara stirred the hornets’ nest last Friday, after his meeting with President Muhammadu Buhari, when he declared that “padding” is not a crime in Nigeria and that he will not resign from his position to pave way for investigation into the allegations. He said with his experience as a lawyer and a federal lawmaker of many years, he has never heard padding as being an offence under the law. He also ruled out the possibility of reconvening the House before the September scheduled resumption date, saying the House is not a mock institution. “What is budget padding? Dogara asked reporters. He continued: “I don’t know, educate me. I am a lawyer and the speaker and I have never heard of the word ‘padding.’ What does ‘padding’ mean? What is padding? You haven’t told me. Ask Jibrin what is padding? For me, I studied Law and I have been in the legislature and all this period, I have never heard of the word ‘padding’ being an offence under any law. If I don’t know, you are the media, research the law and let me know. On calls for his resignation, he said: “Resign for what?” when asked if he is worried over the development, he queried: “Worried for what? Worried over nothing? Why should I be worried? As far as

House leadership In line with Dogara’s position, the leadership of the House clarified that the speaker will not resign because the allegations against him have not been proven before any competent court of law. It also dismissed the report that 206 lawmakers purported to be members of the Transparency Group are calling on Dogara to resign, daring them to remove the speaker if they have the numbers. Chairman of the House Committee on Media and Public Affairs, Hon. Abdulrazaq Namdas, who stated position in a chat with New Telegraph explained: “I want to say that the speaker, Hon. Yakubu Dogara has already said it clearly that he is not going to resign; and nobody can force him out.” Dismissing the 206 signatures allegedly garnered by the Transparency Group to impeach Dogara should he refuse to resign, Namdas said: “I believe that even the numbers of lawmakers’ signatures they are alleging that they have generated are not there. I’m sure they don’t even have the numbers. “If people are talking about transparency and have forgotten that part of transparency is the doctrine of fair hearing, then it is unfortunate. Transparency also means allowing the other party fair hearing to make his defence. So, if someone has submitted a petition, it is only natural that the person being accused be allowed to also present his own side of the story.” Transparency Group The Transparency Group has insisted that Dogara must step aside for an independent investigation into the allegations against him or be forced out of office. In a statement jointly signed on behalf of the group by Hon. Bashir Baballe, member representing Ungogo/Minjibir Federal Constituency of Kano State; Hon. Agunsoye Ojo, member representing Kosofe Federal Constituency of Lagos State; and Hon. Abubakar Chika Adamu, member representing Shiroro/Munya/Rafi Federal Constituency of Niger State, the group said: “We hereby reiterate our call on Rt. Hon Yakubu Dogara to resign before we start exposing the sleaze and corruption surrounding the internal budget of the House.” The three lawmakers said they released the statement on behalf of the 206 members of Transparency Group, although names of the other 203 members of the group were not disclosed. AccordCONTINUED ON PAGE 18

POLITICS PLATFORM

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Power play responsible for Abia impasse – Adindu Mr. Godwin Adindu is the president general of the Abia Renaissance Movement. In this interview, he speaks on Abia State. Malcolm Enefe reports What is the state of things in Abia state? The impression in the public domain is that Abia is unstable and that there is instability because of the recent incident that happened in the state. But I can tell you that there is stability in Abia right now, work is going on. Work is ongoing in Abia, and our governor has also ordered all contractors to return back to site. The perpetrators of that coup d’état, we call it coup in Abia state, their aim was to destabilise the state, to slow down the pace of work, and pace of movement, and progress of the state but unfortunately, they failed, God did not allow them to succeed. Our governor is fully in charge, work is going on in Abia, and there is law and order. Our governor is experiencing a large solidarity. People are coming from all walks of life to show solidarity to him. So Abia people are happy with the governor and nothing has changed. What was the initial reaction of Abia people when the pronouncement was made? Their general reaction was that of anger, people were very angry with that attempted civilian coup d’état because this is a governor that has delivered in just one year. The governor’s popularity was soaring very high and he was enjoying a great acceptance from the people. All of a sudden, somebody just came from nowhere and try to jump into the government house from the window. So, of course, you will expect a mass reflex of anger. People were very angry that their well-loved governor was being embarrassed and distracted from the progress of work that was going on. In Abia today, if people have access to the people that perpetuated this act, of course they would lynch them because their aim is to drag the hand of the clock backwards. That is why people are not happy with them. But since they cannot take their anger too far, they transmuted it to showing solidarity. People are saying the governor is already distracted? Will I call it a distraction? I will just call it a kind of embarrassment, it was not just embarrassment against the governor, and it was an embarrassment against the state. But when you try to embarrass the governor, you are embarrassing the people that he represents, you are embarrassing the entity called Abia state and of course you know this was the governor who has just stabilized after one year, and was just trying to move into a new phase of work and all of a sudden this incidence just happened. You will naturally know that something like that is capable of maki n g somebody to feel Adindu angry,

5 Questions

sad and very depressed. But our governor has been able to outlive that and he is waving it aside as one of those experiences that he has to come to see in power. It was a case of power play, and he has dismissed it and moved forward. What is the position of the people on this impasse? Yes, their position is peculiar because since the creation of state, this is the first time the Ngwa people are producing a governor and this governor has just done one year and somebody from Abia North is just coming in to distort the PDP zoning arrangement which says that power must rotate from the Abia north to Abia central and to Abia south. Abia North has had their own turn, Abia central has had theirs and it is the turn of the Abia south people. People are disenchanted with the incidence that happened three weeks ago. Is the government not worried? Yes, of course, but you know that it is power play. How can somebody sit down in his room and another person goes through the process of electionering campaign, goes through the tribunals, come to Supreme Court, got the affirmation of the Supreme Court and has done one year now, and all of a sudden you just come from nowhere and start making a case of unnecessary tax papers when in actual sense the governor is not the initiator of the tax papers. The papers were issued by a government parastatal; the board of internal revenue. If the board of internal revenue made mistake in the date of the paper, then there is no deliberate attempt. What you must establish in a case of fraud is the deliberate attempt to deceive, but in this case, did he pay his tax? Yes. The papers he submitted to INEC, are they papers relating from board of internal revenue? Yes, if board of internal revenue made a mistake as to date, that is the mistake of the board of internal revenue and not a mistake of the governor. So, naturally you know that this kind of experience is capable of making the party look like a divided family. It can make the PDP look like a divided family.

Lawal

Summonu

Ambassadorial CHUKWU DAVID reports on the controversy that trailed the recent ambassadorial nominations of President Muhammadu Buhari and the consequent comic drama at the Senate during the screening exercise

hen President Muhammadu Buhari forwarded a list of 47 ambassadorial nominees to the Senate for consideration and approval for appointment as ambassadors, the list was immediately opposed by some members of the Red Chamber. Those who opposed the list were senators from Ebonyi, Bayelsa, Ondo and Plateau states. They protested that their states were omitted from the nominations and that the President negated the principle of federal character in his selection process. The senators also observed that the list did not include non-career diplomats, as was the practice in previous administrations, when both career and noncareer diplomats were considered for ambassadorial appointments. Sequel to the complaints by the lawmakers from the affected states, the Senate made a resolution, mandating its Committee on Foreign Affairs to invite the Secretary to the Government of the Federation (SGF) and the Minister of Foreign Affairs, to give explanations on the perceived lopsidedness and other irregularities noticed in the list.

However, appearing before the Senate Committee on July 12, the SGF, Mr. Babachir Lawal and the Foreign Affairs Minister, Mr. Geoffrey Onyeama, told the Senate that the list of 47 ambassadorial nominees forwarded to it by President Buhari would not be adjusted as requested by the parliamentarians. They argued that the President was not under any constitutional obligation to nominate ambassadors from across the 36 states of the federation as the case is with ministerial nominees. The SGF, in particular told the committee that the list was based on certain criteria other than federal character, insisting that even the 32 out of the 36 states in the federation, which were captured in the list, showed substantial compliance to the federal character principle. He said that part of the criteria used in the selection of the nominees apart from their respective records of service, was compatibility value of the nominee in line with the change agenda of the present administration. "You must understand the mindset of this government, it is a change government. It is important that whoever is going to be on board in this government, who is going to play one role or the other must be somebody that we will like to call change compatible. He must establish his integrity, his qualification on the job and his ability to deliver on the job," he said. The minister, on his part, assured the committee that the four states omitted on the list, would be compensated in the non-career list that would be forwarded later to the Senate by the President. After considering the report of the Committee on Foreign Affairs, the Senate agreed with the positions of the SGF

CROSSFIRE If I quit a party when it was alive and seemingly united, how could I go back to a now divided, factionalised party gasping for breath? -Olusegun Obasanjo

The problem the PDP is facing is normal in a democracy... members should not listen to rumours, that this party is gone, it is not gone -Walid Jibrin

POLITICS PLATFORM

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Onyeama

Enang

screening comedy and the minister that the states so omitted did not have officers that were qualified for appointment as ambassadors. Consequently, before adjourning for its annual recess, the Senate mandated the committee screen the nominees and ensure that the report was ready for consideration immediately it resumes on September 13. The screening exercise which started on July 26, however, witnessed some comic drama and disappointments as some of the nominees failed to recite the National Anthem and Pledge correctly, when asked to do so by members of the committee. One of the nominees, who even boasted that she spent greater part of her life in Lagos State, disappointed the panel as she failed to get the capital of Lagos State correctly when asked to supply the answer by a senator. She told the lawmakers to their utmost disappointment that the capital of Lagos was Lagos. The first nominee to face the screening panel, who is also a female, for instance, while being nervous, faulted when she was asked to sing the National Assembly. Chairman of the Committee, Senator Monsurat Summonu,

Subjecting them to criticisms at this point over a situation which never happened in the first place is most unfair

had asked the nominee to recite the National Anthem but she got lost on the way, as she mumbled the last stanza but Senator James Manager, a member of the committee, quickly assisted her to complete it. Another nominee, who is a male, in his attempt to recite the pledge, failed to get the correct wordings of the last stanza. However, in an obvious image laundering move, the Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Ita Enang, in a swift reaction, described reports that the nominees failed to recite the anthem and pledge, as a misrepresentation of facts. Enang, who led the nominees to the screening venue, in a statement while the day's exercise was coming to a close, insisted that they correctly recited the anthem and pledge. The statement reads: “Our attention has been drawn to a report by a section of the media that some ambassadorial nominees were unable to recite the National Anthem and Pledge while appearing before the Senate Committee on Foreign Affairs for screening today. “May I state that the nominees were able to respond to questions

asked them, and also recited the National Anthem and Pledge when called upon. As such, the report by the media is incorrect. Subjecting them to criticisms at this point over a situation which never happened in the first place is most unfair and uncalled for.” On the second day of the screening, another nominee, who was not even able to answer one single question correctly, started shaking and mumbling some wordings and when he was asked to recite the pledge. He started by saying: "I pledge to Nigeria my country, to retain her glory." Immediately he said this, he stood still and could not say anything else. Some of the panelists pleaded with the chairman of the committee to release him before he slumps in shame. The chairman sarcastically told him that he had performed fantastically well. Another senator also said to him: “You are a great man, we have seen your CV, you are well qualified, please take a bow and go.” The nominee, who was conscious of his abysmal performance walked away in shame. On the third and last day of the screening exercise, another nominee appeared, boasting of his achievements in the foreign mission. Unfortunately, he communicated to the legislators in very bad English, while his presentation also lacked articulation. When one of the senators gave him option of Asia, Africa and Europe, to choose from so that he could be asked questions, the nominee proudly told the lawmaker that he was willing and ready to entertain questions from any of the continents mentioned. But, when asked a question on a political issue concerning an African country, the man started gasping and was also saved by the committee's principle of bow and go. Some analysts, who spoke on the outcome of the exercise, said there is no indication that the failure of some of the nominees to supply correct answers to questions posed to them by the senators would affect their confirmation and appointment as ambassadors when the Senate resumes in September. But most Nigerians, who watched a bit of the comedy, were appalled that the acclaimed career diplomats could not prove their mettle, when their intellectual potency was put to minimal test by the Senate.

POLITRICKS Politicians go low key for Buhari Mixed fortunes for Bello, Faleke

ithout any iota of doubt, last Thursday's judgement of the Court of Appeal sitting in Abuja on Kogi State governorship election was a mixed feelings for the people of the Confluence State depending on the camp they belonged to. While those in Governor Yahaya Bello’s camp are rejoicing over his victory at the appellate court, those in the camp of James Faleke, the running mate to initial All Progressives Congress (APC) governorship candidate, late Prince Abubakar

Audu, are not in good mood. The appellate court upheld the judgment of the Election Petition Tribunal, which gave victory to Bello. Since the ruling, politicians, friends and associates have been trooping to the Kogi Government House to celebrate with the governor. But that cannot be said of Faleke, who is not happy with the verdict. As Faleke heads to Supreme Court to challenge the judgement, only time will tell whether the apex court will save him or not.

he non-flamboyant lifestyle of President Muhammadu Buhari, like his body language, is gradually rubbing off on some members of his party in the All Progressives Congress (APC). Recently, a chieftain of the party in the South-West who at the last general elections was an aspirant in his state, lost his father. As it is customary with Yoruba when their elderly ones die, everyone expected the APC chieftain to roll out the drums. But to the chagrin of all, he told all who cared to listen that

he wasn't going to embark on any fanfare celebration for his father's burial, insisting that it would be a low-key celebration. It was gathered that when his siblings insisted on knowing why the former Commissioner was opting for a mild burial for their late father, he was reported to have said that he can't afford to do a lavishing burial because he is expecting a board appointment from Buhari and he doesn't want the president to see him as an ostentious person. Clearly, the Buhari effect is enough to change the way of life of people.

POLITICAL NOTES

Unending calls for restructuring T

he need to restructure Nigeria’s political structure in order to save the nation from an imminent collapse has continued to dominate the political space of late. The calls, no doubt are predicated on the dangers of ethnicity, religious bigotry and economic deprivation which are rapid destroyers of any society. While some say that Nigeria is presently on “the road to Sudan,” the question many have asked is: Can Nigeria afford to continue with the present unitary system of government in the guise of federalism. Others have queried whether Nigeria should continue to operate the presidential system of government, a full-time legislature, among others. A political school, which insists that there is no going back on restructuring, is of the view that the manner in which the executive and legislature take a large chunk of the nation’s budget is ridiculous. The presidential system in operation, they further opined, is a complete disaster as it has only succeeded in creating a powerful Federal Government, which sits at the Aso Rock and milk Nigeria dry at the expense of the states and local governments. While the body language of the present administration shows that is unlikely to heed to the restructuring call, there is another political school, which believes that it is time Nigerians took their destiny in their hands by insisting that the nation should not continue to run the way it is. Though this group cautioned against resort to violence, it pointed out that no government should dismiss the wishes and aspiration of the people as the Nigerian Constitution in Section 14(2) of the stated that “power shall reside in the people from whom government shall derive its authorities and power.” Against this backdrop, they argued that it will amount to arbitrary use of power by the government against the citizens, who surrendered their sovereignty to the government in the first place if it continues to shun the calls for restructuring. Consequently, this group urged Nigerians to sustain their demand for the country’s restructuring despite government’s stand as such is the only solution to the conflagration at hand, the end-product of which may be disintegration.

FELIX NWANERI

POLITICS \ INTERVIEW

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

How I saved Otedola from impeachment – Ojikutu

Alhaja Sinatu Ojikutu, a banker turned politician, was Lagos State deputy governor on the platform of the National Republican Convention (NRC) during the aborted Third Republic. In this interview with TEMITOPE OGUNBANKE, the former Peoples Democratic Party (PDP) governorship aspirant speaks on life in politics, relationship with her boss, Sir Michael Otedola, failed governorship bid and regrets in politics, among other issues How has it been since you left office as deputy governor? It is interesting. I have been resting and doing my own thing at my own pace because the Nigerian environment has not been conducive for me to actually do any business or serve in public office. It is not a new thing that I have been against corruption all my life and invariably most businesses or projects cannot see the light of the day unless you can grease palms. Infrastructure too is not in place because power in Nigeria is a main factor. So, I couldn’t knock my head against the wall. I just had to pack up the water project I was doing because of power problem. So, I am now into farming, which I pray will come up with the new policy orientation of the present administration. After leaving office as deputy governor, did you aspire for another public office? When General Abdusalami Abubakar took over in 1998 and wanted to hand over to a civilian administration, I was with United Peoples Party (UPP). Our slogan then was ‘change’ and I was the deputy national chairman in charge of South-West. During the party’s registration, we were the fourth but only three parties – Peoples Democratic Party (PDP), All Peoples Party (APP) and Alliance for Democracy (AD) – were registered. So, before the registration, UPP had an understanding with the PDP that if the PDP is registered, UPP will merge with it and if UPP is registered, PDP will merge with it. So, when the PDP was registered, the UPP merged with the PDP based on our agreement and that was how I became a member of the National Executive Committee (NEC) of PDP. I also ran for governorship in Lagos and I was suspended from participating in the primaries because some of us took the party to court because of the unconstitutional step it took in supporting a particular gubernatorial aspirant against others. When we protested and went to court; we got an injunction against the party and we were appealed to by

then President Olusegun Obasanjo and the top hierarchy of the PDP to drop the case. I naively pressed my colleagues to drop the case and they did. But as we were coming out of the court, we were all suspended and all the money I spent went down the drain. After that incident and the assassination of Funsho Williams, my family asked me: ‘What are you still doing in politics?’ Did Funsho Williams, death scare you from politics? It did not scare me as a person because I am strong hearted but it scared my family, especially my late mother. She made sure that she impressed it on me to leave active politics. Was that why you quit politics? I stepped down; I still have my supporters but I stopped attending meetings because invariable when they hold meeting anyway, they will give me a wrong time of the meeting and by the time I get there, the meeting is over or it may not have commenced. What motivated you to venture into politics despite doing well in your banking profession? I had the vision of the We s t e r n w o rl d .

I was a very visible deputy and that to some people was not acceptable

From my teenage years when I visited Europe, I felt that Nigeria would be like that; where everything works. That was my main aim of going into politics. I wanted a situation where everything will work and where development will take place; a situation where we will have decent transportation, water, medical and others. I believe it was possible and that was why I went into politics. Were you able to achieve these goals in politics? I tried during the time I was there before the military truncated the administration. We didn’t have much time to actually do all we wanted to do but we were able to do the little we did during the two years. We made our mark in housing, roads, medical and education. We would have done more but the military truncated the administration. Considering that you sacrificed your career to serve as Lagos State deputy governor, how do you feel about the truncation of your tenure by the military? I don’t feel good when I think about it. To me, the Nigerian situation and corruption really stunted my growth because my aspiration in life was to rise to the top of my profes-

sion, either to become the chairman of a bank or something related to that. I abandoned that and went into politics and aspired to be the governor of the state, so that I can improve lives. Even in my private life, I want to run business in a way that I will impact on people's lives. But the environment has not been really helpful because of people's attitude to work and things being done in unethical ways. So, to a great extent, I have been a victim of corruption in this nation. How do you mean being a victim of corruption? A victim of corruption in the sense that most of the things that I wanted to do, I could not do them because I could not play ball. I can’t give bribe and will not take bribe. And for you to get many projects off the ground, you have to know how to bribe. I would not be given any appointment because people believe that once I am there, I will make sure they don’t get what they get under the table. So, when they are considering people for appointments or other things, my name would be one of the names to come last despite the fact that they know I have what it takes to make meaningful impact. People tell me that I cannot be offered an appointment because they know that I am uncompromising and I will not play ball. So, in a way I am happy that the Muhammadu Buhari administration is now talking about change and my prayer is that the change will go deep down. How did you feel when you were asked to resign from your job and be running mate to the National Republican Convention (NRC) governorship candidate, Sir Michael Otedola? That was an elevation and I was happy because it was one of the highest landmarks of my career; that one was identified because of hard work. I was identified by some leaders. Religion also played a part in it because they were looking for a Muslim but it was my work ethics in all the places that I have worked that made them to identify and nominate me. What was the feeling when your party won the election, considering that the Social Democratic Party (SDP) was more popular in the

Ojikutu

POLITICS

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

state? I had a hand in the victory. It was because of me that former Governor Lateef Jakande, who was in detention then, gave a go ahead to the Femi Agbalajobi’s faction of SDP to work with NRC and that was how we won. Alhaji Jakande may have done that because of my previous work experience with him. So, I played a strong role in NRC victory during the election.

deputy governor? My life as deputy governor exposed me and put me on a pedestal. It opened the doors that otherwise would not have opened in my life. It exposed me to what the world is about and that things can be done for people to make the life better. So, my life as deputy governor was satisfying to me because it was not a period of leisure for me. It was a period of hard work and trying to make sure that people around me got the dividends of governance. I still remember many times I will get home tired and won’t be able to eat. I was very lean at that time. You can see President Barack Obama of United States with white hair. My hair at that time too also turned to white because I was really working hard. I thank God for that period and I have not looked back since then. I have not looked back though I have not been afforded the opportunity to showcase myself again in any office. That is the only thing that does not make me happy because I can see around me, where I can make changes. I can see that they are doing things the way it should not. So, invariably I offer advice these days but one is deprived of not been able to effect the kind of changes one would have love to do in the polity. That is a big disappointment.

So, you felt happy about the victory... I felt very happy because I knew we had what it takes to actually make Lagos State bubble and we did. Though my governor was elderly and people complained about his pace of work, he was thorough in what he was doing. What was the relationship between you and your principal then? At the beginning, it was okay but it got strained along the line. I was a very visible deputy and that to some people was not acceptable. They convinced him that I was trying to upstage him and it showed in his relationship with me. Besides, I was not allowed to do most of the work I was told I would do when I was accepting the nomination. When I accepted the nomination, I actually asked what work I was going to do and I was given series of work, almost 20 things as duties of the deputy governor. But when we got there, Decree 50 that says the governor would only assign to me what he deems fit, was used. That was a major cause of unhappiness for me and I didn’t take it lightly. I appealed and fought against it, and he didn’t like it. And he made a pronouncement one day at the cabinet office that he can make sure that I didn’t do anything and I said: ‘As Your Excellency pleases but that would be to the detriment of the state because I wanted to support you in this administration and make sure that we excel.’ We were able to manage things but I don’t know what would have happened between us if the military had not come in. What do you think would have happened if the military had not come in? Probably we would have had a showdown. How do you mean? He would have brought out his disaffection to surface and I would have actually stood my ground. I was actually the stabilising force between him and the opposition because at that time, NRC only had three local governments while the remaining 17 were controlled by the SDP. I was the one relating with the SDP people. He knew this because some of them were even openly abusing him and I had to be the one asking them not to abuse him. I related with the two factions of the SDP very well and I was always pleading that they should understand the governor. So, we would have had a showdown and I don’t know what would have happened. In fact, during that time, some members of the state House of Assembly and SDP leaders came to me that I should let them impeach the governor but I said: ‘No! If you impeach him and I take over the mantle, you will also impeach me.’ So, you prevented the SDP lead-

Ojikutu

ers and House of Assembly from impeaching Otedola as governor? Yes! I said they have another agenda and that their aim is to get the governorship seat and not to protect my interest. So, I didn’t let that happen. But a typical Nigerian politician is always after power... Not in my own case. My intension to seek for power has the fear of God in it. It is not for selfish reason. Besides, God gave me vision to know that they were not going to impeach the governor because they wanted me to become governor. I would just have been a means to an end for them. I knew that my time will come given that age was on my side if I take it easy with the governor because I knew that after serving his tenure; if I come on the platform, I had a lot of goodwill among the people of Lagos State, which I am still enjoying up till date. So, you believe that you enjoyed the goodwill of Lagosians during your tenure? If not for goodwill, I won’t be the way I am because people appreciated my service. Don’t forget that I didn’t just get to the position of deputy governor. I was serving in many places before and they knew me for hard work, discipline and honesty, and they knew that I will not compromise my principles. Invariable, as bad as it is in Nigeria in terms of how people do things; the people still appreciate those who can stand on principle. I genuinely cared for people and they knew that I was not doing that because I wanted votes. What can you say about your life as

I used my personal funds to finance my office at that time because my governor did not release the fund that he was supposed to

What was the feeling the day the military truncated the Third Republic and ended your administration prematurely? It was one of the saddest days of my life and believe me; right now I believe that the worst democracy is better than any military rule. I pray that the military will never take over. This is why every day I am always on my knees praying that politicians will really get things right. I pray for the All Progressives Congress (APC) government at the federal level to be able to make success of its administration. I have this policy; when we are campaigning, we are campaigning but as soon as campaign is over and somebody takes over the mantle of office, I give him maximum support because if he fails, it is the people that will suffer. So, I try to support in such a way that whoever that is at the helms of affairs should succeed because when he succeeds, we will all be happy. How do you feel that your effort to become the first Nigeria female governor did not see the light of the day? It is not my personal failure; it is the failure of the system. If the system has been the way it should be, somebody like me would not have been suspended at my party’s primaries. And invariably, the opportunity would have been there for one to get to the governorship level. But since the environment was not right, there was nothing I could do. And this is how Nigeria had been deprived of all her best brains that should be at the leadership level. Most times, we have mediocres in offices because many people who have what it takes are denied the opportunity. There are certain things people like us will not do because we want to go there and work. Perhaps, people who want to go there to make money are ready to lick the ground because once they get there; they are going to shut the door against every other person as they are not going for service but for self-

aggrandisement. Prior to the 2007 general elections, you and some PDP governorship aspirants in Lagos State were detained for 14 days after the assassination of Funsho Williams. What informed that? That was part of the reason I said the environment has not actually been friendly. Because of somebody’s inordinate ambition to become governor through a way that is not right; he wanted all of us to be indicted because once you are indicted, you cannot run for any office according to the PDP Constitution. That was why they got us locked up for 14 days. I just came in then from my annual vacation in the United States, when they roped me among those to be locked up because my people picked the gubernatorial form on my behalf in my absence. I have not even campaigned or done anything at all before the fight within the PDP started. At that period, they asked all aspirants to come for a meeting with the Inspector-General of Police and I went there. Even the then Deputy Inspector-General of Police in my presence called the so-called leader, Bode George, and said: ‘The former deputy governor is here, should they lock her up?’ Bode George said: ‘Lock her up along with them.’ But my name did not show at the Presidency that I was there until I got access to telephone and I called the then Chief of Staff and he asked when I came back from abroad and I told him that I have been in detention for 14 days. He later called the Inspector-General of Police and that was how we were all released through my speaking up because those who were in the detention with me noticed that my name was not coming out in the media among those that were detained. They were all surprised that my name was not mentioned among those in detention until I made the call and we were all released. Looking at what you have passed through in politics, what would you say are your high and low moments? My high moment was when I was able to serve the people as deputy governor and I was doing things that people loved, while my low moment was when the administration was truncated. Why was the truncation of the administration, your low moment? Because there is no way you can took oath of office to serve your people and some people just came in and throw you out. Would you say politics made you richer or poorer? Poorer! Why poorer, despite serving as deputy governor? Poorer in the sense that in terms of material things, I would have been richer if I had continued in my world of finance because I didn’t go into politics to steal; I went there to serve. I used my personal funds to finance my office at that time because my governor did not release the fund that he was supposed to. I paid my personal staff as deputy governor. My husband, who was a managing director of a bank and myself were paying my personal staff. Some of CONTINUED ON PAGE 18

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Opinion

If budget padding is not corruption... TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

o soon after the demise of the corruption-riddled government of exPresident Jonathan Goodluck, Nigerians have returned, again, to live in interesting times. At a point under Jonathan, it was one scandal or trouble one week; so much so that we lost count as well as found it difficult to keep up with the frenetic speed at which the country was unravelling. That accounted for why many Nigerians made up their mind to vote out Jonathan and his party; not that many did not have reservations about the CHANGE-dangling All Progressives Congress (APC) and its flag-bearer, Muhammadu Buhari. Before the election, we were familiar with many of the APC bigwigs, including those who had flowed into it from the discredited PDP. We all knew the difference between PDP and APC was like that between six and half a dozen while Buhari’s antecedents left no room for cheers. But caught between the devil and the deep blue sea, Nigerians chose APC and Buhari. The rest, as they say, is history. Buhari and APC have not disappointed the wary who cautioned that APC\Buhari were no credible alternatives to PDP\Jonathan; that the devils we knew should be preferred to the masquerades with sugar-coated tongues pretending to be saints. Nigerians felt they had had enough of PDP\Jonathan and were ready to take the gamble. It was a leap in the dark; one taken with one’s heart in one’s mouth. But see where it has landed us! Nigerians may be angry today over the turn of events but only a few would say they did not fear it could be so. A neighbour of mine packed bag and baggage and ported to the

United States before the last elections. At every opportunity he kept warning those of us roaring “Sai Baba” – “I pray I will not be proved right” The theatrics of an anti-corruption war notwithstanding, the shenanigans of the PDP\ Jonathan years have returned with benumbing ferocity. A government that is fighting corruption, so to say, is itself, neck-deep in corruption. Recent reports have confirmed what we always knew: That there are influence peddlers around the Buhari presidency making the kill and smiling their way to the bank; that there are “Kitchen Cabinet” members satisfying their pleasure at the expense of good governance and the good health of the country; and that names are being swapped and some appointments are going to the highest bidders. We have now heard the lurid aspect of sex-for-appointment in the inner sanctum of power. This is one angle that was missing during the Jonathan era. APC\Buhari are unravelling at frenetic speed. Not only have they proved incapable of stemming the tide of an economic disaster that the people were trying to run away from when Jonathan\PDP were booted out of office, full-blast economic recession is here with us already. The APC\Buhari appear unprepared for governance and are more “clueless and incompetent” than Jonathan\PDP in handling the economy. Today, close to N400 exchanges for a dollar within one year of a man who had promised to achieve parity between both currencies. Unemployment figures, poverty indexes, capital flight all show alarming signals. The Boko Haram insurgency is still well and alive; added to these are the badly-managed Niger Delta and resurgent Biafra infernos that threaten to engulf the country. Buhari runs a sectional government where the North\Muslims have a disproportionate hold on government to the chagrin of the South\Christians. The more we draw their attention to this unfair and unjust practice, the more of it they have dished out. Criticisms have not stayed their hands. Again and again they have thrown spittle in our face. Must we pick up arms before respite

A government that is fighting corruption, so to say, is itself, neckdeep in corruption

comes our way? For, as it is written, those who make peaceful change impossible make violent change inevitable! Many Nigerians easily see the corruption in the National Assembly and are, therefore, preoccupied with it. I make bold to say that equally humongous corruption goes on in the Executive arm of government. While this does not excuse what the legislators are doing, it helps us to understand why it is happening and what we must do to tackle it. There is an unholy competition between the two arms of government. Senators and House of Representative members believe that since they were elected whereas Ministers and presidential aides were only appointed; the legislators have superior mandate and should have no lesser access to the resources of this country. The public may not know but those of them in the corridors of power know the goingson there. If you recollect, budget padding, which is the shenanigan currently trending, started with the Executive. The National Assembly only took off from where the Executive stopped. As for the Speaker who said budget padding is not an offence known to law, he is not saying half of what he knows. Budgets have been padded every year at both Executive and National Assembly ends since 1999. Everyone with information knows that. The real problem is that projects inserted this way are hardly executed but money voted is taken out and eaten by the perpetrators. If the projects are actually implemented, it would not be much of a problem but budget padding is an avenue through which money is siphoned to the detriment of the economy and Nigerians. That is why all the trillions of Naira budgeted since 1999 have little or nothing to show for it on the ground. The system is corrupt through and through and only a systemic clear-up, not the on-going vendetta and theatrics of APC\Buhari, can stem the tide. LAST WORD: Have you heard that APC leaders are trying to settle the cases of corruption involving its leaders in both the Senate and House of Representatives” in a “family affair” manner like PDP did under Jonathan? Birds of a feather; that is what they all are!

INEC, violence and Rivers rerun Gilbert Elechi

here is indeed no doubt that the way the nation’s electoral agency, the Independent National Electoral Commission (INEC) is handling the Rivers State rerun poll gives cause to worry. Many Nigerians and commentators have condemned the umpire’s attitude towards the poll, especially its continued postponement when the State is peaceful. It will be recalled that at the announcement of Prof. Mahmood Yakubu’s headship of the electoral agency, he promised, among others, to ensure credible and transparent polls in the country. Many Nigerians heaved a sigh of relief and believed him and thought that a Daniel has really come to judgement. We had expected that Yakubu would bring innovations that would correct the extant lapses of the umpire in the conduct of elections generally in the country. We had hoped that the nightmarish electoral woes and sad experiences of the electorate were gone for good. There are reasons to have such high expectations. For instance, Yakubu’s

antecedents gave us that optimism. He is well educated and has proved himself well in office. While Prof. Attahiru Jega did his possible best to ensure free and fair polls in the country, the agency under him was faced with myriad of problems. These include electoral violence, rigging, thuggery, ballots snatching among others. In addition, we witnessed new electoral byword like ‘supplementary election’, which arose from inconclusive polls. Governor Rochas Okorocha of Imo State has had experience with inconclusive polls. His first gubernatorial electoral win in 2011 was through supplementary poll as the first one was declared inconclusive. His second term gubernatorial bid suffered similar fate in the 2015 general elections. Owelle Okorocha had then wondered aloud why his elections were always inconclusive. No doubt, inconclusive poll has its own bad sides as well. Apart from increasing the tension the candidates pass through, it wastes the precious time of the electorate as well. That is why many re-runs witness voter apathy. I use Okorocha to illustrate this electoral ingenuity. If Jega’s era at INEC witnessed the advent of inconclusive and supplementary polls in the coun-

try, the Yakubu era has eminently entrenched them. Almost all polls conducted under him since he assumed office were inconclusive. Even his re-runs ended up being inconclusive as well. Some of the rescheduled polls have had cause to be postponed. Kano, Kogi, Imo and Rivers are some of the states that have unfortunately witnessed such electoral hiccups in recent times. But that of Rivers State is somewhat peculiar and isolated. It is generally known that Nigerian polls since independence had been trailed by electoral violence, ballot snatching, rigging, killing and destruction of property and other electoral infractions. Operation ‘wetie’ of the ‘wild, wild, west’ that depicts such electoral horrors in the 1960s readily comes to mind. We saw such violence repeated in the 1983 general elections, especially in the South-West zone. The 2011 general poll that was won by former President Goodluck Jonathan also witnessed a high magnitude of post-election violence and killings of youth corps members that served as INEC’s ad hoc staff for the poll. Prior to the 2015 general election, there were fears of violence and many people including our foreign friends thought that the country would disintegrate.

Some prophets of doom had prophesized that the country was on the brink. Following the outcome of the poll where a sitting president accepted defeat and congratulated the winner even when the poll’s final result is being awaited, the country witnessed peace instead of anarchy. Dr. Jonathan’s acceptance of defeat was said to have doused the built-up tensions in certain quarters and helped to bring post-election peace to the nation to the eternal surprise of our detractors. However, violence rocked the polls in Rivers, Kogi and some other states of the country. In the same vein, some rerun polls in areas with high political stakes like Akwa Ibom, Bayelsa and Rivers had been associated with some levels of electoral violence. The reason for such violence is not far-fetched. It is an ego war between the chieftains of the two dominant political parties in the country, the PDP and the APC. The result of the 2015 presidential poll shows that these states are predominantly PDP states. While INCE has conducted reruns in some of these volatile states, violence notwithstanding, it has since June this year being involved in a seeming Nollywood drama. • Elechi wrote in from Port Harcourt.

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Let law and order prevail

he failure of the Nigeria Police, the organ of government responsible for the protection of lives and property of the citizenry, and ensuring the maintenance of law and order in the polity to close its eyes to the spate of lawlessness and impunity in the system, is apparently disgusting. One of the major problems with the Nigerian nation today is the high level of lawlessness, among the ruling elite class, which ostensibly permeates the social, economic, political and religious strata of the country. It is certainly pitiable that rather than the country to rising up to the debilitating challenge with the required vigour and address the misnomer, which to a large extent, has continued to stagnate the nation in all frontiers, the aberration is flourishing with pervasive ignominy. Beyond this, there is no gain saying, therefore, the fact that Nigeria is being governed with impunity, as the system seemsto have lost control and direction. In any social order, where laws are respected and obeyed, it is guaranteed that the law is no respecter of anybody, no matter how highly placed in the society. But, with the latitude in

which some people disregard and disrespect the law and order of the land, as well as run foul of the Constitution, it appears sanity no longer exists in the country, where virtually the highly placed have created empires for themselves, believing they are above the law. Recently, at the heat of the leadership tussle or crisis rocking the People’s Democratic Party (PDP), the embattled National Leader of the Party, Senator Ali Modu Sheriff, stormed the

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The exponential rise in the apparent use of thugs by the “Big Men” in the society is not only disturbing and condemnable by every inch it deserves, but should also be discouraged and dispensed with by all legitimate reasoning. The police should realise that no one is above the law of the country, and anyone who thinks

Government must come hard on these acts of impunity

Wadata House of PDP National Secretariat in Abuja, the Federal Capital Territory, with stern looking thugs numbering said to have numbered about 300 with dark goggles as early as 7.30 am with intention to force his way into the secretariat complex, which had already been taken over by policemen from Wuse Police Station. In the like manner, similar incident happened at the Nigeria Football Federation (NFF) during the leadership tussle over the NFF President between Amaju Pinnick and Chris Giwa, when Giwa had to storm the Glass House with thugs apparently to take over the leadership of the federation.

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or is so convinced needs to be told or checkmated, using the apparatus of the law. Specifically, there is the consti-

tutional question to this recklessness and aberration of the so-called public and political office holders, who resort to the use of thugs at any slight provocation to intimidate and harass perceived opposition, while the police, set up by the law of the land, feel unconcerned. The use of thugs by Senator Sheriff and Giwa, without being queried and no arrest was made by the Nigeria Police calls to question the level of decadence of our society, without recourse or mindful of the insecurity threat this portends to the nation at this period of national life. What this ignominy suggests is the illegality in our system,

where “influential people” in the society seem to be above the law of the land mainly because of the weakness of our policing institution. If not, how would anyone, no matter how highly placed in the society, resort to the use of street urchins in a sane society where the law is allowed to work and take precedence without anyone and neither the police calling them to order. To a large extent, what is, however, not clear at this point is whether they have the legitimate right to hire or raise personal thugs as their security aides, or have they been licensed by the police or other security agencies to legally go about with thugs. Besides, it is incontrovertible that the Inspector General of Police or any other relevant authority owes Nigerians explanation whether the Constitution or law provides for such in the system, and if not, why should some people go about the streets with hired thugs without questioning. Government must come hard on these acts of impunity especially through the police force to reassure citizens that our country is not a jungle where the strong and mighty determine who does what. Lawlessnes is not in any way part of democracy.

POLITICS

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Dogara vs Jibrin: The battle gets fierce altogether. And democracy can’t work unless Nigerians have faith in those who govern. “If Mr. Dogara refuses to resign to allow for effective and transparent investigation and the allegations of budget padding are swept under the carpet, the ability of the House of Representatives to function as a watchdog and credible guardian of the public interest would be seriously compromised."

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

ing to the lawmakers, Dogara should immediately step down to enable an investigation or new allegations would be unearthed to ultimately force his hands. Also confirming the development, leader of the Transparency Group, Hon. Mohammed Musa Soba (APC, Kaduna) told New Telegraph that “He (Dogara) is not in a position to determine who will investigate the padding allegations. We insist on his resignation before the investigation by anti-corruption agencies.” SERAP’s attacks Meanwhile, the Socio-Economic Rights and Accountability Project (SERAP), has disagreed with Speaker Dogara’s declaration that “budget padding is not a crime under Nigerian law.” In a statement by its executive director, Adetokunbo Mumuni, SERAP insisted that “Budget padding in fact is corruption, as it is implicit in corruption offences such as abuse of office, attempt to embezzle, divert, and misappropriate public funds, conspiracy to act corruptly, and illicit enrichment, which are recognised under the UN Convention against Corruption to which Nigeria is a state party, and included in national legislation such as the Corrupt Practices and other related offences Act, the Economic and Financial Crimes Commission Establishment Act and the Fiscal Responsibility Act.” It added: “The allegations against Dogara and other principal officials of the House of Representatives also suggest a subversion of

Soba

the budget process, which in itself is a crime but also a fundamental breach of constitutional provisions and an affront to internationally recognized human rights.” “A prima-facie case of corruption is established when elected officials are allegedly influenced to act contrary to their obligations of office by the prospect of financial gain to themselves. Budget padding also amounts to corruption as the action is against the public interest. Any appearance of corruption in the budget process can result in a cynical public to losing interest in political participation

The allegations... suggest a subversion of the budget process

NANS’ support In a twist, however, the National Association of Nigerian Students (NANS), absolved the speaker of all the allegations. The group passed a vote of confidence in his leadership, insisting that he should not resign. Jointly briefing the media, the NANS’ coordinators said: “In the light of the current happenings regarding the office of the speaker and other principal officers of the House on the issue of the 2016 Budget process, Nigerian students herein state that we have x-rayed the leadership style, charisma and character of Hon. Yakubu Dogara and found him worthy as a welltrained and roundly groomed leader best fit to steer the affairs of the House in the best interest of our rapidly advancing democracy.” “Mr. Speaker has not lost grasp of the fact that our democratic voyage as a nation can only be sustained if the successor generation of leaders are properly groomed in the art of governance particularly I the aspects of inclusive legislation - which Hon. Dogara epitomizes. This much informed the highly celebrated National Assembly/Nigerian Students

Interactive Summit, a novel and unprecedented program which incorporated Nigerian Students (as stakeholders) into the nations legislative activities. Two different bills that will allow youths participate in government both in elective and appointive offices has received the support of the House and is being championed by the Speaker” they added. Northern youths speak Similarly, another group under the umbrella of Northern Youth Integrity Forum (NYIF), asked the EFCC to immediately arrest Hon. Jibrin and prosecute him. The NYIF in a petition signed by its coordinator, Kabiru Amadu described allegations against Dogara by Jibrin as “false and baseless” explaining that the speaker has never been mentioned in any case of corruption in all his years in public service. While the debate over whether the Dogara should resign or not, most analysts are of the view that since the allegations have been submitted to the anti-graft agencies, it may be untidy for the speaker to resign as he is yet to be indicted by any investigation. Again, going by the House standing rules and orders, matters that are pending in courts are considered subjudiced and hence ‘’no go areas.” There is also a precedence in the upper chamber, where Senate President Bukola Saraki and his deputy, Ike Ekweremadu, who are standing trial are still presiding. Against this backdrop, perhaps, only a pronouncement of the court can compel Dogara to resign.

Why I abandoned banking for politics, by Ojikutu C O N T I N U E D F R O M PA G E 1 5

my staff didn’t even get what they are supposed to get; the state is still owing them up till now. Why were you paying your staff? Was it that the governor denied you funds to run your office? The governor didn’t approve special assistants and protocols for me. They said I should take from the system and the system at that time was polluted because many of them were expecting SDP candidate but NRC came in. So, there was no loyalty, and for me to be effective, I had to get people from outside and not from within the system. Would you say you have any regrets going to politics? I will not say I have regrets but at the same time I will not say I have satisfaction. It is a mixed feeling of the good and the bad. What do you want people to remember you for? I want people to remember me as somebody who love people and who would do anything to make life better for my fellow human being; someone who have the fear of God; someone who would not do anything that will jeopardise the future of this nation. Is there anything you are missing outside office? I missed being able to initiate projects that would better the life of people but I am happy that I am seeing people, who

are making positive impacts in governance. For example, I am happy with what is happening in Ogun State and I am happy to some extent about what is happening in Lagos State. At least, we are seeing money being used for what they are supposed to be used for. And at federal level, I believe that the Change mantra of the Buhari government would be a reality. It is the Buhari phenomenon that brought me out again because I have gone into my cocoon. I went into self cocoon politically until Buhari came out. I know that Buhari means well and he is going to try do things the right way and that will change the entire polity.

been done improperly is going to be the end of that organisation. When I came back, the organisation was still on but it later collapsed because of insider abuse. When I came back and I worked in the state transport section, I fought corruption but some of the staff carried placards with the inscription ‘Mrs Ojikutu must go’ because I was making sure that bus takings and revenue was coming in. They said I was too hard because I forced them to be punctual to office. Former Governor Jakande realised my worth and remove me from there and put me in the land section. I was in Land Use as Controller of Estate, producing Certificates of Occupancy (C of Many public office Os) at the volume holders have been that it was never charged for corruption produced before. I cases after leaving offought against corfice but till date, you are ruption because that among politicians with time to get Certificate clean records in office.... of Occupancy under Corruption has been in the table, you have to pay Nigeria since the discovery about N15,000 to get apOjikutu of oil; it only became crowned proved building plan and C of O and I made sure that people took in the past few years. In my own days, I fought battles against corruption. the C of Os without having to bribe. When I was leaving the country for my There was nothing they didn’t do against MBA programme abroad, I left a note for me, including assassination plan. the bank I was working for at that time, that they should look into how things What is your view about poor participation were done because the way things was of women in Nigerian politics?

It is because many women would not want to go through the rigours that Nigerian politics demand. The monetisation of politics has also prevented some women from politics because they don’t have the kind of funds that is needed for politics. At the same time, women also need strong will to swim in this terrain of politics. They need to have a focus of what they want to do. I believe that many women will start coming in if there is a level playing ground. Are you still a member of the PDP? PDP is a self destructive party. It kept destroying itself along the line and that was why many people kept leaving the party. There is a kind of death wish of the PDP and that is what is happening now. I called Ali Modu Sheriff, the undertaker because with what he is doing, it is like he has come to help pack up the PDP. I still have the PDP membership card but I am not an active member. Why? Because I have been disenchanted with the PDP in the past six years, so, you can’t say that I am an active member. Why are you disenchanted with the party; is it because of the way you were treated? Yes. Since the time I was unceremoniously disallowed from participating in the party’s primaries and without being guilty I was clamped down into detention after Funsho Williams death. There is no sincerity in the party and there is no love between many of the top members. The constitution says one thing but they will do another thing. They had never been consistent.

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LASEMA Response Unit towing vehicle on Lagos road

Saving lives on Lagos roads Recently, Governor Akinwunmi Ambode gave a marching order to the Lagos State Emergency Management Agency, (LASEMA) to embark on removal of broken-down vehicles, tankers and other heavy duty trucks on Lagos roads. The question is, has the development saved more lives and averted tragedies? Muritala Ayinla asks

ovember 20, 2013, no fewer than eight people lost their lives when a truck veered off its lane and crashed into a stationary vehicle at Oshodi. Five other vehicles got trapped in the ghastly accident which claimed the lives of young and old, many of whom were passengers in the commercial vehicles

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

ÂŠ Daily Telegraph Publishing Company Limited

that was waiting to be conveyed to Isheri/Osun and Ijegun areas. Also, many music lovers would not forget in a hurry April 22, 2010 when Nigeria lost of one her finest rappers, Olaitan Olanipekun popularly known as Dagrin. His car reportedly rammed into stationary truck around 2.00am April 14, 2010 in front of Alakara Police Station, off Agege Motor Road, Mushin. The ace artiste died eight days later as a result of severe injuries he sustained in the crash, throwing many Nigerians and his fans across the globe into mourning mood. Similarly on March, 4 2016, a widow and mother of three, Alhaja Fatimoh Adebambo, lost her life with other motorists at Abule Tailor Bus stop end of Lagos-Abeokuta Expressway when they got crushed to death under a cement laden truck. In the tragic incident, two vehicles rammed into the stationary truck on the busy Expressway, resulting in the

Some of these killer-vehicles are found at dangerous bends

instant death of Adebambo, who drove a Sienna bus, while the driver of the other car sustained serious injuries. Residents and other eyewitnesses blamed the incident on the failure of the Federal Road Safety Corps and the police for not removing the truck on the road as and when due. Itâ&#x20AC;&#x2122;s usually a sudden sight for most motorists while on full speed. Many of the broken-down vehicles are dangerously left on the roads with no caution signs to alert other oncoming motorists. Some of these killer vehicles are found at dangerous bends or curves on roads, leaving oncoming motorists and their passengers at the risk of a fatal accident. Sometimes, the lucky and experienced drivers skilfully manoeuvre on sighting them while the inexperienced or not too lucky ones collide with them, leaving the driver and occupants of the vehicle critically injured or dead. This ugly but avoidable dangerous scenarios are common on Nigerian roads and Lagos State by extension. From the city metropolis to the Expressways, these abandoned vehicles and trucks cause more havoc than imagine. They are often responsible for many of the long hours of gridlock experienced in most parts of the country, especially Lagos State. But to check the needless deaths and road crashes resulting from

abandoned broken-down vehicles and trucks on the roads, Governor Akinwunmi Ambode of Lagos recently ordered the newly inaugurated Lagos State Emergency Agency Response Unit also known as LRU to commence the removal of faulty vehicles on Lagos roads. The governor also directed the agency to carry out surveillance of major highways at night with a view to removing any vehicle or truck that may likely cause accidents or gridlock. Hence, to promptly respond to the emergency need and avert disaster as well as save man hours daily lost in the traffic, the Response Unit has also been decentralised to two: Command and Control Dispatch point in Alausa and Cappa Dispatch point near Oshodi. From the inception of the night surveillance operation, LASEMA Response Unit has proven to many discerning Lagosians and indeed Nigerians that no amount is too much to ensure safety of lives and property. The multi-million Naira investments in the state emergency unit are being felt by the residents and motorists. New Telegraph observed that with the night surveillance for removal of broken down vehicles, several lives have been saved while CONTINUED ON PAGE 22

20 LIFE/MEGA CITY Sandra Dickson-Oyetayo

he Obanikoro area of Lagos is a well laid out community. It is a sedate environ for many middle class citizens who got enchanted to the locality, owing to its proximity to the Ikorodu Express road and also for the reason that it’s in the middle of the Lagos mainland and highbrow Lagos Island. It’s a simple and peaceful community with few cars coming in and going out, motorcycles commonly known as Okada and tricycles also popularly known as Keke NAPEP busy taking people inside and outside the community without restrictions. Shops were scantily located within mostly attached to houses; it could best be described as community Tuck shop. It’s indeed a very serene environment. Obanikoro is a closely knitted neighbourhood where almost all the residents are familiar with themselves to the extent that a stranger could easily be identified within the community. It’s situated within the Bariga Local Government area within about 6.54722/3.37028 latitude/ longitude. It is a homestead for some of the high and mighty in Nigeria, including the mother of the Vice President, Prof. Yemi Osinbajo, and many others. The calibre of people living in this vicinity perhaps makes it tick and a very decent habitation. As Mega City walked about, it observed that the environment is quiet away from the horns of trailers and vehicles’ loud blasting of horns coming from the Ikorodu Expressway, which is a few metres away. The thoroughfare to this large serene estate is free from dirt, everyone is mindful of their frontage within the environment. They make sure they do not desecrate it with garbage bins. There are hardly gigantic buildings as most of the houses seem to be mainly bungalows and self-contain apartments. Sauntering further down into where the real Obanikoro village

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

Obanikoro: From rustic

The T-junction between Obanikoro compound and Babs Kazeem street

is situated, where the community originated, to the Bale’s palace, it’s a contrast to the highly sophisticated and modern buildings within the terrain. One is rather faced with ancient bungalows with domestic animals like sheep, goats and chickens roaming freely and unaided. Kids could be seen playing in the open terrace and adults seen chatting in groups like a typical village setting with shrines and mud houses in full glare, a complete sharp contrast into what an estate should be. Florence Kukoyi, an 84 wom-

It is a homestead for some of the high and mighty in Nigeria

Vice President Yemi Osinbajo and his mother

an told Mega City that her husband was one of the founding fathers of the modern Obanikoro. According to her, her husband singlehandedly surveyed the whole estate and did the layout plans. Mama Kukoyi as she is fondly called, left no stone unturned as she relayed the story of Obanikoro in details According to her, Obanikoro was a suburb, like a village decades ago- between late 60s and early 70s. “My late husband who was a surveyor surveyed this place. As you can see, it’s a well laid out place with tarred roads except that it has now been abandoned. The village was a very small community when my husband came and laid it out. He told quite a number of his friends and colleagues that he found a place that he would like to live and settle because the place was not only serene, quiet, it was also in the highbrow of Lagos State. Then Ikorodu road was just a one-way drive. His friends came around and that was how a lot of notable families moved in here to Obanikoro and built decent and habitable houses. This is why a lot of the houses here are self contained, bungalows with either three or four flats, except the newly built ones. Gradually, Obanikoro developed mostly because of its nearness to Baptist Academy, a well-established church and school belonging to the Baptists. People saw this place as an alternative to Victoria Island, Ikoyi or Ikeja GRA and because of its proximity to Ikorodu road, this place became a much-sought after estate. “ We, the wives of the landlords then saw this place as an

opportunity to look after our own estate. Every Saturday then, we would carry pans, brooms, hoes and cutlasses to clean out the whole estate. It was from this that Lagos State decided to start what we know today as Environmental Sanitation Day because this place was so clean, unlike what it has turned into today. I really regret Obanikoro sinking into what it is today. Way back, you could never find a refuse bin in front of any of the houses because the state refuse collectors frequented this place to collect wastes as we finish making them. Eventually, this place became very attractive to quite a few substantial people to live in. Mama Osibajo’s husband too decided to move in here. So were the Oshikoyas, the Shibututu, Fatunbis, Akinyedes-(the bigwigs of Lagos) moved the same time my husband and I did. We all built this place to what it is now. The area is very peaceful! And now that our son ‘Yemi’ (I call him by his first name because he is quite close to my son and he is a very good son to me) has become the Vice President, there is a lot of focus on Obanikoro again. The transformation we are expecting has not taken place though, now Obanikoro is on the world map because our son is the Vice President of Nigeria. So, we hope the development would start rolling in. The growth of the area was mostly through citizen led activities,” Mama Kukoyi narrated. So, what could be the attraction to this neighborhood? Kayode Bayewu, a resident, who has been residing in Obanikoro for past 18 years CONTINUED ON PAGE 21

LIFE/IN THE CITY 21

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

community to sprawling town said. “I got attracted and moved in here after I got married. The reasons ranging from the fact the estate is in the central, middle of island and mainland. It’s also very serene and the electricity supply was and still regular.” He continued, “Obanikoro is a very good place to raise children because of the quietness and no interference of touts and criminals. The Obanikoro I knew and moved into in the late 90s is what it is till date. It’s still as serene as it used to be but the amenities are dilapidating due to lack of maintenance. “Unfortunately, since an indigene became the vice president, we haven’t seen any new development yet. Everything remains as it was. Nothing has changed at all!” We are really hoping for new development in Obanikoro because we know our son is capable.” When asked if he has any plans on moving from Obanikoro to a better place, his reply. “If you come into Obanikoro, you won’t want to leave. That is why I have lived here for 18 years, had all my children here. My first son is about entering into the university. I am not sure I am going to leave in a long time to come because the environment gives me everything I want.” Another resident, who has lived in the estate for more than 24 years and also operates a small business within the estate, Olayinka Ahmed, expressed her disappointment for not seeing any visible development in Obanikoro in recent years, even after the son of the soil becoming the vice president hasn’t changed anything. She also testified that Obanikoro has always been peaceful and quiet. “It’s the same way it has been. Nothing has changed even though the vice president’s mother lives here. All we see are armed men around their houses, then the electricity, the way we used to have light now is better than before , not that it is 100 per cent good but we enjoy at least 12

Mama Osinbajo's compound

The original village of Obanikoro (inset) Mama Florence Kukoyi, one of the founding residents of Obanikoro

hours of light per day.” According to Ahmed, not even the rent has been reviewed upward like other estates in the state. “That perhaps explain why people hardly want to move out of here once they get in. Nowbody wants to leave because the place is peaceful, central and secured,” she said. Even the craftsmen who are indigene of the community feel development is far-fetched in the vicinity. Blocked drainages, broken streetlight poles, a handful of potholes on

their tarred road and lack of portable water system among other lacks, are majorly what the estate needs to maintain its glory. Mr. Biodun Gbadamosi, a welder by profession, said Obanikoro has always been like this since he was a kid as far back as the 60s till now. “It’s always quiet even though the place is more exposed now and there are more houses and people now.” On if the new residence influenced any new development in the community; he shook his head in dis-

One of the streets on Obanikoro

agreement, “All we need is constant light, water. They should drain our drainages and construct our roads which have all been in bad state of existence,” he pleaded. Indeed, from Mega City’s observation, the serenity of this community, coupled with the peaceful ambience is alluring and the people are receptive. The life in the estate is simple and humbling with hardly gigantic buildings and shopping complexes. Peace is the trademark of this estate.

22 LIFE/MEGA CITY

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

CONTINUED FROM PAGE 19

fatal accidents have been averted. Many beneficiaries of this kind gesture are victims of road accident who were trapped either in or beneath heavy trucks. Prior to the initiative, many of such victims succumbed to death after waiting endlessly for help but eventually gave up the ghost before the help could come. It is also a known fact that several lives of innocent citizens being taken to the hospital by ambulance are lost in the gridlock caused by broken down vehicles especially some heavy duty trucks popularly called 'container.' While unveiling the LASEMA Response Unit, LRU, Ambode had said that he was not comfortable with the loss of innocent residents in the state to the avoidable accidents. “The security and welfare of Lagosians is a responsibility I do not take lightly and one that this administration is dedicating considerable resources to fulfilling through all our initiatives over the past 12 months. “Although it is imperative to state that the intent is to prevent emergencies and mishaps, we may not be able to completely eliminate them. As a result, we must be ready to swing into action and save lives and property whenever these unfortunate events occur. Many people lose their lives and sources of livelihood, not from the initial incident, but from the delay in the response time due to inadequate resources and training,” he said. According to him, the Lagos State Emergency Management Agency (LASEMA) has been empowered by law to coordinate all the first responder activities – the Lagos State Fire Service, the Lagos State Ambulance Service and the Lagos State Traffic Management Agency. He said the state has equipped the emergency agency with trained personnel and equipment to effectively

LASEMA rescuing an accident victim on LASU Igando road

Saving lives on Lagos roads carry out its objective which is to save lives and livelihoods. Going by the directive of Ambode, New Telegraph gathered that the LRU now carries out surveillance on the major high way to remove any vehicle or truck that may likely cause accidents at night. The first dispatch point takes off from Cappa, moves to Ijora and down to Abeokuta Express road to Lagos end of Sango. It was also learnt that the second towing truck dispatches from the Command and Control Alausa, moves to Berger end of Lagos and turns back to 3rd

We must be ready to swing into action and save lives and property

A trapped police officer at an accident scene at Iba road

mainland en route Lekki Expressway. When New Telegraph visited the LRU centre at Oshodi, one of the newly recruited emergency personnel, who pleaded anonymity, said that Governor Ambode is taking the state emergency management agency from disaster management to disaster prevention through the investments in the training and life-saving equipment. Speaking with New Telegraph, some motorists, many of whom are owners of private and commercial vehicles, also confirmed that they have benefited from the gesture, saying their vehicles were removed and towed away from the road free of charge. “For me, I must commend Governor Ambode and LASEMA for this. When vehicle develops problems, one is usually stranded. As motorists, you now have hope that LASEMA will come to your aid and not to extort. This, I think, is another creative thinking on the part of the Governor, who charged the agency to embark on this task,” a driver said.

Also Commenting on the impact of the removal of road impediments, Mr Dejo Kolawole, a banker, expressed surprise over sudden free flow of traffic on major roads during peak period. “The exercise is good because people going to work are safe of any overnight incidents that might likely cause delay for those going to work in the morning. The towing exercise is also carried out without charges. This is really good. It shows the government cares about lives,” he said. Also speaking, Bawa Sodiq, a truck driver, said he was surprised that his faulty truck was towed free of charge, saying that he was full of appreciation to the agency when his truck was towed away by 11:20pm at Ajah. “When I first saw the LRU personnel, I thought they would arrest me but was surprised when they said that their mandate was to help me remove the vehicle. We are happy that the agency is also working with other agencies such as LASTMA, Fire Service and LASAMBUS. What a better way to run an all-inclusive government!”

Another accident victim being attended to on Third Mainland bridge

LIFE/IN THE CITY 23

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

Oluwatosin Adepoju

ith the current situation of things in the Nigerian economy, making ends meet is fast becoming a major challenge for most individuals. Utilising the earned income and available resources to get daily needs has now become a major challenge for an average Lagosian, who is mean at making effective use of his income. More so, getting the daily bread and putting meals on table now comes at a very high cost. As each day fades away, the cost of living keeps being on the increase and the prices of foodstuffs increase persistently. Expressing her plight with this situation, Mrs. Ismail Kafilat, a door-to-door fish seller on the street of Lagos, lamented on the tough situation of things. She said that the situation seriously affects almost everyone in the state. “My customers now complain of not being able to afford the normal quantity they use to buy, since they find it hard to manage their income. And this is due to the general tight situation of things in the economy,” she said. Mrs. Ismail further expressed that an average housewife who use to get a N1000 for soup now finds it hard to patronise her stable as usual, since she now sells two pieces of fish for N700 unlike before when it cost about N300. This according to her is due to the increase in the price of fish pack which was N5000 but now N8,500. Onyeagoziri Sunday is a retailer who sells rice, beans , garri and other food stuffs in large quantity. In a chat with the New Telegraph, he said the issue seems to be going beyond control and the customers are consistently complaining on the increase in the price of the foodstuffs. Giving the analyses of the increment, he said the price of rice he sold for N150 per large tin tomato cup now cost N280, beans which use to be N130 of the same quantity now cost N200, Garri which the paint plastic use to cost N300 now cost N600. These increments according to him evoke serious murmurings from his customers each time they approach him for patronage. However, he said they don’t seem to blame him since they understand that it is due to the increment which came from the major wholesalers. He said that a bag of rice which was between N8000 and N9,500 is now between N15,000 and N18,500 depending on the variety. “All other stuffs have now increased by at least 70percent of the normal price, I don’t even know where everything is going to now,” he lamented. In another chat with Mrs. Asiwaju Rodiat, managing a shop of provisions ,she emotionally complained of shortage in her income as each time she goes to the market to re-stock her goods, there is always an increase in the price of stuffs. She said, she now have to sell her goods with proportion to the increment from the wholesalers, and this evokes complaints from them. Starting from the price of the rice of which seems to be the most consumed, she said that a large tin cup which use to cost

Expensive daily bread

Foodstuff market in Lagos

N190 before is now being sold for N300, beans which use to cost N120 of the same quantity now costs N200. She added that gains on other stuffs like sachet and tin milks with other minor stuffs with cooking ingredients now has little gains on them unlike before. ‘Since we have to include the cost of transporting the goods home from the market, our gains are unlike before. She said. She said that virtually all the commodities in the market is now on the increase, and as she manages to buy them to keep the business going, most consumers don’t even bother waiting to buy as soon as they hear the new price of commodities as increased. This tight situation which seems hitting hard on everyone in all areas and works in the state now makes most people think carefully and spend their little income wisely. In a chat with Femi Samuel

Vegetable market

who is a fuel attendant, he disclosed that the tight situation of things now makes their patrons who often come in luxurious cars tightfisted. He explained by saying that they once leave their little amount remaining after fueling their vehicle tanks sometimes. But now they drive

A bag of rice, which was N8000 is now between N15,000 and N18,500

Stockfish market

off instantly without leaving any dime. He said this token which comes often coupled with the money he makes on patrons who come with gallons is now a thing of the past. Also he added that he now have to spend his little salary wisely , as the cost of living now is on the increase.

24 LIFE/MEGA CITY

WEDNESday, AUGUST 10, 2016 NEW TELEGRAPH

Lagosians still sourcing alternatives to kerosene

s a substance of necessity, kerosene which has increased in price persistently as continued to evoke grumbles from residents of the state. In spite of the increment, getting the substance is also scarce as this adds to the burden of the consumers who now seek stress free alternative means. This they do in order to ease the burden of spending more of their incomes on daily meal at the expense of other necessities. On a warm Tuesday evening after a light drizzle, at about 7.pm when preparations are always ready for the day’s dinner. Issac Osas in Abule-egba, Lagos was spotted filling the metal paint container with particles of sawdust. The container in a cylindrical shape has an end opened, with a coca cola bottle in the middle while the bottom side of the metal was pierced in a square shape to allow breeze entrance into the pot to increase burning. Isaac when approached said that this is now an easy alternative to the increase in the price of kerosene which has now made him embrace the use of the sawdust artificial made stove. He added that , since kerosene is now being sold for 220Naira per litre , paying more for the same quantity is now a problem. This

Charcoal stove

Sawdust stove

has made him a consistent patron at the sawmill where he gets the sawdust often to get daily meals ready. He said that this system is even cheaper compared to the kerosene stove, only that the pots get dark quickly from continuous flames from the burning sawdust. On the other hand the situation has now become a relief to the sawmill workers whom Isaac said that, they are satisfied with people coming often to park the substance .He said it makes their floor free from being filled with heap of sawdust as people pack and reduce the substance. Speaking with Mr. Anthony Daniel at a sawmill along the Oja-Oba expressway, he said that, since the price of kerosene has increased and even become scarce in the last few

The rate at which people go to sawmill to pack sawdust has rapidly increased

months the rate at which people come to the sawmill to pack the sawdust has rapidly increased. He said this means that they prefer using the sawdust stove than any other alternatives. ‘Their consistency in coming is fueled by the fact that we don’t charge them for the substance. And as it is that we do hear that people are charged certain amount for sacks of sawdust in some areas, we might also adopt that system, since it will serve relief for us too as everyone knows how tight things are in the country. The only restriction we give them is that they shouldn’t pack beyond certain level, because we also need it to fill our ground during rain to curb the disturbances of flood. In fact, we also restrict them because we also need to have enough of the substance to pack home as I will always

do. They also park particles of wood made while they shape and slice planks.’he said. He noted that since the kerosene issue have been hitting hard, he uses the sawdust cooking stove as a means of relieving the pressure of the situation. Pleased with his own choice of alternative, Mr. Ismail Kamal said that he prefers the gas cooking system as there is also much stress in the sawdust or charcoal system. Also , those systems are not worth using in in this modern day. He said that the cost of filling his 6 kilograms gas container which has also increased from N1600 to N2100 is still cheap and affordable for his family without stress. Adding that he calculated the amount to be spent on a bottle of kerosene daily which now cost N200, compared to the cost of feeling the gas monthly, ‘It is better and cheaper than kerosene’. He said. However, the condition of increment seems to be having a positive effect on the income of those who now supply the alternative means. One of these is the charcoal pot system which has now made most Lagosians consistent patron of the suppliers. Commenting on this fact Mrs. Quadri Idayat, having being in the charcoal wholesale business for few years now, said that most Lagosian’s prefer the charcoal stove to gas cooker as a means of sustaining their incomes. She said that since the issue began to evoke murmurings from the people, they consistently patronize her more than usual before the last one month. ‘Due to the nature of the situation, I didn’t inflate the price of a paint plastic of charcoal I sell for a N100, it remains the same’. Although sometimes I manage to reduce the content of the paint plastic to get a balance in income and also retain my customers, since my suppliers inflated the prices of a bag by N100.

QUOTE

OF THE WEEK

The state Government has helped to repair most of the roads in the state and this has helped to boost our operation. Also, the operation ‘light up Lagos ‘embarked upon by the state government has helped to improve night life in the state”. Alhaji Tajudeen Agbede, Lagos state chairman of the National Union of Road Transport said

IN NUMBERS

IN “About 12 million registered vehicles plying the country‘s roads snationwide, safety is bound to be a huge challenge.” Dr. Boboye Oyeyemi, the Nigeria’s number one road safety marshal said

AU G.

Oluwatosin Adepoju

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Money

Business What's new Two terminals to receive N23.5bn wheat, sugar in Lagos p.26

Leading dealing firms execute N414bn deals in seven months p.26

Weak naira spurs banks’ capital raising exercises

Maritime N793bn Badagry port to create jobs, revenue

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

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

EXCHANGE RATE

(Parallel Market as at August 5)

(Interbank as at August 5)

USD . . . . . . . . . . . . . . . . . . . . . . N398 Pounds . . . . . . . . . . . . . . . . . . . . N510 Euro . . . . . . . . . . . . . . . . . . . . . . . N415

l Foreign Reserves – $26.001bn as at 4/8/2016

USD . . . . . . . . . . . . . . . . . . . . . . N311 Pounds . . . . . . . . . . . . . . . . . . . N414 Euro . . . . . . . . . . . . . . . . . . . . . N347

Source: CBN

L- R: Divisional CEO, Consumer Segments, Interswitch Limited, Mr. Charles Ifedi; GMD/CEO, Interswitch Limited, Mr. Mitchell Elegbe; MD/CEO, First Bank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan; Head, Digital Banking, First Bank of Nigeria Limited, Mrs. Folashade FemiLawal and Group Executive, Commercial Banking, First Bank of Nigeria Limited, Mr. Seyi Oyefeso, at the official recognition of FirstBank’s 100 million monthly transactions milestone at the bank’s headquarters in Lagos.

Nigerian banks issued over 24 million Bank Verification Numbers (BVNs) till date to boost customer identification

Ayodele Aminu

Rates Dashboard INFLATION RATE June 2016 ..............................16.5% May 2016...............................15.6% April 2016............................13.7%

BIOMETRICS

The Business Desk

he number of Automated Teller Machine (ATM) cards so far issued by commercial banks in Nigeria has hit 41.89 million, New Telegraph has gathered. These include the Chip and PIN ATM card brands from indigenous Verge, MasterCard and Visa. This was contained in the country’s latest electronic payment fact sheet released by the Nigerian Interbank Settlement System (NIBSS). According to the NIBSS report, total number of ATMs in Nigeria’s as at March 2016 stood at 16,660, total number of active cards 41.89 million; while the volume and value of ATM transactions between January and March, 2016, stood at N0.12 billion and N1.07 trillion respectively.” Also, on mobile money operations in first quarter, the report said that total number of customers as at March 2016 stood at 29.13 million; total number of agents enrolled was 106,636, transaction volume within the quarter seated at 14.09 million, while transactions value averaged N0.14 trillion.

Nigeria hits 41.8m ATM cards, says NIBSS Till date, the Central Bank of Nigeria (CBN) has licensed 21 mobile money operators (MMOs), with all of them already integrated to NIBSS platform for Interoperability, the report said. Meanwhile, the NIBSS report has also indicated that Nigerian banks have issued over 24 million Bank Verification Numbers (BVNs) to their customers as at end of March, this year. According to the study, while over 30.1 million account holders had enrolled for the BVN, only 24 million had received their verification numbers. The number of enrolled bank customers, thus, represents about 34.7 per cent of the total 86.5 million banks accounts opened by government, corporate and individuals with various banks in the country. Executive Director, Technology and Operations, NIBSS, Mr. Niyi Ajao, said the purpose of the project is to use biometric information as a means of first identifying and verifying all individuals that have account(s) in any Nigerian bank and consequently, as a means of authenticating customer’s identity at point of transactions. He said the BVN exercise would also provide a uniform industrially

N35.5 trillion Being total value of transactions executed on various electronic payment platforms in 2015

accepted unique identity for bank customers, to authenticate transactions without the use of cards using only biometric features and Personal Identity Number (PIN) identification of blacklisted customers. According the NIBSS, starting from January 2015, 2.2 million accounts were enrolled; 2.7 million in February; 3.3 million March and by April, May and June, the figures have increased to 7.7 million; 9.2 million and 12.4 million respectively. In July, August and September, the figure rose to 12.7 million; 13.7 million and 14. 5 million accounts while in the last quarter of the year, 16.3 million accounts were enrolled in October; 21.2 million in November and in December, the figure stood at 28.2 million. However, in the first quarter of this year, the number of enrolled bank accounts for BVN further increased to well over 32.1 million. The data has also revealed that the number of bank accounts opened with different banks in the country so far had reached 86.5 million. The number of accounts opened so far in the country has increased from 75 million in January last CONTINUED ON PAGE 26

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

BUSINESS |news

Two terminals to receive N23.5bn wheat, sugar in Lagos DEFICIT Presently, the country needs 4.1 million metric tons of wheat to meet its demand

Bayo Akomolafe

s Nigeria intensifies effort to reduce wheat importation by at least 50 per cent by 2017, two terminals at the Lagos Port complex would take delivery of 298,255 metric tons of bulk wheat and sugar valued at N23.53 billion between now and next week. The bulk cargoes will be ferried by eight merchant vessels to terminal A and B concessioned to Apapa Bulk Terminal Limited (ABTL) and terminal E concessioned to Grenview Development

Nigeria Limited (GDNL), a subsidiary of Dangote Group. Already, Some 68,952 metric tons of sugar have arrived terminal E. The commodity was ferried by MV Western Wilton with 46,000 metric tons and MV Desert Osprey laden with 22,952 metric tons. The commodity was valued at N9.32 billion ($29.78 million) at the global price of $242 per ton. Also, 229,303 metric tons of wheat valued N14.21 billion ($45. 40 million) in four ships are being expected at ABTL and GDNL terminals. The global price of the commodity, which was $242 in 2015, has dropped to $198 per metric tons in July 2016. At the ABTL terminal, MV Desert Victory had already berthed with 32,303 metric tons, while Desert Serenity and Desert Spring with 46,000 metric tons and 48,000 metric tons respectively are expected to berth next week Monday. Also, GDNL will take delivery of 103,000 metric tons

of wheat from three vesselsMV Navious Ionian, 35,000 metric tons; MV Glyfada, 33,000 metric tons and MV Genco, 35,000 metric tons. Meanwhile, plans by the Federal Government to produce 1.5 million metric tons around Lake Chad by 2017 may not be realistic, as the country’s annual production has further dropped to 60,000 metric tons. Between 2011 and 2015, Nigeria produced 380,000 metric tons of the commodity.

The country produced only 100,000 metric tons in 2011; 2012, 80,000 metric tons; 2013, 70,000 metric tons; 2014, 70,000 metric tons and 2015, 60,000 metric tons. It was learnt that in 2011, a total of 3.9 million metric tons of wheat were ferried into the country, 2012, 4.16 million metric tons; 2013, 4.58 million metric tons; 2014, 4.24 million metric tons and 2015, 4.40 million tons. Presently, the country needs 4.1 million metric tons to meet

its demand. However, Nigeria could only meet 2 per cent of the national demand from the 4.1 million metric tons needed yearly, as production dropped to 60 per cent of what it produced in 2011. The country has increased import duty of wheat from 35 per cent to 100 per cent in order to save $796 million yearly, but efforts to boost local production has not yielded any positive result because of the sharp declined in production.

Nigeria hits 41.8m ATM cards CONTINUED FROM PAGE 25

year to reach 85 million by the end of December last year. Last January, the number of bank accounts residing with various banks seated at 86.5 million. Further analysis of the bank accounts data, however, showed that the total active accounts in the country dropped from 59 million last December to 58.5 million at the end of January this year. This means that only 67 per cent of the total bank accounts opened in the country are active while 33 per cent are redundant. Also, as at last January, 59.7 million bank accounts were Savings Accounts; 23.4 million were Current Accounts; while other forms of accounts such as domiciliary, fixed deposit, among others, were 3.3 million. Meanwhile, despite the number of inactive accounts, most account holders significantly used various electronic payment platforms for transaction in 2015. NIBSS data for transactions activities for 2015 had shown that over N35.5 trillion transactions were carried out on various electronic payment platforms, according to NIBSS Electronic Fact Sheet for the Year 2015. The transactions were executed through the Nationwide Cheque T r uncations Services (NCTS) platform, (NEFT), NIBSS Instant Pay (NIP), the Electronic Bills Payment (E-billspay), Point of Sales (POS), Automated Teller Machines (ATMs) and Mobile Money Operators (MMOs). The study has also revealed that Nigerians are currently moving away from traditional cheque transaction to a more convenient electronic means of carrying out financial exchanges, as the value of half-

year cheque transactions this year dropped by more than 10 per cent. The decline compares with the value of transaction during the same period last year, where more cheque transactions took place, according to NIBSS. According to the report, from a total of N3.194 trillion cheque issuance value in the first half of last year, the figure crashed to N2.894 trillion during the same period this year. The N300 billion transaction difference, thus, represents about 10.36 per cent decline in cheque transactions this year. Details of the data showed that in January, February and March last year, cheque issuance values stood at N541.062 billion; N548.116 billion and N565.138 billion respectively. In April, the transaction value was N510.442 billion; N487.937 billion in May and in June 2015, the figure stood at N542.08 billion. There were general declines in monthly cheque transactions value this year, as N464.553 billion was executed in January, N501.166 billion in February and N487.572 billion in March, ending first quarter, according to the report. In the second quarter of the year, spanning April, May and June, cheque transactions were valued at N472.465 billion; N480.409 billion and N488.627 billion respectively. In terms of volume of transactions, the NIBSS’ report indicates that while the total number of deals stood at 6, 407, 507 in 2015, only 5, 731, 805 units of transactions were recorded this year. This means that there was a decline in the volume of transactions by 675,702 this year when compared with last year.

Chairman/Director, FBN Capital Ltd, Mr. Kayode Akinkugbe; Managing Director/CEO, Financial Market Dealers Quotation (FMDQ) OTC Securities Exchange, Mr. Bola Koko Onadele; Managing Director, UPDC Plc, Mr. Hakeem Ogundiran and Managing Director/CEO, Coronation Merchant Bank, Mr. Abubakar Jimoh, during UPDC Plc commercial paper quotation ceremony in Lagos. PHOTO: SULEIMAN HUSAINI

Leading dealing firms execute N414bn deals in seven months SUPREMACY Ten top stockbrokers are liable for 58.37 per cent of the total value of transactions to date

Chris Ugwu

op ten leading dealing firms in the Nigerian capital market ended the first seven months of the year 2016 with the execution of 78.189 billion shares worth N414.116 billion. Investigations by New Telegraph showed that the top 10 stockbrokers were responsible for 58.37 per cent of the total value between 04/01/2016 and 29/07/2016. Also, the brokers are liable for 58.43 per cent of the total volume during the period under review. Further findings revealed that Stanbic IBTC Stockbrokers Limited dominated with 12.70 per cent or N90.092 billion exchanged in 6.295 billion shares. Rencap Securities Limited trailed with N75.737 billion or 10.67 per cent exchanged in 4.760 billion

shares. CSL Stockbrokers Limited accounted for N61.973 billion or 8.73 per cent invested in 6.832 billion shares. EFCP Securities Limited exchanged N57.645 billion or 8.12 per cent in 3.300 billion shares, while FBN Securities Limited accounted for N34.366 billion or 4.84 per cent. Greenwich Securities Limited traded N27.591 billion or 3.89 per cent in 27.174 billion shares while Cardinal Stone Securities Limited staked shares worth N17.755 billion or 2.50 per cent. Africa Alliance Stockbrokers Limited traded N17.672 billion or 2.49 per cent while Chapel Hill Denham Management Limited exchanged N16.428 billion or 2.32 per cent. Investment One Stockbrokers International Limited trailed with N14.853 billion or 2.09 per cent. In a bid to stimulate demand and engender competition in the stock broking community, the management of the Nigerian Stock Exchange (NSE) had in September 2011 introduced the ranking of brokers by transaction value and volume. Market watchers identified volume of transactions as a major challenge facing stockbroking firms in Nigeria. They said there are a few

stockbrokers working with these foreign institutions who collectively control the major volumes traded in the market. The analysts believed that the dominance of these brokers appears to be the reasons why they are dictating the tune in the Nigerian market and so, anytime they start buying, the bulls return and when they stop buying and take their profit, the bears take over again, hence one of the reasons for the back and forth movements that is being observed in the market so far. Managing Director, Crane Securities Limited, in a chat with this newspaper noted that these 10 firms that have continued to dominate the activities on the Exchange have some of the most diversified portfolio of clients. He expressed concern that their activities have made the local bourse move towards a market dominated by few buyers and sellers who create room for all sort of imperfect competition, in order to accrue greater revenue and market share. “In addition to being the biggest trading houses for Foreign Portfolio Investments (FPIs), they also play big among the local institutional and high net-worth investors thereby keeping other players at bay,” he said.

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

fct business watch

Renewed push for FDIs flows despite bottlenecks EEG scheme since 2010. Due to the non-acceptance of the Negotiable Duty Credit Certificate, an instrument through, which the grant is disbursed, a backlog of N123bilion of unutilised NDCCs has piled up. The exporters were paralysed by the backlog and had no option but to scale down exports, which bore a stark reflection of the country’s non-oil export performance since 2014”, Olarewaju told reporters recently in Abuja.

Fresh push to woo both deserting foreign investors and new ones may yield result after all, given the positive assurances trailing the investment road shows abroad. However, key issues that drove them from the nation’s shore must be tackled. ABDULWAHAB ISA writes

ba Akran Way Ikeja, Lagos, was Nigeria’s foremost industrial hub in late 80s and early 90s. Same for Industrial Avenue, Ilupeju, and Ijora in Apapa. Up North, Bompai Road and Sharandai were colonies to clustered industries. In Kaduna State, Television area used to be an arena for textile firms. Today, these areas are deserted. The industries are dead. The premises of the famous Tower Aluminum, Dunlop Plc, Hoesch Limited and NTM Textile Mills all located at the Oba Akran area of Lagos have been converted to worship centres or taken over by upscale restaurants and popcorn shops. Nigeria’s industrial fortunes took a deep plunge in the late 80s. By late 90s and 2000, the firms are gone, with famous Dunlop tyre, Michelin and others closing shops and relocating elsewhere due to power outage, insecurity challenges and harsh operating environment. With recession fully birthed in the nation’s economic shores, this is an anxious moment for the nation, with her leaders dispatching emissaries, high powered delegations to woo reluctant investors back to the base. Genesis of investment drought The current investment woes did not start last year or five years ago. Deliberate failure, inaction of the past administrations to address power supply problems compounded the current electricity supply challenges. Confronted with huge operating cost as a result of providing their energy to sustain operations, the firms were left with no choice but to look elsewhere where electricity was stable and guaranteed. The result of dearth of investment in power years back, is evidently felt today in the garb of unemployment . Firms that should have employed the nation’s youths have taken flight to a more electricity stable countries. The heightening insecurity, harsh operating environment confronting firms, allowed to fester unattended to, provided the enabling ground for firms to relocate their operations.

Minister of Industry, Trade and Investment, Dr. Okey Enelamah

Renewed push for FDIs There has been concerted efforts to reverse current investment woes lately. At various levels, government officials, agencies and organisations are currently involved in wooing investors to the country. The Central Bank of Nigeria (CBN)-led Godwin Emefiele headed Federal Government’s delegation to attract foreign investments to Nigeria. Emefiele and his team, which comprised of Deputy Governor, Dr. Serah Alade and other top officers of the bank toured United Kingdom weeks ago. The team had sessions with potentials and willing foreign investors. Essentially, Emefiele’s team used the occasion to dissect recent policies of the bank before assembled investors. Weeks after Emefiele’s Europe trip, the Nigerian Investment Promotion Commission (NIPC), in collaboration with the United Kingdom Trade and Investment (UKTI), held a five-day investment road show in the UK. The ‘road how’ was designed to showcase the abundant investment opportunities in Nigeria, especially in the area of non-oil sectors to United Kingdom investors with a view of wooing them to invest in the Nigerian economy and attract more Foreign Direct Investment (FDI). In a statement to herald the London road show, the commission listed the key areas of investment target to include, infrastructural, agricultural, energy, financial, information, communication and technology, solid mineral, education and training sectors as well as investment opportunities in some states of the federation. Speaking at Lancaster House, London venue of the investment road show, NIPC Acting Executive Secretary/CEO, Hajiya Ladi Katagum, who represented the Minister of Industry, Trade and Investment, Dr. Okey Enelamah, said that President Muhammadu Buhari is taking bold steps to create a conducive business environment that will support the inflow of domestic and foreign investment into the economy. To this end, the minister added, his ministry is reforming the country’s business envi-

CBN, Deputy Governor, Economic policies, Dr. Serah Alade

Government must demonstrate sincere commitment to tackle the challenges bedeviling the power sector

ronment and ensuring that the ‘ease of doing business’ is made a reality, not just an advertised catchphrase. He stated that the reforms have the full support of President Muhammadu Buhari and will begin to yield demonstrable fruit in the shortest possible time. “We are working on making it possible for business persons and potential investors to be able to register new businesses a lot faster, acquire land and property with fewer bottlenecks and greater efficiency, and move goods through our land and sea ports faster,” she said. Area of concerns / bottlenecks There is no misgiving, government is all out with commitment to attract FDIs. Indeed, that remains a fulcrum to reawaken the economy from the current recession. However, much still needed to be done in the area of power, security and conducive atmosphere. The crushing and bombing of oil facilities are still daily occurrence in the oil rich Niger - Delta by militants. Another set of militants are currently locked in war with the military at Arepo in South West Ogun State. The state of the nation’s infrastructure is still in appalling stage, with Nigerian roads not good at all for transporting goods. At home, Nigerian exporters have also decried continued decline in the non-oil export . They attributed the set back to poor implementation of the Export Expansion Grant scheme by government. According to them, Nigeria’s non-oil exports decreased from $3billion in 2013 to $1.6billion in 2015 as a result of the poor implementation of the EEG since 2010. Executive Secretary, Organised Private Sector Exporters Association, Mr. Jaiyeola Olarewaju, stated that the decreasing trend in non-oil export would persist in 2016, judging by the available information. “According to a comprehensive Impact Assessment Report prepared by the Nigerian Export Promotion Council released in May 2016, the decline in non-oil export is chiefly attributed to the disruption in the implementation of the

Analysts’ perspective To navigate the economy away from troubled water, the Buhari administration has embarked on wide consultations with economic experts with a view to getting over the current recession and positioning the country to take maximum advantage of the situation. Attracting FDIs is a key item on the card. The first in the series of consultations were held in Abuja and Lagos, weeks ago. Speaking recently, CEO of Africa @ Work, Dianna Games, applauded the administration’s effort in tackling corruption . “If the president succeeds in tackling corruption – and there is every indication that he will certainly make serious inroads into it over time – that will already be a major win in terms of the business climate. Tackling graft will lower the cost of doing business as it will help to address longstanding dysfunction in state enterprises and help to level the playing field.” In a recent interview with New Telegraph, an economist, Odilim Enwagbara, was optimistic that the current effort aimed at diversifying the economy when pushed through will attract foreign investors to the non-oil sectors such as agriculture, mineral oil and tourism. Director-General, West African Institute for Financial and Economic Management (WAIFEM), Prof. Akpan, noted that apart from wooing FDIs, there is the compelling need to intensify production and export of locally made goods to earn foreign exchange. That way, he said, the current forex situation can be tackled. “The naira is not a convertible currency, so the economy would never have enough. It is the responsibility of the apex bank to manage the foreign exchange market. In the long- run, the economy must be diversified away from oil. In the short-term, the demand for foreign goods must be curtailed either by total ban of certain items or a high tariff should be placed on them.” Conclusion The investment road show and high powered delegation to woo FDIs must be tied to tangible improvement in key requirements. Government must demonstrate sincere commitment to tackle the challenges bedeviling the power sector, rehabilitate road network and create an enabling atmosphere. Without fixing these vital areas, attracting FDIs will, at best, remain media hype.

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

BUSINESS |MONEY

With pressure building on their loan books, shrinking economic growth, coupled with the continued plunge in the value of the naira, lenders are heading for the capital markets to raise new funds. Tony Chukuwnyem reports

Weak naira spurs banks’ capital raising exercises

n the last few days, there has been a flurry of announcements of capital raising plans from banks. Wema Bank set the ball rolling when it announced last Tuesday that it planned to issue N20billion in bonds this month. Wema Bank’s Chief Finance Officer (CFO), Mr. Tunde Mabawonku, reportedly told Reuters that the move was part of the lender’s efforts at broadening its operation base by expanding its branch network. The news agency quoted him Minister of Finance, Kemi Adeosun as saying: “We expect to open in a couple of weeks. We are awaiting final regulatory approvals and we Loan (NPL) ratio to 7.5 per cent by expect to conclude the process this year end from the 8.9 per cent it quarter.” had reached in the first half of Mabawonku also said the mid- the year, which is above the Centier lender was watching debt mar- tral Bank of Nigeria’s (CBN) target kets closely for rates, adding that level of 5 per cent. it had a target break-even rate at which it wanted to issue the notes. FCMB Reacting to views in some Similarly, FCMB’s Chief Execuquarters that the bank was taking tive Officer, Ladi Balogun, revealed a risky step given the economic that the bank planned to raise N10 slowdown, Mabawonku said: “Yes to N15 billion of tier II capital to the economy has slowed but there boost its balance sheet. He said that although the lendare still business opportunities. We are opening locations in areas er’s CAR was close to the regulawhere we are not present and we tory limit of 15 per cent of assets see that the population is under- at mid-year, it was undertaking the banked.” capital raising to provide an addiWema Bank had obtained tional cushion. He also said the bank was also shareholders’ approval in May to issue bonds or preference shares slowing down loan growth, adding this year to raise N20 billion in that a rate of increase of 14.8 per the first tranche of a N50 billion cent in the first half was largely programme, but market condi- due to the 40 per cent drop in the tions then deteriorated forcing the value of the naira against the dollar since the dollar exchange rate lender to adjust the plan. peg was removed last June. Diamond Bank “For the Tier II we would be Barely 24 hours after the Wema looking at anywhere in the range Bank’s announcement, two other of N10 to N15 billion. It’s really golenders, Diamond Bank and First ing to be targeted at retail because City Monument Bank Limited we feel that the rates from institu(FCMB), also disclosed plans to tions will be high…We have interraise fresh capital. est from some depositors who want Diamond Bank’s Chief Execu- higher yields,” Balogun stated. tive Officer, Uzoma Dozie, said Interestingly, the capital raising the lender was considering rais- announcements come against the ing fresh capital and selling some backdrop of growing calls in finanassets in order to strengthen its cial circles for more banks to beef capital base. up their capital bases in order to According to him, the bank’s avoid the fate that recently befell capital plan will ensure it meets the former board and management all regulatory requirements both of Skye Bank. It will be recalled that the CBN in the short term and in the future. Diamond Bank’s Capital Ad- had effected a change in the board equacy Ratio (CAR) had fallen to and management of Skye Bank, 15.6 per cent of assets by mid-year early last month, following the from 18.6 per cent a year ago. lender’s failure to meet the miniDozie said: “We are doing a capi- mum thresholds in liquidity and tal management plan and that will capital adequacy ratios. determine how much capital we For instance, commenting on want to raise, tenor and size…We the CBN’s intervention in Skye don’t have any need to grow our Bank, a financial analyst, Mr. Ben branch network anymore. We are Odigie, advised banks to consider also looking at some assets that we rights issues as a way of raising can dispose of and we are a long additional capital to maintain the capital threshold. way into that.” He also said that the bank hoped He said, “Although the economy to bring down its Non-Performing is weak, banks have to devise strat-

CBN Governor, Godwin Emefiele

egies on how to successfully raise fresh capital. This will help them address the issue of low capital adequacy.” He argued that the rising level of NPL in the industry, shrinking economic growth and the continued plunge in the value of the naira had made it imperative for banks to raise new capital.

Banks could succeed if they are going for rights issue

S&P’s prediction Indeed, in a note it issued in April last year, global rating agency, Standard & Poor’s (S&P) had predicted that several Nigerian banks, including First Bank of Nigeria Ltd., the country’s biggest lender by assets, will need to raise capital or restructure their balance sheets in the next 18 months to combat low oil prices. The agency said at the time that the over 40 per cent plunge in oil prices since June 2014 was weakening Nigeria’s economy and that this could lead to an increase in bad loans. A Director in S&P’s financial services team, Matthew Pirnie, pointed out that Nigerian banks needed to build a buffer of 1.5 to 2 percentage points above the CBN’s benchmark of at least 15 per cent CAR to withstand shocks. He said: “There will be a lot of capital raising. First Bank is one that in the next 12 to 18 months will have to do some sort of capital raising or come up with a balance sheet strategy”, that may include, “slowing growth or removing assets.” In fact, even before S&P made this prediction, several Nigerian lenders had started to boost their capital buffers. United Bank for Africa Plc. started a N11.5 billion share sale in December 2014, while Access Bank Plc. completed one of N53 billion on March 18 2015. But for adverse market conditions, which forced it to shelve the plan, Skye Bank had announced in March last year that it would raise N50 billion in a rights issue. Risk of foreign currency loans Analysts also believe that anoth-

er major reason for the increased pressure on banks to head for the capital market at this time is the higher risk of foreign currency loans triggered by the devaluation of the Naira. The experts estimate that about 42 per cent of loans extended by Nigerian banks are in dollars and that if naira continues to decline, it will force some banks to recapitalise to have enough naira to stay within financial stability limits. Standard Chartered’ Africa Chief Economist, Razia Khan, said: “There is a concern around the evolution of banks’ capital adequacy if the naira continues to weaken. As the naira weakens, FX loans are likely to be problematic.” According to London-based analysts, Exotix, United Bank for Africa Plc. (UBA), Diamond and Guaranty Trust Bank (GTB), which is Nigeria’s biggest bank by market capitalisation, have the highest ratio of dollar loans, at 50 per cent apiece. UBA and GTB have said they saw no need for a recapitalisation due to the devaluation. However, industry sources say that three or four medium-sized banks might need to raise capital. CBN recently told lenders to set aside extra provisions against their dollar loans in the wake of the sharp fall in the naira since it floated the exchange rate last June. Challenges But does the Nigerian capital market have the capability of providing the volume of funds that the banks so badly need? The consensus in financial circles at the weekend was that current market conditions do not suggest that the banks will succeed in raising the funds they are looking for. A financial analyst, who did not want to be named, said: “The signs are not good for the banks. Investors are moving to sectors which offer better returns.” He contended that apart from the economic hardship, they were facing, most investors were already wary of the market and would not be tempted into buying bank stocks. He said: “Even private placements may not be fully subscribed given what people are passing through currently in this economy.” Conclusion However, financial analyst and the Principal Consultant, Henates and Associate, Mr. Henry Atenaga, was more optimistic about the banks’ chances of raising funds from the capital market. He said: “Things are tough in the market now but the banks could succeed if they are going for rights issue. This is because the shareholders don’t have much of an option with regard to which sector is performing well these days, so, they could decide to stick with the banks.”

BUSINESS |MONEY

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

‘Banks may bear 51% of AMCON resolution cost fund’ Rising Tough economy impacts lenders

Tony Chukwunyem

ontrary to initial estimates that Deposit Money Banks (DMBs) would bear a total of 31 per cent of the Asset Management Corporation of Nigeria’s (AMCON) resolution cost fund, the figure is likely to climb

to 51 per cent, according to AMCON’s Chief Executive Officer (CEO), Mr. Ahmed Kuru. Mr. Kuru, who stated this at an interactive session with select journalists, last week, attributed the expected increase to the challenges currently facing the Nigerian economy. He said, “From the way the economy is going, banks will bear 51 per cent of the resolution costs. The original plan was that they would bear 31 per cent of the costs.”

Established in the aftermath of the 2009 banking crisis, the resolution cost fund, otherwise known as the sinking fund, was aimed at providing a safety net for AMCON to ensure that the Corporation met its obligations arising from debt securities issued by it. The fund was also aimed at ensuring that the government (tax payers) will not bear the cost of another financial crisis in future. According to the AMCON Act, each bank is required to contribute 0.5 per cent of

total assets and 0.5 per cent of 33 per cent of their off balance sheet items to the sinking fund. Although the AMCON boss did not give details of how Nigeria’s current economic challenges would drive up the cost of banks’ contribution to the sinking fund, lenders have, in recent times, been reporting rising levels of Non Performing Loans (NPLs), slashing earnings forecast and struggling with the impact of the falling naira. For instance, in its latest

L-R: Chairman, Brokerfield Real Estate Services Ltd, Mr Akin Olawore; Managing Director, Unilever Nigeria Plc, Mr Yaw Nsarkoh and President, Nigerian-British Chamber of Commerce, Prince Dapo Adelegan, during a breakfast meeting in Lagos.

Islamic finance assets to hit $3.2trn by 2020 –Report

slamic finance assets are projected to grow to $3.2 trillion by 2020, with Islamic banking reaching $2.6 trillion, according to findings of ICD Thomson Reuters Islamic Finance Development Indicator. Islamic Finance is considered the most developed sector within the various pillars of the Islamic economy. In 2015, Islamic finance assets were $2 trillion, with Islamic banking representing 73 per cent of these, followed by Sukuk, which represented the remaining. The increase in assets was driven by strong growth in all sectors ¬ Islamic banking, Takaful, outstanding Sukuk and net value of Islamic funds. Saudi Arabia, Iran and Malaysia led Islamic banking by holding almost 65 per cent of global Islamic assets in 2015, reflecting significant concentration within the top three countries. However, the report stated that the Sukuk market has struggled in the past couple of years due to the global economic uncertainty, which has caused the dearth of new players. The Sukuk market dropped significantly to $66 billion in

2015 ($101.8 billion in 2014), a performance that was not anticipated by market players after ending 2014 on a strong note, the report stated. According to the Sukuk perceptions and forecast study, the drop in Sukuk market is also attributed to cessation of short terms Sukuk by Bank Malaysia Negara (BNM) in Malaysia, the world’s biggest Sukuk market, holding approximately 50 per cent market share. In 2016, the Sukuk market continued to struggle as a number of issuers shifted to the bonds market for raising

liquidity. However, in the past couple of months, the Sukuk market has become somewhat active, on the back of recent issuances from Malaysia and Turkey. The noted, “As of July, 2016, the Sukuk market has relatively picked up to stand at $38.7 billion, although remains slightly below 2015 levels of $40.9 billion. The amounts issued so far are in line with our forecasts in our last year’s Sukuk report. Our supply and demand model expects the total issuance to be around $70 billion by end of 2016. The outlook remains

positive with new countries announced to issue next year such as Kenya and South Africa among other existing countries.” In another development, Thomson Reuters has also unveiled some of the key findings from its Indonesia Islamic Finance Report entitled, “Prospects for Exponential Growth”. The study was prepared in collaboration with the Islamic Research and Training Institute (IRTI), an affiliate of the Islamic Development Bank Group, and in strategic partnership with CIMB Islamic Bank.

Financial Stability Report (FSR), the Central Bank of Nigeria (CBN) disclosed that the collapse of crude oil prices and the impact on government revenues and foreign reserves portend risks to banking system stability through increase in default rates, reduction in solvency levels and volatility in exchange rates. According to the apex bank, NPLs rose by 3.36 per cent to N649.63 billion at endDecember 2015, from N628.54 billion at end-June 2015, representing a 78.8 per cent increase from the N363.31 billion recorded at end-December 2014. The NPL ratio, the CBN said, rose to 4.86 per cent from 4.65 per cent, adding that although the NPL ratio remained within the prudential ceiling of 5.0 per cent, it trended closer to the upper limit. The apex bank also disclosed that a few banks had non-performing loans’ ratio above the regulatory maximum limit of 5.0 per cent. Indeed, financial analysts are predicting that the dire straits that the banks are in will lead to a consolidation in the sector. It will be recalled that the CBN had in 2011 revealed that over N3 trillion had been spent in resolving the 2009 banking crisis. The former Deputy Governor, Financial System Stability, CBN, Dr. Kingsley Moghalu, who disclosed this, said the cost included the N1.725 trillion spent by the AMCON to acquire NPLs of banks in the wake of the global financial crisis. He explained that before then, the apex bank had injected N620 billion to rescue 10 banks during the crisis and another N679 billion was expended by the AMCON to recapitalise three Bridge Banks. Available data from the Nigerian Stock Exchange (NSE) shows that 15 banks listed on the Exchange paid N145.5 billion as banking sector resolution cost fund into the coffers of the AMCON in 2014. The data also disclosed that the 15 listed banks recorded total assets of N29.107 trillion during the 2014 financial year.

Moody’s: Strong investor support boosts IDB’s credit profile

he Islamic Development Bank’s (IDB) credit profile is supported by its strong shareholder support, robust capital base and prudent financial and risk management policies, Moody’s Investors Service has said in its latest report. The study, entitled, “Islamic Development Bank Aaa Stable: Annual Credit Analysis”, is an update to the markets and does not con-

stitute a rating action, the agency said in a statement. A Moody’s analyst and author of the report, Mathias Angonin, said, “The bank benefits from strong support from several highly-rated shareholders, as well as a strong capital base and asset quality. The IDB’s Aaa rating outlook is stable, reflecting Moody’s expectation that credit trends are likely to be in line with the current rating over the outlook horizon.

“Although highly unlikely, downward rating pressure could result if there was a loss of shareholder support, or significant losses and sizeable defaulting assets, or liquidity stress arising from capital markets developments.” According to the report, the Multilateral Development Bank (MDBs) has a strong capital base as a result of multiple capital increases that places it in a generally

favourable capital adequacy position when compared with other Aaa-rated MDBs. It, however, stated that while the IDB’s gearing ratios have increased over the last few years due to Sukuk issuance, they remain low in absolute and comparative terms, adding that the overall credit quality of the bank’s portfolio has been relatively solid, with sustained low levels of sustained assets.

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

BUSINESS | Investor

Non-interest capital market as fillip for jump-starting economy

As investors worldwide are increasingly embracing Islamic finance products, there is a need for stakeholders in the capital market to also buy into the initiative. Chris Ugwu writes The meltdown he meltdown witnessed by the Nigerian capital market following the global financial crisis and other peculiar local factors, resulted in investors experiencing heavy losses in their investments. This consequently affected investors’ confidence adversely, leading to apathy and lull in activities at the stock exchange. The ripple effect of this on the economy is that on one hand, the culture of savings and investment among the populace is in dire stress and on the other, the productive sector is being starved of long-term investible funds usually garnered through the intermediation processes provided by the capital market. However, regulators have been making efforts to provide other alternative windows to bridge the current apathy in savings and investment, one of which is the promotion of non-interest capital market (Sukuk). In most parts of the world, the Islamic Capital Market has become one of the viable alternative investment windows in the world, which consequently has created an investment opportunity in some of the emerging markets of the world, such as Dubai, China, India, Brazil, and Russia among others. These markets over the years have been witnessing a steady growth and development and some analysts are optimistic about them given the structural changes they have brought in these economies. However, with the current growth, market watchers believe it has come at a crucial stage where there is a need to redefine and establish the enabling environment that will spur its next phase of growth of the market. Islamic finance had developed not only in traditional Muslim markets such as the Middle East, but also in conventional markets and financial centres such as the UK, with a growing number of jurisdictions across the globe at various stages of developing their capabilities in Islamic finance.

Previous efforts In order to leverage on the opportunities these funds could offer to multicultural and multireligious countries such as Nigeria and in an effort aimed at further deepening the nation’s stock market, the Nigerian Stock Exchange (NSE) in 2012 signed a Memorandum of Understanding (MOU) with Lotus Capital for the development and management of a certified Shari’ah compliant Index.

Gwarzo

Following the understanding, NSE began publishing certified Shari’ah compliant Index known as the “NSE Lotus Islamic Index or NSE LII in July 2012. The index consists of companies in conformity with the principles of Shari’ah and was the first index created to track the performance of Shari’ah compliant equities on the floor of the Exchange. Investment instruments such as Exchange Traded Funds (ETFs) were built on the Index, which ethically minded investors, both in Nigeria and overseas can invested in. Total of 62,000,000 units of Lotus Halal Equity ETF was in November (2014) listed at 1/200th of the value of the NSELII at a minimum lot of one unit on the Exchange. An ETF is a security that tracks the performance of an index, basket of assets or a commodity, which gives a convenient way to purchase a broad basket of securities in a single transaction. Consequently, Vetiva Securities Limited, the market maker of the Lotus Halal Equity Equity Traded Fund (ETF) said it would strive to provide liquidity at all times for investors. More so, the company disclosed that the forces of demand and supply would determine the daily price movement. “Investors who choose not to trade on the secondary market, may purchase/sell units of Lotus Halal Equity ETF securities through the process of creation/redemption, subject to a minimum creation/ redemption value threshold of a block of ETF units,” it noted. The company also stated that the NSE Lotus Islamic (Index-NSE LII), which was launched in 2012, made up of 15 liquid and high capitalised stocks with strong fundamentals would help track the performance of these stocks. “The NSE-LII is an equity index that tracks the performance of a basket of carefully selected Shariah compliant equities listed on the floor of the NSE,” the company disclosed. Widening non-interest capital market In an efforts to further unlock the enormous potentials of the Nigerian Capital market, the Securities and Exchange Commission (SEC) expressed its determination to deepen the non-

NSE Director-General, Oscar Onyema

There is a need to intensify public awareness and financial education campaign to showcase benefits of non-interest banking

interest capital market space so as to enable millions of Nigerians and people of faith to invest their savings ethically. Director General of SEC, Mounir Gwarzo who stated this recently at a regional round table on Non-Interest Capital Market in Kano. Christened ‘Financing Development through Islamic Capital Market - A Viable Alternative’, the SEC boss said that investors worldwide are increasingly allocating their resources into Islamic finance products, adding that by the end of 2014, total assets under management in the global Islamic finance industry surpassed $2 trillion. He said while most people identify capital markets as an important source of medium-tolong term capital flow, there is also an amazing potential of capital markets to serve as a catalyst for financial inclusion, adding that going forward, the SEC will focus on massive public enlightenment and also stronger capacity building initiatives. He said: “Our focus for the roundtable was on Sukuk, one of the most important components of the Islamic financial system. The global sukuk market continues to witness remarkable growth since after the 2008 global financial crisis as annual issuances have grown from $15 billion in 2008 to almost $120 billion in 2014. “In fact, last year is widely considered a landmark year for Islamic finance, especially with landmark debut sukuk issuances by countries such as the UK, Hong Kong, Senegal, South Africa, and Luxemburg. Of course the year witnessed continued strong interest from key markets of Malaysia, Saudi Arabia and the United Arab Emirates (UAE) and emerging markets like Turkey and Indonesia. There is no doubt that the sukuk market is emerging on a global scale as a viable alternative source of funding”. While describing Malaysia, Saudi Arabia, UAE, Kuwait and Qatar as the top five largest Islamic finance markets in the world, in that order as they account for the highest sukuk issuances and contribute over half of the total assets under management in the industry, Gwarzo said that with Nigeria’s population, which is far

more than all five countries put together, the country should be a major market for global Islamic finance market. He said: “With over 80 million Muslims, Nigeria is home to far more Muslims than all the five countries put together. Additionally, Nigeria has a larger economy than them, with the exception of Saudi Arabia. There is therefore no reason why Nigeria should not be a major global Islamic finance market”. To transform Nigeria’s potential to reality in this regard, Gwarzo said the SEC in 2013 set up an industry-wide committee of experts to develop a strategic blueprint for the growth and development of Nigeria’s non-interest capital market. Their recommendations he said have been incorporated in the 10-year Capital Market Master Plan, which is currently being implemented by the SEC. The SEC boss noted: “The Master plan sets a strategic direction for the non-interest capital market in Nigeria to attain at least 25 per cent of total market capitalisation. “The development of Islamic capital markets has been a key concern of global securities regulators since the turn of the 21st century. In 2002, the International Organisations of Securities Commissions (IOSCO) set up a Committee on Islamic Capital Market in which Nigeria actively participated. Since then, the SEC has implemented a number of reforms aimed at deepening the non-interest capital market.” Stakeholders’ view Kano State Governor, Dr Abdullahi Umar Ganduje commended the efforts of the commission in the area of promoting depth in noninterest capital market and gave assurance that Kano State would be glad to be associated with the current development by the SEC. He stressed that Kano would like to be seen as a base of Islamic banking and finance for financial market development. Also commenting, the Emir of Kano, Muhammad Sanusi II, revealed that when he was the Governor of Central Bank of Nigeria (CBN), they were able to put some solid structures in place for non-interest banking system in the banking industry. He said that they did their best to ensure effective safety of the institutions in place, all with the intent of having sound footing for the emerging economies. He therefore called on the policy makers to realise and appreciate the role of non-interest capital market in bridging the gaps in the nation’s financial institutions. Conclusion In as much as the initiative is believed to increase the variety of investment classes in Nigeria, there is a need to intensify public awareness and financial education campaign to showcase benefits of non-interest banking in the country. Such enlightenment will improve the volume of patronage and stimulate overall economic development.

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

maritime

The prototype of the proposed Badagry Deepsea Port in Lagos.

The approval last week of construction of a deep sea port valued at N793 billion in Badagry, Lagos State, would, no doubt, boost the Nigerian economy and generate thousands of jobs. BAYO AKOMOLAFE reports

n November 2012, APM Terminals announced plans to construct mega port and free trade zone in Badagry. The project was, however, delayed due to lack of approval. However, last week, APM Terminals and other five firms were given the approval to construct the deep seaport. Other firms involved in the project are Orlean Invest, Macquarie Group, Oando Plc, Chagoury Group and Terminal Investment Limited. APM Terminals, which is leading the firms, operates a global terminal network of 72 operating ports, terminal facilities and 140 inland services operations. It also provides independent crane engineering services to the global port industry, with presence in 69 countries on five continents. Feasibility studies Already, all the feasibility studies of the port have been concluded by the Nigerian Ports Authority (NPA), while the concession agreement had been signed by the government . Minister for Information, Lai Mohammed, said in Abuja last week that the project would be built by the private sector. He explained that the approval for the Greenfield port development in Badagry was the first step to approving the establishment of a new seaport in the country, noting that Nigeria was a preferred investment destination in Africa despite the challenges it was facing. Echoing him, the Minister of Power, Works and Housing, Mr. Babatunde Fasshola, said that if the country failed to build the port, it would risk becoming uncompetitive in the West African region, adding that the country might

N793bn Badagry port to create jobs, revenue become a trans-shipment port instead of a port of destination. He said, “There are bigger vessels now being built across the world that require larger depths and drafts to berth. Now some of our competitors on the continent like Djibouti are building bigger ports.” The minister stressed that all its financing would come from the private sector. Minister of Transportation, Rotimi Ameachi, said that it would take five years to construct the port, noting that the construction would bring $2.558 billion (N793billion) into the system. He said: “In this period when we are looking for foreign exchange, it is going to bring a total of $2.558 billion into the system. The federal and state governments would not contribute financially other than the land given by the Lagos State Government.” The facilities The Chief Executive Officer of APM Terminals Africa-Middle East Region, Peder Sondergaard, explained in 2012 that the Badagry port would include a power plant, oil refinery, industrial park, warehousing and inland container depot facilities. The port is expected to become one of the largest in Africa with seven kilometres of quay and 1,000 hectares (2,470 acres) of dedicated yard, state-of the art facilities for container, bulk cargoes, bulk liquid, Roll on/Roll off (roro), general cargoes, gas operations support and a barge terminal. On completion, the container terminal would cover a total area of approximately 149 hectares, while the initial quay length regarded, as two standard berths will be 775 metres. The terminal will have a total yard depth of 500 metres. Also, it will accommodate the 8,000-Twenty Equivalent Units (TEUs) of large S-Class vessel and Tripple -E class vessels of 18,000 TEU in the long term. The general purpose terminal

The port is expected to become one of the largest in Africa

of the port is expected to handle various types of cargoes ranging from break-bulk to roro. Annual throughput at the terminal will vary depending on construction phases of the port as well as market demands for various cargo types. However, it is not expected that the general purpose terminal would increase in size beyond the 325 metres of quay wall and 15 hectares of yard. With an initial footprint of 25 hectares and 500 metres of quay length located inside the lee breakwater, it was learnt that the Offshore Supply Base (OSB) would play a key role in providing these services and supplies and to ensure the long-term viability of Nigeria’s burgeoning oil and gas economy. In the long term, it is expected that the OSB would grow to over 1,000 metres of quay length with nearly 50 hectares of dedicated yard. Initially, the oil and gas terminal is expected to operate with

one jetty and 60-80 hectares of tank farm space. The storage capacity for phase 1 will be approximately 210 kMT but eventually expand to 630 kmt once the planned refinery operation begins. The terminal will have a dedicated jetty with loading platform situated in the port on the inner side of the main breakwater. Besides the deep seaport, a Badagry Ship Repair Marine Engineering Consortium (BSMEC) has also emerged. The N469.5 billion ($1.5 billion) dockyard project is being facilitated by Nigeria Liquefied Natural Gas Limited (NLNG), Sifax Logistics and Marine Services Limited, SIVC Infrastructure, DMCC (Sahara Group Limited), Japaul Oil and Maritime Services Plc, Energy Nature Limited and GMT Energy Services Limited. Conclusion If the project is actualised, the new port will boost Federal Government’s revenue and also create thousands of jobs for Nigerians.

The design depths of Badagry port Phase

Nominal Depth

Additional Allowances

Design Depth

Initial

-15.5m BCD*

1.0

-16.5m BCD*

Long Term

-17.0m BCD

1.0

-18.0m BCD

Initial

-12.0m BCD

1.0

-13.0m BCD

Long Term

-12.0m BCD

1.0

-13.0m BCD

Initial

-14.3m BCD

1.0

-15.3m BCD

Long Term

-16.5m BCD

1.0

-18.5m BCD

Initial

-13.5m BCD

1.0

-14.5m BCD

Long Term

-13.5m BCD

1.0

-14.5m BCD

Container Terminal

Offshore Supply Base

Refined Products Terminal

General Purpose Terminal

business \ maritime

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Firm records 50% drop in cargo at port CHALLENGE

Terminal operator recorded a sharp drop in business volume with an attendant decrease in revenue and profit Bayo Akomolafe

subsidiary of SIFAX Group, Ports & Cargo Handling Services Limited, has recorded 10 per cent drop in container business operations and about 50 per cent drop in volumes for general cargo goods

Port automation: Council seeks stakeholders’ support

when compared with the first half of 2015. Group Managing Director, SIFAX Group, Mr. John Jenkins, said this at the company’s mid-year business performance review session in Lagos. He explained that the percentage of volume decline varied across all measuring indices on the average, noted that the company had projected an improved business performance in the country’s economy in the second half of the year. The group managing director noted that the period between January and June 2016 was a very challenging time for businesses in the country, especially those with substantial

interest in logistics value chain such as SIFAX Group. He said: “The previous very stringent control of the foreign exchange regime played a lot of role in the underperformance of various businesses. But things are gradually changing as the effect of the new forex policy is beginning to show and we are convinced that the second half of the year will be a lot better. “This optimism is hinged on the liberal foreign exchange policy announced recently by the Federal Government through the Central Bank of Nigeria (CBN), which will in turn create a friendlier and more conducive environment for businesses to thrive.” On the company’s per-

formance mid-year, Jenkins said that the various subsidiaries of SIFAX Group recorded a sharp decline in business volume with an attendant decrease in revenue and profit. He said that it was safe to conclude that the group had recorded between 20 per cent and 25 per cent volume decline in the first half of 2016 compared with the same period in 2015. He noted that the port terminal management arm of the group Ports and Cargo Handling Services Limited, had recorded a drop in vessel operations, throughput and gate activities. The group managing director said that SIFAX Off-Dock recorded an improved business per-

formance for the period under review as shown in the mid-year statistics. “The throughput volume for January to June 2016 compared with that of 2015 shows approximately a 54.11per cent increase for the containers received into the facilities whilst deliveries improved also by 50.23 per cent,” he said. Also, Jenkins said that other subsidiaries in the inland container depot and haulage sub-sectors had recorded a not-toocheering performance. He said that the group was expecting a more robust business performance and increased market share in the second half of the year. The group managing director said that this would be accomplished

with efficient service delivery, personalised customer management system, bespoke business solutions and aggressive marketing strategy. Jenkins said that the company had faced the daunting challenge of sourcing foreign exchange, which had greatly affected its customers and importers. He said: “We solely rely on diesel to power all our heavy equipment and generators for our 24 hours operations. This has greatly increased the cost of doing business and drastically reduced our profit margin. The access roads to the ports are in a deplorable condition and this has created a source of worry to the stakeholders in the industry.”

he Nigerian Shippers’ Council (NSC) has called on shipping industry stakeholders to support automation system at the seaport in order to enhance efficiency. Its Executive Secretary, Hassan Bello, made the call in Lagos when he led NSC management on a courtesy visit to the Lagos Chamber of Commerce & Industry (LCCI). He said that with automation, Nigerian ports would be the regional maritime hub and preferred cargo destination. Bello explained that automation would increase revenue for the Federal Government, reduce human contact, as well as address unwholesome practices at the ports. He said, “Automation promotesefficiency,transparency and will stop all manual clearing procedures in the ports.” In her remarks, President of LCCI, Nike Akande, stressed the need for collaboration between the chamber and the council to ensure the realisation of an enabling environment at the ports. Akande stressed the need to make the seaports investment friendly. She said: “We know that the present administration in Nigeria is committed to rapid economic diversification and reforms in the maritime sectors. The decline in crude oil prices has considerably changed our development focus for good.” She gave assurance that the chamber would support the NSC’s aspiration of making Nigeria a regional maritime hub and investment friendly.

Governor, Women in Association of Nigerian Licensed Customs Agents (ANLCA), Hajia Bola Muse (left), inducting the Head, Corporate Communications of the Nigerian Maritime Administration and Safety Agency (NIMASA), Hajia Lami Tumaka, as matron of the association, in Lagos.

Nigeria, Singapore to sign MoU on national carrier

igeria has resolved to sign a Memorandum of Understanding (MoU) with Singapore on the planned re-establishment of a national fleet. The Ministerial Committee on National Carrier disclosed this in Lagos while meeting with Nigerian ship owners. The Chairman, Ship Owners Association of Nigeria (SOAN), Engr. Greg Ogbeifun, in a statement, said that a delegation of the committee would be in Singapore with the Minister of Transportation, Hon. Rotimi Chibuike Amaechi, to sign the MoU on how to work together, and not to establish a shipping line. He noted that Pacific International Limited (PIL) had already come to Nigeria to express its interest in a Joint Venture ( JV) partnership with Nigeria to make

the initiative of re-establishing a Nigerian flag happen. He said: “Nobody is talking about establishing a Nigerian Shipping Line. The minister simply says he wants to use his position to support the emergence of a Nigerian fleet that is com-

pletely privately-owned and privately-driven, but government-supported. “So, the role of government is to support, facilitate, and make it easier for the private sector to make this happen. “Talking about the cargo,

I am going to suggest to our committee, all these cargo the minister is talking about his ministry, we want to know the countries, and the countries must have identified their own shipping lines that they want to ship these things.

Customs begin training in Chinese

he Nigeria Customs Service (NCS), in collaboration with the Embassy of China in Nigeria, has commenced training of officers serving in the Federal Capital Territory (FCT) Area Command in Chinese language. The Comptroller General of Customs, Hameed Ali, said in statement that the service had placed high premium on training of officers in foreign languages because world trade could not be

completed without learning other languages. He noted that Chinese language had become as internationally accepted as the Asian country’s products. Also, the Chinese Consular, Dang Ying, emphasised the burgeoning relationship with Nigeria in the areas of trade and infrastructure, which underpinned the present efforts at enhancing bilateral relationship between the two nations. He noted that the laud-

able initiative was packaged by the embassy as part of its corporate social responsibility programme. Also, the Controller, FCT Area Command, Aminu Dahiru, stressed the importance of language, which according to him, “brings about positive attitudinal change and acceptance, brotherliness and foster sense of belonging, tolerance and security especially now that the world is indeed a global village.”

business \ maritime

WEDNESDAY, august 10, 2016 NEW TELEGRAPH

Customs lose 70 officers to smugglers TRADE FACILITATION Nigeria is collaborating with the Republic of Benin to facilitate trade and resolve bottlenecks affecting tran-shipment of goods Bayo Akomolafe

he Nigeria Customs Service (NCS) lost 70 of its officers in various battles with smugglers along the Idiroko and Seme border areas with Benin Republic. Comptroller General of the service, Col Hameed Ali (rtd), disclosed this at a stakeholders’ interactive session held in Cotonou, Benin Republic, at the residence of the Nigerian Ambassador to Republic of Benin. In a statement, he noted that the affected officers lost their lives while combating smuggling within Idi Iroko and Seme areas. He said that lack of compliance on the part of traders was the biggest problem confronting NCS till date because of dishonest declarations. Ali solicited the cooperation of Customs in Benin Re-

NPA budgets N15.7bn for Lekki seaport, others

he Nigerian Ports Authority (NPA) has budgeted a total of N15.7 billion for the ongoing construction of Lekki Deep Seaport, rehabilitation of its head office and Warri Port fence in 2016. The amount, which is contained in the authority’s 2016 budget and proposed capital project, is part of NPA’s financial commitment to the deep seaport. The Lekki Port project, which is being built on a tripartite arrangement with the Federal Government, represented by the NPA, the Lagos State Government and the Tolaram Group, will gulp N14.3 billion. Also, NPA plans to pay N800 million to the contractor in charge of the rehabilitation of its headquarters in Lagos. A further breakdown of the budget proposal revealed that N450 million had been earmarked to fence Warri Port, while pilot simulation training centre would gulp N150 million. It was learnt that the authority’s projected revenue and expenditure were prepared based on assumptions that the official exchange rate shall remain N197 to the US dollar.

public and other stakeholders to partner Nigeria in the fight against smuggling. He said: “Customs is here to see and find solutions to the challenges hindering the smooth operations of Nigerian business operators, who engage in inter-border trade and tran-shipment of goods from Nigeria to Republic of Benin. “I believe our dialogue will bring out solutions because both countries are interdependent and this is why there should be symbolic mutual relationship between them.” He stressed the need for a level playing ground for Nigerian Beninoire customs and the law governing the Economic Community of West Africa States - ECOWAS Trade Liberalisation Scheme (ETLS) due to the nature of their operations. The comptroller general

said that everybody involved in trading across West African countries must read the ETLS protocol and understand the laws as it affects trade. Ali said that the Benin Republic Customs must work hard to ensure that trade between both countries were without unnecessary hindrances. He charged customs services to cooperate and forge an understanding to move goods and services seamlessly between countries in West Africa. Ali called for the review of the existing Memorandum of Understanding (MoU) and agreements, with a view to bringing them in conformity with international standards in trade between countries. He urged the two countries to address the issues of dumping and smuggling across borders. Also speaking at the inter-

active session, the National President of ANLCA-Prince Olayiwola Shittu, who led a delegation of the association to Cotonou, drew the attention of the comptroller general to the expensive nature of doing business across the Benin-Nigeria border. He said: “Cost of transiting ETLS goods from Ghana to Lagos needs to be checked, to provide room for trade facilitation and trade competitions within the West African sub-region. That is, a truck of ETLS cargo from Ghana pays 300,000cfa to exit Ghana into Togo and pays 400,000cfa to exit Togo into Benin Republic. “The same truck will be charged 2,800,000cfa to exit Benin Republic into Nigeria, for reasons best known to Benin Republic Customs.” Shittu said that the multi-

plicity of security agencies was also aggravating the expenses incurred in transiting cargoes across the borders. He called for a review of these agencies downwards. Shittu pleaded with Ali to intervene on the exchange rate and the increase in import duty. He said imports were drying up fast because of the unfriendly policy, which is robbing the government of the much needed revenue and threatening thousands of jobs. On the issue of Direct Trader Input (DTI) closures, the ANLCA president urged the comptroller general to hasten the process of allocating passwords to 2016 renewed customs licences. He noted that most jobs had been left hanging, with the abrupt shutdown again of commercial DTIs.

Vessel being pushed out of quay in Tincan Island by Nigerian Ports Authority (NPA)’s tug boat

Idle container ships hit 300 in one month

o fewer than 300 container ships with a combined capacity of over 800,000 Twenty Equivalent Units (TEUs) were idle in July, shipping consultancy and research firm, Drewry, has said. It said that the growing overcapacity was causing an increase in the idle fleet across all ship sizes. According to the firm’s report, some of the newly idled ships would be sold for demolition, particularly the Panamax vessels. It noted that in July of the two previous years-2014 and 2015, less than a quarter of this capacity was idled. The report listed several factors, which could have influenced the idle ships, to include the peak season in transpacific, a combination of low freight rates and muted demand, which must have played a part in the unusual decision of carriers to lay up ships in July. Drewry said: “Furthermore, there are speculations that carriers are trying not only to park unused capacity but also to bring spot rates back up by increasing load factors on remaining active ships. “Idle ships of 3,000-5,000 TEU and 5,000-8,000 TEU have become considerably more common

than in the past two years, while there are only five very large idle ships of 13,000 TEU.” It stressed that as deliveries of new ships continued, carriers were running out of

options on how to deploy their largest ships in oversupplied market. Drewry added: “An increasing number of Panamax ships with capacities of about 4,500-

5,000 TEU are now idle, following the opening of the expanded Panama Canal, while even the smaller ship segment of less than 3,000 TEU is seeing a trend towards inactivity.”

Vessels expected at Lagos Port this week Ships

Terminal

Tonnage

Commodity

Date

Amapola

ABTL

32,303tons

Fertilizer

8-8- 2016

Desert Osprey

ABTL

22, 952tons

Sugar

8-8 -2016

Autumn E

APMT

860FCL

Containers

8-8-2016

MSK Cunene

APMT

730FCL

Containers

8-8-2016

Navious Ionian

GDNL

35,000 tons

Wheat

8 -8-2016

Glyfada

GDNL

33,000 tons

Wheat

8-8-2016

Western Wilton

GDNL

46,000 tons

Sugar

8-8-2016

Navious Ionian

GDNL

35, 000tons

Wheat

8-8- 2016

Glyfada

GDNL

33,000tons

Wheat

8-8-2016

Safmarine

APMT

760FCL

Containers

9-9-2016

Anna

APMT

46,000 tons

Gypsum

10-8-2013

Centaurus

APMT

650FCL

Containers

11-8-2016

Genco Loire

GDNL

35,000tons

Wheat

13-8-2016

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Literature

Arts Restoring vibrancy of Ife art Entrepreneurship as solution to unemployment, wealth creation

Flora Onwudiwe

s a lover of arts, the late Ooni of Ife, Oba Adesoji Aderemi, the custodian of tradition and culture of the people, had a rich collection of renowned artifacts in bronze and Teracotta including Ori Olokun, Laduwa, Ore, Oba lufon. He was able to establish a mini-museum in 1957, where his cabinet chiefs, subjects presented some of these works in appreciation for his exemplary leadership quality. Unknowingly, he was developing his nephew, Abayomi Barber, and his grandson, Adebayo Akinwole to re-enact some of the artistic inkling of his achievements through paintings, sculpture and pictorial events of his life and times. The young lad who has carved a niche for himself as a painter but majored in sculpture, especially in fibre glass, subconsciously felt that if his grandfather who was a political activist as well as traditional ruler could achieve all these in his life and no one deemed it fit to propagate this, became a challenge for him. A project of this magnitude of a nationalist, the 49th traditional ruler on the list of those that had been on the throne as the Ooni of Ife, later joined his ancestors on July 3rd, 1980 at 91, requires huge funding to actualise his dream for the personalities that would be in attendance to witness the legacy that was restored. The young lad who is working tirelessly to ensure that his dream is not aborted for lack of funds is soliciting from MTN, one of the leading networks in Nigeria through his uncle’s connections, Mr. Adetoun Aderemi and his childhood friend, Otunba Dele Momodu. Oba Adesoji Aderemi Memorial Museum would be mounted in one of his buildings at Atobale house, showcasing those adorned artifacts in the palace along with

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

Sculpture (fibre glass) of the late Oba Adesoji Aderemi

paintings, pictorial events of his travelogue within and beyond, and sculpture by the artist and his colleagues. Recalling his days as a young palace boy, he says, “I was a toddler and grew up in the palace for 24 years. So, I have the cultural depth. That was what inspired me to go into painting or becoming an artist. I have the orientation, the Ife museum was established by my grandfather and all the world renowned artifacts like the Oriolokun, Oba lufon, laduwa, Ore were kept in his museum. “To me, I see him as an unsung hero, he achieved a lot, so I am establishing a museum in his memory; I want to build a broad way statue of him in front of the museum, where there will be sculptures, paintings and pictorial events to illustrate his life and time that was well spent.” He added that what is striking about him was that no traditional

He built Ile Ife that was the pride of everybody

ruler has ever demonstrated so much passion for just a mere artifact, not only that he was not an artist, but took so much delight in collecting some of these artifacts to be displayed in the palace for the 50 years on the throne as Ooni of Ife. According to him, “he built Ile Ife that was the pride of everybody, and through his influence the University of Ife came to be, which is named as Obafemi Awolowo University (OAU), when he was governor of the Western region. He is the builder of the modern Ile-Ife. “This is a portrait of him in fibre glass. He was the link between the ancient and the modern; he was the man that rebranded the institution of the Ooni that we are all proud of today that has become the pride of everybody. “He was Nigerian nationalist; in 1948, he led the African Constitutional Conference to Great Britain. He was a federal minister without portfolio in the early 50s and before he became the governor of the Western Region, he was the member of the federal parliament. “When Chief Anthony Enahoro moved the motion for selfgovernor in the house in 1954, my grandfather led the boycott of the house and that gave room for the 1957 Constitutional Conference, the last he did before Nigeria became independence in 1960. “He was compensated with the position of a governor in the then Western region at the same time the Ooni of Ife, until 1962 when there was crisis in the western region; he voluntarily resigned and came back to Ife to continue his role as the Ooni of ife.” “And the museum will be in Ile –Ife in one of his buildings called Atobatele house, which he built before he became the Ooni in 1930, the building will be refurbished and renovated by the family.” Not only that, Barber was also instrumental to the young lad becoming an artist. He said: “Barber is my mentor; he is like a father to me. Prof. Barber is a nephew to my grandfather. He too grew up in the palace, but he left the

palace when I was a toddler, so I did not know him (Barber). “I went to my grandmother who told me the story of Barber and when he came back from Britain in 1973, I told my grandmother that I will like to study fine art under Prof. Barber. According to him, Barber asked him to complete his education. “I met him for the first time in 1976, he asked me to go and complete my education that was St Patrick Grammar School, Ibadan. After the passing away of my grandfather, Barber brought a bigger portrait of him that was when I made up my mind to study art under him in 1985. “The inspiration came when prof. Barber went to England and my grandfather was in England in 1968 and visited him in his studio and the late Ooni brought his portrait (miniature) that Barber did, it look so much like him that was the first time I will see something that is very nice.” He added that the purpose of the museum is for people to see what the late Ooni had achieved within the period he lived on earth. “He was a governor who led the constitutional conference to the Great Britain, his meeting with the Winston Churchill, the then the prime minister of great Britain, a veteran soldier in the second world war, General Montgomery, and his meeting with the Queen of England.” “They were in pictorial and when he led the meeting of the western region traditional rulers in 1937 all the events that he participated will be illustrated in his paintings and sculpture.” The project which is in series of art exhibitions is aimed at restoring vibrancy to the art in Ile-Ife of a great achiever and a source of inspiration for the upcoming generation who may want to be like him. The exhibition will be packaged by various artists from all the old students of Barber Arts School with their different artistic expressions, different sensibilities using wide range of media to capture the realities of his life.

Akinwole

ART

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

NEWS Rhymesonny ignites stage with lyrical dexterity A

fter impressing participants at the just ended Wiezo conference in Accra, the King of Rhymes has taken his creativity a notch higher, as he is set to serve the finest cocktail of spoken word/poetry with Jazz music to audience at the Equator Bar inside the plush La-Palm Royal Beach Hotel. This event, which holds today August 10, is the second phase of a spoken word project that he has been working on and has partnered with the management of the LaPalm Royal Beach Hotel to add flesh to it. The presentation is aimed at giving breath to his writings as it employs some of the intangible qualities of performance poetry—emotional, melodic, rhythmic, and deep contents. This event will also feature the Afro Maestros Orchestral Ensemble, Kacey Moore, Hashmullah, Selikem and Patrick William Dodoo Ghana’s fasters live painter. Rhymesonny is one of Africa’s finest talents in the field of spoken word and poetry. He is a Creative Entrepreneur and has been the force in promoting contemporary Ghanaian poetry across the continent. Rhymesonny has created a number of platforms for poets through People of Equal Thoughts and Spirit, The Poetry Exchange Project and ALEWA, the most prestigious poetry event where young people with interest in poetry and spoken word come together to share their works. .

DJ Kaywise

DJ Kaywise releases new single, Caro D

isc Jockey (DJ), Okiki Kehinde popularly known as DJ Kaywise, has released a single titled Caro, featuring Tekno and Falz under his new records label ‘ Rashdimu’ . DJ Kaywise dropped the single last Thursday, August 4, to coincide with his birthday. Explaining why he dropped it on his special day, Dj Kaywise said: “The single is a gift to my fans who have been supporting my music.” The word ‘Caro’ means a lady, and when you listen to it, I believe my fans will know the story line behind it. He further explained that signing into Rashdimu Records means a lot to him, saying, “I’m bringing a lot of things that will help the record label. “I like where I’m am now, new environment, manager and others.” He also thanked his management team, Ogundimu Rasheed and Ogundimu Fatai, for believing in him. Dubbed as one of the hottest DJs in the genre of street hop, Dj Kaywise “is very much an innovator and barrier breaker”. This Lagos born artiste has been able to carve a niche for himself by putting out various mixes and mix-tapes to validate his brand.

A scene from Checkpoint

Checkpoint for Ali Baba, Fathia Balogun, Tuale, Ogbolor on stage Moses Kadiri

oremost Nigerian comedian, Ali Baba will lead other top comedians including Nollywood stars, broadcasters, will perform live on stage in a satirical play titled Checkpoint on Sunday, September 11, 2016 at the Shell Hall Musical Society of Nigeria (MUSON), Centre, Onikan, Lagos. The show, the second in the series, will also feature Nollywood actress, Fathia Balogun, on-air personality with Wazobia FM Tuebi Abide (aka Tuale), Ogbolor, Omotunde Adebowale-David (aka Lolo1), Big Timi among others on stage. Written by Tuale, and directed by Ife Salako (aka Ifetive), Checkpoint highlights the hazardous experiences of policemen on a daily basis, in a comedy manners. Some of the areas Checkpoint will focus in the up-coming show include the judiciary, National Assembly, religion, politics, and parenting. “This edition will be bigger than last year, we have lots of things to talk about. We did more of social vices in the last edition. We are going deep and hitting hard in the show,” Tuale said. The theme for the last edition of Checkpoint was until every individual gets to that point when we all check ourselves by ourselves that is the only time we will have true change. “That is what we are still preaching; that is what the president is also saying, change our attitude,” Tuale said. He posited that “the bureaucracy in government should stop; these boils down to our individual self, not only the government, the government is made up of people not structure, nor politics, the politics are created by human, the structures are built by human so let’s change the human first. If we change the human our system will change because it is the human that created the system we are running today. It is better for us

to work on the human that is what Checkpoint is about. But when people hear Checkpoint they assume it is another comedy show that ruin the image of Nigerian Police. “The reason why we take it from the angle of the police is because police is the body that creates check and balance in our society, when you talk about security, the police is mention, and the likes. That is why we are talking about checking the society through the eyes of the Nigerian police.” The Pidgin English radio presenter extraordinaire who cut his tooth in theatre production while at Lagos State University, Ojo, disclosed that the review of the first edition gave birth to the second show. “After the show last year I had several calls from some police officers, some of them told me they will not disclosed their name and position. They said the piece is commendable,” he said. “The joy I have and which I tried to do consciously is I didn’t want anyone to assume that I am downgrading the Nige-

L-R: Tuebi and Ogbolor in Checkpoint

rian Police. The show is balanced. We talked about police welfare, and the reasons why people feel they engage in whatever thing they engage in which is not so good for the image of the police force. The show is informative, hilarious. The reviews we got after the show were all positive. A lots of people made it known that there’s room for us to get better in terms of content, finance that is what will happen on September 11 so that we can smile to the bank.” Though Tuale did not see the success Checkpoint is currently enjoying, his aim is his first love, theatre. “Actually I did not see it coming. Last year people were standing that is why we are moving to the bigger hall, and since I left the university, started working with Wazobia FM for over five years; radio is more like my comfort zone, though I did theatre in school over time the urge of going back to my first love which is theatre has always been there. I just felt I should give it a shot. I did the first show out of the love for theatre, right now the way it is going is getting out of hand, it is becoming bigger, and the team has grown. Checkpoint is now like a project. When I started last year it was just because of my career, but now it is bigger than my career for the likes of Ali Baba, Fathia Balogun to embrace it that means such package has value. These are personalities that will not go into any project that does not have value. I was shocked when both of them told me they want to be part of it. For Fathia Balogun when she told me she will like perform on stage. I thought because she is always very busy I will give her a small role, but she said no that she want a big role for her fans to know that she is a thespian,” Tuale said. Apart from the live show there will be comedy, music from notable names in the Nigerian entertainment industry. “There is going to be traditional dance from all region of the country, when we are talking about Nigeria lets us promote our tradition and culture that is what we will be doing with the show,” he enthused.

LITERATURE

Entrepreneurship as solution to unemployment, wealth creation

very government in Nigeria in the past few decades have had to battle with the challenge of unemployment without much evidence of success yet. In fact it is safe to say that of all the challenges that are facing Nigeria as a country today unemployment is top on the list. Governments at various levels, private establishments as well as individuals have adopted different approaches as a remedy to this. Kachi Ogbonna’s approach is somewhat dif ferent. For him, not only is entre preneurship the solution to unemployment, he also argues that Nigeria is the best place to start and run a successful business in the world. This, obviously, is contrary to the g eneral opinion that businesses cannot thrive in a place like Nigeria. His book, “How They Started” is therefore a detailed research which presents an empirical proof that it has been done successfully in Nigeria before and that it can be re peated even now. The author is an entrepreneurship consultant. He has established dif ferent businesses and today helps many universities to develop an entre preneurial mindset in their students. He is also committed to helping startups g row. The author argues that the solution to graduate unemployment in Nigeria is not rocket science. He maintains that it is first of all a matter of mindset and orientation. He maintains that if the young people can look inwards to discover the latent potentials within them and attempt to match them with the various problems they see in their surroundings with the aim of offering solutions and adding value, they would have succeeded in creating businesses with or without gover nment’s special support. In showing how Nigeria has always been a land of great opportunities, the author traced businesses that started as far back as the immediate post-independence era and still waxing strong today, down to those that were launched in 2012 and have grown to become multinationals in less than 4 years.

Book title: How They Started: Innovative Nigerian Brands Author: Kachi Ogbonna Publisher: MiH Consulting Limited, Lagos Year: 2016 Pages: 252 Reviewer: Adejoro Cornelius

The author’s ability to group the 25 brands featured into sectors (8 sectors in all) shows that opportunities abound in almost every sector of the Nigerian economy.

Book stand

It is probably just a coincidence that this book was released at roughly the same time that Nigeria is passing through what can be described as the biggest economic decline since independence. The price of crude oil has fallen in the inter national market, the Nigerian currency the naira has depreciated significantly in value, investors are leaving, companies are retrenching with reckless abandon and with the obvious need to diversify the economy and also reduce importation, I am forced to say that if government and those that run our universities are any serious about ending graduate unemployment then they must find a way to liaise with Nigerians in the mold of the author of this book and also adopt it as a practical entrepreneurship manual for building entrepreneurial universities. It is difficult not to commend the author’s liberality and unbiased selection of the featured brands. However, the more he attempts to lay down the criteria for the selection the more we are forced to ask whether there are the only 25 brands that met those criteria. Yet, it is impossible for me not to recommend this book to all entrepreneurs, aspiring entrepreneurs and indeed everyone that seeks to contribute in growing the nation’s economy through entrepreneurship. Let me also add that every undergraduate deserves to have a copy of this book before leaving the four walls of university.

What we are reading

POETRIP In this insightful, thought-provoking and philosophical book, Femi Taiwo, argues and analyses what he describes as Africa’s hostility towards modernity and how it affects economic development and social political transformation. It is about this argument that why don’t we, like the Chinese and the Japanese have done, adapt the so-called Western culture and tradition, to develop our nation. Of course reading gives you possibilities, takes your mind to places that you might not think of dream of. I mean, a literate mind is a liberated mind.

Season of Crimson Blossoms by Abubakar Adam Ibrahim is wonderful for its depiction of the sensuality of a northern woman, an older northern woman. It is also thoughtfully written, very sensitively written. Abubakar Adam Ibrahim is not celebrated enough; he is a very good writer, very dedicated writer; and it is my hope that more and more people will read this his first novel. As you know, of course he had a short story collection before; and I look forward to more works from him.

Toyin Akinosho

Molara Wood

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

ART from a sweet HEART Oladipo Kehinde The birth of dreams Where the imagination of my thoughts wears the clothes of metaphor Wears the smile of simile Art from a sweet heart esoteric words riddle my ears Ripples my heart On this note I play the strings of my heart To touch the hands of hope I taste sweet words from the house of muse I follow the footsteps of words To let the beautiful lines overflow Words grow and multiply with leaves of creativity For the birds of the universe Art from a sweet heart

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

BUSINESS | Money Line

Again, CBN extends BVN registration for Nigerians in Diaspora Deferred December 31, 2016 is new deadline

Tony Chukwunyem

he Central Bank of Nigeria (CBN) has once again extended the registration and linkage of Bank Verification Number (BVN) of Nigerian bank customers in diaspora. In a circular posted on its website, signed by the Director, Banking and Payments System Department, Mr. ‘Dipo Fatokun, the apex bank said that such customers now have a five month grace period from, August 1st to December 31 2016, to enroll on the BVN platform. It however, warned, “From 1st January 2017, all Nigerian bank customers in diaspora should have the BVN attached

to their accounts. Any bank customer without the BVN will be deemed to have “Inadequate KYC” and such an account will be operated as a “No Customer Initiated Debit” account, until the account holder obtains and attaches a BVN to the account.” Last year, the CBN extended the exercise to 31 January 2016 but in a circular issued last February, the apex bank noted that it had observed through

a survey the low percentage of registration of Nigerian banks’ customers in diaspora, which may be attributed to lack of accessibility to registration centres and unavailability of registration centres in some cities with large Nigerian populations. As a result of the development, the CBN said it had directed all Deposit Money Banks (DMBs) that BVN enrollment

of Nigerian Banks’ customers in diaspora has been extended to 30th June 2016 to enable such customers complete the enrollment and links the BVN to their bank accounts. In order to expand the geographical spread of registration centres, the CBN engaged a new consultant, Avante International Technology Inc. to join the other two consultants it had engaged earlier, OIS and VFS

Emefiele: No special exchange rate for pilgrims Abdulwahab Isa Abuja

igeria’s intending pilgrims to Saudi Arabia will not enjoy preferential exchange rate, the Central Bank of Nigeria (CBN) has said. CBN governor, Godwin Emefiele gave the clarification in a statement yesterday in Abuja, against the backdrop of claims

in certain quarters suggesting intending pilgrims have been granted concessionary foreign exchange rate for the 2016 pilgrimage. He clarified that laid down procedure was followed in arriving at the exchange rate for the pilgrims. “What is obtainable is that every year, prior to the commencement of the pilgrimage, the commission (both Chris-

tian and Muslims) approach the CBN to agree on the exchange rate for the Personal Travel Allowance (PTA) for that particular year, which, in this case is between $750 and $1,000 per pilgrim,” he explained.. He further explained that the agreement to sell foreign exchange to the pilgrims at the rate of N197 to the Dollar was reached as far back as April

‘Investment in infrastructure will grow private sector’

he Federal Government opted for a conservative borrowing plan to fund the critical sectors of the economy and to ensure that future generation is not saddled with the burden of debt payment, Minister of Finance, Mrs. Kemi Adeosun has explained. The Minister, who spoke yesterday through a statement, described borrowing as inevitable

in view of the current realities in the nation’s economy. She spoke at a town hall meeting/policy dialogue for good governance organised by the Alumni Association of the National Association of the National Institute of Policy and Strategic Studies, in conjunction with the Federal Ministry of Information and Culture in Abuja. Other ministers at the event

included those of Information and Culture, Lai Mohammed; Solid Minerals, Kayode Fayemi; Power, Works and Housing, Babatunde Fashola; Environment, Amina J. Mohammed; Agriculture, Audu Ogbeh, Health Prof. Isaac Folorunso Adewole and the Foreign Affairs Minister, Mr. Geoffrey Onyeama. Stressing the urgent need to fund infrastructure, Adeosun

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

N19,142,526.05m N18,579,219.49m 16.5 14 10.77 US$42.33 US$25,971,610,949

Mar, 2015 Mar, 2015 June, 2016 26/07/2016 Mar 2015 9/8/2016 5/8/2016

Tenor (Days) Call 30 90 180

FGN Bonds

TTM

Price 104.96 114.56 112.10 120.50 109.35 100.24 83.91 98.09

1.08 3.25 3.87 5.83 7.95 9.81 14.31 18.30

NIBOR

Rate (%) 15.0000 10.6864 12.4601 13.8466

Bid Yield 10.09 10.57 11.56 11.46 12.32 12.45 12.43 12.41

Change (%) 2.17 ▲ 0.20 ▲ 0.24 ▲ 0.22 ▲

C Change (%) 0.04 ▲ 0.00 ↔ 0.25 ▲ -0.07 ▼ 0.08 ▲ 0.05 ▲ 0.05 ▲ 0.04 ▲

Price 105.11 114.86 112.40 120.80 109.65 100.54 84.21 98.39

Tenor (Months)

NITTY

Rate (%) 5.4817 7.3699 7.8938 9.2453 9.3846 10.0913

1 2 3 6 9 12

Treasury Bills

Offer Yield 9.95 10.47 11.47 11.40 12.26 12.40 12.38 12.37

Change (%) 0.04 ▲ 0.00 ↔ 0.25 ▲ -0.07 ▼ 0.08 ▲ 0.05 ▲ 0.04 ▲ 0.04 ▲ Change (%) 0.25 ▲ 0.06 ▲ 0.29 ▲ 0.60 ▲ 0.45 ▲ -0.44 ▼

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) Change (%) 7.90 8.06 0.26 ▲ Open-Buy-Back (OBB) 12.67 0.00 ↔ 30-Jun-16 8.15 8.32 0.26 ▲ 22-Sep-16 8.71 8.46 8.82 0.46 ▲ Overnight (O/N) 13.75 0.42 ▲ 9.10 0.46 ▲ 9.06 9.92 0.00 ↔ 16-Mar-17 9.31 10.22 0.00 ↔

Spot($/N)

Bid 198.45

Offer 198.55

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

said: “We have to invest in our infrastructure to allow the private sector to thrive, which will create jobs and unlock the economy. We have to adopt a very conservative borrowing programme but we must borrow because for us to do rail, we need funds with other needed infrastructure we need funds.” The Minister pointed out that some of the existing rail lines in Nigeria were constructed during the colonial era, which has to be massively upgraded and brought into the 21st century.

2016 at the prevailing rate then. He said this particular agreement is applicable to both intending Christian and Muslim pilgrims. Besides, Emefiele said that the pilgrims went ahead to make commitment by way of advanced payment through their various states pilgrims’ welfare boards for onward transmission to National Hajj Commission or Christian Pilgrims Commission as the case may be. “In this particular case, the market rate prevailed. Hence, with the commencement of the flexible exchange rate policy, market determined rates would continue to serve as the bases for foreign exchange for pilgrimage or any form of PTA in the country,” he noted. While likening the request for PTA for pilgrimage of tourism as a valid transaction, Emefiele asserted that the CBN as a responsible organisation could not renege on agreements or contracts entered into for whatever business transactions.

MDBs mobilise $81bn to tackle climate change –Report

Source:CBN

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

in the registration of Nigerian bank customers In diaspora. The banking watchdog stated that although the combined effort of the consultants and some Nigerian banks abroad had greatly accelerated the enrolment of this category of banks’ customers, it was further extending the process to December 31 2016 to give customers who are yet to register, to do so.

0.00 ↔

Offer 199.1000

Change (%) 0.00 ↔

limate finance totalling US $81 billion was mobilised for projects funded by the world’s six largest Multilateral Development Banks (MDBs) in 2015. This included $25 billion of MDBs’ direct climate finance, combined with a further $56 billion from other investors. The latest MDB climate finance figures are detailed in the 2015 Joint Report on Multilateral Development Banks’ Climate Finance, prepared by the Asian Development Bank (ADB) together with MDB partners: the African Development Bank (AfDB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Inter-American Development Bank Group (IDBG), and the World Bank Group (WBG). This important contribution to the global climate change challenge was reinforced last year by pledges from all of the MDBs to significantly increase their climate finance in the coming years. They made these pledges in the run up to the COP21 Paris Agreement, the world’s first universal climate accord adopted in Decem-

ber last year by 195 countries. The report covers the 2015 year and shows that MDBs delivered over $20 billion for mitigation activities and $5 billion for adaptation. Mitigation activities involve the reduction of greenhouse gas emissions through energy efficiency measures and the use of clean, renewable energy sources, while adaptation measures reduce climate vulnerability and increase resilience to climate change through, for example, investing in climateresilient land-use and water resource management. Since 2011, MDBs have jointly committed more than $131 billion in climate finance. Among the regions, nonEuropean Union (EU) Europe and Central Asia received the largest share of total funding at 20per cent; with South Asia receiving 19per cent; Latin America and the Caribbean 15per cent; East Asia and the Pacific 14per cent; the EU 13per cent; Sub-Saharan Africa 9per cent; and the Middle East and North Africa 9per cent. Multiregional commitments made up the other 2per cent of the total.

BUSINESS |Financial Market News

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

9-Aug-16

Bonds

FGN Bonds Issuer

Rating/Agency

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 14.50 15-JUL-2021 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 ^12.40 18-MAR-2036

Price

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

13.05 15.10 9.85 9.35 10.70 16.00 7.00 15.54 14.50 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

581.39 480.13 20.00 100.00 300.00 351.30 233.90 606.43 30.00 605.31 719.99 361.02 75.00 150.00 200.00 591.57 1075.92 210.00

16-Aug-16 27-Apr-17 27-Jul-17 31-Aug-17 30-May-18 29-Jun-19 23-Oct-19 13-Feb-20 15-Jul-21 27-Jan-22 14-Mar-24 22-Jan-26 28-Nov-28 22-May-29 20-Nov-29 23-Jul-30 18-Jul-34 18-Mar-36

0.02 0.72 0.96 1.06 1.80 2.89 3.20 3.51 4.93 5.47 7.59 9.45 12.30 12.78 13.28 13.95 17.94 19.60

14.76 19.15 19.97 19.92 17.99 15.22 15.14 15.07 14.86 14.78 15.20 15.27 15.25 15.25 15.25 15.24 15.22 15.33

7.41 18.91 19.77 19.74 17.88 15.15 15.00 14.95 14.77 14.70 15.13 15.20 15.20 15.19 15.17 15.18 15.16 15.28

99.95 97.32 91.49 90.31 89.10 101.73 79.88 101.25 98.76 105.89 95.56 86.36 98.55 84.61 61.99 70.01 81.24 81.88

100.10 97.47 91.64 90.46 89.25 101.88 80.18 101.55 99.06 106.19 95.86 86.66 98.85 84.91 62.29 70.31 81.54 82.18

TOTAL OUTSTANDING VALUE

6,691.96

TOTAL MARKET CAPITALISATION

6,055.19

Rating/Agency

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

Description

Issuer

17.25 FMB II 03-APR-2017

FMBN

6646.957269

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.90

03-Apr-17

0.35

2.94

20.61

98.85

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

0.69 0.65 1.39 1.21 1.22 1.40 1.41 1.37 1.80 3.29 1.86 4.30 4.39 2.62 2.65 3.20 3.24 3.26 3.38 6.46 3.53

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

20.07 24.64 21.45 20.54 20.51 22.86 22.58 22.94 20.04 17.13 18.85 16.25 18.70 18.49 16.91 16.66 19.14 16.13 17.62 16.60 18.11

93.70 93.81 91.37 93.47 93.44 90.66 90.35 92.05 93.63 93.52 93.93 91.66 89.19 92.29 96.17 97.27 94.20 100.84 99.65 101.35 97.27

0.90

TOTAL MARKET CAPITALISATION

0.89

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

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

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

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

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

57.00 11.33 25.00 23.44 4.22 9.45 7.01 21.68 12.55 80.00 20.55 87.50 5.00 3.74 3.76 14.37 4.39 4.53 27.10 3.00 7.34

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

432.95 405.05

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

TOTAL OUTSTANDING VALUE

NAHCO FSDH ***LCRM UBA *C & I LEASING *DANA#{r} *TOWER# *TOWER# UBA *LA CASERA *CHELLARAMS# #{r}

*DANA *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

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

15.00 5.53 112.22 116.70 66.49 20.00

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

0.14 0.21 0.33 0.69 0.91 1.14

1.00 1.34 1.00 3.55 5.25 1.88

17.00 18.09 18.56 22.62 25.02 21.59

99.35 99.07 99.04 96.15 93.37 91.63

30-Nov-12 09-Apr-11 09-Sep-11

18.00 16.00 18.00

0.36 3.60 1.82

30-Nov-17 09-Apr-18 09-Sep-18

0.82 0.92 1.08

1.88 3.15 6.35

21.37 22.95 26.21

98.29 94.60 92.91

09-Sep-11 30-Sep-11

16.00 14.00

0.50 35.00

09-Sep-18 30-Sep-18

1.08 2.14

1.00 1.17

20.86 18.30

95.59 92.59

18-Oct-13 17-Feb-12 01-Apr-14 06-Nov-15

15.75 18.00 16.00 15.00

1.50 0.27 4.50 20.87

18-Oct-18 17-Feb-19 01-Apr-19 06-Nov-20

1.19 1.27 1.39 2.24

4.42 6.11 3.28 4.47

24.00 25.48 22.34 21.34

92.07 92.75 93.00 89.69

14-Nov-13 04-Dec-15 20-Nov-14 30-Dec-14 13-May-15 26-Oct-15 30-Sep-14 30-Sep-14

15.25 15.50 14.25 16.45 16.48 16.00 16.29 13.25

2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44

14-Nov-20 04-Dec-20 20-Nov-21 30-Dec-21 13-May-22 26-Oct-22 30-Sep-24 30-Sep-24

4.26 2.76 5.28 5.39 5.76 3.93 8.14 8.14

1.00 3.55 2.51 1.00 1.00 2.77 1.00 1.00

15.96 19.22 17.32 15.80 15.83 17.77 16.22 16.22

97.80 92.48 89.57 102.26 102.30 95.27 100.25 86.79

29-Jul-15

14.90

7.86

29-Jul-30

9.32

1.00

16.26

93.91

10-Oct-20

2.38

3.37

19.88

90.89

536.07

TOTAL MARKET CAPITALISATION

513.62

Sukuk *OSUN

14.75 OSUN II 10-OCT-2020

10-Oct-13

AAA/S&P

IFC

10.20 IFC 11-FEB-2018

11-Feb-13

10.20

12.00

11-Feb-18

1.51

1.00

17.25

90.98

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.73

1.00

14.01

94.05

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

9.02

9.02 8.20

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.10 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.52

6.32

100.86

101.66

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.88

4.41

100.44

101.29

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.76

6.58

97.91

98.85

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,496.05

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.26

100.90

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

22.61

20.85

78.28

80.38

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

6.30

99.38

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.71

96.50

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

20.62

75.75

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

16.14 15.45 16.11

16.14 14.77 16.11

77.00 78.88 72.50

77.00 80.87 72.50

B-/S&P

ECOBANK NIG. LTD

8.75 AUG 14, 2021

14-Aug-14

8.75

250.00

14-Aug-21

12.23

11.76

84.88

86.63

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

3,150.00 2,704.45 Description

Issuer

Issue Date

Yield @ Issue (%)

Outstanding Value (₦’bn)

Maturity Date

DTM

# Risk Premium (%)

Valuation Yield (%)

Discount Rate (%)

18-Apr-16

11.00

16.80

18-Oct-16

2.03

18.58

17.94

Commercial Papers Bb-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

16.80

**TREASURY BILLS^ DTM 9 23 30 44 58 65 72 79

FIXINGS Maturity 18-Aug-16 1-Sep-16 8-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16

Bid Discount (%) 11.17 15.00 14.74 14.80 16.91 14.66 14.75 14.46

Offer Discount (%) 10.92 14.75 14.49 14.55 16.66 14.41 14.50 14.21

Bid Yield (%) 11.20 15.14 14.92 15.07 17.37 15.05 15.19 14.92

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 20.2550 17.8181 19.4398 22.1083

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

19.17

Tenor

Closing Rate ($/N)

O/N

20.17

Spot 7D 14D 1M 2M 3M

312.50 315.21 316.20 318.14 319.99 322.69

Tenor Call 1M

REPO

Rate (%) 23.00 20.33

7.00 23-OCT-2019 ^15.54 13-FEB-2020 14.50 15-JUL-2021 ^16.39 27-JAN-2022 ^14.20 14-MAR-2024 ^12.50 22-JAN-2026 15.00 28-NOV-2028 12.49 22-MAY-2029 8.50 20-NOV-2029 ^10.00 23-JUL-2030 ^12.1493 18-JUL-2034 ^12.40 18-MAR-2036

23-Oct-09 13-Feb-15 13-Jul-16 27-Jan-12 14-Mar-14 22-Jan-16 28-Nov-08 22-May-09 20-Nov-09 23-Jul-10 18-Jul-14 18-Mar-16

7.00 15.54 14.50 16.39 14.20 12.50 15.00 12.49 8.50 10.00 12.1493 12.4000

TOTAL OUTSTANDING VALUE

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH Rating/Agency

SLOWDOWN

Issuer

Sell-pressure gains tempo as risk appetite shrinks further

Sub-National Bonds

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

Stories: Chris Ugwu

rading activities on the floor of the Nigerian Stock Exchange (NSE) yesterday slid deeper into the red zone for the three consecutive days, at shedding TOTAL OUTSTANDING 45 basis pointsVALUE (bps) having TOTAL MARKET CAPITALISATION recorded 6 gainers against 31 Corporate Bonds losers. A+/Agusto; A-/GCR NAHCO NSE A-/Agusto; A-/GCR Oil & Gas FSDH Index Nil slumped by 110 bps following ***LCRM Nil Nil losses from Mobil Oil Nigeria, A/GCR UBA BBB-/GCR Petroleum Development Seplat *C & I LEASING Nil *DANA Company and MRS Oil Nigeria. A-/DataPro†; CCC/GCR *TOWER AAA/DataPro†; B/GCR Consequently, the *TOWER AllA+/Agusto; A/GCR Share Index droppedUBA by 122.84 Bbb+/Agusto†; BBB+/GCR† *LA CASERA #{r}

# #

BBB-/DataPro†; BB/GCR

Description

Issue Date

A+/Agusto; A-/GCR

Bbb/Agusto; A-/GCR BBB/GCR

Coupon (%)

03-Apr-12

17.25

79.88 101.25 98.76 105.89 95.56 86.36 98.55 84.61 61.99 70.01 81.24 81.88

6646.957269

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.90

03-Apr-17

0.35

2.94

20.61

98.85

basis10.00 points or 0.45 per cent LAGOS 19-APR-2017 BAYELSA 30-JUN-2017 from13.7527,394.98 index points 14.00 EDO 31-DEC-2017 the previous day to close at 14.00 DELTA 30-SEP-2018 14.00 NIGER II 4-OCT-2018 27,272.14, while the market 14.50 EKITI 09-DEC-2018 14.00 NIGER III 12-DEC-2018 capitalisation of equities 15.50 ONDO 14-FEB-2019 depreciated by N42 billion or 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 0.45 per cent to close at N9.366 14.75 OSUN 12-DEC-2019 13.50 LAGOS trillion from27-NOV-2020 N9.408 trillion. 15.00 KOGI 31-DEC-2020 On the chart, the 14.50 EKITI IIactivity 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 insurance subsector of the 15.50 BAUCHI 9-DEC-2021 financial services sector 16.50 OYO 16-FEB-2022 16.50 BENUE 27-FEB-2022 dominated in volume terms 17.50 PLATEAU 30-MAR-2022 KOGI II 31-MAR-2022 with17.00157.8 million shares 17.00 CROSS RIVER 27-MAY-2022 exchanged in 195 deals. The sub-sector was enhanced by the activities in the shares 13.00 NAHCO 29-SEP-2016 of Wapic Insurance Plc and 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 AIICO Insurance Plc. 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 boosted Banking subsector 13.00 UBA 30-SEP-2017 by the activities on the shares 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA of UBA Plc9-APR-2018 and GTB Plc MPR+7.00 TOWER 9-SEP-2018 followed with 117.5 million MPR+5.25 TOWER 9-SEP-2018 UBA II 30-SEP-2018 units14.00 traded in 918 deals.

*CHELLARAMS #{r} *DANA *FCMB

15.75 LA CASERA 18-OCT-2018

MPR+5.00 CHELLARAMS II 17-FEB-2019 16.00 DANA II 1-APR-2019

In all, investors exchanged 19-Apr-10 10.00 30-Jun-10 13.75 a total of 416.7 million shares 31-Dec-10 14.00 30-Sep-11 exchanged in 3,443 deals.14.00 04-Oct-11 14.00 On the 09-Dec-11 gainers’ chart, 14.50 12-Dec-13 14.00 shares of petroleum products 14-Feb-12 15.50 marketer, Total 02-Oct-12 Oil Nigeria, 15.50 22-Nov-12 14.50 brewer of 12-Dec-12 beer and malted 14.75 27-Nov-13 13.50 drinks, Nigerian Breweries 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

15.00 14.50 15.00 15.50 16.50 16.50 17.50 17.00 17.00

NAHCO

*TRANSCORP HOTELS PLC *FCMB

and57.00 commercial bank, 19-Apr-17 0.69 11.33 30-Jun-17 0.65 Guaranty Trust Bank, gained 25.00 31-Dec-17 1.39 23.44 N0.30 and 30-Sep-18 1.21 N6.05, N0.05 to close 4.22 04-Oct-18 1.22 at N236.00, N130.30 and N24.00 9.45 09-Dec-18 1.40 7.01 12-Dec-18 1.41 respectively. 21.68 14-Feb-19 1.37 C12.55 o nve r s e02-Oct-19 ly, s h a1.80 re s 80.00 22-Nov-19 3.29 of 20.55petroleum products 12-Dec-19 1.86 87.50 27-Nov-20 4.30 marketer, Mobil Oil Nigeria, 5.00 3.74 3.76 14.37 4.39 4.53 27.10 3.00 7.34

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

4.39 2.62 2.65 3.20 3.24 3.26 3.38 6.46 3.53

indigenous oil company, 1.00 20.07 93.70 5.71 24.64 93.81 Seplat Petroleum Development 2.39 21.45 91.37 1.00 20.54 and 93.47 Company building 1.00 20.51 93.44 materials manufacturer, 3.82 22.86 90.66 3.56 22.58 Dangote Cement, lost90.35N8.93, 3.82 22.94 92.05 N8.00 and20.04N1.00 to close at 2.02 93.63 2.01 17.13 N169.67, N242.00 and 93.52 N179.00 1.00 18.85 93.93 1.30 16.25 91.66 respectively . 3.76 2.53 1.00 1.52 4.01 1.00 2.52 1.79 3.04

AG Leventis plans to raise fresh capital

n a bid to resuscitate its business activities, AG Leventis has said it will inject fresh capital that could turnaround the company’s operations.13.00 29-Sep-11 Speaking25-Oct-13 at the ‘Facts 14.25 0.00/16.00 Behind the09-Dec-11 figures’ of the 20-Apr-12 0.00/16.50 06-Jul-12 company on30-Sep-10 the Nigeria0.00/16.50 Stock 13.00 30-Nov-12 Exchange (NSE), Executive18.00 Vice 09-Apr-11 16.00 Charman/ 09-Sep-11 Chief Executive 18.00 16.00 Officer of AG09-Sep-11 Leventis, Michael 14.00 Economakis,30-Sep-11 said the company 18-Oct-13 15.75

15.00 FCMB 6-NOV-2020

17-Feb-12

18.00

01-Apr-14 06-Nov-15

15.25 NAHCO II 14-NOV-2020 15.50 TRANSCORP 4-DEC-2020

16.00 15.00

14-Nov-13

14.25 FCMB I 20-NOV-2021

15.25

04-Dec-15 20-Nov-14

16.45 UBA I 30-DEC-2021

15.50 14.25

30-Dec-14 13-May-15

would sustain turnaround top line trend towards growth. 432.95 “We are discussing with 405.05 foreign investors, hopefully there will be capital inflow 0.14 very 15.00 29-Sep-16 5.53 this capital 25-Oct-16inflow 0.21 soon, will 112.22 08-Dec-16 0.33 assist cash 116.70us in having 19-Apr-17 better 0.69 06-Jul-17 0.91 flow,66.49 there will30-Sep-17 be reduction in 20.00 1.14 30-Nov-17 0.82 be our 0.36 cost of fund and we will 3.60 09-Apr-18 0.92 able1.82to expand our products 09-Sep-18 1.08 0.50 09-Sep-18 1.08 portfolio”, he said. 35.00 30-Sep-18 2.14 While speaking 1.50 18-Oct-18 on sector 1.19 0.27 17-Feb-19 strategic priorities of 1.27 the 4.50 01-Apr-19 1.39 company, Economakis said 20.87 06-Nov-20 2.24 14-Nov-20 4.26 fast 2.05 moving consumer goods, 9.76 04-Dec-20 2.76 26.00 20-Nov-21 5.28 automobile, agriculture and 30.50 30-Dec-21 real30.00 estate are13-May-22 major area5.39 the 5.76 10.00 26-Oct-22 3.93 company is targeting to develop 0.10 30-Sep-24 8.14 in the years. 15.44next two 30-Sep-24 8.14 7.86 29-Jul-30 9.32 He said that AG Leventis 536.07 is discussing with foreign 513.62 investors to inject new capital into fast moving consumer 9.02 sector of 10-Oct-20 2.38 goods its businesses. 9.02 He noted that the new 8.20 capital would aid the company in expanding their product 12.00 11-Feb-18 1.51 portfolio into some 2.73 rich 12.95 01-Feb-21 products with a potential 24.95 23.10 long term technical service

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

18-Apr-16

11.00

FMDQ Daily Quotations List

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

18.70 18.49 16.91 16.66 19.14 16.13 17.62 16.60 18.11

89.19 92.29 96.17 97.27 94.20 100.84 99.65 101.35 97.27

Bid Price

Offer Price

partnership with Pick n Pay, one of the two retailers in South Africa. On automobile, he said the company commenced 1.00 17.00 99.35 1.34 18.09of vehicles 99.07 from production 1.00 18.56 99.04 mid 2015 22.62 and would 96.15 expand 3.55 5.25 25.02 93.37 its plans to21.59 assemble for other 1.88 91.63 1.88 21.37 98.29 distributors in the region. 3.15 22.95 94.60 He revealed 6.35 26.21 that AG Leventis 92.91 95.59 scale is1.00looking20.86 at the large 1.17 18.30 92.59 farming in24.00 Nigeria that would 4.42 92.07 6.11 25.48 92.75 lead the company to backward 3.28 22.34 93.00 integration in agriculture. 4.47 21.34 89.69 1.00 15.96 97.80 Speaking on the half 3.55 19.22 92.48 2.51 17.32 year financial results89.57 of the 1.00 15.80 102.26 company, Head of Finance, 1.00 15.83 102.30 2.77 17.77 95.27 AG Leventis, Olugbenga 1.00 16.22 100.25 Kasomo attributed cost of 1.00 16.22 86.79 1.00 16.26 93.91 materials, foreign exchange crises as major problems that hindered the performance of the company. 3.37 19.88 AG Leventis Revenue90.89 rose by 9 per cent, from N5.936 billion in half year 2015 to N6.442 billion at the end of half year 2016. 1.00 17.25 90.98 Its cost14.01 of sales rose 1.00 94.05 by 24 per cent from N4.266 billion to N5.274 billion in half year 2016.

Academy Press reports N14m Q1 PAT

TOTAL OUTSTANDING VALUE

Outstanding Value (₦’bn)

0.89

Bb-/Agusto

80.18 101.55 99.06 106.19 95.86 86.66 98.85 84.91 62.29 70.31 81.54 82.18

0.90

16.45 UBA 12 of16.48 the 16 Directors on the N44.572 billion in 2014. FIDELITY 13-MAY-2022 16.48 FIDELITY 16.00 TRANSCORP 26-OCT-2022 kye Bank Plc has called for Bbb/Agusto; A-/GCR of the Bank resigned Following26-Oct-15 the record 16.00 total *TRANSCORP HOTELS Board PLC 182D T.bills+1.20 STANBIC IA 30-SEP-2024 A/GCR 30-Sep-14 16.29 STANBIC IBTC the extension ofSTANBIC time to their13.25appointment, impairment loss, which weighed STANBIC IB 30-SEP-2024 and the A/GCR 30-Sep-14 13.25 IBTC NMRC 29-JUL-2030 AAA/GCR 14.90 submit its first quarter and CBN14.90 appointed a new GMD/ seriously on29-Jul-15 its earnings, the *NMRC TOTAL OUTSTANDING VALUE half year 2016 audited financial CEO, Chairman and five other bank’s net operating income TOTAL MARKET CAPITALISATION statements. for the review period stood at Directors on the Board. The bank in a notification It noted further that Skye N50.403 billion, having dropped Sukuk 10-Oct-13from N78.311 14.75 to the Nigerian stock Exchange BBB-/Agusto *OSUN OSUN currently II 10-OCT-2020 Bank14.75was auditing by 35.6 per cent TOTAL OUTSTANDING VALUE (NSE), informed the NSE, billion. The bottom line moved its 1H16 results and is hopeful TOTAL MARKET CAPITALISATION its regulatory authorities, that the audit process would be to the negative territory, as the Supranational Bond shareholders and other completed soon of which the bank recorded N40.726 billion 10.20 IFC 11-FEB-2018 AAA/S&P 11-Feb-13 10.20 stakeholders of theIFC reasons Interim compared to results will be filed by loss after tax 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P 10-Jul-14 11.25 *AfDB TOTAL OUTSTANDING VALUE necessitating the application September 30, 2016. N18.717 billion profit after tax TOTALan MARKET CAPITALISATION for extension of time Following warnings that it in the previous year. within,Rating/Agency which to file the interim would report significantly lower Description Issuer Issue Date Coupon (%) financial statements for the earnings for the 2015 full year FGN Eurobonds periods ended March 31, and compared to the previous year, JAN 28, 2021 07-Oct-11 BB-/Fitch; B+/S&P June 30, 2016. cademy Press Plc6.75has Skye Bank recently6.75 released its BB-/Fitch; FGN 5.13 JUL 12, 2018 5.13tax posted12-Jul-13 a profit after The lender in a statement 2015 Audited Annual Report and BB-/S&P BB-/Fitch; 6.38 JUL 12, 2023 of N14.170 million6.38 for signed by the management, Financial Statements. 12-Jul-13 BB-/S&P TOTAL the OUTSTANDING VALUE of time said extension The audited financial results the first quarter ended June 30, TOTAL MARKET CAPITALISATION within, which to file the as at December 31, 2015, showed 2016 as against a loss after tax of interim Financial Statements that the bank posted gross N23.720 million recorded a year Corporate Eurobonds 7.25 JUL 25, 2017 25-Jul-12 7.25 BANK PLC isB+/S&P necessitated for the ACCESS following earlier. earnings of N163.878 billion 6.88 MAY 09, 2018 09-May-13 6.88 B/Fitch; B/S&P FIDELITY BANK PLC reasons: “that the Bank sought However, the company’s in 2015, an increase of 12 per 6.00 NOV 08, 2018 08-Nov-13 6.00 B+/Fitch; B+/S&P GTBANK PLC 6.25 APR 22, 2019 22-Apr-14 6.25per revenue was down by 2.32 an extension of time to file B+/Fitch; BB-/S&P ZENITH BANK PLC cent over the N145.178 billion 8.75 May 21, 2019 21-May-14 8.75 B/Fitch; B/S&P DIAMOND BANK PLC the 2015 Annual Financial cent from N598.932 million from recorded in the previous year. 8.25 AUG 07, 2020 07-Aug-13 8.25 B-/Fitch; B/S&P FIRST BANK PLC 9.25/6M USD LIBOR+7.677 JUN 24, 2021 24-Jun-14 9.25 Statements as a result of the N585.051 recorded in 2016. B-/Fitch; B/S&P ACCESS BANK PLC II This was boosted by 19 per 8.00/2Y USD SWAP+6.488 JUL 23 2021 23-Jul-14 8.00 B-/Fitch; B/S&P FIRST BANK LTD delay in the annual audit due cent rise in interest The company finished8.75the expense 8.75 AUG 14, 2021 14-Aug-14 B-/S&P ECOBANK NIG. LTD to the challenges faced with the year ended March 30, 2016 with TOTAL OUTSTANDING VALUE to N127.908 billion to N107.847 TOTAL MARKET CAPITALISATION integration with Mainstreet billion. However, this was a loss position, as the group Bank Limited, which was watered down by interest reported a loss after tax of Description Rating/Agency Issuer Issue Date @ Issue (%) approved mid-2015”. in 2016Yield as against expense of N76.993 billion, N151.869 million Commercial Papers It added that on July 4, 2015, having risen by 73 per cent from a loss of N25.522, representing a A/GCR BBB/GCR

15.00 14.95 14.77 14.70 15.13 15.20 15.20 15.19 15.17 15.18 15.16 15.28

BUSINESS |Financial Market News

Q1 financials: Skye Bank seeks late filings Nil A-/GCR

15.14 15.07 14.86 14.78 15.20 15.27 15.25 15.25 15.25 15.24 15.22 15.33

Stock market loses N42bn 17.25 FMB II 03-APR-2017

FMBN

TOTAL MARKET CAPITALISATION

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

3.20 3.51 4.93 5.47 7.59 9.45 12.30 12.78 13.28 13.95 17.94 19.60

6,055.19

Agency Bonds

TOTAL OUTSTANDING VALUE

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

6,691.96

TOTAL MARKET CAPITALISATION

Nil

233.90 606.43 30.00 605.31 719.99 361.02 75.00 150.00 200.00 591.57 1075.92 210.00

Offer Yield (%)

Prices & Yields

500.00 28-Jan-21 percentage change of 495. 6.52 500.00 group’s 12-Jul-18 The loss before4.88tax equally N183.950 million 500.00 stood at 12-Jul-23 6.76 in 2016 financial year, from N9.680 1,500.00 million 1,496.05recorded in 2015, a change of 1800 per cent. However, its25-Jul-17 revenue declined 350.00 6.26 300.00 02-May-18 22.61 by 11 per cent, from N2.310 billion 400.00 08-Nov-18 6.30 in 2015 billion achieved 500.00 to N2.047 22-Apr-19 7.71 200.00 21-May-19 20.62 during the period under review. 300.00 07-Aug-20 16.14 The Chairman of 15.45the 400.00 24-Jun-21 450.00 23-Jul-21 16.11 company , Simeon Oguntimehin, 250.00 14-Aug-21 12.23 while addressing shareholders 3,150.00 at 2,704.45 annual general meeting (AGM) of the company in Lagos, Outstanding DTM Maturity Date identified the importation of Value (₦’bn) print products as the major 16.80

18-Oct-16

6.32 100.86 101.66 threat bedeviling the growth of the industry. 101.29 4.41printing 100.44 He explained that the 97.91 6.58 98.85 importation had made both the huge capacity and skill labour that exists in the country idle. “The operating import 6.26 100.90 100.90tariff 20.85 78.28 80.38 regime, which made importation 6.30 99.38 99.38 to7.71 be more96.50 economically 96.50viable 20.62 75.75 75.75to the for print product buyers 16.14 77.00 77.00 detriment of local printers has 14.77 78.88 80.87 16.11 72.50 72.50 been responsible for this. We 11.76 84.88 86.63 therefore wish to commend government on its recent pronouncement on measures to Risk Valuation Discount Rateand (%) Premium encourage industrialisation Yield (%) (%) job creation by amending tariffs. #

2.03

18.58

17.94

9-Aug-16

16.80

The DQL contains data relating to, amongst other things, market and model prices, rates of foreign exchange products, fixed income securities and instruments in the financial market (the “Information”). The Information does not constitute professional, financial or **TREASURY BILLS^ FIXINGS 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.Money We doMarket not guarantee the accuracy, timeliness, completeness, Foreign Exchange (Spot & Forwards) DTM Maturity Discount Discount (%) Bid Yield (%)on the basis of the Information. Tenor Rate (%) performance or fitness for a particular purpose of any of the Information,Bid neither do (%) we accept liabilityOffer for the results of any action taken NIBOR 9 23 30 FGN Bonds 44 58 65 Rating/Agency 72 79 86 100 114 121 128 142 149 163 177 191 NA 205 219 226 240 254 268 275 296 310 331 338 TOTAL OUTSTANDING VALUE 345 352 TOTAL MARKET CAPITALISATION 359

18-Aug-16 1-Sep-16 8-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 Issuer 20-Oct-16 27-Oct-16 3-Nov-16 17-Nov-16 1-Dec-16 8-Dec-16 15-Dec-16 29-Dec-16 5-Jan-17 19-Jan-17 2-Feb-17 16-Feb-17 NA 2-Mar-17 16-Mar-17 23-Mar-17 6-Apr-17 20-Apr-17 4-May-17 11-May-17 1-Jun-17 15-Jun-17 6-Jul-17 13-Jul-17 20-Jul-17 27-Jul-17 3-Aug-17

11.17 15.00 14.74 14.80 16.91 14.66 Description 14.75 14.46 13.05 16-AUG-201616.06 15.10 27-APR-2017 14.29 9.85 27-JUL-2017 16.91 9.35 31-AUG-2017 15.15 10.70 30-MAY-201815.36 15.63 ^16.00 29-JUN-201918.08 7.00 23-OCT-2019 15.46 ^15.54 13-FEB-202016.85 14.50 15-JUL-2021 14.52 ^16.39 27-JAN-202218.10 18.18 ^14.20 14-MAR-2024 18.22 ^12.50 22-JAN-202618.31 15.00 28-NOV-202816.62 12.49 22-MAY-202918.13 8.50 20-NOV-2029 16.82 ^10.00 23-JUL-203018.39 16.63 ^12.1493 18-JUL-2034 18.26 ^12.40 18-MAR-2036 16.59 16.89 16.67 17.47

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

Description

Rating/Agency Issuer risk premiums Risk Premium is a combination of credit risk and liquidity **Exclusive of non-trading t.bills #

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

FMBN

10.92 14.75 14.49 14.55 16.66 14.41 Issue Date 14.50 14.21 16-Aug-13 15.81 27-Apr-12 14.04 16.66 27-Jul-07 14.90 31-Aug-07 15.11 30-May-08 15.38 29-Jun-12 17.83 23-Oct-09 15.21 13-Feb-15 16.60 14.27 13-Jul-16 17.85 27-Jan-12 17.93 14-Mar-14 17.97 22-Jan-16 18.06 28-Nov-08 16.37 22-May-09 17.88 16.57 20-Nov-09 18.14 23-Jul-10 16.38 18-Jul-14 18.01 18-Mar-16 16.34 16.64 16.42 17.22

17.25 FMB II 03-APR-2017

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

Modified Duration Buckets

<3 LAGOS *BAYELSA 3<5 >5 EDO Market *DELTA *NIGER *EKITI *NIGER *ONDO *GOMBE LAGOS *OSUN LAGOS KOGI *EKITI *NASARAWA

Porfolio Market Value (₦’bn)

956.26 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 1,328.95 1,288.27 14.00 EDO 31-DEC-2017 3,573.47 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

11.20

15.14 Bonds

14.92 15.07 17.37 15.05 Coupon 15.19 (%) 14.92 13.05 16.69 15.10 14.87 17.85 9.85 15.95 9.35 16.24 10.70 16.64 16.00 19.52 7.00 16.61 15.54 18.34 15.71 14.50 20.14 16.39 20.40 14.20 20.54 12.50 20.81 15.00 18.80 12.49 20.91 19.25 8.50 21.62 10.00 19.37 12.1493 21.89 12.4000 19.60 20.09 19.86 21.09

Tenor O/N 1M 3M 6M Outstanding

Value (₦’bn)

Rate (%) 20.2550 17.8181 19.4398 22.1083

Maturity Date

581.39 16-Aug-16 NITTY 480.13 27-Apr-17 Tenor Rate (%) 20.00 27-Jul-17 1M 14.9976 100.00 31-Aug-17 2M 16.7703 300.00 30-May-18 3M 17.1663 351.30 29-Jun-19 6M 18.1311 233.90 23-Oct-19 9M 20.6883 606.43 13-Feb-20 12M 23.1098 30.00 15-Jul-21 605.31 27-Jan-22 NIFEX 719.99 14-Mar-24 361.02 22-Jan-26 Current Price ($/N) 75.00 28-Nov-28 NIFEX Rate 320.2500 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 210.00 18-Mar-36

957.73 1,325.30 1,667.49 3,950.52

19.17

Tenor

O/N

20.17

Spot 7D 14D Offer1M Yield 2M (%) 3M 7.41 6M 18.91 1Y

Tenor

REPO

TTMCall (Yrs) 1M

Rate (%)

Bid Yield 23.00 (%) 20.33

0.02 14.76 3M 20.83 0.72 19.15 6M 21.33 0.96 19.97 19.77 19.92 19.74 NOTE: 1.06 1.80 17.99 17.88 :Benchmarks 2.89 Bond 15.22 15.15 * :Amortising 3.20 15.14 15.00 µ :Convertible Bond 14.95 AMCON: 3.51 Asset Management 15.07 Corporation of Nigeria FGN: Federal Government of Nigeria 4.93 14.86 14.77 FMBN: Federal of Nigeria 5.47 Mortgage Bank 14.78 14.70 IFC: International Finance Corporation 7.59 15.20 15.13 LCRM: Local Contractors Receivables Management 9.45 15.27 NAHCO: Nigerian Aviation Handling Company15.20 12.30 15.25 15.20 O/N: Overnight 12.78 15.25 Company 15.19 UPDC: UAC Property Development WAPCO:West Cement Company 13.28 Africa Portland15.25 15.17 13.95 15.24 15.18 17.94 15.22 15.16 19.60 15.33 15.28

6,691.96

Closing Rate ($/N)

Bid Price

312.50 Price 315.21 316.20 318.14 319.99Offer Price 322.69 329.96 100.10 347.18 97.47

99.95 97.32 91.49 91.64 90.31 90.46 89.10 89.25 NA :Not Applicable 101.73 101.88 ^ : Market Prices 79.88 80.18 # : Floating Rate Bond 101.25 coupon bonds 101.55 ***: Deferred DTM: Days-To-Maturity 98.76 99.06 TTM: 105.89 Term-To-Maturity 106.19 ‡ : Bond rating under review 95.56 95.86 †: Bond rating expired 86.36 86.66 N/A :Not Available 98.55in receivership 98.85 {r} :Issuer 84.61 84.91 NGC: Nigeria-German Company UBA: United 61.99 Bank for Africa 62.29 70.01 70.31 81.24 81.54 81.88 82.18

6646.957269

6,055.19

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

03-Apr-12

17.25

0.90

03-Apr-17

0.35

2.94

20.61

98.85

Weighting by Outstanding Volume

Weighting by Mkt Value

Bucket Weighting

% Exposure_ Mod_Duration

Implied Yield

Implied Portfolio Price

INDEX

YTD Return (%)

FMDQ FGN BOND INDEX 0.90

Total Outstanding Volume (₦’bn)

OBB

19-Apr-10 24.24 30-Jun-10 33.55 31-Dec-10 42.21 30-Sep-11 100.00 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

10.00 26.76 13.75 37.19 14.00 36.05 14.00100.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75 13.50 15.00 14.50 15.00

0.89 57.00 11.33 25.00 23.44 4.22 9.45 7.01 21.68 12.55 80.00 20.55 87.50 5.00 3.74 3.76

0.24 0.34 0.42 1.00

19-Apr-17 12.68 30-Jun-17 29.17 31-Dec-17 58.15 30-Sep-18 100.00 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

0.69 15.73 0.65 15.01 1.39 15.23 1.21 15.23 1.22 1.40 1.41 1.37 1.80 3.29 1.86 4.30 4.39 2.62 2.65

1.00 131.5468 5.71 145.2651 2.39 106.2902 1.00 125.4883 1.00 3.82 3.56 3.82 2.02 2.01 1.00 1.30 3.76 2.53 1.00

20.07 1,196.77 24.64 1,259.36 21.45 1,281.44 20.54 1,194.98 20.51 22.86 22.58 22.94 20.04 17.13 18.85 16.25 18.70 18.49 16.91

93.70 8.0265 93.81 24.3726 91.37 27.2509 93.47 13.2482 93.44 90.66 90.35 92.05 93.63 93.52 93.93 91.66 89.19 92.29 96.17

News|SOUTH-WEST

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Ondo: APC aspirants tackle Tinubu over alleged imposition Babatope Okeowo Akure

head of the August 27 primaries of the All Progressive Congress (APC) in Ondo state, 24 of the 25 aspirants yesterday kicked against a surreptitious plan by the party’s National Leader, Asiwaju Bola Ahmed Tinubu to impose Dr. Segun Abraham on the party. Speaking on behalf of the aspirants, Dr Tunji

Abayomi blamed the planned imposition on Tinubu, who they said was head bent to install Abraham. The 25 aspirants who had paid N7.5 million as nomination fees have begun screening race for the party’s primary fixed for August 27 at the national secretariat of the party in Abuja. Although the party had denied the alleged imposition, Abayomi insisted that the planned imposi-

tion had been uncovered, saying such imposition by Tinubu was wrong as it would disrupt the normal democratic process of electing candidate for the party for the November 26 governorship election. Abayomi, who painted graphic picture on how Tinubu allegedly summoned party leaders in the state to Lagos and directed them to work for Abraham and his emergence, said they would resist the National Leader’s plan as it was not acceptable

to the majority of the aspirants. Besides, he said they were ready to ensure that Tinubu’s planned imposition fail notwithstanding his alleged promise to spend huge sum of money for the leaders to ensure Abraham triumph at the party’s pri-

$16.13bn

The total amount of the Consumer Goods sector of the Nigeria Stock Exchange for 2014 Q4. Source: Nigerian Stock Exchange

mary especially because the action was against the party’s constitution of the party. Abayomi said: “I am speaking on behalf of the majority of the aspirants, we want to know whether this is true, and considering that we have a constitution

N1,188.13bn

The total revenue of 2015 Government Quarterly Collection from Petroleum Profits Tax and Non-oil taxes for the 2015 Q2. Source: Firs.gov.ng

that determines the procedure of electing a candidate. “We are from Ondo State and we expect that our affairs should be largely controlled either by law or the people of Ondo State. So, we reject the government of leaders by the leaders to the privileged set of leaders. If Tinubu had now directed that this is the person he wants to use, that means that he is the one constituting government over the people to his own benefit.”

PDP leaders adopt Okunriboye for Ondo guber poll Kayode Olanrewaju Lagos State Governor, Mr. Akinwunmi Ambode (3rd right); Oba of Lagos, Oba Rilwan Akiolu I (2nd right) and Deputy Governor, Dr. Oluranti Adebule (middle) and others, during a meeting with the Council of Obas at the Lagos House, Ikeja…yesterday

Lagos-Ibadan Expressway’s gridlock‘ll ease by November –Julius Berger …as Ogun opens alternative route Kunle Olayeni Abeokuta

he hardship and traffic gridlock being experienced by motorists plying the LagosIbadan expressway due to the ongoing reconstruction and rehabilitation work may not abate until the end of November, this year. Indication to this emerged yesterday as the contractor handling the project, Julius Berger Ni-

geria Plc., urged Nigerians to be patient and always drive with discipline and caution while on the ever busy expressway. Also, the Ogun State Commissioner for Works and Infrastructure, Olamilekan Adegbite said the state government was concerned about the situation and had decided to open an alternative route on the highway to ease traffic. The contractors had

recently returned to site at Kilometre 12, otherwise known as the Long Bridge section of the expressway and the attendant rehabilitation work had caused untold hardship for motorists and commuters. Addressing a joint press conference in Abeokuta yesterday, Adegbite and the Division Manager (West) of Julius Berger, Mr. Wolfgang Loesser said both the state government and the construction firm had a series of meetings with the Federal Govern-

ment’s officials to find a lasting solution to the gridlock on the expressway. He however attributed the gridlock on the road to indiscipline and impatience on the part of motorists, stressing that there would be less bottleneck if everybody maintained single lane. The commissioner noted that the long bridge section fell within the state’s territory, adding that the state government would not fold its arms and watch people suffer.

Olubadan pledges support for new Lagos to confiscate buildings, hotels used by kidnappers Oyo police boss Sola Adeyemo Ibadan

he Olubadan of Ibadanland, Oba Saliu Akanmu Adetunji, yesterday pledged his co-operation, as well as that of the Olubadan-inCouncil with the security agencies in the State towards fighting crime to a standstill. The first class monarch gave the pledge while receiving the new Oyo State Police Commissioner (CP), Mr. Samuel Damilola Adegbuyi, in his palace at Popoyemoja, Ibadan. The new CP was accompanied by his outgoing colleague, Leye Oyebade who was transferred to Abia State. According to a statement

from the monarch’s Director, Media and Public Affairs, Adeola Oloko, Oba Adetunji reasoned that the pledge was necessary being that the mandate of the police towards crime prevention and maintenance of law and order would not be carried out in isolation of the public by the police. “Security agents are not magicians”, and so without robust cooperation between the police and the public, there could be no headway in apprehension of criminals. The monarch lauded the outgoing police commissioner, Oyebade for his impressive record of performance at the Oyo State Police Command, urging Adegbuyi to follow the footsteps of his predecessor.

Muritala Ayinla

ore troubles await kidnappers in Lagos State as the state government yesterday vowed to henceforth confiscate houses and hotels used as hideouts for kidnapping and other criminal activities in the state. Briefing journalists after the State Security Council meeting presided over by Lagos State Governor Mr. Akinwunmi Ambode, the state Commissioner of Police, Mr. Fatai Owoseni, who dangled the axe, said the government was poised to eradicating the menace of kidnapping and militancy in the state with confiscation of property used by the

criminals. Owoseni said:“The Security Council meeting is for us to look at the strategies that we will be imploring in tackling the criminal challenges that we have in the state and to further come up with strategies of sustaining those measures that will put criminal elements in check and of course, the security council of the state has come out for us to let our people know emphatically that the state is more poised at tackling all the criminal challenges and making sure that all the criminal elements that are going about in the state will not be allowed the freedom to practice any criminal act.”

eaders of the People’s Democratic Party (PDP) in Ondo North Senatorial District yesterday adopted Dr. Remi Okunrinboye as their flagbearer in the November 26 gubernatorial election in the state. Okunrinboye’s choice was agreed upon following a protracted meeting of all aspirants and the leadership of the party which began on Sunday and dragged till Monday. He will today pick his nomination form as authoritatively gathered by New Telegraph as agreed by the party leaders in the senatorial district. A source closed to the PDP in Ondo North, told New Telegraph that the decision to adopt Okunrinboye as the party’s choice was reached after a protracted meeting of all aspirants and leadership of the party last Sunday. “With the consensus

reached by all the aspirants from the senatorial district and party leaders to adopt Dr. Okunrinboye, he is expected to pick the PDP governorship form today (yesterday) or tomorrow (today) as agreed,” the source said. The source, however, added that the consensus between Akoko and Owo, which comprised the senatorial district, was a great victory for the district. This is as the crisis rocking the state chapter of the party had taken a twist as Governor Olusegun Mimiko had also adopted an aspirant from the Ondo Central Senatorial District for the forthcoming election. Irked by Mimiko’s action to adopt the aspirant from Ondo Central, which produced him (Mimiko) against the zoning formula of the state, the leadership of the party in Ondo North had threatened to boycott the PDP primary election.

LCDA to partner US consultants on cardiovascular screening Muritala Ayinla

he Sole Administrator of the Apapa-Iganmu Local Council Development Area (LCDA), Mr. Olumide Olayomi has said that the council will unveil a threeday free screening exercise on cardiovascular and other health related diseases for residents of the area. The council boss said the screening will be in partnership with cardiology specialists from the United States of America (USA) between August 15 and 17. Speaking on the essence of free health screening for residents, Olayomi said that the present administration in the state believed that early detection of healthrelated diseases would go a long way in curtailing the pace at which people die of the disease due to ignorance. “Since heart-related diseases have been observed

as one of the major causes of sudden death in recent times worldwide, early detection can help stem the tide of sudden death,” Olalomi said. Olayomi being a Fellow of Rockefeller Foundation, USA Leadership for Environment and Development, said the screening exercise was informed by his desire to improve healthcare delivery to residents of Apapa-Iganmu and its environs within his sphere of influence, while also aligning with Governor Akinwunmi Ambode’s policy on improved public health. He said: “The health screening will be focusing on individuals who do not have immediate access to treatment of heart-related diseases.” Besides, Olalomi said beneficiaries would be screened by Nigerian renowned Cardiologist specialists, Dr. Olurotimi Badero and others.

News|SOUTH-EAST

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

NDE trains 5O unemployed graduates in Enugu Charles Onyekwere ENUGU

ver 50 unemployed graduates from tertiary institutions in Enugu State have been trained by the National Directorate of Employment (NDE) in various skills tagged Start Your Own Business (SYOB). The training, under the small scale enterprises (SSE) department on vocational skills development (VSD) programme, is charged with the responsibility of imparting vocational skills to youths through its various schemes. While declaring the training open yesterday, the Enugu State Commissioner for Youth and Sports, Hon. Charles Ndukwe, advised the selected participants to put into practice what they had learnt from the training to be self-reliant rather than searching for non-existent white collar job. Speaking at the programme, the state coordinator, Mr. Iroegbu Joseph

Eke, said it was indeed another milestone of the NDE to empower 50 youths of Enugu State, adding that the establishment by the federal government in 1987 was necessitated by the annual increase in unemployment, particularly among the Nigerian youths. According to him, under the SSE department, business training was given to the beneficiaries in order to prepare them to be able to manage their businesses successfully. “Thereafter, the trainee is resettled with equipment in form of loan which is expected to be re-paid after training. NDE in pursuit of her mandate of combating unemployment, encouraging wealth creation, and poverty reduction has decided to organise the training to empower 50 persons through capacity building. “The capacity building workshop is aimed at equipping the participants with the necessary skills not only to be their own bosses but become employers of labour,” Eke said.

Ebonyi raises the alarm over pupils, students’ rejection of immunisation Uchenna Inya ABAKALIKI

bonyi State government yesterday raised the alarm over rejection of immunisation drugs known as praziquantel by school authorities and Parent Teachers Association (PTA). The government said in recent time, there had been poor distribution of drug in most schools in the state due to high rate of refusal by the pupils. The state Commissioner for Health, Dr. Daniel Umezuruike made this known while addressing journalists in Abakaliki on the matter. He attributed the situation to the rumoured cases of death following mass

$25.269bn

The amount of the market capitalization of FGN bonds of Nigeria as of December 31, 2014. Source: Nigerian Stock Exchange

Pamela Eboh AWKA

massive gully erosion measured at above 10meters is threatening the existence of N8billion worth of structure in Federal Polytechnic Oko, located in Orumba local government area of Anambra State. In a press statement made available to journalists in Awka on the ugly development, the

administration of praziquantel on students of Ginger International Secondary School in the state. He debunked the rumour, adding that some of the 18 students who took the drugs could not eat before taking it despite several warning that they should eat before taking the drugs. “On 17th June, 2016, there was wide-spread rumour that about 18 students of Ginger International School Abakaliki were dead and many hospitalized as a result of the intake of praziquantel. “When our health team rushed to the school, we were informed that the pupils have been rushed to Federal Teaching Hospital, Abakaliki (FETHA) for treatment.”

£220,000

The weekly wage (post-tax earnings) of Paul Pogba of Manchester United in 2016. Source: Goal.com

Enugu State Governor, Ifeanyi Ugwuanyi, and his wife, Monica, acknowledging cheers from supporters when the duo arrived Michael Okpara Square, Enugu for prayers organized by the state’s Women Prayer Network… yesterday.

Abia North: Tribunal to communicate judgement date Igbeaku Orji UMUAHIA

s parties to the Abia North senatorial rerun petition tribunal yesterday adopted their final written addresses, the tribunal has informed them that the judgment date would be communicated to them. Chairman of the tribunal, Justice James Abundaga, had opened the sitting by calling for the motion for the addresses and the adoption of the written addresses. A member of the team of lawyers to the 1st Respondent, Senator Mao Ohuabunwa, Mr. Bolarinwa Awojola urged the tribunal to strike out the petition on the grounds of incompetence. He said

is hinged principally on paragraph 4 (7) of the Electoral Act should be struck out and dismissed as incompetent.” Counsel to INEC, Mr. Anagha Kalu, also urged the tribunal to strike out the petitioners case on the ground that the evidence of the Forensic expert was based on hearsay and could not be relied upon, but Nwufo opposed that application on the grounds that the forensic witness who was appointed and trained by INEC could not be criticised and condemned by the electoral body. Nwufo said: “The 2nd Respondent which appointed and trained PW 18 cannot be allowed in law to benefit from his shortcoming.” The chairman said at

the end of the adoption of the addresses that the panel was happy with the conduct of counsel to the parties, saying, “we will adjourn to prepare the documents and communicate the date to you. Somebody must win, somebody must lose, but we will do our best before men and the Almighty God. The important thing is that you are sure that those adjudicating are of utmost sincerity.” Speaking to journalists at the end of the session, counsels to Dr. Orji Uzor Kalu, Chief Kelvin Nwufo (SAN) and Senator Mao Ohuabunwa, Mike Onyeka, expressed satisfaction with the conduct of the tribunal sitting and expressed hope that judgment would be delivered in their favour.

Appeal Court reserves judgement in Abia governorship tussle Tunde Oyesina Abuja

he Court of Appeal, Abuja division yesterday, reserved judgment in an appeal filed by the Abia State Governor, Okezie Ikpeazu, challenging his removal from office by the Federal High Court sitting in Abuja. Justice Okon Abang had on June 27 sacked Ikpeazu from office on ground that he presented a forged tax

Erosion threatens N8bn structures in Oko Polytechnic Public Relations Officer of the institution, Mr. Obini Onuchukwu, said that the erosion was an extension of the popular Agulu/Nanka erosion site that had rocked the area for a long time. He said it had become imperative for the federal and the state government as well as corporate bodies and well-meaning individu-

he opposed the petition on 11 grounds which were contained in the written address. But counsel to Dr. Orji Uzor Kalu, Kelvin Nwufo (SAN) taking the issues point by point opposed the application with a five-paragraph counter affidavit accompanied by rules of the tribunal. He argued that the cases cited by the 1st Respondents counsel were not applicable in the instant case, saying that the position of paragraph 4 (7) of the Electoral Act relied upon by the 1st Respondents counsel had been deleted by the amendment in the Electoral Act as shown in Section 38 by the Electoral Amendment Act 2010. He said: “We submit that the application which

als to intervene in order to save the structure from collapse. Onuchukwu observed that the extension site of the institution, where majority of the institution’s edifice were located, with particular reference to the virtual library which, according to him was not just the biggest east of the Niger but was worth billions of naira.

clearance to his party which qualified him to participate in the primary election. The court had then ordered the Independent National Electoral Commission, INEC to issue a certificate of return to Samson Ogah, who came second in the primary election. Not satisfied, Ikpeazu had approached the appellate court, praying it to set aside the judgement of the high court. In his argument yesterday, Ikpeazu through his counsel, Chief Wole Olani-

pekun, SAN, claimed that the trial court erred in its conclusion when the PDP guidelines and tax receipts were not made by his client but obtained from official quarters. He also argued that Ikpeazu had always been a public servant and that it was unimaginable that the tax papers of a public officer would be queried the way the judge did. He submitted that Justice Abang misinterpreted Section 31 of the Electoral Act, on the ground that

there was no evidence before the court to that effect. Olanipekun further argued that the trial court acted like a magician when it gave interpretation to PDP guideline that was not before it and that it was wrong of the judge to rely on mere disposition by the 1st respondent, Samson Ogah, in arriving at the final conclusion of his judgement. He then urged the court to allow the appeal and set aside the decision of the lower court.

Get ready to evacuate, NEMA tells Imo communities followed NEMA observation safer locations,” he said. Steve Uzoechi OWERRI

he National Emergency Management Agency (NEMA) has advised people living close to Oguta Lake and tributaries of River Niger to get ready to relocate to safer locations. Speaking to newsmen in Owerri yesterday, NEMA Coordinator in-charge of Imo and Abia states, Mr. Evans Ugo said that the advice

of water levels. He said that following predictions by relevant agencies, NEMA had monitored water levels including the Oguta Lake and other water bodies around the riverine communities in Imo and Abia states. “Our recent observations show that water level is beginning to rise and we deem it necessary to alert communities likely to be affected by flood to get set to relocate to

Ugo said the agency raised the alarm to prevent colossal damages as recorded in the year 2012 when many communities across Nigeria were flooded due to devastating flooding in parts of the country. “Actually, Nigeria Metrological Agency predicted that this year’s rainfall will be below normal, though that there might be some flash flooding in some areas.”

News|SOUTH-SOUTH

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Group shuts down Agric Bank over empowerment package Ola James Warri

group operating on the platform of Niger Delta Israel Trained Agricultural Group of Nigeria, yesterday shut down business

lAccuses bank MD, ex-minister of frustrating them

activities at the Bank of Agriculture (BoA), following alleged non-payment of its members’ empowerment funds running into hundreds of millions of naira. The members are beneficiaries of the advanced

Five retirees die daily in Cross River – Group Clement James Calabar

o fewer than five retired workers of the Cross River State civil service die daily without receiving their gratuities since 2013, according to the findings of a group, the Concerned Retirees. According to the leader of the group, 65-year-old Joshua Idang, who led his members on a protest march yesterday in Calabar, the state government had not paid retired workers said their gratuity since June 2013, a situation he said had impoverished the retirees. “From our findings, not less than five retirees of the state civil service die daily without collecting their gratuities. The state government stopped paying gratuities since

May 2013 and they died because many of them could not afford medical bills when they were sick,” Idang said. He said senior citizens of the state under the aegis of the Nigeria Union of Pensioners had made several representations to the state government without success, saying all they got from government were unfulfilled promises. “As I am talking to you now, many of the retirees are very sick and cannot afford hospital bills. We do not know what might happen to them, but I can tell you authoritatively that at least five retirees die in Cross River State every day,” he said. He said only last month, close to 150 workers retired from the state’s service and wondered why government was allowing gratuities of senior citizens to accumulate.

Abe faults Wike’s planned unit security guards Emmanuel Masha Port Harcourt

he All Progressives Congress (APC) candidate for Rivers South East Senatorial District in the National Assembly re-run election, Senator Magnus Abe, has faulted the move by Governor Nyesom Wike to set up polling Unit Security Guards to monitor the election. Abe, who spoke at a rally organized by the Rivers East APC, at Isiokpo in Ikwerre Local Government Area, said the setting up of such body would lead to violence and chaos in the state. He said there won’t be a free and fair election if Wike has his way and set up

the group, but assured the people that the APC would adhere to the rule of law during the rerun, and urged the Peoples Democratic Party, PDP to do same in the interest of the state. The one time Secretary to the State Government, appealed to the Inspector-General of Police and Director of State Security Services to intervene to save Rivers State from degenerating into anarchy based on the governor’s plan. He said: “As we have complained about the Arrest Resistance Committee, they have gone to form Polling Unit Security Guards. Whether you call it Arrest Resistance Committee or Polling Unit Security Guards, it is the same wine in a different bottle.”

agricultural training under the Niger Delta ISAC Israeli Trained Agricultural Group of Nigeria (NDITAGON), a training programme organised by the ministry for nonmilitant youths drawn from the nine states that make up the region. Members of the group numbering over 90 had allegedly been denied their routine business access to the bank and were turned back at the gate last weekend. They had complained that since their trip to Israel, where they were trained in agriculture, all the promises made by the Ministry of Niger Delta Affairs to empower them on what they were trained f had not been given to them. Addressing newsmen, the National Secretary and a leader of the group, David Esiekpe and Bekeakpobo Fedekefe, expressed disappointment over the attitude

of the Ministry of Niger Delta under the leadership of the then acting Minister, Mr. Darius Ishakku. They said where other sister states had concluded payment of the empowerment funds to their members, Bank of Agriculture, Ughelli, Delta State was yet to pay its members, accusing the bank of using their money to make huge profits, thus denying them of their entitlement. They also accused the Niger Delta Ministry of cutting down to one month a training that was supposed to last for one year but that it didn’t work because of their shady move to frustrate its

N3.11trn

The total amount of the Consumer Goods sector of the Nigeria Stock Exchange for 2014 Q4. Source: Nigerian Stock Exchange

Yenagoa

ayelsa State Government yesterday commiserated with the Nigerian military over the brutal killing of three soldiers by armed bandits at Nembe town in Nembe Local Government Area of the state. Addressing the people of Nembe at the King Koko Square, Governor Seriake Dickson said the killing of

the soldiers was senseless, barbaric and not in the best interest of the government and people of the state, especially the peace loving people of Nembe. The governor, who was represented by his Deputy, Gboribiogha John Jonah, described the incident as painful and unfortunate, pointing out that a similar one occurred in July last year, where soldiers were attacked at the same secu-

48.06

The number of fixed-telephone subscriptions per 100 inhabitants of Barbados in 2001. Source: Itu.int

Clement James Calabar

he National Directorate of Employment (NDE) yesterday said it will train 25 youths on Environmental Beautification in Cross River State. It also said it has trained 329 unemployed graduates in various skills in the state since the beginning of the year, explaining that this was to ensure selfreliance, especially at a time like this when the economy was in recession. Acting Director General of the NDE, Mr. Olakunle Obanyan, made this known in Calabar while declaring open a three-month intensive training programme for 25 youths in the state.

Akwa Ibom State Governor, Mr. Udom Emmanuel (right), receiving a membership certificate from the International President, Mboho Mkparawa Ibibio, Akparawa Monday Etukakpan, during his induction as a member of the sociocultural organisation at Mboho Mkparawa Ibibio International Secretariat, Udo Udoma Avenue, Uyo.

Chukwu David Abuja

former Deputy Speaker of the House of Representatives, Hon. Chibudom Nwuche, has appealed to President Muhammadu Buhari to empower Niger Delta youths to help protect oil and gas pipelines from vandalisation in the region. Nwuche made the appeal in Abuja, when a

Nwuche to Buhari: Empower Niger Delta youths to safeguard pipelines

delegation of leaders from Ekpeye Kingdom in Rivers State, led by Chief Gowan Okoko and Chief Daniel Igbudu, paid him a visit. He also appealed to leaders of Ekpeye to prevail on their youths not to resort to criminality and violence as a result of the long neglect of the

Bayelsa flays attack on soldiers, commiserates with military authorities Chris Ejim

members of the empowerment package. It was learnt that prior to the 2015 general elections that saw President Muhammadu Buhari as president, the Minister of Niger Delta Affairs, Dr. Stephen Oru, was confronted on the alleged failure by the ministry to provide empowerment package for the youths after being trained in Israel 11 months ago. They lamented the position of the Managing Director/Chief Executive Officer of the bank, who also said payment will be made as soon as possible, but expressed surprise why other states of the federation had started receiving their money but Niger Delta was yet to commence payment.

NDE trains 25 youths on environmental beautification

rity check point in Nembe, resulting in deaths. He said he took it upon himself to visit the scene of the incident to console and engage the military authorities with a view to dousing the palpable tension occasioned by the sad incident. While urging members of the community, who have fled to return home, the governor called on youths and other stakeholders to collaborate with the military to

bring the perpetrators of the heinous crime to book. He also pleaded with the clergy to continue to pray for lasting peace in the community. Also speaking, the Commander, Operation Delta Safe, Rear Admiral J. O. Okojie, assured the people of Nembe that the perpetrators of the dastardly act would be made to account for their mindless actions, adding that, his men were already on their trail.

community by successive governments. The former deputy speaker said that even though he was aware that this democratic dispensation had not been fair to Ekpeye people because they had not received the deserved and desired democratic dividends, they should not resort to criminality and begin to carry arms against themselves and the government. He cautioned the youths against taking up arms against the state as a means of pressing home their demands as this would inflict more suffering on the people who were already bearing the brunt of the protracted neglect. He further urged them to join hands with President Buhari’s administration to move the country forward, assuring them that he was optimistic

that the kingdom would see positive dividends from the administration. Nwuche specifically used the opportunity to urge the Federal Government to come to the aid of Ekpeye people and empower them to secure the thousands of oil and gas pipelines crisscrossing Ekpeye land. He commended the leaders for their role in ensuring that Ekpeye youths did not engage in the disruption of oil and gas activities and the blowing up of pipelines like youths of other oil producing areas. The PDP chieftain, however, urged government to focus on areas that had maintained peace and not only on the ones causing problems in order not to be seen to be rewarding criminality and luring other youths to also bear arms.

north | news

wednesday, august 10, 2016 NEW TELEGRAPH

Irate youths attack lawmaker in Yobe

Hassan Jirgi DAMATURU

uspected irate youths of the People’s Democratic Party (PDP) in Potiskum Local Government of Yobe State, yesterday attacked a member of the state House of Assembly over what they described as his poor performance in the Assembly. In the mob attack that lasted for several hours, hundreds of aggrieved youths, who were suspected to be PDP supporters of the factional National Chairman of the party, Senator Ali Modu Sheriff, allegedly attacked a vehicle conveying Hon. Abdullahi Adamu Ba-

zuwa, representing Potiskum Constituency on his way to Chadi Primary School polling unit to supervise the state congress of the party. Investigations by New Telegraph confirmed that the irate Peoples Democratic Party's youths were political thugs, who were said to be angry over Bazuwa’s poor performance in the Assembly. An eye witness, Mallam Ali Yobe, who confirmed the attack, said that the irate youths chanted “Bamayi, Karyane we don't like you; “We will not vote you for the second time”; “You have failed.” He, however, recalled how the youths pelted some cars with stones

and pure water, while their windscreens were smashed. Some of the youths who spoke with newsmen, accused the lawmaker of poor performance at the Assembly, saying there was nothing to show his constituency that he had done since he was elected in the past of one year. For a detachment of armed police men and other security operatives drafted to the scene of the attack, the situation would have degenerated.

5.91%

The dividend yield for the 52-week period of the Nigerian Stock Exchange ending December 31, 2015. Source: Nigerian Stock Exchange

Court restrains Lalong from appointing board secretary Musa Pam Jos

he High Court of Justice in Plateau State has restrained the state governor, Simon Lalong from appointing a new Executive Secretary for the Plateau State Primary Health Care Board. The incumbent Executive Secretary of Board, Dr. Raymond Namshi Juryit had approached the High Court on August 1, 2016, seeking an order to stop Governor Simon Lalong from terminating his appointment, . Juryit had told a judge of the High Court, sitting in Bukuru, Justice I. Kunda on August 2, a motion ex-parte dated August, and filed same day, to grant an order of interim injunction restraining the first respondent from appointing any other person as the Executive Secretary of the Pla-

Army/villagers’clash: Niger not under invasion –Police

arely one week after the clash between the military and some villagers in Niger State, the state Police Command has declared that the state was neither under any type of siege or invasion as being feared by the people. Addressing journalists, the Commissioner of Police, Zubairu Muazu yesterday said that "Niger State is not under siege or invasion by the military, we are tackling the security situation in the state." This clarification by the police boss, was coming on the heels of the killing of five policemen in a spate of two days and an invasion of five Gwari villages in Bosso Local Government Area of the state by officers of the Nigerian army, which had led to the death of 21 people and loss of property worth several millions of naira. Meanwhile, two of the

five policemen killed, according to the CP, were killed by armed men along Mandela Road in the state capital, while the remaining three were felled by bullets fired by suspected bandits at Dikko Junction in Suleja Local Government Area of the state. The Police Public Relations Officer (PPRO), DSP Bala Elkana, who spoke on behalf of the police chief, said the armed carried by the policemen were taken away by their killers. He said: "The past few days have been very challenging, we started with the army invasion of some villages, later we have five of our police officers killed while on duty." While exonerating the police from the military and villagers clash, Muazu stressed: "The police was not involved in the invasion of the Kpaidna village by the army. From the beginning the police was not involved in the operation; we only joined the operation after we received distress calls from the villagers that they were being

attacked by some men in army uniform." As a proactive measure to bring down crime rate in the state, the Police Commissioner said that an aggressive patrol outfit tagged “Operation Mop Up Illegal Firearms’ has been launched, pointing

out that if within the next 14 days those in possession of illegal firearms did not submit them to the police they would be arrested and prosecuted. Besides, the police boss said that all Divisional Police Officers (DPOs)‘have been placed on red alert.’

Juryit was appointed by the former governor, Senator Jonah Jang as the Executive Secretary for the board on May 15, 2015, for a period of five years in line with the law establishing the board. But Governor Lalong on July 15 had forwarded the name of Dr. Miapkwap Senkoom Livinus, his tribe’s man to the state House of Assembly for confirmation of his appointment as the Executive Secretary of the board notwithstanding the subsisting tenure of Dr. Juryit. However, investigation has revealed that the Ngas community in state has accused the governor for untimely termination of the appointment of Dr Juryit of the state Epidemiological Unit, who has served the state for many years.

Kwara orders contractors back to site, to spend N965m on projects Ilorin

PHOTO: NAN

MINNA

teau State Primary Health Care Board while the applicant’s occupation of the office was subsisting pending the final determination of the motion on notice. Justice Kunda, however, granted the prayer, saying: "It is hereby ordered that the application has merit and is granted as prayed. The first respondent is restrained from appointing any other person as the Executive Secretary of the Plateau State Primary Health Care Board, while the applicant’s occupation of the office is subsisting pending the final determination of the motion on notice." The order empowered the applicant to occupy the said office pending the final determination of the motion on notice brought before Justice Kunda.

Biodun Oyeleye

Indigenous Gbagyi Cultural Dancers from the Federal Capital Territory (Fct), performing during the celebration of the International Day for Indigenous People, in Abuja…yesterday.

Dan Atori

wara State Governor, Alhaji Abdulfatah Ahmed, yesterday directed contractors handling various projects in the state to return to site without further delay, even as he pledged his administration’s determination to spend N965 million on special projects across the state. Although he did not explain details of the projects, the governor told a monthly meeting of the All Progressives Congress (APC) that each of the 193 wards in the state would benefit N5 million under the scheme. According to him, the projects in which all the wards will benefit were different from the existing contracts that he ordered the contractors to resume work. Ahmed, who assured the people of the state that worst times were over with improved Internally Generated Revenue and

federal allocations, however, promised to begin another sets of youths and women empowerment programmes that would engage women and youths profitably and stimulate the state economy. While directing the contractors to return to sites, the governor said projects awarded in the areas of energy, water, road construction, health and education would be completed as the state revenue improve, even as he noted that his administration placed high premium on quality infrastructure for socio-economic development of the state. The governor promised not to relent in his effort to facilitating the economic growth of the state. Speaking on the delay in the payment of Local Government Council workers and the Basic Education teachers, Ahmed explained that his administration had intervened in the payment of their July salaries with the disbursement of N160 million to the councils.

Political appointees from Bauchi Benue lauds soldiers’operation in Gbishe, warns against flood urged to lift state Nankpah Bwakan Bauchi

ll political appointees from Bauchi State in President Muhammadu Buhari’s administration have been challenged on the need to utilise their positions for the betterment of the state. The advice was given by the immediate past Executive Secretary of Tertiary Education Trust Fund (TETFund), Prof. Suleman Bogoro yesterday during the annual speech and prize-giving day of Giwo Science Academy, Bauchi. Bogoro, who chaired the occasion, declared the

state has a second chance given by the various high placed appointments of the indigenes of the state by President Buhari. According to the don, Bauchi State had a chance to be transformed during the administration of President Goodluck Jonathan when the sons and daughters were also appointed to juicy positions in that administration. He, however, lamented that rather than uplifting the state most of the appointees and some people in the government ended up fighting and undermining one another while the state and its people suffered.

Cephas Iorhemen MAKURDI

enue State Security Council yesterday applauded men of the Nigerian Army and other security agencies for the manner with which they handled the last Saturday operation at Gbishe. While briefing journalists shortly after the meeting, which was presided over by Governor Samuel Ortom at the Government House, the Acting Secretary to the State Government (SSG), Dr. Bem Melladu, said the security agencies operated in line

with the rules of engagement by focusing on their target and avoiding loss of lives, as well as destruction of property outside their brief. The council, however, regretted that the main target in the operation, Terwase Akwaza (alias Ghana) escaped arrest, but directed the soldiers to intensify efforts to arrest him and other members of the gang. The council, which insisted that anyone that harboured Ghana and his group did so at his or her risk, even as it frowned at the criminal activities of Akwaza.

NEWS | national change OF NAME

Effiong: I, formerly known and addressed as Olubunmi Adebola Amusan now wish be known and addressed as Effiong Adebola Olubunmi. All former documents remain valid. General public please take note.

PUBLIC NOTICE

COMPLETE BIBLE PENTECOSTAL CHURCH INTERNATIONAL

Notice is hereby given to the general public that the above named Church has applied to the Corporate Affairs Commission, Abuja for registration under Part “C” of the Companies and Allied Matters Act 2004. The Trustees are: 1. Joshua Odeleye 3. Solomon Olowolafe 5. Iretiolu Adeleye 7. Benjamine Olaoye

2. Lydia Odeleye 4. Ramat Olowolafe 6. Senami Alayande

AIMS AND OBJECTIVES ARE: 1. To serve God and humanity in pursuance to God’s commandments as contained in the Holy Scriptures. 2. To engage in social work, community development and welfare programs and other similar activities. 3. To print, import/export, distribute/publish or sell inspirational literature and stationeries which are compatible with the objective of the church. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: Barrister Emeka Ukachi

PUBLIC NOTICE

CHRIST DIVINE DELIVERANCE CHURCH

This is to inform the general public that the above –named Church has applied to the Corporate Affairs Commission for Registration under Part C of the Companies and Allied Matters Act 1990. The Trustees are: 1. Pastor Felix Ikechukwu Opara 2. Anaeme Janet Akunna 3. Uche Peter

- General Overseer/Chairman -Secretary -Member

AIMS AND OBJECTIVES ARE: 1. To preach the word of God throughout the Nigeria and the world at large 2. To embark on community evangelism and missionary work 3. To win Souls for Jesus Christ 4. To encourage, participate in Gospel outreaches, crusades, seminars conventions and conferences which are directed mainly at soul- winning. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: THE CHURCH LAWYER

CAMARIS LEGAL CONSULT

106, BALE STREET OPP NOURISHA CONTINENTAL FAST FOOD ORILE IGANMU, LAGOS Tel:-07062996878

PUBLIC NOTICE

THE ELSHADDAI DELIVERANCE APOSTOLIC MINISTRY

The general public is hereby notified that the above named has applied to the Corporate Affairs Commission for registration under part 'C' of the Companies and Allied Matters Act, of 1990. The Trustees are: 1. Adeoye John Idowu – General Overseer 2. Oloyede Adebola Aderibigbe – Vice -General Overseer 3. Adeoye Adekemi Olusola – Secretary 4. Ogunye Frederick Omotola – Treasurer AIMS AND OBJECTIVES ARE: 1. To preach the word of God. Any objection to the registration should be forwarded to the Registrar-General, Corporate Affairs Commission, plot 420 Tigris Crescent, off Aguiyi Ironsi Street, Maitama, Abuja within 28 days of this publication. SIGNED: TRUSTEES

PUBLIC NOTICE

Nze Royal Club of Nigeria RC 4618 The general public is hereby notified that the underlisted are no more members of the Club for reasons ranging from resignation, expulsion and dismissal at various dates in accordance with the Club’s constitution. 1. P.N. Osogu 2. P.M. Onyeji 3. E.A. Kalu 4. D.O. Ugweje 5. F.U. Anyachor 6. A.O. Omeonu 7. E.I. Anwuruoku 8. C.E. Ututu 9. M.O. Onwuka 10. J.O. Onyeama 11. C.O. Nwosu 12. C. Nwachukwu 13. A. Orji 14. G.O. Olehi 15. C.C. Gbaruko 16. S.I. Uwamanze 17. O.I. Nwachukwu

– Expelled – Dismissed – Expelled – Expelled – Expelled – Expelled – Resigned – Expelled – Dismissed – Expelled – Expelled – Expelled – Resigned – Expelled – Expelled – Expelled – Expelled

Any one who has objection to this notice is hereby given 21 days from the day of this publication to forward such objection to:. FreshBrook Solicitors #10, Unity Road (First Floor, Front Wing) Ikeja, Lagos

wednesday, august 10, 2016 NEW TELEGRAPH

Why I want to be PDP National Chairman –Agbaje Onyekachi Eze ABUJA

ormer governorship candidate of the Peoples Democratic Party (PDP) for Lagos State in the 2015 election, Jimi Agbaje, has made good his promise to contest the August 17 national chairmanship position of the party. Agbaje will run against his supposedly godfather, Chief Bode George, who picked the party's chairmanship nomination form last Friday. The former governorship candidate who picked his nomination form on yesterday, promised to lead the party back to winning ways if elected national chairman at the convention. Agbaje told newsmen that as a candidate who does not belong to any of the factions in the party, he stands a better chance to unite all the contending forces in the party. "I am not a member of any faction or any tendencies. I am in a position to talk to everybody, to ensure that if you love the PDP, then it is time to

come back to the zone. "I will appeal to those who feel very strongly to join us because Nigeria cannot make the progress it deserves without a viable opposition and that PDP is going to provide that opposition as an alternative government and in a responsible manner," he said. On the failure of South West caucus to choose a chairmanship candidate last Monday, Agbaje noted that it was difficult to get a consensus candidate where every aspirant believes he or she is qualified for the job. "The beauty of democracy is that you must be able, and shouldn't be afraid to contest. "What matters is that a level playing field is created and we shouldn't bring this idea that we must have consensus. No! It is not even good to have consensus all the time. Let us have robust competition because competition always brings out a better solution and I think that is important. "Now, it is for those in the south to decide what they want. If they say it is the Southwest, so be it."

NGE: Amosun, Lagos Speaker congratulate Egbemode Kunle Olayeni Abeokuta

gun State Governor, Ibikunle Amosun, yesterday congratulated the Managing Director and Editor-in-Chief of New Telegraph Newspapers, Mrs. Funke Egbemode, on her election as President of the Nigerian Guild of Editors (NGE). Amosun, in a statement signed by his Senior Special Assistant (Media), Adejuwon Soyinka, described Egbemode's emergence as NGE President as ‘a welldeserved honour.’ "Anyone who has followed the career path of Mrs. Egbemode over the years will not be surprised at how far she has come in her chosen profession of journalism," he added. The governor also commended the Guild for electing Egbemode in a rancour-free process. Also yesterday, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, congratulated Egbemode on her emergence as the substantive President of the NGE. In a statement by his Chief Press Secretary, Musbau Razak, the Speaker said the emer-

gence of Egbemode as president of one of the highly recognised and respected professional bodies in the country, was a confirmation of her professionalism and the high esteem she was held by her colleagues. He said: "I have followed your writings over the years and you've proved to be a role model for budding journalists who have the desire to excel in their chosen profession. "Your emergence, therefore, is not only a confirmation of your professionalism, but also a confirmation of the high esteem members of this association, one of the most highly recognised and respected in this country, hold your humble self." The speaker urged Egbemode not to relent in using her position as the NGE President to ensure that the association continues its commitment to the protection and promotion of the country's democracy. "Nigerians look up to the NGE not to relent in its commitment to the protection and promotion of this hard earned democracy and I'm sure that the Guild under you will not drop this responsibility," he said.

CONFIRMATION/change OF NAME

My allegations will stop corruption in House of Reps –Jibrin

Bassey

Philip Nyam

Abdu: I, formerly known and addressed as Lawal Taofeek Bolaji now wish be known and addressed as Abdu Taofeek Ibrahim. All former documents remain valid. General public please take note.

I, formerly known and addressed as Kayode Stella Abike now wish be known and addressed as Bassey Stella Abike. All former documents remain valid. General public please take note.

Anosike

I, formerly known and addressed as Owoh Ruth Oluchi, now wish to be known and address as Anosike Ruth Jim O. All document bearing my former names remain valid. General public please take note.

Omoijade

I, formerly known and addressed as Omoijade Glory Esther now wish to be known and addressed as Omoijade Benedicta Esther. All former documents remain valid. Keystone bank Plc, Access bank Plc and the general public take note.

Chimankpa

I, formerly known and addressed as Akani Prince now wish to be known and addressed as Akani Prince Chimankpa. All former documents remain valid. The general public should please take note.

Unice

I, formerly known and addressed as Eteli Nabhel now wish to be known and addressed as Eteli Nabhel Unice. All former documents remain valid. First bank Plc and the general public should please take note.

Nathaniel

I, formerly known as Aluko Babatunde Olusegun now wish to be known as Aluko Babatunde Nathaniel. All former documents remain valid general public take note.

Olabanji

I, formerly known and addressed as Miss Adewumi Esther Iyabo now wish be known and addressed as Mrs. Olabanji Esther Iyabo. All former documents remain valid. General public please take note.

Richards

I, formerly known and addressed as Rawlings Chike Okolichi now wish to be known and addressed as Rawlings Chike Richards. All former documents remain valid. The general public should please take note.

Amusa

This is to confirm that the bearer of these names Amusa Sali and Amusa Salimat Omolara refer to one and the same person. Henceforth, I wish to be known and addressed as Amusa Salimat Omolara. All former documents remain valid. UBA Plc and the general public should please take note.

Enem

I, formerly known and addressed as Enemchukwu Japhet Oneyedika now wish to be known and addressed as Enem Japhet Onyedika. All former documents remain valid. Access bank Plc and the general public should take note.

Newman

I, formerly known as Paul Newman Omorogbe now wish to be known as Paul Newman. All former documents remain valid general public take note.

Njoku

I, formerly known and addressed as Njoku Blessing Nnena now wish be known and addressed as Njoku Blessing Nnenna. All former documents remain valid. General public please take note.

Abuja

he former chairman of the House of Representatives Committee on Appropriation, Hon. Abdulmumin Jibrin, continued his anti-corruption war yesterday saying his revelations would rid the lower chamber of corruption. Jibrin, who made this in a statement released to the media, also challenged Speaker Yakubu Dogara and the other 12 members of the House he accused of padding and corruption to forward facts about his corrupt deeds if they have any. Reiterating his stand that the House stinks of corruption, Jibrin said “As it stands today, these corrupt elements have infiltrated the House, making the institution a hub of systemic corruption. I repeat, there is massive individual and institutional corruption in the House of Representatives. And all Nigerians have a responsibility to avail themselves of this rare opportunity to flush out corruption in the House. “I have pledged my continuous support and

assistance to the security and anti-corruption agencies. Let me also state that contrary to some myopic opinion that it would affect the institution of the House, it will rather free the institution of the grip of these corrupt vested interests, restore its integrity and shape it to become a pride to Nigerians home and abroad”. Giving reasons why he was sacked, the lawmaker turned whistle blower explained that since Speaker Yakubu Dogara made the public comment that padding is not an offense, the question on the lips of Nigerians is why then did the same Speaker Dogara said he "sacked" me on the grounds of padding allegations? “I have said it repeatedly and wish to restate that I did nothing wrong and I committed no offence. I did not abuse my office nor corruptly enrich myself in the five years I have been in the House”. According to him, “The only reason why they wanted me out is my independent-mindedness, resistance to corruption and my refusal to "play ball" on the gross abuse of office they institutionalized in the House.

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Sport Adekunle Salami

he qualification of Nigeria’s table tennis star, Aruna Quadri, for the quarterfinal of the singles event of the ongoing 31st Olympiad was a big surprise to many followers of the game but not to her colleagues. Experienced duo, Segun Toriola and Funke Oshonaike, were not surprised about Quadri’s exploits who has emerged the first African to qualify for the last eight of the Olympic Games. In the third round on Sunday, Quadri defeated number seven seed, Chinese Taipei’s Chuang ChihYuan, 4-0 to advance to the 4th round in which he met former number one and current 13 seed, Timo Boll. Aruna was leading Boll 3-0 but the London 2012 bronze medallist fought back to pick two games and brought score to 3-2. In the sixth game Quadri was on fire to win 11-9 and 4-2 overall. Even before the quarterfinal match, Toriola and Oshonaike told our correspondent that Quadri had the potential to be the best table tennis player in the world. “Quadri is very talented and focused. At this stage,

it is important to support him to the highest level. If he continues to compete with the best players in the world, he can emerge the very best within a short time. He needs the support of the Nigerian government to be the very best,” he said. Oshonaike was particularly impressed with the determination of Quadri to always go all the way in international competitions. “This guy is damn good. He is a huge asset for Nigeria but I hope the country can take him higher. If somebody plays in the last eight of the Olympics, he can be number one. “Quadri works really hard and if he can be encouraged, he is a potential gold medallist for the country at any global competition especially because he is still young to further improve,” she said. The ongoing Rio Olympic Games is the 7th appearance for Toriola and 6th for Oshonaike. The two experienced players showered praises on Quadri, urging him to remain focused. “It is time government looks in the direction of table tennis as a potential sport that can further sell the name of the country to the world,” Oshonaike added.

Did you know? That the Olympic anthem was approved by the IOC at its 55th congress held in 1958 in Tokyo

Sport News

I ‘ve conquered my fears – Umar

International Man United confirm Pogba transfer

‘Quadri can rule the world’

Toriola, Oshonaike urge authorities to take player to the top Quadri

Eagles’ll go far in Russia 2018 – Rohr NFF seals two-year deal with German Ajibade Olusesan

T The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

he Nigeria Football Federation, on Tuesday, completed the signing of Gernot Rohr as Super Eagles manager and the German declared that his new team had the ability not only to qualify for the 2018 World Cup but go far at the Mundial in Russia. The federation said in a press statement that the former Gabon, Niger and Burkina Faso coach signed a two-year contract in a simple ceremony held at the Transcorp Hilton Hotel, Abuja on Tuesday with the NFF President Amaju Pinnick and General Secretary Mohammed Sanusi putting pen to paper on behalf of Nigeria. Pinnick said that the agreement was for two years, with the former German defender, who also coached top French club Girondins Bordeaux and elite Tunisian side Etoile du Sahel, handed a target of qualifying the Super Eagles for the 2018 FIFA World Cup finals in Russia. “We are happy that this has been sealed and we can now focus on other

arrangements for the 2018 FIFA World Cup qualifiers starting in October,” said Pinnick. Rohr assured his employers he was up to the task even though Eagles job was one of his biggest challenges in his career so far.

Rohr

“I am enthusiastic to get to work. This is a big challenge because Nigeria has good players everywhere and the ability to do well internationally,” he said. “I have a German heart – the heart of a winner. I have confidence that with the right atmosphere and support, the Super Eagles have the capacity not only to qualify for the FIFA World Cup, but get to the latter stages of the competition.” Rohr, 63, will step out with the Eagles for the first time when Nigeria host Tanzania in a 2017 Africa Cup of Nations qualifier in Port Harcourt in a few weeks. Although the match is a dead rubber as both teams are out of the running for the tournament, it serves as a test game for the Eagles ahead of the 2018 FIFA World Cup qualifier away to Zambia on October 3. Nigeria will also play Cameroon and Algeria in the qualifying race. The NFF also said that Rohr was scheduled to embark on a scouting immediately, which includes flying to Spain to watch the NPFL All-Stars play against Atletico Madrid and Malaga in Cadiz on Friday, in the Trofoe Carranza tournament.

Siasia rests stars for Colombia

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SPORT NEWS

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Siasia rests stars for Colombia Emmanuel Tobi

igeria U-23 Eagles coach, Samson Siasia, will rest his key players when they battle Colombia in Wednesday’s Group B final game of the Rio Games at the Arena dos Corinthians. The team has already qualified for the tournament quarterfinals after edging Asian champions Japan 5-4 and defeating Europe’s best Sweden 1-0 in Manaus. “I had to take this decision because we have qualified for the quarter finals

sss

as group leaders, and secondly I need to rest some of the starters because in the next phase there is a possibility of going into extra time,” Siasia said in Sao Paulo. “For now the boys have done well and I need to make the other players justify why I selected them for this tournament. This is not a tea party, so everyone must stand up to be counted, and the only way they can do that is if they play well against Colombia. Resting some starters does not mean we are under-rating the opposition.” He also said that the

technical crew was working hard on the defence line, as the knock–out stages will see stingy defence complemented by vicious attacking lines. Meanwhile, the team will for the first time in the tournament, dorn white jerseys in the game against Colombia. The players have already been handed two pairs of white jerseys each, as has been the practice since the commencement of the tournament. Each player is given two pairs of jerseys for each game, so that he can put on a fresh one when coming out for the second half.

Quadri’s historic feat shocks Rio Ajibade Olusesan Etebo (left)

I ‘ve conquered my fears – Umar …as Etebo targets football gold

S Roma and U-23 Eagles striker Sadiq Umar has said he hopes to score more goals at the Rio Olympics after he scored his second goal of the tournament against Sweden. “I have played with some fear in my first two games because I am playing for the national team for the first time, but all that has now gone and I believe I can score more goals at this tournament,” the 19-year-old Sadiq promised. The Abuja Football College protégé’s two goals have been crucial to Nigeria cruis-

ing to the last eight with a game to spare. Similarly, striker, Oghenekaro Etebo, has expressed confidence in the team’s ability to win gold at the 2016 Olympics in Rio de Janeiro. Etebo scored four times in Nigeria’s opening day 5-4 victory over Japan on Thursday to become the first man to achieve the feat since West Ger many’s Bernd Nickel did the same in a 7-0 win over USA in front of 65,000 in Munich, 44 years ago. “I believe we’re going to do it. I believe we’re going to get it

right,” the attacker told Fifa.com. “I’m not going for personal glory but team success which to me means winning gold. Without the gold, it’s going to be painful because achieving that is important for me, for Nigerians and for my teammates,” he added.

Umar

Group queries timing of CJN tourney in Kogi Muhammad Bashir LOKOJA

civil rights group, Democratic Watch, has described as unacceptable the decision of Kogi State government to host this year’s edition of the Chief Justice of Nigeria Sports Competition at a time when an appeal against the State Governor is pending before the Supreme Court. In a statement signed by its Executive Director, Mohammed Hussein, the group said it noted with concern the publicity currently given the competition by the Yahaya Bello administration at a time when all hands were on deck for the outcome of decision of the Supreme Court on the vexed Kogi governorship election. “We note with concern the decision of Kogi State government to host this year’s Chief Justice of Nigeria Sports Competition in Lokoja from August 29 to September 11. Given the prevailing situation in the State right now especially

with several litigants challenging the election of Alhaji Bello as governor, we feel it would be morally indefensible for the State Government to lobby to host the competition even when reports say Delta State had already secured the hosting rights.” “We hereby call on the National Sports Association for Judiciary to as a matter of urgency shelve the idea of holding the games in Kogi as the timing is morally very inauspicious for such an important event”.

runa Quadiri has sensationally sent out shock waves out there in Rio to also shoot himself into history in the Olympics after smashing out former world number one and current number 13, Timo Boll, in the Men’s singles table tennis event. With this feat, the 27-year-old Nigerian is now the first ever African Olympic quarterfinalist in the sport of table tennis, making it the perfect birthday gift for Quadri, who celebrates his 28th birthday Tuesday August 9. Quadri raced to a 3-0 lead and looked like an unstoppable force for most of the match. A comeback was on the cards as Boll, who was a favorite for a medal in Rio, fought back to 3-2, taking the fourth and fifth games in comfortable fashion.

But it was a case of too little too late. Quadri held his nerve and used his unique brand of athletic shot making to take the sixth game 11-9 and win the match. “This is amazing! I don’t know what to say. My fans made me do this. Thank you for all the Brazilian spectators for their support. They gave me so much energy. This feels so good, it is a dream come true that I am in the quarterfinals,” said the world number 40 after his spectacular win. Boll, who had the honor of carrying the German flag in the Opening Ceremony, once again had to reflect on an early Olympic exit: “He has surprised a lot of people. I knew he was good coming into the match. I just have to say well played! His whole game is different, so it took me awhile to work it out. Once I was 0-3 down I started to get more into the match, but it was already too late.”

Hotsports makes Oshoala Face of Female FA Cup otsports Nigeria Lim- base in London, where on Tuesday. H ited are on the verge she features in the wom“First of all, we have of finalising arrange- en football league for the Oshoala, coming to give ments with the Nigeria Football Federation to make former African Women’s Footballer of the Year, Asisat Oshoala, the Face of the 2016 Female FA Cup. Oshoala, who is back on a short break from her

Arsenal Ladies, joined the Hotsports team in a crucial meeting with the Lagos State Football Association Chairman and the 1st Vice President of the NFF, Seyi Akinwunmi, at the State FA office in Onikan Lagos

L-R: Hotsports CEO, Taye Ige, Asisat Oshaola and NFF 1st Vice President, Barrister Seyi Akinwunmi at the Lagos State FA secretariat.

back, it happens only a few times. Secondly, we need an inspiration for young female footballers in Nigeria, she (Oshoala) has offered herself and it’s a very good thing to do,” Akinwunmi said. The Chief Executive Officer and Chairman of Hotsports and HS Media Group, Taye Ige, commended the NFF and Asisat Oshoala for creating the platform to revive the image of female football in Nigeria. On her part, Oshoala said, “I feel very happy and excited about it, I’ll really appreciate it if it can be approved, to make me the Face of the 2016 Female FA Cup,” Oshoala said.

NPFL All-Star ready for Valencia –Yusuf Charles Ogundiya

echnical Adviser of the Nigeria Professional Football League, NPFL All-Star, Salisu Yusuf, has assured that the players will give a good representation of the country as they file out against Valencia CF on Wednesday to kick-start action in

their tour of Spain. Yusuf spoke at a press conference at the Valencia FC Media Centre alongside Valencia coach, Pako Ayestaran, shortly after the NPFL All-Star concluded their morning training session at the Valencia FC Cuitat Esportiva. “We know that Valencia is a big club in a big league. We have seen

their high standard facilities and good level of organisation but we are here to give a good account of ourselves and to promote our country and our football. We will give Valencia a good match. We know their style of play. We know they like to attack and they like to win and we are ready for them”, Yusuf added.

International

WEDNESDAY, AUGUST 10, 2016 NEW TELEGRAPH

Man United confirm Pogba transfer L s t e g r a t r Playe

WORLD \ NEWS

Quetta hospital bombing: Pakistani lawyers strike in protest

anchester United have confirmed that Juventus midfielder Paul Pogba has joined the club in a worldrecord deal. After a long-running saga, the English Premier League giants finally acknowledged on Sunday that the French international was closing in on a return to Old Trafford by announcing that he was scheduled to undergo a medical. The transfer was expected to be sealed on Monday but during the early hours of Tuesday morning, United tweeted that their former player had signed a five-year contract to move back to the North-West. The deal - reported to be £89m - breaks the previous world transfer record of £85m, which saw Gareth Bale make the switch from Tottenham Hotspur to Real Madrid. The France international now wants to become the world’s best player, and also revealed

awyers across Pakistan are boycotting court to mourn the loss of some 70 people, many of them lawyers, killed in a bomb attack in Quetta. In Balochistan Quetta is the provincial capital markets and schools have been closed. The bomber targeted crowds who had gathered outside a hospital to mourn prominent lawyer Bilal Kasi who had been murdered earlier two days ago. Taliban faction Jamaat-ul-Ahrar says it was behind both the attack and murder.

Ballon d’Or under ho Mourin

The Supreme Court Bar Association (SCBA) and the Pakistan Bar Council (PBC) said its lawyers would be boycotting court proceedings, and observing a week of mourning. Many lawyers are expected to take part in rallies across Pakistan yesterday.” We [lawyers] have been targeted because we always raise our voice for people’s rights and for democracy,” SCBA President Ali Zafar told reporters in Lahore. “Lawyers will not just protest this attack, but also prepare a long-term plan of action.”

Two days ago bomb targeted lawyers and journalists who had crammed into the emergency department of Quetta’s Civil Hospital where the body of Mr Kasi had been brought. Former provincial bar president Baz Muhammad Kakar was one of at least 25 lawyers killed. TV news cameramen Shahzad Khan and Mehmood Khan were also among the dead. At least 120 people were injured. Bilal Kasi, who was head of the Balochistan province bar association, had earlier been shot while on his way to the court complex in Quetta.

Pogba

his desire to help United back to the top of both English and European football. “I want to win the league for the first time with United, because I hadn’t won the league when I left. The Champions League of course. And, personally, one of my dreams is to win the Ballon d’Or,” he told MUTV. “That will come with

time, hopefully, but first I want to win the EPL, which I have never done.” Pogba also revealed that he spoke with teammates who had played under Mourinho, and expects the Portuguese to help him improve as a player. Pogba is Mourinho’s fourth signing as United manager after Eric Bailly, Zlatan Ibrahimovic and Henrikh Mkhitaryan.

Lawyers in Pakistan are remembering their dead and injured colleagues in Quetta.

Manchester City seal Stones’ deal Putin mends broken relations with anchester City have come the most expensive However, City have Turkey’s President M confirmed the sign- British defender in his- since announced the ing of defender John tory by joining City for switch and Stones has he leaders of Rus- launched a far-reaching ences with Mr. Erdogan, Stones from Everton on a six-year deal. Pep Guardiola had identified Stones, 22, as one of his primary targets this summer and has now got his man for an undisclosed fee. It is being widely reported that the England international has be-

a figure believed to be in the region of £47.5m. UEFA jumped the gun earlier on Tuesday by revealing on their website that Stones had been named in his new side’s Champions League squad, despite neither City nor Everton confirming the deal.

said he is looking forward to starting the next chaper of his career. “I’m absolutely delighted to sign for City and now the deal’s done I’m looking forward to the next stage in my career,” he told City’s official website.

I’ll win all three gold medals –Bolt

sain Bolt, the most decorated sprinter of all time, is oozing with confidence as he edges closer to realizing his “Triple-Triple” gold medal dream at the Olympic Games in Rio. Speaking exclusively to CNN’s Amanda Davies, the

Bolt

world’s fastest man, who turns 30 on August 21 -- the final day of the Olympics -- is certain he’ll finish in top spot in the 100-meter race, 200m, and 4x100m relay. “I’m going to win the 100m,” says Bolt, who is aiming to become the first athlete to win all three titles at three consecutive Games. “I never try to predict times, I avoid that because you never know. I’ll win all three gold [medals], there’s never anything else for me when it comes to a championship.” But he’s not only intent on winning gold at Rio 2016. “I think I can definitely break the 200m

world record and I definitely want to,” Bolt said. “I said I wanted to go under 19 seconds and I don’t know if that will be possible but nothing tried, nothing done, so I will go out there and push myself. “The moment you start thinking about [not winning] then you start going the wrong way, so for me, I always think positive. I always think of winning, always.” It will be an intense week for Bolt who could run as many as eight races over just seven days and the Jamaican admits there’s a sense of relief that his lifelong Olympic mission is almost complete.

sia and Turkey have patched up a damaging quarrel, pledging to restore close economic relations. Russian President Vladimir Putin said Russian trade sanctions on Turkey would be phased out “step by step”. “The priority is to get back to the pre-crisis level of co-operation,” he told Turkish President Recep Tayyip Erdogan in St Petersburg. Their relations soured last November when Turkey shot down a Russian bomber on the Syrian border. It is Mr. Erdogan’s first foreign visit since an attempted coup last month. He has since

purge of the armed forces and other state institutions. Speaking in St Petersburg Mr. Erdogan thanked Mr. Putin, saying a call from the Russian leader after the coup “meant a lot psychologically”. He said “the Moscow-Ankara friendship axis will be restored”. After Turkey shot down the Su-24 jet Russia imposed trade sanctions and suspended Russian package tours to Turkey. Now Russia has decided to resume those package tours - an important source of income for Turkish resorts. On the Syria conflict Mr. Putin acknowledged big differ-

but said “we will look for solutions”. The war of words over the downed Russian jet delivered a big blow to trade. Turkey’s exports to Russia in the first half of this year fell to $737m (£567m) - a 60.5 percent slump compared to the same period last year, Turkey’s Daily Sabah reported. The dispute put two major joint energy projects on hold - the TurkStream gas pipeline across the Black Sea and the Akkuyu nuclear plant being built by Russia’s Rosatom in Turkey. In St Petersburg both leaders pledged to restart those projects.

More workers to join strike at South African power utility

housands more workers at South African power stations plan to join a strike today over pay at state run utility Eskom, their union said yesterday. The strike began on two days ago when about 1,500 members of the National Union of Mineworkers (NUM) downed tools after wage talks stalled. Eskom branded the stoppage illegal because its members

are prohibited by law from striking, but said its operations had not been affected so far. The union said that all of its 15,000 members at the utility, or close to a third of Eskom’s workforce, will stop work on today. Yesterday was a public holiday in South Africa. “It is going to be a total withdrawal of labor by our members. NUM members will be striking

for the right to strike at Eskom,” the union said in a statement. Eskom could not be reached for comment on how its operations would be affected today. Eskom said two days ago that arbitration over the wage dispute was continuing. The utility is offering pay hikes of 7 to 9 percent while NUM is looking for increases of 12 to 13 percent.

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Zoning and ethnic issues in the NBA

am not gifted in doing postmortem of events and I will not attempt to do a postmodern of the Nigerian Bar Association election that took place between the 30th and 31st day of July, 2016. Suffice to state that the Nigerian Bar Association elected a new President on the 1st day of August 2016 in the person of Abubakar Balarabe Mahmoud, SAN and he will assume office during the Annual General Meeting of the Association that will begin in Port Harcourt, Rivers State on the 21st day of August 2016. However, there are issues and challenges with and imbedded in the Constitution and bye laws of the Association that need urgent review and robust and informed debates by the generality of the members of the Association and these issues are within the ambit and confines of the amended Constitution which the Association adopted during its Annual General Meeting held in Abuja on the 27th day of August 2015. I am not unmindful of the fact that the amended Constitution has not really been tested and that its might and power was only seen, deployed and tested during the 30th and 31st day of July, 2016 elections. It will therefore seem premature to begin a robust campaign for its amendment. I concede that the amended Constitution of the Association is revolutionary and changed the context and complexion of electioneering in the Association. I completely subscribe to the concept of universal suffrage and electronic voting as set out in the Second schedule to the Constitution of the Association. In the second schedule to its Constitution, the Nigerian Bar Association prescribes that “Elections shall be conducted electronically and eligible voters shall cast their vote electronically in accordance with the guidelines stipulated by the ECNBA”. It also provides that the NBA Electoral Committee “shall issue guidelines for the conduct of electronic voting, which shall amongst other things provide for verification of voters, place, time and platform to be utilized for electronic voting for each particular election year taking into consideration the state of available technology and information technology infrastructure of the branches in order to afford all registered voters the opportunity to vote”. The introduction of universal suffrage and the utilization of available technology and information technology infrastructure for the elections are creative, innovative and revolutionary. Universal suffrage has domiciled sovereignty in the hands of the generality of Nigerian lawyers thereby making them the sole determinants of leadership succession and eligible candidates to run the affairs of the association. The introduction of technology in the electoral process has also considerably reduced the challenges of human error in the electronic process and made voting comfortable and user friendly. Lawyers no longer spend a fortune to transport themselves to the venue of elections, source for accommodation and living expenses for a whole week. Lawyers voted in the comfort of their rooms. Lawyers voted while in their offices and while on the road. However, there are other issues and

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

NBA President, Augustine Alegeh

NBA President-elect, Abubakar Mahmoud

challenges in the Constitution of the Bar Association that must be addressed. The first issue relates to the zoning of offices of the Bar Association and the rise of zonal forums within the association. The second relates to the stake of the younger members of the Bar in the Association. The Second Schedule to the Constitution of the Association zones the various offices of the Association. It provides that the Association shall for the purpose of elections of National Officers be divided into three geographical Zones namely –Northern zone, Eastern zone and Western zone. It also provides that the position of President, 1st Vice President, 2nd Vice President, 3rd Vice President and General Secretary shall rotate among the three zones. The Constitution also provides that in determining the eligibility of a candidate to contest for any of the rotated offices, regard shall be had for a candidate’s geographical Zone of origin and not the geographical Zone where he/she carries on legal practice. It also provides that the geographical zone that produces the President of the Association shall also produce the 1st Vice President. Furthermore, the Constitution provides that “where a position is zoned to any particular geographical zone, the position shall be rotated and held in turn by the

different groups and/or sections in the geographical zone”. The second issue is the place of young lawyers in the running of the Nigerian Bar Association. Section 7 of the Constitution of the Association excludes junior members of the Bar from membership of the National Executive Committee of the Association. It provides that the National Executive Committee of the Association which is the highest decision making organ in between the Annual General Meeting shall be made up of National Officers; all Past Presidents and General Secretaries; all Chairmen and Secretaries of registered Branches; one representative of each registered Branch; Chairmen and Secretaries of Sections; other deserving members of the Association co-opted by the National Executive Committee provided always that the total members shall not exceed 180 members in the following categories: Senior Advocates of Nigeria-40; Senior Members who are over 25yearts post call-40; Special interest groups/active members who are over 10 years post call-100. I am of the view that the zoning of the offices of the Nigerian Bar Association and the emphasis on the geographical state of origin for the purposes of contesting for certain positions are retrogressive. We are Barristers and Solicitors of the Supreme Court of Nigeria with the mandate to practice in all judicial divisions in Nigeria. We are not Barristers and Solicitors of any State or ethnic or religious group. By our professional calling, we can maintain an office in as many places as possible or simply set up an office in one State or Judicial Division and ply our trade throughout the federation. We ought to lead the way in progressive politics and should not be seen promoting the same ethnic and religious fault lines

We are not Barristers and Solicitors of any State or ethnic or religious group

that have kept the country prostrate. It is completely out of place to pigeonhole a lawyer that has practiced all his life in a particular state and insist that the lawyer must only be seen through the prism of his ethnic group for purposes of elections. It is also objectionable for the Constitution of a national Association to promote ethnic forums. If ethnic fora must exist, they must be limited to the cultural issues peculiar to them. Unfortunately, the Arewa Lawyers Forum; the Mid West Bar Forum, the Otu Okaiwu; the Egbe Amofin; the Eastern Bar Forum; the Middle Belt Lawyers Forum and other similar forums are taking direct political positions. They are endorsing candidates and sponsoring candidates. We must not by acts of omission or commission allow ethnic and religious groups take centre stage in a professional association. We must also consciously incorporate young lawyers in the scheme of things in the association. The younger members of the legal profession constitute over 50 per cent of its membership. We have given the younger members of the profession universal suffrage; we must go ahead and put them in the organs where decisions concerning the association and their welfare are made. The young lawyers have demonstrated that we must listen to them and allow them to sit in the place where decisions are made. The Bar Association must continue to show the light in progressive politics. The Bar Association must not and should not join reactionary elements in the Nigerian society in promoting primordial issues and exacerbating the fault lines in the Nigerian federation. We must build an inclusive and professional Bar based on integrity, etiquette and professionalism. The Bar Association should amend its Constitution and remove some of the issues and problems that may inhibit its leadership role in the Nigerian society. It is important to debate some of the reactionary provisions in the Constitution and take a position that accord with the ethics of the profession and the need to show the light for others to follow.

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MY ABDUCTORS COMMITTED SACRILEGE –Freed Lagos Oba

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