Wednesday, august 24, 2016 by Newtelegraphonline

$2.1bn NNPC funds: CBN bars nine banks from forex deals I Tony Chukwunyem

n a move that may trigger crisis in the banking industry, the Central Bank of Nigeria (CBN) yesterday barred nine banks from all for-

eign exchange transactions for failing to remit the Nigerian National Petroleum Corporation’s (NNPC’s) $2.125 billion to the Federal Government’s

Treasury Single Account (TSA) domiciled in the apex bank. The banks, whose suspension would remain in force until they remit all

the funds to the TSA, are two tier-one banks and seven tier-two lenders. One of the banks, which also held some of these funds however, was said to

OPS demands review of Foreign Exchange policy }2

have escaped the banking watchdog’s hammer, as the lender, which had funds with the CBN, was able to remit its share of the funds through currency swap. These funds in question, which are over $5 bil-

lion in the banking industry before it was reduced to $2.125 billion in May, are NNPC’s share from the Nigeria Liquefied Natural Gas (NLNG). The nine bank Chief CONTINUED ON PAGE 6

Sanctity Of Truth

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

Wednesday, August 24, 2016

Libya deports 241 Nigerians }10

Vol. 3 No. 917

Workers protest planned concession of airports }6

/newtelegraph /newtelegraph

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

Recruitment: Police to subject applicants to }7 psychological test

Shallow graves found in 'prophet's' home }8

N150

Recession: Senators, Reps shun constituencies Some of the deportees

Amaechi

We’re broke, says Senate Leader

Ibrahim

US backs Buhari’s anti-corruption war

L-R: United States Secretary of State, Mr. John Kerry; Sultan of Sokoto, Alhaji Sa'ad Abubakar III, and Sokoto State Governor, Rt. Hon. Aminu Tambuwal, during Kerry's visit to the Sultan in Sokoto... yesterday.

Military hits 'Shekau', kills B'Haram commanders

NAF: 300 terrorists killed in air raid }6

Scientists record breakthrough in 'potent' fertility treatment

NEWS

WednESday, AUGUST 24, 2016 NEW TELEGRAPH

Recession: Senators, Reps shun constituencies Chukwu David and Philip Nyam Abuja

he economic meltdown, which is currently ravaging Nigeria and her citizens, is now taking a hard toll on the members of the National Assembly. New Telegraph learnt that unlike in previous assemblies, where members of the nation's apex legislative institution had excess financial provisions to live in grandeur and luxury, the members of the present assembly are passing through severe financial difficulties. Investigations carried out by our correspondents indicate that many of the

lawmakers have no sufficient resources to meet up with their constituency obligations. It was further learnt that many of the legislators now avoid visiting their constituencies due to lack of funds to attend to their constituents' ever increasing financial demands. New Telegraph gathered that the demands being made on both members of the Senate and the House of Representatives have more than tripled what it used to be as a result of the poor state of the economy, which has reduced the purchasing power of the naira. Although the federal lawmakers are not being owed salary or allowances,

our investigations show that their monthly and quarterly emoluments are no longer adequate to cater for the demands of their constituents. Chairman, Senate Committee on Power, Enyinnaya Abaribe, who spoke to New Telegraph, confirmed that it is true that the comatose economic situation in the country is hindering the lawmakers from fulfilling their campaign promises to their constituents. He also admitted that some of the senators could no longer visit their constituencies because they would be embarrassed when confronted with needs, which ordinarily they would have met, but could not, as a result of the deepening economic deca-

dence in the land. Abaribe, who is an outstanding opposition voice in the Senate, said that the prevalent economic situation had vindicated the past administration of the Peoples Democratic Party (PDP), which was demonised by the All Progressives Congress (APC), as the destroyer of the economy. "Nigerians can now agree that PDP is a great party and former President Goodluck Jonathan, a great man. Our economy became the strongest in Africa under PDP and Jonathan. Unfortunately, in less than one year of APC's takeover, the same economy has crashed and gone into recession. "On senators not visit-

Some Nigerians deported from Libya on arrival at Hajj Camp of the Murtala Mohammed International Airport, Ikeja, Lagos … yesterday.

OPS demands review of foreign exchange policy

Onwuka Nzeshi and Isa Abdulwahab ABUJA

he Organised Private Sector (OPS), yesterday demanded that the Central Bank of Nigeria (CBN) must review its policy on the 41 items restricted from the official foreign exchange market. They said that the policy that led to placing the items on the import prohibition list was hurting the manufacturing sector in such a way that could no longer be ignored by investors in the private sector. The resolve to push for a review of the policy came at a stakeholders’ dialogue organised by NOIPolls and the Centre for the Study of the Economics of Africa (CSEA) in Abuja. The forum attracted representatives of the Manufacturers Association of Nigeria (MAN), National Association of Small and Medium Enterprises (NASME) and the Lagos Chamber of Commerce and Industry (LCCI). The stakeholders argued that the restriction has led to the closure of

many companies and the relocation of others from Nigeria to Ghana and other neighbouring countries, as well as the refusal by foreign partners to repatriate over $10 billion held offshore by Nigerian businesses. They also stated that about 272 manufacturing firms were either ailing or have closed shop over the last couple of months, while thousands of jobs were being cut on a daily basis. The manufacturers also listed high interest rates, poor patronage of locally manufactured products, poor power supply and policy inconsistency as the major challenges confronting the manufacturing sector in Nigeria. Director, Research and Advocacy, LCCI, Mr. Vincent Nwani, alleged that the CBN announced the 41-item list without consulting the OPS and that the chamber has made several representations to the apex bank without achieving the desired results. “There must be an urgent review of the CBN’s policy on the restriction of access to foreign exchange

placed on 41 items, as about 16 of the total items on the list, serve as critical raw materials for intermediate goods produced in Nigeria, especially as the country lacks the capacity for optimal production of the items," he said. According to Nwani, the ban on oil palm has led to the loss of about 100,000 jobs over the last couple of months, with major blue chip companies in Nigeria relocating to neighbouring countries; while the ban on glass and glassware has led to the loss of 80,000 jobs mainly in the pharmaceutical industry, as companies in this sector now find it difficult to package their products. “Some of the items placed on the restriction list by the CBN should be reinstated until the country develops the capacity to produce them locally. Some of the items need a period of between three and seven years for the country to develop self-sufficiency in their production. “The manufacturing and industrial sectors lost about N1.4 trillion as a result of foreign issues, while about 780 raw materials

needed by the sector were affected by the restrictions placed by the CBN.” Executive Secretary of NASME, Mr. Eke Ubiji, said that recently about 222 of its members have either collapsed or are ailing. He blamed their woes on lack of access to credit, foreign exchange challenges, high interest rate, multiple taxation and poor infrastructure, among others. Director, Economics and Statistics of MAN, Mr. Ambrose Oruche, lamented that the unavailability of productive inputs is the major challenge confronting manufacturers in the country. "Presently, about 50 manufacturers have closed shop, while some have downsized. Some manufacturers are still producing due to their love for this country. Government’s policy on cement should have been adopted in this case," he said. He also faulted the decision of the CBN to increase the Monetary Policy Rate (MPR) to 14 per cent, stressing that it has made it difficult for manufacturers to access funds to finance their operations.

ing their constituencies or senatorial districts as a result of the bad economy, I know that it is true, but I am not one of them, because I am always with my people. "They know when I have and when I don't have because from the beginning, I came to serve them and I don't hide anything from them. But to say it point blank, the situation is never the same since APC came to power. They have mismanaged the economy," he lamented. Also, a member of the House of Representatives, Hon. Anayo Edwin, attested to the fact that the condition is not pleasant for the lawmakers anymore, noting that it is difficult for them to freely visit their constituencies without facing embarrassment from pestering constituents. "My brother, it is true and I am not ashamed to confess that it has become very difficult for us because what we are seeing is not what we bargained for. Before I came to the House, I made some promises to my people based on the problems they are facing. "I appealed to them to give me their votes, that I am coming to tackle those problems. I can tell you that I am doing my best,

but it is not enough because we now have very limited resources to meet those needs of theirs. So, lawmakers sparingly go to their constituencies because the demands are too much, compared to the available resources," he noted. A member of the APC from the North-West in the Senate, who spoke to our correspondent on condition of anonymity, lamented that the economic situation had gone bad that he could no longer visit his constituency freely. "You can see that we are on recess, but I am here in Abuja because I cannot go to my constituency without being ready to meet their demands. I am a grassroots politician and I love visiting my people because it is their mandate that brought me here. CONTINUED ON PAGE 6

$400,000 The total amount from endorsements of Julius Peppers (Football) for 2015. Source: Forbes.com

The number of listed Corporate Bonds of Nigeria as of December 31, 2014. Source: Nigerian Stock Exchange

National Assembly is broke – Senate Leader Chukwu David Abuja

he Leader of the Senate, Ali Ndume, yesterday confirmed that the National Assembly was broke, making it difficult for its members to meet their financial obligations. Ndume stated this while reacting to newspaper reports that the legislature was facing financial challenges, lamenting that the situation was so worrisome that legislators were not receiving their allowances as and when due. He said: "I know that the whole country is in financial difficulty, not only National Assembly. I have been in the National Assembly since 2003, but things keep getting worse; I think they paid us last month’s salary on the 16th of the following month or thereabout." He, however, noted that the situation was not peculiar to the legislature, saying that other arms of government, including states, were facing similar problems. "It is not only with the National Assembly, some states have not been able to pay salaries for six months,

one year. Some states were even asking their workers to go and farm for two days and work for the other three days in a week. "Even in the Presidency, they have tightened their belts on their expenditure and so, it's a general phenomenon in the country. We used to receive running costs or allowances quarterly, but now it is monthly and it doesn't come as and when due,” he said. The Senate Leader said that Nigerians had a wrong impression of the workings of the apex legislature, pointing out that the perception that lawmakers were the most corrupt was untrue. "If the National Assembly is so corrupt and you can make much money, then tell me one National Assembly member that is living in luxury after leaving office. "Some of my colleagues who lost out in the 2015 elections are struggling to pay their children’s school fees, some of them are even struggling to take care of their health. If National Assembly was where you come and make a lot of money, how come one year after leaving you cannot meet your basic needs?” he asked.

WednESday, AUGUST 24, 2016 NEW TELEGRAPH

NEWS

WednESday, AUGUST 24, 2016 NEW TELEGRAPH

US backs Buhari’s anti-corruption war

Anule Emmanuel Abuja

he United States has thrown its support for the anti-corruption war of President Muhammadu Buhari. US Secretary of State, Mr. John Kerry, said that Buhari understood the danger of corruption in a country, and that Nigeria was already a regional leader in the fight against corruption. Kerry made this known when he visited the Sultan of Sokoto, Alhaji Sa'ad Abubakar III, in his palace in Sokoto yesterday. He disclosed that the world loses $2.6 trillion to corruption annually. He said that the money being lost to corruption across the world was enough to provide decent livelihood for people. ''This is money that can be used to improve the living standard and provide decent livelihoods for them. “Corruption is not only a crime, but very dangerous and it must be tamed,” he said. Commending Buhari for his efforts in fighting corruption in Nigeria, Kerry pointed out that corrupt officials, anywhere in the world, were crooks. “Nigeria is also a role model in the ongoing global efforts to fight corruption,” he stated, and acknowledged measures being applied by Buhari to entrench morality, transparency, honesty and good governance in the country. Kerry particularly com-

mended the Federal Government for its efforts at recovering stolen funds, stressing that there was need for all government institutions, including military, other security agencies and the judiciary, to support the anti-corruption campaign. ''U.S. is also fully committed to fighting corruption and the entrenchment of good governance globally. One of Nigeria's strength is diversity of culture and religious tolerance,” he said. On insurgency in Nigeria, Kerry also commended the government determination to combat the menace and other crimes across the country. Condemning terrorism in the country, he said: “Boko Haram boasts no agenda more than to burn

schools. They also kill and maim people, especially teachers, and it is the opposite of any religion.” At another meeting between Buhari and Kerry at the Presidential Villa in Abuja yesterday, Kerry commended the courage of the president in fighting corruption, saying: "We applaud what you are doing. Corruption creates a ready-made playing field for recruiting extremists. "You inherited a big problem, and we will support you in any way we can. We will work with you very closely. We don't want to interfere, but will offer opportunities as you require." The US Secretary of State also pledged to assist in tackling the humanitarian challenges in the North-East, adding that

his country would get the UK, France and others "to augment the support." "Nigeria is priority for us. We won't miss the opportunity to work together, because you are making significant progress," Kerry noted. Meanwhile, Buhari has stated that he will institutionalise the war against corruption in the country before leaving office. The president stated this during a meeting Kerry at the presidential villa, Abuja. Kerry and the president held closed door meeting, which lasted for about an hour. According to a statement by the Special Adviser on Media and Publicity to the President, Femi Adesina, the president had as-

Abuja

he United States Government has pledged to assist the Federal Government in transforming the northern part of the country through development of the health, education and power sectors of the region. Governors of the region yesterday held a closed door meeting with the U.S. Secretary of States, Mr. John Kerry, at the presidential villa, Abuja where the commitment was made in this regard. The planned interven-

The total number of goals conceded by Japan at Brazil 2014 World Cup. Source: Fifa.com

0.6%

The annual population growth rate of San Marino in 2010-2015. Source: Un.org

Buhari, during the meeting, appreciated the intervention of the US before the 2015 polls, demanding free and fair elections in Nigeria. Speaking on the Boko Haram insurgency, Buhari thanked the US for both hard and soft military help. "The training and intelligence that we could not muster ourselves, we received. The training has made Boko Haram less of a threat to Nigeria and the Lake Chad Basin region, while the military hardware has given our troops added confidence," he said. Buhari said though militancy in the Niger Delta has impacted negatively on the economy and affected the positive intentions of international and local investors, government was showing restraint not to use real force, "except when constrained to do so."

Journalists boycott briefing Ebere Ameh

President Muhammadu Buhari (right), with Secretary to the United States, Hon. John Kerry, during Kerry’s visit in Abuja…yesterday

US pledges intervention on health, education, power in the North Anule Emmanuel

sured the visiting US scribe that his anti-corruption crusade will be deepened and institutionalised. Buhari declared, "we will insist on the standards we're establishing.” According to him, "we are laying down administrative and financial instructions in the public service that must be obeyed. Any breach will no longer be acceptable.” “We will retrain our staff, so that they understand the new orientation. And those who run foul of these rules will be prosecuted, no matter who is involved. But we will be fair, just and act according to the rule of law. Anyone perceived corrupt is innocent till we can prove it. We will work very hard to establish documentation for successful prosecution, and those in positions of trust will sit up."

tion by the US is on the request of the northern governors which is believed will help tackle poverty in the region. Following a meeting between President Muhammadu Buhari and the US scribe, five governors of the North under the aegis of the Northern Governors’ Forum met with Kerry. At the meeting were chairman of the forum, Kashim Shettima (Borno), Abdulaziz Yari (Zamfara), Mohammed Abubakar (Bauchi), Ahmed Abdufatah (Kwara), Jibrilla Bindow (Adamawa) and Aminu Tambuwal (Sokoto). Briefing State House correspondents, Shettima disclosed that they explained to Kerry that poverty was the underlying factor in Boko Haram insurgency and, therefore, asked for support for job creation, improvement of health facilities and the development of renewable energy sources.

Shettima, who said the meeting was at the instance of the US government, also spoke on the military action against Boko Haram, noting that even though government was desirous of negotiation and some of the insurgents were amenable to that, there were die-hard elements among them. According to him, the action was necessary to ensure that government was in a position of strength in the event of any negotiations. He said: "You have the economically-induced Boko Haram who are amenable to dialogue. But we also have the die-hard, those we call the nihilists. We have to deal with them from position of strength even though we are willing to negotiate." Shetimma also said that government was hoping to resettle all the Internally Displaced Persons (IDPs) in their homes by May 29, 2017.

In his remark, Tambuwal noted that the US has given commitment to assist in the areas of health, renewable energy and education.

he visiting US Secretary of State, John Kerry arrived the Ministry of Foreign Affairs at about 5:50p.m. and went into a secret session with the minister, Geoffery Onyema. Kerry, who was hours behind his scheduled arrival at the ministry, had a brief photo session with Onyema before hurrying into the lift for a meeting with the minister in his office, to the astonishment of journalists who had expected a word or two from him. Journalists who were initially invited to be at the ministry by 2:30p.m., were later sent a revised schedule of 4:30p.m. Many who did not get the revised schedule came as early as 2p.m. and were barred by the security men, who cited orders from above, from entering the premises. It was not until 4p.m.

when it started raining that another order came, which allowed the visibly demoralised pressmen to enter and stand at the reception. Just before Kerry’s arrival, the protocol of the Ministry of Foreign Affairs had called out a couple of media organisations and ordered other members of the media whose organisations were not on the list to vacate the premises. This caused a stir, as the already angry pressmen who had waited for hours for the arrival of the Secretary of State could not hold back their anger. It took the prompt action of a senior member of the ministry to avert the planned walkout by the press when he suspended the protocol. Angry and tired, the press eventually walked out, boycotting a scheduled press briefing by the minister on TICAD V1, Nairobi Kenya, which was scheduled to hold after Kerry’s visit.

Kerry lauds Sultan's effort on religious tolerance Umar Abdullahi Sokoto

he United States Secretary of State, Mr. John Kerry, has lauded the efforts of the Sultan of Sokoto, Alhaji Sa'ad Abubakar, for promoting religious tolerance and understanding among Nigerians. Kerry made this known when he visited the Sultan in his palace in Sokoto yesterday. He said that the Sultanate Council was building a community of tolerance for peace, progress and political stability in Nigeria. He said that the United States would continue to identify itself with the

Sultanate in strengthening religious tolerance and understanding among Nigerians. He said that being the first secretary of state to visit the seat of the caliphate, all hands should be on deck towards strengthening religious knowledge among Nigerians. He said that the council would continue to promote peaceful coexistence among Nigerians for the overall political growth of the country. He explained that religious tolerance and understanding among Nigerians remained the principal objective of the Sultanate in mobilising Nigerians to tolerate one another for peace, progress and politi-

cal stability of the country. Governor Aminu Tambuwal, who accompanied Kerry to the palace, said the state government would continue to strengthen peaceful coexistence among the people, irrespective of religious, tribal and political differences. "We don't discriminate on religious, tribal, ethnic or political affiliations as we accommodate all for peace and harmony," he said. Governor Abdulaziz Yari of Zamfara and Alhaji Inuwa Abdulkadir, Deputy National Chairman (North-West) of the All Progressives Congress (APC), were present during the courtesy visit on the Sultan.

WednESday, AUGUST 24, 2016 NEW TELEGRAPH

2016 Community SCholarShip award As part of its ongoing Corporate Social Responsibility activities, moni pulo limited is pleased to announce the names of the beneficiaries of its 2016 Community Scholarship Scheme in her host communities. University scholars must identify themselves with their school identification card and admission letter. Secondary and primary school beneficiaries must identify themselves with letters from their school and community committees respectively. Payment will be made from Monday 5th September, 2016 at 3 Emmanuel Ibok Essien Street, Shelter Afrique, Uyo Akwa Ibom State. mBo Community

univerSity BenefiCiarieS name of institution Course of Study

effiat Community

S/n

name of Beneficiary

1 2

Emmanuel Okon Uyeh Okon Effiong Ibok

3 4

Dorcas Iniobong Frank Helen Victor Esu

5 6 7 8 9 10 11 12

Kingsley Anwana Ukpong Edet Mkpofor Atting Grace Edet Ukut Unwana Asuquo Otoku Enobong Etim James Ama Efiong Massodi Godwin Effiong Asuquo Charles Okon Udombo

S/n 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

SeCondary SChool BenefiCiarieS name of Beneficiary name of institution year in School Joshua Ime Eyene Obong High Sch, Obong Ntak SSS3 Victor Ita Iniekung Cardinal Ekanem Seminary Uyo SSS3 Helen Etim Iyahakwa Mary Hanney Sec.Sch. Oron SSS3 Glady Effiong Abidang Mary Hanney Sec. Sch. Oron JSS3 Ofonime Iniobong C.C. College, Uyo SSS1 Eunice Victor John St. Dominic Sec. Sch. Oron SSS2 Divine Asuquo Bassey Comm.Sec. Sch. Akai Owu Udessi,Mbo L.G.A JSS3 Marta Etim Nkereuwem Ipaja Girls Sec. School, Lagos JSS2 Prince Ebimo Inwine Gateway to Success Academy, Oron JSS3 Israel Victor Solomon Meth. Boys' High Sch. Oron SSS3 Patrick Williams Akaso Desu Secondary School, Oron JSS1 Mercy Asuquo Udoesu Comprehensive Sc. Sch. Enwang,Mbo L.G.A SSS2 Rita Mathew Anwanaodung Comprehensive Sc. Sch. Enwang,Mbo L.G.A JSS3 Dickson Cogny Asuquo Infant Jesus Secondary School, Oron JSS1 Akaduh Bassey Oko Meth. Boys' High Sch. Oron JSS2 Bright Edet essang Mary Hanney Sec. Sch. Oron SSS2 Emmanuel Etim Bassey Community Sec. Sch. Ibaka Mbo SSS2 Mary Itama Ekpe Girls High School, Ikot Ibiok, Eket JSS1 Eno-Abasi Francis Ekpe Mary Hanney Sec. Sch. Oron SSS2 Roseline Peter Edet Comm. Sec. Sch. Ibaka, Mbo SSS2

University of Uyo, AKS Social Studies University of Calabar, Calabar Information Mgt Technology University of Uyo AKS Linguistic National Open University of Environmental & BusiNigeria ness Management Hertage polytechnic Eket Business Management University Of Uyo Medicine/Surgery University Of Uyo Medicine/Surgery University of Calabar, Calabar Law University of Uyo French Akwa Ibom State Polytechnic Quantity Surveyor Hertage Polytechnic Eket Public Administration University Of Calabar Economics

year in School 1 3 1 1 4 4 4 3 2 1 1 1

effiat univerSity BenefiCiarieS S/n

name of Beneficiary

name of institution

Course of Study

year in School

1 2 3 4 5 6 7 8

Bassey Arit Bassey Patrick Anthony Etia Atim Edet Asukwo Charity Bassey Nelly Etim Okon Edet Margaret Okon Edet Wisdom Asuquo Edet Janet Effiong

University of Port Harcourt Akwa Ibom State Polythenic University of Uyo University of Calabar, Calabar UYO CITY Polytechnic Fed. Col. Of Land Resources University of Uyo University of Calabar, Calabar

Education Civil Engineering Education English & Literature Business Admin Agric/Extension Engineering Education & Planning

S/n

name of Beneficiary

name of institution

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

Joseph Okon Nta Christopher Okon Nta Felix Kingsley Asuquo Ruth Efiom Inam Effion Okon Etim Victor Effiong Inam David Okon Etim John Lawrence Archibong Sylvanus Joseph Effiong Janet Asuguo Okon Grace Effiong Etim Effiong Effion Ita Okon Etim Bassey Rosemary Edet Effion Esther Effiong Okon Deborah O. Mkpeti Favour Ernest Asuquo Abasi-Odu Godwin Edet Eno Bassey okon Mabel Bassey Asuquo Angela Ita Okon Okon Etim Okon

Ibaka Comm. Sec. School Ibaka Comm. Sec. School Ibaka Comm. Sec. School Federal Sec. Sch Ikot Ekpene Ibaka Comm. Sec. School Comm. Sec. Sch Mbukpo Methodist Boys High Sch. Oron Comm. Sec. Sch Eyo-Abasi Christ Jnkowledge Sch. Oron Frak Comm. High School Oron Comm. Sec. School, Enwang Comm. Sec. School Evangel Sec. School Mbo Comm. Sec School Ibaka Mary Hanny Sec. School Oron Elgerly Memorial Sec. Sch Comm. Science School, Ibaka Comm. Science School, Ibaka Oron, School of Accountancy Majesty High Sch. Calabar Comm. Tech. College, Calabar Comm. Sec. Sch Ikot Edem Odo

SeCondary SChool BenefiCiarieS year in School JSSIII JSSIII JSSIII SSS I JSSIII JSS III JSS III JSS III JSS III SSS I SSS II JSS III JSS III SSS I SSS I JSS III JSS III JSS III SSS I JSS III JSS III JSS III

primary SChool BenefiCiarieS S/n 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22

nurSery/primary SChool BenefiCiarieS name of Beneficiary name of institution Course of Study Rita Mathew Anwanadung Infant Jesus Nur. School, Oron First School Leaving Cert. Godsfavour William Akaiso Infant Jesus Nur. School, Oron First School Leaving Cert. Hedges effiong Eyo Infant Jesus Nur. School, Oron First School Leaving Cert. Vickson Okon Edet Infant Jesus Nur. School, Oron First School Leaving Cert. Roseline Sunday Ukut Monef Kiddies, Uyo First School Leaving Cert. Joy Robert Uyeh Infant Jesus Nur. School, Oron First School Leaving Cert. Precious Ini Ekpo Infant Jesus Nur. School, Oron First School Leaving Cert. Etim Ini Ekpo Infant Jesus Nur. School, Oron First School Leaving Cert. Bright Usin Essang Graceland School, Uyo First School Leaving Cert. Treasure Sungland Atta Eagle Christian School, Uyo First School Leaving Cert. Abasiama Edet Bassey Patfon Unique Academy, Uyo First School Leaving Cert. Uduak Asuquo Ntekim Evangel Nursery/Primary Sch. Oron First School Leaving Cert. Kingsley Bassey Ekpe Infant Jesus Nur. School, Oron First School Leaving Cert. Dominic Okon Asuquo Best life Nur School, Ibaka First School Leaving Cert. Rose Peter Okon Best life Nur School, Ibaka First School Leaving Cert. Mary Edet Ekpe Golden Nur School, Ibaka First School Leaving Cert. Favour Eddy Offong Presbytarian Nur/Primary Sch Uyo First School Leaving Cert. Arit Peter Effiong Best life Nur School, Ibaka First School Leaving Cert. Grace Uloh okon Standaard Pri/Nursery Sch. Oron First School Leaving Cert. Maruice John Ikpang St. Paul's Primary School, Ibaka Uda First School Leaving Cert. Abigail Okon Elijah Methodist Nur School, Oruko First School Leaving Cert. Elizabeth Attih Edke Infant Jesus Nur. School, Oron First School Leaving Cert.

S/n

name of Beneficiary

name of institution

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

Happiness Etim Edet Nseobong Ime Okon Susana Bassey Etim Godswill Emmanuel Etim Abigail Itabina Odiong Ekaette Ibok Edet Nathaniel Edet Etim Samuel Bassey Okon Blessing Anthony Ettia Joy Okon Ekpe Favour Okon Asuquo Happiness Victor Etim Asuquo Etim Effiong Benjamin Nyong Uko Nelson Asuquo Bassey Michael Effiong Edet Promise Nse Edet Effiong Ita Bassey Asuquo Edet Bassey Happiness Effiom Okon Juliet Okon Edet Esther Asuquo Okon

St. Paul School, Ibaka Godswill Academic Sch. Ibaka Ibaka Comm. Sec. School, Ibaka Standard Nur. Sch. Oron St. Theresa Esuk Emwang St. Theresa Esuk Emwang St. Theresa Esuk Emwang Christ Knowledge, Oron Christ Knowledge, Oron Standard Nur. Sch. Oron City Light Int'l School, Mbo Bestline Int'l School, Mbo Evangel Primary Sch. Mbo Infant Jesus, Oron Evangel Primary Sch. Mbo Iquita Pri. School, Oron St. Jude Pri. Sch Inua Abasi Government Primary Sch. Ibaka Government Primary Sch. Ibaka Primary Sch. Ikot Edem Odo Primary Sch. Ikot Edem Odo Primary Sch. Ikot Edem Odo

w w w. m o n i p u l o. co m

Course of Study FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC FSLC

year in School Primary 5 Primary 4 Primary 5 Primary 6 Primary 4 Primary 6 Primary 6 Primary 5 Primary 3 Primary 3 Primary 4 Primary 4 Primary 4 Primary 6 Primary 6 Primary 6 Primary 6 Primary 5 Primary 6 Primary 4 Primary 3 Primary 4

3 1 5 4 4 3 3 2

NEWS

WednESday, AUGUST 24, 2016 NEW TELEGRAPH

Military hits 'Shekau', kills Boko Haram commanders Emmanuel Onani

n what appears a major breakthrough in the ongoing counterinsurgency operation in the North-East, the Nigerian Army, yesterday morning, announced the killing of many suspected Commanders of Boko Haram, in air raids.

The Army said the air "interdiction", which was undertaken last Friday by the Nigerian Air Force (NAF), may have also left the leader of the sect, Abubakar Shekau, with fatal injuries on his shoulders. A statement by the Acting Director, Army Public Relations (DAPR), Col.

Sani Usman, said the air raid happened when the sect's leaders were observing their Friday "rituals" within the Sambisa forest in Borno State. According to the statement, the sect's commanders confirmed dead from the interdiction include, Abubakar Mubi, Malam Nuhu, and Malam Ham-

man. Many other commanders were said to have sustained varying degrees of injuries during the air bombardment. "In what one could describe as the most unprecedented and spectacular air raid, we have just confirmed that as a result of the interdiction efforts of

Recession: Senators, Reps shun constituencies CONTINUED FROM PAGE 2

"Unfortunately, things have changed drastically overnight. I will not tell you lies, no senator or any member of the National Assembly will beat his chest and say that it is easy for him now because the economy is really bleeding. "As I am speaking to you now, there is an event going on in my state capital and I was duly invited, but I cannot go because I don't have what it takes to go there," he stated. The lawmaker, however, expressed optimism that the hardship would not last forever, pleading with Nigerians to be patient and support the Muhammadu Buhari-led government to turn the situation around for a better Nigeria. Corroborating this position, another Senator from the opposition party admitted that he was no longer visiting his constituency the way he was doing before the economy got worse. He said that he had to avoid regular visitation to his senatorial district because of paucity of funds to attend to his obligations to the electorate, noting

that it had become difficult for them to meet their campaign promises to the people that brought them to power. The legislator said that the situation would jeopardise the interest of the lawmakers in future elections because the electorate would think that the politicians deliberately refused to attend to their needs after being voted to power. Also, some members of the House who spoke to our correspondents confirmed that the National Assembly members were not meeting up with their constituency obligations as before because of the economic recession in the country. A first timer in the House from Kaduna State told our correspondent that though some of them are not running away from constituents, but the unfriendly economic situation in the country makes it impossible to meet up with demands from constituents. According to him, most of them were indebted to banks and wondered if they would be able to clear their debts before May 2019.

"My brother, some of us are not really running, but we can't attend to the deluge of demands from our people. For example, I sold my House in Gwarimpa to come to the House. But with what we are getting today, I may not be able to build another house even if I spend eight years in the House. It is tough," he said. Another Rep from the North-East confided in our correspondent that: "This vehicle (Prado Jeep), which I'm using, you won't believe it, I took a loan from a bank for my campaign and I'm still paying. This is my second term, but we never experienced this during the 7th Assembly. But things are really bad now."

$2.1bn NNPC funds: CBN bars nine banks from forex deals CONTINUED FROM PAGE 1

Executive Officers were said to have been summoned to a meeting in Abuja yesterday with the CBN Governor, Godwin Emefiele – where they were informed of the sanction. But sources told New Telegraph that contrary to reports, that the lenders did not conceal these funds, pointing out that they had been having meetings with the CBN over the issue and agreed on a repayment. The source said: “In fact, all the banks that had NLNG funds were invited by the CBN in March this year – where a repayment plan was drawn and we agreed on a monthly payment before the scarcity of dollars set in. “This action can also frighten correspondent banks further adding to the pressure on Nigerian banks.”

It will be recalled that the CBN had, October last year, fined three lenders for non-compliance to the Federal Government’s policy on TSA. The banks were penalised for not remitting to the federation account, N96.4 billion belonging to the NNPC. As part of efforts to tackle corruption and boost transparency in the system, President Muhammadu Buhari had, last year, ordered the full implementation of the TSA that was put in place by the previous administration of former President Goodluck Jonathan, but was never implemented. The execution of the TSA by the current administration led to banks being given a September 15 deadline to remit funds from Ministries, Departments and Agencies (MDAs’) accounts into a single federation account at the CBN.

As to whether some lawmakers were keeping away from constituents, he said: "It is true some of us are afraid to visit our constituencies because when you don't meet people's expectations, they tend to write you off and this is dangerous in politics." But another member of the House disclosed to New Telegraph that things are so hard that "some lawmakers no longer come to the chambers, but instead go about doing their businesses in order to meet up.” “If you look at the plenary, not many honourable members are attending sittings. It wasn't like this in the past, but this is what change has brought us," he said.

the Nigerian Air Force, some key leaders of the Boko Haram terrorists have been killed while others were fatally wounded. "The air interdiction took place last week Friday, August 19, while the terrorists were performing Friday rituals at Taye village, Gombale general area within Sambisa forest, Borno State. "Those Boko Haram terrorists commanders confirmed dead include Abubakar Mubi, Malam Nuhu and Malam Hamman, amongst others, while their leader, so-called “Abubakar Shekau”, is believed to be fatally wounded on his shoulders. "Several other terrorists were also wounded," the Army said. Meanwhile, the Nigerian Air Force (NAF) has confirmed the killing of about 300 suspected Boko Haram fighters. A statement yesterday by the Director of Information and Public Relations, Group Captain Ayodele Famuyiwa, said the fighters were killed at a location near NAF's troops. Famuyiwa said the bombardment "killed about 300 BHTs who had gathered to hold a meeting at a location

between Malam Fatori and own troops location at Kangarwa." He noted that the "objective of the ongoing operation, as usual, is to degrade the capability of the insurgents, particularly those who have fled to the northern part of Borno." Also yesterday the Bangladesh Armed Forces lauded the Nigerian Military over the latter's counter-terrorism and counterinsurgency operations. The Defence spokesman, Brig.-Gen. Rabe Abubakar, in a statement, said: "The Bangladesh Armed Forces have lauded the success of the Nigerian Military to overcome insurgency and expressed their willingness to adopt the Nigerian Armed Forces winning strategy to combat insurgency and criminalities in their country." Abubakar said the commendation was made when "the team leader of the members of the Bangladesh National Defence College on Geo-strategic study tour of Nigeria visited the Chief of Defence Staff (CDS), General Abayomi Gabriel Olonisakin at the Defence Headquarters, Abuja."

Members of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), during their protest against the planned concessioning of four major airports in Lagos... yesterday. PHOTO: TONY EGUAYE

Workers protest planned concession of four airports Wole Shadare

ir transport workers under the aegis of Air Transport Services Senior Staff Association of Nigeria (ATSSSAN), National Union of Air Transport Employees (NUATE) and the National Union of Pensioners (NUP) took to the streets yesterday to protest the concessioning of the four major airport terminals. Their protest caused gridlock along the roads leading to Ikeja and Oshodi. The protest was peaceful. Many of the protesters were seen singing and trekking from the Federal Airports Authority of Nige-

ria (FAAN) to the General Aviation Terminal (GAT) also known as Terminal 1 and to the international terminal. Other workers who could not trek were seen at the back of FAAN tractor also singing solidarity songs. The protesting workers carried placards with the inscriptions, “FAAN must survive despite its many enemies, airport concession is economic terrorism”, “Our local airports cannot be sold, FAAN workers say no to concession of airport”, “Airport concession is economic sabotage.” New Telegraph learnt that the protest took place simultaneously at Nnamdi Azikwe Airport (NAA), Abuja, Port Harcourt Air-

port and Mallam Aminu Kano Airport. In Lagos, the gates leading to FAAN offices were shut to ensure that workers comply with the directive of the unions. Jointly speaking at the Freedom Square, where the workers assembled for the protest, the Acting General Secretary of NUATE, Olayinka Abioye and General Secretary, ATSSSAN, Francis Akinjole, said that the workers would resist any attempt by the government to concession the four major airports, adding that the unions are aware that some cartel are already coming forward to ‘buy’ the viable airports. They argued that that the unions cannot mortgage the destiny of over

5,000 workers of FAAN into selfish hands of few political cartel or individuals. They stated that concessionaire should stay clear of this unacceptable deal. The protest is coming few days after the Minister of State for Aviation, Hadi Sirika, assured Nigerians that their interest would not be jeopardised in the resolve to concession some of the nation’s airports.

$20.4m

The total amount of salary/winnings of Julius Peppers (Football) for 2015. Source: Forbes.com

888,534

The number of fixed-telephone subscriptions of Nigeria in 2003. Source: Itu.int

News|NATIONAL

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Killing in God’s name is madness –Buhari Emmanuel Onani Abuja

resident Muhammadu Buhari has come down hard on extremist tendencies, saying anybody who hides under the cloak of religion to kill or maim others, is “simply deranged”. The President maintained that neither Christianity nor Islam, advocated the killing of a person in whatever guise. Buhari spoke yesterday in Abuja, at the launch of the revised Counter-Terrorism Strategy. Buhari, who was represented by Vice President Yemi Osinbajo, had said: “There must be an un-

derstanding that the war against terrorism is a most unconventional one. The enemy is essentially an insane nuisance because he revels in cowardly attacks, does not obey any rules of warfare, kills the defenceless including prisoners, use children as human bombs and consider the killing of anyone as a victory. “Therefore, as we think through our strategy, we must remember that to permanently win the physical battle, we must win the battle of the minds of even the most impressionable young men, who sign up to join Boko Haram and other violent extremist groups. “We must understand that terrorism is essentially

psychological warfare, and as such, a psychologically sophisticated and nuanced response is necessary. We must also educate the millions of our young men through the leadership of our faith,” the President said. He went further to state thus: “And, we must let them know that neither Islam nor any other religion that we know, endorses the slaughter of anyone, and anyone who kills the innocent and shouts that God is great, either does not know the meaning of those words or is simply deranged. “We must work hard to provide opportunities for these young men and women who for years have lacked education and the

real chance of doing-well; social investment programs, home grown school feeding, and vocational and technical education are designed to give them real opportunities. “Today, as hundreds are being released from Boko Haram captivity, we are faced with serious problems of malnutrition in children. I have asked the Vice President to chair an inter-ministerial team to quickly review the situation and work with our development partners and overseas experts to handle this particular problem.” The President further disclosed: “I have repeatedly ordered our law enforcement agents, to ensure that perpetrators of violence in any shape or form are arrested and made to face the law.”

Police to subject candidates to biometric, psychological tests Emmanuel Onani

Abuja

he Nigeria Police said successful candidates in the nationwide aptitude tests that held on Monday, would be subjected to polygraph test. The implication of this decision is that, successful candidates would be subjected to biometric, medical and physical examinations.

They will also undergo oral and psychological tests, even as the Force will carry out a general background check on them, to ensure that they have no previous cases of criminality against them. The disclosure was made in a statement by the Force Public Relations Officer (FPRO), Mr. Don Awunah, a Deputy Commissioner of Police (DCP). The statement said the Acting Inspector General of Police (IGP), Mr. Ibra-

him Idris, gave the directive while reviewing the recruitment exercise. It added that no candidate would be admitted into the police academy and colleges, without fulfilling these conditions. “The Nigeria Police Force will subject successful candidates in the ongoing recruitment exercise to compulsory polygraph test (lie detector Test). This test will be in addition to the general background check, biometrics, medi-

cal, physical examination, aptitude, oral and psychological tests. The Police will also conduct a thorough verification of all documents submitted by prospective candidates. “The Inspector General of Police, IGP Ibrahim K. Idris, gave this directive while reviewing the recruitment exercise so far and expressed satisfaction with the progress made in recruiting 10,000 personnel into the Nigeria Police Force.”

L-R: Lagos State Commissioner for Information and Strategy, Mr. Steve Ayorinde; Representative of the Minister of Information& Culture, Mrs. Ayotunde Adesugba and Incoming Chairman, Broadcasting Organisation of Nigeria (BON), Mr. John Momoh, at the BON’s 65th General Assembly on ”BROADCASTING SCORES’ Lagos… yesterday. PHOTO: GODWIN IREKHE

INEC decries low participation of women in elections Onyekachi Eze ABUJA

he Independent National Electoral Commission (INEC) has regretted that despite efforts to involve more women in politics, the number of women seeking elective positions was still low. The commission’s Chairman, Professor Mahmood Yakubu, who stated this yesterday when he received the newly elected executive of National Council of Women Societies (NCWS) who paid him a courtesy visit, said though some political parties have shown gender balance through the nomination of women in elective and appointive positions, most women were yet to take such advantage. According to him, despite the high population of women in Abuja, the Federal Capital Territory, none of them contested in this year’s Area Councils election, which comprised

Appolonia Adeyemi and Eleazar Nwanti

s the number of people with infertility continues to rise globally, scientists have developed a ‘potent’ new fertility treatment said to be cheaper and less invasive than Invitro Vertilisation (IVF). IVF is the long established process of fertilisation by manually combining an egg and sperm in a laboratory dish, and then transferring the embryo to the uterus. It increases the likelihood of a couple being able to have a child. However, going by the

new findings, Australian and Belgian scientists have discovered how to improve a woman’s chances of becoming pregnant, using a less invasive and cheaper alternative. The new method, which has already undergone pre-clinical testing, uses growth factors to enhance an existing fertility treatment known as in-vitro maturation (IVM). The results show improved egg quality and a 50 per cent increase in embryos, with minimal use of drugs. Researchers said the advance has ‘significant implications’ for fertility treatment worldwide.

Infertility is a common problem in Nigeria. It is estimated that one in four couples may have difficulty achieving conception. Standard in-vitro fertilisation (IVF) requires women to take Follicle Stimulating Hormones (FSH) to stimulate egg cell growth before they are removed from the ovary. In the IVM process, eggs are removed from the ovaries when they are still immature. They are then matured in the laboratory before being fertilised. The difference between IVM and conventional in vitro fertilisation (IVF) is

that the eggs are immature when they are collected. This means the woman does not need to take as many drugs before the eggs can be collected as she might if using conventional IVF, when mature eggs are collected.

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

43.47m

The total population of women of Ethiopia in 2012. Source: Un.org

six chairmanship positions and 62 councillorship seats. “Democracy around the world cannot be complete without the full participation of women,” he said. Yakubu however, observed that one of the political parties contesting the September 10 governorship election in Edo State, has a woman as its governorship candidate while a number of others nominated women as running mates. He promised that INEC would continue to encourage more women to participate in elections, not only as voters but as candidates. The INEC chairman hoped that the number of political parties that would nominate women as candidates in subsequent elections would continue to rise. He also promised that women would be included as observers for the Edo and Ondo States governorship elections and other subsequent elections in the country.

FG may release report on 10 institutions this week Mojeed Alabi

here are strong indications that the Federal Government may release the white paper on the probe panels set up to investigate various allegations against some management members and staff of seven universities and three polytechnics across the country. Investigations by New Telegraph has revealed that the new decision followed intense pressure on the government by concerned individuals and organisations, including labour unions such as the Academic Staff Union of Universities (ASUU) and its polytechnic counterpart, the Academic Staff

Union of Polytechnics (ASUP). It would be recalled that the Federal Government, through the Minister of Education, Mallam Adamu Adamu, had set up the panels last year to look into the various allegations of corruption, victimization, among others, against some managements of 10 higher institutions including the University of Agriculture, Umudike and Yaba College of Technology, Lagos. According to the Federal Government, the probe panels had submitted their reports as early as December, 2015 but that the white papers could not be released yet because government was trying to clear the grey areas.

PDP tells APC to focus on economy Onyekachi Eze

New fertility treatment method raises hope against childlessness

ABUJA

he Peoples Democratic Party (PDP) has called on the All Progressives Congress (APC) led Federal Government to concern itself on how to solve the economic hardship it inflicted on Nigerians rather than making wild allegations. The party also described as unfortunate, the statement credited to the APC National Chairman, Chief John Odigie-Oyegun that PDP hired spin doctors to bandy economic figures when the party was in government. In a statement yesterday by Director of New Media, Deji Adeyanju, the PDP condemned Oyegun for

thinking that the parlous state of the nation’s economy was an act of God. “Chief Oyegun needs to concern himself more with the salient issues,” such as “foreign investors like the Sun International leaving Nigeria over a hostile working environment where passports of staff can be seized by EFCC (Economic and Financial Crimes Commission) for several months without a court order,” the statement advised. It further noted that under the APC government “food prices have risen to the point where (N18,000) minimum wage can no longer buy a bag of rice (which is now N20, 000). A bag of rice was N9, 000 at the inception of this administration.”

wednesday, august 24, 2016 NEW TELEGRAPH

METRO

ABIODUN BELLO abiodun.bello@newtelegraphonline.com 08023938212

...CRIME, CITY WATCH, COURTS

Chained victims: Shallow graves found in ‘prophet’s’ home Juliana Francis

olice in Lagos State yesterday disclosed that shallow graves have been discovered on the premises of the house where 28 people were rescued last Friday. The state Police Commissioner, Fatai Owoseni, who confirmed this, said some graves were also discovered in the swamp behind the house. On Friday, police swooped on the house of a self-acclaimed prophet, Emmanuel Adeyemi, at Oyinbo Unity Estate, Olamidun Close, Yakoyo, Ojodu, where they rescued 28 people, including 13 children and 15 adults, who were chained up. One of those rescued was Adeyemi’s teenage stepson, identified as Toba Adedoyin. Owoseni said: “We had another tipoff that there were people he buried in that compound and he confirmed it during interrogation. “Because the area is swampy, the suspect had allegedly buried some people in the swamp and about three others in the house. “When we asked him of their identities, he said it was some of his patients brought to his home from the hospital, after they were given up for dead, that finally died in his care and were buried in the swamp. “When we also queried him on the claims that he sells the body parts of the deceased to ‘ritualists,’ he swore

Adeyemi with some of the victims

that he was only a traditional healer and not a human parts seller.” The commissioner said investigation was ongoing, as the police were working assiduously to get to the root of the matter. Meanwhile, despite claims by the suspect that all those chained were mad, the police discovered that one was a cancer patient, who had developed sores from being chained up. While 27 of the victims were taken to the Lagos State Government rehabilitation centre, the cancer patient was taken to the hospital, as she was very weak and had terrible sores from the chains. Owoseni, acting on a tip-off, had deployed policemen from Area ‘G’ Command Headquarters to the house.

City Briefs

‘Stop indiscriminate parking on Lagos-Ibadan Expressway’ Camillus Nnaji

o ensure smooth flow of traffic and prevent loss of lives, especially because of the ongoing reconstruction works, the Federal Road Safety Commission (FRSC), has warned companies to stop parking trucks on the Lagos-Ibadan Expressway. The Unit Commander, RS2.23 Mowe, Assistant Corps Commander Oludare Ogunjobi, told our correspondent yesterday that the warning became necessary because of the danger posed by the trucks on the expressway. According to him, human lives are not only endangered, gridlock on the expressway in recent times has been attributed to the trucks parked on the road. In a letter of August 17, addressed to Forte Oil filling sta-

tion, Loburo; BHN Fuel dump site and the manager, Kara-Ibafo trailer park, Ogunjobi said the expressway, which had been narrowed by the ongoing rehabilitation, had been worsened with the indiscriminate parking of trucks belonging to the companies. “The road has therefore been narrowed due to the construction works. Indiscriminate parking as being witnessed at your dump site would do no good other than to further narrow the road, endanger the lives of other road users and cause unnecessary traffic congestion,” the letter reads in part. Ogunjobi advised the companies and other truck users plying the expressway to create their own parks or make use of the existing ones in Mowe-Ibafo axis.

The victims being evacuated

Although the initial intelligence report was that the 17-year-old Adedoyin was chained, police discovered that 27 others were also chained. Owoseni said they had initially invited the suspect to the station based on a tip-off, and he claimed he chained up his stepson to cure him from the spirit of stealing. He said: “When we got information that a teenager was locked up in a house, the area commander had invited the suspect, who claimed that his

son was known for stealing and so he locked him up in chains to cure him of stealing. “While we were still on that case, we got another credible tip-off that there were other people chained up in that same house. “Of course, we carried out a raid and confirmed the allegation to be true. But before then, we had contacted the Lagos State Government because we don’t have the facility to keep the rescued persons.

Training improves officers’quality –GOC Flora Onwudiwe

eneral Officer Commanding (GOC), 81 Division, Nigerian Army, Major General Isidore Edet, has said that training, as directed by the Chief of Army Staff (COAS), Lt. Gen. Tukur Buratai, would improve the quality of officers, as well as soldiers they lead. According to him, Buratai

places a premium on training hence the positive successes recorded in the North-East. Edet spoke at the opening of a five-day training for officers within the 81 Division area of responsibility (AOR). It was held at 81 Division Officers’ Mess in Lagos. The GOC said that the training was to improve the planning capability of com-

manders and staff officers to conveniently compete with their counterparts globally. He said that the topics had been deliberately selected and tailored to focus on manoeuvring approach to warfare process, estimate process as well as contemporary operations within Nigeria. Edet, however, urged participants to take advantage of the opportunity to scoop from the wealth of experience of the resource persons. The GOC also reminded officers of the security challenges across the country, reiterating the need for extra caution and vigilance. Edet also thanked Buratai for the moral and financial support Some of the participants at the training for the training.

METRO

wednesday, august 24, 2016 NEW TELEGRAPH

Money recovered from the suspect

Scavenger found after mysterious disappearance Juliana Francis

Jubilation as notorious kidnapper dies in shootout Victor Mba Aba

esidents of Akpaa Mbaato autonomous community in Obingwa Local Government Area of Abia State are still rejoicing over the death of an alleged notorious kidnapper. The alleged notorious robbery and kidnapping kingpin, Chisom Enyinnaya aka IPO, reportedly died during a shootout with soldiers from Forward Operation Base (FOB), under 144 Battalion, Ukwa West. There was a wild jubilation at Akpaa Mbaato when news that soldiers shot dead Enyinnaya the area filtered into the community on Sunday. While Enyinnaya died in the encounter, members of his group reportedly escaped with bullet wounds. Sources in the battalion and other security agencies in the state said Enyinnaya and members of his gang had been on the wanted list following reports linking them to various criminal activities, including armed robbery and kidnapping, among others. The sources added that several attempts made to lure the deceased into the security agencies’ net failed while those who embarked on such mission usually get a backlash. This, according to them, discouraged any other member of the community from embarking on what such “a dangerous mission”. Narrating how the ring leader was killed, a source at the 144 Battalion disclosed that the hoodlum was killed through efforts of soldiers on Ngwa Road FOB on patrol on Opobo-Azumini Expressway. The soldiers, according to the source, were alerted that members of the gang were robbing traders from Aba who were go-

ing to Oron, Akwa Ibom State to buy crayfish. The top security officer, who said that the soldiers though arrived after the traders had been robbed, traced the bandits into a nearby bush near Akpaa community where the hoodlums headed for after their operation. It was learnt on sighting them, the robbers opened gunfire on the soldiers. The soldiers retaliated and in the process, they killed Enyinnaya and injured others. Corroborating the account of the soldiers, some of the traders and the driver of the bus conveying them, Ndifrek Sunday, said they were robbed and disposed of their valuables at gunpoint by the gang. They added that the bandits took advantage of the bad portion on the Opobo-Azumini Expressway to rob them.

olice in Lagos have trailed a scavenger, Zaradin Sani, who was allegedly kidnapped at 31, Kayode Adebanji Street, off Unity Road, Ashamu Estate in Oke-Afa, last weekend, from Ibadan to Kano. The scavenger had, in company with colleague, gone into the said building to cart away a used fridge only to disappear. He, however, reportedly contacted his colleague and told him that he was being held inside a particular compound with a cross sign in front. About 50 scavengers later marched on the house to protest the alleged disappearance and damaged the ceiling of the main building and the transformer stationed in front of the house. Other scavengers, armed with cutlasses and knives, were joined by other youths led by the Seriki Hausa in Ejigbo, stormed the compound, threatening to pull it down. However, soldiers and policemen, who later searched the entire premises, did not find Sani, who allegedly told them he was being held in ceiling and could see them. They were said to have climbed the ceiling in search of the victim but could not find him. At a point, his phone line allegedly suddenly became unavailable. Despite interventions by security operatives, the youths started destroying television sets, glass doors, windows and other valuables in the compound. It was gathered that most of them brought out knives and cutlasses strapped on their bodies and forcibly opened the gate to the gym and broke everything on sight. However, police detec-

tives were said to have been tracking his movement through his phone and was once pinpointed at Ibadan. Attempts to rescue him were aborted when the tracker indicated that he was again on the move, this time towards the North. The police were finally able to track him to Kano, from where he was brought to Lagos yesterday. Sani told journalists his experience. He said: “I went to scavenge when a woman called me inside the compound to buy a used fridge. When I got in, I found myself in Ibadan the next day. When I managed to escape, I reported myself to the Hausa community there. “They now put me in a bus going to Kano. I was there when the police tracked me through my phone and directed them to bring me back to Lagos. “I didn’t come back straight to Lagos after I went to the Hausa community because I was scared that those same people will get me again.” The state Commissioner of Police, Fatai Owoseni, said the command was trying to unravel the mystery behind his disappearance. He said: “The scavenger has been found and we are still investigating the matter. Upon interrogation, the victim claimed that

Owoseni

Mass wedding: Police seal Kwankwaso’s house

the group loyal to the former governor popularly known as Kano Kwankwasiyya, was sealed because of alleged planned mass undreds of armed police- wedding. men yesterday sealed the The state Police Public Reresidence of former Governor lations Officer (PPRO), DSP of Kano State, Rabiu Kwank- Magaji Majiya, said the acwaso (now a senator), located tion followed an intelligence on Lugard Road in Kano me- report that there was a plan to tropolis. conduct a mass wedding in the The house, which also house. serves as the headquarters of He said: “We have directed our men to seal the residence because of an intelligence report that there is a plan to conduct mass wedding in the house.” Security agents blocking Lugard Avenue Our cor-

Muhammad Kabir

respondent, who visited the area, had to beg the armed mobile policemen, who blocked the entrance of the streets, to be allowed to pass. Mobile policemen were also guarding the entrance to the ever-busy campaign office. When contacted, the state Commissioner of Police, Rabiu Yusuf, said they took the action as a proactive measure to prevent break of law and order by some thugs believed to be Kwankwaso supporters. He said the reports indicated that some people were planning mischief and that the police had to be ahead of them. The commissioner expressed worry that some people were bent on causing trouble after stopping them from carrying out their unlawful gathering.

he was lured into the house by a woman. “He claimed he saw himself at Ibadan, where he also claimed that he saw 10 other people in captivity. We are investigating. “But from preliminary investigation, we discovered that the owner of the house was not even at home when the said abduction happened. The man works for a top multinational company and has had years of practice. “Already, we have put surveillance in that area. At the same time, it is imperative that people should not take laws into their hands. Imagine how the mob vandalised the house without confirmation about the authenticity of the news.”

Army uniform belonged to my late brother –Suspected fraudster

Biodun Oyeleye Ilorin

28-year-old suspected con artist, Salami Wuraola, who allegedly posed as a soldier, has been arrested while trying to catch a cheque issued by a victim. Wuraola, a driver, was apprehended in the banking hall by men of the Nigerian Navy School of Health Sciences (NNHS) at Offa, Kwara State. The suspect, who hails from Ondo State, said he got his illegal army uniform while cleaning his late brother’s room. The NNHS Commandant, Captain Ibrahim Nurudeen, said the suspect was arrested with an accomplice. But, according to him, the said accomplice has an identity card of the Nigerian Army and a PASS so he is being probed to authenticate the genuineness of his documents. Nurudeen said the two men were arrested while attempting to cash a cheque issued in their favour by a wealthy man at Offa who, like some others, had been told by the suspects that they had just secured employment into the Nigerian Army and needed assistance. But Wuraola said he did not know the ‘influential man’ who issued the cheque. According to him, it was the other ‘solider’ that went to meet the victim. He said: “This Army uniform belongs to my late brother. So it was when we were cleaning up the room which he was using that I saw this kit in the bag where it was kept. We were cleaning the room to let it out to a tenant. I am not a soldier. I have not put on the uniform before. This is the first time I put it on.

NEWS | national CONFIRMATION/change OF NAME

Enekiokere: I, formerly known and addressed as Ayeke Pere-Ekio now wish to be known and addressed as Ayeke Enekiokere. All former documents remain valid. First bank Plc and the general public should please take note.

Joelson

I, formerly known and addressed as Okuode, James Oghenoyome now wish to be known and addressed as Joelson, James Oghenoyome. All former documents remain valid. The general public should please take note.

Johnbull

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

Perebo

I, formerly known and addressed as Ekeh Blessing Avwerosuoghene now wish to be known and addressed as Perebo Ekeh Blessing Avwerosuoghene. All former documents remain valid. The general public should please take note.

Tamaraubraka-Emi

I, formerly known and addressed as Fagha, Esther Tuburubofa now wish to be known and addressed as Fagha Esther Tamaraubraka-Emi. All former documents remain valid. The general public should please take note.

Timiebi

I, formerly known and addressed as Elfeda Summerset now wish to be known and addressed as Timiebi .K. Summerset. All former documents remain valid. The general public should please take note.

Okoro

This is to notify the general public that the names Okoro Bright Chimezie and Prince Bright Chimezie refer to one and the same person. Henceforth, I wish to be known and addressed as Okoro Bright Chimezie. All former documents remain valid. First bank Plc, Fidelity bank Plc and the general public should please take note.

A new foods and spices company located in Lagos is looking for immediate employment: Marketing Officer, male 30-40 years old, computer literate with valid drivers’ license. To be based in Lagos but with regular visits to major markets across the country. Qualification: B.Sc/HND Marketing, Accounting or Business Administration. Interested candidates should forward his/her application to this e-mail address: supermewjob@yahoo.com CLOSING DATE: Not later than one week after this publication. SALARY: Attractive. Distributors wanted for baking powder and spices.

PUBLIC NOTICE

PROGRESSIVE GOLDEN BROTHERS CLUB OF NIGERIA

The general public is hereby inform that the above named club has applied to corporate Affairs Commission for registration under part C of the company and Allied Matter Acts No 1 of 1990. The Trustees are: 1. Obinna Ogbuagu - Chairman 2. Ezeoke Chinedu Johnpaul - Vice Chairman 3. Vincent Chinedu Livinus -Secretary 4. Olojeme Prince Izuchukwu - Asst. Secretary 5. Agbago Celestine Obinna - Treasurer AIM AND OBJECTIVE IS: 1. Fostering unity, togetherness and upliftment of members. 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: Vincent Chinedu Livinus Secretary

PUBLIC NOTICE

POSITIVE PROOF WOMEN HEALTH CARE EMPOWERMENT INITIATIVE

The general public is hereby inform that the above named has applied to corporate Affairs Commission for registration under part C of the company and Allied Matter Acts No 1 of 1990. The Trustees are: 1. Obi Monica Lilian 2. Umoru Ibrahim 3. Attah Felix Enyi 4. Cali-Dibang Bridget Ebuo AIM AND OBJECTIVE IS: 1. To create platform for the development of women and girls. 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: Barr. Ademola Adenaike 08023865797, 08033407197

PUBLIC NOTICE

BEAUTY FOR ASHES EVANGELICAL OUTREACH INTERNATIONAL

The general public is hereby inform that the above named has applied to corporate Affairs Commission for registration under part C of the company and Allied Matter Acts No 1 of 1990. The Trustees are: 1. Emmanuel Mercy Oluakachukwu 2. Emmanuel Ifeanyi Fidelis 3. Orie Sunday U. AIM AND OBJECTIVE IS: 1. To propagate the gospel of Jesus Christ. 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: Barr. Ademola Adenaike 08023865797, 08033407197

wednesday, august 24, 2016 NEW TELEGRAPH

241 Nigerians beg to return from Libya

wo hundred and forty one Nigerians were voluntarily returned to Nigeria. The Assisted Voluntary Returnees (AVRs) came aboard a Libyan Airlines' Airbus A330-200 chartered flight. They had in the last few weeks pleaded to return to their home country to escape alleged hostility faced in Libya. It was learnt that most of them were stranded in Libya after they failed to cross the high sea to Europe. They also had immigration related issues that landed them in prisons.

•Under-aged among returnees Over 80 per cent of them are between the ages of 15 and 25 years, amongst them nine under-aged. The International Organisation for Migration (IOM) facilitated their return back to Nigeria after they volunteered to return, while the National Emergency Management Agency (NEMA) and National Agency for the Prohibition of Traffic in Persons and Other related Matters (NAPTIP) are ensuring their welfare in Nigeria. Speaking with journalists at Lagos Airport,

the Head of Lagos Office, and International Organisation for Migration (IOM), Dr. Nahashon Thuo, said that 241 Voluntary Returnees were brought back from Libya on their own volition. He added that of the 241 Voluntary Returnees, 174 are male, 67 women and among these numbers are three children and three infants. Speaking on why they were returned to the country, the IOM Representative in Lagos disclosed that some of them were trying to cross over to Europe but failed and

that they were arrested by the Libyan Immigration while others committed immigration offences while in the country. He further stated that they were brought by IOM when they signalled their interest to return home. Also speaking, the Director of Relief and Rehabilitation National Emergency Management Agency (NEMA), Aliyu Sambo, said that the Voluntary Returnees were brought back to the country by IOM because they said that they want to return to Nigeria.

Buhari’s emergency powers Bill unnecessary – Igboekulie

Paul Ogbuokiri

gainst the backdrop of reported plan by President Muhammadu Buhari to seek legislative approval for a wide range of presidential powers to revive the Nigerian economy which is now in recession, a socio-political group, Igboekulie, has said that the bill was not necessary. A statement yesterday by the President of the group, Prince Ben Onuora applauded the success so far recorded in the determined fight against corruption and Boko Haram, saying however that government did not achieve that with emergency powers and as such, did not need any to revamp the nation’s ailing economy. It said however, that the Federal Government failed

CONFIRMATION/ change OF NAME

Roland

I, formerly known as Miss Kikanme Nwankasum Omowumi now wish to be known as Mrs. Roland Izedomen Nwankasum Omowunmi. All former documents remain valid. General public should take note.

Lateef

This is to confirm that Ehuwa Olayemi Deborah, Latifu Olayemi Deborah and Lateef Olayemi Deborah refer to one and the same person. Henceforth, I wish to be known and addressed as Lateef Olayemi Deborah. All former documents remain valid. General public take note.

Sule

I, formerly known and addressed as Emmanuel Agyo now wish to be known and addressed as Sule Aminu Agyo. All former documents remain valid. GT BANK, DIAMOND BANK and general public take note.

Obisesan

I, formerly known and addressed as Obembe Adetayo now wish to be known and addressed as Obisesan Adetayo. All former documents remain valid. General public take note.

Peter

I formerly known and addressed as Mrs. Gabriel Mariam Atoke now wish to be known address as Miss Peter Mariam Ibukun. All former documents remain valid. General public take note.

to replicate same success in the economy, resulting in the massive devaluation of the naira, high inflation, poor power supply, disgraceful pot hole-ridden federal roads, ubiquitous insecurity and alarming deterioration of living standards. It said that what was needed was a change of the way things were done, not necessarily our rules. The group said that the President has shown requisite will and zeal in the fight against corruption and Boko Haram. “He needs to replicate this capacity for the economy without any special powers. His existing powers are enough to get the job done within the ambit of due process and efficiency. We cannot continue to invoke ad hoc solutions to perennial national challenges. That is why we have remained where we

should not be as a nation, despite our individual talents and endowments,” it stated. “We have been shouting for several months that not enough attention was being paid to the economy. No one listened and during that period, President Buhari ran this country for six months without appointing ministers. Even till today, not more than 30 per cent of required appointments into the Boards of parastatals and agencies of government have been made. The former did not and the latter does not require emergency powers. Those who have been appointed were not, to our knowledge, given specific timelines to deliver on goals or targets. For example, what were the immediate deliverable mandates given to the new MDs of NIMASA, NPA, FAAN, NUC, NRC, etc?”

‘Tourism to overtake downstream sector by 2021’ Wole Shadare

igeria is set to reap bountifully from the launch of African Union (AU) passport if adopted by the National Assembly as it would make the country’s tourism and hospitality industry overtake the downstream sector of the petroleum industry by 2021. The disclosure was made by the Country Manager of Africa’s leading booking portal, Jumia Travel Nigeria, Mr. Kushal Dutta, who further said the Pan-African Passport would allow free movement of domestic tourists into the country. Dutta spoke on the potential of the Nigeria’s tourism and hospitality industry as an alternative to boosting the country’s economy. According to him, the opportunities presented by the unified African pass-

port supersede the threats, especially now that Nigeria’s mainstay, which is oil, might not be sufficient to grow the economy; if the country’s Sustainable Development Goals (SDGs) are to be achieved. According to him, the reality of the dwindling oil prices as a result of the fall in foreign exchange is now being felt across all sectors and as such, many industry experts are daily brainstorming on diversification opportunities to prevent the country from going into recession. This came at a time the Minister of Culture and Tourism, Lai Mohammed, said the uniqueness of tourism as an important sector is also evident in its ability to employ skilled, semi-skilled and unskilled manpower, adding that despite wars, international trade in tourism revenue has grown in geometric progression since the 1980s.

According to the group, the Nigerian President is constitutionally, one of the most powerful in the world, and unlike former President Jonathan, Buhari, despite the hard times, is still respected for his sense of probity and simplicity.

Chibok parents: Why we boycotted BBOG march

arents of the missing Chibok girls have explained why they did not join the protest march that took place yesterday in Abuja. Yakubu Nkeki, the leader of the missing girls’ parents, who lives in Chibok, told NAN in a telephone interview that parents of the abducted girls based in Chibok held a meeting last week during which they decided they would not attend. “All we want is our missing daughters and we are willing to work with anybody who will help us find our daughters,” he said, explaining that they did not want to antagonise the government which is in the best position to help them find their missing daughters. “We do not want to do anything that the government will not be happy about,” said the woman leader of the group, Yana Galang. “We are not after any organisation that is against any party or religion, and we are supporting the Federal Government to help us release our girls,” she added. The parents described the unpleasant experience they had during their last protest march in Abuja, when angry comments made by some of the activists who accompanied them to see the president irritated President Muhammadu Buhari to the point where he spoke sharply and dropped his microphone.

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

South Africa ANC and the tragedy of municipal election

Politics

Interview I was humiliated despite my commitment as speaker – Oseni

12 14

Benue: A state under siege Cephas Iorhemen writes on the menace of herdsmen, which has claimed several lives in Benue State and the recent cases of kidnapping and assassination believed to be orchestrated by a wanted notorious gang leader

erhaps, one of the major challenges confronting the Samuel Ortom administration in Benue State since its inception on May 29, 2015 is how to contain the persistent attack on communities in Benue State by Fulani herdsmen. The governor had in his inaugural speech promised to ensure a conducive environment for farmers in the state, so that Benue remains prominently on the map as the number one food producing area of the nation. But the perennial clashes between Fulani herdsmen and farming communities appear to have frustrated the good intention of the governor. The clashes have assumed a worrisome dimension with the recent sacking of communities, large scale killings and wanton destruction of property as well as invasion of farmlands. Particularly worrisome is the fact that many farmers in Benue, which prides itself as the “Food Basket” State, no longer carry out their usual farming activities due to attacks on them by the rampaging herdsmen. Most disturbing is the fact that aside widespread killing, the attackers also rape and maim women in the affected communities. For instance, in February this year, several villages in Agatu Local Government Area of the state were razed and hundreds of residents including women, children and the elderly massacred by

FELIX NWANERI

GROUP PoLITICAL EDITOR nwanerif@newtelegraphonline.com

Buhari

suspected herdsmen. Former Senate President David Mark, who represents the area in the Senate, took time out and visited the ravaged communities during which he described the massive killings as genocide. Mark was not far from the truth as thousands of Agatu people who were rendered homeless were camped at different inhabitable areas, where relief materials were supplied to them. Despite the outcry over the Agatu mayhem, the killings continued unabated in the preceding months in several villages in Logo, Ukum, Buruku and Kwande local government areas. Many in the state, who have continued to decry the situation, said it is a disturbing that till date, no word has been heard from President Muhammadu Buhari despite a visit by Governor Ortom to brief him on the scale of violence in the state. According to those who hold this view, the President’s silence on the issue despite being elected on the same platform as the Benue governor – All Progressives Congress (APC), is something to be viewed with caution. Their belief is that the rate at which the killing of defenceless local farmers is being perpetrated is so alarming that the situation can only be described as an extinction mission. The predominantly farming people of Benue have come to believe that there is a deliberate push by the herdsmen and their sponsors, to forcefully take over their ancestral lands for grazing purposes. Earlier this year, when the

Ortom

Whether it was 23 people or less that were killed, they were Nigerian citizens, who are supposed to be protected

same herdsmen invaded Ukpabi Nimbo in Uzo-Uwani Local Government Area of Enugu State, Governor Ifeanyi Ugwuanyi alongside other relevant stakeholders in the South-East rose up against the carnage. This step compelled President Buhari, for the first time, to direct the security agencies to “go after” the herdsmen. Several outcries regarding security negligence and alleged police complicity eventually led to the redeployment of the then Commissioner of Police in the state, Mr. Nwodibo Ekechukwu. Since then, there has not been report of such killing in any South Eastern state. Despite the “presidential directive” the killings have continued in Benue and when the situation became more disturbing, Governor Ortom rushed to the office of the Minister of Interior, General Abdulrahman Danbazau, where he flayed media reports, which put the casualty of a recent attack at 81, saying it was exaggerated. Surprisingly too, the State Police Command, which had been making insignificant efforts to curtail the activities of the herdsmen, also followed suit to deny the casualty figure of 81, saying it was 23. But the position of most stakeholders in the state is whether it was 23 people or less that were killed, they were Nigerian citizens, who are supposed to be protected by the law. They further decried the fact that no arrest was made whatsoever. Ortom’s position of the governor on the casualty figure did not go down well with many in the

state, who felt that as governor, who took oath to protect the lives of his people, he should not have treated the security of the same people with such a slight. They recalled the Enugu incident and Ugwuanyi’s reaction, which forced President Buhari to speak up for the very first time. The questions being asked against this backdrop are: What moves have the Benue State Police Command made to stop the rampaging herdsmen? What efforts have the legislators representing the people of Logo, Ukum and Kwande federal and state constituencies made to stop the killings? While it seems there is no solution in sight for the herdsmen menace, the state at moment, is faced with another security issue – militancy. Most people in farming communities in the state, especially in Benue North East axis are living in fear following rampant cases of kidnapping and assassination believed to be orchestrated by a wanted notorious gang leader, Terwase Akwaza alias Gana. Akwaza had earlier responded positively to Governor Ortom's amnesty programme during which he surrendered over 100 sophisticated arms to the state government. He (Akwaza) was also empowered by government to be in charge of funds from farm produce but he seized the opportunity to defraud farmers and buyers of farm produce in the state. This led to drastic increase on taxes on farm produce which triggered massive protests across the 23 local government areas of the state. But miffed by Akwaza’s activities, the state government penultimate week, withdrew its contract from him, and immediately deployed soldiers to Gbishe, his home town. The soldiers reduced hundred houses in the area to rubbles. The state government said the militant leader masterminded the gruesome assassination of Governor Ortom's Senior Special Adviser on Special Security, Mr. Denen Igbana, as well as responsible for increased crime wave in the state. He was also said to be behind the killing of five members of the Civilian Joint Taskforce in Ukum Local Government Area and the kidnap of some expatriates working for a firm in the state and rustling of cows. No doubt, the Ortom administration has made efforts to ensure peace in Benue State but analysts are of the view that it should step up efforts to curb the upsurge in the menace of herdsmen, which has so far claimed several lives.

POLITICS PLATFORM

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

Jonathan not South Africa: ANC and behind NDA – Ofehe 5 Questions

Comrade Sunny Ofehe, a rights activist is the Founder/ Executive Director of Hope for Niger Delta Campaign (HNDC). In this interview with TEMITOPE OGUNBANKE, he speaks on the report linking former President Goodluck Jonathan to the Niger Delta Avengers (NDA)

What is your take on the report linking ex-President Goodluck Jonathan to the formation and activities of the Niger Delta Avengers (NDA)? I am personally convinced that former President Goodluck Jonathan cannot be involved in the formation and activities of the Niger Delta Avengers (NDA). I was privilege to have met the former President and many who know him very well can attest to his peace loving demeanor. I think the first thing we need to do is to look at the credibility of the source raising this allegation. What are the evidences provided by the source to show his involvement? It is one thing to level an accusation and it is another thing to back the allegation up with evidence. So far there has been no such convincing evidence provided. The name of the former President was mentioned along with other people and since it has a lot to do with the issue of security, the security agencies in the country should step in and investigate. Nigeria is currently facing serious security challenges from Boko Haram and now the Niger Delta Avengers. An accusation like this must be investigated and Ofehe Nigerians deserve to know the truth. Do you think Jonathan is really behind the Niger Delta Avengers? It is very difficult to fully trust anyone but I believe ex-President Jonathan cannot be behind the formation and actions of the Avenger.s We must not forget that it was the same Jonathan who peacefully accepted defeat and called to congratulate the current President in the last election. He had all the powers and instrument of government as a president but yet he ushered a smooth transition of government to his opponent. He currently has no political ambition, so why would he be involved in militancy activities? What does he stand to gain? Don’t you envisage that some of his supporters may be doing things on his behalf? We cannot rule out political bigots who may want to use his name to destabilise the peace and security of the region. They could also be aggrieved political opponents or very close people

trying to dent his international reputation. It could also be an unsubstantiated allegation to get cheap recognition. I don’t see why Jonathan will get involved in militancy activities that will not benefit him in anyway. So, it is the duty of the intelligence agencies to investigate the allegation. Remember in 2012, the current president, Muhammadu Buhari, was alleged to be the mastermind of Boko Haram, when he was named as a mediator by the group. Would you say that the allegation and planed probe of Jonathan is political? The government has denied ever wanting to probe the ex-president according to recent statement by the Minister of Information and Culture, Alhaji Lai Mohammed. The government has every right to probe any citizen including Jonathan but such probe must be convincing with evidence. Such probe can be seen as political if there is no clear evidence supporting it. When there is an allegation that threatens the peace and security of a country, the government must first investigate it. When there is evidence pointing in the direction of certain individuals or group, the government should institue a probe to look deeper. If such probe indicts anyone or group of persons, they must be arrested and brought before the court of law with such evidence. It is only when due process is not followed and there are clear signs of political witchhunting that such probe can be considered political. Government must not be seen as towing this line because the judiciary must remain the hope of every citizen of the country. What do you think would be the consequence of probing the former president? I don’t think there will be any consequence if due process is ensured and evidence points towards him as the man behind the formation and activities of the Avengers. However, the government must be mindful of the repercussion of any probe that would be termed political. At a time when concerted efforts is needed to restore an enduring peace in the region, the last thing the government need is a probe that is not in line with judicial recognition. The people of the Niger Delta region are peace loving and many of us have condemned the actions of the Avengers even though we acknowledge the suffering of our people. We will continue to denounce any act of violence capable of making the sad situation of the people in the region even worse. We expect the former president to use his political clout to work for the peace of the region and Nigeria as a whole. We will not condone any act of violence and must continue to insist on dialogue as a way of resolving the social-political impasse.

The August 3 municipal election in South Africa has dealt a big blow to the country's ruling African National Congress (ANC). In this report, WALE ELEGBEDE writes on the party's worst electoral setback since apartheid ended in 1994

he African National Congress (ANC) is South Africa's ruling party and it has been at the helms of affairs since the country’s transition to democracy in April 1994. The organisation was initially founded as the South African Native National Congress (SANNC) on 8 January 1912 in Bloemfontein, with the aim of fighting for the rights of black South Africans. However, the organisation was renamed the ANC in 1923. While its early period was characterised by political inertia due to power struggle and lack of resources, increasing repression and the entrenchment of white minority rule galvanised the party. In the face of the apartheid struggles, the ANC established a militant wing- theUmhonto Wesizwe (spear of the nation), and with the support it obtained from some African countries, especially Nigeria and others, it was able to wage armed struggle against the apartheid government which was later forced to enter into negotiations with it. This eventually led to the collapse of apartheid and ushering in of democratic rule in 1994. With the dawn of a new era beckoning on the Rainbow Nation, Nelson Mandela, who served 27 years in prison for anti-apartheid struggles, became South Africa and ANC’s first black president after more than three centuries of white rule. In a fully representative democratic election, where only about half the ballots were counted and the conclusion forgone, Mandela and his party - ANC, won 252 of the 400 seats in the National Assembly representing 62.6 per cent of the popular votes. Mandela, who died on December 5, 2013, once served as the president of ANC between 1991 and 1997, before becoming the party’s presidential candidate in 1999. During his term, the Madiba’s administration focused on

President Zuma being accredited during the election.

dismantling the legacy of apartheid by tackling institutionalised racism and racial reconciliation. Mandela declined a second presidential term and was succeeded by his deputy, Thambo Mbeki. Mbeki, who is also an ANC member, however, had his second term cut short on September 21, 2008, with less than nine months left in the term. Mbeki tendered his resignation as the country’s president after being recalled by the National Executive Committee (NEC) of the ANC following his indictment by a judge of improper interference in the National Prosecuting Authority (NPA), including the prosecution of Jacob Zuma (now president) for corruption. However, the Supreme Court of Appeal in 2009, unanimously overturned the judgement against Mbeki, but the resignation stood. With Mbeki out of power and in line with the party tradition, Zuma, who ANC deputy president was already in line to succeed Mbeki. Zuma was elected president of the ANC on 18 December 2007 with 2329 votes, beating Mbeki's 1505 votes. Mbeki had sought a third term as ANC president, though the South African Constitution would not have allowed him a third term as president of the country but the the ANC’s constitution has no term limits for its president. The party with Zuma as its candidate won the national election and he was sworn-in as President of South Africa

CROSSFIRE There are clear evidences showing how INEC officials are recruiting APC members as ad-hoc staff to rig the election for the party in the Edo governorship election -Dayo Adeyeye

INEC remains a non-partisan body that is only interested in strengthening Nigeria’s democracy by providing political parties and contestants a level playing field -Amina Zakari

POLITICS PLATFORM

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

the tragedy of municipal election

on May, 9, 2009. Zuma is also the current president of the ANC. With a big chunk of followership across the country, the ANC have consistently gotten clear majority in national, provincial, and local elections since 1994 when the country transited to democracy. Aside the historical pull working for it, the effect and personality of Mandela, though deceased, had continued to carry the party through electioneering periods. However, the August 3 municipal election in the country shattered the party’s profile as the outcome of the local poll appeared to have virtually reshaped the political landscape of South Africa, where the ANC has dominated unopposed for 22 years. South Africa’s municipal and district elections, like in many democracies across the world, is viewed as a referendum and barometer on the performance of the central government. The election, which is the fifth local election since the dissolution of

Clearly our people are sending out messages all around, we are going to listen very, very carefully

apartheid, was keenly contested such that final results weren’t released for four days. The outcome of the poll indicated that ANC received only 54 per cent of the votes, a downward slide from the 62 per cent it had in the 2014’s national elections. Aside the decline in percentage garnered, the loss of the capital, Pretoria, and its stronghold of Nelson Mandela Bay, which includes Port Elizabeth, was a watershed in the party’s history. However, the ANC won in Johannesburg, South Africa's economic and financial hub, taking 45 per cent of the votes to the Democratic Alliance (DA), the center-right opposition party, which had 38 per cent. The governance of Tshwane and Johannesburg depends on coalition-brokering between the ANC, the DA, and, crucially, the Economic Freedom Fighters (EFF), a smaller, more radical black-nationalist movement. Perhaps the stunning upset of August 3 was a statement from a population frustrated by issues revolving around the ANC; corruption scandals swirling around Zuma, rising rate of unemployment and stagnant economy. this group of voters voters had kept faith with the party for over two decades decided to cast their ballots for the Democratic Alliance, a center right party. Interestingly, the party was once comprised of white middle class but reconstituted its hierarchy and now has its first black leader, Mmusi Maimane. Already, many analysts believe that the outcome of the municipal election was a loathing of Zuma, especially with the revelations of his recent spate of financial scandals. The country’s highest court ordered him to repay $16 million state funds he used to upgrade his private residence earlier this year. However, some other analysts believe that the historical loyalty to the ANC owing to the struggle for liberation, has ceased to work, adding that the population appear ready to hold politicians accountable for economic growth, stimulation and job creation.

About 80 per cent of South Africa’s 54 million citizens are black, but most land and companies remain in the hands of white people, who make up less than 10 per cent of the population. According to DA leader, Maimane, who hailed the result as a landmark for his party, “this is a tipping point for the people of South Africa. This represents for all of us the fact that we are a party not only of opposition but of government.” On his part, Vice-president and ANC party deputy leader Cyril Ramaphosa, said the party would heed the electorate’s message, “Clearly our people are sending out messages all around, we are going to listen very, very carefully. We are a listening organisation, we are going to listen to our people,” he said. Sharing his thoughts on the issue, the Executive Director, Rights Monitoring Group (RMG), Mr. Olufemi Aduwo, said “During the apartheid, the NDA that just gave ANC a good run was dominated by the whites but as of today, the chairman of the party is a black man. So, they were able to sensitise and they broke that dividing line of colour. So, South Africans don’t consider DA as a white party any longer, they don’t see any difference between DA and ANC, but what can the party deliver. “The personality of the president also rubbed in on the outcome of the poll. The point is that ANC went through a lot of changes, took the people for a ride and appeared to be majoring in minor issues, and not taking important issues like the state of the economy serious, and the people especially the young ones who had little or no link,” he said. With the ANC effect diminishing in South Africa after holding sway for over two decades and the growing broad dislike of Zuma’s leadership, it is only left to be seen whether the late Mandela’s iconic influence could still sway instinctive loyalty to the party in the next national election and South Africans wont have to look for an alternative.

POLITRICKS Mixed feelings from God's Own State PDP crisis and impending U-turn

he ruling of the Court of Appeal sitting in Abuja on the Abia State governorship tussle between Governor Okezie Ikpeazu and Dr. Uche Ogah, was recieved with mixed feelings by the people of the state, who are divided over a judgement by a Federal High Court, Abuja, which annulled Ikpeazu’s election over alleged tax related issue and asked the Independent National Electoral Commission (INEC) to recognise Ogah as governor of the state. While those in Ikpeazu’s

camp are rejoicing over his victory at the apellate court, those in the camp of Ogah are not in good mood. Since the court ruling, PDP leaders, politicians, friends and associates have been trooping to the Abia government house to celebrate with the governor but that cannot be said of Ogah. As the oil magnate turned politician heads to the Supreme Court to challenge the ruling of the apellate court, only time will tell whether the apex court will save him or not.

he saying that in politics, there is no permanent friend or enemy but permanent interest has once again played out from the fallout of the ongoing tussle for the national chairmanship of the Peoples Democratic Party (PDP). For a party that prides itself as the largest party in Africa but fell from grace to grass at the 2015 general elections, it has been one day one trouble since its descent from power. According to a reliable source, one of the leading aspirants for the party’s plumb job at the

botched convention in Port Harcourt, is making plans to pitch his tent with one of the factional chairmen of the party, who he had publicly derided as an enemy of the party before now. While it is being speculated in some quarters that the chairmanship aspirant appears to be losing out in the power game, Politricks however gathered that on returning from Port Harcourt, the aspirant went to his drawing board, re-strategise and informed his loyalists that the way to go to achieve their goal is to mend fences with the factional chairman.

POLITICAL NOTES

Sabbatical from politics abbatical from politics’ is ‘S gradually becoming a trend in Nigeria's polity with the way

some politicians are quiting the politics, which brought them to limelight. Since last year politicians have being surprising their associates and supporters by temporarily stepping aside from politics at a period when their wealth of experience is needed at state and national politics. Former President Olusegun Obasanjo last year said he was quitting partisan politics but would remain a statesman. His action few weeks to the 2015 general elections raised a lot of issues in the polity, considering his sour relationship with theenPresident Goodluck Jonathan and the Peoples Democratic Party (PDP). “I am no more a politician but a statesman both internally and externally,” Obasanjo declared while announcing his retirement from parisan politics. Following Obasanjo’s foot step, the former National Chairman of the PDP, Alhaji Bamangar Tukur, during a lecture organised to mark his 80th birthday in September 2015, also announced his retirement from politics. “It is time to say goodbye to formal politics. I have used several political platforms to serve my country. I leave partisan politics for the younger generation. At the age of 80, I feel I can serve our dear nation more in the capacity of a statesman and father figure,” he said. Former Senate President Ken Nnamani also shocked many of his associates in February 2016 by dumping the PDP and stepping aside from partisan politics in the meantime. Nnamani in a letter addressed to PDP leadership said: “Without any iota of bitterness in my heart, I have decided to disengage from the Peoples Democratic Party (PDP) and consequently step aside from partisan politics in the interim.” Former Imo State governor Ikedi Ohakim also joined the league of ‘politicians on sabbatical’ penultimate Sunday. “I have decided to withdraw from all forms of partisan politics because I am too intelligent to be involved in the ongoing brigandage. I want to go on sabbatical and focus on mentoring young people and my non-governmental organisation (NGO),” he said during a luncheon at his Okohia country home in Isiala Mbano Local Government Area of the state. Former PDP Deputy National Chairman (South), Alhaji Yekini Adeojo, also shocked his supporters last weekend by announcing his retirement from partisan politics after several decades. With the new trend among the politicians, who seem to be worried about state of affairs in the ruling party, All Progressives Congress (APC) and other opposition parties, especially the PDP, more may still embark on ‘sabbatical’.

temitope ogunbanke

POLITICS \ INTERVIEW

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

I was humiliated despite my commitment as speaker – Oseni Hon. Titi Oseni, a business woman and politician is the first female Speaker of the Ogun State House of Assembly. In this interview with TEMITOPE OGUNBANKE, the Peoples Democratic Party (PDP) chieftain speaks on her adventure in politics, impeachment, pains and gains in politics and future aspirations, among other issues How has life been since your exit as Speaker of Ogun State House of Assembly? I thank God, life has been good; a little quiet politically but I have been active business wise and socially. Business has been good to the glory of God. In politics, you must have a second address and something else you are doing. So, from politics to business, I didn’t find it difficult because that was where I was coming from before I joined politics. Why was it easy for you to return to business after leaving active politics, considering how it has been difficult for many politicians to survive after leaving public office? It was easy for me because that was my first choice and where I was coming from. After leaving school, I have always been in business. Even though as a public office holder, when you are supposed to occupy a position and not have a business, my eyes have never been closed to business. So, it was easy for me to go back to my first occupation when I left. I didn’t find it difficult at all; I just picked up where I left and to God be the glory. Six years after leaving office, you are yet to occupy any elective position... After leaving the speakership, I tried to contest for public office again. The first time I tried to go to the House of Representatives, I was told a day to the Peoples Democratic Party (PDP) primary election by the powers that be to step down for Dimeji Bankole, who was the Speaker of the House of Representatives at that time. I stepped down for him and I still remained and worked for the party. Four years after, I tried to contest again but the leadership of Ogun State PDP was in disarray at that time, therefore it couldn't have been possible for anybody to win election in the state, especially in Ogun Central Senatorial District, where I come from. The result of the election speaks for itself because not a single seat was won by PDP in Ogun Central. How did you feel when you were asked to step down despite your closeness to then Governor Gbenga Daniel and other party leaders in the state? Of course, it didn't go down well in the beginning, but based on party supremacy and respect for leadership, especially where the order came from, I stepped down.

And Dimeji that I stepped down for obviously lost the election. He contested in just one local government area and couldn’t deliver. I am sure PDP has learnt its lesson from imposing people. They should allow people who want to contest for public office to go through primaries and if you win, so be it. The result of imposition is what we are still dealing with up till today. It was reported that you wept after you were asked to step down for Bankole? Why did you weep? It was painful after spending so much money, seeing the acceptability of the people and love they had for me. I really worked hard during the campaigns and took the contest very serious. I have contributed a lot to the development of my local government and my constituency in general and after looking at everything, I knew the coast was clear and everything was looking good for me, but it was painful being told a night to the primary election that I should step down. It is a bit painful, but that is how life is. Sometimes you win and sometimes you lose but above all, we give glory to God. How did you venture into politics? I came in through my family member in Ogun State. He invited me to come and contest in PDP and back then, there were no female aspirants, not even in any state in the South-West did I see any female contesting for any elective position. I was a little jittery in the beginning not knowing what is ahead of me. But later on, I settled down and I decided to take part in the contest. We campaigned vigorously; night and day, talking about the party and what the government would offer the people. At the end of the day, I contested with about five men and I won the primary as well as the election. Out of the 26 members in Ogun State House of Assembly in 2003, I was the only female. Since the governorship was zoned to Ogun East and deputy governor to Ogun West, automatically, Ogun Central, where I come from was to produce the Speaker. I contested the speakership with two other people from my senatorial district and to the glory

Oseni

of God, I won. That was how I became the speaker.

Humiliating me on the floor of the House was not necessary

What was it like to be the first female Speaker of Ogun State House of Assembly? I was happy about it and I took it an opportunity given to me to prove myself. It was an opportunity given to me to serve my people and contribute my quota to the development of my constituency and Ogun State at large. I am happy for God for giving me the opportunity to serve the people of Ogun State of which I did to the best of my ability. How was Ogun State House of Assembly under your leadership? It was a beautiful House and we worked together as a team and family during the first four years. The first four years was very peaceful and rancour-free. We delivered and God crowned our efforts with success. We worked very well with the other two arms of government. We cooperated well with the executive and we didn't have any problem with the judiciary. The government did a lot in terms of delivering the dividends of democracy to the people of Ogun State. Government was able to deliver because of the cooperation it had with the House of Assembly and so many accolades were given to the House of Assembly for everything that we did. We came back for second term and after one year a lot of thing started happening. In politics,

many people believe that people will allow you to work in the first year of the second term and politics normally starts in the second year of second term. There were lots of political wrangling, frictions and fights about people positioning themselves for the next four years. And once that started, that was the beginning of the problem. Political fights, aligning and re-aligning usually start from the second year of the second term administration and that was what happened. All the political juggernauts in Ogun State at that time rose up that they want to be in charge. They didn’t want the governor to have a say on who becomes the next governor, so they started making life unbearable for the government. They also made it difficult for the governor to be able to bring in a successor. Everything started ‘like play, like play’ and it became so difficult for the State House of Assembly to sit and after my impeachment, it became difficult for governance to continue in Ogun State. The House was closed down for so long and all these happened because of politics and because some people felt the governor was too powerful and the only way they can get him, is to first dismantle the House. And because of the loyalty that they knew that I have, I was offered so many things which I don't believe in. What were you offered then? I won’t go into that, but of course a lot of meetings were held and there were a lot of offers because their main aim was that they don’t want him (governor) to continue. They just wanted to destroy the

POLITICS \ INTERVIEW

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

government and make the state ungovernable for him so that he won't have time to focus on bringing a successor, but I stood my grounds in support of the governor. Why did you support the governor? Because I believed there was no need to create the mess. You can know the beginning of a fight but you don’t know how it will end. So, it is better not to even start at all. I am a peaceful person and I believe in peace at all times. I believe that if we have issues, we can sit down and jaw, jaw instead of war, war. I don't believe in war. I believe there is nothing you cannot achieve in life if you are focused; if you want something, you can get it with the grace of God. I don't believe in rancour and with my style of leadership in the House of Assembly, I was able to maintain a peaceful House because my door was always open for dialogue and discussion. I believe we should sit down and analyse to see things in different perspectives after dialogue. You were closed to Governor Daniel then, why was it difficult for him to save you from being impeached by members of the House? That is a question you have to ask him. You will need to ask him about that because I only see my part. Of course, he knew there was wrangling and that people were gathering. It is difficult for me to say unless you approach him to tell his side. I am not going to speak for him; I can only speak for myself. I know the reason why they did what they did because there were sponsors and motivators outside the state giving them money and favour to destabilise Ogun State. But at the end of the day, everybody regretted it because the exercise amounted to nothing. The party and government lost and up till today, we are still opposition in Ogun State. So, there was nothing really to show for all that happened. The lawmakers came back to the House of Assembly to apologise but it was too late. As far as I am concerned, it is gone and to God be the glory. After your impeachment and suspension, your colleagues appealed to you to return to the House but you refused... I wasn't just interested anymore. I believe we are all adults because the youngest at that time was over 30 years. I don't believe in people telling me that we were being pushed or been paid; were you hungry? If you are involving in something, I believe you must have sat down and thought about it and have a rethink before you dabble into it. So, if you want to correct the wrong at the last minute, go and correct with your God and leave me in peace. How did you feel during that period that the House you directed its affairs successfully for over five years divided into two factions, G-15 and G-11? It was painful to see all that but I believe everybody must be responsible for their own action. Those were what I was preaching to them at the beginning; unfortunately it is only God that sees the end from the beginning. But from the little that I can see, I knew it wasn’t going to go well. People promised them all sorts of things but they lost out at the end of the day. Some of them will feel that they were able to get tickets from the Action Congress of Nigeria (ACN) that used them at that time to go back to the House, but they amounted to nothing at the end of

the day and they all realised that. Some of them called, apologised and did all that. It was very painful to see what we had then and what it now turned out to be. It was very painful; we would have recorded so many successes and victories, but I guess that is politics.

and if still given opportunity to serve, I am still available to serve the people of Ogun State. But in my little enclave and what was available to me at that time, I contributed my quota and I can walk freely in Ogun State and everywhere I go now, I am still being given respect and accolades. I did a lot of empowerment to uplift the people and we had constituency projects that people are still enjoying up till today. Many lives were touched and people were served to the best of our abilities. So, I believe that I achieved a lot during the eight years I was there.

What is your relationship with your former colleagues at the moment? Just leave that question. I have left everybody to God. Like I have said, a lot of people had apologised and life just goes on. That is just me. Do you see the possibility of working together with some of them in the future? As long as we are all politicians, there is no permanent friends and no permanent enemies, it is just permanent interest. Of course, along the line, our paths will still cross and like I said, I have moved on and I am sure so many other people have moved on as well. I can’t continue to keep malice and hold on to the past. It is a new dawn and life continues. I see what happened as part of life, growing up, politics and being a leader. A leader must be able to look at things and move on; forgive and forget and move on, God forgives and forgets, so who am I to say that I wouldn’t forgive and forget? Some people believe that you were impeached because of your closeness to the governor... The people that elected us did not elect us to go and fight with each other. The mandate that the people gave us was to work together with all the arms of government and to have good relationship with everybody across board. So, anything short of that was unacceptable to the people of Ogun State because you could see in their reaction that at the end of the four years, we were voted out. So, I followed the mandate given to us believing that by working closely with the executive and judiciary, we would be able to deliver. If they bring their programme to legislature, they must scrutinise it and if there are faults or things perceived were not done right, there are various committees in the House of Assembly, with oversight function to go and look at them. At the end of the day, the legislature will sit at round table to give or take as long as the purpose of our coming together is for the development of Ogun State. Would you say the House of Assembly was a rubber stamp to the executive while you were at the helms of affairs? No, I don't think so. I believed that we were elected to work together as one team and one happy indivisible family for the people of Ogun State and that was exactly what we did.

Oseni

Looking at your aim of going into politics and how you left public office, would you say you have achieved those aims? Oh yes I did. I won't say I scored 100 per cent because I m still in it,

They stopped my allowances at that time but... I was able to do all I said I was going to do

Were you able to still meet the need of your constituency after your impeachment? That is my contract with the people. I have to satisfy my conscience, God and my constituency and so it didn’t bother me whether in office or not. Once I have said I will do this, I have to find a way of doing it whether in office or not. I remembered they stopped my allowances at that time but because I am very passionate about helping people, contributing to the development of the people and very passionate about service delivery to Ogun State in general, whether in office or not, I am very happy that I was able to do all I said I was going to do. Did you eventually get your allowance? No, they spent it. Once they don't give it to you, it is gone. Do you have any regrets over what happened to you? No, I don't have any regrets. There was no reason for me to regret anything. It is just that it is a process. Sometimes it goes the way you want and sometimes it doesn't. But as long as you are still alive and well, there are still plenty opportunities to still showcase yourself. I am still in politics; not very active lately but if opportunities are still being given, I will till serve the people of Ogun State. What is your high moment in politics? It was when I became the Speaker of Ogun State House of Assembly. It gave me a lot of opportunities; not only did I represent my constituency, I also represented Ogun State, because in the House of Assembly anytime I make a pronouncement or speak, I spoke for Ogun State in general. So, to find myself as the number three citizen of Ogun State is by the grace and glory of God. It also gave me the opportunity to showcase my ability despite all odds and being the only female among all men was the height of it. I thank God and give glory to God for that. What about low moments? I would say maybe my impeachment because it took me by surprise. I felt that at that time, I contributed the best of my ability and even my private life was put on hold. I dedicated all to Ogun State, and being the speaker, what they took me through,

like embarrassing and humiliating me on the floor of the House was not necessary at all. During my speakership, I always made it known that once you find out that you can't work with me or you don’t like my style of leadership, I am ready to bow out and go. So, for people to go and just embarrass me on the floor of the House was not necessary and was uncalled for. While you were Speaker, there were reports that you had intimate relationship with Daniel and other politicians.... To be in politics, you must have a thick skin. As long as you have a family which trusts you, look up to you and listens to you, and you have friends and family who are highly supportive, you may not have problem. It is the people in the media that write rubbish at times. Once some journalists see a man and a woman together, they conjure things and publish them. I went to court on different occasions and by the time they issued warrant to go and get the people that were writing all those rubbish, when you go to their office, you will just find a desk and a table. You won't find anything meaningful that the court can look out at. By the time you press charges, people will start begging you and you have to drop the charges. So, you just develop a thick skin and just move on. Did those reports affect your family? Of course, a little bit, but at the end of the day, you just look up to God and say, thank God for everything. Was there any moment you were sexually harassed and how do you relate with male politicians? I went to a co-educational school, so I am used to men and mingling with male friends. I never had problem relating with men. Going to a co-educational school helped me a lot. I also worked with 25 men and I am only the only female among the 26-member of Ogun State House of Assembly. I have been surrounded by men all my life and I believe that the ability to resist, keep yourself and move on is what matters. If you are able to forge ahead in spite of all advances, and just focus on what you are being asked or assigned to do, then you are an overcomer. Do you still have any political ambition? If given the opportunity to serve, I am available and I am ready to give my best. Talking about political ambition, I will say yes in the nearest future. It is too early to start talking about ambition but we will see what God has to offer or where God is taking me to. I am still available and I am still willing to serve the people of Ogun State at local, state and federal levels. Till date, Nigeria is yet to have an elected female governor; do you have any plan to seek for governorship position? I am going to be the first female governor in Nigeria. We will see what the future holds. Like I said, I am still available and I am still ready to serve. So you have an intension to become Ogun State governor.... Why not? If God says I am the person, who am I to say no. If the people of Ogun State say they want me to be the governor, why not? I am ready and I have what it takes. God has given me the ability to be all that I can be. So, why can’t I contest for Ogun governorship?

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Opinion

Should Justice Okon Abang remain on the Bench? TREASURES BOLA BOLAWOLE turnpot@gmail.com 0807-552-5533 (sms only)

hen Federal High Court judge, Okon Abang, delivered his judgment sacking Abia state governor, Okezie Ikpeazu, on June 27 this year, I was flabbergasted. The learned trial judge, a high court judge, assumed the air of finality on the matter. Justice Abang spoke as if he were the Supreme Court giving the final pronouncements on the matter, even when everyone, including himself, knew quite well that a high court has not been designed as the last bus stop on the matter. Parties to the case still had the opportunity to approach both the Court of Appeal and the Supreme Court. But it would seem as if Abang would have none of that. He made to blackmail everyone; he actually over-reached himself trying to arm-twist; and he hoped to get away with it! Had he, he would have gone away with what is worse than blue murder! He whimsically sacked an elected governor and maliciously proceeded to try and handcuff him and deny him the opportunity to seek reprieve. He ordered the INEC to immediately issue a certificate of return to a man he appeared to have made up his mind to make governor through the back door; ordered the Chief Judge of Abia State to immediately swear in this man as governor; and he expected all of us to chorus, as lawyers do before judges in the court room, “As your lordship pleases”! Ridiculous! Absurd! Could this have been the product of vile corruption or an unmistakeable evidence of lack of competence? Few will see it as mere error of judgment. Regardless,

it was impunity of the highest order! Abang’s misadventure reminded me of one-time U.S. Secretary of State, Alexander Haig. President Ronald Reagan had just been shot in an assassination attempt; Haig came out and announced “I am now in charge”! If the attempt on Reagan’s life was shocking, Haig’s statement was ludicrous; and a brazen and bewildering attempt at the subversion of the Constitution of the United States of America. But he was wrong! The Secretary of State was not the next-in-line; the Vice-President was – and still is. The pugnacious Haig was soon put in his place, tail behind his legs and the then Vice President stood in while Reagan recuperated. A similar redemption came Nigeria’s way last week Thursday when the Court of Appeal put Abang where he properly belongs. And, oh my God, the appeal court’s judgment was whittling! It ran Abang ragged! It absolutely derobed and stripped him naked. When I finished reading the Appeal Court’s judgment, I could not but wonder what was left of the reputation, integrity, honour, and good name of Justice Abang. I could also not stop to consider the implications of the continued stay of the said Abang on the Bench. Now, I have read quite a lot of appeal judgments overturning the decisions of lower courts – high courts upturn magistrate courts; appeal courts upturn high courts; and the Supreme Court upturns Courts of Appeal. There is nothing unusual in this; in fact, it is the norm. Usually, judges are reserved, temperate and measured in their choice of words; they are conservative and not flamboyant and treat colleagues with respect bothering even on veneration. However, whenever they are upset by what they see as a vicious assault on the Bench, many of them are usually unsparing in their choice of words. Most judges take special exception to anyone defiling the temple of justice; more so when the offender is someone standing inside and pissing into the temple of justice. It is my considered opinion that this was how the Court of Appeal judges, five of them,

Usually, judges are reserved, temperate and measured in their choice of words

viewed and treated Abang’s handling of Ikpeazu’s case. Their judgment was unanimous and it took Abang to the cleaners; not satisfied; in fact, the judgment tore Abang into shreds. If, in the face of the appeal court’s decision, this Federal High Court judge still remains on the Bench, it will be a measure of the kind of society we live in. The stench, I dare to say, will not go away in a hurry and the Judiciary as a whole will be the worse for it. Ordinarily, appeal courts are respectful even when disagreeing with trial judges. The only redeeming feature for Abang is, if parties dissatisfied with the appeal court’s ruling – if there are any - go on appeal to the Supreme Court and get a favourable outcome. I shudder to repeat the words used by the Court of Appeal against Abang’s judgment. They are not words we should be proud to put on record. Like Nobel Laurete, Prof. Wole Soyinka, said of one political character in “The man died”, they are words that leave sour tastes in the mouth. By my own reading, the appeal court found that Abang engaged in quasi-justice; miscarriage of justice; travesty of justice; mischief; importation of words\evidence extraneous to the case before him; and abandoning the clearly defined lane of law to engage in a voyage of discovery; to mention but a view. Now, for a learned (?) trial judge who erred or misadvised himself so disastrously, imagine that he also tried to cast his ruling in iron and prevent those at the receiving end of his atrocious judgment from seeking or reaching reprieve! Not only must this judge watch his outings henceforth, the Judicial Council should also take notice of his activities. Abang is one of the judges neckdeep in the crisis whacking PDP; I have read and listened to commentaries disagreeing with his rulings and orders as well as the inflamed words he employs even against fellow judges. Some misdirected and compromised judges played an ignoble role in the June 12 impasse that nearly tore this country into shreds; we must prevent a recurrence capable of truncating our renascent democracy. A stitch in time, as they say, saves nine.

The Ironsi tragedy and the limitations of tribalism Dele Awogbeoba

s July 29 2016 has come and gone, one remembers the sad events of 50 years ago. That was the day Nigeria’s first military head of state was assassinated and overthrown in a violent change of government. What was particularly noticeable, was that his government simply collapsed without a fight even though the coup that toppled it took place, unusually, in the morning. That should have given his foot soldiers the needed advantage. This article attempts to look at the unceremonious collapse of the Ironsi government on that day and the reasons for it. In order to fully appreciate the reasons for Ironsi’s easy overthrow one has to examine his firewall. Ironsi’s early army appointments were as follows: Commanding Officer, 2 Bde, Lt. Col. H. Njoku (East, Igbo) Commanding Officer, 2 Bn, Major H. Igboba (Midwest, Igbo) Commanding Officer, Abeokuta Garrison, Major G. Okonweze (Midwest, Igbo) Commanding Officer, 4 Bn, Major Nzefili (Midwest, Igbo) Commanding Officer, Federal Guards,

Major Ochei (Midwest, Igbo) Commanding Officer, 1 Bn, Major D. Ogunewe (East, Igbo) Commanding Officer, 1 Bde, Lt. ColW. Bassey (East, non-Igbo) Commanding Officer, 3 Bn, Major Okoro (East, Igbo) Commanding Officer, Depot, Major F. Akagha (East, Igbo) Commanding Officer, 5 Bn,Major M. Shuwa (North) As has become common (to a lesser degree now), the then supreme commander put a lot of faith in the ability of his kinsmen to secure and control the army and in effect stabilize his government. One of his ADCs was Capt Andrew Nwankwo (another kinsman). The question then is, why did Ironsi’s government collapse so easily and why was Ironsi so callously betrayed by the people he most trusted. On the day in question, it became clear to Ironsi, Hilary Njoku (commander of the Lagos Brigade) and Colonel Adekunle Fajuyi that all was not well in Ibadan. Government House Ibadan appeared to be surrounded. Ironsi delegated Hilary Njoku with the task of ascertaining whether danger lurked outside Government house. It did. Njoku was shot at by rebel soldiers. Nonetheless he managed to escape with

a gun shot injury to his leg. What was most curious was the actions of Lt Col H. Njoku thereafter. Rather than proceed to Lagos to assume command and control of his brigade, he went into hiding and proceeded to the Eastern region in disguise leaving his supreme commander non the wiser as to where he was or whether Njoku would be raising a force from Lagos to secure or defend his freedom. In the most absurd of circumstances, it fell to the army officer that held an administrative post in Ironsi’s government (Brigadier Ogundipe was chief of staff Supreme Headquarters) to unsuccessfully attempt to command and control Hilary Njoku’s out of control troops. Njoku’s conduct appeared to mirror the conduct of other officers in command positions that were not killed on the morning of the 29th July 1966. By far the worst cases of cowardice can be gleaned from the Igbo officers stationed in the Northern region. Most of the Igbo officers stationed in the North started their escape from the North after becoming aware of the events in Abeokuta but BEFORE the outbreak of any hostilities in the North. None tried to assume control in order to control or pre-empt a breakdown of law and order. The prevalent instinct was to plan the quickest escape route

to the eastern region in much the same manner as Njoku. By around 8 am, General Ironsi was reduced to phoning all over the country requesting helicopter airlift from Ibadan to no avail. The irony appears to be that the only commander that proved to have merited his appointment was stationed in the Eastern region. Rather than take a cue from the officers stationed in the West and North of Nigeria, whose first instinct was to play coward and escape (whether that be in the boot of a car, roof of a train or disguised as a maiguard), Ogunewe assumed control and command of his predominantly northern dominated Enugu barracks in the face of danger to his life and frustrated the planned coup/ insurrection from occurring in the Eastern region. Ogunewe’s heroic actions could not be believed by Ojukwu himself who promptly ran for cover and went into hiding the moment he heard of the events occurring in the west of Nigeria. Ogunewe had to persuade Ojukwu to come out of hiding and return to Enugu. That was partially successful. Ojukwu and his family took up residence at police headquarters surrounded by igbo mobile police officers . • Awogbeoba can be reached via Dele.Awogbeoba@gmail.com

EDITORIAL

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Our VISION To build a newspaper organisation anchored on the sanctity of truth.

Sanctity of Truth

Our MISSION To publish a newspaper of superior value, upholding the fundamental ethics of journalism: balanced reporting, fairness, accuracy and objectivity.

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

Nigeria’s most authoritative newspaper in politics and business

University as constituency project

he trend with which establishment of universities has been turned to constituency projects by political office holders, specifically some state governors is condemnable and absolutely unacceptable. For any government, either at the federal or state, university be that as it may, should be seen in its entirety beyond mere political gerrymandering, as being orchestrated without decorum and disregard for universality. As a purveyor of knowledge, efforts need to be galvanised to regard and treat the ivory tower as such, if the country discerns to make meaning out it. Apart from being subjected to abuse, it is however, worrisome that many state governors have misconceived the essence of universities as mere dividends of democracy, which should be appropriated to their towns and villages on the altar of self-centredness and nepotism. There is no doubt in the fact that the country, as the case may be, is in dire need of more universities, given the exponential growth in population and the limited admission spaces in the existing 142 universities (federal, state and private) of the federation. But, this should not serve as enough yardstick for any gover-

nor to site universities at their backyards just because they are in power and in control of the state’s finances. Unfortunately, this aberration has continued to be fanned in absolute contradiction at the expense and detriment of the existing universities, which either are starved of funds or neglected outright by the same governments which take pride in establishing new universities, when the old ones are left to suffer. No doubt, establishment of a university has its guidelines and regulations, as

Managing Director/Editor-in-Chief

Funke Egbemode

Managing Editor, Business & Strategy n Yemi Ajayi

Managing Editor, Publication & Operations n Emeka Obasi

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

No doubt, establishment of a university has its guidelines and regulations

provided for by the law and coordinated by the National Universities Commission (NUC), the agency saddled with the mechanism of supervising and controlling the operations and functions of existing universities, as well as establishment of new ones, but it is disgusting that most often, these regulations are set aside for political and pecuniary reasons. The fact remains that governors cannot unilaterally set up an institution of learning, especially a university for that matter, without legal, constitutional and financial framework, as well as without inputs from major key players in the project, includ-

DAILY TELEGRAPH PUBLISHING COMPANY LIMITED

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

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

ing the state House of Assembly. The assembly approves the executive’s bill for the creation of the institution in line with the guidelines such as location, financial capacity of the state government to fund and the need for the establishment of the institution on one hand. The NUC, on the other hand, plays a pivotal role in approving and issuing operating licence to universities. It is therefore curious to see some governors bypassing these legitimate considerations to secure approval. We must blame the

state legislators and NUC, which most often than not are unconscious of these responsibilities to the state, but put selfish considerations and gains far above the interest of the people in passing the executive bills for the establishment of universities. On this expedition is Bayelsa Governor, Seriake Dickson, who despite inability to fund the Niger Delta University (NDU) located on Wilberforce Island, which was established in 2000 by the late Chief Diepriye Alamieseigha’s administration, went ahead to establish the University of Africa, Toru-Orua, in his home town. This is a state which houses the Federal University,

Otuoke, established by the former President Goodluck Jonathan in Otuoke, his home town. Likewise, last year, the Ondo State Governor, Olusegun Mimiko, apparently disregarding the people’s outcry over his administration’s neglect of the existing Ondo State University of Science and Technology, located in Okitipupa, established the Ondo State University of Medical Sciences, sited in Ondo, the governor’s home town. The National Universities Commission should as a matter of expediency realise that its responsibility does not stop at giving approval or issuing of operating licences to the new universities, as it owes the people the duty of ensuring the establishment of functional universities based on quality investment and funding profile of the state. The commission should ensure that any state applying for a university should have provided substantial funds, as regulated by NUC and such funds should be domiciled at the Central Bank of Nigeria (CBN) that should monitor their disbursement. Without this and other frameworks for establishment of universities, the country will continue to witness stillborn institutions, which were founded merely to score political goals. This in all intent and purpose is not the ideal of a serious university setting.

POLITICS

Barely a day after an Abuja Federal High Court declined to entertain a suit filed by former House of Representatives Appropriation Committee chairman, Hon. Abdulmumin Jibrin, principal officers of the House came out smoking. PHILIP NYAM reports

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

House leadership moves against Jibrin

or the first time since July 21, when the former chairman of the House of Representatives Committee on Appropriation, Hon. Abdulmumin Jibrin raised series of allegations of budget padding and corruption against Speaker Yakubu Dogara and other members of the House, the principal officers spoke with one voice last Thursday. Jibrin had a day after being relieved of his appointment as committee chairman, called on the Speaker, Yakubu Dogara and his deputy, Yussuff Lasun to resign and subject themselves to investigations for alleged corruption in budget padding and sundry financial infractions. He also named the chief whip, Alhassan Ado Doguwa and the minority leader, Leo Ogor as well as nine other committee chairmen as accomplices in the budget padding. Consequently, the ‘accidental’ whistle blower had forwarded petitions to the police, the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC). He also wrote to the All progressives Congress (APC) as well as the Presidential Committee on anti-corruption. However, for almost one month, the leadership of the House never came up with a common position until August 18. Instead, some individual members of the leadership had made desperate efforts to defend themselves. Dogara had on different occasions reacted to the allegations through the spokesman for the House, Hon. Abdulrazaq Namdas and his Special Adviser on Media and Public Affairs, Turaki Hassan, but m not as a leadership. At a point, when Jibrin kept reeling out allegations by the day, the speaker through his lawyers issued a seven-day ultimatum for him to withdraw the allegations and apologise or face a defamation suit. But Jibrin has been adamant and insisted that his allegations remain unchanged. The minority leader and chief whip, also at different times had cause to attempt some defence of the allegations by Jibrin. In fact, the majority leader, Hon. Femi Gbajabiamila was forced to react to the allegations, when some members of the House started insinuating that he was behind the allegations to rubbish the speaker, so that he could realise his ambition of being speaker. Gbajabiamilah had in a lengthy

Jubrin

statement denied any complicity in the plot and dissociated himself from Jibrin’s allegations. He also pleaded with him and other lawmakers’ mentioned in the budget padding allegations to sheath their swords, and wait for the House’ processes in handling such matters to take their course. Even with the declaration from Gbajabiamila, some lawmakers and political watchers were still pointing accusing fingers at him for being the force behind Jibrin. They belief was deduced from the fact that Jibrin never raised any allegations of wrong doing against the House leader. But the leadership suddenly came out of its cocoon last week to state its collective position on the serial allegations by Jibrin, giving more insight into why the former appropriation committee chairman was given the boot. In a statement signed by all the 10 principal officers, the leadership stated that “In recent weeks, the nation's public space has been inundated with a treatise of discuss centered around the concept "BUDGET PADDING”, newly introduced into the lexicon of the Nigerian legislative Appropriation process. "The proponent, the recently sacked Chairman of the House Committee on Appropriation Hon Abdulmumin Jibrin sought to make allegations of impropriety against the leadership of the House over the process and content of the 2016 budget passed by the National Assembly and signed into law. “while it is determined to ensure that absolute diligence, maturity and due process are employed in dealing with the allegations, instead of joining the accuser in a press war, it is important to state, in the interest of the agitated public, that the allegations are wild, baseless and unfounded. Good enough, all the said allega-

Jibrin's legal strategy is to deploy a judicial instrument to protect him against possible sanctions

tions raise issues that can be easily verified and the public will be availed ample opportunity upon the resumption of the House." According to the principal officers, “it took collective action of the House in conjunction with the Senate and a team from the Executive, to rescue the 2016 Budget when it became obvious that the former appropriation chairman had placed both the document and the process in jeopardy resulting in a spate of agitations from Ministries, Departments and Agencies.” On the removal of Jibrin from his position, the leadership explained that “the decision to relieve the erstwhile Appropriation Chairman of his position was a collective decision of the leadership in response to unrelenting pressures from the overwhelming majority of members who were irked by the former Chairman's gross abuse of the budget process. Both actions were taken in the best interest of the institution and the nation for which we take full responsibility”. Before the leadership came out with its position, the chief whip had some days earlier given indications that the House was not lying low on the allegations and confirmed that the sacked appropriation chairman will be punished accordingly when the House reconvenes in September. Doguwa, one of the principal officers accused by Jibrin of padding and inserting illegal items in the budget, also described Jibrin's resort to court as a move to escape sanctions from the House. He said: "With this clear violation of our extant internal code of legislative conduct, which must attract legislative sanctions against Jibrin, Nigerians should know that all sorts of statements and pronouncements made by Jibrin were mere sham and misrepresentations of facts. "He has lost out his campaign of calumny against the House of Reps. He has also lost out with the executive arm of government and our great party, the APC. Having realised that he is already consumed, he is now resorting to the court options, which I believe he would lose out as well. Our respected judiciary would never fall victim of his misrepresentations and blackmail." The chief whip noted that "Jibrin's legal strategy is to deploy a judicial instrument to protect him against possible sanctions from the House over his baseless, malicious and fictitious allegations to scandalously defame and destroy our innocent personalities/integrity in the eyes of Nigerian public. "He has also succeeded in deliberately subjecting the institution of the National Assembly to grievous disrepute and institutional damage, which apparently contravened our extant internal standing rules and specifically Section 24 and 33 of the Legislative Houses Powers and Privileges Act" Incidentally, as the House leadership puts itself as one solid

team to tackle Jibrin, the accuser seems to be on the losing end as a suit filed by him to forestall any attempt by the leadership to clamp down on him suffered a blow. The Federal High Court in Abuja declined to hear fundamental rights enforcement suit lodged before it by Jibrin. The lawmaker had approached the court, pleading with it to shield him from being arrested or interrogated over his allegation that Speaker Dogara and three other lawmakers, surreptitiously padded the 2016 budget with about N40 billion. The plaintiff, through his team of lawyers led by Mohammed Abdulhamid and Chukwuma Nwachukwu, told the court that his colleagues were plotting to implicate and make him “a scapegoat” after he revealed how N40bn out of N100 billion allocated to the entire National Assembly, was diverted. In an affidavit deposed to by an aide at the House of Representatives, Mr. Bashir Bello, the plaintiff, revealed that trouble began after he confronted Dogara with statistics of 2,000 new projects that were injected into the Appropriation Bill by less than 10 committee members. He alleged that Dogara and the others had earlier failed to persuade him, as Chairman of the House Committee on Appropriation, “to admit into the National Budget the sum of about N30 billlion.” Besides praying the court for protection, Jibrin had equally sought an order directing the Respondents, jointly and severally, to pay him N500 million as aggravated and exemplary damages for violating his rights, and to also publish a written apology to him in two prominent national dailies. He alsotold the court that the respondents, aside denying him the opportunity to substantiate his allegations before other members of the House in plenary, sponsored an invasion of his home where he said a seven-month old baby and a convalescing mother were greatly harassed and humiliated. Unfortunately, when the matter came up, the trial judge, Justice Okon Abang, who is currently sitting as a vacation judge, refused to hear the suit. He stressed that Jibrin ought to have obtained leave that would enable the court to hear his matter during vacation. According to Justice Abang, “A matter filed during court vacation is not heard as a matter of cause. " In spite of the collective position of the House leadership, Jibrin still insists that there is ‘no going back’ on his allegations. He said: “I wish to reassure Nigerians that I stand by my allegations and there is no going back. We shall put in our all and expose Dogaragate scandal to the very end and ensure that justice is served on Speaker Dogara and his group of corrupt Principal Officers and members.” How Jibrin intends to move on with his allegations remain to be seen. At least, if one of the principal officers were with him, it would have been easier to rally other lawmakers around to fight the speaker and his team. But with all the principal officers now united against him, it will be difficult to efficiently prosecute his ‘war against corruption.’

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH

Life in the city Breaking a 35-year-old road jinx

The Mega City

Life in Mega City Groans at Katangowa market

...EXCLUSIVE LAGOS MAGAZINE

20 23

Saving buildings from demolition

Structures being demolished

To address the needless demolition of illegally built structure, the Lagos State Government, last week, held a stakeholders' meeting with residents of Alimosho Local Government, where the residents were educated on the beauty of adhering to the master plan of their environment. MURITALA AYINLA, who was there, reports

OLUWATOSIN OMONIYI CITY Editor

tosin.omoniyi@newtelegraphonline.com

ÂŠ Daily Telegraph Publishing Company Limited

s early as 8:30am, August 9, Funke Ososana, was at her shop displaying her goods and hoping for a brighter rewarding day with good sales. No sooner had she finished displaying her goods than a fellow trader stormed her shop to inform her of the arrival of government's bulldozers, demolishing the newly built blocks of shops under High-tension cable by Egbe/Idimu Local Council Development Area. Like many other property owners under the cable, she had mistaken the state government warnings to vacate the premises as mere formalities. She also believed that the government would never consider demolition of their property and market which were located directly under the deadly cables. Ososana had also felt that the new blocks of shop would never be affected if at all the government summoned the courage to do the needful on the structures located under

We are going to get rid of all structures under high tension cable

the tension cable since her blocks of shops were built by the local government. But she was wrong! The state government declared all the structures illegal and demolished her shop. According to her, many of them bought the shops from council authority at prices ranging from N1.5m to N3m while those who rented the shop pay N15,000 monthly depending on the size. Her story was not different from most property owners that were affected by the ongoing demolition of structures under high tension cables across the state. Mega City gathered that the government had warned the property owners on several occasions to vacate the premises for safety and health reasons, saying occupants of such structures risk sudden death resulting from electrocution, cancer and other health hazards. The government had also issued several warnings for the property owners to vacate the premises before demolition exercise which was

carried by the joint officials of the Lagos State Taskforce on Environment and Special Offence Unit and the Lagos State Building Control Agency, LASBCA. Unfortunately, they had erroneously believed that the government may never come after them, owing to level of development that have already taken place under the cable but they are now counting their losses as the 'government's bulldozers' moved from one location to the other and crushed the property to dust. At the meeting with Lagos State Physical Planning Permit Authority, the government unveiled Alimosho Model City Plan where the traditional rulers, market women and other community leaders were informed about several amenities in the master plan of the council and how haphazard development could hamper such plan. Explaining the rationale for demolition, the state's Commissioner for Physical Planning CONTINUED ON PAGE 20

20 LIFE/MEGA CITY

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH

Breaking a 35-year-old road jinx Juliana Francis

arly in February this year, when engineers from Bashcaul Civil Engineering Construction Company arrived Alhaji Idowu Street on Akowonjo-Egbeda road, area of Lagos State with bulldozers and materials for fixing the badly damaged roads in the community, residents had stared at them with scepticism. The residents were used to seeing construction companies, coming to the area to carry out road repairs. They were also used to seeing such contractors, bolting a few weeks after their arrival. They disappeared, leaving the roads worse than ever. According to the residents, there had been series of moves to fix the roads for close to 35 years, but all efforts had perpetually failed. Indeed, it was alleged that some of the former construction companies, left, making a beeline for the government house. There, they collected cheques for roads they hadn’t fixed. Many of them had got away with this scam because previous governments had never CONTINUED FROM PAGE 19

and Urban Development, Wasiu Anifowoshe, said that the government would not watch and allow people to die. He informed them that staying under the cable was a disaster waiting to happen. The demolition, he said, became necessary when traders and property owners refused to vacate the dangerous place despite all the warnings. “Before they started the building under high tension cable in Alimosho, we had warned them. We gave them four notices and I went on the air twice and made some advertorials in national dailies to further inform them not to build under high tension. The demolition exercise is not only Alimosho Local Government. It is across Lagos State. We are going to get rid of all structures under high tension cable,” he said. He added: “The demolition was for their own good. They don't have to risk their lives. We are here to hear their own side of the story, to inform them of what to do and to jaw-jaw." He also said that efforts were being made to expedite planning permit process, saying that property owners would soon be getting their planning permit within 10 working days. Also speaking, the General Manager, Lagos State Physical Planning Permit Authority, Remi Oni-Orisan, said it was disheartening that people preferred to risk their lives by staying under tension cables. He bemoaned the low rate of building permit received by the state government, say-

taken time to investigate roads claimed to have been fixed by contractors. But in February 2016, the story changed for residents of this street. The jinx, which had been impeding fixing of the road for more than 35 years, got finally broken. The construction of the roads has begun in earnest. Commercial motorbike riders told New Telegraph that they were shocked to see the Lagos State Governor, Mr. Akinwunmi Ambode, visiting the scene, to ensure quality work progress. The persistent catalyst that however ensured there was no monkey business with the work, is the presence of the 73-year-old Executive Chairman of Bashcaul Construction Company, His Royal Highness, Engineer Munirudeen Adeposi Bashorun. Bashorun should probably be in his palace, settling community disputes; but the engineer, who trained overseas and later worked with Julius Berger Construction Company, before cutting out to start his construction company, said he likes enCONTINUED ON PAGE 21

The new road undergoing construction on Alhaji Idowu Street

Saving buildings from demolition

L-R: Special Adviser to the governor on Physical Planning and Urban Development, Mrs. Yetunde Onabule; Permanent Secretary, Ministry of Physical Planning and Urban Development, Mrs. Boladele Dapo-Thomas; Commissioner for Physical Planning and Urban Development, Abiola Anifowoshe and General Manager, Lagos State Physical Planning Permit Authority, Remi Oni-Orisan

ing that in spite of the high rate of development at Alimosho, only 50 applications were received and about 37 were processed. “With this, we are taking planning to the grassroots. Like the honourable commissioner said, it is a participatory planning where people are carried along in the affairs that concern them most. "For instance, how many people know about Alimo-

Government would not watch and allow people to die

sho Model City Plan? Unless, we bring it closer to them, they may not know. So, people must be made to understand the consequences of some developments in their areas. People can call our attention to illegal development to their area,” he said. The General Manager tasked residents to urgently submit their planning permit for their existing buildings and those under construction, describ-

ing that as the only legacy they could leave for their children. The LASPPPA boss also assured residents of Alimosho that government was aware of some challenges that could make building permit application difficult in the past, promising that Gover nor Akinwunmi Ambode was seriously making concerted efforts and proposals to strategically tackle some identified challenges.

LIFE/IN THE CITY 21

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH CONTINUED FROM PAGE 20

suring that the job was done to perfection. So, the monarch, with his son, Wale Bashorun, the Executive Director of Bashcaul construction were always at the site with their workers, monitoring, inspecting and directing. Slowly and painstakingly, the road, which was always flooded, all year round, with potholes everywhere, reluctantly succumbed to the vast experiences of the engineers. Drainages were created and muddy roads embraced interlocking stones. To ensure the road was fixed to meet the required standard, some buildings had to go. Residents, whose buildings were affected, were assured of compensation. The Lagos State Government further stunned the residents by providing street lights. The street lights were first switched on last week at night. Immediately the light came on, the community erupted into celebration. A visit to Alhaji Idowu Street last week, witnessed visitors celebrating with residents. Residents described the community as, ‘our small London.’ One of those, who watched the arrival of the engineers with scepticism, was the Chairman of the Community Development Association, (CDA), Mr. Olaleye Ayoyemi Ayowale. Today, his scepticism has changed to optimism. Ayowale is one of the oldest landlords in the community and has witnessed the coming and going of different construction companies. But as the visible construction is ongoing, he wears a smile of satisfaction as he peeps out of his window to watch the work progress. He had seen a lot of suffering in the community, including witnessing the submerging of the only school in water after a heavy rainfall. The school was eventually shut down. There had been promises from past Lagos State Government to provide a new school in the community but the promises remained stillbirths. Thereby, parents and guardians became forced to take their kids to far distances for schooling. Ayowale has also witnessed homes of families being flooded during rainy season. Indeed, residents viewed rainy season with despair and dread. According to him, the fixing of the road was a dream come true. He said he never expected to be alive, to witness it. “I have a house in Festac Town, but I moved into Alhaji Idowu Street in 1982. We have made entreaties to government over construction of our roads here. There had been promises, but nothing ever happened. Each time they slated our community roads for construction, it would be diverted. Now, we see this happening; we are happy. It’s for our own benefit. We really appreciate Ambode and the construction company. We thought it wouldn’t happen in our life time. “The contractors are doing excellent job. The monarch promised that those, whose buildings were affected during expansion

The newly-constructed road and newly-installed street lights

and construction of the roads, would be compensated. He had already asked for a comprehensive list of those affected.” The construction company was supposed to fix just Idowu Street, but to ensure proper construction work was done and the water, which causes a ‘river’ in the community to be diverted, the monarch deployed his wealth of knowledge, and extended the construction of Alhaji Idowu Road to Oke Street, leading to Akowonjo Roundabout and Lambe Kudaisi Street. Alhaji Moshood Idowu, another landlord in the area, whom the street was named after, said: “The contractors are working with so much sincerity; they should be praised. They have done a first class job. The government has also done well. The fixing of our community roads was a dream come true. These engineers are committed to the project,” he said. Wale noted that although the project started in February and got delayed because of some unforeseen hitches, the construction would, however, soon be over. Recollecting the hitches, Wale said that they had to redirect the water from the previous area government wanted, after they realised the government’s plan wouldn’t work. They also halted work because of the rains. But the most challenging was that a river, which was at the Alhaji Idowu junction, linking roads to Lambe Kudaisi Street and Oke Street, Akowonjo Road, was deeper

The fixing of the road was a dream come true

than they expected. The construction company had to increase the stone base poured into the river, to ensure a proper construction work was done. “The extra materials poured into the river, were not part of the presentations made to the government. But Bashcaul Construction doesn’t care about cost and money. We only want to carry out a good job,” said Wale. Wale added: “Any other construction company would have gone on with the work, after discovering the challenge posed by the river at the Alhaji Idowu Junction. It however would have meant roads getting damaged again; taking everyone back to square one. The community will suffer for it. We started construction six months ago; February to be precise and we are almost rounding off. What we are doing now, is just extra work. We had to factor Lambe Kudaisi Street into the construction. If we didn’t, we wouldn’t be able to redirect the water. Some people said we started the work late, but we needed to carry out proper survey.” Mr. Idowu said: “Yes, Alhaji Idowu junction is where water used to gather. This spot had always been the greatest challenge for the community. The monarch said they had to drain and dig deep into the river, in order to fill it with rocks.” According to the monarch, he and his company had constructed roads in areas like Agege, Ogba and others. He said the quality work of his

construction company, speaks for itself. “We are doing a lot here at Alhaji Idowu, which we did not budget for. The soil at the junction, where there was a river, was bad. We lost a lot of stone base. The present design of the road now means that even disables can walk through.” He said. Idowu chirped in: “What the government has given us, is a life time gift. Lagos is a mega city. What the government and construction company are doing is a mega road, for a mega community.” The Secretary of the CDA, Mr. Dipo Kehinde, who is also the publisher of a crime magazine, Chief Detective, said: “Yes, whenever there was rainfall, most houses would be flooded. Many businesses suffered because of the bad roads in the community. I’m an artist. Some art collectors came twice to check out my works. When they got to our street, they went back because of the roads. It happened twice. We called this road, the jinxed road, because different contractors have come and gone. But the jinx is now finally broken. We’re all happy!” A resident, Segun Oluseye, applauded the ongoing construction. He said, “We are happy that Lagos State Government has remembered our community. We, however, still expect more from the government. We still want them to fix more streets in our community. We have seen construction works going on in other communities, ours is long overdue. We’re happy.”

22 LIFE/MEGA CITY

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH

Burden of Meiran/Ijaiye Road

Emmanuel Uti

ike the burden which led to the lamentations of the Prophet Jeremiah, the yearnings of the masses residing at Meiran community of Alimosho area keeps increasing incessantly as the ongoing construction of Meiran road seems to be never ending. About four years ago, the former Lagos State Governor, Babatunde Raji Fashola, graciously approved the construction of Meiran road in response to the yearning of the masses, to enable pedestrians navigate the road freely. But since the construction of the road commenced, it has remained under construction ever since. After First August Construction Company started constructing the road in May 2012, the people of Meiran thought that it would bring them relief. However, since the construction of the road began, it has been a harvest of tears for them as their societal problem has compounded. In fact, the road project of about five kilometres is near abandonment. It was learnt that before the approval of the project, life in the area was poor because it was as if the government had abandoned them. The road was bad, filled with pot holes here and there such that no one navigating the road had any enjoyable trip. The road was so tiny that no one could say if it was a one way road. There were no drainages; as such, whenever there was a heavy downpour, navigating the road would be a problem as the road would be like a river overflowing from its bank. Now that the project has taken up to four years without completion in view, the road is more or less like its former state, but in an advanced mode. Although a new resident in Meiran would say the road has been completed because there is a good drainage system from Iyana Meiran bus stop to the last bus stop, yet many old residents in Meiran are not satisfied with the construction of the road because to them, the road was badly done. Expressing dissatisfaction with current situation of the road, a resident in the area, Lawrence Epochi, told New Telegraph that the road is only becoming worse because it was not well done. He said he disliked the road because after many pains the people of Meiran endured during the main construction period, the government did nothing but compounded their problems by giving them bad road. He said:“When First August started working (the construction company), we all thought we would become beneficiaries of the former government, but it is saddening that even though the project started three years before they left, they did nothing we can remember them for, apart from the unending pain they caused for us.” Continuing, he said that with the quality of the road, in few years time, it would be like its

A part of the Meiran/Ijaiye Road

former dilapidated state. He added that since it is only a portion of each half of the road that has been partially done; the road is bound to become worse in the near future. He then said that until the new government visited the area, it was most likely that the area would be forgotten. Telling New Telegraph the reason behind the badly done road, in his opinion, Lawrence linked it to bad supervision. He said that as a result of bad supervision, virtually every part of the road apart from the drainages was patched and not constructed. According to him, there is no evidence that the road has been constructed because till now, they keep patching every part. In like manner, Nonso Edozie, a student, complained bitterly about the poor state of the road. Nonso, who said the road started while he was in SSS2, told New Telegraph that when construction started on the road, he was joyful because he expected the road to be up to date. Now as a final year national diploma student of Yaba College of Technology, the road is still undergoing construction. He said, “This poor level of the contractor repairing the road everyday is annoying. When they started, they halted commercial activities. Shops were destroyed, houses were tampered with, yet the road that was to comfort all those that mourned during the early days of construction. Our hopes have not been met by the government.” Explaining the reason behind the road not receiving approval from the people, Nonso added that “While First August was actively repairing the road, they repaired it in patches. They would repair a part of the road and without completing it, they would start another section. Before they would finish the next section, the former would

Virtually every part of the road was patched and not constructed

have worn out. Though the road is only a bit okay than how it was, yet there is no significant development in Meiran.” Describing the level of pains many roadside traders faced while the core part of the construction was on, Nneka Uchenna, said tragedy struck those that sold by the road side. “Both shop owners and road side traders complained that it was terrible to the extent they were to leave due to construction. Many people lost their goods, some that had paid about three years rent couldn't console themselves”, she said. Concluding her statement, she said the area has become more open though, the much awaited road that pursued many away hasn't even been completed. Looking at neighbouring communities, Lateef Yusuf, a graduate of Lagos State Model College, Meiran, said that Meiran community has never benefitted from the government. “Look at the quality of Abule Egba road that has been completed for over six years. It is perfect. What about the new Ajasa Command road? The government started that road last year, now it is a reality. It was carefully done, not like that of Meiran.” Although many in the area are not happy about the road because it is

Another part of Meiran/Ijaiye Road

being repaired at an unusually slow pace, yet many are hoping that Governor Akinwunmi Ambode would come to their aid by helping them ease their burden. As Lateef puts it,“I believe that the Governor will soon come to our aid. The recently installed street lights, Abule-Egba bridge and Command road has indicated that Meiran road will be done.” Meanwhile, a property consultant in the area who gave his name as Bob, said that since the construction of the road commenced, Meiran has become more open. He said that before now, along the roads, there were many empty shops but since last year, getting a shop directly by the road isn't easy. “In fact, hardly will you see any empty shop or stalls by the road because the area is now attracting people from neighbouring communities. With the road being linked to AbuleEgba and Command, I think Meiran will be advanced in no time”, he said. However, unconfirmed information revealed that because the Babatunde Fashola regime was still owing First August before he handed over to Governor Ambode, the road has only been constructed but still waiting for the final construction. With the dilapidated state of Meiran road, the masses have called on the state government to re-visit their case.

LIFE/IN THE CITY 23

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH

Merit Mbah

he economic downturn is felt in all spheres of the country, Lagos markets especially. But to the sellers and the regular patrons of the Katangowa market, life has not remained the same since foreign currency, mostly dollar, became unstable. Entering Lagos, one is constantly reminded of tales of the famous market Kontangora or popularly referred to as Kantangwa, a market known to accommodate mainly second hand ware sellers who sell diverse clothing material. Located at Abule Egba, in Agbado/Oke-Odo Local Council Development Area of Lagos State, along the Lagos-Abeokuta express way, Katangowa is a market popularly known as “bend down boutique.” ‘Kantagwa’, a name coined from the Northern part of the country because it connotes second hand materials. Behind the market is Saint Peters Anglican church and other residential buildings. While some parts of the market are being used as dumpsite. Perishable food items can also be bought in front of the market and close to the market is a gas station. The market is said to be built on a 26 hectare of land, much bigger than the very popular computer village with 90 per cent of its traders dealing in fairly used materials, which include clothes, shoes, bags, belts and so on, which are sold at a much cheaper rate compared to what is obtained in other markets. Strength is required to be a patron of the market as there are a lot of pushing here and there and sellers also have the habit of dragging customers to their shades in a bid to make them buy from them. A walk deep into the busy market is like walking into a choking embrace of clothes with army of buyers jostling to buy from different grades on display. Makinde Sunday, who has been in the ‘Okrika’ business for about seven years, describes present economic downturn as very bad for business. “Formerly, we buy a bail of “okrika” from Cotonou about N50,000 but now, we get it between N85,000 and N90,000. This has increased the retail price of clothes formally sold between N100-N300 is now sold between N700-N800 and this has caused a drastic reduction in sales.” He prays the government reforms the economic situation to help them make decent sales to cater for their families. “I wish the government can listen to the masses’ cry for help and work on the dollar rate because not everybody can resort to white collar jobs.” Another seller within the market, Ogbonna Okosie, has done business for over 15 years. He decried the decrease in sales in Katangowa. He describes the dwindling sales as over bearing, and feels it’s peculiar to the current government. “There is no room for comparison between this administration and the former. This government is very confused about what to do. What you buy for N100 today, you buy N300 tomorrow and it is really affecting sales rate.”

Patrons going through the second hand clothes

Groans at Katangowa market He continued, “I want the military government back if that will bring sanity to Nigeria’s economic state.” The father of five children said it is now very difficult to take care of his immediate family with his additional responsibilities to his extended family because his average sale per day about three years ago was N50,000 but it is very difficult to sale eight to ten thousand a day since the new administration. According Lucy Chinyere, who sells children wears, she has been in business for more than a decade. She said 2015/2016 has been her worst year so far in business as she can no longer go to Cotonou where she buys formerly but now buys at Oshodi in Lagos because of bad roads and the increase in dollar exchange rate. “Market is not moving anymore and buyers still want to buy at the same price they were buying some years ago.” To Ikye Akpealu, who deals in second hand shoes he sources from Cotonou, Togo and Nigeria and has been in the business for close to two decades, he has not noticed any change in business because patronage is still the same. “The change in currency rate is worldwide and not just in Nigeria.” When New Telegraph inquired on how much an intending business man in his field will be required to kickoff, he said about five hundred thousand to one million as shops in the market are very expensive, “A shop goes for one million for two years.” Obinna Azubuike and Toyin Ajibade are regular buyers from the Katangowa market and to them, prices of wares in the market have skyrocketed since the dollar rate started to go up.

According to Azubuike, “Things are no longer the same. We buy second hand clothing because it is very cheap, but now even the rich can hardly afford it”. Toyin lamented bitterly on the current prices of goods in the market and how it has eaten deep into her family purse. “The only reason

Market is not moving and buyers still want to buy at the same price

Traders expecting customers for the day

Part of Katangowa market

I still buy clothes from this market is because they are fairly used and normally stand the test of time more than the ones made in China, sold in other markets as new, not necessarily because they are cheap, because they are no longer cheap. Secondly it is a necessity for my children not even for myself.

24 LIFE/MEGA CITY

WEDNESday, AUGUST 24, 2016 NEW TELEGRAPH

espite has finally come the way of pedestrians and motorists that regularly ply the Berger axis of the Lagos/Ibadan expressway following the completion and inauguration of the Berger Bridge recently. The newly constructed bridge is indeed an answer to the clamour of motorists, pedestrians and residents to navigate both sides of the bridge bus stop without a hitch. The construction of the bridge which was contracted to China civil Engineering construction company(CCECC), commenced early January this year was expected to halt the spate of senseless and needless killings occasioned by the recklessness of pedestrians and motorists ,leading to harvests of deaths on a road that hitherto gained notoriety for avoidable accidents between motorists and pedestrians. Before now, the now free space under the Berger Bridge was a place popular for robust business activities. Lagosians engaged in all manner of businesses to eke a living. Shanties were erected; intra and interstate buses were closely parked, forming lines that seemed interminable. Sachet water commonly called pure water and soft drinks sellers plied their trade by the Expressway. Today, all have given way to tons of sharp sand and gun-wielding policemen who are on hand to shield construction workers from harassment of street urchins. Expectedly, the construction of the bridge has attracted mixed reactions from Lagosians. While majority are happy for the construction of the bridge, many are quite unhappy with the latest development! Those not happy were the affected ones, especially those whose means of livelihood and shops were demolished to give way for the development. For instance, Mrs. Feyisola Akande, a food seller said, “Ambode should help market women. We like the bridge but we need a new place to carry out our businesses. Officials of Lagos state government disturb us incessantly here.’’ Mrs. Remi Ekundayo another food vendor in Berger said, as well

Pedestrian bridge in Berger

Succour comes to Berger as it is a good development, the destruction of the popular Berger garage adversely affected her business. According to Ekundayo, her minimum profit of the day ranges between N24, 000 to N30, 000. But that seem to have become history. Also, most of the commercial bus drivers who were operating by the Expressway have moved to Akut Investment limited, a large space down the road that leads to Isheri Olowoira. The drivers however pleaded with the state government to provide another garage for them in an enabling environment to continue their businesses. Shola Olowokere, a commercial bus driver said; “We pay more money for space here. For instance, we pay N400 for bus space, N300 for car space. For any bus that stays overnight, we pay N200 which was not so at the former place by the Expressway. For Chigozie Okoroezie,a newspaper vendor, it’s a mixed reaction. He believes the Lagos state government has not done

It’s a thing of joy. Crossing the expressway was a risky thing

enough to cushion the effect on the people. “It’s a welcome development; it will no doubt reduce the rate of accidents. Before now, we used to lose like two or three people weekly but today, it has reduced because of the newly constructed bridge. “Many people have been asked to leave here because of the construction. Definitely, they will feel bad. You know in Nigeria, government doesn’t think of the people when they do construction work,’’ he said. However, another set of those unhappy are some of the workers (artisans) of the construction company that handling the project. Why? They claimed they were paid below N1000 daily. For instance, Mr.Andrew Yakubu (not real name) alleged that the challenge we have here is the way we are paid. We don’t even have a basic salary. We are paid between N800 and N500 daily. Some even earn less. Yet, we work from 8am to 5pm. We are doing a normal job but we are not having a normal payment.’’

However, some Lagosians have showered plaudit on the Ambode government for doing a terrific job. “It’s a thing of joy. crossing the Expressway was a risky thing. Many hit-and-run drivers have killed many people on this road. It has helped in a way to reduce traffic. We are happy. May God bless Ambode for this. It’s a big achievement and we are grateful to the Excellency, “Lawal Waheed, a, National Union of Road TransportWorkers(NURTW) executive said. Like Waheed, Bamigboye Kehinde, a data analysis collector of traffic survey officer expressed his satisfaction about the project. “It affects me positively. I don’t have to cross the bridge anymore; I’m most excited about it. I give thanks to the Lagos state government,” he said. He explained further that it is better to pass through the bridge than the road because passing through the Expressway is like being on a suicide mission. Speaking with New Telegraph, a supervisor of the project narrates his experience and scope of the project. He said, “The major challenge we have is when we try to make people understand the aim of the project. You know before now, we had temporary structures. But when instructions came from the governor to reconstruct this place, getting people to understand was difficult. ‘’We are embarking on the expansion of the road and it’s going to bring succor to road users. Expansion of the road from the one that goes from roundabout to Kosoko, moving forward to Ogun and moving back the expansion from roundabout to Kara like the expansion from the roundabout to the Lagos State public Works building are our targets.’’ To ensure the bridge achieve the purpose for which it was constructed, the Lagos state government has stationed laws enforcement agents to deter pedestrians who may not wish to use the bridge. Yinka Shola, a security officer said, “this bridge will help to save lives. Our duty here is to ensure the bridge is used.”

QUOTE

OF THE WEEK

I specially inform our people in captivity in Lagos that they should be patient and continue with their prayers , God will take us to where no one expects and we will rescue them.”-Boko Haram spokesperson in a recently released video ,demanding the release of his detained members.

IN NUMBERS Lagos demolishes 235 shops,125 containers under high tension wire” By Lagos state Government

AU G.

Seyi Alani and Ladesope Ladelokun

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Money

Business WHAT'S NEW 28% of quoted firms trade at par value

Retail banking: How far can Sun Trust Bank go?

Maritime Terminal operators groan as low cargo volume persists

28 31

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

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

EXCHANGE RATE

(Parallel Market August 19)

(Interbank as at August 19)

USD . . . . . . . . . . . . . . . . . . . . . . N395 Pounds . . . . . . . . . . . . . . . . . . . . N510 Euro . . . . . . . . . . . . . . . . . . . . . . N440

l Foreign Reserves – $25.754bn as at17/8/2016

USD . . . . . . . . . . . . . . . . . . . . . N308 Pounds . . . . . . . . . . . . . . . . . . N428 Euro . . . . . . . . . . . . . . . . . . . . . N368

Source: CBN

p.26

L-R: Executive Director, Finance & Strategy, Sterling Bank Plc, Mr. Abubakar Suleiman; Head of News, Nigeria Television Authority (NTA), Mr. Ademola Adeoye and Managing Director and Chief Executive, Cowry Assets Management Limited, Mr. Johnson Chukwu, after a live show on NTA on the state of the Nigerian economy in, Lagos.

Black pod disease cuts Nigeria’s cocoa output by N43.19bn p.26

Bankers brace for pay cuts LOOMING Tier-II lender slashed staff salaries by 30%

The Business Desk Ayodele Aminu

Deputy Editor (Business)

Bayo Akomolafe

Asst. Editor (Maritime)

Sunday Ojeme

Asst. Editor (Insurance)

Tony Chukwunyem

Asst. Editor (Money Market)

Dayo Ayeyemi Property Editor

Adeola Yusuf Energy Editor

Wole Shadare Aviation Editor

Chris Ugwu

Capital Market Editor

Abdulwahab Isa Finance Editor

Taiwo Hassan

Industry, Agric & Brands Editor

Kunle Azeez

Senior Correspondent

Chuks Onuanyin Energy

Nnamdi Amadi Reporter

Johnson Adebayo

Asst Production Editor

Tony Chukwunyem

here are indications that bank employees across the country are bracing for pay cuts, as speculation mounts that their employers have resolved to adopt that option following Federal Government’s strong opposition to further lay-offs in the industry. New Telegraph gathered that already a Tier Two bank has slashed staff salaries by 30 per cent as part of cost cutting measures to cope with the deteriorating business environment. An industry source disclosed that the measure came into effect last month and that it affected all staff across board. The source said: “The management explained that they took the decision due to the tough economy. They said they did not want to sack any staff, but anyone who was not okay with the decision was free to resign.” The source added that other banks would soon adopt the same strategy, having seen that it did not

cause any uproar in the bank that implemented it. Findings by New Telegraph revealed that staff of other banks had heard of the development and were getting prepared for it. An assistant manager at an old generation bank said: “We are hearing rumours that our salaries will be slashed if the economy does not improve. But there is very little any of us can do about it because we can all see that the economy is in a very bad shape. Most people will tell you that a pay cut is better than being told that your services are no longer required.” This newspaper recalls that following a spate of lay-offs in the banking industry, which resulted in over 3,000 employees losing their jobs between January and May this year, the Minister of Labour and Employment, Dr. Chris Ngige, in June, directed banks, insurance firms and other financial institutions to suspend further staff retrenchment until after a conciliatory meeting the Federal Government was planning to have with stakeholders in the industry. However, while there has been no report of mass retrenchment since the minister’s intervention, the lenders have continued to intensify cost cutting measures. This newspaper reported recently that in a bid to drastically reduce costs, most lenders have decided to slow down on

1,415 Being total number of bank employees that had been relieved of their jobs this year

their branch expansion plans and, in some cases, have even completely frozen such plans. In a recent note, analysts at Financial Derivatives Company (FDC) Limited projected that Profit Before Tax (PBT) in the industry would “decline on an average to -9 per cent and -11per cent for full year 2016.” They attributed the industry’s problems to regulatory headwinds, the introduction of the Treasury Single Account (TSA), Nigeria’s slowing economy and naira depreciation. The experts noted: “For most part of the year, banking liquidity was affected by further tightening by the Central Bank of Nigeria (CBN)’s policies through the increase in rates and the increase in Cash Reserve Ratio (CRR). There was also the introduction of the Treasury Single Account (TSA), which saw most of the cheap funds leave the banking system. Another major event for banks was the further reduction of Commission on Turnover (COT). All of these put further pressure on the earning ability of banks for the period.” No fewer than 1,415 employees of banks had been sacked this year alone. A bank, which now has a new management, had dismissed 175; another that is very strong in West African region laid off 1,040, while another recently sent 200 of its workforce to the labour market.

BUSINESS |NEWS

INACTIVE Insurance sector dominated with about 21 firms

Chris Ugwu

bout 27.77 per cent of companies listed on the equities market of the Nigerian Stock Exchange (NSE) are trading at par value of 50 kobo. According to investigation by the New Telegraph, about 50 out of total 180 quoted companies on the equities market as at the end close of trading last Friday remained flat at 50 kobo per share. Further checks showed that out of the 50 firms, the insurance sector dominated with about 21 firms trading at par value. Available statistics showed that African Alliance Insurance Company Plc, Cornerstone Insurance Plc, Equity Assurance Plc, Great Nigeria Insurance Plc, Guinea Insurance Plc and Consolidated Hallmark Insurance Plc closed last week at 50 kobo. Others are International Energy Insurance Company Plc, Lasaco Assurance Plc, Linkage Assurance Plc, Mutual Benefit Assurance Plc, Niger Insurance Co. Plc. and Prestige Assurance Plc. Also included are Regency Alliance Insurance Company Plc, Royal Exchange Assurance Plc, Sovereign Trust Insurance Plc, Standard Trust Assurance Plc, Standard Alliance Insurance Plc, Unic Insurance Plc, Unity Kapital Assurance Plc, Universal Insurance Company Plc and West African Provincial Insurance Plc. Unlike other sub-sectors, the insurance companies, rather than appreciating in value, have remained relatively stag-

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

28% of quoted firms trade at par value nant even as a larger percentage of the companies have remained at the nominal prices of 50 kobo at which they were quoted on the market. It is worrisome that of all the insurance companies quoted on the floor of the Exchange; only about seven stocks have marginally risen above nominal value of 50 kobo at close of trading activities last Friday. Investors in the insurance sub-sector of the market are lamenting over what they described par value state of insurance share prices. Speaking to this newspaper, Managing Director, Crane Securities Limited, Mr. Mike Eze, said some of the insurance companies are not helping matters, as they are most visible among companies that are often sanctioned for breaching

post-listing requirements. He linked the inability of the sub-sector rise above the nominal level to crisis of confidence, stressing that the few ones that raised high expectation for good results ended up posting negative financial results. “There were high expectations that some of them will bring good results to the market, investors started taking position on the insurance stocks, but they ended up posting negative results, which now has a spiral effect on other insurance companies, hence investors started dumping their shares,” he said. Chief Executive Officer, Highcap Securities Limited, Mr. David Adonri said the insurance sector has not improved on its performance after the recession because of

volatility of the sector. He said the stocks though penny stocks would have attracted investors but because of low dividend pay-out of the companies, investors are not willing to take position. Adonri said that the trend in Nigeria’s insurance sector has remained a product of underdevelopment of the sector as well as public perception of the insurance business in the country. He noted that even though a few of the insurance companies have already submitted their reports, most of the companies are still challenged in terms of filling their reports and regulatory approval of their reports, among other issues. Speaking on why the sector has not been able to thrive in the Nigerian capital market

as obtainable in other parts of the world, he said that the Nigerian market and economy has not been able to break even because of general perception of insurance business in the country. “The insurance sector may find it difficult to materially affect the economy and the capital market. You know that insurance sector has not gained the people’s confidence and long before now when the sector was poorly regulated, it carved for itself a negative image because of their inability to settle claims promptly.” He added that even as the situation has changed now, looking at the situation in the Nigerian economy, which is more of mercantile economy, financing short term activities, banks still drive such an economy.

L-R: General Manager, British Tobacco Nigeria Foundation, Abimbola Okoya with the Minister of Agriculture and Rural Development, Chief Audu Ogbeh and Minister of Science and Technology, Dr Ogbonnaya Onu, at the launch and public presentation of Agricultural Sector Roadmap policy and Strategy Document in Abuja.

Black pod disease cuts Nigeria’s cocoa output by N43.19bn SUPPORT Governments of some cocoa-producing countries have developed infrastructure to encourage cocoa cultivation

Bayo Akomolafe

s the current price of cocoa rises to $3374.96 per metric ton, rain has exposed Nigerian cocoa trees to black pod disease, which has cut cocoa output forecast for 2016/17 season by 40,000 metric tons valued at N43.19 billion ($135 million), New Telegraph has learnt. According to information,

Nigeria had forecast 340,000 tons for the season but farmers are now struggling to produce 300,000 tons. Farmers had been spraying their trees since the beginning of the year to protect cocoa flowers from insects and weeds in order to boost output and to benefit from high prices of the commodity. In the 2015/16 season, output in Nigeria, the world’s fourth biggest grower, was 268,000 tons. President of the Cocoa Association of Nigeria (CAN), Sayina Riman, said the group expects Nigeria to get up to 340,000 tons, but projected 300,000 tons for 2016/17. “The major issue now is black pod. Our farmers are dealing with the high cost of fungicides,” he said. Riman lamented that government had backed away

from subsiding agro-chemicals for farmers, noting that governments of most cocoa-producing countries were developing infrastructure and encouraging cocoa cultivation to increase trade. However, Afreximbank and the International Cocoa Organisation (ICCO) have partnered with the Bank of Agriculture (BoA) and the Nigerian Export-Import Bank (NEXIM) to intervene on the development in the country’s cocoa industry. The demand for cocoa could be linked to the growth of chocolate confectioneries and other end-products since 2015. Meanwhile, the International Cocoa Association (ICCO), has said that the surge in cocoa price was due to the unfavourable weather and uncertainty about supplies in West African countries.

According to ICCO, 75 per cent of the world’s cocoa is being produced in the Ivory Coast, Ghana and Nigeria, but disease and drought have affected production. It noted that demand for cocoa was predicted to rise by 30 per cent by 2020, as demand had outstripped supply. ICCO explained that due to short supply and high demand for chocolate candy, the price of cocoa has gone up to $3374.96 per metric ton. The organisation forecast that the worldwide cocoa production would hit 4.039 million tons in the 2015-2016 production seasons, a 4.6 per cent drop from 2015. While Ivory Coast’s production is expected to drop from 1.69 million metric tons to 1.65 million tons of cocoa in 2016, ICCO estimated that Ghana’s production would drop from 840,000 metric

tons to 800,000 metric tons. Nigeria is the world’s fourth largest producer of the commodity after Ivory Coast, Indonesia and Ghana, and third largest exporter after Ivory Coast and Ghana. According to ICCO, Nigerian farmers have been experiencing poor harvest since the beginning of the year due to dry weather, fungal diseases and aged cocoa trees. Already, companies such as Hershey’s, Mars and Mondelez, the makers of Cadbury milk bars, are spending about $1 billion to reverse the downfall of cocoa farming. The money is to support sustainable farming practices and research. However, cocoa Analyst at RJ O’Brien, Peter Moses, said that the current gap in commodity exports from the West African countries had also pushed up prices.

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

fct business watch

Tackling infrastructure deficit amidst FG’s pledge For the umpteenth time, tackling infrastructure gap through Public Private Partnership (PPP) option has been canvassed and the Minister of Budget and National Planning, Senator Udoma Udo Udoma, has given Federal Government’s commitment to implement recommendations contained in the National Integrated Infrastructure Master Plan (NIIMP). ABUDULWAHAB ISA reports

ne of the biggest challenges to Nigeria’s quest to attract local and foreign investors is the deplorable state of her infrastructure. Key infrastructure - power, roads (including railway), airports and seaports - are in appalling state. Experts are, however, divided on the level of infrastructure deficit. The deplorable state of infrastructure is the result of failure to maintain existing and invest on new ones. Since 1999, the onset of the nation’s democratic experiment, very little efforts were made by successive administrations to genuinely address the huge infrastructure deficit. However, there are indications that government is making conscious effort to address the huge infrastructure deficit. Last week, the Minister of Budget and National Planning, Senator Udoma Udo Udoma, gave firm commitment to implement the recommendations by the Infrastructure Private Public Partnership Summit Group (PPPSG). Re-visiting NIIMP The NIIPM is infrastructure road map of the immediate past administration - a 30-year road map for building world-class infrastructure that will guarantee sustainable economic growth and development in Nigeria. One of the provisions contained in the NIIMP initial five-year operational period (2014-2019) plan, was investment portfolio of N26.9 trillion in order to deliver priority infrastructure projects across the country. Speaking last week on receiving the report of a 3-day pre-summit workshop from the Infrastructure PPPSG headed by President, Nigeria Bar Association (NBA), Abubakar Mahmoud, Udoma expressed

Minister for Budget and planning, Sen. Udo Udoma

commitment of the current administration to address infrastructure deficit by re-visiting NIIMP. The minister said about USD3.05 trillion will be required over the next 30 years to implement NIIMP plan. NIIMP plan does not rest alone on the Federal Government shoulder. Its execution is to be realised with federal, state governments as well as the private sector in collaboration with public sector, taking 52 per cent of the load with the private sector underwriting the balance in the first five years of the plan. Going by Udoma’s testimony, NIIMP blueprint is anchored on accelerated infrastructure development over the next 30 years (2014 -2043). It seeks to raise the stock of infrastructure from the current level of 20 per cent-25 per cent of the GDP to at least 70 per cent by 2043. Underscoring the enormity of the huge infrastructure gap, Udoma told his guests that, infrastructure is key to turning round the economy. He said if government were to commit the entire N1.8 trillion 2016 capital allocation to infrastructure alone, the challenges will still remain unresolved without active involvement of private sector. Reiterating government’s commitment to give face lift to infrastructure development, Minister of Finance, Mrs. Kemi Adeosun, said that government was looking at a number of PPP agreements with a view to beginning work on them. Speaking last week at an interactive session with the media, she said: “We are looking at PPPS. A number of PPP projects that are abandoned, we have started negotiating to see how we can resolve them as quickly as possible so that private sector can come in and complement what government is doing.” PPP summit group’s recommendations Barrister AB Mahmoud’s PPP summit group is a private undertaking by few patriotic Nigerians com-

mitted to addressing infrastructure deficit through PPP initiative. It has a responsibility to chart a course for the PPP funding in some critical sectors as well as establish a private sector led Community of Practice to work in collaboration with the government across all levels to ensure the successful implementation of infrastructure roadmap. The setbacks of PPP, identified by the group, include poor understanding of PPP by some interests that have signed up to some projects. One of the group’s recommendations is that the Federal Government should mobilise support and fund such projects capable of accelerating economic development. It also suggested the need to prioritise some key projects and accord such active support through PPP. The group stated the need to raise the standard of PPP projects in Nigeria and called for strong political commitment in this regard. Chairman of the PPP Summit Group, Barrister A. B. Mahmoud, said since it would be impossible for the government to bridge the existing infrastructure gap within a reasonably short period, it becomes necessary for collaboration with the private sector to achieve the purpose. He said, however, that the private sector will only get involved in the execution of projects if the plans are well laid out and attractive; which is why the group is out to chart a course for the PPP funding to ensure the successful implementation of infrastructure roadmap.

urged government to articulate new strategies that will reposition the country to attract more Foreign Direct Investments (FDIs) and boost infrastructure. They have been canvassing these views in many fora. At a recent one-day stakeholders’ seminar organised by Akindelano Legal Practitioners (ALP), participants listed some new strategies to be adopted to make Nigeria more competitive in attracting FDIs to promote the country’s diversification programme. For instance, Senior Transactor, Infrastructure Financing, Rand Merchant Bank Nigeria (RMB), Rachel More, insisted that there was need for the government to provide an enabling economic environment for influx of FDIs. Besides, she pointed out that there must be transparency, consistency of policy and regulation in the system. She noted that any economy that operates in an environment where there is inconsistency in policy and regulation would continue to deter both local and foreign investment in the country. Director and Head of FBN Quest’s Debt Solution Department, Patrick Mgbenwelu, said the current state of foreign exchange structure and poor infrastructural facilities could be the bane of Nigerian development. He, however, maintained that FDIs have played a critical role in accelerating infrastructure growth in other foreign jurisdictions. “FDIs flows where there is stable government, clear and consistent policy, and an investor-friendly environment. According to one of the leading African regional banks, Nigerian infrastructure gap currently stands at 60 billion to be extended over the next 10 years. “They are different figures depending on which project you are focusing on. This represents a significant pipeline opportunity for investors and financiers in emerging economy. “The result of this produces not only social growth for the populace, but also creation of jobs, poverty reduction and growth in the non-oil sector. Nigerians banks have played pivotal roles in financing infrastructural projects. One of the major constraints is that the Nigerian banks are still not able to provide long term funding because infrastructure is highly capital intensive. If you do not have long term liquidity, you can as well change the subject,” he added.

Experts’ perspective Private sector operators bear the implications of poor infrastructure. This leads to increase in cost of doing business. Ultimately, the high cost incurred as a result of poor or infrastructure defect, is transferred to consumers. To this end, members of the organised private sector (OPS) have

Conclusion Revamping current obsolete infrastructure and building new ones is critical to attracting FDIs. Udoma gave this firm commitment on behalf of the Federal Government last week. Time, which is of essence, will bear witness to the minister’s commitment.

Adeosun

Revamping current obsolete infrastructure and building new ones is critical to attracting FDIs

BUSINESS |MONEY

ith the tough economy and regulatory headwinds making it more difficult for Nigerian banks to generate profit through corporate funds, the industry has in recent years been turning to retail banking for new sources of earnings. Also known as consumer banking, retail banking is the provision of services by a bank to individual consumers, rather than to companies or other lenders. Generally, services offered include, savings and current accounts, mortgages, personal loans, debit cards and credit cards. In fact, the widespread consensus in financial circles is that the prospects for retail banking in these parts are bright given that most research shows that about 40 per cent of the country’s population of over 160 million people is still financially excluded. So, it may not have come as a surprise to industry watchers that at the launch of the newly licensed regional bank, Sun Trust Bank (STB) last week, its management declared that the lender’s vision was: “To create a retail bank of choice!” Business model STB’s Chief Executive Officer (CEO), Mr. Muhammad Jibrin, said the lender would be a financial technology institution that would focus on electronic channels by offering telephone, mobile and Internet banking services. He said: “Banking is no longer where you go to, it is what people do. Therefore, the only thing that can stand the future is no longer physical branches, but banking services that would be driven by technology. Therefore, most customers of tomorrow would no longer be the customers that want to go to the banking hall. So, you need to be able to position the institution to respond positively to the needs and expectations of customers of tomorrow. That is at the heart of our own vision and strategy as tomorrow’s bank today.” He emphasised that by its innovative use of technology, the bank would be able to provide banking services to many people and businesses in the country that had previously not owned bank accounts. Indeed, SunTrust Bank hopes to eliminate the need for costly brick-and-mortar branches by operating a branchless banking model where it will deliver financial services outside conventional bank branches. Jibrin said: “Our services will be available to our customers 24 hours daily, seven days a week and from anywhere in the world, where there is good Internet service. Even our data centre is outsourced, this way we will not have the overbearing requirement to put on the generator at our locations.” In a statement it later issued, the bank explained that by adopting a branchless strategy, it would be saving the N100millionN120million required to build a modern branch and the about N2.5million it costs to run generators at a typical bank branch. Dangote’s support Significantly, billionaire busi-

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Retail banking: How far can Sun Trust Bank go?

With or without the entry of Sun Trust Bank (STB) Limited into retail banking, competition had already been intense in the country. In this report, TONY CHUKWUNYEM looks at the chances of Sun Trust Bank’s survival

CEO, Sun Trust, Muhammad Jibrin

nessman and CEO/ President of the Dangote Group, Alhaji Aliko Dangote, who was present at the launch, also backed STB’s business model. According to Africa’s richest man, the bank will become the most cost-effective bank in the country, as it will not be burdened with the costs of running branches. He commended the management and staff of the bank for adopting a business model driven by financial technology, at a time when: “Banks all over the world are facing multiple challenges and headwinds”, predicting that the strategy will yield results. Dangote said: “SunTrust bank has two elements that appeal to me: By focusing on technology (everything is now technology-driven with Fin Tech), SunTrust has recognised that the old model of business expansion via a network of expensive branch premises is obsolete. What you need now is to sit down at home and operate your banking transactions without any branch, which means you save money in terms of time.” Chances of success Interestingly, most financial analysts who told New Telegraph that they were optimistic about STB’s chances of excelling in the already highly competitive industry hinged their optimism on speculation that Dangote might have a stake in the lender (this was denied by a spokesman for the Dangote Group.) According to them, the business guru could move the bank accounts of some of his numerous companies to the new lender and also use his formidable connections to attract other high net worth customers to it. The experts pointed out that STB’s CEO, Jibrin, as well as some members of the bank’s management team have several years of

mortgage banking experience. In fact, STB began operations in 2009 as SunTrust Savings and Loans Limited, a mortgage bank. Commenting on the issue, a management consultant, Mr. Emmanuel Dike, said: “From what we know about the new bank and its key people, they appear to have done their homework. Cost is a huge problem for the industry in this difficult period and going by the business model that they have developed, they stand a good chance of significantly reducing costs. Also, going into retail banking from mortgage banking enables them to diversify into new markets and build a sustainable and competitive business model for the future.” He also argued that the regional banking licence, which the bank applied for and got meant that the lender, at the outset, had already reduced its costs. CBN guidelines stipulate that a regional bank must have a share capital of at least N10 billion and operate within a minimum of six states and a maximum of 12 states in two geopolitical zones in the country. Dike pointed out that the SouthSouth and South West regions where STB is licensed to do business have the highest concentration of businesses in the country thus ensuring a ready pool of potential new customers for the bank.

ited, Mr. Bisi Onasanya, identified infrastructure and lack of strong relationships across customer segments as some of the challenges militating against the growth of retail banking in Nigeria and other African countries. Although he described the continental retail banking space as big and getting bigger, he said: “There is no doubt that we would need to find more creative ways to tease value out of this space, especially in the light of strong and growing competition, including from non-bank actors.” According to Onasanya, the main retail banking challenge, which service providers face, is one of building strong relationships across all customer segments and along each customer’s value chain. “To this challenge, the following questions present themselves. Do we have enough traction, in terms of our infrastructure endowments to drive these process alterations? Are there cultural processes or values that may assist or hinder use of personal data to drive new levels of customer engagement? Are local governance arrangements for data use as strong on customer privacy on the continent as they are elsewhere? What do operators have to do to strengthen the process for collecting, storing, and retrieving data in ways that re-assure our markets to part with these?” he stated. Also, an Assistant General Manager at a Tier one bank said that while the banking industry had made progress in retail banking, any new entrant planning to use financial technology to drive the business would find the whole process quite expensive. He said: “Deploying financial technology can actually make a lot of difference in terms of reducing costs but it is very expensive to acquire and replace equipment. Our biggest problem in this country still remains inadequate power supply and the high incidence of fraud in the system.” He argued that while branchless banking was where the industry was headed globally, bank branches would still be needed in most parts of Africa for many years to come.

Challenges However, many experts contend that despite its exciting prospects, retail banking in the country still faces critical challenges that would impact lenders, which embrace it. For instance, speaking at the West Africa International Retail Banking Dialogue in July last year, former Group Managing Director and Chief Executive Officer, First Bank of Nigeria Lim-

Conclusion Indeed, although analysts often cite a report by PricewaterhouseCoopers entitled: “Financial services technology 2020 and beyond: Embracing disruption”, which says that technology-driven forces will shape competition in the financial services industry by 2020, they believe that prediction does not apply to Nigeria mainly because of the country’s antiquated infrastructure.

CBN Governor, Godwin Emefiele

Any new entrant planning to use financial technology to drive the business would find the whole process quite expensive

BUSINESS |MONEY

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Analysts project -11% decline in banks’ 2016 profits FORECAST Union Bank and GTBank recorded increased PBT in half year results Tony Chukwunyem

s reactions continue to trail the half year results so far announced by banks, analysts at Financial Derivatives Company (FDC) Limited have projected that Profit Before Tax (PBT) in the industry would: “decline on an average to -9per cent and -11per cent for full year 2016.” In a note obtained by New Telegraph, the experts hinged their forecast on regulatory headwinds, the introduction of the Treasury Single Account (TSA), Nigeria’s slowing economy and naira depreciation.

They noted:“For most part of the year, banking liquidity was affected by further tightening by the Central Bank of Nigeria’s (CBN) policies through the increase in rates and the increase in Cash Reserve Ratio (CRR). There was also the introduction of the Treasury Single Account (TSA), which saw most of the cheap funds leave the banking system. Another major event for banks was the further reduction of Commission on Turnover (COT). All of these put further pressure on the earning ability of banks for the period.” Besides, the experts noted: “There were also issues of capital adequacy as industry asset quality deteriorated. This was reflected in the increase in loan loss expenses and Non Performing Loans (NPL) ratios. Mounting pressures on asset quality increased due to exposure to distressed sectors – power, oil

and gas - which on the average accounted for about 26 per cent of the total loan book size of the Nigerian banking sector. Industry NPLs rose from 3 per cent in 2014 to 5.5 per cent in 2015. …All of these contributed to a negative outlook on banking sector earnings for the year.” They also predicted that the tough business environment will also, in future, lead to a divergence in earnings between Tier 1 and Tier 2 banks because, “Most Tier 2 banks tend to be more vulnerable and have a shortage of loss absorbing capital.” In addition, the FDC experts forecast that the slowing economy coupled with the depreciating naira, will make it difficult for some banks to meet their maturing bond obligations. It will be recalled that banks such as Union Bank of Nigeria PLC and Guaranty Trust Bank PLC reported improved

performances for the half year ended June 30, 2016 amidst the challenging operating environment. Union Bank’s unaudited results showed that the group recorded gross earnings of N60.1 billion, indicatng an increase of eight per cent above the N55.4 billion in the corresponding period of 2015. Net interest income rose by 18 per cent from N26.3 billion to N30.9 billion, while non-interest income grew by 25 per cent from N12.6 billion to N15.7 billion in 2016. Impairment charges went up by 100 per cent from N3.0 billion to N8.8 billion, while operating expenses was kept flat at N29.1 billion, compared with N29.3 billion in 2015. The financial institution ended the period with a profit before tax of N8.6 billion, up by 21 per cent from N7.1 billion in 2015, while profit after tax rose by same margin to hit N8.4 bil-

L-R: Director (Accounts), Ministry of Local Governments & Community Affairs, Lagos State Government representing the Head of Service, Mrs. DADA, Adebimpe; President/ Chairman of Council, CIBN, Prof. Segun Ajibola and Founder/Chief Executive Officer, Auldon Ltd, Mr. Paul Orajiaka, at the 2016 CIBN graduate induction.

‘How emerging markets can benefit from looser monetary policy’

ooser monetary policy by the world’s major central banks is driving bond yields in advanced economies to historic lows. This, in turn, is easing the strains on Emerging Markets (EMs), which have been in thrall to sizeable capital flows since the global financial crisis, according to a report by analysts at QNB Economics. The experts, however, argue that EMs should use this opportunity to reduce their fragilities and lower the risk of being at the mercy of fickle foreign capital. They said: “EMs should use this opportunity to reduce vulnerabilities and avoid repeating the mistakes of the recent past. This means three things. First, avoid excessive borrowing in foreign currency, which could become harder to service in the event of capital flight and sharp depreciation of the local currency. Second, reserves should be boosted in periods of capital inflows in order to cushion the shock of sudden capital outflow. Finally, EMs should try to alter the composition of foreign capital

flowing in. They should encourage more foreign direct investment at the expense of portfolio inflows. The former is stickier, less susceptible to sudden changes in sentiment and generates more sustainable growth rather than merely overheating asset prices. These measures offer an important avenue to prevent a repeat of recent crises.” The analysts traced the current round of monetary loosening in the West to the mid 2016 Brexit vote which led to a significant slowdown in the UK economy forcing the Bank of England to respond by cutting rates and restarting its QE programme, with further easing anticipated this year. According to the analysts: “The European Central Bank and the Bank of Japan (BoJ), are also expected to loosen policy later this year as their economies have stalled. The major liquidity injection by central banks in advanced economies is sinking bond yields to historic lows (1.5 per cent in the US, -0.1 per cent in Germany and 0.5 per cent in the UK). It is now estimated that the value of

negative-yielding bonds have risen to $13.4trillion, mainly concentrated in advanced economies. This new environment is making EMs attractive to investors again. Foreign capital is flowing back into EMs, giving them some respite.” The experts recalled that much like today, foreign capital flocked to EMs in the aftermath of the global financial crisis in 2008, noting that as the crisis hit advanced economies, their central banks responded aggressively by lowering interest rates and engaging in multiple rounds of quantitative easing. “The intervention led to a compression of yields. For example, yields on 10-year US government bonds nearly halved from an average of 3.7 per cent in 2008 to 1.8 per cent in 2012. In response, investors shifted their assets towards EMs in search of higher return. Portfolio inflows into EM debt and equity markets averaged $296 billion per year between 2009 and 2012, compared with $151 billion of annual inflows in the three years prior to 2008,” they stated.

lion in 2016, compared with N7.0 billion in 2015. Also, Guaranty Trust Bank’s half year results showed that gross earnings rose by 37 per cent to N209billion from N153billion in 2015, driven primarily by growth in fee and commission income as well as foreign exchange income. Net interest income fell marginally from N80.1billion to N79.1billion, while impairment charges surged by 530 per cent from N6.0billion to N37.5billion. However, non-interest income improved by 160 per cent from N38billion to N91.4billion in 2016. Non-interest income was the major catalyst for the upsurge in earnings, after benefiting from foreign exchange revaluation gains. The Tier one lender ended the period with profit before tax rising by 45 per cent to N91.38billion, up from N63.1billion in 2015.

Fitch updates criteria for rating Sukuk

itch Ratings has updated its criteria for rating Sukuk, which replaces the existing criteria published about a year ago. In a statement, the agency said the criteria report describes its approach to assigning and maintaining ratings for new and existing originator-backed Sukuk issues, respectively. “These criteria apply to originator-backed (or asset-based) Sukuk structures, where investors rely on obligor direct support features and contractual commitments built into the documentation. These criteria apply globally to corporates, financial institutions, sovereigns, supranationals, public finance, insurers and global infrastructure. They do not apply to asset-backed Sukuk, which rely on underlying collateral,” the agency stated. According to Fitch, its assumption under these criteria is that the structure of the Sukuk and the underlying transaction(s) provides for full recourse to the originator - as with a conventional bond issue - and solely the originator’s rating drives the Sukuk rating. The agency further stated that Sukuk analysis and ratings will reflect its view that the default of these senior unsecured obligations under the legal structure and Sukuk documentation would reflect default of the entity in accordance with its (Fitch’s) rating definitions. “Sukuk do not have a standard structure and each structure may involve different underlying contractual arrangements. As a result, each structure has to be reviewed individually to assess whether it complies with these criteria,” Fitch stated.

BUSINESS | INVESTOR

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

t is glaring that the unclaimed dividend and the hues and cries for solution have reached an alarming rate. Institutional and corporate agencies, shareholders, associations, individuals and other government agencies had at one time or the other called for research and study that would assess the problems and proffer solution to the increasing rate of unclaimed dividend. The e-dividend system of payment, which was introduced by the Securities and Exchange Commission (SEC) in a bid to address the delay associated with the verification of proceeds of public offers as well as delay encountered by investors in getting returns on their investments and reduce market infractions has not recorded desirable impact to help in the war against this menace, as some market operators have not been able to key into the initiative. However, the renewed efforts of SEC through the launch of edividend portal and other modifications by market regulators and the ongoing awareness campaign across the country, seems to be an opening at the end of tunnel. Market operators had believed the current efforts might finally stem the tide of unclaimed dividend in the country if the vigour is sustained but the ineptitude of investors to embrace e-dividend system of payment is casting damper to regulators’ intention to drastically reduce the unclaimed dividend to the barest minimum. Against the backdrop of the low compliance, SEC recently gave a directive to Registrars to stop the conventional issue of dividend warrants to shareholders on or before June 30, 2017. But some shareholders have doubted the success of the directive, sayiing that unless some bottlenecks surrounding the issue of unclaimed dividends are addressed, the ultimatum might turn out to be mirage. High rate of unclaimed dividends Reasons responsible for the growth of unclaimed dividend include issues of shareholders who have died and without information on next of kin, multiple applications by applicants during the investment process and deliberate actions to deny investors their benefit through various schemes by some registrars and companies who lack liquidity to pay. Other factors are loss of dividend warrants following poor postal system, change of mailing addresses without notifying the registrars and lack of awareness on the part of some investors. Managing Director, Crane Securities Limited, Mr. Mike Okpara Eze, who spoke to our correspondent, traced the genesis of the rising wave of unclaimed dividend to indigenisation era of the administration of General Yakubu Gowon. He noted, “During this exercise, those in position of authority who had the wherewithal, acquired shares in the privatised companies with fictitious names of their drivers, cooks, gardeners, dead brothers, dead fathers etc in such a way that when the dividends came, they were not able to claim them. Why? Because there is no such persons to claim such”. Similarly, Managing Director, HighCap Securities Limited, Mr. David Adonri, said that unclaimed

NSE trading floor

Concerns over June 2017 dividend warrants’ deadline Some shareholders of quoted firms listed on the floor of the Nigerian Stock Exchange (NSE) have expressed doubts over the reality of June 2017 deadline to end issuance of dividend warrants to investors. CHRIS UGWU writes dividends are increasing every year due to several factors. He noted that the problem started several years ago during the indigenisation exercises when several shareholders made multiple subscriptions in fictitious names whose signatures they cannot remember. Adonri noted that the affected shareholders are also unable to open bank accounts in these fictitious names for the purpose of e-dividend collection. He added that most of the unclaimed dividends are statute barred and forfeited to the companies in which case recovery by the affected shareholders may not be possible in the absence of means of identification. Need to embrace e-dividend In a bid to further enlighten investors on the e-dividend platform that was recently launched and to address the issue of unclaimed dividend recently pegged at about N90 billion, SEC early this year began a nationwide awareness campaign for investors to key into the process. Director General of SEC, Mr. Mounir Gwarzo urged investors in the Capital Market to register for their e-dividend, stressing that the Commission is committed to ensuring that investors receive their unclaimed dividends. He said. “E-dividend is very important because I believe it is going to be a major game changer, it is an issue we have had since the inception of this market whereby people buy shares and are unable to claim their dividend either because the warrant becomes stale, they change address or are living in an area that is quite far and it will take more than what the dividend warrant is worth and they will not want to go and collect it.”

That date may not be realistic; it is definitely going to be a problem getting the rural dwellers to key into the system

Current efforts Based on low compliance recorded so far and in a bid to encourage more investors into the e-platform, the Securities and Exchange Commission (SEC) last two weeks said that registrars will stop the conventional issue of dividend warrants to shareholders of companies quoted on the Nigerian capital market on June 30, 2017. The Director General, SEC, Mr. Mounir Gwarzo who stated this at the SEC Second Quarter Capital Market Committee (CMC) meeting press briefing in Lagos, said: “At CMC, we have resolved that by June30, 2017, no registrar will issue dividend warrant any longer, the market has agreed and we are going to implement it”. Gwarzo noted that the deadline was the only way to encourage people to embrace e-dividend system of payment, adding that once there is no deadline; people will be reluctant to key into the system. He said that the Commission was committed to addressing the unclaimed dividend particularly those that have spent 12 years and above, that are statute barred. Gwarzo expressed worry over slow pace on the part of investors to key into the e-dividend platform. He said: “We are still having issue with respect to e-dividend. The report NIBSS gave us was very discouraging; about 6,000 Nigerians have so far registered for the e-dividend. SEC has being in the vanguard of advocating that people go and register for the e-dividend. ‘There seems to be misunderstanding between the bank and investors, which has been resolved, now the investors can go back.

“We have resolved that now each bank will have an e-dividend champion and also for registrar companies to ensure a smooth process. We have achieved a lot of progress and we will continue the advocacy and public enlightenment on the e-dividend. “Our expectation last year was that by now we will have up to 500,000 to one million Nigerians that have registered for the e-dividend but the number of 6,000 plus is very low.” Dissenting voices Some shareholders of quoted companies listed on the Exchange have argued that the June 2017 deadline to end issuance of dividend warrants to investors might not be realistic. Reacting against the backdrop of directive by the Securities and Exchange Commission (SEC) to registrars to stop the conventional issue of dividend warrants to shareholders of on June 30, 2017, National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, said the date might not be realistic unless the regulators address the knotty issues responsible for the growth of unclaimed dividend especially the unbanked rural dwellers. Reacting to the development in a chat with New Telegraph, Nwosu said: “ If SEC is giving such an order, there is a lot of jobs to be done, that has been compounded by Know Your Customer (KYC) of banks. Many people in those days used shares as gifts to relatives and friends, which included rural dwellers and up till now many of them have no bank accounts. All these ought to be taken into consideration before this deadline. That date may not be realistic; it is definitely going to be a problem getting the rural dwellers to key into the system. “It is estimated that we have about 10 million retail shareholders and only about 6000 have complied, this means that they need to do a lot of work and that it will take many years to achieve 80 per cent compliance”. President, Progressive Shareholders Association of Nigeria (PSAN), Mr. Boniface Okezie said the directive might not be feasible unless given a legal backing. “SEC needs to continue to lobby the National Assembly to expunge the issue of dividend warrants certificates in CAMA. The arrangement is an understanding but it is not yet a law. SEC first of all needs to do the needful by increasing awareness for e-dividend and seek the amendment of in the law. They can’t make it mandatory unless the law is amended. As long as CAMA is concerned, the ultimatum can’t work unless they are prepared for litigation. The only thing they need to do now is to keep on its enlightenment campaign to persuade investors to key into the system,” he said. Conclusion Investors’ protection and the restoration and sustenance of investors’ confidence in the market is key to attain a world class capital market, hence, it is expedient for the regulators to continue to pursue initiatives that would boost the market especially the retail investors.

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

maritime

Terminal operators groan as low cargo volume persists Concessionaires operating at the six major seaports in the country are faced with low cargo volume in their terminals, as businesses have dropped by over 50 per cent. BAYO AKOMOLAFE reports

he global economic downturn and the Federal Government’s foreign exchange policy are having adverse effect on the cargo coming into the Nigerian seaports. It was learnt that for the first time in 10 years of port concession, some operators have been forced to reduce their workforce between 20 per cent and 50 per cent in order to cope with the challenging times. It is feared that more workers might be pushed into the labour market this year if the situation does not improve across the six major seaports in the country. Affected ports The nation’s major container terminal operators, APM Terminals Apapa and Tin Can Island Complex, are also faced with the low volume challenge. At the Ports and Cargo terminal in Tincan Island Port in Lagos, container throughput had dropped by 10 per cent, while general cargo volume dropped by 50 per cent in the first half of the year. The Lagos Port complex, Port Harcourt Port, Onne

Port, Calabar and Warri Port are not left out in comparison to the corresponding period of 2015, as Nigeria’s local currency has been depreciated by over 50 per cent in 18 months. Terminal operators in the ports outside Lagos have not fared better. All the three major operators in Calabar Port put their capacity utilisation at a meagre 25 per cent. The challenges The situations at the terminals in Tincan Island Port are even more pathetic. Terminals such as Joseph Dam, Five Start Logistics and Port and terminal Multi-services Limited (PTML) have lost over 50 per cent of their cargo. For instance, Five Star Logistics and PTML have lost over 50 per cent and 70 per cent of their Roll- on Roll off vessel and cargo traffic respectively, due to the dollar scarcity and the illconceived National Automotive Policy introduced by the Federal government in 2014. The most affected port is Calabar Port where cargo traffic has dropped by 75 per cent. Between January and July only 206 vessels called at the port. The Managing Director of Sifax Group, Mr. John Jenkins, linked the huge drop in cargo volume in some port terminals to the scarcity of foreign exchange. He said the failure of the Federal Government to provide the required foreign exchange to oil the wheel of the economy had posed a great challenge. He noted that his company’s subsidiary, Port and cargo Handling Services Limited recorded 10 per cent drop in container throughput and 50 per cent drop in the volume of general cargo cargoes handled at the facility

when compared with the numbers of 2015. Jenkins said that apart from the inability of importers to source foreign exchange to import cargo, electricity was also a big challenge at the port.

In the first half of 2016, only 216 vessels berthed at the port with 1.8 million tons against 165 vessels with 2.1 million tons

Cargo diversion The policy, which raised the tariffs on imported vehicles from 20 per cent to 70 per cent, led to the diversion of more than 50 per cent of Nigerianbound vehicle imports to the Port of Cotonou from where they are smuggled into Nigeria. Some of terminals such as Apapa Bulk Terminal Limited ENL Consortium, Josepdam, which handle break bulk and general cargoes, have lost about half of their vessel and cargo traffic to the prevailing economic hardship in the country. This has also affected government revenue. For instance, the Nigeria Customs Service (NCS) has shifted attention to more excisable goods such as cigarette and alcohol to generate more revenue. The service generated N385.7 billion revenue from January to June this year, whereas the revenue target for the first six months was N937 billion. This was against the N438.2 billion generated in the same period in 2015. Major constraint According to the Executive Vice Chairman of ENL Consortium, Princess Vicky Haastrup, large volume cargoes had disappeared from the once busy Lagos Port Complex. She explained that the number of ships handled from January till August, 2016 were the same figures as the ships handled in a month before the

The state of the roll-on roll-off terminal at Tincan Island Port as at Friday last week.

prevailing downturn. Haastrup said that lack of access to forex was a major constraint for the terminal operators, importers and customs brokers, adding that this had affected cargo imports into the country by at least 50 per cent. Complaints In the first half of 2016, only 216 vessels berthed at the port with 1.8 million tons against 165 vessels with 2.1 million tons in the corresponding period of 2015. The General Manager, Ecomarine Terminals, at Calabar Port, Kingsley Iheanacho, said that the terminal no longer earned revenue from yard operations, as vessels and clearing agents had deserted the port. He noted that the terminal was barely managing to remain afloat by operating skeletal services. He lamented that the management of the terminal had spent a lot of money monthly to maintain equipment at the facility. Also, other terminals such as Port and Terminal Operators Limited (PTOL) and BUA at the Rivers Port Complex in Port Harcourt and Intels at Onne and Warri ports have all been struggling in the face of declining revenue. Due to the challenges, some terminal operators have closed shops. President of the National Council of Managing Directors of Licensed Customs Agents, Mr. Lucky Amiwero, said that many Customs agents had lost their jobs and relocated to their hometowns. He said: “This is an importdependent country; so, the restriction of forex for the importation of 41 items by the Central Bank of Nigeria (CBN) has really affected port activities. We hope the government eventually reviews the restriction. This last quarter has not been impressive.” Conclusion Unless government addresses the challenges of forex and cargo diversion into the country, both government agencies and terminal operators would continue to lose revenue.

business \ maritime

NIMASA, ANLCA oppose CG as Customs board chair MODIFICATION

Stakeholders seek amendment to 58 years old Customs and Excise management Act

Bayo Akomolafe

he Nigerian Maritime Administration and Safety Agency (NIMASA), Manufacturers Association of Nigeria (MAN) and Association of Nigerian Licensed Customs Agents (ANLCA) have kicked against the Comptroller General of Nigeria Customs Service (NCS) becoming the Chairman of Nigeria Customs Service Board (NCSB) in the proposed amendment to Customs and Excise Management Act (CEMA). Rather, they said that the minister of finance should chair the board in order to create checks and balances in the system. Other stakeholders that kicked against comptroller general as chairman are the representatives of Lagos Chamber of Commerce and Industry (LCCI), National Association of Government Approved Freight Forwarders (NAGAFF) Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Council for the Regulation of Freight Forwarding in Nigeria (CRFFN) and Association of Maritime Truck Owners (AMARTO) and other private organisations and individuals. The MAN, led by its President, Mr. Frank Jacobs Udemba, in its submissions proposed that

•As CRFFN battles for recognition

the Customs Comptroller General could at most, be vice chairman of the board while the Minister of Finance should be head of Customs board. Also, ANLCA President, Prince Olayiwola Shittu, while analysing the law suggested that the minister of finance should

be retained as the board chairman. He said that ANLCA be given a slot on the board. He added that 10 per cent of the revenue collected by the Customs be given back to the clearing agents as facilitators of such revenue. Similarly, NIMASA

represented by Mr. Momoh Alhassan, demanded that the agency be placed on the board of Customs alongside Nigerian Ports Authority (NPA) and ANLCA. He said that the Nigerian University Commission (NUC) should be removed from the Customs

board and replaced with NIMASA. He said: “As far as the maritime sector is concerned, we are the only one qualified to develop capacity for operators. Cargo manifests of the Customs should be made available to all government agencies.” However, the External Solicitor for the Council for the Regulation of

Freight Forwarding in Nigeria (CRFFN); Barrister Okwudili Alagbu cautioned that the CEMA must not be reviewed without taking the council into consideration. Alagbu noted that the new CEMA should state clearly that the council should first of all license anyone seeking to practice Customs brokerage. The Customs Comptroller General, Col. Hammed Ali (rtd), in his remark stressed the need for improvement in trade facilitation, simplification, harmonisation, operations and standardisation of trade procedures.

MV Glovis Supreme made maiden voyage to Port and Cargo terminal with over 1, 400 vehicles recently.

Terminal operator begins roro service at port

multinational corporation, SIFAX Group, has launched its one-stopshop roll-on roll-off (roro) service with a total of 1,536 vehicles on her maiden voyage to Ports & Cargo Handling Service Limited terminal at Tincan Island Port in Lagos. The roro service, which is a joint-venture partnership involving the company, Auto Export Shipping (AES) and Hyundai Glovis, the logistics arm of Hyundai KIA Automotive Group,

will connect five ports in the USA to Nigeria with a direct link of approximately 19 days transit time. Stakeholders said that the service by the company would facilitate fast clearance at port . The route will connect Galveston, Jacksonville, Baltimore, Newmark, Boston, all in the United States of America to Tincan island Port in Lagos. According to the company’s Corporate Affairs Manager, Mr. Muyiwa Akande, each vessel that will berth at Ports

and Cargo Terminal would import over 1,000 second hand cars and trucks. The maiden vessel, MV Glovis Supreme, came with 1,448 cars/ vans and 88 trucks, m At the formal reception of the first vessel, MV Glovis Supreme, at the Ports & Cargo Handling Services Limited terminal in Lagos, Mr. John Jenkins, the company’s Group Managing Director, said that the roro service was part of the business expansion strategy of the company. The managing direc-

tor added that its experience in handling such service in times past coupled with its customer-focused philosophy had positioned it well to make a success of the service. He said: “SIFAX Group has a policy of exploring various opportunities to deepen our impact in the country’s economy. This partnership is designed to bring innovation, excellent service and unparalleled customer satisfaction to the roro business in the country. “Expansion of our

Shippers’ Council seeks funds to regulate ports

he Nigerian Shippers’ Council (NSC) said that it would need more funds to execute its mandate as port economic regulator. Its Executive Secretary, Barrister Hassan Bello, said this in a statement made available to New Telegraph. He explained that the added function of regulating the port was given about one and a half years back to the council. Bello noted that what was important to NSC now was how the maritime industry could become a revenue earner to Nigeria. He said that all stakeholders should come together and initiate reforms

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

•Urges SouthEast govts to support transit park in their respected jurisdictions. The executive secretary added that it was regrettable that the issue of tariff in Nigerian ports had become a big task. Bello promised to streamline the tariff structure for service. He said: “We will negotiate these tariffs and make sure that all tariffs are tied to services.” Meanwhile, the council has urged the Eastern State governments to support the development of Truck Transit Park (TTP) for the growth of the nation’s maritime industry.

Bello, who was represented by the Director Inland Trade Services, Mr. Akintunde Makinde, made the call during a presentation at the annual lecture series of the Onitsha Chamber of Commerce Industry, Mines and Agriculture (ONICCIMA) held recently in Onitsha Anambra state. In the presentation titled: ‘Sustenance of Nigeria’s Economic growth through port reforms: The Case of Onitsha Ports’, he explained that TTP was instrumental to the development of the nation’s maritime industry. He said this would help in the creation of employment

opportunities, Internally Generated Revenue (IGR) for state governments and also improve transit trade with land locked neighbouring countries. Makinde said that the TTP, a modern state-of-the art facility situated off the busy highways, was designed to provide temporary rest where truck drivers would conveniently park their vehicles in a healthy environment, get accommodation, fuel, food, rest rooms and even service their vehicles. He explained that NSC as economic port regulator was to consult, coordinate,

moderate, and harmonise the various processes and procedures with a view to achieving best practices. Makinde stressed that the important place occupied by the Eastern Zone in Nigeria’s International Trade could not be over emphasised, noting that the council would continue to view the zone as one of its viable partner in the business of Shipping and International Trade. He said port reforms no doubt holds a lot of benefits to the national economy and that of the South-East in particular, in view of the zones stake in the sector.

service base is one of the key elements of SIFAX Group business strategy for 2016. I am happy to say that our partners, agents and consignees are in for a swell time due to the volume of preparations that has gone into this new business.” The managing director said that the service would be a one-stop shop, which would include port terminal services, stevedoring, ship agency and off-dock services. Also, Acting Managing Director, Ports & Cargo Handling Services Limited, Alhaji Mohammed Bulangu, noted that the terminal, could handle general cargo, container and roro vessels under the terms of the concession agreement. He said: “Over the years, we have come to do more of containerised cargo, even though this is a multi-purpose terminal. However, the reality of the current economic situation, the need to increase revenue base and business volume, employ more staff and deliver array of topnotch services, among others, have compelled us to resume our RORO services. The terminal has all the required facilities, equipment and manpower to meet and satisfy all expectations.”

business \ maritime

WEDNESDAY, august 24, 2016 NEW TELEGRAPH

N4.9bn contrabands: Customs arrest 252 smugglers •31 containers of rice declared as yeast FRAUD Importers engaged in false declaration to short change the Federal Government, as duty charge on yeast is 5 per cent

Bayo Akomolafe

he Nigeria Customs Service (NCS) arrested 252 smugglers over contraband valued at N4.9 billion between January and June, 2016. Its Public Relations Officer, Wale Adeniyi, said in a statement in Abuja, that the amount was against the N3.1 billion seizure made in

the same period in 2015. He explained that the Cost, Insurance Freight (CIF) was valued at N4 billion while duty was N932.5 million. Adeniyi said that 252 arrests were made by the service within the period as against 240 in the same period in 2015. He noted: “The service seized goods worth a duty paid value of N4. 975 billion in six months. The total number of seizure made from January to June this year was 3,066 as against 5,485 in same period in 2015.” Adeniyi said that the increase of N1.8 billion in the duty paid value of seizure was due to fiscal policy implemen-

tation. The spokesman said: “Customs has renewed commitment to fiscal policy implementation. Rice seizures account for over 70 per cent of our seizures as we still have intelligence about thousands of metric tons landed in Benin Republic. We are raising the stakes to create huge disincentives to smuggling of rice and other prohibited products.” Also, the service has intercepted 31 containers laden with 14,000 bags of 50 kilogrammes rice declared as yeast at the Tincan Island port. The service’s Deputy Comptroller General, Dan

Ugo, said that the commodity was imported by Destiny Limited from China. He noted that the rice was ferried by Maersk Line vessel to Tincan Island Container Terminal of the port. Ugo explained that the company deliberately made false declaration in a bid to short change the Federal Government as duty charge on yeast was 5 per cent. He added that government charges 110 per cent duty and 60 per cent levy on rice. The deputy comptroller general said that the era of false declaration and debit note was over, stressing that importers with false declara-

tion of imports would be punished under the law. Ugo said: “We have told Customs agents and importers to do genuine declaration. We are all talking of trade facilitation at port.” The deputy comptroller general said some customs agents were the ones obstructing trade facilitation. Early this month, the Customs Comptroller General Hammed Ali complained about the influx of smuggled rice into the country through the land borders. He explained that the invasion of expired rice into the country through illegal routes was responsible for the strict restriction of rice importation at the land borders.

Container liners face $5bn annual loss

ontainer liners have recorded a severe revenue loss of $5billion in the last six months. According to a report by shipping research firm, Drewry, carriers profit were down 18 per cent on the same period of 2015. It noted that more aggressive cost-cutting, including new pressure on terminal Some costs, consolidation and the containers development of bigger alli- laden with rice ances, are the only option but declared as yeast at left for shipping industry. The firm said that sales Tincan Island had been contracting fast- Port er than carriers could cut costs, and unless there is a significant uptick of freight rates. It explained that the fulligeria has signed a year revenue would plunge Memorandum of Underbelow that of its lowest standing (MoU) with Sinpoint in 2009, a year when gaporean ship owners on the the industry suffered col- proposed national fleet for the lective operating losses of Nigerian maritime industry. $19billion. The firm noted the half year results of three household names in liner shipShips Terminal ping- OOCL, Hapag-Lloyd and Maersk Line last week Lady Astrid ABTL had reported interim losses of $57million, $158million Stavenger Breeze SBM and $114million respectively. The Maersk Line Chief Spring Hawk ABTL Executive officer, Soren Skou said: “Freight rates dropped in the second Han Long Ba ENL quarter of 2016 to record low levels; we made a loss Golden Oak ABTL as we were unable to reduce costs at the same speed. We are not satisfied with our Sephora GDNL second-quarter result.” Skou said that he thought Desert Spring ABTL container rates had bottomed out, given recent jumps, albeit tenuous, in Desert Hope ABTL the spot market indexes. However, he admitted that Sea Lavender ENL rates would remain under pressure for some time due to low demand and chronic HS Debussy APMT overcapacity.

National fleet: Nigeria signs MoU with Singaporean ship owners

The Federal Gover nment delegation to Singapore according to a statement, was led by the Minister of Transport; Mr Rotimi Amaechi. The pact was signed between

Nigeria and Singapore, Port Authority subsidiary shipping company, Pacific International Lines (PIL). It was learnt that the agreement with Singapore was first

Vessels expected at Lagos Port this week Tonnage

Commodity

Date

3,000tons

Base oil

23-8-2016

3,8000tons

PMS

23-8-2016

44,000tons

B/Fertilizer

23 -8-2016

8,179tons

Steel Product

24- 8-2016

12,000.895tons

Crude Palmolein

24-8-2016

24,000 tons

Salt

24-8-2016

48,000tons

B/Wheat

25-8-2016

3,1942tons

B/Wheat

25-8-2016

3,0636tons

Steel Product

26-8-2016

560FCL

Container

25-8-2016

made public about two weeks ago after a meeting of the Ministerial Committee on the reestablishment of a national carrier in Lagos. A member of the committee, Greg Ogbeifun, had disclosed that Pacific Inter national Limited had previously come to Nigeria to express willingness to have 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 completely privatelyowned and privatelydriven, but governmentsupported. So, the role of gover nment is to support, facilitate, and make it easier for the private sector to make this happen.”

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Literature

Arts

The City of Strange Smell and other stories

Our culture, tradition must be preserved – Ooni

Tony Okuyeme

t was a celebration of the rich cultural heritage of not just Lagos but also of the Yoruba, last Saturday at MUSON Centre, Onikan, Lagos, with colourful and breathtaking dance performances, and cultural display. The event was the third festival colloquium of the Lagos at 50 celebrations, themed, “Tourism Potential in Yorubaland: Landmarks, Culture & History”, and delivered by His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi Ojaja II, Ooni of Ife. Emphasising the importance of culture to socio-economic development of a nation, the Ooni said: “It is very important for our tradition to be carefully kept; and it is very paramount for our heritage to be known and to be told to the generations that are coming. “I thank the organisers of Lagos at 50 for giving me this opportunity, and or even generations yet unborn, to know the story of Lagos and to understand the culture that binds us together, to understand the tradition that is still alive today, because gradually, we are losing the value of our tradition, and it shouldn’t be.” He noted that this has been misconstrued in so many ways. “We are tagged idol worshippers; we are tagged all sorts names, but the truth be told, we are no idol worshippers. Our tradition gives all the glory, gives all the honour, and gives all the adoration to God Almighty who we know as Olodumare. That fact should be

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

National troupe performing at the event

first of all established. “Olodumare is the ultimate, the supreme being. Yes, we have lesser gods, they are messengers of Almighty Olodumare, the creator of everything on earth. He sends them out for different assignments. As we have the structure of the throne on earth, so we have in heaven. “Today, when I was coming here, I saw our culture alive; I saw our tradition very much alive; I saw our heritage very much alive. It is something that we must uphold; it is something that must be kept and carefully followed; and the same must be passed to the next generation. “It goes with the same story of how Lagos was created. If you are a student of history, you will know that all of us in Lagos, we are here because of our ancestors, what they have done, the foundation they laid for all of us to have come together in one piece and with one accord; for all of us to benefit from the creation of one of the greatest cities in the world.” According to him, Lagos is one of the greatest cities in the world. “Recently, crude oil was discovered here in Lagos, in very large commercial quantity. We haven’t seen anything yet in Lagos. “Lagos is the most accommodating city in the whole of this country. Lagos is one of the greatest stories to be told in the

It is very important for our heritage to be known and to be told to the generations that are coming

world because it has a very strong link to our culture, a very strong link to our tradition, and a very strong link to our heritage. “These landmarks of tradition and culture should be properly kept,” the Ooni said. Preceding the lecture, were series of performances including a special dance presentation by the National Troupe of Nigeria (NTN), which emphasizes both the celebration of the rich cultural heritage of the state. There were also performances by the Footprint of David, and masquerades parade and dances from Badagry axis of Lagos.

Ooni of Ife

In an interview with journalists at the event, the Artistic Director of the National Troupe of Nigeria (NTN), Dr. Akin Adejuwon said: “Today’s performance is in continuation National Troupe of Nigeria’s interface with the celebration of Lagos State at 50. Part of our performances today, we rendered an Iba, which is a celebration and paying obeisance to the place of the Ooni of Ife and the place of the Yoruba in Lagos. And as you would recall, we started the process on May 27, when this celebration of Lagos at 50 commenced officially. It is a two-pronged interface; one, it is based on the fact that Lagos State is actually the environment which our progenitor, Chief Hubert Ogunde, of blessed memory, started most of his performances here in Lagos. It was based on that recognition of Chief Hubert Ogunde’s work that he was invited, in the wisdom of the government of the day at that time, to start the National Troupe of Nigeria, in a way that it will represent the whole of Nigeria. So, National Troupe of Nigeria finds it a wonderful opportunity that our host state, Lagos State is turning 50, and based on that we have decided to interface with the Lagos at 50 committee headed by Prof. Wole Soyinka, who apart from being my mentor is an icon of the Nigerian theatre.” Climax of the event was the premiere of the movie Eko: The Blessing of Olofin. Produced by Mr. Fola Onifade and directed by Femi Ade Eketunde, popularly known as Femi Bright, ‘Eko: Iwure Olofin’ is the first in the trilogy of an epic television series about the history and heroes of Lagos. Eko: Iwure Olofin (capturing the life and times of Olofin up to the ascension of King Ado to the throne as the first king of Lagos) is the first of the trilogy. It is the story of how a brave Ile-Ife Prince left his ancestral home in pursuit of family, fame, honour and glory as was the common practice then. Olofin (Yemi Black) was told by the diviner Adifala (Peter Fatomilola) to leave Ile-Ife with his wife Ajaye (Kehinde Fasuyi) and follow a calabash on a river journey. He was instructed to settle in the land surrounding the river where the calabash sank.

ART

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

NEWS After They Left, book reading at Quintessence

he Lagos literary community will be hosted to a book reading of After They Left by Edify Yakusak. The reading is scheduled to hold on Saturday September 3, 2016, at Quintessence Gallery, Ikoyi, Lagos. After They Left is the heart-rending story of how a somewhat dysfunctional family pulls through an interethnic/religious crisis. In this intriguing tale, the author weaves in all the sides to crises and survival in Northern Nigeria. The readers becomes more than just spectators but follow in on a journey through massacre, an IDP camp, as well as a mega kidnapping/humantrafficking syndicate. The author, Yakusak, is a Lawyer with a flair for writing. She uses her novel After They Left to draw the attention of relevant authorities to find a permanent solution to the crises that have bedeviled Northern Nigeria, especially the middle belt. Some of the children in drama presentation

Propagating culture, norms amongs children

Enwonwu

SNA partners AWANSCA on art development

he stage is set for the 4th International Convention on Art and Development (CONADEV), themed: Technology and the Future of Art. The convention which is being organized by the Society of Nigerian Artists (SNA) in collaboration with the Association of Wangboje School of Creative Artists (AWANSCA), Department of Fine and Applied Arts, University of Benin, will hold from September 25 to 29 at the University of Benin, Benin City, Edo State. It features the annual general meeting of the society and a major conference drawing leading contributors in all areas of the arts—artists, curators, writers, theorists and policy makers. Other highlights of the convention include an Award and Fund Raising Dinner, which holds on Monday September 26, the SNA general elections, and the inauguration of the Nigerian Digital and Media Arts Association. According to the president of SNA, Mr. Oliver Enwonwu, the theme of this year’s CONADEV “is informed by man’s response to an increasingly globalised world, in overcoming his challenges and achieving developmental goals through rapid technological advancements.” The creative arts, he added, understandably embraces these advances in technology as artists and pedagogues are preoccupied with the on-going phenomena of inventing, expropriating, adapting, adopting, and converting diverse technologies to foster creativity in the visual, dramatic/ performance arts, musical/ auditory, writing arts, space design and architecture among others.

Muritala Ayinla

agos State Government has appealed to parents and guardians to promote Africa’s rich cultural values among their wards, saying that is the only way to ensure that the indigenous norms do not go into extinction. The government also lamented the erosion Africa’s values in the society, adding that the current economic reality is making it difficult for parents to have time to teach indigenous language and culture to the younger ones. The state’s Director of Culture and Art, Mrs. Olaitan Otulana, who disclosed this during the closing ceremony of the 2016 Summer Children Fiesta held at the Lagos State Council for Art and Culture premises, said it was disheartening that most parents do not pay enough attention to some basics cultural norms and etiquette at home. Otulana explained that Lagos State government organised the Children Summer and Cultural Fiesta for the kids to be trained on most of the ideals, traditions and norms of the African culture. This, she added, would add values to the lives of the children and their parents who do not have time to teach them cultural norms. “We discovered that in Lagos, there moral decadence among the youths. This is because both parents now have to go to work. Unlike in the past when our mother stays at home while the father goes to work. So, the mother makes sure that she takes care of us and guides us.

But today’s reality is that we no longer have that in most homes. In today’s economic reality and challenges, both parents have to go to work and who suffers? The children are left at home. Sometimes they are left with caregivers, housemaids who do not know about the children. We are all familiar with all sorts of the security risk in that today. We have decided in this ministry that our duty is to preserve our culture, propagate it, promote it and prevent it. “Part of the preservation of our culture is to ensure that our culture does not die. One of the ways to preserve our culture is through our language, traditions, ethos and etiquette as well as respect for the elderly and everything that revolves round our ways of life. But due to the cosmopolitan nature of the state, and the mode of communication, our children are finding it difficult to speak our indigenous language,” she said. Lamenting that inability of most homes to take the culture very seriously, she said Nigeria is almost at the bottom of national development due to the fact that our cultures are not taking seriously. “That’s why we are to make concerted effort to ensure that we engage our children, their parents and ensure that they speak in their traditional mother tongue. The children must be made to understand that nobody will give them an award for speaking in the way of the white. “This is the reason behind the organisation of summer children fiesta, where we have engaged them in Yoruba basics of ‘A B D....’ the numerals: ‘Okan,

One of the ways to preserve our culture is through our language, traditions, ethos and etiquette

Eeji, Eeta’ (one, two, three). They got to know of folklores, story of moral standings, etiquette and learn to say ‘thank you’ when they are given something and ‘sorry’ when you are wrong,” she added. At the ceremony, the children were also trained in art and craft making while the outstanding children were given prizes for performing excellently during the summer trainings, which the Director of Art and Culture said was more important and enduring than academic trainings. Also speaking, the Special Adviser to the Governor on Arts and Culture, Mrs. Adebimpe Akinsola reiterated the determination of the Lagos state government to explore the state’s tourism potential for economic development while also preserving the culture through training of upcoming generation. “Why we organised the event is that we have discovered that our culture is eluding us, the language is gradually going into extinction. That’s why we have to make our children understand that once man loses his language, he loses everything. “Our children nowadays don’t know how to kneel down and greet like in those days when you prostrate and kneel down for the elderly, they will praise you in what we call ‘oriki’ but today’s children don’t know anything about this. “That’s why we are bringing children together to train them on these values, norms to preserve our reach culture,” Akinshola added.

LITERATURE

The City of Strange Smell and other stories

idi Kanu and The Singing Dwarfs of The North is the latest book of the Canadian-born Nigerian, Jude Idada, who writes across genres, having won a number of awards within the creative industry, both home and abroad. He thrusts his latest work, not just on the laps of those who read, but on the shelves of those who must realize that reading children’s literature, particularly this new piece from him, would better their understanding of the world where children love to be and how they would appreciate their navigation to be achieved. In 252 pages and 16 chapters, Idada embarks on a chronological story, infusing the needed fictive techniques and spattering splashes of spicy details to whet every reader’s appetite. Children are, no doubt, the primary beneficiaries from this delicious read, but if J. K. Rowling’s Harry Potter series could have so much patronage, even from adults with penchant for magical fantasies, then this work is shoulders’ equal because its content are effortlessly relatable, characteristically fun and guarantees the ultimate satisfaction derived from a well-cooked meal. ‘The Village of Not Too Happy Beginnings’ takes the reader through the background of Didi Kanu, where she is presented as having four siblings besides her parents. Notably, the poverty that rocks their home does not prevent the parents from the love their children enjoy. Kene – their eldest child and son got educated, so as to support the family when he rounds off. This paid off when he taught Didi Kanu how to read, and by the age of six, she could read and write. Ede, the elderly man known in Didi’s home town of Obosi helps to birth her dreams when he tells stories about the singing dwarfs of the North. Dreams from stories one could say and Didi sure dreamt, but hers went a step ahead, as her waking days and sleeping nights got her acquainted with fantastical realities as presented in the work. ‘The City of Strange Smells and Crowded Streets marks another turn in Didi’s life; change enveloped her from Obosi to Lagos where she felt the brief bitter pill of dislike on her tongue. ‘The Big Aunty Who Does Not Like Small Children’ shows how cruelty towards children could damage a child, however Uncle Ikenna and his wife - Aunty Nonye are Didi’s best gifts, but Aunty Nonye’s step-mother known as Big Aunty almost destroyed the little heroine, but she failed. One could draw lessons of physical limitations of a child and the need for immeasurable love and

Book Title: Didi Kanu And The Singing Dwarfs of The North Author: Jude Idada Pages: 252 Publisher: Creoternity Books Year of publication: 2015 Reviewer: Adeniyi Taiwo Kunnu

protection for the same little one time and again. ‘To Sing or Not To Sing’ is the fourth chapter that leads to revealing the purpose of Didi’s personality and journey to Lagos. Always resorting to the songs taught her by Ede and the companionship of Kaliko – the dwarf she sees each time her eyes are closed, the heroine leads the pack in this voyage of intrigues; from the familiar to the strange and further into the better-imagined unbelievable. The fifth chapter corroborates the

Book stand

sixth because ‘When Love is Shared and Pain is Spared’, then one will have ‘The Sacrifice that Must be Made’. From sending Big Aunty away from their home because of her cruelty, to the accident that sends Uncle Ikenna into a comatose; the sudden swings of fate as well as the manipulation of fortune could not be better crafted. How many times one finds strength in the companionship of un-equals may be asked, but the answer is quickly supplied in the close-knit support that Aunty Nonye gets from little DidiKanu. A problem shared may be halfsolved, but when the one with whom it is shared is also a witness, then the feelings become cyclical. The near-death situation results in Didi’s unplanned return to the village and as one chosen to explore the depths of the unseen, strengthening the sweetness of seeming realistic fantasies, she is made to ride on the horseback of time, spiraling into the world where there is the unseen eye at the middle of creation. Life has hurdles and Didi encounters hers, because her introduction into another realm in a bid to learn a song needed for the resuscitation of her dear uncle, she faces every kind of test a seeker encounters. The instructive un-raveling in Didi’s cosmic sojourn is her repeated references to what she had seen as well as have been rightly taught by her parents, sibling and her hosts in Lagos. Idada has simply, yet dexterously given to literary enthusiasts and book lovers the world where children live, combining the reality of their fantasies in a situation where innocence can never be corrupted by the near-truths of adulterated adulthood. The pages will unfold in bright colourations, your heart will melt in addictive empathy, the discovery of your childhood will be perfectly entrenched and ultimately, you will be delivered by creative effervescence of this real writer of a fictive piece, in which there is a fictive female character who makes all things real.

What we are reading

POETRIP The Split Image is a short novel written by Olabode Lucas, a retired Professor of Crop Physiology and Nutrition at the university of Ibadan Nigeria. The book is indeed an impressive outing. Lucas has given us an exciting story, crafted in an easy, accessible language and style which make for a pleasurable reading experience. Lucas shows us how learning is not necessarily confined to one discipline; and that valuable works of art can come from an active, creative mind regardless of the author’s professional training.

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

TONY OKUYEME ARTS EDITOR

tony.okuyeme@newtelegraphonline.com

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Prof. Femi Osofisan

Lola Shoneyin

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

BUSINESS | MONEY LINE

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Expert tasks CBN, FG on support for banks

COUNSEL TSA hurts lenders

Tony Chukwunyem

gainst the background of concern over the health of the country’s banks, the Country Chief Executive Officer of a leading professional knowledge development firm, Jeff & O’Brien, Mr. Pascal

Odibo, has urged the Central Bank of Nigeria (CBN) and the Federal Government to support the banking industry. Speaking on a Channels Television business programme, Odibo argued that it was imperative for the authorities to urgently take steps to support the country’s banks especially in this period of economic contraction. He said the banks were really going through a difficult

period, adding that with the current high volume of NonPerforming Loans (NPLs) in the industry, it would be quite difficult for lenders to give loans that are critical to reviving the economy. Significantly, he called for a review of the impact of the Treasury Single Account (TSA) on banks, stating that the policy was a key reason why lenders are struggling. He said: “TSA is a good pol-

Union Bank invests N200m in human capital annually Kunle Azeez

nion Bank Plc has said it has been investing N200 million annually towards human capital development.

The bank, which disclosed this following its recognition by the Industrial Training Fund (ITF) as the “Overall Best Contributing Employer in Human Resources,” for the year 2015, said of the “selected over 8,000 contributing employers in the Lagos Island area, the bank was found to be spending an average of 200 million yearly to train its employees in addition to consistent intake of interns and students on industrial training.” The innovative financial institution was presented with the award by ITF recently. The financial institution

also carries out regular safety training for its people in accordance to the ITF training standards. “Union Bank started its transformation drive three years ago and an integral part of that transformation is looking after our people. Training is definitely a critical part of the wellbeing of the employees of any organisation and therefore, we ensure to invest a lot in the development of our people, so it is great to be recognised for the effort we put in.” said Executive Director and Chief Risk Officer, Union Bank, Mr. Kandolo Kasongo. Congratulating Union Bank on its effort, the Deputy Director and Area Manager, Lagos Island, ITF, Mrs. Dorothy Aroloye, said: “For about three years of being the Lagos Island Area Manager, Union Bank has shown consistent

interest in the development of its workers. The bank has contributed six solid training programs that generated over N6 million to the Industrial Training Fund alone. I salute the training arm of the bank for their dedication and ITF remains committed to helping Union Bank in the most positive way to further develop their human resource.” Speaking on the feat, the Executive Director and Chief Financial Officer, Union Bank, Oyinkansade Adewale, said: “We appreciate ITF immensely for this honour, this is indeed an evidence that the bank’s transformation is working. Usually, when the economy gets tough, employers are quick to discontinue training, but that is not what we do here at Union Bank because we believe that the human capital of the bank is the backbone of our success.

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$48.85 US$25,709,642,036

Mar, 2015 Mar, 2015 June, 2016 26/07/2016 Mar 2015 23/8/2016 19/8/2016

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 Tenor (Days) Call 30 90 180

FGN Bonds

TTM

Price 104.54 114.58 111.91 120.62 109.79 100.32 83.54 97.16

1.06 3.23 3.86 5.81 7.94 9.80 14.30 18.29

NIBOR

Rate (%) 4.2500 8.2420 10.1127 11.7162

Bid Yield 10.45 10.54 11.61 11.43 12.23 12.43 12.49 12.54

Change (%) -0.21 ▼ -0.87 ▼ -0.90 ▼ -0.66 ▼

Change (%) 0.07 ▲ -0.01 ▼ 0.01 ▲ -0.01 ▼ -0.04 ▼ 0.04 ▲ 0.05 ▲ 0.06 ▲

Price 104.69 114.88 112.21 120.92 110.09 100.62 83.84 97.46

Tenor (Months)

Change (%) 0.07 ▲ -0.01 ▼ 0.01 ▲ -0.01 ▼ -0.04 ▼ 0.04 ▲ 0.05 ▲ 0.06 ▲

NITTY

Rate (%) 5.1731 6.4137 7.3300 8.8857 9.6247 10.5416

1 2 3 6 9 12

Treasury Bills

Offer Yield 10.30 10.44 11.52 11.36 12.18 12.38 12.44 12.50

Change (%) -1.82 ▼ -0.82 ▼ -0.75 ▼ -0.32 ▼ 0.04 ▲ 0.04 ▲

Money Market

Maturity Date Discount Bid Yield Change (%) Discount Offer Yield Change (%) Rate (%) 30-Jun-16 7.59 7.34 7.47 -0.35 ▼ Open-Buy-Back (OBB) 3.75 7.73 -0.35 ▼ 6-Oct-16 8.37 8.12 8.47 -0.24 ▼ Overnight (O/N) 4.25 8.74 -0.24 ▼ 16-Mar-17 9.40 10.32 0.04 ▲ 9.15 10.02 0.04 ▲

Spot($/N)

Bid 199.14

Offer 199.24

Change (%) 0.00 ↔

NIFEX

Spot($/N)

Bid 199.0000

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

196.00

197.00

0.00 ↔

Offer 199.1000

Change (%) -0.08 ▼ -0.08 ▼

Change (%) 0.00 ↔

icy but we are in a recession. Banks must be supported. Pulling out sources of liquidity may be counterproductive. This is because banks deal in cash, if you pull it away, they would not be able to do anything.” Stressing that a review of the TSA policy will not affect transparency in the industry, he argued that CBN could use “simple software” to monitor the levels of MDAs’ funds with

the banks. “If the banks go down, things will get worse for the economy. So government must sit down and talk with the banks to find out what it should do to reflate the economy. The economy is contracting; it is below -0. So we have to first ensure that we get above zero,” he stated. Odibo urged the CBN to see the banks as partners that will assist it in growing the economy.

NEXIM Bank, Bauchi partner to boost export-oriented investments

he Acting managing Director, NEXIM Bank, Mr. Bashir M. Wali, has met with the Governor of Bauchi State, Mohammed Abdullahi Abubakar, to discuss opportunities for collaboration towards boosting export-oriented investments in agro-processing, and solid minerals, especially under the N500 billion Export Stimulation Facility (ESF) and the N50 billion Export Rediscounting and Refinancing Facility (ERRF). Speaking during the meeting, the NEXIM boss said that the bank was established to promote export diversification and deepening the non-oil export sector. According to him, the bank’s current strategic initiatives are targeted towards boosting employment creation and foreign exchange earnings in the manufacturing, agro-processing, solid minerals and services - tourism, transportation and entertainment sectors. This is the MASS agenda of NEXIM Bank. Wali used the opportunity to inform the governor that NEXIM Bank recently launched a N500 billion Export Stimulation Facility (ESF) and N50 billion Export Rediscounting and Refi-

nancing Facility (ERRF), which were provided as intervention funds by the Central Bank of Nigeria (CBN) to address the persistent overdependence of the economy on revenue from crude oil export. Narrating the guidelines to governor Abubakar, Wali indicated that all applications under the intervention schemes were expected to be submitted through commercial banks or other development finance institutions. After a satisfactory review of the applications in line with the eligibility criteria provided in the CBN guidelines, the PFIs will then forward such applications to NEXIM. The bank will in turn do a further review of the applications within a period of time not exceeding 20 working days before forwarding the applications to the CBN for approval and funding. In terms of cost, the ESF comes at a maximum interest rate of 7.5 per cent for shorttenored transactions spanning up to three years, and nine per cent for longer term transactions that are up to 10 years. The RRF on the other hand comes at a maximum all-in cost interest rate of six per cent.

Barclays, Standard Chartered picketed over Bidco business

ast African protesters have taken to the streets of London to demonstrate against banks that do business with Bidco Africa, highlighting the connection between global financial institutions, The Prince of Wales and widespread deforestation in Africa. Barclays and Standard Chartered saw their London headquarters picketed due to their funding of Nairobi-based Bidco, a company that cuts down thousands of acres of pristine rainforest in Uganda, and engages in human rights and tax violations in Kenya and Tanzania. According to the Bidco Truth Coalition, an activist alliance, the Banking Environment Initiative (BEI), based at Cambridge University’s Institute for Sustainability Leadership under the patronage of The Prince of Wales, is failing in its mission to lead the banking industry in collec-

tively directing capital towards environmentally and socially sustainable economic development. The BEI’s nine member banks are Barclays, Standard Chartered, Deutsche Bank, Goldman Sachs, Lloyds, Northern Trust, RBS, Santander and Westpac. By signing up to BEI’s ‘Soft Commodities’ Compact, the nine banks have committed to only direct capital towards sustainable business models and achieve zero net deforestation among their client companies. Under BEI guidelines, member banks must drop clients that don’t measure up to socially and environmentally responsible policies. Bidco Africa, which has engaged in multiple human rights, labour, tax and environmental violations, has publically stated that it does business with Barclays, Standard Chartered, Citibank, Equity Bank and Kenya Commercial Bank.

BUSINESS |FINANCIAL MARKET NEWS

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

FMDQ Daily Quotations List

23-Aug-16

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

Bonds

FGN Bonds Issuer

Rating/Agency

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

Price

Issue Date

Coupon (%)

Outstanding Value (₦’bn)

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

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

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

TOTAL OUTSTANDING VALUE

6,330.16

TOTAL MARKET CAPITALISATION

5,705.48

Rating/Agency

Agency Bonds Nil

TOTAL OUTSTANDING VALUE

Description

Issuer

17.25 FMB II 03-APR-2017

FMBN

Maturity Date

TTM (Yrs)

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

0.68 0.93 1.02 1.77 2.85 3.16 3.47 4.89 5.43 7.55 9.41 12.26 12.74 13.24 13.91 17.90 19.57

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

18.00 18.47 18.57 17.10 14.97 14.96 14.94 14.92 14.91 15.02 15.11 15.16 15.16 15.17 15.18 15.25 15.07

17.75 18.28 18.39 16.99 14.91 14.82 14.83 14.83 14.83 14.95 15.04 15.10 15.10 15.10 15.11 15.19 15.01

98.15 92.92 91.76 90.52 102.25 80.46 101.56 98.54 105.34 96.33 87.09 99.08 85.05 62.33 70.29 81.11 83.31

98.30 93.07 91.91 90.67 102.40 80.76 101.86 98.84 105.64 96.63 87.39 99.38 85.35 62.63 70.59 81.41 83.61

6285.155565

Issue Date

Coupon (%)

03-Apr-12

17.25

Outstanding Value (₦’bn)

Maturity Date

Avg. Life/TTM (Yrs)

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

0.90

03-Apr-17

0.31

2.94

18.86

99.48

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

0.65 0.61 1.35 1.17 1.18 1.36 1.37 1.55 1.76 3.25 1.83 4.26 4.35 2.59 2.61 3.16 3.38 3.23 3.34 6.46 3.49

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

18.96 23.59 20.30 19.27 19.25 21.71 21.44 21.35 19.14 16.96 17.98 16.23 18.69 18.07 16.51 16.48 18.96 15.96 17.47 16.71 17.98

94.66 94.66 92.79 94.83 94.80 92.03 91.73 92.80 94.95 93.96 95.25 91.77 89.26 93.13 96.98 97.70 94.35 101.25 100.01 100.97 97.57

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

0.10 0.17 0.29 0.65 0.87 1.10 0.78 0.88 1.05 1.05 2.10 1.15 1.49 1.36 2.21 4.23 2.73 5.24 5.35 5.72 3.89 8.10 8.10 9.28

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

15.75 16.37 16.72 21.51 23.61 20.29 20.08 21.53 24.87 19.52 17.61 22.73 23.76 21.19 20.71 15.93 18.90 17.43 15.92 15.93 17.71 16.05 16.05 16.10

99.65 99.52 99.64 96.99 94.60 93.05 99.27 95.83 94.22 96.88 93.83 93.42 93.29 94.35 90.77 97.89 93.16 89.29 101.82 101.95 95.48 101.02 87.51 94.62

10-Oct-20

2.35

3.37

19.33

91.91

0.90

TOTAL MARKET CAPITALISATION

0.90

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

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

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

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

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

57.00 11.33 25.00 23.44 4.22 9.45 7.01 18.70 12.55 80.00 20.55 87.50 5.00 3.74 3.76 14.37 4.17 4.53 27.10 3.00 7.34

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

429.75 404.98

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

TOTAL OUTSTANDING VALUE

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

13.00 NAHCO 29-SEP-2016 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018

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

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

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

15.00 5.53 112.22 116.70 66.49 20.00 0.36 3.60 1.82 0.50 35.00 1.50 0.23 4.50 20.87 2.05 9.76 26.00 30.50 30.00 10.00 0.10 15.44 7.86

536.02

TOTAL MARKET CAPITALISATION

517.16

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

1.47

1.00

16.44

92.13

Aaa/Moody's; AAA/S&P

*AfDB

11.25 AFDB 1-FEB-2021

10-Jul-14

11.25

12.95

01-Feb-21

2.69

1.00

14.20

93.72

Maturity Date

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

BBB-/Agusto

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION

14.75

9.02

9.02 8.29

Supranational Bond

TOTAL OUTSTANDING VALUE TOTAL MARKET CAPITALISATION Rating/Agency

24.95 23.19 Description

Issuer

Issue Date

Outstanding Value ($’mm)

Coupon (%)

FGN Eurobonds

Prices & Yields

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

FGN

6.75 JAN 28, 2021

07-Oct-11

6.75

500.00

28-Jan-21

6.12

5.89

102.40

103.31

5.13 JUL 12, 2018

12-Jul-13

5.13

500.00

12-Jul-18

4.43

3.94

101.23

102.12

6.38 JUL 12, 2023

12-Jul-13

6.38

500.00

12-Jul-23

6.45

6.26

99.58

100.61

100.26

TOTAL OUTSTANDING VALUE

1,500.00

TOTAL MARKET CAPITALISATION

1,516.05

Corporate Eurobonds B+/S&P

ACCESS BANK PLC

7.25 JUL 25, 2017

25-Jul-12

7.25

350.00

25-Jul-17

6.94

100.26

B/Fitch; B/S&P

FIDELITY BANK PLC

6.88 MAY 09, 2018

09-May-13

6.88

300.00

02-May-18

21.12

19.71

80.43

82.13

B+/Fitch; B+/S&P

GTBANK PLC

6.00 NOV 08, 2018

08-Nov-13

6.00

400.00

08-Nov-18

5.99

100.00

B+/Fitch; BB-/S&P

ZENITH BANK PLC

6.25 APR 22, 2019

22-Apr-14

6.25

500.00

22-Apr-19

7.73

96.50

B/Fitch; B/S&P

DIAMOND BANK PLC

8.75 May 21, 2019

21-May-14

8.75

200.00

21-May-19

22.43

73.03

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

FIRST BANK PLC ACCESS BANK PLC II FIRST BANK LTD

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

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

8.25 9.25 8.00

300.00 400.00 450.00

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

16.19 15.04 16.15

16.19 14.37 16.15

77.00 80.10 72.50

77.00 82.10 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 2,710.58 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

16.98

16.55

Commercial Papers A-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

16.80

**TREASURY BILLS^ DTM 9 16 30 44 51 58 65 72

FIXINGS Maturity 1-Sep-16 8-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16

Bid Discount (%) 14.67 15.07 14.08 16.46 14.81 14.36 14.72 15.87

Offer Discount (%) 14.42 14.82 13.83 16.21 14.56 14.11 14.47 15.62

Bid Yield (%) 14.72 15.17 14.24 16.80 15.12 14.70 15.11 16.38

Money Market

NIBOR Tenor O/N 1M 3M 6M

Rate (%) 18.7950 16.6850 17.6496 19.6825

Foreign Exchange (Spot & Forwards)

Tenor

Rate (%)

OBB

17.50

Tenor

Closing Rate ($/N)

O/N

18.58

Spot 7D 14D 1M 2M 3M

305.18 334.01 333.97 335.33 337.55 339.56

Tenor Call 1M

REPO

Rate (%) 18.50 16.00

FMDQ Daily Quotations List

23-Aug-16

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

Bonds

FGN Bonds WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH Issuer Rating/Agency

Description

Issue Date

Coupon (%)

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

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

BUSINESS |FINANCIAL MARKET NEWS

Price

Outstanding Value (₦’bn)

Maturity Date

TTM (Yrs)

Bid Yield (%)

Offer Yield (%)

Bid Price

Offer Price

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

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

0.68 0.93 1.02 1.77 2.85 3.16 3.47 4.89 5.43 7.55 9.41 12.26 12.74 13.24 13.91 17.90 19.57

18.00 18.47 18.57 17.10 14.97 14.96 14.94 14.92 14.91 15.02 15.11 15.16 15.16 15.17 15.18 15.25 15.07

17.75 18.28 18.39 16.99 14.91 14.82 14.83 14.83 14.83 14.95 15.04 15.10 15.10 15.10 15.11 15.19 15.01

98.15 92.92 91.76 90.52 102.25 80.46 101.56 98.54 105.34 96.33 87.09 99.08 85.05 62.33 70.29 81.11 83.31

98.30 93.07 91.91 90.67 102.40 80.76 101.86 98.84 105.64 96.63 87.39 99.38 85.35 62.63 70.59 81.41 83.61

More firms set to join NSE’s premium board 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

RATING SYSTEM Since the launch, the Premium Board market TOTAL MARKET CAPITALISATION capitalisation has increased to N264.5 Agency Bonds billion TOTAL OUTSTANDING VALUE TOTAL OUTSTANDING VALUE

Rating/Agency

Issuer

FMBN

Nil

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 A-/Agusto A-/Agusto Bbb-/Agusto Bbb+/Agusto Bbb+/Agusto A-/GCR

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

A-/DataPro†; CCC/GCR

*TOWER# # *TOWER UBA

Stories: Chris Ugwu

ne year after Premium Board was developed to feature companies that meet the Nigerian Stock Exchange’s (NSE) most stringent listing criteria of capitalisation, governance and liquidity, some companies currently quoted TOTAL OUTSTANDING VALUE TOTAL on theMARKET MainCAPITALISATION Board of the ExCorporate Bonds change are set to be migrated A+/Agusto; A-/GCR NAHCO A-/Agusto; A-/GCR into the board. FSDH Nil ***LCRM Nil A source at the Exchange, Nil A/GCR who disclosed thisUBAto New BBB-/GCR & I LEASING Telegraph yesterday,*C said the Nil *DANA #{r}

companies from the financial services, oil and gas and industrial goods sectors, would be migrated in no distant time subject to final confirmation by Convention on Business Integrity (CBI) Description and the Exchange. 17.25 FMB II 03-APR-2017 He, however, did not disclose the names of the companies on the ground that the process of migration was 10.00 LAGOS 19-APR-2017 13.75 BAYELSA 30-JUN-2017 yet to be concluded. 14.00 EDO 31-DEC-2017 14.00 DELTA The NSE30-SEP-2018 Premium Board 14.00 NIGER II 4-OCT-2018 09-DEC-2018 and 14.50 theEKITI associated Premium 14.00 NIGER III 12-DEC-2018 15.50 ONDO 14-FEB-2019 Board Index were launched on 15.50 GOMBE 02-OCT-2019 14.50 LAGOS 22-NOV-2019 Tuesday August 25, 2015. 14.75 OSUN 12-DEC-2019 The Board provides a 13.50 LAGOS 27-NOV-2020 15.00 KOGI 31-DEC-2020 platform for increased global 14.50 EKITI II 31-DEC-2020 15.00 NASARAWA 06-JAN-2021 visibility for eligible African 15.50 BAUCHI 9-DEC-2021 16.50 OYO 16-FEB-2022 corporates to make it easier for 16.50 BENUE 27-FEB-2022 30-MAR-2022 them17.50 toPLATEAU attract global capital 17.00 KOGI II 31-MAR-2022 17.00and CROSS RIVER 27-MAY-2022 flows reduce the cost of funding. It also provides greater investment returns 13.00 NAHCO 29-SEP-2016 for discerning investors and 14.25 FSDH 25-OCT-2016 0.00/16.00 LCRM 08-DEC-2016 portfolio managers. 0.00/16.50 LCRM II 19-APR-2017 0.00/16.50 LCRM III 06-JUL-2017 On the other hand, the 13.00 UBA 30-SEP-2017 18.00 C&I LEASING 30-NOV-2017 Premium Board Index is MPR+7.00 DANA 9-APR-2018 MPR+7.00 TOWER 9-SEP-2018 MPR+5.25 TOWER 9-SEP-2018

an equity index designed to provide a benchmark for investors looking to track the performance of large issuers 6,330.16 with excellent corporate 5,705.48 governance and sustainable business models. It will also Issue Date Coupon (%) provide a basis for developing products (such and 03-Apr-12as ETFs 17.25 equity index derivatives) that are tradable on the bourse. The pioneer issuers that are 19-Apr-10 10.00 30-Jun-10 13.75 listed on the Premium Board 31-Dec-10 14.00 are Dangote30-Sep-11 Cement Plc,14.00 FBN 04-Oct-11 14.00 09-Dec-11 14.50 Holdings Plc, and Zenith 12-Dec-13 14.00 14-Feb-12 International Bank Plc, 15.50 with 02-Oct-12 15.50 22-Nov-12 14.50 market capitalisation of N3.12 12-Dec-12 14.75 27-Nov-13 billion13.50 trillion, N112.35 and 31-Dec-13 15.00 N495.12 billion 31-Dec-13 respectively 14.50 06-Jan-14 15.00 as at August09-Dec-14 22, 2016. 15.50 17-Feb-15 16.50 According to the source, 27-Feb-15 16.50 30-Mar-15 17.50 since the launch, the Premium 01-Apr-15 17.00 27-May-15 Board Market Cap 17.00 has increased by N264.5 billion, representing eight per cent 29-Sep-11 13.00 appreciation in market cap. 25-Oct-13 14.25 09-Dec-11 0.00/16.00 The NSE20-Apr-12 Premium 0.00/16.50 Board 06-Jul-12 0.00/16.50 Index has a 30-Sep-10 four year average 13.00 18.00 return of 30-Nov-12 17.65 per cent 09-Apr-11 16.00 09-Sep-11

18.00

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

16.00 14.00 15.75

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

18.00 16.00 15.00 15.25

SEC proposes rule on unclaimed dividend AAA/DataPro†; B/GCR A+/Agusto; A/GCR Bbb+/Agusto†; BBB+/GCR†

14.00 UBA II 30-SEP-2018

*LA CASERA *CHELLARAMS#

BBB-/DataPro†; BB/GCR Nil A-/GCR A+/Agusto; A-/GCR

#{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 15.00 15.25 15.50 14.25

FCMB 6-NOV-2020 NAHCO II 14-NOV-2020 TRANSCORP 4-DEC-2020 FCMB I 20-NOV-2021

changer. It is an issue we have shall also disclose details of NAHCO ursuant to the provisions 04-Dec-15 *TRANSCORP HOTELS PLC inception of15.50 this compliance with this rule in their had since the 20-Nov-14 14.25 of Section 313(1)*FCMB (n) of the 16.45 UBA I 30-DEC-2021 30-Dec-14 16.45 UBA market, whereby people buy annual reports. 16.48 FIDELITY 13-MAY-2022 13-May-15 16.48 Investments andFIDELITY Securities 16.00 TRANSCORP 26-OCT-2022 Bbb/Agusto; A-/GCR 26-Oct-15 16.00 *TRANSCORP HOTELS PLC The unable to claim Commission, however, shares and are 182D T.bills+1.20 STANBIC IA 30-SEP-2024 A/GCR(ISA) 2007, the Securities 30-Sep-14 16.29 Act and STANBIC IBTC 13.25that STANBIC IB 30-SEP-2024 A/GCR 30-Sep-14 13.25 their dividend either because urged all comments and STANBIC IBTC Exchange Commission has pro14.90 NMRC 29-JUL-2030 AAA/GCR 29-Jul-15 14.90 *NMRC input be forwarded to the the warrant becomes stale, they TOTAL OUTSTANDING VALUE posed rule on application of 12 TOTAL MARKET CAPITALISATION years and above on unclaimed Secretariat, Rules Committee change address or are living in of the Commission or through an area that is quite far and it Sukuk dividends. than what the the office ofII 10-OCT-2020 the commission’s will take more 10-Oct-13 14.75 BBB-/Agusto *OSUN 14.75 OSUN SEC, in a circular TOTAL OUTSTANDING VALUE obtained TOTAL MARKET CAPITALISATION by New Telegraph, proposed director general, not later than dividend warrant is worth and they will not want to go and that companies and registrars two weeks from the date of Supranational Bond collect it.” 11-Feb-13 publication. 10.20 IFC 11-FEB-2018 AAA/S&P 10.20 IFC in custody of dividends, 11.25 AFDB 1-FEB-2021 Aaa/Moody's; AAA/S&P 10-Jul-14 11.25 *AfDB In an effort to further which remain VALUE unclaimed by TOTAL OUTSTANDING TOTAL MARKET CAPITALISATION shareholders 12 years after enlighten investors on the and the date of declaration Issuer or launched e-dividend platform Description Rating/Agency Issue Date Coupon (%) to address the issue of unclaimed subsequently attain the 12 years FGN Eurobonds dividend recently pegged at about threshold, frica’s largest retailer, 6.75 JAN 28, 2021 07-Oct-11 6.75 BB-/Fitch; B+/S&Pshall upon the coming N90 billion, SEC early this year BB-/Fitch; into effect of this rule transfer Shoprite Holdings, FGN 5.13 JUL 12, 2018 12-Jul-13 5.13 BB-/S&P began a nationwide awareness BB-/Fitch;monies into the Nigerian such reported cent 6.38 JUL 12, 2023 12-Jul-13 a 17 per 6.38 BB-/S&P campaign for investors to key TOTAL OUTSTANDING Capital MarketVALUE Development jump in full-year profit yesterinto the process. TOTAL MARKET CAPITALISATION Fund (NCMDF). day, shrugging off competition Director General of SEC, in South Africa and buoyed by Corporate Eurobonds The Commission added that 7.25 JUL 25,urged 2017 25-Jul-12 7.25 Mr. Mounir Gwarzo, B+/S&P ACCESS BANK PLC all companies and registrars strong sales09-May-13 in Angola. 6.88 6.88 MAY 09, 2018 B/Fitch; B/S&P FIDELITY BANK PLC investors in the capital 6.00 NOV market 08, 2018 08-Nov-13 6.00 B+/Fitch; B+/S&P GTBANK PLC shall not later than 30 days after Its thrifty stores helped it 6.25 APR 22, 2019 22-Apr-14 6.25 B+/Fitch; BB-/S&P ZENITH BANK PLC to register for their e-dividend as secure a South 8.75 May 21, 2019 21-May-14 8.75 B/Fitch; B/S&Pof every calendar DIAMOND year BANK PLC the end African market 8.25 AUG 07, 2020 to 07-Aug-13 8.25 is committed B-/Fitch; B/S&P FIRST BANK PLC forward a II the Commission per cent in June, 9.25/6M USD LIBOR+7.677 JUN 24, 2021 share of 32.8 24-Jun-14 9.25 B-/Fitch; B/S&P to the Commission ACCESS BANK PLC ensuring that investors receive 8.00/2Y USD SWAP+6.488 JUL 23 2021 23-Jul-14 8.00 B-/Fitch; B/S&P FIRST BANK LTD report of unclaimed dividends in a company record, Chief 8.75 AUG 14, 2021 14-Aug-14 8.75 B-/S&P ECOBANK NIG. LTD their unclaimed dividends. TOTALcustody OUTSTANDING VALUE their , which shall specify Executive, Whitey Basson, TOTAL MARKET CAPITALISATION He said: “e-dividend is very compliance with Sub Rule (1) of said, as the chain kept costs important because I believe tight and subsidised certain this Rule. Description Rating/Agency Issuer Issue Date Yield @ Issue (%) According to SEC, companies it is going to be a major game basic foodstuffs to keep the Commercial Papers Bbb/Agusto; A-/GCR BBB/GCR A/GCR BBB/GCR

versus the All Share Index (ASI) return of 11.31 per cent over the same period and has outperformed the ASI by over 15 per cent since its launch in August 2015. “The Premium BoardAvg.isLife/TTM well Outstanding Maturity Date (Yrs) Value (₦’bn) positioned to enshrine greater corporate governance of listed 0.90 03-Apr-17 0.31 0.90

issuers in Nigeria and across Africa. Listed issuers on the Premium Board will enjoy the highest level of visibility and 6285.155565 appeal to investors looking for large issuers with the highest Risk standards corporate Valuationof Modelled Price Premium Yield (%) (%) governance and disclosures,” he 2.94noted. 18.86 99.48 #

Stock market records marginal loss 0.90

57.00 11.33 25.00 23.44 4.22 9.45 7.01 18.70 12.55 80.00 20.55 87.50 5.00 3.74 3.76 14.37 4.17 4.53 27.10 3.00 7.34

0.65 0.61 1.35 1.17 1.18 1.36 1.37 1.55 1.76 3.25 1.83 4.26 4.35 2.59 2.61 3.16 3.38 3.23 3.34 6.46 3.49

ctivities on the floor of the Nigerian Stock Exchange (NSE) yesterday slipped into the red zone as shares of highly capitalised stocks closed on downwards. Overall market performance indicators, the NSE All Share Index and market capitalisation, each declined 429.75 404.98 marginally by 0.006 per cent. Consequently , the All-Share 15.00 29-Sep-16 0.10 5.53 shed 1.78 25-Oct-16 0.17 or Index basis points 112.22 08-Dec-16 0.29 116.70 0.65 0.006 per cent to19-Apr-17 close at 27,810.28 66.49 06-Jul-17 0.87 30-Sep-17 1.10 per20.00 share as against 27,812.06 0.36 30-Nov-17 0.78 recorded the previous day while 3.60 09-Apr-18 0.88 1.82 09-Sep-18 1.05 the 0.50 market capitalisation of 09-Sep-18 1.05 35.00 30-Sep-18 2.10 equities depreciated marginally 1.50 18-Oct-18 1.15 0.23 billion 17-Feb-19 by N1 or 0.006 per1.49 cent 4.50 01-Apr-19 1.36 as market sentiments returned 20.87 06-Nov-20 2.21 2.05 14-Nov-20 4.23 bearish. 9.76 04-Dec-20 2.73 26.00 20-Nov-21 5.24 Meanwhile, a turnover of 30.50 30-Dec-21 5.35 30.00 13-May-22 exchanged 5.72 182.2 million shares 10.00 26-Oct-22 3.89 0.10 8.10 in in 1,109 deals 30-Sep-24 was recorded 15.44 30-Sep-24 8.10 the 7.86 day’s trading. 29-Jul-30 9.28 536.02 The bBanking sub-sector 517.16 of the financial services sector was the most active during the 9.02 10-Oct-20 2.35 day9.02 (measured by turnover 8.29 volume) with 127.3 million shares exchanged by investors 12.00 1.47 in 3,113 deals. 11-Feb-18 12.95 01-Feb-21 2.69

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

18.96 23.59 20.30 19.27 19.25 21.71 21.44 21.35 19.14 16.96 17.98 16.23 18.69 18.07 16.51 16.48 18.96 15.96 17.47 16.71 17.98

94.66 94.66 92.79 94.83 94.80 92.03 91.73 92.80 94.95 93.96 95.25 91.77 89.26 93.13 96.98 97.70 94.35 101.25 100.01 100.97 97.57

1.00

14.20

93.72

Volume in the sub-sector was largely driven by activities in the shares of GTB Plc and Fidelity Bank Plc. Also, the premium subsector, boosted by activities in the shares of Zenith Bank and FBNH Plc, followed with a turnover of 23.2 million shares in 473 deals. The number of gainers at the close of trading session was 27 1.00 15.75 99.65 while decliners closed at 15. 1.34 16.37 99.52 1.00 16.72 99.64 S e p l a t P e t r oleum 3.55 21.51 96.99 5.25 23.61Plc led the94.60 Development gainers’ 1.88 20.29 93.05 1.88 99.27 table with20.08 a gain of 10.25 per 3.15 21.53 95.83 cent at N270.11 per 6.35 to close 24.87 94.22 share 1.00 96.88 while Forte19.52 Oil Plc followed with 1.17 17.61 93.83 22.73 93.42 a4.42 gain of five per cent to close at 6.11 23.76 93.29 3.28 21.19 94.35 Bank N170.10 per share. Wema 4.47 20.71 90.77 Plc 4.92 per cent97.89 to close 1.00 added 15.93 18.90 93.16 at3.55 N64 kobo per share. 2.51 17.43 89.29 1.00 101.82 On the15.92 other hand, Unity 1.00 15.93 101.95 2.77 17.71 the price 95.48 Bank Plc led losers’ 1.00 16.05 101.02 1.00 16.05 87.51 cent table, dropping 8.79 per 1.00 16.10 94.62 to close at 83 kobo per share. Academy Press Plc followed with 4.79 per cent to close at3.3760 kobo 19.33per share 91.91while Continental Insurance Plc trailed with a loss of 4.08 per cent to close at 94 kobo per share. 1.00 16.44 92.13

24.95 23.19

Shoprite lifts profit despite commodity crunch

A-/Agusto

TOTAL OUTSTANDING VALUE

UACN PROPERTY DEVELOPMENT COMPANY PLC

UPDC CP 18-OCT-16

18-Apr-16

FMDQ Daily Quotations List

11.00

Outstanding Value ($’mm)

Maturity Date

Bid Yield (%)

business of cash-strapped 500.00 28-Jan-21 6.12 consumers. 500.00 12-Jul-18 4.43 According to Reuters, 500.00 12-Jul-23 advanced 6.45 Africa’s most 1,500.00 economy, which accounts for 1,516.05 four fifths of the company’s sales, is forecast by the central 350.00 25-Jul-17 6.94 300.00 bank to show 02-May-18 zero growth21.12 this 400.00 08-Nov-18 5.99 year, but Basson still sees room 500.00 22-Apr-19 7.73 22.43 for 200.00 growth for21-May-19 the company . 300.00 07-Aug-20 16.19 400.00 are not 24-Jun-21 15.04 “We worried about 450.00 23-Jul-21 16.15 14-Aug-21 the250.00 South African market 12.23 3,150.00 maturing,” he said in a webcast 2,710.58 after pointing out that Shoprite Outstanding DTM in had opened Maturity a netDate 49 stores Value (₦’bn) 2016 in its home market and 16.80

18-Oct-16

Offer Yield (%)

Bid Price

Offer Price

Prices & Yieldsto open another was planning 5.89 over the 102.40next two 103.31 111 years. 3.94The 101.23 102.12 retailer trades in 6.26 other 99.58 14 countries 100.61 on the continent, and, despite weaker economic growth due to lower commodity prices, sales in this 6.94 100.26 100.26 19.71 80.43 segment expanded by82.13 32.6 per 5.99 100.00 cent compared with 100.00 10.9 per 7.73 96.50 96.50 22.43 73.03 73.03 cent at home. 16.19 77.00 77.00 14.37 80.10 two 82.10 Africa’s largest oil 16.15 72.50 72.50 producers, Angola and 11.76 84.88 86.63 Nigeria, were hit by foreign exchange shortages as Risk Valuation Discount Rate (%) Premium earnings from crude sales Yield (%) (%) collapsed. #

2.03

16.98

16.55

23-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 FIXINGS Money Market Foreign Exchange (Spot & Forwards) investment advice. We attempt to ensure the Information is accurate; however, the Information is provided “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up to date. We do not guarantee the accuracy, timeliness, completeness, DTM Maturity Bid Discount (%) Offer Discount (%) Bid Yield (%) Tenor Rate (%) NIBOR performance or9fitness for a particular purpose of any of the Information, neither results of any action14.72 taken on the basis of the Information. 1-Sep-16 14.67do we accept liability for the 14.42 OBB 17.50 Tenor Closing Rate ($/N)

**TREASURY BILLS^

16 30 44 FGN Bonds 51 58 65 72 Rating/Agency 86 100 107 114 128 135 149 163 177 184 191 205 212 226 240 254 261 282 296 310 317 324 331 338 345 TOTAL OUTSTANDING

8-Sep-16 22-Sep-16 6-Oct-16 13-Oct-16 20-Oct-16 27-Oct-16 3-Nov-16 Issuer 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 23-Feb-17 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 29-Jun-17 6-Jul-17 13-Jul-17 20-Jul-17 27-Jul-17 3-Aug-17

VALUE

15.07 14.08 16.46 14.81 14.36 14.72 15.87 Description 14.38 15.54 15.10 27-APR-201712.83 9.85 27-JUL-2017 14.20 14.62 9.35 31-AUG-2017 17.12 10.70 30-MAY-201814.87 17.76 ^16.00 29-JUN-2019 16.01 7.00 23-OCT-2019 16.23 ^15.54 13-FEB-2020 17.80 14.50 15-JUL-2021 16.70 16.15 ^16.39 27-JAN-202217.94 15.13 ^14.20 14-MAR-2024 ^12.50 22-JAN-202617.68 15.76 15.00 28-NOV-202817.97 12.49 22-MAY-202916.28 8.50 20-NOV-2029 16.86 18.05 ^10.00 23-JUL-203016.17 ^12.1493 18-JUL-2034 16.34 ^12.40 18-MAR-2036 16.67 16.46

14.82 13.83 16.21 14.56 14.11 14.47 15.62 Issue Date 14.13 15.29 27-Apr-12 12.58 13.95 27-Jul-07 14.37 31-Aug-07 16.87 30-May-08 14.62 17.51 29-Jun-12 15.76 23-Oct-09 15.98 13-Feb-15 17.55 16.45 13-Jul-16 15.90 27-Jan-12 17.69 14.88 14-Mar-14 17.43 22-Jan-16 15.51 28-Nov-08 17.72 16.03 22-May-09 16.61 20-Nov-09 17.80 23-Jul-10 15.92 18-Jul-14 16.09 18-Mar-16 16.42 16.21

15.17

14.24 Bonds 16.80

15.12 14.70 15.11 16.38 Coupon (%) 14.89 16.23 15.10 13.33 14.86 9.85 15.41 9.35 18.27 10.70 15.83 19.29 16.00 17.36 7.00 17.67 15.54 19.62 18.43 14.50 17.82 16.39 20.18 16.80 14.20 20.16 12.50 17.76 15.00 20.87 18.75 12.49 19.68 8.50 21.40 10.00 18.88 12.1493 19.19 12.4000 19.72 19.50

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

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

Nil

TOTAL OUTSTANDING VALUE

FMBN Modified Duration Buckets

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

O/N

18.58

REPO

Outstanding Maturity Date Value (₦’bn) NITTY 480.13 27-Apr-17 Tenor Rate (%) 1M 14.4086 20.00 27-Jul-17 2M 15.8881 100.00 31-Aug-17 3M 17.3008 300.00 30-May-18 6M 17.5667 9M 18.8604 351.30 29-Jun-19 12M 20.2340 233.90 23-Oct-19 606.43 13-Feb-20 179.59 15-Jul-21 NIFEX 605.31 27-Jan-22 Current Price ($/N) 719.99 14-Mar-24 NIFEX Rate 335.2500 391.02 22-Jan-26 75.00 28-Nov-28 150.00 22-May-29 200.00 20-Nov-29 591.57 23-Jul-30 1075.92 18-Jul-34 250.00 18-Mar-36

Tenor Call TTM1M (Yrs) 3M 6M

Rate (%) 18.50 16.00 Bid Yield (%) 16.50 17.00

Spot 7D 14D 1M 2M Offer3M Yield 6M (%) 1Y

0.68 18.00 17.75 18.47 18.28 NOTE: 0.93 1.02 18.57 18.39 :Benchmarks 1.77 Bond 17.10 16.99 * :Amortising µ :Convertible 2.85 Bond 14.97 14.91 AMCON: Asset Management Corporation of Nigeria 3.16 Government of14.96 14.82 FGN: Federal Nigeria 3.47 Mortgage Bank 14.94 14.83 FMBN: Federal of Nigeria IFC: International Finance Corporation 4.89 14.92 14.83 LCRM: Local Contractors Receivables Management 5.43 14.91 NAHCO: Nigerian Aviation Handling Company14.83 7.55 15.02 14.95 O/N: Overnight UPDC: UAC 9.41Property Development 15.11 Company 15.04 WAPCO:West Africa Portland Cement Company 12.26 15.16 15.10 12.74 15.16 15.10 13.24 15.17 15.10 13.91 15.18 15.11 17.90 15.25 15.19 19.57 15.07 15.01

6,330.16

305.18 334.01

333.97 Price

Bid Price

335.33 337.55 339.56 Offer 344.84 353.50

Price

98.15 98.30 92.92 93.07 91.76 91.91 NA :Not Applicable 90.52Prices 90.67 ^ : Market # : Floating 102.25Rate Bond 102.40 ***: Deferred coupon bonds 80.46 80.76 DTM: Days-To-Maturity 101.86 TTM: 101.56 Term-To-Maturity ‡ : Bond rating under review 98.84 98.54 †: Bond rating expired 105.34 105.64 N/A :Not Available {r} :Issuer 96.33in receivership 96.63 NGC: Nigeria-German Company 87.09 87.39 UBA: United Bank for Africa 99.08 99.38 85.05 85.35 62.33 62.63 70.29 70.59 81.11 81.41 83.31 83.61

6285.155565

Outstanding Issue Date Coupon (%) Value (₦’bn) FMDQ FGN BOND INDEX

Description

Issuer

Agency Bonds

Rate (%) 18.7950 16.6850 17.6496 19.6825

5,705.48

Rating/Agency

Tenor O/N 1M 3M 6M

17.25 FMB II 03-APR-2017

Porfolio Market Value (₦’bn)

<3 3<5 >5 Market

956.76 1,331.17 1,288.46 3,576.39

Total Outstanding Volume (₦’bn)

957.73 1,325.30 1,667.49 3,950.52

03-Apr-12 Weighting by Outstanding Volume 24.24 33.55 42.21 100.00

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

17.25 Weighting by Mkt Value 26.75 37.22 36.03 100.00

10.00 13.75 14.00 14.00 14.00 14.50 14.00 15.50 15.50 14.50 14.75

0.90

Bucket Weighting

0.90 0.90

57.00 11.33 25.00 23.44 4.22 9.45 7.01 18.70 12.55 80.00 20.55

0.24 0.34 0.42 1.00

Maturity Date

Avg. Life/TTM (Yrs)

% 03-Apr-17 Exposure_ Mod_Duration

Implied Yield

13.14 28.99 57.87 100.00

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

0.31

15.72 14.97 15.23 15.22

0.65 0.61 1.35 1.17 1.18 1.36 1.37 1.55 1.76 3.25 1.83

# Risk Premium (%)

Valuation Yield (%)

Modelled Price

2.94 Implied Portfolio Price

INDEX

18.86

99.48 YTD Return (%)

132.3535 146.2258 106.8818 126.2559

1.00 5.71 2.39 1.00 1.00 3.82 3.56 3.82 2.02 2.01 1.00

1,204.11 1,267.69 1,288.57 1,202.29

18.96 23.59 20.30 19.27 19.25 21.71 21.44 21.35 19.14 16.96 17.98

94.66 94.66 92.79 94.83 94.80 92.03 91.73 92.80 94.95 93.96 95.25

8.6890 25.1951 27.9592 13.9409

News|SOUTH-WEST

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Amosun backs call for restructuring Johnchuks Onuanyim Abuja

he Ogun state governor, Senator Ibikunle Amosun yesterday stated that marginalization and violation of the provisions of the country’s constitution were responsible for the agitation for restructuring. The governor who addressed participants of Course Nine (9) of the Executive Intelligence Course of the Institute of Security Studies in Abuja however threw his weight behind restructuring that would not split the country but would allow for equal distribution of projects, dividends of democracy and a review of the

revenue allocation formula. The governor lamented that his state which had the highest number of industries in the country, contributing significantly to the revenue generation efforts of the government, was placed 25th in terms of revenue sharing. He said: “I believe that if our institutions had been strengthened, people will not need to call for the restructuring of the country at all because we will abide by our constitution. But you have a scenario where people do what they like, even in project distribution, dividends of democracy among others. “Look at fiscal federalism, if you had followed

what is in the Constitution and everybody believe that the institution is greater than all of us, we will not be where we are today. So, for me, any restructuring that will affect the unity of the country, I am not for it. “But a restructuring that will say, there are certain thing that just has to be done differently, I want that to happen. For example, in Nigeria today, Ogun state has the largest number of industries, but when the money is being distributed from the federation account, the state is placed about the 25th position. These are indices that have been taken several years back and probably not in relation with what you contribute to the

federal purse. “For me, that is restructuring and maybe reforming the revenue allocation formula, or people calling for state police. I have said I will support state police, but that does not mean we will not have federal police. “It is just about making amend in some areas, but not things that will uproot our existence as a nation and those things that divide us. We should talk more and dwell more on things that hit us as a nation. It is even in diversity that we have our strength.” On his efforts to improve the state revenue, Amosun said “when we came on board, we introduced cashless.”

Ekiti State Governor, Ayo Fayose (middle), with others, during the celebration of Udiroko festival held at the palace of Ewi of Ado Ekiti… yesterday

Two Oyo chiefs sue IGP over refusal to probe Alaafin Sola Adeyemo Ibadan

new twist was yesterday added to the faceoff between the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi and two of his traditional Chiefs in Oyo town, Jacob Oluokun and Sulaiman Ajiboye Ishola . The duo of Oluokun and Ishola have dragged the acting Inspector-General of Police, Mr. Ibrahim Idris, before a Federal High Court, Ibadan division on allegation of contempt arising from his refusal to carry out a lawful order of the court. The applicants, who are both indigenous of Isale Oyo in the ancient town, asked the court to commit the police boss to prison for allegedly refusing to obey an order of court which had directed him to investigate the monarch over some criminal allegations levelled against him by the traditional Chiefs. In the suit marked. FHC/ CS/54/2014, the applicants, in form 49 (committal to prison), filed by their counsel, Mr. Abiodun AbdulRaheem, urged the court

Lagos schools record improvement in 2016 results Adebule spoke at a three-

Muritala Ayinla

Oyo approves creation of 35 LCDAs Sola Adeyemo Ibadan

or effective grass roots development, Oyo State Government yesterday announced the approval of creation of 35 Local Council Development Areas from the existing 33 council areas in the state. Chief of Staff to Governor Abiola Ajimobi, Dr. Gbade Ojo, while speaking with journalists during a press briefing in Ibadan yesterday, said the move was in accordance with the advice of the state House of Assembly, which stated that for effective grass roots development, creation of the LCDAs was vital. Under the new council arrangement, Ibadan zone

will get 14 councils while Ibarapa zone will have two more councils. Four councils will be added to Oyo zone, while Ogbomoso zone will get seven and OkeOgun area will have an addition of eight. Presently, Oyo State has 33 council areas but with the new move, the state will be divided into 68 council areas, with 35 new council having LCDA status. Ojo said: “The Oyo State House of Assembly on June 16, 2016, deliberated on a motion entitled ‘The need to establish local council development areas for effective grass roots development’. “In line with the resolution reached, Governor Ajimobi constituted a commit-

tee to work out modalities for the creation of LCDAs. Having given its report to the State Executive Council meeting on August 21, 2016, the council approved the recommendations of the committee that a total of 35 LCDAs be created in the state for now.” Ojo said a gazette of the state dated August 13, 2002, had recommended the creation of 35 LCDAs but with the nomenclature of local government which might lead to constitutional con-

frontation with the federal government. The latest move therefore is an activation of the gazette with modification to the status of the new councils. During the briefing, the state Commissioner for Local Government and Chieftaincy, Mr. Bimbo Kolade, assured on the financial capability of the new LCDAs, while the state Commissioner for Information, Culture and Tourism, Mr. Toye Arulogun, commended the citizens for their support.

-22.15% £206,074

The percentage by which the Healthcare Sector of the NSE dropped for Jan – Dec 2014. Source: Nigerian Stock Exchange

The weekly salary of Luis Alberto Suarez of Barcelona in 2014/2015. Source: Paywizard.co.uk

Why we’re re-positioning broadcast stations, by Ambode

agos State Governor, Mr. Akinwunmi Ambode yesterday explained why his administration was embarking on an aggressive repositioning of broadcast stations in the state. This, he described as a strategy to empower media outfits to compete favorably with the best in the world.

He pledged to add to the existing stations, saying the state would soon celebrate the birth of new broadcast machinery. Governor Ambode, who spoke while declaring open the 65th General Assembly of the Broadcast Organisations of Nigeria (BON) held in Lagos, said his passion for

the information platforms was second to none as this had nonetheless propelled him to push for massive investment aimed at reenergizing the broadcast stations in the state. He said: “As an administration, we are committed to re-energizing, re-positioning and re-engineering our broadcast

stations by strengthening their operations with the provision of cuttingedge technology that will stand them out amongst their peers around the world. “I must confess here that as a governor, my passion for the information platforms is very high.”

to compel the IGP to show cause why he should not be committed to prison after he/his office had refused to investigate criminal allegations levelled against the Alaafin of Oyo, Oba Lamidi Olayiwola Adeyemi 111as ordered by the court in its ruling of December 15, 2014. The committal proceeding was filed by Abdul-Raheem on August 22. Form 48 was served on the former IGP, Solomon Arase in June last year, warning him of the consequences of disobeying court order. The order relied upon by the applicants was issued on December 15, 2014 when Justice N. Ayo-Emmanuel has issued an order of Mandamus, compelling the police boss to investigate allegations of crime contained in a letter signed by the applicants and dated March 18, 2014, with the title ‘Unprecedented Criminality, Flagrant Human Rights violation, Bomb planting, Gun running and unresolved assassinations in Oyo town, Oyo state’, and delivered to his office on April 17, 2014. No date has been fixed for the hearing of the suit.

he Lagos State Government yesterday said that its efforts to raise the standard of education in the state is yielding positive results as pupils and students record improved results in the 2016 Basic Education Certificate Examination (BECE) and Placement Test into the State Junior Secondary Schools conducted recently. This was even as the Deputy Governor, Dr Idiat Adebule reiterated the state government’s commitment to a continuous and more robust strategy to improving and ensuring a functional education system in the state.

day Medium Term Strategy Retreat on the Year 2017 Budget Framework and the 2016 Budget Review for the education sector, organised by the Ministry of Education in Lagos. Adebule said: “Governor Ambode recently approve about N10 billion for the construction and renovation of public schools which is ongoing, training of teachers and other infrastructural development. “This strategy session is important as it will assist the government to plan properly and adequately budget for the sector in the coming year to make education in Lagos State meet international standard.”

Firm threatens to file N10m suit against NSCDC Adeolu Adeyemo Osogbo

group of lawyers under the aegis of Oye Adediran and Co., Osun state yesterday threatened to sue the Nigeria Security and Civil Defence Corps (NSCDC) over an alleged assault meted out at one of them, Mr Tunde Babasola. Babasola, a lawyer in the firm was allegedly assaulted by the security operative on August 17. In a letter fired to NSCDC, the law firm asked the corps to pay

N10million or be ready to face a suit that would compel it to pay the money for the alleged criminal offence. The letter reads: “Our instruction is to demand from your command within 7 days as from today (Wednesday) to pay N10million damages and within the same period, tender unreserved apologies through this office to our client failing which the litigation fireworks are already in place to institute legal action against your command at the appropriate court of law.

News|south-east

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Declare state of emergency on states owing salaries, Enugu NLC begs FG Kenneth Ofoma ENUGU

he Nigeria Labour Congress (NLC), Enugu State chapter, yesterday called on the federal government to declare state of emergency on states that owe salary of workers beyond two months. The state chairman of NLC, Comrade Virginus Nwobodo, made the call when workers of the Enugu state joined other workers across the country to protest the alleged killings of civil servants in Nasarawa State by trigger happy policemen. The workers also appealed to the Federal Government to set up special courts to prosecute states and local governments that failed to pay salaries of workers due to diversion of allocations accruing to them. They called on both the Federal Executive Council and the National Assembly to come up with an appropriate legislation to back up the declaration of state of emergency or enforcement of payment of workers’ salaries by the states. It was observed that the workers in their

hundreds took their protest to the major streets of Enugu metropolis, chanting solidarity songs for their departed colleagues. Some of the placards carried by the protesters read: “Police leave workers Alone”, “No to Police victimization”, “Bring to book those behind the killing of our members”, “Police, Enough is Enough”, “Workers deserve their wages”, “Release our salaries and wages, and Why owe workers”. Addressing journal-

ists shortly after the rally, Comrade Nwobodo said the protest was to mourn the demise of their colleagues who were pressing for payment of their seven months arrears of salaries, stressing that the killing of the civil servants was the height of impunity and lawless in the country. “We want to state strongly that Nigerian workers cannot be slaughtered like guinea pigs to satisfy the whims and caprices of the bourgeois lords who ruined the Nigerian economy

through covetousness, greed and corruption,” Nwobodo said. He called on the Inspector-General of Police and the authority to ensure that the killers are prosecuted to serve as a deterrent to others. “Finally, we urge the Federal Government to as a matter of urgency review the economic situation in the country with a view to ameliorating and cushioning the harsh effect on the common man before it poses threat to our democracy,” he said.

Pamela Eboh AWKA

he Anambra State chapter of the Nigeria Labour Congress, (NLC), yesterday lamented the deteriorating economic situation in the country, saying that the country’s minimum wage of N18,000 could no longer buy a bag of rice. The state chairman of NLC, Mr. Jerry Nnubia stated this while addressing workers at the occasion of the remembrance of two workers in the Nasarawa State civil service allegedly killed by the police on July

29, while protesting the slashing of workers’ salary by the state government. He noted that the living standard of Nigerian workers had dropped so much that most workers could no longer fend for their families. The workers, who mourned their colleagues in black attire, marched from the NULGE office behind the state House of Assembly complex, to the popular Aroma junction along the Awka/Enugu Expressway where Nnubia addressed the workers. According to Nnubia, it was an act of wickedness for any state government to cut workers’ salary at this time

of economic hardship. He said Comrades Aliyu Abdullahi Umbugadu and Rabiu Mohammed Hamza were shot at the gate of the Government House in Lafia while waiting to hear the outcome of the negotiation between labour and the state government over the reduction of workers’ salaries in the state by Governor Tanko Al-Makura. While describing the situation as pathetic, Nnubia wondered why workers should always be the victims of every economic hardship, adding that workers were also not remembered during economic boom. His words: “It is laugh-

Jailbreak: Release names of slain inmates, says group Uchenna Inya ABAKALIKI

nother human rights organisation in Ebonyi state, Campaign for Democracy (CD), yesterday gave the Controller General of the Nigeria Prisons Service, Mr. Jafaru Ahmed, 48 hours ultimatum to release the names of prison inmates

FG agencies owe Enugu N13bn tax revenue Charles Onyekwere ENUGU

he Board of Internal Revenue in Enugu State yesterday stated that it will carry out enforcement actions against some Federal Government agencies to recover the over N13 billion being owed the state government. Chairman of the board in Enugu, Mr. Emeka Odo, stated this, adding that the current economic downturn facing the state had made it necessary to take such action. According to him, most state governments

Chairman,NLC in Anambra State, Mr Jerry Nnubia (left), addressing the state workers during a solidarity protest over the recent death of two Nassarawa State Workers, in Awka …yesterday

Minimum wage can’t buy bag of rice – NLC

killed by the prison guards during the attempted jailbreak at the Abakaliki Federal Prisons. The State Chairman of the organisation, Comrade Onu Ogbonnaya Onu, who gave the ultimatum yesterday in Abakaliki at a press briefing, said the families of the deceased and the people of the state must know the

identity of those that were killed to end the lingering anxiety and the mass movement of people to the prison in order to ascertain the identity of those killed. Onu noted that since the news of the killing spread, family members and relations of prison inmates had made frantic effort to know if their relations

able that the same salary paid when a bag of rice was sold for N9,000 is the same salary that is paid when a bag of rice is being sold for N23, 000 or more. “Our position is that any governor that cannot pay workers’ salaries should resign. Slicing workers’ salary now is not only wicked, but inhuman. And why have the governors not sliced their wages and those of their aides? “They always tell us to tight our belts while they have continued to loosen theirs to accommodate their sizes.” The chairman stressed that NLC would not relent were among the deceased but rather than get useful information from the authority, it has been harassment and intimidation. He described the situation as sad and disheartening, adding that lack of information from the authority had created panic and tension in the state as people troop to mortuary to inquire if their loved ones were among those that were unlawfully killed.

in its struggles until justice was done in Nassarawa State over the killing of the two workers, and demanded that the policemen who killed the workers should be brought to book.

were depending on the money realised from the internally generated revenue (IGR) to finance their projects and activities, stressing that Enugu State government would not allow huge amount of resources to waste. Odo expressed dismay that a few federal government agencies that enjoyed patronage from the state government would blatantly refuse to remit to the host government taxes deducted from members of their staff. He said that the Federal College of Education, Ehamufu, which owed the state government over N197 million in taxes, was among the defaulters. “The University of Nigeria, Nsukka is owing us over N10 billion; the University of Nigeria Teaching Hospital too is owing us over N3 billion; National Orthopedic Hospital, Enugu is owing us over a N131 million. “These are taxes that have been deducted but not remitted to the state government. And we are appealing to all the institutions that are owing that they should please hurry and remit these monies that have been deducted from their workers’ salaries as taxes. “They should remit this money to state government so that government can meet its obligations to its citizens,” he said. Odo said that the indebtedness had spanned over a five year period, adding that the state government would no longer condone such impunity.

Enact law against workers’ brutality, NLC tells lawmakers Uchenna Inya ABAKALIKI

bonyi State branch of the Nigeria Labour Congress (NLC) yesterday urged the state and the National Assembly lawmakers to urgently enact law against workers’ brutality by the police and other security agents when workers embark on peaceful rallies to demand their welfare. Addressing the state workers yesterday during prayer session to mark national mourning in honour of Nasarawa state workers, who were killed by security agents in a rally last month, Chairman of the state NLC, Comrade Ikechukwu Nwafor lamented that workers had continued to suffer in the hands of security agents

during peaceful rallies to press home their demands for improved condition of service, citing the killing of two workers in Nassarawa, arrest and tear-gas of labour leaders in Ebonyi as instances. He also lamented that salaries of workers in many states had not been paid by the governments, with some states paying the workers half salaries. “What happened to our two late colleagues may happen to any of us going by the wicked onslaught and unprovoked attacks on workers by the police especially when they gather to ask for their legitimate rights. “Police in Ebonyi State on May 19 rounded up harmless peaceful workers demonstrating against the hike in electricity tariff and fuel prices.”

NEWS | south-south

wednesday, august 24, 2016 NEW TELEGRAPH

Dickson: Current crisis’ll reposition PDP ahead of 2019

Chris Ejim Yenagoa

ayelsa State Governor, Seriake Dickson, yesterday described the current crisis rocking the Peoples Democratic Party (PDP) as a necessary phase of self-discovery. According to him, the crisis would reposition the party for victory in subsequent general elections in the country. Dickson stated this in an interview with journalists shortly after conducting the Ondo State 2016 gubernatorial primary election in which Eyitayo Jegede (SAN) emerged as the party's flag bearer. The governor said although what was happening in the PDP was not ideal, he expressed hope that the party would come out of the crisis stronger and united to re-invent a more prosperous Nigeria.

While commending the flag bearer and his co-contestant, Hon. Saka Lawal, for their show of maturity and love for the party, the governor urged Nigerians and the PDP faithful not to despair in the face of the ongoing crisis, stressing that the party had what was required to get over it and provided a credible alternative in solving the socio-economic problems of the country. The governor, who is the chairman of the electoral committee, also lauded the delegates and leaders of the party in the state, particularly Governor Olusegun Mimiko, for providing purposeful leadership for the state and the party. He said: "The PDP is going through an unfortunate phase. But as some say, it is an unnecessary phase of self-discovery and it is the first time the PDP has found itself in opposition. And now,

without the centre, we are grappling to re-discover ourselves. “The various players and party generally are adjusting to our new role as a party in opposition. Let me therefore use this opportunity to call on Nigerians and party faithful not to lose hope even though what is going on is not ideal. But we hope to get over it and then give Nigerians what they are yearning for and that is to provide a credible alternative for a new Nigeria.” Also speaking, the Ondo State Governor, Dr. Olusegun Mimiko and the Speaker of the State House of Assembly, Hon. Jumoke Akindele, commended the Governor Dickson-led electoral

£400,000

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

panel for conducting what they described as the most transparent and freest primary election in the annals of the party in recent times. He particularly appreciated Governor Dickson for bringing his integrity to bear on the conduct of the primaries, noting that the transparent and fair manner the election was held showed the seriousness with which the PDP was addressing its challenges with a view to recapturing power at the centre in 2019. Making reference to his achievements in the state in the last seven years, Mimiko expressed optimism that the PDP would win the Ondo State governorship poll slated for November this year convincingly. In their separate speeches, the PDP standard bearer, Eyitayo Jegede (SAN) and his co-contestant, Hon. Saka

Candidates for the Nigeria Police Cadet writing their entrance examination at Okaka Centre in Yenagoa, Bayelsa … yesterday.

ASABA

he number of those placed on surveillance following the outbreak of Lassa fever in Delta State has increased to 40. Those who had first contact with the medical doctor that was killed by the disease three days ago, including his wife, children and driver, had

ollowing a meeting and formal signing of a Memorandum of Understanding (MoU) between the Bayelsa State Government and the Academic Staff Union of Universities (ASUU), Niger Delta University chapter, the lecturers have agreed to suspend their four-month-old strike. Addressing newsmen shortly after a joint meeting of ASUU and the officials of the state government at the House of Assembly complex in Yenagoa, Chairman of ASUU in the university, Dr. Stanley Ogoun and the state Commissioner for Information and Orientation, Hon. Jonathan Obuebite, both expressed satisfaction with the contents of the MoU, assuring the lecturers they will ensure strict compliance with the various provisions of the document as it affected them.

New Telegraph gathered that rival cult groups attacked each other, sustaining varying degree of injuries, while one of them was beheaded during the attack. Among those who lost their lives in the crisis, which forced residents to scamper for safety, included a man simply identified as Papa Obodo, who was said to have been beheaded yesterday afternoon. It was learnt that the

Lassa fever outbreak: 40 now quarantined in Delta Dominic Adewole

BENIN

Three killed in renewed bloody cult war in Edo o fewer than three people were yesterday killed in a renewed cult war involving two groups in Benin, the Edo State capital. Yesterday’s killings occurred less than one month to the state governorship election slated for September 10, raising concern among residents of the state.

Bayelsa, Niger Delta varsity sign MoU to end 4-month-old strike

Cajetan Mmuta

PHOTO: NAN

BENIN

close ranks and work for the victory of the party in the November election.

The ASUU chairman, who commended the state government’s mediating team headed by Dr. Seiyifa Koroye, said part of the agreement it reached with the government was to improve on the infrastructure and other facilities needed to properly position the university for optimum result and recognition. Ogoun, who commended the present administration for repositioning the institution, however, blamed the state of affairs in the university on successive administrations in the state, stressing that little or nothing was done to improve the infrastructure and basic needs of the university over the years. Meanwhile, Governor Seriake Dickson yesterday said the state has paid two of the four months’ salaries owed the staff of the university.

FG commences training of 360 youths in Edo

Cajetan aMmuta

Lawal, who polled 22 votes out of a total of 782 accredited voters, promised to

been quarantined. Others quarantined were the 18 people at the private hospital where the patient was first admitted and three others who made contact with the deceased. The late doctor, who hailed from Anambra State, died at the Nnamdi Azikiwe University Teaching Hospital (NAUTH), Nnewi, where he was rushed to.

bloody war involved members of the Aiye cult group and the Eiye Confraternity group. Trouble was said to have started when there was a disagreement between two people suspected to be members of the groups with one of them calling on members his group at a popular drinking bar located along Sakponba Road in the city. The misunderstanding was later said to have degenerated into a free for

all that led to the killing of one of the cultists. The situation took a dangerous twist yesterday when two suspected gunmen on reprisal mission shot at a man who was later identified as Osaze at close range at his residence along Second East Circular Road. The victim had escaped from the grip of the cultists when they stormed his house, but managed to escape but was later killed in the process.

Justice Abang declines hearing kinsmen suit J ustice Okon Abang of the Federal High Court, Abuja, yesterday said he was disqualifying himself from hearing a case of Incorporated Trustees of Oron Union in the interest of justice and fair play. Abang said: “Having regard to the fact that I am from the Oron nation, an ethnic group in Akwa Ibom State, I think it is proper for

me to return the case file. “The case file will be returned to the Chief Judge of the Federal High Court for reassignment to another judge other than me. “By consent of all parties to the suit, I hereby disqualify myself from further proceeding of this case on the account that I am from Akwa Ibom State.”

he Federal Government through the National Directorate of Employment (NDE), yesterday announced the commencement of the training of 360 youths from the 18 local government areas of Edo State. The training exercise, which covers various vocational skills acquisition, was aimed at stemming the tide of youth unemployment in the country.  Acting Director-General of the directorate, Mr. Olakunle Obayan, stated this during an orientation/sensitisation ceremony for the 360 participants

in the 2016 Basic National Basic Open Apprenticeship (B-NOAS) training scheme under the Vocational Skill Development programme (VSD) held yesterday in Benin City, the state capital.  Represented by the Edo State Coordinator of the NDE, Ayo Edegbai, the acting Director-General said youths in the country constituted a major percentage of the unemployed population in the society and in the process form a serious challenge towards national development, which also gave rise to the poverty level and increased crime in the society, especially when they were not gainfully employed.

Group flays MEND for attacking Niger Delta leaders Gabriel Efeduku Ughelli

human rights’ group, the Foundation for Human Rights and AntiCorruption Crusade (FHRAC) yesterday described as disappointing, the attack by the Movement for the Emancipation of Niger Delta (MEND), on Niger Delta leaders who constituted the pan-Niger Delta stakeholders to represent the Avengers in the proposed dialogue with the Federal Government. The group called on

President Muhammadu Buhari to ignore the ranting of those self-seeking political gladiators. In a statement signed by its National President, Alaowei Cleric, the group warned MEND not to constitute itself into an enemy of peace in the region, saying that it should not claim to be representing the interest of the people when it had shown itself to be the clog in the wheel of progress. “In all sincerity, we disagree with MEND's umbrage against Chief Edwin Clark's led panNiger Delta stakeholders."

north | news

wednesday, august 24, 2016 NEW TELEGRAPH

Nasarawa killings: NLC tells Buhari to call Al-Makura to order Ibraheem Musa and Abubakar Abdul

he Nigeria Labour Congress (NLC) has called on President Muhammadu Buhari to caution the Nasarawa State Governor, Tanko Al-Makura over an alleged killing of two workers by the Government House security operatives. A member of National Executive Council (NEC), Comrade Issa Aremu, who made the call yesterday, expressed support for the nationwide protest by organised labour against the killing of the two workers, as well as the rising cases of violation of workers’ rights in the country. Aremu, who bemoaned the unprovoked action by the police against unarmed workers during a peaceful protest, said such action was criminal and unacceptable, as it “is a gross violation of workers’ rights to protest as enshrined in Nigerian Constitution and the International Labour Organisation (ILO) provisions.” “We, therefore, support the demand by the NLC for the Nasarawa State Government to investigate the

incident, apprehend the culprits and bring them to justice,” Aremu added. Governor Al-Makura had cut the workers' salary by 50 per cent and threatened to sack the striking workers for protesting the wage cut and replace them with fresh graduates. Aremu stressed: “No colonial governor even during the hated British colonialism, so verbally casualised the dignity of labour with respect to contract employment on pay and tenure as Governor Tanko Al-Makura unacceptably did.” The labour leader, also,

called on Minister of Labour and Employment, Senator Chris Ngige to prevail on Benue and Imo State governors to respect Nigeria labour law, stop wage cuts and arbitrary redeployment of workers to farms as a way of avoiding full payment of their wages. He said: "Under the emergency Back to Land for Agriculture programme, which was never part of his campaign promises, the Governor Rochas Okorocha of Imo State, announced the reduction of normal working days from five to three days a week, as

well as slash of the workers’ monthly salaries. "In June, Benue State government had also declared Friday of every week a work free day, to enable workers in the state to go and work on their farms." Meanwhile, following the non-payment of gratuities to the retired civil servants in the state, the Kebbi wing of the Nigeria Labour Congress yesterday staged a peaceful protest in solidarity to the pensioners and the killing of the two NLC members in Nasarawa State. The rally, which took place in Birnin Kebbi,

Buhari hails Sultan at 60 Anule Emmanuel Abuja

resident Muhammadu Buhari has congratulated the Sultan of Sokoto, Alhaji Muhammadu Sa'ad Abubakar III, on the occasion of his 60th birthday. The President in a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, yesterday joined the people and government of Sokoto State, the

Muslim community and family members of the Sultan in celebrating the anniversary, which was described as unique. President Buhari said: "As the Head of Jama’atu Nasril Islam (JNI) and President-General of the Nigerian Supreme Council for Islamic Affairs (NSCIA), the Sultan has demonstrated uncommon leadership style, patriotism and wisdom in his consistent advocacy for security, peace and unity of the country.

President Buhari in the statement said he believes that the wise counsels and support of the royal father on issues of good governance, girl-child education, infant and child mortality, and agriculture has greatly enriched his administration’s efforts to improve the livelihood of Nigerians. He offered prayer to the Almighty Allah to grant the Sultan good health and long life to continue in the service of humanity.

MAKURDI

epresentatives of various organised labour unions of the Nigeria Labour Congress (NLC) in Benue State, yesterday staged a solidarity rally to protest the last month killing of two of their colleagues in Nassarawa State by the police attached to the Government House. The slain NLC members, Comrades Aliyu Abdullahi Umbugadu of the Nassarawa State Ministry of Education and Rabiu Mohammed Hamza, an Assistant Ex-

Ibraheem Musa Kaduna

he apex northern political organisation, the Arewa Consultative Forum (ACF), has called on the 19 governors of the northern states to without further delay commence the exploitation of solid minerals for the development and benefit of the region and its people. The pan northern forum, which gave the advice in report of its Annual General Meeting (AGM) that was read to newsmen yesterday, however, disclosed that the

ecutive Officer of Nigerian Newsday Lafia, were killed in cold blood during a protest against the unlawful slash of the workers' salaries by the Governor Tanko Al-Makura-led government. Many others, who sustained various degree of injuries, according to the union leaders, were still recuperating, even as the labour union viewed the attack on the harmless workers as a violation of the code of conduct, sanctity of life, rules of engagement and laws of the land. According to the Vice Chairman (Women wing) of the NLC in Benue State,

Mrs. Ngodoo Toryem, who led the protest, the killing was a gross violation of the rights of workers by Nasarawa State Government. "The right to wages is sanctioned by our laws and the Holy Books that expressly state that a labourer deserves his wages. The quantum of these wages is similarly protected by the law and not at the pleasure of any governor. So, Governor Tanko Al-Makura missed the point, when he sat in the comfort of his posh office and began to tinker with the salaries," she said. The union urged the

Nassarawa State Government to, among other things, release payment for the entitlements of the deceased members of the union to enable the families cope with the loss of their bread winners, as well as commence full payment of salaries and pensions of workers as at when due and should desist from unleashing terror through the police or other security agencies on peaceful protesting workers in the state.

603,700

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

Forum which had close contact with an expert in the mining sector had already been commissioned to prepare a template of solid mineral deposits in the northern geo-political zones of the federation. The report, which was read by the Secretary General of the Forum, Col. John Ubah (rtd), further noted that the expert would, as part of his mandates, “produce and launch a master chart which will be used to solicit the prompt action of the 19 northern state governors on solid minerals exploitation for the benefit of the region."

Emir tasks FG on prompt release of health budget MINNA

Benue: NLC protests killing of colleagues in Nassarawa

Alhassan, urged the state government to hasten the payment of pension, gratuity and wages to workers in the state. He also reiterated that the solidarity rally was also extended to the two workers that were killed by the Nigeria Police in Nasarawa State.

ACF to northern govs: Exploit solid minerals for development

Dan Atori

US Secretary of State, John Kerry (middle), with students of Usmanu Danfodio University, and Sokoto State University during Kerry's visit in Sokoto... yesterday

Cephas Iorhemen

the state capital, aimed at appealing to the state governor to redeem the pledge of the retired civil servants, benefit. Briefing newsmen shortly after the end of the rally at the Haliru Hudu Stadium, the state Acting Chairman of the union, Comrade Umar Halidu

s part of efforts to tackle the financial problems facing the health sector in the country, the Emir of Minna, Alhaji Umar Faruk Bahago has appealed to Federal Government to, as a matter of necessity, ensure prompt and timely release of all budgetary provision for the sector. The royal father disclosed this yesterday when the Federation of Muslim Women's Association in Nigeria (FOMWAN) on a partnership for advocacy on child and family health project visited him at his palace. During the media dialogue with traditional, community, religious lead-

ers and faith-based organisations in Minna, Niger state capital, the Emir said that for effective and efficient service delivery in the health sector, funds must be readily available to carry out the mandate so as to protect the future of the children and ensure better medical treatment. Faruk assured that the campaign, which would begin from his palace, would also extend to the entire emirate as well as government establishments. The Project Manager of FOMWAN/PACFaH project, Hajia Farida Sada Yusif urged the traditional ruler to assist in the sensitisation of his people and government to intervene in ensuring the education of the children and their good health.

Sheriff's faction condemns Yobe PDP's congress Hassan JIirgi DAMATURU

he Senator Ali Modu Sheriff’s faction of the People's Democratic Party (PDP) in Yobe has condemned the state congress held by the Senator Ahmed Makarfi-led faction, describing it as illegal, illogical and a complete nullity. Speaking to New Telegraph yesterday in Damaturu, the state capital, the PDP Chairman in the state, Lawan Gana Karasuwa,

warned that those behind the action were out to destroy the party in the state. He specifically said that the purported state congress was designed by a few disgruntled members of the party to cause confusion, wondering why the same group of people that had accepted the ward, council and the state congress held by the Chairman of Senator Ali Madu Sheriff-led National Executive of the party would turn around to hold another state congress.

NEWS

WORLD \ NEWS

Reps query FG over N500bn poverty welfare package Philip Nyam Abuja

he House of Representatives has queried the Federal Government on the non-utilization of the N500 billion earmarked in the budget to combat poverty. The joint committees of the House on legislative budget and poverty alleviation issued the query yesterday at an interactive hearing with the special adviser to the president on so-

cial investment, Mrs. Maryam Uwais. Chair man, House Committee on Legislative Budget and Research, Hon. Timothy Golu, expressed dismay that the N500 billion allocated for poverty alleviation in the last eight months has remained idle. He said: "Transparency is key and we at the House of Representatives want to ensure that the office is competent enough to coordinate such a huge

amount of funds without being overwhelmed by the job. “Importantly, we must note that a budget of N500 billion coordinated basically through one office is huge. We, however, believe that our synergy will assist you also to implement these programmes efficiently and effectively and thereby give comfort to Nigerians that this is not another white elephant project like PAP, MAMSER, NAPEP, Peoples Bank etc."

Gowon urges Nigerians to support Buhari’s anti-graft war Anule Emmanuel Abuja

ormer Head of State, General Yakubu Gowon (retired), yesterday met with President Muhammadu Buhari, at the Presidential Villa, Abuja, where he urged Nigerians to stand behind the current war against corruption in the country. Gowon, who spoke to State House correspon-

dents after a closed-door meeting with the President, said he was in the Villa to inform Buhari on his planned vacation to the United States (US) and the United Kingdom (UK). He said corruption is responsible for the set back that the country has experienced over the years. ”I have come to see the President, to say hello to him; I haven’t seen him for quite some time. This time, I have come to see

him to pay my respect and to let him know that I’m going out of the country on holiday and my programme in the UK and US towards the end of this month and early next month.” “So, I have come to let him know that I would be out of the country, just in case he wants me, he knows that I’m out and he is going to pay my way back, if he wants me back for any programme.”

Port users snub Lagos over wharf landing fees Bayo Akomolafe

o fewer than 159 companies operating in Apapa, have snubbed the Lagos State Wharf Landing Fees Collecting Authority (LSWLFCA) over fees collection. The authority complained at a stakeholders meeting yesterday that, out of the 240 invoices issued to the various companies, only 81 companies (34 per cent) responded in terms of payments, while 159 companies (64 per cent) declined to pay.

The Chairman of the authority, Engr Joe Igbokwe, who appealed to the stakeholders, said that government had adopted appeasement policy as the first rule of engagement, saying that if appeasement failed, force and coercion would become inevitable. He noted that the Wharf Landing Fees Collecting Authority was contracted to a consultant, Messrs MTOF Consulting Services LLP by the state government in 2009 when the law was promulgated. However, the chairman said that since state gov-

ernment took over fees collection three months ago, the state had been communicating to the affected stakeholders to pay the fees. Igbokwe said: “Since we came on board, we have issued 240 Invoices to the various companies and got only 81 responses in terms of payments, representing 34 per cent. This is not a good advertisement of what is supposed to be a cordial and symbiotic relationship. Let us see ourselves as partners and we promise to fulfill our own side of the bargain.

Admission: JAMB won’t interfere with candidates’ list – Oloyede Yekeen Nurudeen Abuja

he Joint Admissions and Matriculation Board (JAMB) yesterday said it would not interfere with the list of candidates sent by institutions for the 2016 admissions either by addition or removing of names. The board, which said it was committed to ensuring that admissions are concluded before or

by the approved deadline of November 30, 2016, warned that no name of candidate must emanate from any other source outside the list prepared and recommended by the tertiary institutions. Registrar and Chief Executive of JAMB, Prof. Ishaq Oloyede, spoke at the ongoing technical meeting on 2016 admissions to first choice institutions at the Bayero University, Kano, but made available to

journalists yesterday in Abuja. “It must be made categorically clear that the task of JAMB is coordination and not substitution of the traditional responsibilities of the Senates/ Academic Boards of tertiary institutions. Consequently, no candidate must emanate from any other source, JAMB inclusive, outside the list prepared and recommended by the institutions.

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

ANC loses power in Johannesburg

outh Africa’s governing ANC party has lost control of the country’s largest city and economic centre, Johannesburg. The city council elected as mayor Herman Mashaba from the opposition Democratic Alliance (DA). The ANC had run the city since the fall of apartheid more than 20 years ago. It lost its council majority in local elections, although it is still the largest party. The party has also lost control of the capital Pretoria and Cape Town. It follows local elections earlier this month

that produced no outright winner in most districts, resulting in hung municipalities and forcing parties to form coalitions to govern. Of the country’s six biggest cities, the ANC only won an outright majority in Durban, seen as a stronghold for South African President Jacob Zuma. There was drama at Monday’s Johannesburg council meeting, which lasted 11 hours. A scuffle broke out between opposition party members and electoral commission officials and an ANC councilor who was sworn in earlier in the day collapsed and died shortly after Mr Mashaba was elected. The ANC

had won 44.5 percent of the vote, more than the DA’s 38.4 percent. But the left-wing Economic Freedom Fighters (EFF) with 11 percent found itself in the position of kingmaker and refused to give its votes to the ANC. The election of the Democratic Alliance’s Herman Mashaba as mayor of Johannesburg represents a tectonic shift in South African politics. This is the first time since the end of apartheid that the ANC lost control of the city of gold, as Johannesburg is known locally. The Johannesburg wing of the ANC is known within the party to be professional and not corrupt.

African National Congress supporters arriving the Ellis Park Stadium in Johannesburg for voting

Heat wave alerts for south-east England as temperatures hit 30C

he Met Office has issued heat wave alerts across the south and east of England, with temperatures expected to exceed 30C (86F) in some areas. A level three heat wave alert is in place for the east of England, where high daytime temperatures and warm, humid nights are forecast until Friday. London and south-east England are on a level two alert, meaning heat wave conditions are also likely this week. Public Health England urged people to be aware of the health risks of heat. To stay safe, people should drink plenty of water, wear loose-fitting cotton clothing, and stay out of the

sun between 11:00 and 15:00 BST, it said. Temperatures of 30C have already been recorded in Cambridge, Writtle in Essex, and Heathrow yesterday. Although there is no official definition of a “heat wave” in the UK, the term can be used to describe an extended period of hot weather relative to the expected conditions in an area at that time of year. This is different to the Met Office’s four heat wave alert levels, which trigger action from health professionals and emergency planners. The criteria vary by region - for example, the daytime temperature threshold in north-east England is

28C, but in London it is 32C. The average threshold temperature is 30C by day and 15C overnight for at least two consecutive days. Parts of the UK are currently at level three of four - four being a “national emergency” red alert, which is issued when a prolonged hot spell becomes severe. Public Health England (PHE) also urged people to look out for older people, those with underlying health conditions and young children who may be particularly vulnerable as temperatures rise. People should also take care and follow local safety advice if going swimming in open water to cool down, PHE added.

Over 1,900 killed in chilling Philippines’war on drugs

ore than 1,900 people, or about 36 per day, have been killed in a violent campaign against drugs in the Philippines since President Rodrigo Duterte came to office seven weeks ago, the country’s national police chief said yesterday. Director-General Ronald dela Rosa told a Senate hearing there was no declared policy to kill drug users and pushers and that about 1,100 deaths were still being investigated.

“We are not butchers,” he said. The rest of the dead were people killed in police anti-narcotics operations, dela Rosa said. “This has a chilling effect,” said Senator Frank Drilon after the police chief’s deposition. “We are all concerned about the number of deaths; by any language this is alarming.” Duterte, nicknamed “the Punisher”, was voted to power promising to wipe out drugs and warning traffickers they risked death if they did not

mend their ways. The inquiry is being conducted by a staunch critic of the president, Senator Leila de Lima, who has summoned top police and anti-narcotics officials to explain the “unprecedented” rise in the body count and reports of vigilante killings. Duterte has warned legislators not to interfere with his campaign, saying they could be killed if they blocked efforts aimed at improving the country.

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Sport

Sport News

Did you know?

U-23 players rue missing gold medals

Britain’s Mo Farah, at the Rio 2016 Olympics, became the first man to complete the 5,000m and 10,000m double at back-to-back Games since Finland’s Lasse Viren at the Munich 1972 and Montreal 1976.

Sports Toriola: Nigeria won’t learn from Olympic mistakes

46 47

Don’t expect medals at 2020 Olympics – Onigbinde Says preparations for next Games too late

Ifeanyi Anyaka

e x t Olymp i c s Games four years away former Super Coach, AdegOnigbinde, has Nigeria cannot medal in Tokyo

a r e b u t Eagles b o y e said Team win any 2020. T h e U-23 Eagles saved the c o u n t r y ’s blushes a f t e r claiming a bronze m e d a l in the fo o t b a l l event of the justconcluded Rio Olympic Games otherwise Team Nigeria would have returned home empty-handed just like London 2012 Games. Onigbinde said that Nigeria’s performance at the last summer games was appalling

Mikel

and the country could return from the next Olympics in Tokyo, Japan with similar story. He said it was too late to start preparing for the Tokyo 2020 Games, insisting that it could take more than four years to prepare an athlete to win a medal at the grandest sporting event. “As far as I am concerned, the team’s outing at the last Olympics was bad because I cannot think of any patriotic Nigerian who will say that he is happy with our performance at the Games,” the FIFA instructor said. “It is too late to start preparing for the 2020 Olympics. At the end of Beijing 2008, I was asked what the way forward was and I simply answered by saying, we did not prepare for the competition and it was also too late to prepare for another one.” He said that countries that take sports as serious business, start training boys and girls from the age of five and if today Nigeria decides to do similar thing, the country

Onigbinde

would fail in a number of Olympics before positive results will come. “I have been in sports almost all my life and I can remember the first paper I wrote on the need to develop our sports which was in 1965, 51 years ago and today nothing has changed. The difference between a boy who started sports at the age of six and the other at the age of 16 is preparation. “We don’t have any programme to discover the talents and after identifying them, we still don’t have plans to nurture them to stardom; scouting and polishing are the major areas of sports development. You cannot get it right when you start preparing at old age; it doesn’t come by magic.”

Rohr’s $47,000 salary, waste of funds – Gombe Ajibade Olusesan

The Sport Team Adekunle Salami Group Sport Editor

Emmanuel Tobi Assistant Sport Editor

Ajibade Olusesan Sport Correspondent

Charles Ogundiya Sport Correspondent

former member of the Nigeria Football Association Shuaibu Gara-Gombe has lambasted the Amaju Pinnickled board for contracting German tactician Gernot Rohr on $47,000 salary, saying it is a waste of scarce resources. The fiery sports administrator and commentator said that paying such a huge salary at a time the country’s economy was facing tough times showed that the Nigeria Football Federation lacks the foresight and displayed insensitivity to reality on ground. He said the country should have used such

money to engage quality local coach and clear the backlog of salary arrears of all the tacticians in its employ including those they had disengaged. “I think this is a colossal waste of public funds, number two, that money should have been used to pay all the coaches in the employ of the NFF including those that are dead instead of splashing it on somebody who is not good enough to take our national team to the next level,” he said. He said that the process of engaging the German coach was not transparent enough and the mechanism for the payment of his salary was still shrouded in

Gara-Gombe

secrecy. “Who is going to pay for the salary of the coach?

They have not come out even though we heard it was an oil company, which of the oil firms?. When they employed Sunday Oliseh, they told us Zenith Bank was going to be responsible for his pay but we don’t know what is happening now, they should be transparent and desist from telling Nigerians lies,” he stressed. Gara-Gombe added that Rohr was not good enough to qualify Nigeria for the 2018 World Cup in Russia. “They have given Rohr the mandate to qualify Nigeria for the World Cup but I can tell you that he will not do that. He cannot get us to Russia because he is not good enough. Mark my word, he will fail,” he said.

SPORT NEWS

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Olympics Olympics U-23 players rue missing gold medal

CRUMBS CopaCabana,anotherworld

Charles Ogundiya

he national U-23 team who won football event bronze medal at the recently concluded Olympic Games in Rio, Brazil, arrived the country on Monday with some of the players saying they would have loved to win the gold. Although they are happy for the bronze which the coach of the team, Samson Siasia, described as golden, the players said their target was the gold especially after getting to the semifinal. “It was a glorious moment for all of us winning the bronze medal in Brazil,” striker Junior Ajayi said. “We are all happy that

was at Copa Cabana at the weekend. There were restricted areas where event like beach volleyball and other took place. At the open arena, I discovered there was no big deal after all. People go there to catch fun at the beach. They go there to relax as couples, as families and friends. In Nigeria, the scenes you see at Copa Cabana are also regular scenes at major beaches in Lagos. It is no big deal to see people in pants and bra at the seaside. It is also not strange to see couple cuddle one another. On my way out, I discovered that pants littered the whole place which is an indication that maybe ‘many other things’ happen at the beach in the night. Opposite Copa Cabana, there are big hotels because of people who might have travelled to Rio to be there for days. There are also shops where visitors can buy souvenirs, eat and drink.

we did not come back to the country empty-handed even though we would have loved to win the gold, we are very grateful to God.” For goalkeeper Emmanuel Daniel, it was a great feeling, while also appreciating Lagosians for their show of love. He also expressed his joy on his recent invitation to the Super Eagles after his performance in Brazil. Daniel said: “Winning the bronze medal was a great feeling, everybody is happy and I am overwhelmed by the reception. “It shows Nigerians appreciate what we did even though within ourselves we believe we have what it takes to win

Routine of athletes after defeat

thletes are very interesting people. Just one week after the games started, many countries started leaving the games village. With just one week to the end, the village was almost empty. It was however learnt reliably that the athletes keep themselves ‘busy’ indoors after the end of their events. “When you move at the corridors, the kind of noise and screams you hear are out of this world especially because most of these people are whites. Athletes make love anyhow in the latter period of the games, it is their way of also enjoying the Olympics,” my source said. It is said to be a routine.

Teenage pregnancy

n Brazil, it is a common scene to see pregnant kids on the streets. You wonder why and how a kid of between 12 and 15 will be pregnant and be roaming the street anyhow. Along the Karaoke area near the events pavilion, a girl of about 13 years that is pregnant was even smoking cigarette and she was with two older people. One of them could be her mother. Investigations revealed that this situation is also not new, it is not about exposure. From 10 years, a kid can decide to get pregnant here whether married or not. So, what we see on the streets are not cases of accidental discharges but simply a way of life.

Wicked shorts

he kinds of shorts lady wear in Rio especially are out of this world. The shorts could pass as mere underwear. They also wear it with tops that barely cover their body. The weather is very unpredictable such that it could drop from a friendly one to a rather cold weather but these people care less. They are all over the place. Young and old do so.

Imoh Ezekiel (left)

Quadri battles 19 others at 2016 Men’s World Cup Ugochi Akwueze

igeria’s Aruna Quadri, will battle 19 other top table tennis players at the Liebherr 2016 ITTF Men’s World Cup to be held in Saarbrucken, Germany on October 1-3, 2016. Quadri who made history at the just-concluded Rio Olympics as the first African to qualify for

No Super Eagles contract for Salisu yet N

igeria chief coach Salisu Yusuf has not secured a contract with the Nigeria Football Federation several weeks after Gernot Rohr sealed his own deal. Before his appointment as the country’s chief coach, the 54-year-old Yusuf was assistant coach and then caretaker manager of the national team. He was on a salary of N2million a month before his latest appointment. An NFF official disclosed: “Salisu Yusuf was to have discussed and agreed on his own contract after he led the NPFL AllStars on a playing tour of

Spain recently, but all the top officials who would have attended to him were overseas on official assignments. “He does not know what is on the table for him as no one has discussed the contract with him. “It is now hoped he will seal his own contract at

Salisu

least before the AFCON qualifier against Tanzania in Uyo next month.” He is expected to enjoy a pay rise as he will work with Rohr, who is on a monthly salary of $47,000 (over 18 million Naira),as well as head the homebased Super Eagles. Like Rohr, he is expected to be handed a two-year contract. The contracts of both coaches as well as some other national team tacticians will be bankrolled by an oil company believed to be owned by Ifeanyi Ubah, proprietor of Nigeria premier league side FC IfeanyiUbah.

the quarterfinal stage, is competing as African Cup winner at the upcoming Men’s World Cup. All 20 players invited to the prestigious event in Germany competed at Rio 2016, and have earned their place at the show piece event through continental cup qualification events throughout 2016, plus the current world champion and a wildcard. China’s newly crowned Olympic Champion and Men’s World Cup defending Champion Ma Long heads the invitation list as the reigning world champion, together with 2013 Champion Xu Xin of China, and three time champion, 40-year-old Vladimir Samsonov of Belarus. World number five Dimitrij Ovtcharov of Germany will lead the local German contingent in Saarbrucken alongside Bastin Steger, the man he won the Rio 2016 team bronze with. Japan’s Jun Mizutani who played the tournament of his life to win singles bronze and team silver at Rio 2016 will also be making the trip to Germany. Mizutani will be hoping to repeat his victory over Xu Xin at Rio 2016 to bring home another medal to Japan.

the gold but have to take the bronze and be thankful to God. “I am grateful to God that my hardwork is paying off with my recent invitation to the Super Eagles, I really appreciate the coach and my team mates for their support.” Midfielder Usman Mohammed however said the fans’ lack of faith in the team propelled them to achieving the result. “I am so happy even though we didn’t get to win the gold which was our initial target, but considering the fact that the bronze was the only medal won by the entire country, then I will take it as gold.”

Warri Wolves’ players threaten to boycott league over pay wing to the excruciating hardO ship pervading the camp of Warri Wolves, the players have threatened

to boycott next Wednesday’s match with Enyimba of Aba. Some of the players lamented that the state government had shown indifference to their welfare, lamenting that for the past five months, they had not received their salaries while about six match bonuses were still pending. The players stressed that the state government owed them 100 percent sign-on fees from last season and all appeals to make the government, through the Delta State Sports Commission to effect payment had on deaf hears. “We may be forced to boycott league matches beginning from next Wednesday against Enyimba and the Shooting Stars’ game should the state government continues to pay lip service to our welfare. Majority of us now resort to borrowing to meet our financial demands and all appeals to the state government, through the chairman of the commission, Anthony Okowa, who is a brother to the governor, have been unsuccessful,” they lamented.

Enyimba down Sundowns in Nigeria

amelodi Sundowns lost 3-1 to Enyimba FC of Nigeria in their final CAF Champions League, Group B match held at Amiesimaka Stadium in Port Harcourt on Tuesday evening. A brace from Mfon Udoh and a stunning set piece from Uche John downed the South African side while Percy Tau netted the consolation for Sundowns. Following the win, Enyimba remain rooted at the bottom of the group with three points and will miss the chance to play in the semifinals. The game started on a low note on the muddy surface due to rain, but it was the hosts who posed a threat as early as the first five minutes. Goalkeeper Wayne Sandilands made a good save to deny the visitors from a dangerous through ball which he read wisely and came out to collect. However, the hosts managed to break the deadlock in the 24th minute when Uche John unleashed a powerful set piece to beat Sandilands at his top corner, 1-0. Four minutes later, Udoh nearly made it two when his curling shot almost beat Sandilands, but it sailed wide off the left top corner.

SPORTS

WEDNESDAY, AUGUST 24, 2016 NEW TELEGRAPH

Olympics

Toriola: Nigeria wonâ&#x20AC;&#x2122;t learn from Olympic mistakes Seven-time Olympian, Segun Toriola, in this explosive interview, spoke to ADEKUNLE SALAMI on his over 30 years journey as a Nigerian athlete. Excerpts:

The 31st Olympiad has come and gone, what are your thoughts as someone who has indeed seen it all? Olympics is a great event and it has always been an explosive competition for everyone especially those who prepare and also compete well for medals. This is just once in four years and that also makes it special for athletes from all parts of the world. It is an event meant for the best in their respective fields and that is why athletes work hard to be part of the party. Beyond winning and losing, it is an avenue for athletes to meet themselves and interact to know what obtains elsewhere and look at ways to develop. Rio 2016 was wonderful. For Nigeria, it was not easy as there were usual stories on and off the event venues but are there lessons to be learnt? There are plenty of lessons to be learnt but that also depends on if we are ready to do so. The authorities in Nigeria can learn from what happened at this games but I don't think we are ready to learn anything because this has always been the case over the years. After a not-too-good performance, we promise to do better but it will only end with the speech and not matched with action. I am not sure Nigerian government officials care to learn from mistakes. We saw how coordinated people were in Rio with kits for competition, house

Toriola

able to develop himself so well by attending competitions with other top players and he also worked so hard. That is a potential world champion before us, we need to encourage him as a nation and make him a better player.

Toriola

kits and a lot of other things. Our own case is not so and I am almost certain that in four years' time, we will still be saying the same thing. It is a shame. Many people were happy with you as you took part in your seventh Olympic Games. How does it feel to achieve that? I feel very happy that a am the most experienced athlete in Team Nigeria but that is because worked very hard to remain fit. I was particularly thrilled with the honour given to me by the International Table Tennis Federation. The hall was filled up and they applauded me. I felt so special and wonder why my country did not appreciate my years of service. Donâ&#x20AC;&#x2122;t you think your participation at this event means the past officials of table tennis federation failed by not producing players for the national team? I deserve my credit to be fit and good enough for the Olympics. I worked for it. I travelled to Sudan with my own money to pick the ticket. We could have had more players in Rio but only five of us made it. My hard work and many years of sacrifice paid off. I understand the game and that is working well for me. It is not the failure of administrators, the players should also go extra mile to develop and do well for themselves and Nigeria. How did you see table tennis in the country in the next five years? That is a tough question. I am optimistic things are getting better at the level of our federation. We have a president that is very passionate and he knows what to do almost at every point but he needs the support of government to get it right. The talents are there all over the place especially at the cadet and junior levels but how to groom them to be top players is the challenge. Most of them do not have good coaches and that is a very key element in the game. If a player lacks basic foundation, there will be problem as he grows in the game.

You have attended seven Olympic Games, many All Africa Games and other competitions. Any regrets? I have to be frank, I have my regrets because I have not enjoyed the best of welfare and also was never supported to develop myself better. Nigeriaâ&#x20AC;&#x2122;s sports administrators are selfish and bad. They do not care about athletes who work so hard to make the country proud. Most of the government officials we see only deceive athletes to get results. We have to fight, complain and protest to get what is due to us. It happened also in Rio. Why? Are there no standards at all? After we spent our money on tickets, they were so reluctant to refund until we cried out. That is not good for the image of the country. We did well by spending our money to buy tickets and the noble thing to do is to return the money even before we started the competition. The competition kits did not arrive in Rio till we left the Olympics village. How do you want to explain that? How could they give athletes $150 per day and the officials get between $300 and $400? It is a sad commentary. However, Nigeria is my country and I am still proud to be a Nigerian athlete. With your level of experience, many believe you are good enough as the national coach. What is your reaction to this? I have so much passion for the game and I am a patriotic Nigerian athlete. I will love to give back in that capacity as coach because it will be a good way of giving back to the society and to also help in grooming future champions for the country. It is unfortunate that we have been unable to tap into the knowledge of our past national champions to develop the youths. In my case, I am ready if the federation can convince Nigerian government to do all the necessary things to make the job interesting. The problem most of our young players have now is the basic knowledge lacking from their tender years. After seven Olympic Games, what next? I have a programme with the kids in Lagos immediately after the Olympics and that is my priority now. Every other thing will sort itself out quite soon. I am a fulfilled athlete. I have tried my best possible for Nigeria. The programme I have is like a table tennis clinic to teach the young ones the basic knowledge they should have in the game from the very start. It is also a way of giving back to the society after the experience I have gained over the years in the sport.

How will you describe the performance of Aruna Quadri at the Olympics? Quadri made all of us proud. He played very well and I am very happy for him. I am particularly happy that Quadri showed the world the kind of talents we have in Nigeria. A Nigerian can be number one in the world if we have enough support for table tennis. Nobody gave him a chance but he achieved Toriola (middle) after being inducted into the 7' Club by the International Table well for himself at the games because he was Tennis Federation at the Olympic Games

NEWS 48On Marble

The clearest way to show what the rule of law means to us in everyday life is to recall what has happened when there is no rule of law.

Sanctity of Truth

Bola Bolawole Should Justice Okon Abang remain on the Bench?

NIGERIA’S MOST AUTHORITATIVE NEWSPAPER IN POLITICS AND BUSINESS

– Dwight D. Eisenhower

WEDNESDAY, AUGUST 24, 2016

}16

N150

Fear of inconclusive elections

igerians people have become anxious and unsure of the direction of the electoral process. The spate of inconclusive elections recorded in different parts of the country since the successful conclusion of the 2015 elections has heightened this anxiety. A number of Nigerians are now wondering whether they celebrated the success of the 2015 elections too early. The State specific or stand alone elections that will take place in Edo and Ondo States in 2016 have further heightened this anxiety and a number of Nigerians are worried and see the specter of inconclusive elections as a sign of electoral regression. With the 2019 elections by the bend, the time to further interrogate the specter of inconclusive elections is now. I am of the opinion that the Nigerian people should not unduly lose sleep over the issue of inconclusive elections in our electoral process as inconclusive elections are partly constitutional and statutory. We should rather worry about the variant or subset of inconclusive elections engineered through human contrivance as there are positives and negatives associated with inconclusive elections. The framers of the Constitution of the Federal Republic of Nigeria, 1999(as amended) and the Electoral Act 2010(as amended) envisaged that elections may be conclusive or inconclusive. They were fully aware that elections are conducted by mere mortals and that in such a situation things may go wrong either by acts of omission or commission. They were also aware of the fact that Nigeria is a country of dangerous diversities and ensured that elections must be inclusive and elected representatives must represent the diversity of Nigeria, the States and the various constituencies. To guard against the emergence of ethnic and religious champions in our electoral process, the framers of the Constitution embedded inconclusive mechanisms and thresholds in the electoral process. For instance, section 133 and 179 of the Constitution provide that a candidate for an election to the office of President or Governor shall be deemed to have been duly elected to such an office where, being the only candidate nominated for the election he has a majority of YES votes over NO votes cast at the elections; and he has not less than one–quarter of the votes cast at the election in each of at least two-thirds of all the States of the Federation and the Federal Capital Territory, Abuja but where the only candidate fails to be elected in accordance with section 133 and 179 then there shall be fresh nominations. Furthermore, section 134 and 179 of the Constitution also provides that where there are more than one candidate in an election to the office of President or Governor, to be elected, a candidate shall score majority of lawful votes cast at the election; and has not less than onequarter of the votes cast at the election in each of at least two-thirds of all the States of the Federation and the Federal Capital Territory, Abuja or two thirds of all the Local Governments in the State. If a candidate fails to secure the requisite majority of votes and the requisite spread, the Electoral Management Body

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

Adams Oshiomhole

is constitutionally mandated to declare the said election inconclusive and conduct a new election in accordance with the Constitution and the Electoral Act. We also have a variant of inconclusive elections occasioned by “Act of God”, natural disasters and other emergencies resulting in force majeure. Section 26(1) of the Electoral Act provides that “Where a date has been appointed for the holding of an election, and there is reason to believe that a serious breach of the peace is likely to occur if the election is proceeded with on that date or it is impossible to conduct the election as a result of natural disasters or other emergencies, the Commission may postpone the election and shall in respect of the area, or areas concerned, appoint another date for the holding of the postponed election, provided that such reason for the postponement is cogent and verifiable. Natural disasters may include and not limited to earthquake, erosion and outbreak of diseases. Other emergencies may include the collapse of a major bridge or highway, accidents, crisis and other disasters not envisaged before the process began. Furthermore, section 26(1) of the Electoral Act recognizes that elections may be inconclusive due to breach of the

Nigeria is a country of dangerous diversities

Olusegun Mimiko

peace or threat of breach of the peace. This breach of the peace may be due to the act of Political Parties in creating an atmosphere of fear and insecurity or through threats to the life of electoral officers, burning of INEC offices, kidnapping of key stakeholders in the electoral process and other acts incompatible with the conduct of peaceful and credible elections. There is also a variant of inconclusive election that results in over voting as section 53(1) of the Electoral Act provides that “No voter shall vote for more than one candidate or record more than one vote in favour of any candidate at any one election”. Section 53(2) also provides that “where the votes cast at an election in any polling unit exceed the number of registered voters in that polling unit, the result of the election for that polling unit shall be declared null and void by the Commission and another election may be conducted at a date to be fixed by the Commission where the result at that polling unit may affect the overall result in the Constituency.” Section 53(3) provides that “where an election is nullified in accordance with subsection (2) of this section, there shall be no return for the election until another poll has taken place in the affected area.” Section 53(4) provides that “Notwithstanding the provisions of subsection (2) and (3) of this section the Commission may, if satisfied that the result of the election will not substantially be affected by voting in the area where the election is cancelled, direct that a return of the election be made”. We have also been faced with inconclusive elections caused by lacuna in the Constitution and the Electoral Act. For instance section 26(1) of the Electoral Act provides that where a date has been appointed for the holding of an election and there is reason to believe that natural

disaster, other emergencies or a breach of the peace may occur, the Electoral Management body may undermine the election and appoint another date for the holding of the election. On the other hand, section 136 of the Constitution and other corresponding provisions provides that if the person duly elected as President dies before taking and subscribing to the Oath of Allegiance and oath of office, the person elected with him as VicePresident shall be sworn in as President and he shall nominate a new Vice-President who shall be appointed by the new President with the approval by a simple majority of the National Assembly. Both provisions did not envisage a situation where a candidate in the election dies while an election is ongoing. It is clear that the designers of the Nigerian Constitution and the Electoral Act deliberatively designed and inserted some inconclusive mechanisms in both documents to achieve and guarantee credible elections and to give the winners popular and inclusive mandate as opposed to regional and zonal mandates. It is also clear that there are some inconclusive elections occasioned by gaps or lacuna in the constitutional and electoral framework and the Constitution is a living document that cannot envisage all situations for all times. The most challenging and troubling elections are the inconclusive elections occasioned by deliberate human contrivance which manifests in holding the electoral environment hostage and creating an atmosphere of fear, anxiety and anarchy. Ballot boxes and ballot papers are snatched and Presiding Officers are prevented from using the Smart Card Readers. Some electoral officers and personnel are held hostage and results written for them. Sometimes, INEC offices are set ablaze and vehicles conveying electoral materials and personnel are hijacked and false results returned. At other times, security agencies out of omission or commission fail to secure and provide a good environment for the conduct of credible elections.

HIGH CHIEF

WE REGRET VOTING BUHARI –Chibok community

- Haba, regreting Changi already?

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